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The NCUA has announced it will offer two webinars that will provide an overview of OFAC's and FinCEN's programs, their enforcement authorities and their relationships with other financial services regulators. The first webinar, "How to Be in Compliance with OFAC and FinCEN," will be offered on May 21 at 2 p.m. ET. The second will take place on June 25 and will cover reporting requirements, emerging money laundering threats, and creating an effective anti-money laundering compliance program.

FRB Financial Services has issued a reminder that the Term Deposit Facility (TDF) User Access Report is required by May 30, 2014. If your institution currently has individuals who have access to the Federal Reserve Bank systems via the Reserves Central—TDF application, each of them must have his or her access and authorization reviewed annually. Failure to respond will result in the revocation of access to the TDF application for all users at your institution.

• WMD Providers Added To OFAC List

  President Bush has issued an Executive Order which designates and adds to OFAC's SDN list eight organizations in North Korea, Iran and Syria responsible for WMD and missile programs. Information regarding the organizations has been posted on the BOL OFAC page.   6/30/05

• FACT Act Deadline Approaches

  Under the consumer information disposal rules promulgated under the FACT Act, all financial institutions should ensure their information security programs are revised, if necessary, by July 1, 2005 to address the proper disposal of information derived from credit reports.
  Final Rule   6/30/05

• FFIEC CDR Required Enrollment Begins Soon

  The FFIEC Call Report agencies (the FDIC, the FRB and the OCC) have created a secure, shared database for collecting, managing, validating and distributing Call Report data which will be implemented for the third Call Report period of 2005 and will be the only method available for banks to submit their Call Reports. In preparation for the October 2005 implementation of the CDR, financial institutions are required to enroll in the CDR during an eight-week period beginning in July, 2005.
  CDR Enrollment;
  CRD Information   6/30/05

• SEC Charges Individuals In Bank Stock Fraud Scheme

  The SEC has announced the filing of civil fraud charges against five individuals in connection with the initial public offering of NewAlliance Bancshares, Inc.
  Charges;
  Complaint   6/30/05

• FOMC 2006 Schedule Announced

  The Federal Open Market Committee has announced its tentative meeting schedule for 2006.
  Schedule   6/30/05

• June Call Report Information

  A FIL has been issued by the FDIC which provides information and forms for the June 30, 2005 Call Report.
  FIL   6/29/05

• Enforcement Orders Issued

  The FRB has announced the issuance of an Order of Prohibition and Order to Cease and Desist against a former financial advisor at J.P. Morgan Chase & Co., New York, New York, based on his alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers.
  Orders   6/29/05

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on America California Bank, San Francisco, California, and counterfeit expense checks drawn on First Coweta Bank, Newnan, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/29/05

• Mutual-to-Stock Conversions Investor Guidance Issued

  The FDIC, SEC and OTS have issued an Investor Alert which provides useful information on mutual-to-stock conversions and highlights key concepts that eligible depositors need to be mindful of when participating in the initial public offering of a converting mutual bank or savings association.
  Guidance;
  FDIC Special Alert   6/29/05

• International Reserve Position Updated

  Treasury has updated the U. S. International Reserve Position report to include data as of June 24, 2005.
  Reserve Position   6/29/05

• FRB Cash Infrastructure Changes Announced

  The Federal Reserve Banks have announced changes to cash services that are intended to improve operating effectiveness by switching in the next six to twelve months from branch-based cash services to cash depots in Birmingham, Ala.; Oklahoma City, Okla.; and Portland, Ore.
  Changes   6/29/05

• Structure And Share Data Report Released

  The March 2005 Structure and Share Data for U.S. Offices of Foreign Banks report has been released by the FRB.
  Structure And Share Data   6/29/05

• Spring 2005 Federal Reserve Bulletin Published

  The Spring 2005 issue of the Federal Reserve Bulletin has been published and posted online.
  Spring 2005 FRB Bulletin   6/29/05

• Summer 2005 State Profiles Issued

  The FDIC has issued the State Profiles for the Summer of 2005 which provide a quarterly summary of state banking and economic conditions.
  State Profiles   6/29/05

• FDIC Says New Internet Banking Safeguards Needed

  A supplement to an FDIC study issued in December about ways to fight "phishing" scams indicates that new ways are needed to safeguard Internet banking. The FDIC has concluded that the risk assessment financial institutions are required to perform regarding information security also should utilize "multifactor authentication” to verify a customer's identity.
  Supplement   6/28/05

• Summer Issue Supervisory Insights Released

  The FDIC has issued a FIL announcing the release of the Summer 2005 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision, which includes articles on the following topics: "A Changing Rate Environment Challenges Bank Interest Rate Risk Management"; "Fair Lending Implications of Credit Scoring Systems"; and "The Changing Landscape of Indirect Automobile Lending".
  FIL;
  Supervisory Insights   6/28/05

• Financial Holding Company List Update

  The FRB has revised the list of bank holding companies that have elected to the treated as financial holding companies as of June 24, 2005.
  FHCs   6/28/05

• BOS Released

  OTS has released the results of its 2005 annual branch office survey.
  BOS   6/28/05

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Parish National Bank of Covington, Louisiana that are being presented for payment. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/27/05

• Survey of Terms of Business Lending Results Released

  The FRB has released the results of the E.2 Survey of Terms of Business Lending for May 2-6. 2005.
  E.2   6/27/05

• Derivatives Volume Tops $90 Trillion

  The OCC has reported that the derivatives volume for the first quarter 2005 has topped $90 Trillion.
  Derivatives   6/27/05

• Summer 2005 FDIC Outlook Published

  The FDIC has published the Summer 2005 edition of FDIC Outlook which features a series of reports by FDIC analysts addressing several different aspects of expanding global trade and finance.
  FDIC Outlook   6/27/05

• CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-one national banks examined for CRA compliance that became public during the period of May 15, 2004 through June 14, 2005. CRA  6/24/05

• Greenspan Speaks Out On China

  In testimony before the Senate Committee on Finance, Chairman Greenspan expressed his views on China's trade and exchange rate regime. He noted that he was aware of no credible evidence that supports the conclusion that a marked increase in the exchange value of the Chinese RMB relative to the U.S. dollar would significantly increase manufacturing activity and jobs in the United States. Testimony  6/24/05

  Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Gate City Bank, Fargo, North Dakota and counterfeit cashier's checks drawn on Bank of the Pacific, Aberdeen, Washington. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/23/05

• Bulletin Issued Regarding TISA Final Rule

  The OCC has issued a Bulletin concerning the previously announced Final Rule under the Truth in Savings Act (Reg DD) which addresses bounced check or courtesy overdraft protection and requires institutions to disclose total fees for these services on periodic statements for both the statement period and the calendar year to date. Information about the Final Rule was posted in the BOL Top Stories on May 24, 2005. Bulletin   6/23/05

• June 2005 New Electronic Interpretations and Actions Announced

  The OCC has announced the New Electronic Interpretations and Actions for June 2005.
  Interpretations and Actions   6/23/05

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet to include data as of June 21, 2005.
  314(a) Fact Sheet   6/23/05

• Alert Issued For Bogus Emails

  The FTC has issued a Consumer Alert regarding bogus emails containing false and misleading information about the alleged release of personal information starting July 1, 2005 by the major credit bureaus. Consumer Alert   6/22/05

• Regulators Urge New Approach to Consumer Disclosure Requirements

  In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams, FDIC Vice Chairman Reich and acting OTS Director Riccobono each spoke in favor of regulatory burden relief legislation to streamline the massive consumer disclosure requirements and improve the quality of information provided to consumers.
  Williams Statement;
  Williams Testimony;
  Riccobono Statement
  Reich Testimony;   6/22/05

• FRB Issues Assets Reports

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports have been issued by the FRB.
  Reports   6/21/05

• Minority-Owned Banks Data Released

  The FRB has released the list of minority-owned banks and their branches as of March 31, 2005.
  Minority-Owned Banks http://www.federalreserve.gov/releases/mob/current/default.htm   6/21/05

• Aggregate Exposure Reports Issued

  OTS has issued the First Quarter 2005 Interest Rate Exposure Reports for the FHLB 11th District, the Northeast, the Southeast, the Midwest; the West; the State of Ohio; Assets > $1 Billion; Assets $100 Million to $1 Billion; and Assets < $100 Million.
  11th District;   
  Northeast;   
  Southeast;   
  Midwest;   
  West;   
  Ohio;   
  Assets > $1 Billion;   
  Assets $100 Million to $1 Billion;   
  Assets < $ 100 Million   6/21/05

• OCC Files Suit Against NY AG

  A suit has been filed against the New York Attorney General by the OCC, seeking a declaratory judgment and preliminary injunction to prevent him from interfering in the OCC's fair lending examination and supervision processes at national banks. News Release; Motion for Preliminary Injunction;
  Compliant; Memo In Support of Motion  6/20/05

• Iraq Insurgency Financial Supporter Added To OFAC List

  Treasury has added the name of an individual who is a financial facilitator and instrumental in providing guidance, financial support and coordination of insurgent attacks throughout Iraq to the SDN list. Information regarding the individual has been posted on the BOL OFAC page which also contains the updated BOL OFAC Sanctions Matrix.  6/20/05

• Order of Prohibition Issued

  The FRB has announced that an Order of Prohibition has been issued against a former branch manager of the former Farmers Bank of Maryland, Annapolis, Maryland, for alleged embezzlement of funds and falsification of the bank's books and records. Order.  6/20/05

• New FedFlash Issue Published

  The June 17, 2005 issue of FedFlash has been published by FRB Services. The issue features information regarding service fees, the noncash collection service paying agent database, a Check 21 cash letter form, the updated FedACH Security Procedure Agreement and new services available through the FedLine Web. FedFlash.  6/20/05

• OFAC Amends Sudanese Sanctions

  OFAC has amended its Sudanese Sanctions Regulations pertaining to the transfer of funds from the United States to Sudan, as well as the operation of accounts in U.S. financial institutions for individuals ordinarily resident in Sudan. Information regarding the amendments has been posted on the BOL OFAC page.  6/17/05

• July HOEPA Reference Rates Posted

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H. 15; < href="http://www.federalreserve.gov/releases/h15/Current/">Weekly H. 15  6/17/05

• OTS Updates Examination Handbook

  The Asset Quality section of the OTS Examination Handbook has been updated with a new section added and others being substantially revised. Handbook  6/17/05

• FFIEC Posts Comment Letters

  Comment Letters received by the FFIEC regarding the proposed advisory on the limitation of liability provisions in audit engagement letters have been posted on the FFIEC Web site. Comment Letters; Proposal  6/17/05

• Call Report Validation Criteria for June 2005 Posted

  The FFIEC has posted the June 2005 Call Report Validation Criteria. Criteria (Excel); Criteria (PDF)  6/17/05

• First Quarter Household Debt Service Report Released

  The FRB has released the Household Debt Service and Financial Obligations Ratios report for the First Quarter 2005. Report  6/17/05

• May G.17 Industrial Production Report Issued

  The G.17 Industrial Production and Capacity Utilization report for May 2005 has been issued by the FRB. G.17  6/17/05

• Reporting Forms Posted Online

  The FFIEC has posted the June 2005 FFIEC 031 and FFIEC 041 reporting forms on its Web site.
  Forms  6/16/05

• TIC Report Released

  Treasury has released the Treasury International Capital (TIC) data for April 2005. TIC  6/16/05

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Ten new members will be appointed to serve three-year terms beginning in January 2006. Nominations  6/16/05

• Beige Book Published

  The FRB has published a new edition of the Beige Book containing information collected before June 6, 2005 by the Federal Reserve Banks of current economic conditions in their Districts. Summary; Full Report  6/16/05

• Cost Of Funds Reports Released

  OTS has released the April 2005 and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. April; Historical  6/16/05

• Enforcement Actions Announced By OCC

  The OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and five terminations of existing enforcement actions. Enforcement Actions  6/15/05

• FDIC Issues OFAC FILs

  The FDIC has issued two FILs regarding previously announced changes made by OFAC to the SDN List. Information regarding the changes was posted June 1 and June 9, 2005, on the BOL OFAC page. FIL-49-20005; FIL-50-2005  6/15/05

• FinCEN Seeks Comments

  FinCEN has requested comments on a proposed extension of a currently approved requirement that futures commission merchants and introducing brokers establish a customer identification program. Comments  6/15/05

• SEC Issues C&D To Ford Motor Credit

  A Cease and Desist Order was issued by the SEC to Ford Motor Credit regarding solicitation information that did not meet SEC requirements being provided to prospective investors in the Ford Money Market Account. C & D  6/15/05

• Five Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding: a) counterfeit cashier's checks drawn on The Citizens Banking Company, Sandusky, Ohio; Frontier Bank, Everett, Washington; and Sonoma Valley Bank, Sonoma, California; b) counterfeit trust checks drawn on Pacific Capital Bank, National Association, operating as Santa Barbara Bank & Trust, Santa Barbara, California; and c) counterfeit official checks drawn on Community Bank of Southern Indiana, New Albany, Indiana. Information on all of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/14/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding Gulf International Bank, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, Pennsylvania, that may be conducting unauthorized banking activities. Special Alert  6/14/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of June 10, 2005.
  Reserve Position   6/14/05

• Paying Agent Database Online

  Federal Reserve Financial Services has made its Noncash Collection Service Paying Agent Database available online. Database   6/14/05

• OFAC Changes Designations And Removes One

  OFAC has announced the removal of one individual from the SDN list and changes to other existing entries. Information regarding the removal and the changes has been posted on the BOL OFAC page.  6/13/05

• FRB Consumer Information Brochures Published

  Two consumer information brochures have been published by the FRB on the subjects of mortgage lock-ins and mortgage settlement costs. Lock-ins; Settlement Costs.  6/13/05

• FACT Act Medical Information Interim Rule Published in FR

  The interim final rules create exceptions to the statute's general prohibition on creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility, for credit for all creditors. 70FR33957 txt 70FR33957 pdf 6/10/05

• Saddam Supporters Added To OFAC List

  Treasury has announced the addition to the SDN list with the IRAQ2 designation of a Syrian-based company and two senior officials that acted on behalf of Saddam Hussein's fallen regime. Information regarding the new entries has been posted on the BOL OFAC page. 6/10/05

• CMP Assessments For Flood Violations

  The assessment of CMPs against the Bank of Pontiac and the First Bank and Trust Company for alleged violations of the National Flood Act and Reg H has been announced by the FRB.
  Bank of Pontiac;
  First Bank 6/10/05

• Regulators Seek Reduction in Regulatory Burdens

  In presentations before the House Subcommittee on Financial Institutions and Consumer Credit, Acting Comptroller Williams; FDIC Vice Chairman Reich; and Acting OTS Director Riccobono all urged Congress to reduce unnecessary regulatory burden on financial institutions.
  Williams Testimony;
  Reich Testimony;
  Riccobono Testimony 6/10/05

• Prohibition Orders Issued By NCUA

  NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
  Orders 6/10/05

• Flow Of Funds Report Issued

  The FRB has issued the Z.1 Flow of Funds accounts of the United States for the First Quarter 2005.
  Z.1 6/10/05

• Greenspan Gives Economic Outlook To Congress

  Chairman Greenspan discussed his views regarding the economic outlook in a presentation before the Joint Economic Committee of the U.S. Congress. He noted that despite some of risks, the U.S. economy seems to be on a reasonably firm footing, and underlying inflation remains contained.
  Speech 6/10/05

• First Quarter Interest Rate Measures Published

  OTS has published the First Quarter 2005 Interest Rate Measures report.
  Interest Rate Measures 6/10/05

• FDIC Launches Hispanic Education Media Campaign

  FDIC Chairman Powell has announced the launch of a Hispanic media campaign to raise awareness of the importance of financial education in Hispanic communities across the United States.
  Campaign;
  En Español 6/10/05

• OFAC Fraud Alert

  Treasury has issued an Alert regarding a scam involving a contract that looks like it originated from OFAC and contains the forged signatures of OFAC officials. Victims of this scam would allegedly receive a substantial sum of money in exchange for a small initial investment.
  Fraud Alert 6/9/05

• Summary Of Deposits Survey

  The FDIC has issued a FIL concerning the annual Summary of Deposits Survey which all FDIC-insured institutions with branch offices must submit by June 30, 2005 unless they are filing electronically. Forms and instructions will not be mailed out automatically for the 2005 survey; however, instructions, contact information, survey facsimiles and electronic filing information can be found on the FDIC's Interactive SOD Survey Web site.
  Survey FIL; SOD Web Site 6/9/05

• 314a Fact Sheet Updated

  FinCEN has updated its 314a Fact Sheet to include data as of June 8, 2005.
  314a Fact Sheet 6/9/05

• FDIC Interim Rule on 529 Plans Published in FR

  The FDIC is revising its insurance regulations for accounts of qualified tuition savings programs under section 529 of the Internal Revenue Code. 70FR33689 txt 70FR33689 pdf 6/9/05

• CRA Exam Results Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in March 2005.
  CRA List 6/8/05

• Enforcement Orders Announced

  The FRB has announced the issuance of a Final Decision and Cease and Desist Order against eighteen former institution-affiliated parties of First Western Bank, Cooper City, Florida, and an Order of Prohibition against one of the former institution-affiliated parties.
  Enforcement Orders 6/8/05

• April Consumer Credit Repost Released

  The G. 19 Consumer Credit Report for April 2005 has been released by the FRB.
  G. 19 6/8/05

• OCC Web Site Enhanced

  The OCC has “freshened" it's Web site by changing the appearance to include new banners and menus with blue backgrounds in addition to changing the organization of the home page to make it easier to use. A new "Features" section spotlights new or high-priority OCC information and a new "Resource Highlights" column provides quick access to popular information for either consumer or bankers.
  OCC Web Site 6/8/05

• International Reserve Position Update

  Treasury had updated the U.S. International Reserve Position to include data from the week ending June 3, 2005.
  International Reserve Position 6/8/05

• FACT Act Medical Information Interim Final Rules Issued

  The federal financial regulatory agencies have issued interim final rules under the FCRA that create exceptions to the statutory prohibition against obtaining or using medical information in connection with credit eligibility determinations and also address the sharing of medically related information among affiliates.
  Interim Final Rules;
  FRB NR;
  OCC NR;
  FDIC PR;
  OTS PR;
  NCUA PR 6/7/05

• Fedwire Funds Service Fees Announced

  The Federal Reserve Banks have announced in a letter sent to current customers that Fedwire Funds service fees will be maintained at current levels.
  Letter 6/7/05

• OCC Publishes Ombudsman Report and Customer Assistance Brochure

  The OCC has published the 2004 Report of the Ombudsman along with a customer assistance brochure that outlines how to file a written complaint and what happens when a customer contacts the Customer Assistance Group.
  Report;
  Brochure 6/7/05

• Hispanic Education Program Announced

  The FDIC has launched a Hispanic Outreach Financial Education Program intended to reach "unbanked" persons with little or no banking experience.
  Hispanic Program;
  Extensión hispana del programa de educación financiera 6/7/05

• FDIC To Discuss Preemption Petition

  In a presentation before the CSBS annual conference in San Antonio, Chairman Powell indicated that the board will discuss the Financial Services Roundtable's preemption petition later this year. The FDIC was asked to issue a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks.
  Speech 6/6/05

• Enforcement Actions By FDIC Announced

  Information regarding thirteen Enforcement Actions taken in April 2005 against banks and individuals has been released by the FDIC. The actions include three cease and desist orders, two removal and prohibition orders, four civil money penalty orders, three terminations of cease and desist orders, and one termination of a suspension and prohibition order.
  Enforcement Actions 6/6/05

• FinCEN Rules Now Cover Precious Metal Dealers

  An interim Final Rule and a FAQ have been issued by FinCEN that requires dealers in precious metals, stones or jewels to establish AML programs.
  Final Rule;
  FAQ 6/6/05

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/3/05

• FinCEN And State Banking Agencies To Share Information

  FinCEN has announced that it has signed Memorandums of Understandings regarding the sharing of information with thirty state banking agencies and Puerto Rico. The agreements will allow FinCEN to better administer the BSA and also assist the state agencies in their roles as financial regulators.
  Agreements 6/3/05

• Additions Made To OFAC List

  OFAC has announced that eight individuals and one entity have been designated as SDNTKs and added to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page. 6/2/05

• OCC CRA Exam Third Quarter Schedule Released

  The list of national banks scheduled for CRA compliance examinations during the Third Quarter 2005 has been released by the OCC.
  CRA Exam Schedule 6/2/05

• CRA Ratings Released By OTS

  The CRA ratings for thrifts examined for compliance with CRA in May 2005 have been released by OTS.
  CRA Ratings 6/2/05

• Guidance Issued Regarding Pre-Employment Screening

  The FDIC has issued a FIL that contains guidance regarding developing an effective pre-employment background screening process.
  FIL 6/2/05

• FACTA Disposal Goes Into Effect

  The FTC has issued a Business Alert regarding the FACTA Disposal Rule that requires businesses (including financial institutions) and individuals to take appropriate measures to dispose of sensitive information derived from consumer reports that went into effect June 1, 2005. The Rule requires disposal practices that are reasonable and appropriate to prevent the unauthorized access to or the use of information in a consumer report.
  Business Alert 6/2/05

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position to include data as of May 27, 2005.
  Reserve Position 6/2/05

• May Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for May 2005.
  Exchange Rates 6/2/05

• FRB Issues First Quarter Fedwire Data

  The Fedwire data for the First Quarter 2005 has been issued by the FRB.
  Fedwire Data 6/2/05

• June Issue FedFlash Published

  The June 1, 2005 issue of FedFlash has been published and contains highlights of national and district Federal Reserve Financial Services operational news.
  FedFlash pdf;
  FedFlash html 6/2/05

• Third Quarter CRA Exam Schedule Released

  The FDIC has released the schedule of institutions that will be examined for CRA compliance in the Third Quarter 2005.
  CRA Exam Schedule 6/1/05

• Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding two hundred cashier's checks bearing the name of East West Bank, San Marino, California, that are missing, lost or stolen. Information concerning the cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/1/05

• Asset Size Ranking Report Released

  The FRB has released the rankings of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2005.
  Bank Rankings 6/1/05

• FHC List Updated

  The list of BHCs that have elected as of May 27, 2005 to be treated as a FHC has been issued by the FRB.
  FHC List
  6/1/05

The Consumer Financial Protection Bureau has announced the availability of three action letters for child welfare caseworkers to send to credit bureaus if errors are found on the credit reports of their client foster children. The Bureau also posted an article further explaining the problem of thefts of children's identities and the steps to take to correct errors that can result in credit reporting agency records.

Treasury's Office of Foreign Assets Control (OFAC) has published a Final Rule in the Federal Register amending and reissuing in their entirety the Syrian Sanctions Regulations (31 CFR Part 542). The Final Rule implements a series of executive orders issued to take additional steps with respect to the national emergency with respect to Syria. These new regulations implement the blocking prohibitions in these executive orders, and add numerous sections to the regulations, including prohibitions, definitions, interpretations, and licensing provisions.

The Consumer Financial Protection Bureau has announced the availability of three action letters for child welfare caseworkers to send to credit bureaus if errors are found on the credit reports of their client foster children. The Bureau also posted an article further explaining the problem of thefts of children's identities and the steps to take to correct errors that can result in credit reporting agency records.

Treasury's Office of Foreign Assets Control (OFAC) has published a Final Rule in the Federal Register amending and reissuing in their entirety the Syrian Sanctions Regulations (31 CFR Part 542). The Final Rule implements a series of executive orders issued to take additional steps with respect to the national emergency with respect to Syria. These new regulations implement the blocking prohibitions in these executive orders, and add numerous sections to the regulations, including prohibitions, definitions, interpretations, and licensing provisions.

• OCC Working To Reduce Regulatory Burdens

  In a presentation before a Bankers Outreach Meeting, Acting Comptroller Williams indicated that the OCC recognizes the burdens imposed on bankers by government regulations and is working hard to make them more efficient and less burdensome. She noted œShorter, focused consumer disclosures can meaningfully reduce your regulatory burden and œthe time you spend on compliance matters and the money you spend on lawyers and consultants navigating through complicated requirements could be redirected to better serving your customers and improving returns to your stockholders.Speech   5/31/05

• New Edition Of Quarterly Journal Online

  The OCC has posted online the December 2004 issue of the Quarterly Journal for the 3rd quarter 2004 which contains the condition and performance of commercial banks press briefing; as well as recent licensing decisions; links to speeches, testimony, interpretive letters; mergers; and financial performance data. Quarterly Journal   5/31/05

• Insured Institutions Report Record Earnings

  The FDIC has reported that commercial banks and savings institutions insured by the agency reported net income for the first quarter of 2005, eclipsing the previous quarterly record set in the third quarter of 2004. Preliminary results for the first quarter are contained in the FDIC's latest Quarterly Banking Profile, which was released May 26, 2005.Earnings; Quarterly Banking Profile   5/31/05

• Receivables And Auto Loans Report Released

  The FRB has released the G.20 Finance Companies Owned and Managed Receivables and Auto Loans Terms of Credit Report for March 2005.G.20   5/31/05

• Prohibition Orders Issued By NCUA

  NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. Orders  5/27/05

• 2004 Fact Book Released

  The 2004 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry has been released by OTS. Fact Book  5/27/05

• Quarterly Banking Profile Published

  The FDIC has published the Quarterly Banking Profile for the first quarter 2005. Quarterly Banking Profile  5/27/05

• Entity Added to SDN List

  OFAC has added one entity with numerous a/k/as to the SDN list. Information regarding the addition has been posted on the BOL OFAC page.  5/26/05

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to include data received as of May 25, 2005. 314a  5/26/05

• First Quarter Call Report And TFR Data Available

  The FDIC has made available online the First Quarter 2005 Call Report and TFR Data. Call Report  5/26/05

• FRB Announce Additional 2006 Check Processing Changes

  The FRB has announced that it will discontinue check processing at the Federal Reserve Bank of New York's East Rutherford Operations Center. The change is aimed at increasing the efficiency of the Reserve Banks'
  check-processing operations. Closing  5/26/05

• TFR Industry Aggregate Report Released

  OTS has released the First Quarter TFR Industry Aggregate Report. Report  5/26/05

• FDIC Issues BIF And SAIF First Quarter Reports

  The First Quarter 2005 financial reports for the BIF and SAIF insurance funds have been issued by the FDIC. Funds   5/26/05

• Proposal to amend fidelity bond rule

  NCUA proposes to amend its fidelity bond rule to increase the maximum allowable deductible, presently $200,000, and change the minimum required coverage. This proposal will discontinue listing approved bonds in the rule, but continue to list and update them on its website. 70FR10348 (txt) 70FR10380 (pdf)  5/25/05

• FTC Responses To GLB Preemption Request

  The FTC has issued a letter response to Flagstar Bank, which had requested a preemption determination under the GLB Financial Privacy Act concerning California law. Response Letter  5/25/05

• International Reserve Position Report

  Treasury has released the U.S. International Reserve Position Report for the week ending May 20, 2005.Reserve Report  5/25/05

• FOMC Minutes Released

  The minutes of the May 3, 2005 meeting of the FOMC have been released by the FRB. Minutes  5/25/05

• First Quarter Charge-Off and Delinquency Rates Report Issued

  The FRB has issued the Charge-off and Delinquency Rates on Loans and Leases at Commercial Banks Report for the First Quarter 2005. Report  5/25/05

• Financial Holding Companies List Updated

  The list of bank holding companies that have elected to be treated as financial holding companies has been updated by the FRB to include elections made as of May 20, 2005. FHC List  5/25/05

• Concentration and Risk Report Released

  The FRB has released the Concentration and Risk in the OTC Markets for U.S. Dollar Interest Rate Options Report for March 2005. Concentration Report  5/25/05

• FRB publishes amendment to Final Rule for Truth in Savings (Reg DD)

  , which addresses bounced check or courtesty overdraft protection, and requires institutions to disclose total fees for these services on periodic statements, for both the statement period and the calendar year to date. 70FR10348 (txt) 70FR10348 (pdf)  5/24/05

• Five Counterfeit Cashier's Checks Alerts Issued

  The FDIC has issued five counterfeit cashier's checks regarding checks drawn on the following institutions: Commerce Bank of Arizona, Tucson, Arizona; First Citizens Bank and Trust Company, Inc., Columbia, South Carolina; Downey Savings and Loan Association, F.A., Newport Beach, California; Merchants & Southern Bank, Gainesville, Florida; and Bank of Grandin, Grandin, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/23/05

• Unauthorized Banking Alert

  The OCC has issued an Alert regarding Gulf International Bank Group, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, PA. who are falsely representing that they are affiliated with Gulf International Bank, B.S.C., Bahrain, its federal branch in New York City, or with Gulf International Bank (UK) Limited, London, England. Alert  5/23/05

• FDIC Issues OFAC Changes FILs

  Three FILs have been issued by the FDIC regarding previously announced changes made by OFAC to the SDN list. Information contained in each of the FILs was previously posted in BOL Top Stories and the BOL OFAC page. FIL-42-2005; FIL-43-2005; FIL-44-2005  5/23/05

• Greenspan On Energy

  Chairman Greenspan expressed his views on current and future energy related topics in a presentation before the Economic Club of New York. He noted that the resolution of current major geopolitical uncertainties will materially affect oil prices in the years ahead and the extraordinary uncertainties about oil prices of late are reminiscent of the early years of oil development. Speech  5/23/05

• May Electronic Interpretations And Actions Announced

  The OCC has announced its new Electronic Interpretations and Actions for May 2005. Electronic  5/23/05

• Reg DD Amendments And Commentary Published

  The FRB has published a Final Rule containing amendments to Regulation DD and official staff commentary which address "bounced-check protection" or "courtesy overdraft protection programs and the uniformity and adequacy of information provided to consumers. The final rule is effective July 1, 2006. Final Rule 5/20/05

• Greenspan Discusses GSEs

  In a presentation made via satellite, Chairman Greenspan expressed his views regarding GSEs to the participants at the Conference on Housing, Mortgage Finance, and the Macroeconomy, hosted by the Federal Reserve Bank of Atlanta. He noted that the GSEs need a regulator with authority on par with that of banking regulators and without the needed restrictions on the size of the GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States. Speech
  5/20/05

• Williams' Response to Spitzer

  Acting Comptroller Williams has issued a statement in response to published reports of comments made by New York Attorney General Spitzer regarding the ability and desire of federal agencies to fulfill their fundamental mandates. Response
  5/20/05

• Preemption Petition Public Hearing Scheduled

  The FDIC will hold a public hearing on May 24, 2005, in the its Washington D.C. headquarters on a petition for rulemaking submitted by the Financial Services Roundtable regarding the issuance of a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks. Public Hearing 5/20/05

• International Journal of Central Banking Inaugural Issue

  The FRB has announced the publication of the first issue of the International Journal of Central Banking and the launch of a web site hosted by the Bank for International Settlements. The new quarterly publication, features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability. Journal Information; Table of Contents; Web Site 5/20/05

• Five FEDS Working Papers Published

  Five working papers in the FEDS series have been published by the FRB on the following topics: Growing Old Together: Firm Survival and Employee Turnover; Raising the Bar for Models of Turnover; Gestation Lags for Capital, Cash Flows, and Tobins's Q; Prices, Production, and Inventories over the Automotive Model Year; and From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys.Growing Old; | Raising the Bar; | Gestation Lags; | Prices; | Horse's Mouth 5/20/05

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding information received from the Cayman Islands Monetary Authority (CIMA) concerning thirty-three financial entities that may be conducting unauthorized banking activities in the Cayman Islands. Information regarding the entities has been posted on the Authority's Web site.Special Alert | CIMA 5/19/05

• FRB Seeks Comments

  The FRB has requested comments on alternative approaches to imputing a private-sector-like return on capital that would be considered in setting fees for certain payment services provided to depository institutions. Comments on the targeted ROE capital measure contained in the PSAF are specifically requested. Comments 5/19/05

• Thrift Industy First Quarter Financials Released

  OTS has released the First Quarter 2005 earnings and capital reports for the Thrift Industy. Highlights; | Charts; | Selected Indicators 5/19/05

• Williams Discusses Credit Card Disclosure Problems

  In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams observed that there has been much criticism of current credit card disclosures and that there is room for improvement. She noted, "quick fixes without consumer input and issue-by-issue "patches" to information gaps are not in the long-term best interest of consumers." Testimony 5/18/05

• OCC Announces Enforcement Actions

  The OCC has announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 5/18/05

• CRA Ratings Released

  The OCC has released the CRA performance evaluations given to 23 national banks that became public during the period of April 15, 2005 through May 14, 2005. CRA Ratings 5/18/05

• Special Young Adult Issue Of Consumer News Published

  The Spring 2005 issue of FDIC Consumer News is a special issue devoted to helping young adults, including those just beginning a career or family and others still in college or high school, learn the right ways to save and manage money right from the start. Spring Consumer News 5/18/05

• FDIC CFO Report TO Board Released

  The First Quarter 2005 CFO Report, formerly known as the Executive Management Report, has been presented to the FDIC Board. CFO Report 5/18/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Report to include data as of the week ending May 13, 2005. Reserve Position 5/18/05

• FOREX Report Presented To Congress

  Secretary Snow has presented the FOREX Report to Congress and issued a statement on its contents. Report | Statement 5/18/05

• April G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2005.
  G.17 5/18/05

• Regulators Issue Home Equity Lending Guidance

  The federal financial institution regulators have issued a guidance which outlines the agencies' expectations for sound underwriting standards and effective credit risk management practices for a financial institution's home equity lending activity. Guidance; | FRB SR Letter | FDIC PR | OCC Bulletin | NCUA NR | OTS PR 5/17/05

• June HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 2005 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 June, you will use the rates posted on May 13th since May 15th fell on the weekend. Rates 5/17/05

• FDIC Sets Assessment Rates

  The FDIC has announced that the assessment rates charged to insured banks and savings associations will be unchanged for the second half of 2005.Rates 5/17/05

• Cost OF Funds Reports Issued

  OTS has issued the historical and March 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.March; | Historical 5/17/05

• 2nd Quarter 2005 Quarterly Journal Online

  The OCC has posted the 2nd Quarter 2005 issue of the Quarterly Journal on its Web site. Quarterly Journal 5/17/05

• eLearning Tools Available From FRFS

  Federal Reserve Financial Services has announced that eLearning Tools regarding its services are now available online.Tools 5/17/05

• March ITC Data Released

  Treasury has released the International Trade Capital data for March 2005. ITC Data 5/17/05

• FRB Issues Prohibition Order

  The FRB has announced that an Order of Prohibition has been issued against a former Texas banker which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order  5/16/05

• al Qaida Linked Terrorists Added To OFAC List

  Treasury has designated three individuals as SDGTs for their role in Jemaah Islamiyah (JI), a terrorist group in Southeast Asia with links to al Qaida, and made changes to an exiting entry. Information regarding the new additions and changes has been posted on the BOL OFAC page. 5/13/05

• Williams Says Consumer Disclosures Aren't Working

  In a presentation before the EGRPRA Outreach Meeting in Phoenix, Acting Comptroller of the Currency Williams said consumer protection disclosures are not working well for consumers, and are imposing unnecessary burdens on bankers. Speech 5/13/05

• FDIC Trust Examination Manual Online

  The FDIC has posted its Trust Examination Manual on its Web site. Manual 5/13/05

• Columbian Cartel Entities Added To OFAC List

  OFAC has added 32 companies and 31 individuals to its list of SDNTs. Information regarding the additions have been posted on the BOL OFAC page. 5/12/05

• FinCEN Files Statement In SAR Disclosure Case

  A Statement of Interest has been filed by FinCEN in a U.S. District Court case regarding an attempt by two defendants to compel the FDIC to disclose the contents of a filed SAR. Statement 5/12/05

• BSA Direct E-Filing Fact Sheet Published

  A fact sheet has been published by FinCEN which contains Q& As regarding the BSA Direct E-Filing system. E-Filing Fact Sheet 5/12/05

• Reporting Forms Drafts Released

  The FFIEC has released drafts of the June 031 and 041 reporting forms. 031 | 041 5/12/05

• Regulators Discusses Basel II

  In testimony before two House subcommittees, acting Comptroller of the Currency Williams, acting OTS Director Riccobono and FDIC Director Curry discussed the impact of the recent results of the fourth qualitative impact study on the implementation of the Basel II Framework and the bank regulatory agencies' commitment to modernize the current Basel I capital rules for those banks that will not be governed by the Basel II rules.Williams Testimony; | Riccobono Testimony; | Curry Testimony 5/12/05

• 314a Fact Sheet Updated

  FinCEN has updated its 314a Fact Sheet to include data as of May 11, 2005.314a Fact Sheet 5/12/05

• FFIEC Issues External Audit Engagement Letters Interagency Advisory

  A proposed Interagency Advisory has been issued by the FFIEC on behalf of the federal financial regulators which alerts financial institutions that agreements limiting an auditor's liability for a financial statement audit present safety and soundness concerns. Comments are sought and due on or before June 9, 2005.Advisory; | OCC Bulletin; | OTS; | FDIC FIL; | NCUA 5/11/05

• Comments Sought Regarding Proposed Check 21 Survey

  The Federal Reserve is seeking comments on a draft of a survey of the implementation of Check 21 and its impact on various aspects of check processing. The survey is required by the Act and a report must be made to Congress by April 27, 2007. The comment deadline is July 8, 2005. Comment Request; | href="http://www.federalreserve.gov/generalinf...p;date=20050510">Submit Comment 5/11/05

• 23A Exemption Granted

  The FRB has issued a legal interpretation granting an exemption to allow a subsidiary bank to make certain guarantees on behalf of and extensions of credit to an affiliate in connection with the affiliate's securities lending program. | 23A Exemption 5/11/05

• SCRA Reminder Consumer Affairs Letter Issued

  A Consumer Affair Letter has been issued by the FRB to remind financial organizations of their obligations under SCRA. Letter 5/11/05

• Interest Rate Shock in Exposure Reports Reinstated

  OTS has issued a CEO Letter regarding the reinstatement of the downward 200 basis point interest rate shock in Exposure Reports. CEO Letter 5/11/05

• FDIC Releases 2005 Budget Executive Summary

  An executive summary of its 2005 Budget has been released by the FDIC. | Summary: | Budget By Categories 5/11/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of the end ending May 6, 2005. | Reserve Position 5/11/05

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following banks: The Necedah Bank, Necedah, Wisconsin; Independent Bank, Memphis, Tennessee; American Bank of Commerce, Wolfforth, Texas; and Keystone Nazareth Bank & Trust Company, Bethlehem, Pennsylvania. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 5/10/05

• SEC To Release Comment Letters

  The SEC has announced that beginning May 12, 2005; it will begin publicly releasing comment letters and response letters relating to disclosure filings made after Aug. 1, 2004. | Comment Letters 5/10/05

• CAMELS Working Paper Published

  The OCC has published a working paper on the topic of "A Hazard Model of CAMELS Downgrades of Low-Risk Community Banks" which predicts the probability that a low-risk community bank will be downgraded to high-risk status within two years. | Summary; | Full Paper 5/10/05

• Assets Reports Released

  The FRB has released the April 2005 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports. | Reports 5/10/05

• Financial Holding Companies List Updated

  The list of bank holding companies that have elected to be treated as financial holding companies as of May 6, 2005 has been published by the FRB. | FHC List 5/10/05

• Senior Office Opinion Survey Released

  The FRB has released the results of the April 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices that addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. | Survey Results Summary; | Full Report 5/10/05

• FRB Final Rule Published in FR on Extensions of Credit

  The FRB has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action. 70FR24303 (txt) 70FR24303 (pdf) 5/9/05

• Williams Discusses Bank Reputation Risk And Ethics

  In a presentation before the Conference on Bank Structure and Competition hosted by the Federal Reserve Bank of Chicago, Acting Comptroller Williams noted that there may be no more feared risk than reputation risk for large banking organizations. She also observed while the OCC can't œregulate corporate ethics, the agency will notice and comment on whether a banking organization has a corporate organizational framework, and policies or practices that support, or undermine, sound corporate values and an ethical climate. Speech 5/9/05

• OFAC Releases May CMP Information

  The May 2005 list of entities assessed CMPs for violations of various OFAC sanction programs has been released and no financial institutions were cited. | CMP 5/9/05

• OCC Announces 2005 Fee Changes

  The OCC has issued a Bulletin to inform all national banks, federal branches and agencies of revised fees beginning June 6, 2005. A new fee is being added and one eliminated. Revised Fees 5/9/05

• FDIC Amends International Banking Rules

  A FIL has been issued by the FDIC regarding various amendments and revisions to its international banking rules, effective July 1, 2005. FIL 5/9/05

• Consumer Credit Report Released

  The FRB has released the G. 19 Consumer Credit Report for March 2005. G. 19 5/9/05

• Greenspan Discusses Derivatives Market Risks

  In a presentation before the Federal Reserve Bank of Chicago's Forty-first Annual Conference on Bank Structure, Chairman Greenspan expresses his concern of the risks posed by concentration in certain derivatives markets, the use of credit derivatives and the growing role of hedge funds in bearing risk in derivatives markets and the financial system generally. Speech 5/6/05

• FDIC Enforcement Actions Announced

  The FDIC has released a list of twenty-one orders of administrative enforcement actions taken against banks and individuals in March 2005. The actions included four cease and desist orders, five removal and prohibition orders, seven civil money penalty orders, two orders terminating insurance, and three terminations of cease-and-desist orders. March Enforcement Actions 5/6/05

• CRA Rating Released By FDIC

  The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA and the ratings assigned to institutions in February 2005. CRA Ratings 5/6/05

• ID Theft Symposium Video Available

  The FDIC has made the video of the Identity Theft Symposium: Fighting Back Against Phishing and Account Hijacking available online. The video includes three panel presentations by experts from federal and state government, the banking industry, and consumer organizations, who discuss current efforts to combat phishing, account hijacking and other forms of identity theft. Video 5/6/05

• Palestinian Islamic Jihad Charity Added To SDN List

  OFAC has designated a charitable front for the Palestinian Islamic Jihad as a SDGT and added it to the SDN list. Information regarding the addition has been posted on the BOL OFAC page. 5/5/05

• Regulators Issue Loan Commitment Accounting Guidance

  The federal regulators have issued an Interagency Advisory on Accounting and Reporting for Commitments to Originate and Sell Mortgage Loans. The advisory provides guidance on the appropriate accounting and reporting for both derivative loan commitments and forward loan sales commitments. Advisory; | FRB SR; | OCC Bulletin; | FDIC FIL; | OTS CEO Ltr; | NCUA Accounting Bulletin 5/4/05

• OTS CRA Ratings Released

  OTS has released its CRA Performance Evaluations for thrifts that became publicly available in March and April 2005. | March Ratings; | April Ratings 5/4/05

• 2005 Thrift Financial Report Form Online

  OTS has posted the 2005 Thrift Financial Report Form 1313 online. | Form 1313 5/4/05

• FOMC And Board Raise Rates

  The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors unanimously approved a 25-basis-point increase in the discount rate. | Rates 5/4/05

• Financial Holding Company List Released

  The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of April 29, 2005. List 5/4/05

• Two FEDS Working Papers Published

  Two new working papers in the FEDS series have been published by the FRB on the topics of: œBranch Banking, Bank Competition, and Financial Stability and œA Review of Backtesting and Backtesting Procedures. Branch Banking; | Backtesting 5/4/05

• Fedflash Highlights Operations

  The May 2, 2005 issue of Fedflash features national and district operations news regarding FedACH Service enhancements, Board resolutions required prior to FedLine Advantage conversion, and the District restructuring impact on hold periods for consumer checks. FedFlash 5/4/05

• International Reserve Position Update

  Treasury has posted the U.S. International Reserve Position for the week ending April 29, 2005 | Reserve Position 5/4/05

• FinCEN Chief Counsel Issues BSA Safe Harbor Opinion

  An opinion has been issued by FinCEN Chief Counsel Starr regarding the applicability of the BSA Safe Harbor provisions following a SAR notification to law enforcement. Opinion 5/3/05

• HMDA FAQs Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced the interagency HMDA FAQs that address the new home loan price data. Information concerning the FAQs was posted in the April 1, 2005 BOL Top Stories.
  OCC Bulletin 5/3/05

• Market Financing Estimates Announced By Treasury

  Treasury has announced its marketing finance estimates for the second and third quarters of 2005. Estimates 5/3/05

• FYI Home Prices Update

  In February 2005, the FDIC released an FYI report containing an article that examined the historical pattern of home price booms and busts for U.S. metropolitan areas. The new issue of FYI updates the home price analysis from the previous article, using recently released 2004 data for the HPI published by OFHEO. FYI 5/3/05

• PALS Panelists Discuss Market Initiatives

  Credit union leaders from 35 states attended the 10th PALS workshop in St. Louis and shared a wide variety of success stories proving that reaching new markets really is good business. PALS Workshop 5/3/05

• April 2005 Foreign Exchange Rates Released

  Treasury has released the G.5 Foreign Exchange Rates report for April 2005. G.5 5/3/05

• FRB Issues 2004 Annual Report

  The FRB has issued its 91st Annual Report which discusses operations of the Board during the year; provides minutes of FOMC meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps of the System's District and Branch boundaries. Full Annual Report; | Report By Section 5/3/05

• NCUA Publishes Response Programs Rule

  The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005. PDF TXT  4/21/05

• Basel II Rule Delayed

  The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

• Written Agreement Announced With Venezuelan Bank

  The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta. Written Agreement  5/02/05

• Reg Y Legal Interpretation Issued

  A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y. | Interpretation  5/02/05

• FDIC to Hold ID Theft Symposiums

  The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

• Agricultural Finance Databook Published

  The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

• FEDS Working Paper Released

  The FRB has released a working paper in the FEDS series on the topic, œTemporary Partial Expensing in a General-Equilibrium Model. Working Paper  5/02/05

• FRB Issues 2005 Annual Budget Review Report

  The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

• NCUA Schedules Summit

  NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

• NCUA Publishes Response Programs Rule

  The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005.
  PDF TXT  4/21/05

• Basel II Rule Delayed

  The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

• Written Agreement Announced With Venezuelan Bank

  The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta.
  Written Agreement  5/02/05

• Reg Y Legal Interpretation Issued

  A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y.
  Interpretation  5/02/05

• FDIC to Hold ID Theft Symposiums

  The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

• Agricultural Finance Databook Published

  The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

• FEDS Working Paper Released

  The FRB has released a working paper in the FEDS series on the topic, “Temporary Partial Expensing in a General-Equilibrium Model”. Working Paper  5/02/05

• FRB Issues 2005 Annual Budget Review Report

  The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

• NCUA Schedules Summit

  NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

• Regulators Issue FAQs On CIP

  The federal bank, thrift, and credit union regulators, along with FinCEN and Treasury, have issued a new Interagency Interpretive Guidance on Customer Identification Program Requirements under Section 326 of the USA PATRIOT Act. Read the BOL Special Briefing to see how it might impact your CIP practices and procedures.
  Guidance; FDIC FIL; OCC Bulletin; FRB SR Ltr; FinCEN  4/29/05

• Two Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on the First Bank and Trust, New Orleans, Louisiana and Citizens Community Federal, Eau Claire, Wisconsin. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/28/05

• Preliminary Call Report And TFR Data Released

  The March 31, 2005 Preliminary Call Report and Thrift Financial Report data has been released by the FDIC.
  Reports  4/28/05

• Liberian Individuals And Entities Added To SDN List

  OFAC has added four individuals and thirty entities linked to Viktor Bout, an international arms dealer and war profiteer, to the SDN List with the Liberia designation. One of the new additions is Daytona Pools, Inc. of Richardson, Texas. Information on all of the listings has been posted on the BOL OFAC page.  4/27/05

• Guidance Clarifies Risks Of Providing Service To MSBs

  The Federal Banking Agencies have issued an interpretive guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to MSBs. FinCEN also has issued a concurrent advisory to MSBs to emphasize their BSA obligations and to notify them of the types of information that they will be expected to provide to a banking organization in the course of opening or maintaining account relationships. For more information, read the BOL MSB Special Guidance Report. Banking Guidance; FRB SR Ltr; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA NR; MSB Guidance   4/27/05

• Williams and Fox Discuss BSA In MSB Context

  In testimony before the Senate Banking Committee Acting Comptroller of the Currency Williams and FinCEN Director Fox discussed the implementation of the BSA as it applies to MSBs. Williams Oral Statement; Williams Testimony; Fox Oral Statement; Fox Testimony  4/27/05

• FDIC 2004 Annual Report Issued

  The FDIC has issued its annual report for 2004. 2004 Annual Report   4/27/05

• Money Smart News Spring 2005 Issue Published

  The Spring 2005 issue of Money Smart News has been published by the FDIC. Money Smart News    4/27/05

• FDIC Sets Performance Targets

  The FDIC has released its 2005 Corporate Annual Performance Plan which sets out specific annual performance goals, indicators and targets for each of FDIC’s three major business lines – Insurance, Supervision, and Receivership Management. Performance Plan  4/27/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of the week ending April 22, 2005. International Reserve position.   4/27/05

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier’s checks drawn on Greene County Bank, Greenville, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/26/05

• OCC Updates Licensing Manual

  "A Guide to the National Banking System" in the Comptroller’s Licensing Manual series has been revised and is available on the OCC’s Internet site. Guide  4/26/05

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between the Civitas BankGroup, Inc., Franklin, Tennessee, and the Federal Reserve Bank of Atlanta. Written Agreement  4/26/05

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List to include all registrants from December 2001 to April 2005.
  MSB List   4/26/05

• April Issue FedFocus Published

  FRB Financial Services has published the April 2005 issue of FedFocus which highlights the challenges posed by risks in an electronic world. April FedFocus  4/26/05>

• Technical Amendments to Reg CC published

  Amendments to appendix A of Regulation CC were published in the Federal Register. The amendments delete the reference to the Salt Lake City branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City. PDF TXT   4/25/05

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Security First Bank of North Dakota, New Salem, North Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/25/05

• Unauthorized Banking Alert

  A Special Alert has been issued by the FDIC regarding the Caribbean International Bank, also known as Caribbean International Credit & Trust, an entity that may be conducting unauthorized banking activities. In addition, the OCC has published an updated aggregate list of unauthorized financial institutions.
  Caribbean International Bank;
  List  4/25/05

• New Edition Bank Accounting Advisory Series Published

  The OCC has published the April 2005 edition of the Bank Accounting Advisory Series which contains the views of the OCC Office of the Chief Accountant on accounting topics of interest to national banks. Advisory Series  4/25/05

• FILs Regarding OFAC SDNs Issued

  The FDIC has issued two FILS regarding previously announced changes to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted April 18, 2005 on the BOL OFAC page. FIL 1; FIL 2  4/25/05

• Latvian Banks Designated Primary Money Laundering Concerns

  Treasury has utilized powers granted by section 311 of the USA PATRIOT Act to designate two Latvian financial institutions, Multibanka and VEF Bank, as "primary money laundering concerns." FinCEN also issued proposed rules that will prohibit U.S. financial institutions from establishing, maintaining, administering or managing any correspondent account in the U.S. for or on behalf of the two banks.
  Treasury Action;
  Multibanka NPR;
  VEF Bank NPR 4/22/05
  
  

• Flood Violations Resulting In CMPs

  The FRB has issued a $46,050 CMP against The Bank, Warrior, Alabama, and a $22.300 CMP against Irwin Union Bank, Columbus, Indiana for alleged violations of Reg H.
  The Bank;
  Irwin Union 4/22/05
  
  

• Greenspan Issues Deficit Warning

  In a presentation before the Senate Budget Committee, Chairman Greenspan warned that unless the trend of increasing deficits is reversed, they would cause the U. S. economy to stagnate or worse. He noted, that “crafting a budget strategy that meets the nation's longer-run needs will become ever more difficult the more we delay.”
  Speech 4/22/05
  
  

• More IFDP Working Papers Published

  The FRB has published two additional working papers in the IFDP series on the topics of: A Flexible Finite-Horizon Identification of Technology Shocks; and Exchange Rate Pass-through to U.S. Import Prices: Some New Evidence.
  Technology Shocks;
  Exchange Rate 4/22/05
  
  

• FDIC

  publishes correction to Final Rule first published in Federal Register on April 6, 2005, corrects the final rule by adding the regulations in subpart C of part 347 to the regulatory text. PDF TXT  4/21/05
  
  

• FRS

  published correction to Final Rule which amends a footnote reference in the text of 12 CFR part 225, Appendix A. Published in FR 4/21/05PDF TXT   4/21/05
  
  

• Regulators Respond To BSA “Zero Tolerance” Questions

  The Federal banking regulators have issued a reply to a letter from the ABA and state banking associations regarding the enforcement of BSA and the so-called “zero tolerance” policy. Response; ABA Letter   4/21/05

• OTS Issues CRA Ratings

  The CRA evaluation ratings for the savings associations became publicly available during March 2004 have been issued by OTS. CRA Ratings  4/21/05

• OCC Releases CRA Family Income Data

  The OCC has released a Bulletin regarding the U.S. Census and 2005 HUD estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state which are used to determine 2005 borrower income levels in CRA performance evaluations. Bulletin; Data  4/21/05

• New Electronic Interpretations and Actions Announced

  The OCC has announced new Electronic Interpretations and Actions for April 2005. Electronic Interpretations  4/21/05

• Beige Book Update Published

  The FRB has published new edition of the Beige Book based on information collected on or before April 11, 2005. Beige Book Summary; Beige Book Full Report   4/21/05
  
  

• IFDP Working Papers Released

  The FRB has released two new working papers in the IFDP series on the topics, Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data; and Adjusting Chinese Bilateral Trade Data: How Big is China's Trade Surplus. Order Flow; Adjusting Chinese   4/21/05

• NCUA proposes to revise its member business loans (MBL) rule

  to clarify the minimum capital requirements a federally insured corporate credit union (Corporate CU) must meet to make unsecured MBLs to
  its members other than member credit unions and corporate credit union service organizations (Corporate
  CUSOs). PDF TXT  4/20/05
  
  

• CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-two national banks that became public during the period of March 15, 2004 through April 14, 2005. CRA   4/20/05
  
  

• OCC Announces Enforcement Actions

  Fifteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions have been announced by the OCC. Enforcement Actions   4/20/05
  
  

• 2005 TFR Instruction Manual Published

  OTS has published the 2005 TFR Instruction Manual, which contains three hundred and fifty pages. TRF Manual  4/20/05

• Fed Districts Continue Check Processing Changes

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Tenth and Twelfth Districts. Reg CC Amendments   4/20/05
  
  

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position for the week ending April 15, 2005. International Reserve position   4/20/05
  
  

• SDN List Changes Made

  OFAC has made changes to an existing listing on the SDN List. Information regarding the changes has been posted on the BOL OFAC page.  4/19/05

• HOEPA May 2005 Reference Rate Published

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application. Daily H. 15 Rate; Weekly H. 15 Rate   4/19/05
  
  

• New Look For Financial Education Web Site

  The FRB has redesigned its financial education web site which has material intended for the general public, as well as materials specifically geared toward teachers, high school and college students. The site features include: easier access to free educational materials, a teacher resource search engine, personal financial education, as well as new multilevel games for various ages and knowledge levels. Education Web Site  4/19/05

• Five FEDS Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry; The Effects of Competition from Large, Multimarket Firms on the Performance of Small, Single-Market Firms: Evidence from the Banking Industry; The Effects of Local Banking Market Structure on the Banking-Lending Channel of Monetary Policy; Are Firms or Workers Behind the Shift Away from DB Pension; and Yesterday's Bad Times are Today's Good Old Times: Retail Price Changes in the 1890s were Smaller, Less Frequent, and More Permanent
  Tracking; Competition; Local Banking; Firms; Yesterday’s  4/19/05

• Fourth Quarter 2004 Review of Interest Rate Risk Released

  OTS has released Volume 9, Issue 4 of The Quarterly Review of Interest Rate Risk for the fourth quarter 2004. Quarterly Review   4/19/05

• Asset & Liability Price Tables Issued

  The Asset & Liability Price Tables for the first quarter 2005 have been issued by OTS. Tables  4/19/05
  
  

• IDIG Available On CD-Rom

  The FDIC has announced that the Inventory of Deposit Insurance Guidance (IDIG) is available on one CD-ROM and provides bankers all of the resources on the FDIC's rules and requirements for deposit insurance coverage in a categorized, searchable format. IDIG Order Form  4/18/05
  
  

• New Issue Of SAR Activity Review Published

  The eighth issue of the SAR Activity Review Trends, Tips, and Issues has been published. In a new section, “Director’s Forum”, Director Fox addresses the need for greater clarity and consistency in the application of suspicious activity reporting. SAR Review   4/18/05
  
  

• February International Capital Data Released

  Treasury has released the International Capital Data report for February 2005. International Capital  4/18/05

• Treasury Issues March G.17

  The G.17 Industrial Production and Capacity Utilization Report for March 2005 has been released by Treasury.
  G. 17  4/18/05

• Inaugural Issue Of FedFlash

  The first issue of FedFlash, a new source for the latest Federal Reserve Financial Services operational news, has been published. Each bulletin will report on of issues critical to day-to-day operations, provide national and District updates regarding Fed products and services, processes, technical protocols and contact information.
  FedFlash   4/18/05

• National Average Cost of Funds Reports Released

  OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  4/18/05
  
  

• Bulletin Issued Regarding Customer Notification Procedures Interagency Guidance

  The OCC has issued a Bulletin regarding the previously announced “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice" that states that financial institutions should develop and implement a response program to address security breaches involving customer information, including customer notification procedures. Information concerning the guidance was posted in the March 29, 2005 BOL Top Stories. Bulletin 4/15/05
  
  

• Counterfeit Cashier’s Check Alert

  An Alert has been issued by the OCC regarding counterfeit cashier’s checks drawn on the Bankers Trust Company, N.A., Des Moines, Iowa. Information regarding the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/14/05
  
  

• Al-Zarqawi Financier Added To OFAC List

  Treasury has announced that an individual has been designated as an SDGT and added to the OFAC SND list for providing financial support to the Zarqawi Network, an al Qaida-affiliated terrorist group active in the insurgency in Iraq. Information regarding the addition has been posted on the BOL OFAC page. 4/14/05
  
  

• Bulletin Issued Regarding ABCP Programs

  The OCC has issued a Bulletin concerning a previously announced Interagency Guidance which allows banks whose internal risk rating systems qualify to use internal ratings applied to their unrated direct credit substitutes extended to ABCP programs when calculating regulatory capital. Information regarding the Guidance was posted in the March 31, 2005 BOL Top Stories. Bulletin 4/14/05
  
  

• International Reserve Position Update

  Treasury has issued an update to the U.S. International Reserve Position for the week ending April 8, 2005.
  Update 4/14/05
  
  

• OTS To Hold Financial Management Seminars

  The OTS will hold a series of Financial Management Seminars in various mid-western locations during June 2005.
  Invitation;
  Meeting Information;
  Discussion Topics;
  Registration Form 4/14/05
  
  

• Court Rules On Motion In Unlicensed Money Transmitter Case

  A Michigan U.S. District Count has rejected a defendant’s motion to dismiss his indictment for violation of federal law by conducting an unlicensed money transmitting business. The defendant is charged with the transmittal within the U.S. and abroad of at least $4,000,000. Court Ruling 4/14/05
  
  

• CRA Final Rule Issued

  The Federal financial regulating agencies have jointly issued a final rule on CRA. The rule adopts changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas, census tracts designations, and the FRB's Regulation C. It also makes a correction to a cross-reference within the CRA regulations.
  Joint Final Rule;
  OCC Bulletin 4/13/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on the Riverside Bank, Marietta, Georgia. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alert’s & Counterfeits page. 4/13/05
  
  

• Parent of Converting Bank Retains Rights

  The FRB has issued a legal opinion to Leucadia National Corporation opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act.
  Opinion 4/13/05
  
  

• FOMC Minutes Released

  The minutes of the FOMC meeting held on March 22, 2005 have been released.
  Minutes 4/13/05
  
  

• Finance Companies Report Issued

  The G. 20 report of Finance Companies Owned and Managed Receivables Outstanding for February 2005 has been issued.
  G. 20 4/13/05
  
  

• Counterfeit Cashier’s Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier’s checks drawn on the First National Bank & Trust Co. of Ada, Oklahoma, n/k/a Vision Bank, N.A. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/12/05
  
  

• CRA Assigned Ratings Information

  OTS has issued a Bulletin which contains information regarding the previously announced Final Rule which allows savings institutions select a combination of weighted components to that will be utilized to determine its CRA rating. Information concerning the Final Rule was posted on BOL Top Stories on March 1, 2005.
  Bulletin
  Final Rule 4/12/05
  
  

• Powell Discusses Minimum Capital Requirements

  In a presentation before a derivatives conference co-sponsored by the FDIC, Cornell University and the University of Houston, Chairman Don Powell commented on the relationship between the new Basel capital framework and the leverage capital requirement mandated by FDICIA.
  Speech 4/12/05
  
  

• Basel II White Paper Published

  A white paper entitled “An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization” has been published by the FRB.
  White Paper 4/12/05
  
  

• International ACH Funds Availability Time To Improve

  The FRB and Banco de Mexico have announced that beginning in July 2005 the funds availability on ACH payments from the U.S. to Mexico will improve from two days to one day at no additional charge to the financial institutions involved in the transaction.
  Funds Availability 4/12/05
  
  

• ACH Risk Management Service Announced

  The FRB has announced that it plans to offer to originating banks an ACH risk management service, know as FedACH Risk. The new service will be piloted during the fall of 2005 with plans to be generally available in 2006 and will banks to monitor payments originated by corporate customers in real time.
  FedACH Risk 4/12/05
  
  

• FDIC First Quarter Letter To Stakeholders

  The FDIC has issued an FIL announcing the publication of its First Quarter 2005 Letter to stakeholders, which reports on the priorities and activities for the first quarter of 2005.
  FIL;
  Stakeholder Letter 4/12/05
  
  

• OCC Revises Investment Booklet

  The revised “Investment in Subsidiaries and Equities” booklet of the Comptroller’s Licensing Manual series is available on the OCC’s Internet site. The revisions incorporate many regulatory and policy changes, such as, establishing a financial subsidiary; performing insurance activities pursuant to 12 U.S.C. 92; making a noncontrolling investment; or filing the annual operating subsidiary report.
  Investment Booklet 4/11/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The OCC has issued a Special Alert regarding counterfeit cashier’s checks drawn on First Federal Savings & Loan Association of Charleston, Charleston, South Carolina. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/11/05
  
  

• Greenspan Discusses Consumer Finance

  In remarks at the FRS’s Fourth Annual Community Affairs Research Conference in Washington, D.C., Chairman Greenspan noted that the consumer finance industry is central to the functioning of a robust consumer sector. He also observed that innovation and structural change in the financial services industry have been critical in providing expanded access to credit for the vast majority of consumers.
  Speech 4/11/05
  
  

• FinCEN Withdrawals AML Advisories

  FinCEN has announced the advisories concerning transactions regarding the Philippines and The Cook Islands have both been withdrawn due to the implementation of significant reforms to each country’s counter-money laundering systems.
  Philippines;
  The Cook Islands 4/11/05
  
  

• Justice Department Takes Action In SAR Disclosure Case

  The U. S. Department of Justice has filed a Statement of Interest in the case of Wuliger vs. OCC, being heard in an Ohio U. S. District Court. The litigation involves an attempt by a private party to compel the OCC to provide him a SAR.
  Statement 4/8/05
  
  

• Unauthorized Banking Alert Issued

  The OCC has issued an Alert regarding unauthorized banking activities being conducted by Caribbean International Bank of Bridgetown, Barbados, also known as Caribbean International Credit & Trust, which has not been licensed to operate as a bank in Barbados or the United States.
  Alert 4/8/05
  
  

• February Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report of February 2005.
  G.19 4/8/05
  
  

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for February 2005 have been issued by the FRB.
  Assets Reports 4/8/05
  
  

• March Financial Reporting Bulletin Published

  OTS has published the March 2005 issue of the Financial Reporting Bulletin which contains a list of filing deadlines, information on new software, and TRF Manual updates.
  Bulletin 4/8/05
  
  

• Bulletin Issued Regarding Amendments Proposed to Regulations CC And J

  The OCC has issued a Bulletin regarding the previously announced proposal by the FRB to amend Reg CC and Reg J. Information concerning the amendments was posted in the March 4, 2005 BOL Top Stories.
  Bulletin;
  Proposal 4/7/05
  
  

• Overdraft Protection Program Bulletin

  A Bulletin has been issued by the OCC concerning the previously announced issuance by the federal financial regulators of a Joint Guidance on Overdraft Protection Programs. The issuance of the Guidance was reported in BOL Top Stories on February 24, 2005.
  Bulletin;
  Guidance 4/7/05
  
  

• Greenspan Discusses Role Of GSEs

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, FDIC Chairman Greenspan discussed the role of housing-related government-sponsored enterprises (GSEs) in our economy. He remarked that a recent study by FRB found no link between the size of the GSE portfolios and mortgages rates. He stated that the GSEs need a regulator with authority on a par with banking regulators.
  Speech 4/7/05
  
  

• Spring 2005 State Profiles Published

  The FDIC has published the Spring 2005 State Profiles which provide a quarterly summary of state banking and economic conditions.
  State Profiles 4/7/05
  
  

  April 2005 Issue Financial Connection Available
  The FMS has published the April 2005 issue of Financial Connection and posted it online. Topics include: Transaction Reporting System: Changing the face of collection; Direct deposit, e-file popularity grows among federal income tax filers; Debt call center improves service for Spanish-speaking customers; Uncollectible debt: How to be a terminator; and Cash or check won't do? Consider US Debit Card.
  Financial Connection 4/7/05
  
  

• FDIC's International Banking Regs Amended

  FDIC has adopted amendments to its international banking regulations in conformity with reg burden reduction efforts under EGRPRA. The changes affect address relocation of U.S. branches of foreign banks, adoption of a risk-based asset pledge requirement, and exam requirements for foreign banks that own branches or subsidiaries seeking FDIC insurance. 70FR17549 (txt) 70FR17549 (pdf) 4/7/05
  
  

• CRA Ratings Released

  The FDIC has released the ratings given to state nonmember banks evaluated in January 2005 for compliance with the CRA.
  CRA Ratings 4/6/05
  
  

• SEC And Connecticut Banking Department Announce Enforcement Actions

  The Connecticut Department of Banking and the SEC have announced that they have taken actions against David M. Faubert, of Avon, Connecticut. The Connecticut Department of Banking has issued an order suspending his agent’s license and the SEC has obtained a temporary restraining order and a freeze of his assets. Mr. Faubert allegedly defrauded approximately 15 Connecticut residents of upwards of $4 million.
  Actions 4/6/05
  
  

• Greenspan On Energy

  In a presentation before the National Petrochemical and Refiners Association Conference, in San Antonio, Texas, Chairman Greenspan noted that while it is not possible to judge with certainty how technological possibilities will play out in the future, but we can say with some assurance that developments in energy markets will remain central in determining the longer-run health of our nation's economy.Speech 4/6/05
  
  

• AML Anti-Terrorism Symposium To Be Co-Sponsored By Agencies

  FinCEN and the FDIC have announced that they will co-sponsor a half-day symposium on "Anti-Money Laundering and Anti-Terrorist Financing" on April 6 at the Hyatt Hotel in Austin, Texas. Interested participants are directed to contact the FDIC.
  Symposium Information 4/5/05
  
  

• NCUA Sends Risk-Based Reform Proposal To Congress

  NCUA has delivered a report entitled “Prompt Corrective Action Proposal for Reform” to Congress which details recommended statutory changes and provides a proposal as to how NCUA would design a new risk-based system for federally insured credit unions.
  Summary;
  Proposal 4/5/05
  
  

• International Reserve Position released

  Treasury has released the U.S. International Reserve Position for the week ending April 1, 2005.
  Reserve Position 4/5/05
  
  

• Fraudulent and Counterfeit Cashier’s Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding fraudulent checks drawn on The Bankers Bank, Atlanta, Georgia, and counterfeit checks drawn on TCF National Bank, Wayzata, Minnesota. Information concerning the fraudulent checks and the counterfeits cashier’s checks has been posted on the BOL Alert’s & Counterfeits page.
  4/4/05
  
  

• Four FIs Assessed OFAC Penalties

  OFAC has released the Civil Penalties Enforcement Actions for April 1, 2005. Four financial institutions were cited for violations of various Sanctions Programs and assessed CMPs ranging from $2,586.44 to $40,423.00.
  CMP 4/4/05
  
  

• March Foreign Exchange Rates Announced

  The FRB has issued the G.5 Foreign Exchange Rates release for March 2005.
  G.5 4/4/05
  
  

• Self-Insured Depositors Working Paper Published

  The FDIC has published a working paper with the title: “FDIC-Sponsored Self-Insured Depositors: Using Insurance to Broaden Market Discipline and Strengthen Bank Funding”.
  Working Paper 4/4/05
  
  

• FFIEC Annual Report Issued

  The FFIEC has issued its 2004 Annual Report.
  Annual Report 4/4/05
  
  

• Agencies Release HMDA FAQs

  The federal bank, credit union, and thrift supervisory agencies, along with HUD, have released a set of FAQs that address the new home loan price data disclosed this year for the first time under HMDA. The FAQs will aid users of the data with their evaluation and interpretation of the data, and will be posted on each of the agencies’ websites. FRB; FDIC; OCC; OTS; NCUA; HUD  4/01/05

• FDIC Issues Counterfeit Cashier’s Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Silver State Bank, Henderson, Nevada and Community First National Bank, Fargo, North Dakota. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/01/05

• FDIC Examination Policies Manual Available Online

  The FDIC has posted its Manual of Examination Policies on its Web site. Manual  4/01/05

• C & D Issued Against Florida BHC

  The FDIC has issued a Cease and Desist Order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. Order   4/01/05

• Country Exposure Reports Released

  The FFIEC has released the E.16 Country Exposure Statistical Release and the Country Exposure Information Report for December 31, 2004. E.16; Information Report  4/01/05

• FDIC Publishes Interim Final Rule in Federal Register

  regarding non-member insured banks with securities. They are now required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The interim final rule reflects amendments to the Securities Exchange Act of 1934 made by the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), and accommodates certain operational changes within the FDIC. PDF TXT  3/31/05

• Regulators Issue MSB Expectations Statement

  FinCEN and the federal financial institution regulators have issued a joint statement regarding their expectations regarding banking institutions' obligations under BSA for MSBs. The statement provides that BSA does not require and the regulators do not expect banking institutions to serve as the de facto regulator of the MSB industry. In addition, guidance on relationships with MSBs will be issued shortly that will outline compliance expectations. Statement; Treasury Comments; FRB SL; OCC; FDIC FIL; NCUA NR   3/31/05

• Counterfeit Cashier's Checks Special Alerts issued

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Sky Bank, Salineville, Ohio, and Peoples Bank, N.A., Marietta, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/31/05

• Survey of Terms of Business Lending Report Released

  The FRB has released the E.2 Survey of Terms of Business Lending Report for February 7-11, 2005.
  E.2   3/31/05

• FIDC Brochures Available In Korean And Chinese

  The FDIC has announced that two popular FDIC brochures on deposit insurance coverage are now available in Korean and Chinese. FIL; Brochures   3/31/05

• FRB Issues ABCP Guidance SL

  A SL has been issued by the FRB regarding the previously announced interagency guidance concerning the amendment by the federal banking regulators of the Securitization Capital Rule. The guidance clarified how banking organizations are to use internal ratings that they assign to asset pools purchased by their ABCP programs in order to risk weight appropriately any direct credit substitutes extended to such programs.
  Guidance FRB SL   3/31/05

• FRS Publishes Final Rule in Federal Register

  (Reg. A) extending credit by Federal Reserve Banks adopting final amendments to Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.PDF TXT  3/30/05

• FDIC Enforcement Actions Announced

  Twenty-seven Enforcement Actions taken against banks and individuals in February 2005 have been announced by the FDIC. The actions include two cease and desist orders, one written agreement, thirteen removal and prohibition orders, eight civil money penalty orders, one termination of insurance, and two terminations of cease-and-desist orders. Enforcement Actions  3/30/05

• Stock Options FASB Guidance Issued

  The SEC's Office of the Chief Accountant and its Division of Corporation Finance have released of a Staff Accounting Bulletin relating to the FASB accounting standard for stock options and other share-based payments. The SEC staff believes the interpretive guidance will assist both public entities, investors and other users of financial statements in analyzing information. Bulletin   3/30/05

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending March 25, 2005. Reserve Position  3/30/05

• Finance Companies Reports Issued

  The January 2005 G.20 Finance Companies Report regarding owned and managed receivables outstanding and auto loans: terms of credits has been issued by the FRB. G.20  3/30/05

• HUD Publishes Interim Final Rule in Federal Register

  This rule makes available a new adjustable rate mortgage (ARM) product. It enables the Secretary to insure five-year hybrid ARMs with interest rates adjustable up to two percentage points annually (this type of mortgage is known as a 5/1 ARM). The lifetime cap on annual interest rate adjustments for five-year ARMs is set at six percentage points. PDF TXT  3/29/05

  OCC, FRS, FDIC, OTC Publishes Final Rule in Federal Register.

  This interpretation guidance of the Gramm-Leach-Bliley Act (GLBA)is being published as a supplement to the Security Guidelines in the Code of Federal Regulations in order to make the interpretation more accessible to financial institutions and to the general public. It clarifies the responsibilities of financial institutions under law. OTS is also making a conforming, technical change to its Security Procedures Rule. PDF TXT  3/29/05

• Names Removed From OFAC List

  OFAC has announced that the names of seven individuals designated as SDNTs have been removed from the SDN list. Information regarding the removed names has been posted on the BOL OFAC page  3/29/05.

• Regulators Proposed Changes To Credit Classifications

  The federal bank and thrift regulatory agencies have requested comment on proposed changes to the supervisory framework for the classification of commercial credit exposures that would replace the current commercial loan classification system categories: "special mention," "substandard," and "doubtful".
  Interagency Proposal; FRB PR; OCC NR; FDIC FIL; OTS PR  3/29/05

• OCC, FRB, FDIC, OTC Publishes Interim Final Rule in Federal Regsiter

  This joint final rule implements the Community Reinvestment Act (CRA) with changes in: the Standards for Defining Metropolitan
  and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget (OMB) in
  December 2000; census tracts designated by the U.S. Census Bureau (Census); and the Board's Regulation C,
  which implements the Home Mortgage Disclosure Act (HMDA). PDF TXT  3/28/05

• Historical List Of Unauthorized Banking Alerts Issued

  The OCC has issued an alphabetical list of all Alerts issued regarding unauthorized banking from 1996 to present. Alert List  3/28/05

• West Virginia Credit Union Closed

  The Randolph County Federal Credit Union of Elkins, West Virginia, has been liquidated by NCUA and checks representing share deposits will be issued within one week to the members. Randolph County  3/28/05

• Minority-Owned Banks Report Released

  A list, sorted by state, of minority-owned banks as of December 31, 2004, has been released by the FRB.
  Minority-Owned  3/28/05

• FCRA Prescreen Opt-Out Disclosure Final Rule

  The OCC has issued a Bulletin regarding a Final Rule previously published by the FTC which seeks to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. The rule becomes effective August 1, 2005, and requires that each prescreened offer contain a short notice that provides basic opt-out information, a toll-free number to call to opt out, and a separate long notice that provides additional information. It also establishes criteria relating to location, type size, manner of presentation, and other matters for both notices. Model notices in English and Spanish are provided.
  Bulletin;
  Final Rule 3/25/05

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Alaska Pacific Bank, Juneau, Alaska and First Hawaiian Bank, Honolulu, Hawaii. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/23/05

• March Report Form Instructions Posted

  The instructions for preparation of FFIEC 031 and FFIEC 041 March 2005 reporting forms have been posted online.
  Instructions 3/23/05

• Agencies Issue FAQ On Appraisal Regulations

  In response to questions from regulated institutions about the agencies' real estate appraisal regulations, the federal banking agencies have issued a FAQ which address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions.
  FAQ;
  October 2003 Statement;
  FRB SL;
  OCC Bulletin;
  FDIC FIL 3/23/05

• CRA Exam Schedule Released

  OTS has released its CRA examination schedule for the Second Quarter 2005.
  Exam Schedule 3/23/05

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position for the week ending March 18, 2005.
  Reserve Position 3/23/05

• FOMC And BOG Raises Rates

  The FOMC has announced its decision to raise the target for the federal funds rate by 25 basis points to 2-3/4 percent. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 3-3/4 percent.
  Rates 3/23/05

• Helping Hispanic Customers Bridge Homeownership Information Gap

  The March 2005 issue of FYI focuses on ways financial institutions can assist their Hispanic customers and other in the Hispanic community by providing information concerning ways to achieve homeownership.
  FYI 3/23/05

• Bulletin Issued Regarding Proposed CRA Changes

  The OCC has issued a Bulletin regarding the previously announced interagency proposal to revise CRA regulations. Information concerning the revisions was posted on the March 11, 2005 BOL Top Stories. Bulletin 3/22/05

• Comptroller Urges Bankers To Adjust Ways They Monitor Loan Risk

  In a presentation before the BAI National Loan Review Conference, Acting Comptroller Williams noted that retail lending has undergone a dramatic transformation in recent years and urged bankers to respond by altering the way they think about consumer credit and to adopt new approaches to managing it.
  Speech 3/22/05

• FDIC Issues Ombudsman Report

  The FDIC has published the second in a series of periodic reports to financial industry representatives designed to provide current information about the activities of the FDIC Office of the Ombudsman.
  Report 3/22/05

• Inflation Volatility Working Paper Published

  The FRB has published a working paper in the IFDP series on the topic of “Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits”.
  Working Paper 3/22/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Neffs National Bank, Neffs, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/21/05

• Interagency Guidance Issued Regarding Notice Of Information Release

  The federal financial regulatory agencies have issued an interpretative guidance, “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice”. The intent of the guidance is to clarify the responsibilities of financial institutions to notify their customers under federal law.
  Guidance
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR 3/21/05

• Greenspan Discusses Community Development

  In a presentation before the National Community Reinvestment Coalition Conference, Chairman Greenspan discussed empowering communities, attracting development capital, and creating opportunities for economic advancement. His commented on the use of CDCs and the CDIF fund and asset and rating system in community development programs.
  Speech 3/21/05

• March 2005 Issue Electronic Interpretations and Actions Published

  The OCC has published the March 2005 issue of Electronic Interpretations and Actions.
  Interpretations and Actions 3/21/05

• Columbian Drug Cartel Leader And Associates Added To SDN List

  OFAC has designated a Columbian drug cartel leader as a SDNT and added his name to the SDN list along with 11 front companies and individuals operating on his behalf. Information regarding the additions has been posted on the BOL OFAC page.

3/18/05

• March 31, 2005 Call Report Information

  The FDIC has issued an FIL which contains instructions for completing the March 31, 2005 Call Report.
  FIL

3/18/05

• Deceptive Claims of FDIC Insurance Coverage

  The FDIC has issued a Special Alert regarding Asiacentury Bank that is unlawfully advertising FDIC membership on its Internet Web site.
  Special Alert

3/18/05

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks drawn on Fiduciary Trust Company International, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.

3/18/05

• Structure And Share Data Report Released

  The FRB has released the structure and share data for U.S. offices of foreign banks report for December 2004.
  Structure

3/18/05

• 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.
  Reports

3/18/05

• FDIC Chairman Discusses Deposit Insurance Reform

  In testimony before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, FDIC Chairman Powell discussed his view on deposit insurance reform.
  Speech

3/18/05

• FRB Assesses Three CMPs

  The FRB has announced the assessment of three separate CMPs against the following institutions for alleged violations of the National Flood Insurance Act: Midwest Bankcentre, St. Louis, Missouri; the HomeFederal Bank, Columbus Ohio; and First Interstate Bank, Billings, Montana. The CMPs ranged from $2,450 to $57,250.
  Midwest Bankcentre;
  HomeFederal;
  First Interestate 3/17/05

• Consumer Affairs Letters Released

  Two new Consumer Affairs Letters on the following topics have been released by the FRB: “Interagency Guidance on Overdraft Protection Programs”, and “Provisional HMDA Data Sampling Procedures”.
  OD Programs;
  HMDA Data 3/17/05

• HOEPA April 2005 Reference Rate Published

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly 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 prior to the month you received the application.
  Daily H.15 Rates;
  Weekly H.15 Rates 3/17/05

• OCC Releases CRA Evaluations

  The OCC has released the list of CRA performance evaluations that became public during the period of February 15, 2004 through March 14, 2005. Of the 21 evaluations made public, 3 institutions were rated outstanding, 18 were satisfactory, and none were needs to improve or substantial noncompliance.
  CRA 3/17/05

• Thirty-Four Enforcement Actions Announced

  The OCC has announced thirty-four Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 3/17/05

• Prohibition Orders Issued

  NCUA has announced the issuance of orders prohibiting three individuals from participating in any manner in the affairs of federally insured financial institutions. Orders
  3/17/05

• Public Hearing To Be Held On Preemption Petition

  The FDIC has scheduled a public hearing on May 24, 2005, to seek public comments on a preemption petition from the Financial Services Roundtable, a trade association for integrated financial services companies. The FDIC has been asked by the Roundtable to issue a rule that would provide that a state bank's home state law governs its interstate activities and those of its subsidiaries to the same extent that the National Bank Act governs a national bank's interstate business.
  Hearing Notice;
  Petition
  Submit Comments 3/17/05

• Industrial Production And Utilization Report Issued

  The FRB has issued the G.17 Industrial Production and Utilization report for February 2005.
  G.17 3/17/05

• FTC Issues PR on Deposit Insurance

  The FDICIA directs the FTC to prescribe the manner and content of certain disclosures that must be used by depository institutions that do not have federal deposit insurance. The Commission seeks comment on these proposed disclosure rules for non-federally
  insured depository institutions. 70FR12328 (txt)
  70FR12328 (txt) 3/16/05

• Counterfeit Postal Money Orders Alert

  Federal Reserve Financial Services has issued a letter to alert financial institutions and their customers regarding a fraud scheme that utilizes counterfeit postal money orders.
  Letter 3/16/05

• BSA/AML Director Named

  The OCC has announced that John Wagner is the new Director for BSA and AML Compliance and will direct the development of examination policy and procedures.
  Director 3/16/05

• FDIC Insurance Video Now On CD-Rom

  The FDIC has issued a FIL that announces the Video-Overview on Deposit Insurance Coverage is now available in English or Spanish on CD-ROM to supplement the previously available DVD video.
  FIL 3/16/05

• Greenspan Discusses Aging and Retirement

  In testimony before the Senate Special Committee on Aging, Chairman Greenspan discussed the issues of population aging and retirement. He noted the bottom line in the success of all retirement programs is the availability of real resources at retirement. Due to the fact the Social Security trustees estimate the unfunded liability over the indefinite future to be $10.4 trillion, he stated that a thorough review of Social Security commitments--and at least some adjustment in those commitments--is urgently needed.
  Testimony 3/16/05

• January International Capital Data Released

  Treasury has released the International Capital Data for January 2005.
  Data 3/16/05

• Cost Of Funds Reports Issued

  OTS has issued the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - insured institutions reports.
  Current;
  Historical 3/16/05

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alert regarding counterfeit cashier's checks drawn on Central California Bank, Sonora, California and State Bank & Trust of Seguin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/15/05

• OCC and Basel II

  In a presentation before the Institute of International Banking, Acting Comptroller Williams noted that within the next 15 months, regulators must confront a daunting list of Basel II challenges ranging from analyzing data to issuing proposed rules, supervisory guidance and a final rule.
  Speech 3/15/05

• Chairman Powell Discusses Regulatory Burdens, Basel II and BSA

  FDIC Chairman Powell discussed the efforts of the agency to address the problems of regulatory burdens, the challenges of Basel II, and CRA issues in a presentation to the ICBA National Convention in San Antonio, Texas.
  Speech 3/15/05

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending March 11, 2005.
  Reserve Position 3/15/05

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Citrus Bank, Orlando, Florida. The bank is no longer in operation as it was acquired by Mercantile Bank, Orlando, Florida, a subsidiary of The South Financial Group, on July 1, 1999. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/14/05

• Greenspan Presents Views On Regulatory Burdens

  In a video presentation before the Independent Community Bankers of America National Convention, Chairman Greenspan expressed his thoughts on regulatory burdens regarding Basel II, HMDA, BSA and SARs. He remarked that when implementing the law, the FRB tries to avoid unintended consequences and excessive burden by conducting intensive initial reviews that include extensive public comment, periodic review, and more-or-less continuous evaluation.
  Greenspan 3/14/05

• Regulatory Burdens Discussed By Comptroller Williams

  Acting OCC Comptroller Williams discussed issued raised by regulatory burdens in a speech before the Independent Community Bankers of America National Convention and noted that compliance requirements represent a serious drain on bank resources and regulatory relief should be a national priority.
  Speech 3/14/05

• Quarterly Derivatives Report Issued

  The OCC has issued the Quarterly Derivatives Report for the Fourth Quarter 2004.
  Derivatives Report 3/14/05

• Fourth Quarter 2004 Interest Rate Risk Measures Published

  OTS has published the final Interest Rate Risk Measures for the Fourth Quarter 2004.
  Interest Rate Risk 3/14/05

• OCC, Federal Reserve and FDIC issue a PR on CRA

  This proposed rule making would revise certain provisions implementing the Community Reinvestment Act (CRA). The current proposal would address regulatory burden imposed on some smaller banks by revising the eligibility requirements for CRA evaluation under the lending, investment, and service tests, and would provide a simplified lending test and flexible new community development including any personal information provided. PDF TXT  
  3/11/05

• Four Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following institutions: Teachers Credit Union, South Bend, Indiana; Pilgrim Bank, Pittsburg, Texas; New Era Bank, Fredericktown, Missouri; and missing cashier's checks drawn on Inwood National Bank, Dallas, Texas. Information concerning the counterfeit and missing cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/11/05

• FDIC Enforcement Actions Announced

  The FDIC has announced that eight administrative enforcement actions were taken against banks and individuals in January 2005. The actions included one cease and desist order, one removal and prohibition order, four civil money penalty orders, and two terminations of cease and desist orders.
  Enforcement Actions   3/11/05

• 2004 FinCEN Annual Report Published

  FinCEN has published its 2004 Annual Report which contains a list of BSA filing by type. Annual Report  3/11/05

• March 2005 FFIEC Reporting Forms Online

  The FFIEC has posted the 031 and 041 reporting forms for March 2005 on its Web site.
  031; 041  3/11/05

• Flow Of Funds Report Released

  The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter 2004. Z.1   3/11/05

• Household Ratios Published

  The Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2004 have been published by the FRB. Ratios  3/11/05

• Fourth Quarter Interest Rate Risk And Charge-Off Reports Issued

  OTS has issued the Interest Rate Risk Exposure Report and the Charge-Off Rates Report for the Fourth Quarter 2004. Interest Rate Risk; Charge-Off  3/11/05

• Interest Rate Challenges Subject Of FDIC Outlook

  The Spring 2005 issue of FDIC Outlook features articles on how institutions are managing the challenges from rising interest rates. Topics include: the development of off-site profiles of depository institutions that may be vulnerable to rising interest rates; use of rate/volume analysis to estimate the sensitivity of bank earnings to changes in interest rates; and regional perspectives on alternative methods banks are using to fund asset growth in a rising interest rate environment. Spring Outlook  3/11/05

• Federal Reserve Publishes Final Rule for Reg H and Y in Federal Register

  This final rule amends risk-based capital stards for bank holding companies and addresses supervisory concerns, competitive equity considerations, and changes in generally accepted accounting principles and to strengthen the definition of regulatory capital. PDF TXT  3/10/05

• Counterfeit Postal Money Orders Special Alert

  The FDIC has issued a Special Alert regarding counterfeit U.S. postal money orders that have been presented for payment at financial institutions. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  3/10/05

• Snow's Comments To ABA

  Treasury Secretary Snow presented his views on the economy, Social Security, HSAs and BSA in remarks prepared for ABA. Remarks   3/10/05

• Beige Book Published

  The FRB has published a new edition of the Beige Book based on information collected on or before February 28, 2005. Summary; Full Report  3/10/05

• to Comply with Registration Requirements

  The SEC has announced the issuance of an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the GLBA. As a result, banks are not expected to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. SEC PR; Order  3/09/05

• FinCEN Reports On MSB Fact Finding Meeting

  FinCEN has issued a statement regarding the issues discussed at the fact finding meeting held on March 8, 2005 concerning the ability of money services businesses to obtain banking services. The next steps the agency will take to attempt to resolve the complex problem are also listed in the statement.
  Statement   3/09/05

• 341a Fact Sheet Updated

  FinCEN has updated its 314a Fact Sheet to include data as of March 1, 2005. Fact Sheet  3/09/05

• Federal Credit Union Liquidated

  NCUA has announced that the KO-AM Federal Credit Union (KO-AM FCU) of Oakland, California, has been closed and liquidated. Checks representing share deposits will be issued within one week to the approximate 1,200 KO-AM FCU members. NCUA NR  3/09/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Peoples Bank National Association, Marietta, Ohio. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/08/05

• FDIC Releases CRA Ratings

  The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA in December 2004. CRA  3/08/05

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending March 4, 2005.
  Reserve Position   3/08/05

• Statistical Releases Issued By FRB

  The FRB has issued the December 31, 2005 Large Commercial Bank and January 2005 G.19 Consumer Credit statistical releases. Large Commercial Bank; G.19  3/08/05

• March 2004 Financial Holding Company List Released

  The FRB has released the list of bank holding companies that have elected to be treated as financial holding companies as of March 4, 2005. FHC List  3/08/05

• Three FEDS Papers Published

  Three working papers in the FEDS series with the following titles have been published by the FRB: “Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster”; “A Nonlinear Look at Trend MFP Growth and the Business Cycle: Result from a Hybrid Kalman/Markov Switching Model”; and “Housing, House Prices, and the Equity Premium Puzzle”.
  Job-Hopping; Nonlinear Look; Puzzle  3/08/05

• OFAC Cites Bank For Kingpin Program Violation

  OFAC has released its Enforcement Information for March 2005 and assessed one bank a CMP of $4,650 for a funds transfer violation under the Kingpin Sanctions Program. CMP   3/07/05

• BSA Violations Results In $750,000 CMP

  The OCC has announced that a Consent Order has been entered into and a CMP issued of $750,000 has been issued against City National Bank, Beverly Hills, California, for violations of law regarding compliance with BSA. Consent Order; CMP   3/07/05

• Federal Reserve - Regulations J and CC

  Proposed Rule dealing with the collection and availability of checks and other items by Federal Reserve banks and funds transfers through Fedwire: remotely created checks; definition and presentment warranties transfer and creation, with the purpose of shifting liability for unauthorized checks to the depositary bank. TXT   3/04/05

• SDNTKs Added To SDN List

  OFAC has added four companies with ties to a Jamaican Kingpin to the SDN list as SDNTKs. Information regarding the additions has been posted on the BOL OFAC page.   3/04/05

• OTS Seeks Comments

  OTS has solicited comments on the following: Minority Thrift Certification Form; Procedures for Monitoring Bank Secrecy Act; and Special Rules for Adjudicatory Proceedings for Certain Holding Companies. Certification Form; Monitoring BSA; Special Rules   3/04/05

• Greenspan On The Tax System

  Chairman Greenspan presented his views on the tax system in testimony before the President's Advisory Panel on Federal Tax Reform. He noted that an important principal to consider is predictability in the tax code to allow households and businesses can look into the future and have some reasonable degree of certainty about the future tax implications of decisions made today.
  Testimony   3/04/05

• Payday Lending Guidance Revised

  The FDIC has issued a FIL regarding the revisions of its payday lending guidance to ensure that this high-cost, short-term credit product is not provided repeatedly to customers with longer-term credit needs. FDIC PR; FIL; Guidance  3/03/05

• Greenspan Expresses Views On Economic Outlook

  In testimony before the House Budget Committee, Chairman Greenspan presented his view on the outlook on the economy and current fiscal issues. He noted that the U.S. economy delivered a solid performance in 2004, and thus far this year, activity appears to be expanding at a reasonably good pace. He also observed that the current budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken. Testimony  3/03/05

• FRB Releases Minutes

  The FRB has released the minutes of its discount rate meetings from January 3 through February 2, 2005.
  Minutes  3/03/05

• Winter Issue Of Federal Reserve Bulletin Published

  The Winter 2005 issue of the Federal Reserve Bulletin had been published and includes articles on the following topics: “Indexes of the Foreign Exchange Value of the Dollar”; “Industrial Production and Capacity Utilization: The 2004 Annual Revision”; “Fair Value Accounting”; and “Report on the Condition of the U.S. Banking Industry: Third Quarter, 2004”. Winter Issue   3/03/05

• IDAs A Tool For Bankers

  The OCC has published an edition of Community Developments Insights addressing Individual Development Accounts, or IDAs which describes how banks can use these matched savings programs as a tool to encourage lower-income persons and families to save money and thus build assets for particular financial goals.
  Insights   3/03/05

• Three Working Papers Released

  The FRB has released International Finance Discussion working papers entitled: “International Risk-Sharing and the Transmission of Productivity Shocks”; ” Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies” and “Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies: Data and Analysis”. Risk-Sharing; Market Developments; Productivity   3/03/05

• OTS Publishes Final CRA Rule in Federal Register

  OTS has announced the publication of its final CRA rule to provide for additional flexibility to savings associations evaluated under the large retail institution test to determine the combination of lending, investment, and service it will use to meet the credit needs of the local communities in which it is chartered, consistent with safe and sound operations. PDF TXT  3/02/05

• OTS Published Interim Final Rule in Federal Register

  OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined to provide for expedited processing of certain actions to determine if a company is exercising a controlling influence over the management or policies of a savings association or
  savings and loan holding company. Under the new procedure, a company that holds no more than ten percent of the stock of a savings association may be found to control that savings association, thereby
  becoming an OTS-regulated entity. PDF TXT  3/02/05

• Reg CC Amendment Proposed Regarding Remotely Generated Checks

  The FRB has requested public comment on a proposal to amend Regulation CC to set forth rules governing remotely created checks. The proposed amendments would create transfer and presentment warranties under which the depositary bank would warrant that the remotely created check that it is transferring or presenting to the paying bank is authorized by the person on whose account the check is drawn.
  Proposed Amendment  3/02/05

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding cashier's checks drawn on Flagstar Bank, Troy, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/05

• Trust Preferred Securities Final Rule Announced

  The FRB has announced the issuance of a Final Rule regarding trust preferred securities that allows the continued limited inclusion of trust preferred securities in the tier 1 capital of BHCs, in addition to addressing supervisory concerns, competitive equity considerations, and the accounting for trust preferred securities. Final Rule   3/02/05

• OCC Second Quarter 2005 CRA Exam Schedule Released

  The OCC has released its CRA examination schedule for the second quarter 2005. CRA Exam Schedule   3/02/05

• OTS Releases February 2005 CRA Ratings

  OTS has released the CRA ratings for savings associations that became publicly available during February 2005. CRA Ratings  3/02/05

• 2004 FTC Enforcement Actions Report Issued

  The FTC has issued its annual report of Enforcement Actions taken in 2004 related to the TILA, CLA, ECOA, and EFTA. Annual Report   3/02/05

• Agreements With Ohio Institutions Announced

  The FRB has announced the execution of a Written Agreement by and between Huntington Bancshares Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland, which addresses deficiencies relating to the company's corporate governance, internal audit, risk management and internal controls over financial reporting, accounting policies and procedures, and regulatory reporting. In addition, the OCC announced the execution of a formal agreement with Huntington National Bank, Columbus, Ohio, a wholly owned subsidiary of Huntington Bancshares Incorporated.
  FRB Written Agreement; OCC Formal  3/02/05

• Pennsylvania Banker Issued Prohibition Order

  The FRB has announced that an Order of Prohibition has been issued against a former employee of two Pennsylvania banks who stole funds from his employers by inflating the amount of customer deposits and adding the surplus to his personal account. Order  3/02/05

• Counterfeit Treasurer's And Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit treasurer's checks drawn on Eastern Bank, Boston, Massachusetts, and counterfeit cashier's checks drawn on First American Bank & Trust Company, Athens, Georgia. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/01/05

• Chicago Title Pays $7.5 Million CMP For RESPA Violations

  The OCC, OTS and HUD have announced that Chicago Title Company has consented to a cease and desist order and a concurrent $5 million civil money penalty as well as a $1.2 million penalty by the Texas Department of Insurance issued as part of joint investigation of the company's settlement practices. The agencies determined that Chicago Title engaged in a pattern of violations of section 4 of RESPA, by providing inaccurate HUD-1 Settlement Statements to federally insured depository institutions and borrowers. The OCC also announced today that two former bank officers involved in the fraudulent scheme have entered into consent prohibition and civil money penalty orders. OCC NR; OTS NR; Chicago Title Consent Order; Prohibition Order 1; Prohibition Order 2  3/01/05

• CAMELS Confidentiality Advisory Issued

  The federal banking and thrift agencies have issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. The advisory results from insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage. Advisory; FRB SL; OCC Bulletin; FDIC FIL; OTS NR  3/01/05

• Final CRA Rule Announced By OTS

  OTS has announced the publication of its final CRA rule amending the large retail institution test for savings associations which is intended to reduce regulatory burden and improve the effectiveness of CRA.
  CRA Rule  3/01/05

• OTS Amends Holding Company Rules

  OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined procedures to determine whether a company qualifies as a savings and loan holding company, subject to certain aspects of OTS regulatory authority.
  Holding Company Rules  3/01/05

• FDIC CRA Exam Schedule Released

  The FDIC has released its CRA examination schedule for the Second Quarter 2005. CRA Exam Schedule  3/01/05

• FinCEN Adjusts Strategic Plan

  FinCEN has announced some interim adjustments to its Strategic Plan for 2003-2008 to reflect the agencies growing role detecting terrorist financing and also reflect an organizational realignment. Plan  3/01/05

• FRB To Stop Providing Definitive Municipal Securities Services

  The FRB has issued notice that it will stop providing services to depository institutions for the collection and processing of definitive municipal securities. The agency will stop accepting deposits of bonds and coupons on September 30, 2005, in addition to the withdrawal from the noncash collection service on December 30, 2005. Notice
    3/01/05

• International Reserve Position Update

  Treasury has posted the U.S. International Reserve Position for the week ending February 25, 2005.
  International Reserve Position  3/01/05