Top Story Security Related

The Federal Reserve Bank of Atlanta has issued a letter with information sources for hurricane preparations and contingency instructions concerning any weather-related impacts to payment services (check, cash, and ACH), discount window, bank supervision and other vital information.

OFAC has designated Afghan national Atiqullah Ahmady Mohammad Din as a specially designated narcotics trafficker under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. OFAC also designated his brother, Sadiq Ahmady, and four entities in Afghanistan and the United Arab Emirates (UAE) that act for or on behalf of Mohammad Din and provide support to his narcotics trafficking activities. As a result of this action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Mohammad Din, Sadiq Ahmady, or the companies have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. More information on this OFAC action can be found in a BOL OFAC Update.

The Department of Justice has announced that a former senior vice president at a California branch of an Israeli bank has been charged with conspiracy to defraud the United States, the Justice Department and the IRS. The indictment alleges he conspired to conceal the existence of undeclared accounts owned and controlled by U.S. customers in Israel. The accounts were concealed from the IRS by opening them under pseudonyms, code names and the names of nominee entities set up in the British Virgin Islands and on the island of Nevis.

OFAC has designated Afghan national Atiqullah Ahmady Mohammad Din as a specially designated narcotics trafficker under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for his significant role in international narcotics trafficking. OFAC also designated his brother, Sadiq Ahmady, and four entities in Afghanistan and the United Arab Emirates (UAE) that act for or on behalf of Mohammad Din and provide support to his narcotics trafficking activities. As a result of this action, all property and interests in property in the United States or in the possession or control of U.S. persons in which Mohammad Din, Sadiq Ahmady, or the companies have an interest are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. More information on this OFAC action can be found in a BOL OFAC Update.

• FRB Requests CRA Revision Comments

  The FRB has requested public comment on proposed revisions to its regulations implementing the CRA that are intended to reduce regulatory burden on community banks. The proposed rulemaking is identical to proposals previously announced by the OCC and the FDIC. FRB PR  2/28/05

• Regulators Enter Written Agreement With Individuals

  The FRB and the FDIC have announced the execution of a joint Written Agreement by and among the Federal Reserve Bank of New York and the FDIC with two individuals affiliated with NorCrown Trust.
  FRB PR; FDIC PR; Written Agreement  2/28/05

• BSA And AML Deficiencies Result In Order

  The OCC has announced that due to deficiencies in internal controls regarding BSA and AML compliance, the Federal Branch of Arab Bank, PLC, New York, New York, has consented to an order under which it will contract its activities and convert to an agency office. The order replaced a previously interim order. Consent Order; Interim Order  2/28/05

• FDIC Issues 2004 Annual Report

  The FDIC has issued its 2004 Annual Report. Index; Full Report  2/28/05

• ABA Urges Action On Bankruptcy Legislation

  In emails sent to ABA members, Chairman Duke urged bankers to call their U.S. Senators regarding passage of Senate Bill 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. According to the ABA, the bipartisan legislation, which is scheduled to be voted on the week of February 28, would establish a bankruptcy system that protects those who most need protection while ensuring that those who can afford to pay at least part of their debts do pay.
  Senate Bill 256 2/25/05

• Winter Issue Consumer News Published

  The FDIC has published the Winter 2004/2005 issue of Consumer News which contains information on following subjects: Tips for Simplifying Your Financial Life; Expecting a Tax Refund? Beware of Costly Loans and Other Pitfalls; New Studies Highlight Different ID Thefts; and Updates on FDIC Insurance.
  Winter Consumer News 2/25/05

• Fourth Quarter Preliminary Interest Rate Risk Measures And Charge-Off Rates Released

  OTS has released the preliminary interest rate risk measures and the thrift industry charge-off rates for the fourth quarter 2004.
  Preliminary Measures; Charge-Off Rates 2/25/05

• Bank And Thrift Earnings Set Record

  FDIC insured commercial banks and savings institutions reported net income of $123 billion in 2004, surpassing the previous record set in 2003 and representing the fourth consecutive year that industry earnings set a new record.
  Earnings Record 2/25/05

• Fourth Quarter Edition of Quarterly Banking Profile Published

  The FDIC has published the fourth quarter edition of the Quarterly Banking Profile along with related publications.
  Quarterly Banking Profile;
  QBP Graph Book;
  QBP Statistics At-A-Glance;
  State Banking Performance Summary 2/25/05

• Final Guidance On OD Protection Published in FR

  This guidance is intended to assist insured depository institutions in the responsible disclosure and administration of
  overdraft protection services. 70FR9127 txt 70FR9127 pdf 2/24/05

• Changes To Regs Z And E To Be Discussed By CAC

  The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 17, 2005 in the Board's Martin Building in Washington, D.C. The session will begin at 9:00 a.m. and is open to the public. Anyone planning to attend the meeting must register online. Among the topics for discussion are proposed revisions of Reg Z and Reg E.
  Notice of Meeting;
  Registration Form 2/24/05

• OCC Updates Handbook

  The OCC has revised the “Other Consumer Protection Laws and Regulations” booklet in the Comptroller’s Handbook. Interagency examination procedures have been updated for such laws and regulations including the Homeowners Protection Act, the Consumer Leasing Act, the "Disclosure and Reporting of CRA-Related Agreements," and the "Prohibition Against Use of Interstate Branches Primarily for Deposit Production." Update
  2/24/05

• NCUA Releases Reform Proposal

  NCUA has released its January 2005 draft report entitled “Prompt Corrective Action Proposal for Reform”. The report discusses recommended statutory changes and provides details as to how NCUA would design a new risk-based system for federally insured credit unions. The proposed changes are designed to achieve comparability with the capital standards for FDIC-insured institutions by eliminating disparate differences in the standards.
  Proposal 2/24/05

• International Reserve Position Released

  Treasury has released the U. S. International Reserve Position for the week ending February 18, 2005.
  Reserve Position 2/24/05

• Fourth Quarter 2004 Charge-Off Report Issued

  The FRB has issued the Charge-Off and Delinquency Rates on Loan and Leases at Commercial Banks report for the Fourth Quarter 2004.
  Charge-Off Report 2/24/05

• December 2005 G. 20 Released

  The G.20 Financial Companies report for December 2004 has been released by the FRB.
  G.20 2/24/05

• Fedwire Forms Available Online

  FRB Financial Services has announced that Fedwire Funds and Fedwire Securities Authorization forms and instructions are now available online.
  Forms and Instructions 2/24/05

• Reg CC Technial Amendment Published in FR

  The FRB is amending appendix A of Regulation CC to delete the reference to the Detroit branch office of the Federal
  Reserve Bank of Chicago and reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland and delete the reference to the Houston branch office of the Federal Reserve Bank of Dallas and reassign the routing numbers listed under that office to the head office of that Reserve Bank. 70FR8716 (txt) 70FR8716 (pdf) 2/24/05

• Agencies Issue Final Guidance On OD Protection Programs

  The federal bank and credit union regulatory agencies have announced a final joint guidance to assist insured depository institutions in the disclosure and administration of overdraft protection programs.
  Fed Reg Notice;
  FRB PR;
  OCC NR;
  FDIC FIL;
  NCUA 2/22/05

• CRA Evaluations Released By OCC

  The OCC has released the CRA evaluations for sixteen national banks that became public during the period of January 15, 2005 through February 14, 2005. Two of the banks received an outstanding rating, fourteen were rated satisfactory and none received a needs to improve or substantial noncompliance rating.
  CRA 2/22/05

• February Issue New Electronic Interpretations and Actions Posted

  The OCC has posted online the February 2005 issue of New Electronic Interpretations and Actions.
  Electronic Interpretations 2/22/05

• OTS Regulatory Bulletins Issued

  OTS has issued two regulatory bulletins, one dealing with Check 21 and the other concerning HMDA.
  Check 21 Bulletin;
  HMDA Bulletin 2/22/05

• Check Processing Changes Announced For Three Fed Districts

  The FRB has announced amendments to Appendix A of Reg CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Seventh, and Eleventh Districts.Check Processing    2/18/05

• FRB Website Gets Makeover

  The FRB has implemented improvements to its web site to make the statistical releases and historical data easier to use. The statistical releases are now grouped by the following subject areas: principal economic indicators, bank asset quality, bank assets and liabilities, bank structure data, business finance, exchange rates and international data, flow of funds accounts, household finance, industrial activity, interest rates, and money stock and reserve balances. The site also now has links to Board surveys.Redesigned    2/18/05

• HOEPA March 2005 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 March 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;
  Weekly H. 15    2/17/05

• Enforcement Actions Announced

  The OCC has announced thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing enforcement actions.
  Enforcement Actions    2/17/05

• Greenspan Presents Money Policy Report To Congress

  Chairman Greenspan presented the FRB’s semiannual Money Policy Report and testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
  Testimony;
  Money Policy    2/17/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series entitled “An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default”.
  Abstract;
  Full Paper    2/17/05

• G. 17 Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for January 2005.
  G. 17    2/17/05

• Thrift Industy 2004 Earnings Announced

  OTS has announced that the nation’s thrift industry reported another year of sound financial results which were highlighted by record earnings and equity capital for the calendar year and last quarter of 2004.
  Highlights;
  Graphs and Charts;
  Selected Indicators    2/17/05

• Money Smart Winter 2005 Issue Published

  The Winter 2005 issue of Money Smart News has been published by the FDIC.
  Money Smart    2/17/05

• al Qaida Leader Added To SDN List

  OFAC has added an individual to the SDN list with the designation of SDGT. Information regarding the individual has been posted on the BOL OFAC page.    2/16/05

• IDIG Available On CD-ROM

  The FDIC has issued a FIL that announces that the Inventory of Deposit Insurance Guidance (IDIG), is now available on a free CD-ROM as a resource tool primarily for bank employees who work with deposit insurance coverage issues.
  FIL;
  IDIG Order Form    2/16/05

• Deputy Comptroller for Large Bank Supervision Named

  The OCC has announced that Joseph Evers has been appointed Deputy Comptroller for Large Bank Supervision.
  Evers    2/16/05

• February FedFocus Published

  The Federal Reserve Financial Services has published the February 2005 issue of FedFocus which contains articles regarding: Highlighting the Check Payments Study, FedLine Advantage Availability, and the Benefits of Check 21.
  FedFocus    2/16/05

• FDIC Releases 2005-2010 Strategic Plan

  The FDIC has released its strategic plan for the years 2005-2010.
  Strategic Plan    2/16/05

• December TIC Data Released

  Treasury has released the TIC data for December 2004.
  TIC    2/16/05

• International Reserve Position Update

  The International Reserve Position for the week ending February 11, 2004 has posted by Treasury.
  International Reserve    2/16/05

• Cost Of Funds Reports Issued

  OTS has issued the December 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports.
  December Report;
  Historical Report    2/16/05

• FDIC 2004 Annual Report Submitted

  As required by law, the FDIC has submitted its 2004 Annual Report to the President of the United States, the President of the U.S. Senate, and the Speaker of the U.S. House of Representatives.
  Annual Report    2/16/05

• Special Alert Counterfeit Cashier’s Checks

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on BancFirst, Oklahoma City, Oklahoma. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    2/15/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding First National of America Banc, Chicago, Illinois. The entity is not chartered by the OCC. There is no record of such a company being authorized or licensed to conduct the business of banking by the state of Illinois and the FDIC does not insure the entity or any products or services it may offer.
  Special Alert    2/15/05

• Three Countries Removed From NCCT List

  FATF has announced that the Cook Islands, Indonesia and the Philippines have been removed from the NCCT list and that China has been invited to attend FATF meetings as an observer. In addition, a Best Practices paper has been published regarding the detecting and preventing the cross-border transportation of cash by terrorists and other criminals.
  FATF PR;
  Paper    2/15/05

• FRB Revises Q & A

  The FRB has revised the Q & A found in the previously released Resolution Package regarding the board resolutions required from all Federal Reserve account holders and FedLine Advantage early adopters.
  Resolution Package    2/15/05

• OD Protection Programs Final Guidance Issued

  OTS has issued a final guidance on overdraft protection programs for savings associations. The guidance is intended to assist institutions in ensuring adequate disclosures in connection with, and the responsible administration of, overdraft protection programs made available to their customers.
  Final Guidance    2/15/05

• New Issue Of The Quarterly Review of Interest Rate Risk Published

  The Third Quarter 2004 issue of The Quarterly Review of Interest Rate Risk has been published by OTS and features an article on stripped mortgage-backed securities and risk management.
  Quarterly Review    2/15/05

• BIF And SAIF Year End Results Released

  The FDIC has released the 2004 year end financial results for the BIF and SAIF funds.
  Results    2/15/05

• Reg CC Technial Amendment Published in FR

  The FRB is amending appendix A of Regulation CC to delete the reference to the Birmingham branch office of the Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the
  head office of the Federal Reserve Bank of Atlanta. 70FR7379   2/14/05

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of First Bank of Canyon Creek, Richardson, Texas, a branch of First National Bank of Crockett, Crockett, Texas. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.
     2/14/05

• Comment Period Extended

  The federal banking and thrift regulatory agencies have extended for 45 days the comment period on the proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans. The public comment period will now end April 7, 2005.
  FRB;
  OCC;
  FDIC;
  OTS    2/14/05

• OCC Updates Licensing Manual

  The OCC has revised the "Charters " and "General Policies and Procedures" booklets of the Comptroller’s Licensing Manual series and posted them on the OCC’s Web site. In addition, the “Internet” and the “National Bank Charter” booklets have been deleted from the Manual’s series.
  Charters;
  General Policies;
  Licensing Manual    2/14/05

• Joint Enforcement Actions Issued

  The FRB and the FDIC have announced the issuance of joint enforcement actions against The NorCrown Trust and Charles Kushner who are required to pay civil money penalties totaling at least $12.5 million, to divest The NorCrown Trust's shares of NorCrown Bank, and to transfer the shares to a voting trust administered by an independent trustee until the divestiture is completed. Joint Orders;
  FRB PR; FDIC PR   2/11/05

• 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. NCUA PR; Orders    2/11/05

• Regulators Discuss BSA And AML Compliance

  In separate presentations before the Florida International Bankers Association’s “Anti-Money Laundering & USA Patriot Act Compliance Conference”, OCC Acting Chief Counsel Stipano and FinCEN Director Fox addressed BSA and AML compliance issues. Stipano Speech Fox Speech    2/11/05

• FYI Focuses On Home Price Cycle

  The FDIC has posted online the February edition of FYI which features an article on the topic, “U.S. Home Prices: Does Bust Always Follow Boom?”. FYI    2/11/05

• B of A Executes Enforcement Agreements and Pays $375 Million

  The FRB has announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, N.C., a bank holding company, and the Federal Reserve Bank of Richmond. In addition, OCC announced the execution of a Written Agreement with Bank of America, N.A., Charlotte, N.C. and the SEC announced the execution of an administrative Order against Banc of America Capital Management LLC, a registered investment adviser, BACAP Distributors, LLC, a registered investment adviser, and Banc of America Securities, LLC, a registered investment adviser and broker dealer, which requires the payment of $375 million and the exiting of the mutual funds clearing business.FRB Written Agreement; OCC Written Agreement; SEC Order    2/10/05

• Comments Sought Regarding Extension Of Federal Reserve Reports

  The FRB is seeking comments regarding a proposal to approve the extension for three years, without revision, of the following reports: FR 2226, FR 2225, FR Y-3, FR Y3N, FR Y-4, and FR K-1. Proposal    2/10/05

• Federal Reserve Final Rule in FR

  on the Extension of Credit by Federal Reserve Banks. The final amendments to Regulation A have been adopted to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank, which also increases the secondary credit rate at each
  Reserve Bank automatically by formula as a result of the Board’s primary credit rate action. Effective date: The amendments to part 201 (Regulation A) are effective February 9, 2005. The rate changes for primary and secondary credit were effective on the dates specified in 12 CFR 201.51, as amended. Final Rule Published in FR 2/09/05.    2/09/05

• Sixth District Check Processing Restructuring To Start In March

  The FRB has announced amendments to Appendix A of Reg. CC that reflect the restructuring of the check processing operations in the Sixth Federal Reserve District. These amendments, which are effective March 26, 2005, are the first in a series will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations which were featured in the September 28, 2004 BOL Top Stories. Restructuring   2/09/05

• Unauthorized Banking Alert

  The OCC has issued an Alert regarding an entity that calls itself "First National of America Banc," and uses a Chicago, Illinois address. The OCC has not authorized this entity to operate as a bank, and no record exists of its being authorized or licensed by the state of Illinois to conduct the business of banking. Alert    2/09/05

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending February 4, 2005.
  Reserve Position    2/09/05

• OTS Budget Plan Released

  OTS has released its FY 2005 Performance Budget Plan. Plan    2/09/05

• CRA Ratings Issued By FDIC

  The FDIC has announced the CRA evaluation ratings that were issued to state nonmember banks in November 2004.
  CRA Ratings; FDIC PR    2/08/05

• Loan Officer Opinion Survey Results Published

  The results of the January 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices, along with tables and charts, has been published by Treasury. Survey questions included: why nonbank investors have increased their participation in the C&I loan market, the effect of changes over the past year in their terms on commercial real estate loans, and why the share of industry assets accounted for by residential real estate loans has increased over the past three years. Full Report; Table 1; Table 2; Charts   2/08/05

• Consumer Credit Report Released

  The December 2004 G.19 Consumer Credit Report has been released by the FRB. G.19   2/08/05

• Blue Book Released

  Treasury has released the Blue Book which summarizes the revenue proposals in the President's Fiscal Year 2006 Budget. Blue Book   2/08/05

• OCC Predatory Lending Guidance Published

  The new OCC Guidelines designed to protect against national bank involvement in predatory, abusive, unfair, or deceptive residential mortgage lending practices have now been published in the Federal
  Register. Effective Date: 4/18/05 PDF; TXT   2/07/05

• Seven Banks Pay CMP For OFAC Violations

  The monthly OFAC CMP Enforcement Information report for February 2004 reveals that seven banks were cited for violations of OFAC Sanctions Programs regarding Sudan, Iran, Libya and Cuba. The CMPs imposed ranged from $2,760 to $30,800. Only one of the banks voluntarily disclosed its violation.
  OFAC CMP   2/07/05

• Examiner Borrowing Rule Amended

  The FRB has issued a SL that announces the amendment of the rules regarding borrowings by a bank examiner. The amendment provides narrow exceptions that enable an examiner to obtain credit cards and certain home mortgage loans from a broader range of lenders.
  SL; Amendment   2/07/05

• FDIC Announces Enforcement Orders

  The FDIC has announced that nineteen administrative enforcement actions were taken against banks and individuals in December 2004. The actions included six cease and desist orders, three removal and prohibition orders, three civil money penalty orders, one termination of insurance order, and six orders terminating orders to cease and desist. Orders   2/07/05

• Greenspan Observations On U.S. Trade Deficit

  In a presentation before the Advancing Enterprise 2005 Conference in London, FDIC Chairman Greenspan noted that the advance of information and communications technology has effectively shrunk the time and distance that separates world markets. He observed that the movement of saving accounts across national borders to fund investments has negatively impacted the U.S. trade deficit. In addition, he remarked that the increase in U.S. home mortgage debt correlates significantly with the trade deficit.
  Speech   2/07/05

• Proposed Rule: NCUA

  Request for Burden Reduction Recommendation; Safety and Soundness and Anti-Money Laundering Regulations; Economic Growth and Regulatory Paperwork Reduction Act of 1996 Review. Today, we request input to help identify which requirements in two regulatory categories—Safety and Soundness and Anti-Money Laundering—are outdated, unnecessary, or unduly burdensome. Comment Deadline 5/5/05. PDF; TXT    2/04/05

• Request For Comments Creates Buzz On Treads

  A notice posted in the Federal Register and a FIL regarding a request by the federal financial institution regulators for comments and suggestions is a hot topic on the Watercooler and CIP and BSA/PATRIOT Act Issues forums of BOL Bankers’ Threads. The topic that has created the uproar is - how to reduce the regulatory burdens regarding money laundering, safety and soundness, and securities rules. Read the notice and the reactions of your fellow BOL Users, add your thoughts to theirs and submit your comments.
  Notice;
  Fed Reg;
  FIL;
  BOL Watercooler Forum; BOL CIP and BSA/PATRIOT Act Issues Forum; Submit Comments   2/0/05

• Proposed Rule: The OCC, Board, FDIC, and OTS

  (‘‘we’’ or ‘‘the Agencies’’) are reviewing our regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). Commment Deadline 5/4/05 PDF; TXT    2/03/05

• OCC Issues Predatory Lending Guidelines

  The OCC has issued a Bulletin announcing new residential real estate lending standards as an additional step to protect against national banks becoming involved in predatory, abusive, unfair, or deceptive residential mortgage lending practices. The standards described in the guidelines are to be enforcead by part 30 of the OCC’s regulations. Bulletin;
  Guidelines; Part 30    2/03/05

• C & D And Consent Orders Issued

  A cease and desist order regarding BSA and AML compliance has been issued by the FRB against Banco de Chile, Santiago, Chile, and Banco de Chile's Miami branch. In a separate, coordinated action, the OCC issued a Consent Order against the institution and branch. C & D; Consent Order    2/03/05

• Disposal Of CI FIL Issued

  The FDIC has issued a FIL regarding the previously announced Interagency Guidelines Requiring the Proper Disposal of Consumer Information. Notice of the Guidelines was posted in the December 22 and 28, 2004 BOL Top Stories. FIL    2/03/05

• 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 has approved a 25-basis-point increase in the discount rate. Rates   2/03/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series entitled, “Density Selection and Combination Under Model Ambiguity: An Application to Stock Returns’. Working Paper    2/03/05

• Counterfeit Money Orders Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit money orders bearing the name and routing number of Boone Bank & Trust Co., Boone, Iowa. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.    2/02/05

• FDIC Updates Insurance Guide and EDIE

  The FDIC has updated The Financial Institution Employee’s Guide to Deposit Insurance and the Electronic Deposit Insurance Estimator (EDIE) System–Banker Version 2.1, both of which can be downloaded from the FDIC’s Web site. Guide; EDIE   2/02/05

• Fraudulent FDIC Email Phishing Special Alert

  The FDIC has issued a Special Alert regarding emails that are being sent to consumers that appear to be from the FDIC. Consumers are requested to go to a fraudulent Web site is designed to look like a page from the FDIC's authentic Web page, where the individual is then directed to provide sensitive financial and personal information. Phishing Special Alert   2/02/05

• CRA Ratings Announced

  OTS has announced the CRA performance evaluations for the savings associations that became publicly available during January 2005. CRA Evaluations   2/02/05

• Winter Edition Of Community Developments Investments Published

  The OCC has published the Winter 2004/2005 edition of Community Developments Investments, which provides a guide for banks interested in creating and operating a CDC within their institutions.Winter 2004 Investments   2/02/05

• NCUA Issues Examiner Guidance White Paper

  An examiner guidance white paper entitled, “Supervising Community Development Credit Unions – Balancing Their Mission and NCUA’s Regulatory Responsibilities,” has been issued by NCUA. White Paper   2/02/05

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending January 28, 2005.
  Reserve Position   2/02/05

• January Foreign Exchange Rates Released

  The G. 5 foreign exchange rates report for January 2005 has been released by the FRB. G.5   2/02/05

• Two International Finance Discussion Papers Published

  The FRB has published two working papers in the International Finance Discussion series with the following titles: “An Assessment of the Impact of Japanese Foreign Exchange Intervention: 1991-2004” and “Expansionary Fiscal Shocks and the Trade Deficit”. Assessment; Expansionary   2/02/05

• CEO Letter Regarding OFAC Blocked Transaction And SARs

  OTS has issued a CEO Letter regarding the previously announced FinCEN interpretive guidance that clarifies that reports filed with OFAC of blocked transactions will fulfill the requirement to file a SAR. Information regarding the guidance was posted December 23, 2004 in BOL Top Stories.
  CEO Letter   2/01/05

• FDIC ID Theft Symposium Information

  The FDIC has posted on its Web site the agenda and registration information for a ID Theft Symposium, “Fighting Back against Phishing and Account Hijacking”, to be held February 11, 2005 at the AED Conference Center in Washington, D.C.
  Symposium Information   2/01/05

• Market Financing Estimates Announced

  Treasury has announced its market financing estimates for the first and second quarters of 2005.
  Estimates   2/01/05
  
  

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

The OCC has issued two alerts concerning counterfeit official checks bearing the correct routing number of Old Florida National Bank, Orlando, FL and counterfeit cashier's checks bearing the correct routing number of The First National Bank of Weatherford, Weatherford, TX. Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.

FDIC FIL-22-2014 announces steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, and flooding on April 27, 2014:

• A federal disaster for selected areas in Arkansas was declared on April 29, 2014. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.
• The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
• Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
• Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
• The FDIC also will consider regulatory relief from certain filing and publishing requirements.

• FTO Designation Changes

  OFAC has changed an existing FTO designation on the SDN List. Information regarding the change has been posted on the BOL OFAC page.   1/31/05
  
  

• CDR Rollout Schedule Announced

  The federal banking agencies have announced that the Central Data Repository (CDR), an Internet-based system created to modernize and streamline how the agencies collect, validate, manage, and distribute Call Report data will be available for testing by banks and software vendors early this summer.
  FRB PR;
  OCC NR;
  FDIC PR    1/31/05
  
  

• AML/BSA Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between the Asian Bank, Philadelphia, Pennsylvania and the Federal Reserve Bank of Philadelphia regarding correction of deficiencies in the bank’s AML and BSA policies and procedures.
  Written Agreement    1/31/05
  
  

• Assets Reports Released
  The FRB has released the December 2004 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports.
  Assets Reports   1/31/05
  
  

• Winter State Profiles Online

  The FDIC has posted on its Web site the Winter 2004 State Profiles which contain banking and economic conditions for each state. State Profiles    1/31/05
  
  

• SDGT FIL Issued

  The FDIC has issued a FIL regarding the previously announced addition of an individual to the SDN list with the designation of SDGT. Information concerning the addition was posted January 25, 2004 on the BOL OFAC page.    1/31/05
  
  

• NCUA Final Rule in FR on conversion of insured credit unions to mutual savings banks (MSBs). Final Rule Published in FR 1/28/05.   1/28/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Benton Banking Company, Benton, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/28/05
  
  

• Regulators Issue Basel II Implementation Guidance

  The federal banking and thrift regulators have released an interagency statement on implementation of the Basel II framework and the qualification process for the framework's "advanced approaches."
  Statement
  FRB PR;
  OCC NR;
  OTS PR    1/28/05
  
  

• C&D Issued Against Riggs

  FRB has announced the issuance of a consent Order to Cease and Desist against Riggs National Corporation, Washington, D.C., regarding management, capital, and contingency planning matters. The OCC has also announced the modification of a prior Consent Order. In another action, Riggs pled guilty to criminal violations of the BSA relating to the bank's failure to timely and accurately report suspicious transactions.
  FRB PR;
  FRB Order
  OCC Order    1/28/05
  
  

• Bond Liquidity Working Paper Published

  A working paper in the FEDS series has been published by the FRB on the topic, “Does Trading Frequency Affect Subordinated Debt Spreads?”. Working Paper    1/28/05
  
  

• NCUA Final Rule in FR on Mergers

  
  NCUA - The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Published in FR 1/24/05.    1/27/05
  
  

• 314a Facts And Feedback

  FinCEN has issued a fact sheet containing the latest feedback received from law enforcement agencies concerning the responses filed by financial institutions to 314a requests.
  314a Fact Sheet    1/27/05
  
  

• Financial Holding Companies List Updated

  The FRB has updated the list of bank holding companies that have elected to be treated as financial holding companies as of January 14, 2004. List    1/27/05
  
  

• 2005 Economic Outlook Roundtable Report

  The FDIC has published a new edition of FYI which contains a report on the comments regarding the outlook for the U.S. consumer sector made by various panelists at the 2005 Economic Outlook Roundtable.
  FYI;
  Roundtable Transcript    1/27/05
  
  

• Counterfeit Cashier’s Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier’s checks bearing the name of Cornerstone Community Bank, Chattanooga, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/26/05
  
  

• Terrorist Financier Added To OFAC List

  OFAC has added the name of an individual, who has been providing financial and material support to the al-Zarqawi Network and al Qaida, to the SDN list as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.    1/26/05
  
  

• International Reserve Position

  Treasury has released the U.S. International Reserve Position as of the week ending January 21, 2005.
  Reserve Position    1/26/05
  
  

• Basel II White Paper Published

  The FRB has published a White Paper on the topic “The Potential Impact of Explicit Basel II Operational Risk Capital Charges on the Competitive Environment of Processing Banks in the United States”.
  White Paper    1/26/05
  
  

• HMDA Data Collection Exemption Threshold Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced increase in the HMDA data collection exemption threshold for depository institutions under Reg C. Information concerning the increase was posted in the December 22 and December 27, 2004 BOL Top Stories Bulletin 2005-2    1/25/05
  
  

• Credit Unions Add Over 27 Million Potential New Members

  NCUA has announced that federal credit unions added over 27.4 million potential new members in 2004.
  New Members    1/25/05
  
  

• NCUA - Final Rule in FR on Mergers

  The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. Final Rule Text version    1/24/05
  
  

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending January 14, 2005.
  Reserve Position    1/24/05
  
  

• Missing Cashier’s Checks Special Alert
  
  A Special Alert has been issued by the FDIC regarding missing cashier's checks drawn on Bank of America, National Association, Charlotte, North Carolina. Information concerning the cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    1/20/05
  
  
• Banking License Revoked
  
  The FDIC has issued a Special Alert concerning the revocation by the Financial Institutions Commission of the Republic of Palau of the banking license of the Sunra International Bank & Trust Corporation.
  Special Alert    1/20/05
  
  
• September 30 Call Reports Available Online
  
  The FDIC has announced that the September 30, 2004 Call Reports are available for download from its Web site.
  Call Reports    1/20/05
  
  
• Beige Book
  
  The FRB has published an update of the Beige Book based on information collected before January 10, 2005.
  Summary;
  Beige Book    1/20/05
  
  
• 314a FIL
  
  A FIL has been issued by the FDIC regarding FinCEN’s previously announced plans to release its 314(a) search requests to financial institutions through a new secure Web-based system. Information concerning the plan was included in the January 18, 2005 BOL Top Stories. FIL    1/20/05
  
  
• SDNKT FIL Issued
  
  The FDIC has issued a FIL regarding the previously announced addition by OFAC of thirty-nine individuals and entities to its list of SDNTKs and SDNs. Information concerning the additions was posted in the January 13, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/topstory.html
  FIL    1/20/05
  
  
• OCC Opposes Proposal To Expand FDIC Special Examination Authority
  
  Acting Comptroller Williams spoke in opposition to a proposal to expand the Federal Deposit Insurance Corporation’s special examination authority at the January 18, 2005 FDIC board meeting.
  Statement    1/19/05
  
  
• February 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 February 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 February, you will use the rates posted on January 14th since January 15th fell on the weekend.
  H. 15 Daily Rates;
  H. 15 Weekly Rates    1/19/05
  
  
• OCC CRA Evaluations Released
  
  The OCC has released a list of twenty-five CRA performance evaluations that became public during the period of December 15, 2004 through January 14, 2005.
  CRA    1/19/05
  
  
• November 2004 TIC Data Released
  
  Treasury has released the Treasury International Capital Data for November 2004.
  TIC    1/19/05
  
  
• Fourth Quarter Asset & Liability Price Tables
  
  OTS has released the Asset & Liability Price Tables for the Fourth Quarter 2004.
  Tables    1/19/05
  
  
• FDIC Issues Letter To Stakeholders
  
  The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the fourth quarter of 2004.Letter    1/19/05
  
  
• FDIC Insurance Employee Training Video Available
  
  The FDIC has issued a FIL announcing that a ninety minute video-seminar targeted for bank employees on the FDIC's rules and requirements for deposit insurance coverage is now available online.
  FIL    1/18/05
  
  
• Online 314a Distribution System Being Tested
  
  The OCC has issued an Alert to inform national banks and federal branches that FinCEN plans to introduce a new Web-based section314(a) delivery and reporting system during the month of February that should be fully operational by March 1, 2005. The Alert contains a memorandum received by those institutions that were arbitrarily selected to test the system.
  314a Alert
  FinCEN Memo    1/18/05
  
  
• December G. 17 Released
  
  The FRB has released the G. 17 Industrial Production and Capacity Utilization report for December 2004.
  G. 17    1/18/05
  
  
• Costs Of Funds Ratios Announced
  
  OTS has announced the historical and current Cost of Funds Ratios to OTS Regulated, SAIF - Insured Institutions as for November 2004. Historical;
  Current    1/18/05
  
  
• OCC Enforcement Actions Announced
  
  Six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing actions have been announced by the OCC.
  Enforcement Actions    1/14/05
  
  
• Merger Disclosure Requirements Final Rule Issued
  
  NCUA has issued final rule amending the disclosure requirements to credit union members of an institution’s intention to convert to private deposit insurance or to a mutual savings bank.
  Final Rule    1/14/05
  
  
• Three More Working Papers Published
  
  The FRB has published three new FEDS series working papers with the following titles: The GSE Implicit Subsidy and the Value of Government Ambiguity; The Effect of Housing Government-Sponsored Enterprises on Mortgage Rates; and GSEs, Mortgage Rates, and Secondary Market Activities.
  GSE; Effect; Activities    1/14/05
  
  
• G.20 Released
  
  The G. 20 Financial Companies report for November 2004 has been released by the FRB. G. 20    1/14/05
  
  
• 39 Named To OFAC List
  
  Treasury has identified 15 companies and 24 individuals associated with a money laundering cell of a violent drug trafficking ring operating out of Mexico. OFAC has added the names of the 39 entities to the SDN list as SDNTKs. Information regarding the new additions has been posted on the BOL OFAC page
  .    1/13/05
  
  
• OCC Urges Rethinking Of Consumer Protection Disclosures
  
  In a presentation before the Women in Housing Finance and The Exchequer Club, Acting Comptroller Williams urged bankers, government officials, and consumer advocates to work together to improve our current system of disclosure for financial consumers. She noted that the current system does not work well for consumers and imposes unnecessary burdens on bankers.
  Speech    1/13/05
  
  
• Bulletin Issued Regarding Disposal Of Consumer Information
  
  The OCC has issued a Bulletin regarding the previously announced Final Rule regarding the disposal of consumer information. Notice of the Final Rule was posted December 22, 2004 in
  BOL Top Stories.
  Bulletin;
  Final Rule    1/13/05
  
  
• New FEDS Paper Online
  
  The FRB has posted online a new working paper in the FEDS series entitled “Econometric Tests of Asset Price Bubbles: Taking Stock”.
  Abstract;
  Full Paper    1/13/05
  
  
• FDIC Enforcement Actions Announced
  
  The FDIC has announced sixteen enforcement actions taken against banks and individuals in November 2004 which include: three cease and desist orders, four removal and prohibition orders, seven civil money penalty orders, and two terminations of insurance.
  Enforcement Actions    1/12/05
  
  
• December 2004 Financial Reporting Bulletin Published
  
  OTS has released the December 2004 Financial Reporting Bulletin which contains information regarding filing deadlines and software, implementation of schedule red, public availability of the TFR, and an instruction manual update.
  Bulletin; Instruction Manual    1/12/05
  
  
• 2005 Regulatory Report Filing Schedule Released
  
  The 2005 filing schedule for regulatory reports to be filed by thrifts has been released by OTS.
  Filing Schedule    1/12/05
  
  
• Discount Rate Meeting Minutes Online
  
  The FRB has posted the minutes of the discount rate meeting held from November 22 through December 14, 2004.
  Minutes    1/12/05
  
  
• International Reserve Position Update
  
  Treasury has released the U.S. International Reserve Position for the week ending January 7, 2005.
  Reserve Position    1/11/05
  
  
• FEDS Working Papers Published
  
  The FRB has published three new working papers in the FEDS series with the following titles: Precautionary Savings Motives and Tax Efficiency of Household Portfolios: An Empirical Analysis; The Reform of October 1979: How It Happened and Why; and Who Competes with Whom? The Case of Depository Institutions.
  Household Portfolios;
  Reform;
  Competes    1/11/05
  
  

• OFAC Cites Three Banks

  OFAC has released the civil penalties enforcement information for January 7, 2005. Three banks settled actual or alleged violations of Iranian and Libyan sanction programs for amounts ranging from $5,500 to $42,833.
  Civil Penalties    1/10/05
  
  

• Unauthorized Bank Alert Issued

  The OCC has been advised by the Financial Institutions Commission, Republic of Palau, that the banking license of Sunra International Bank & Trust Corporation was revoked on January 6, 2005.
  Unauthorized Banking    1/10/05
  
  

• December 2004 Thrift CRA Evaluations Released

  OTS has released the CRA evaluations for saving association that became publicly available in December 2004.
  CRA Evaluations    1/10/05
  
  

• December Call Report Filing Information Available Online

  The FDIC has posted the December 31, 2004 Call and Thrift Financial Report forms and filing information on its Web page. Call Report Info    1/10/05
  
  

• Consumer Advisory Council 2005 Appointments Announced

  The FRB has announced the appointments to the Consumer Advisory Council for 2005. Eleven new members were named to three-year terms and a new Chair and Vice Chair were designated.
  CAC Appointments    1/10/05
  
  

• Consumer Credit Report Released

  The FRB has released the G. 19 Consumer Credit Report for November 2004.
  Consumer Credit Report    1/10/05
  
  

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on First American Bank, SSB, Bryan, Texas and counterfeit official checks drawn on UmbrellaBank.com, Summit, Illinois, an Internet division of New South Federal Savings Bank, Irondale, Alabama. Information concerning the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.    1/06/05
  
  

• Cross-Border Merger Regulations Proposed

  Treasury and the IRS have issued proposed regulations providing guidance on the tax consequences of certain cross-border corporate mergers. Summary Proposed Regs    1/06/05
  
  

• CRA Ratings Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for CRA compliance. The list contains the evaluation ratings assigned to institutions in October 2004.
  CRA Ratings    1/06/05
  
  

• Written Agreement Announced With Oregon BHC

  The FRB has announced the execution of a Written Agreement by and among Prineville Bancorporation, Prineville, Oregon; the Community First Bank, Prineville Oregon; the Oregon Division of Financial and Corporate Securities, Salem, Oregon; and the Federal Reserve Bank of San Francisco.
  Written Agreement    1/06/05
  
  

• FDIC Updates State Profiles

  The Winter 2004 State Profiles have been released by the FDIC. State Profiles    1/06/05   1/06/05
  
  

• Country Exposure Reports Issued

  The FFIEC has issued the September 30, 2004 E.16 Country Exposure Statistical Release and Country Exposure Information Report. E.16; Report    1/06/05
  
  

• Three Counterfeit Cashier’s Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier’s checks drawn on Bank Mutual, Milwaukee, Wisconsin; Evergreen Bank, Seattle, Washington; and The Bank/First Citizens Bank, Cleveland, Tennessee. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   1/05/05
  
  

• Comments Sought Regarding Management Interlocks Reports

  The OCC has published in the FR a notice and request for comments regarding the collection of information concerning management interlocks. The comment period ends on January 31, 2005.
  Management Interlocks    1/05/05
  
  

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending December 31, 2004.
  Reserve Position    1/05/05
  
  

• December 2004 Agricultural Finance Databook Released

  The FRB has released the December 2004 edition of the E. 15 Agricultural Finance Databook.
  E. 15    1/05/05
  
  

• Minority-Owned Banks Report Issued
  The FRB has issued the list of minority-owned banks as of September 30, 2004.
  Minority-Owned Banks   1/05/05
  
  

• Agency Information Collection Activities Proposals Issued



The FRB has issued proposals to approve the extension for three years, with minor revision, the ongoing intermittent survey of households, and without revision, the recordkeeping requirements associated with the real estate lending standards for State Member Banks. Proposal   1/04/05



• Foreign Exchange Rates Released



The FRB has released the December 2004 G.5 and Annual 2004 G.5A foreign exchange rate reports.
G.5; G.5A   1/04/05



• Two FEDS Papers Published



Two working papers in the FEDS series have been published by the FRB on the following topics: “Alternative Estimates of the Presidential Premium” and “The Magnitude and Cyclical Behavior of Financial Market Frictions”. Alternative Estimates; Magnitude   1/04/05