Top Story Security Related

• MSB Registration List Updated

  FinCEN has released an updated list of the entities that have registered as an MSB from December 2001 to December 2004. MSB Registration nbsp;  1/04/05

• MSB Registration List

  FinCEN published the MSB Registration List. This is a list of entities that have registered as Money Services Businesses (MSBs), from December 2001 through December 2004. There are 22,347 entries.
  MSB List Release    12/29/04

• Credit Scoring Working Paper Published

  The OCC has published a working paper entitled; "Specification and Informational Issues in Credit Scoring," that explores the possibility that estimates generated by models developed with data drawn solely from extended loans are less valuable than they should be because of selectivity bias.
  Credit Scoring    12/28/04

• FDIC To Hold Minority Bankers Roundtables

  The FDIC has announced the creation of a series of roundtables for minority bankers to improve communication by providing forums for the FDIC to hear the MDI community's views on regulatory and supervisory issues.
  Roundtables    12/28/04

• Proper Disposal of Consumer Information Under FACTA

  The Federal Reserve published in today's Federal Register the final rule concerning the proper disposal of consumer information under FACTA. These also impact Regs H, K, and Y. This was previously reported in the agencies news release in the 12-22-04 Top Story.
  69FR77610 (txt)
  69FR77610 (pdf)    12/28/04

• Auditor Of Failed Bank To Pay $125 Million

  OTS and the FDIC have announced that settlements have been reached that resolve the regulators’ charges against Ernst & Young LLP, the former independent auditor of Superior Bank, FSB, Hinsdale, IL. Under the terms of a Consent Order, the auditor agreed to adopt and implement specific internal controls and policies concerning its audits of federally-insured savings associations; provide periodic reports concerning such audits to the OTS; and pay $85,000,000 which will be transferred to the FDIC as receiver for Superior Bank. Under the terms a separate settlement with the FDIC, Ernst & Young will pay the FDIC an additional $40 million in restitution.
  OTS Consent Order;
  FDIC Press Release    12/27/04

• Five SDGTs Removed From SDN List

  OFAC has removed five individuals designated as SDGTs from the SDN list. Information regarding the individuals that were removed has been posted on the BOL OFAC page. Information concerning the changes was posted December 23, 2004 on the BOL OFAC page.    12/27/04

• FFIEC Posts Country Exposure Forms Online

  The FFIEC has posted the December 2004 009 and 009a Country Exposure forms on its Web site.
  009;
  009a    12/27/04

• Reg. C, HMDA Final Rule

  The Federal Reserve published in today's Federal Register the final rule amending the Reg. C commentary to increase the asset-size exemption based on the CPI. (This was previously reported in the 12-22-04 Top Story.)
  69FR77139 (txt)
  69FR77139(pdf)
     12/27/04

• Retail Lending Examination Procedures Issued By OCC

  The OCC has issued a Bulletin regarding the Retail Lending Examination Procedures that address the various risk management and control functions that banks need to manage more diverse and complex portfolios and provide targeted procedures for specific credit functions and types of retail loans.
  Bulletin;
  Procedures    12/23/04

• Special Alerts Issued Regarding Counterfeit Cashier’s Checks and Money Orders

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks bearing the name of Comerica Bank, Detroit, Michigan; and counterfeit cashier’s checks and money orders bearing the routing number of The Provident Bank, Jersey City, New Jersey. Information regarding the counterfeit cashier’s checks and money orders have been posted on the BOL Alerts & Counterfeits page.    12/23/04

• Edward Jones Settles For $75 Million

  The SEC has announced enforcement proceedings against Edward D. Jones & Co., L.P., related to allegations that the firm failed to adequately disclose revenue sharing payments that it received from a select group of mutual fund families that were recommended to its customers. Edward Jones will pay $75 million in disgorgement and civil penalties which will be distribution its customers.
  Settlement   12/23/04

• California Trust Company Issued C&D

  The FDIC has issued a Special Alert regarding a California trust company has been issued a cease and desist letter by the State of California. The entity may be conducting unauthorized banking services and is not insured by the FDIC.
  Special Alert    12/23/04

• Implementation of Schedule RED Postponed By OTS

  OTS has postponed the March 31, 2005 implementation of Schedule RED.
  Schedule RED    12/23/04

• Third Quarter Survey Of Terms Of Business Lending Released

  The E.2 Survey of Terms of Business Lending for the Third Quarter 2004 has been released by the FRB. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
  E.2    12/23/04

• Learn About FRB’s Cash Services Online

  FRB Financial Services has posted information on its Web site regarding its new Cash Services.
  Cash Services    12/23/04

• FRB Revises IP Index

  The FRB has revised the G.17 index of industrial production and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004.
  IP Revision    12/23/04

• OFAC Blocked Account SAR Filing Guidance Published in FR

  The interpretive guidance clarifies that reports filed with OFAC of blocked transactions with SDGT, SDT, Foreign Terrorist
  Organizations, Specially Designated Narcotics Trafficker Kingpins, and Specially Designated Narcotics Traffickers will be deemed by FinCEN to fulfill the requirement to file suspicious activity reports on such transactions for purposes of FinCEN's suspicious activity reporting rules. 69FR76847 (txt) 69FR76847 (pdf)    12/23/04

• FTC Notice on FCRA Disclosure Fees

  The FTC announces that the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act (‘‘FCRA’’) will increase from $9.00 to $9.50 on January 1, 2005. 69FR76767 (txt) 69FR76767 (pdf)    12/22/04

• Agencies Announce Final Rule On Disposal Of Consumer Information

  The federal bank and thrift regulatory agencies have announced an interagency final rule implementing section 216 of the FACT Act which requires financial institutions to adopt measures for properly disposing of consumer information derived from credit reports.
  Final Rule;
  FRB PR;
  OCC NR;
  OTS NR;
  FDIC PR    12/22/04

• HMDA Data Collection Asset-Size Exemption Threshold Increased

  The FRB has announced an increase in the HMDA data collection asset-size exemption threshold for depository institutions.
  Threshold    12/22/04

• OFAC Adds al Qaida Associates

  Two individuals with ties to al Qaida have been designated SDGTs by Treasury and added to the OFAC SDN list. Information regarding the new additions has been posted on the BOL OFAC page.
     12/22/04

• FDIC Follows SEC Lead Regarding Deadline Extension

  The FDIC has issued a FIL announcing that the agency is following the lead of the SEC and extending the filing date for certain internal control reports.
  FIL    12/22/04

• International Reserve Position Update

  Treasury updated the U.S. International Reserve Position for the week ending December 17, 2004.
  Reserve Position    12/22/04

• September 2004 Structure And Share Data Report Released

  The Structure and Share Data for Offices of U.S. Offices of Foreign Banks report for September 2004 has been released by the FRB.
  Report    12/22/04

• G.20 Finance Companies Receivables Report Issued

  The FRB has issued the G.20 Finance Companies Owned and Managed Receivables report for October 2004.
  G.20    12/22/04

• Inflation Forecast Working Paper Published

  A working paper in the FEDS series entitled, “The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time”, has been published by the FRB.
  Working Paper    12/22/04

• Derivatives Volume Tops $84 Trillion

  The OCC has published the Third Quarter 2004 Bank Derivatives Report which reports that derivatives held by U. S. commercial banks increased $3.2 trillion in the third quarter to $84 trillion.
  Derivatives Report    12/22/04

• OCC Issues Supplemental ACH Guidance

  A Bulletin has been issued by the OCC regarding three previously announced amendments to NACHA Operating Rules that became effective in 2004. The bulletin
  supplements guidance on ACH activities outlined in the FFIEC IT Handbook, "Retail Payment Systems," which was released in March 2004.
  Bulletin; IT Handbook    12/21/04

• SDN Changes Subject Of FIL

  The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN list. Information concerning the changes was posted December 16, 2004 on the BOL OFAC page.
  FIL    12/21/04

• FDICconnect Expansion Announced

  The FDIC has announced the inclusion of seven new business transactions on FDICconnect. The new items include: the expansion of electronic application filings with participating State Banking Departments, additional online applications, distribution of Special Alerts, the ability to exchange information between the FDIC and institutions during the examination process, and the ability to exchange files with the FDIC's Consumer Response Center on consumer complaint investigations.
  FIL;
  Transaction List    12/21/04

• SDN List Changes

  OFAC has added an individual and changed an existing listing on the SDN List. The new information has been posted on the BOL OFAC page.    12/20/04

• Preliminary Annual Report on U.S. Holdings Of Foreign Securities Released

  Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2003 has been released by Treasury. Foreign Holdings    12/20/04

• First Quarter 2004 Issue Of Quarterly Journal Now Online

  The OCC has posted the First Quarter 2004 issue of the Quarterly Journal on its Web site. The issue continues the tradition of reporting on the condition of commercial banks, as well as recent licensing decision, speeches and testimony, interpretive letters, mergers, and financial performance data for national banks.
  Quarterly Journal    12/20/04

• Balkan Individuals And Entities Added To OFAC List

  Treasury has added six individuals and three entities to the SDN List for obstructing the implementation of the Dayton Peace Accords in Bosnia through the continued protection and material support of Persons Indicted for War Crimes by the International Criminal Tribunal for the former Yugoslavia (ICTY) and through organized criminal activity. Information regarding the additions has been posted on the BOL OFAC page.    12/17/04

• Shared National Credits Data Collection Changes Proposed

  The federal banking and thrift regulatory agencies have requested public comment on proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans.
  Interagency Notice;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR    12/17/04

• Thirty-Six CRA Evaluations Announced

  The OCC has announced the CRA evaluations of thirty-six national banks that were examined for compliance during the period of November 15, 2004 through December 14, 2004.
  CRA Evaluations    12/17/04

• December 2004 Electronic Interpretations and Actions Posted Online

  The December 2004 issue of Electronic Interpretations and Actions has been posted on the OCC Web site.
  Interpretations and Actions    12/17/04

• HOEPA January 2005 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 January 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    12/17/04

• Winter Issue Supervisory Insights Published

  The Winter 2004 issue of Supervisory Insights has been published by the FDIC and features articles on the following topics: "Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market" and "Economic Capital and the Assessment of Capital Adequacy".
  Supervisory Insights
     12/17/04

• Counterfeit Checks And Money Orders Special Alerts Issued

  Three Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Orange Savings Bank, ssb, Orange, Texas; counterfeit official checks drawn on Main Street Bank, Covington, Georgia; and counterfeit bank money orders bearing the name of Southern Missouri Bank & Trust Co., Poplar Bluff, Missouri. Information regarding the counterfeit checks and money orders ahs been posted on the BOL Alerts & Counterfeits page.
     12/17/04

• NCUA Liquidates CU

  NCUA has placed the Midwood Federal Credit Union of Brooklyn, New York, into liquidation. Member funds are insured and will be released within five days.
  Midwood Federal    12/17/04

• OFAC Blocked Account SAR Filing Guidance Issued

  FinCEN has issued a Guidance regarding the filing of an SAR upon the discovery of an OFAC blocked account.
  Guidance    12/16/04

• December 2004 Call Report Subject Of FIL

  The FFIEC has issued a FIL which contains sample forms and supplemental instructions regarding the Call Report for the Fourth Quarter 2004.
  FIL;
  Instructions;
  031 Form;
  041 Form    12/16/04

• OCC Enforcement Actions Announced

  The OCC has announced six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action.
  Enforcement Actions    12/16/04

• First Quarter 2004 CRA Exam Schedule Released

  OTS has announced that 31 savings associations are scheduled for CRA examinations during the First Quarter of 2005.
  CRA Exams    12/16/04

• NCUA Issues Prohibition Orders

  Three Prohibition Orders have been issued by NCUA against former credit union officers and employees.
  Orders    12/16/04

• Interest Rate Risk Exposure Report Issued

  OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2004.
  Interest Rate Risk Report    12/16/04

• FRB Publishes Holiday List

  The list of holidays and the dates observed by the FRB in 2005-2009 has been published.
  Holidays    12/16/04

• October TIC Data Released

  Treasury has released the TIC data for October 2004.
  TIC    12/16/04

• Foreign Bank Subsidiaries Authorized To Manage Trust Investments In U.S. Real Estate

  The FRB has issued a legal interpretation which clarifies the fiduciary exemptions in Reg K and Reg Y. The opinion permits two asset management subsidiaries of a foreign bank to sponsor and manage foreign-based investment trusts that invest in U.S. real estate. Legal Interpretation
     12/15/04

• FDIC ID Theft Study Results Released

  The FDIC has issued a FIL which announces the results of its “Putting An End To Account-Hijacking Identity Theft” study and is requesting comments. The study regarded the unauthorized access to financial institution accounts and the ways the risks can be mitigated.
  FIL;
  Study    12/15/04

• FRB Raises Rates

  The FOMC has raised the fed funds rate and the Board of Governors has raised the discount rate by twenty-five basis points each.
  Rates    12/15/04

• International Reserve Position Updated

  Treasury has released the U.S. International Reserve Position for the week ending December 10, 2004.
  Reserve Position    12/15/04

• G.17 Report Released

  The FRB has released the G.17 Industrial Production and Capacity Utilization report for November 2004.
  G.17 http://www.federalreserve.gov/Releases/G17/Current/default.htm
  Study    12/15/04

• AML Program Requirements Guidance from FinCEN Published in FR

  This Interpretive Release sets forth an interpretation of the regulation requiring Money Services Businesses that are required to
  register with FinCEN to establish and maintain anti-money laundering programs. 69FR74439 (pdf) 69FR74439 (txt)   12/14/04

• October FDIC Enforcement Actions Announced

  The FDIC has announced that twenty-seven enforcement actions were taken in October 2004 against banks and individuals. The actions included four cease and desist orders, seven removal and prohibition orders, eight civil money penalty orders, one termination of insurance order, and seven orders terminating orders to cease and desist.
  Enforcement Actions    12/14/04

• Unauthorized Internet Banking Special Alert

  The FDIC has issued a Special Alert regarding Atlantic Standard Chartered Bank & Trust, N.A. who is offering a full range of deposit and banking services via the Internet. The entity is not chartered by the OCC and its products or services are not insured by the FDIC. Special Alert    12/14/04

• Special Alert Regarding Missing Cashier’s Checks

  A Special Alert has been issued by the FDIC regarding cashier’s checks that are missing from and drawn on Community Trust Bank, Inc., Pikeville, Kentucky. Information regarding the missing cashier’s checks has been posted on the BOL Alerts & Counterfeits page.    12/14/04

• FIL Issued Regarding FACT Act Effective Dates

  The FDIC has issued a FIL regarding the previously released Interagency Letter to the ABA and other trade associations responding to questions as to the effective dates of various provisions of the FACT Act. The Letter and other information regarding the FACT Act was the subject of December 1, 2004 BOL Special Banker Briefing.
  FIL    12/14/04

• Final Third Quarter Interest Rate Measures Report Released

  The Economic Analysis Division of OTS has released the Final Third Quarter 2004 Thrift Industry Interest Rate Measures Report.
  Final Report    12/14/04

• Money Smart CBI Version Now Available

  A FIL has been issued by the FDIC announcing that a CBI version of its Money Smart program in English and Spanish is available on CD-ROM and accessible online. Money Smart FIL    12/14/04

• HMDA Disclosure Tables Revised

  The FRB has announced changes to the tables used to publicly release data collected by lenders under HMDA. The formats for some of the existing disclosure tables have been revised, one set of existing tables has been deleted, and new tables have been added.
  Changes;
  HMDA Tables    12/13/04

• Thrift Assessments And Fees Adjusted

  OTS has published the semiannual adjustments for inflation of thrift assessments and fees.
  Adjustments    12/13/04

• FinCEN 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to included data collected as of December 7, 2004.
  314a Fact Sheet    12/13/04

• The FDIC has issued three Special Alerts

  , two of which regard counterfeit cashier’s checks drawn on United Bank, Fairfax, Virginia and Bank North, Crivitz, Wisconsin, and the other concerning counterfeit bank money orders drawn on Allegiance Community Bank, South Orange, New Jersey. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.    12/10/04

• FinCEN Issues AML Program Requirements Guidance

  FinCEN has issued a Guidance to MSBs on AML Program Requirements for dealing with foreign agents and foreign counterparts. AML Guidance    12/10/04

• Flow Of Funds And Household Debt Reports Issued

  The FRB has issued the Z.1 Flow of Funds and Household Debt Service Burden statistical releases for the Third Quarter 2004. Z.1   Household Debt    12/10/04

• Autumn 2004 Issue FR Bulletin Published

  The Autumn 2004 issue of the FR Bulletin has been posted online and contains the following articles: Federal Reserve Banks as Fiscal Agents and Depositories of the United States in a Changing Financial Environment; Federal Reserve Personal Financial Education Initiatives; and Report of the Conditions of the U.S. Banking Industry: Second Quarter, 2004. Autumn FR Bulletin    12/10/04

• Cuban Travel Agency Added To SDN List

  OFAC has added to its SDN list a Cuban travel agency that facilitates the evasion of U.S. sanction policy. Information regarding the addition has been posted on the BOL OFAC page.    12/09/04

• Opt Out Report Submitted To Congress

  The FRB has submitted a report to Congress regarding the results of a study of unsolicited written offers of credit and insurance that have been made to consumers. The report, which is required by the FACT Act, addresses five issues regarding the ability of consumers to “opt out”.
  Report    12/09/04

• NCUA Announces Free PALS Workshop

  A free Partnering and Leadership Successes (PALS) workshop will be held by NCUA in Orlando, Florida, on Feb. 8, 2005. The agenda will focus on reaching new members outside the workplace, targeting all demographics, expanding into new markets, and building partnerships. PALS    12/09/04

• Federal Reserve Proposed Rule for Truth in Lending - Reg Z:

  Open-end (revolving) credit rules, disclosures and protection. PR, TXT, in FR    12/08/04

• Regulators Issue BOLI Guidance

  The FRB, OCC, FDIC and OTS have issued an Interagency Statement which discusses the safety and soundness and risk management implications of purchases and holdings of life insurance by financial institutions.
  Interagency Statement;
  FRB SR; OCC Bulletin; FDIC FIL   12/08/04

• Critical Financial Infrastructure Protection Report Released

  Treasury has released the results of a Critical Financial Infrastructure Protection Study which provide a model for the nation's regional financial centers to protect and strengthen their critical financial services infrastructure at the local level. Study    12/08/04

• OCC Offers Consumers Holiday Tips On Utilization Of Gift Cards

  The OCC has issued a consumer advisory which contains important information that holiday shoppers should have about the terms and conditions that apply to gift cards. Tips   12/08/04

• International Reserve Position Updated

  The U. S. International Reserve Position for the week ending December 3, 2004 has been issued by Treasury.
  International Reserve Position    12/08/04

• October Consumer Credit Report Released

  The G.19 Consumer Credit Report for October 2004 has been released by the FRB. G.19   12/08/04

• Comments Sought On Proposal To Continue Utilization Of Certain Forms

  The FRB is seeking comments on a proposal to approve the extension for three years, without revision, the utilization of the FR G-1, FR G-2, FR G-4, FR T-4, and FR U-1 report forms. Proposal   12/08/04

• FR-CA CPS Amended

  The FRB has announced that in order to support new Check 21 related services requiring special connectivity features, the FR-CA CPS will be amended effective December 15, 2004. CPS    12/08/04

• Counterfeit Cashier’s Check Special Alert

  A Special Alert had been issued by the FDIC regarding counterfeit cashier’s checks drawn on City National Bank of Florida, Miami, Florida. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   12/07/04

• CRA Ratings Announced

  The FDIC has announced the ratings received by state nonmember banks evaluated in September 2004 for CRA compliance. CRA   12/07/04

• E-Payments Exceed Checks

  The FRB has announced that the results of the 2004 Federal Reserve Payments Study indicate that electronic payments in the United States have exceeded payments by check for the first time.
  Summary;
  Study    12/07/04

• FRB Issues SL Regarding FOSS

  The FRB has issued a SL regarding the previously announced FFIEC Guidance on the use of Free and Open Source Software. Information concerning the Guidance was posted in the October 22, 2004 BOL Top Stories. SL; Guidance   12/07/04

• December Financial Holding Companies List Released

  The FRB has released the list as of December 3, 2004 of BHCs that have elected to be treated as a financial holding company.
  List    12/07/04

• BHC Rating System Revision SL Issued

  A SL has been issued by the FRB concerning the previously announced revision by the FRB of the regulator’s rating system for BHCs. Information regarding the revision was posted in the December 2, 2004 BOL Top Stories. SL; Revision    12/07/04

• Acting Comptroller Williams Addresses CFO Roundtable

  Acting OCC Comptroller Williams noted the banking industry in excellent health, but warned against complacency in a presentation before BAI’s “Roundtable for CFOs” in New York City. Speech    12/06/04

• Reg Z ANPR Issued

  The FRB has issued an ANPR and request for comments regarding its review of Reg Z’s open-ending credit rules concerning the format of disclosures, the content of disclosures, and the substantive protections provided under the Reg. ANPR   12/06/04

• OCC Working Paper Examines Post-Preemption Announcement Effects

  A working paper has been published by the OCC that offers empirical evidence on how preemption affects national banks' performance. The study finds that preemption benefits are larger for smaller, multistate national bank holding companies than they are for larger national bank companies or similarly sized companies operating in one state. Working Paper Abstract; Full Paper   12/06/04

• OFAC Cites Bahaman Bank

  Only one bank was listed on the December 3, 2004 OFAC CMP list and it is located in the Bahamas.
  OFAC CMP List   12/06/04

• Fall 2004 Issue FDIC Consumer News Now Online

  The Fall 2004 issue of FDIC Consumer News has been published and posted on the FDIC Web site. Featured articles include: Strategies and Help for Fighting ID Theft; New Consumer Rights to Their Credit Records; The Basics of Deposit Insurance for Businesses; and New Financial Education from the FDIC.
  FDIC Consumer News    12/06/04

• Treasury Delivers International Economic Report To Congress

  As required by federal law, Treasury has delivered to Congress a report which reviews its policies regarding international economics and exchange rates for the first half of 2004. Economic Report    12/06/04

• FFIEC Issues Additional Guidance on HMDA Reporting

  The FFIEC has issued additional guidance to ensure that data in the following areas is reported accurately: transition rules; ethnicity, race, and sex (government monitoring information); property location information on refinancings and preapprovals; lien status reporting; loans subject to HOEPA; and reporting the sale of home purchase loans. Guidance   12/03/04

• Enforcement Actions Announced Against Affiliated Parties

  The FRB has announced the issuance of a C & D Order against a former institution-affiliated party and the execution of Written Agreements with two additional institution-affiliated parties relating to a commitment made in connection with an application involving Kenco Bancshares, Inc., Jayton, Texas. C & D; Written Agreement 1; Written Agreement 2   12/03/04

• Sample Board Resolutions For Fed Reserve Account Holders

  FRB Financial Services has posted online a sample of the board resolutions that are required of all Federal Reserve account holders and FedLine Advantage early adopters. Sample Resolutions    12/03/04

• OCC First Quarter 2005 CRA Exam Schedule Released

  The OCC has released the schedule for national banks that will be examined for CRA compliance during the first quarter 2005. CRA Exam Schedule    12/03/04

• OTS Announces CRA Evaluations

  OTS has announced the CRA performance evaluations for saving associations which became publicly available during November 2004. CRA Ratings    12/03/04

• Bulletin Issued Regarding Annual Operating Subsidiaries Report Final Rule

  The OCC has issued a Bulletin regarding the previous announced Final Rule concerning the Annual Report on Operating Subsidiaries. Information regarding the Final Rule was posted in the November 5, 2004 BOL Top Stories. Bulletin    12/03/04

• Two FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series entitled: Measuring Capital and Technology: An Expanded Framework; and Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements. Measuring Capital; Do Actions Speak    12/03/04

• FDIC Outlook Winter 2004 Issue Published

  Consumer spending in 2005 will be much more dependent on the growth of jobs and incomes than has been the case in recent years, according to the Winter 2004 issue of the FDIC Outlook. Other articles in the report cover trends in housing markets, risks facing home equity and auto lenders, and the growing Hispanic market for banking services. FDIC Outlook    12/03/04

• September UBPR Available Online

  The September 30, 2004 Uniform Bank Performance Report (UBPR) is now available on line and contains 5 years of continuous financial history that is restated quarterly to reflect call report amendments. Sept UBPR    12/03/04

• HUD HMDA Data Collection Transferred To FRB

  HUD and the FRB have reached an agreement to transfer the HUD HMDA data collection process to the Board.
  Agreement   12/02/04

• FRB BHC Rating System Revised

  The FRB has announced that its rating system for BHCs has been revised. The new system more closely aligns the rating process with the focus of the regulator’s current supervisory practices and is effective January 1, 2005. Rating System Revisions    12/02/04

• OCC 2005 Fee Schedule Issued

  The OCC has issued a bulletin regarding its fee schedule for 2005. Bulletin; Fee Schedule    12/02/04

• Existing FTO/SDGT Designation Changed

  OFAC has changed the listing of an existing FTO/SDGT designated entity. Information regarding the change has been posted on the BOL OFAC page.    12/02/04

• New Issue Beige Book Published

  The FRB has published the December 1, 2004 issue of the Beige Book which contains economic reports from each of the twelve Federal Reserve Districts. Beige Book    12/02/04

• FRB Issues Statistical Releases

  The FRB has issued the November 2004 3.12 , 3.13 and G.5 statistical releases regarding U.S. Reserve Assets, Foreign Official Assets Held at Federal Reserve Banks, and Foreign Exchange Rates.
  3.12 and 3.13; G.5    12/02/04

• FDIC FIL Regarding OFAC Changes

  The FDIC has issued a FIL regarding previously announced changes made by OFAC to the SDN List. Information concerning the changes was posted on the BOL OFAC page on November 24, 2004. FIL    12/02/04

• Supreme Court Decides Reg Z Case

  In Koons Buick Pontiac GMC, Inc. v. Nigh, the U.S. Supreme Court determined the effect of the 1995 amendments to the damages limits for Truth in Lending violations. In so doing, they also shed light on what "subparagraph" and "clause" mean in the context of statutory interpretation. Bottom line: the $100/$1,000 limitation still stands. Court Decision   12/01/04

• FDIC Issues First Quarter 2005 CRA Exam Schedule

  The schedule of institutions scheduled for CRA examinations by the FDIC in the first quarter 2005 has been issued. CRA Exam Schedule    12/01/04

• Sarbanes-Oxley Internal Control Reports Deadline Extended

  The SEC and the Public Company Accounting Oversight Board have extended the deadline for the filing by many SEC registrants, including banks, of management reports and auditor attestations on internal controls required by Sarbanes-Oxley. Registrants that qualify are granted a 45-day extension. Deadline Extension    12/01/04

• New Iraqi Executive Order Issued

  The President has issued a new Executive Order which extends to the Central Bank of Iraq the same immunity from attachment and other judicial process granted to the Development Fund for Iraq and to Iraqi petroleum and petroleum products. Information regarding the Executive Order has been posted on the BOL OFAC page.   12/01/04

• Large Banks Ranking Released

  The FRB has released the ranking by consolidated assets of insured U.S.-chartered commercial banks with consolidated assets of $300 million or more as of September 30, 2004. Ranking    12/01/04

• September 30, 2004 Call Report Data Finalized

  The Call Report and TFT Data for September 30, 2004 has been finalized and is available from the FDIC Web site. Call Report Data   12/01/04
  

The FDIC urges financial institutions to actively utilize available resources to identify and help mitigate potential cyber-related risks. Financial institutions should ensure that their information security staff are aware of and subscribe to reliable and recognized resources that can help quickly identify cyber risks as they emerge. Government and government-sponsored resources that financial institutions should consider include the following organizations:

• U.S. Computer Emergency Readiness Team (US-CERT)
• U.S. Secret Service Electronic Crimes Task Force (ECTF)
• FBI InfraGard
• Regional Coalitions
• Information Sharing and Analysis Centers (ISACs)

An FFIEC press release has announced an alert about the "Heartbleed" vulnerability to financial institutions using the OpenSSL cryptographic library. The FFIEC agencies expect financial institutions to incorporate patches on systems and services, applications, and appliances using OpenSSL, and upgrade systems as soon as possible to address the vulnerability. Financial institutions should consider replacing private keys and X.509 encryption certificates after applying the patch for each service that uses OpenSSL and consider requiring users and administrators to change passwords after applying the patch (not before). Financial institutions relying upon third-party service providers should ensure those providers are aware of the vulnerability and are taking appropriate mitigation action.

The FDIC urges financial institutions to actively utilize available resources to identify and help mitigate potential cyber-related risks. Financial institutions should ensure that their information security staff are aware of and subscribe to reliable and recognized resources that can help quickly identify cyber risks as they emerge. Government and government-sponsored resources that financial institutions should consider include the following organizations:

• U.S. Computer Emergency Readiness Team (US-CERT)
• U.S. Secret Service Electronic Crimes Task Force (ECTF)
• FBI InfraGard
• Regional Coalitions
• Information Sharing and Analysis Centers (ISACs)

An FFIEC press release has announced an alert about the "Heartbleed" vulnerability to financial institutions using the OpenSSL cryptographic library. The FFIEC agencies expect financial institutions to incorporate patches on systems and services, applications, and appliances using OpenSSL, and upgrade systems as soon as possible to address the vulnerability. Financial institutions should consider replacing private keys and X.509 encryption certificates after applying the patch for each service that uses OpenSSL and consider requiring users and administrators to change passwords after applying the patch (not before). Financial institutions relying upon third-party service providers should ensure those providers are aware of the vulnerability and are taking appropriate mitigation action.

• Loan Delinquency Rates Report Revised

  The FRB has issued a revision to correct a computational error in the previously announced commercial loan delinquency rates at all commercial banks other than the 100 largest. The errors were almost entirely limited to the residential real estate series. In addition, most historical rates were revised to reflect the corrections. Delinquency Rates    11/30/04

• NCUA - Fair and accurate Credit Transactions Act implementation

  : The final rule generally requires federal credit unions (FCUs) to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. Published in FR 11/19/04, it becomes effective 12/29/04. PDF TXT   11/29/04

• OFAC Adds Mexican Cartel Members And WMD Designation

  Six members of a Mexican drug cartel have been added to the SDN list with the SDNTK designation. Also, one name was deleted, one entry was changed, and a foreign entity was designated as being subject to the import ban of the Weapons of Mass Destruction Trade Control regulation. Information regarding the additions, the deletion and changes has been posted on the BOL OFAC page.    11/29/04

• PSR Policy Revised

  The FRB has announced that its PSR Policy addressing risk management in payments and securities settlement systems has been revised. Key revisions include an expansion of the policy's scope to include certain FRB payments and revised general risk management expectations for securities settlement systems. PSR Policy    11/29/04

• Reg T Opinions Released

  The FRB has released legal opinions regarding application of Reg T to trading in a cash account; the possible status of a firm as an "exempted borrower" as defined in Reg T or Reg U; and the proper recording of repurchase agreements involving Treasury, exempted, or any other securities entitled to good faith loan value under Reg T. Cash Account; Exempted Borrower; Repurchase Agreements    11/29/04

• Unauthorized Internet Bank Alert Issued

  The OCC has issued an Alert regarding Atlantic Standard Chartered Bank & Trust, N.A. The entity represents that it is an Internet Bank and is actively engaged in offering a full range of deposit and banking services. The OCC has not granted a charter to this organization, nor is it authorized to conduct the business of banking or provide banking-related services. Alert    11/29/04

• Assessment Certified Statement Rule FIL Issued

  The FDIC has issued a FIL regarding changes to the assessment certified statement rule. Under the amended rule, insured institutions are required to obtain assessment invoices online through FDICconnect. In addition, correct certified statements will not be signed and returned to the FDIC.
  FIL    11/29/04

• Third Quarter Preliminary Interest Rate Risk Measure Report Released

  OTS has released the Preliminary Interest Rate Risk Measure Report for the third quarter 2004.
  Preliminary Report   11/29/04

• NCUA Proposed Rule for Credit Unions:

  Organization and Operation, Loans and Lines of Credit to members. TXT; PDF   11/26/04

• OTS - Community Reinvestment Act:

  The OTS is proposing changes to, and soliciting comment on, its Community Reinvestment Act (CRA) regulations in two areas to reduce burden. Comment deadline: 1/24/05 TXT; PDF.    11/24/04

• OTS - EGRPRA Regulatory Review--Application and Reporting Requirements:

  the Office of Thrift
  Supervision (OTS) is reducing regulatory burden on savings associations by updating and revising various application and reporting requirements. Interiim Final Rule Effective 3/1/05, with comment deadline on 1/24/05. TXT; PDF.    11/24/04

• Counterfeit Cashier's Checks Bulletin

  The OCC has issued a Bulletin regarding counterfeit cashier's checks drawn on Riverside National Bank, Palm Bay Florida. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.    11/24/04

• Three Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut; and counterfeit cashier's checks drawn on Mercantile Bank, Orlando, Florida, and Tri City National Bank, Oak Creek, Wisconsin. Information concerning the counterfeit official and cashier’s checks has been posted on the BOL Alerts & Counterfeits Page.    11/24/04

• Credit Bureaus Announce How Consumers Can Access Free Credit Reports

  The three nationwide consumer reporting companies have announced the Web address, toll-free telephone number, and postal address consumers can use to request a free annual credit report. Free annual reports will be phased in across the country from west to east over a nine-month period. The FTC has published a Q & A for consumers which can be provided to your customers. Free Credit Reports ;
  FTC Q & A    11/24/04

• Executive Officer 004 Report Form

  The FFIEC has issued a FIL and posted on its Web page a downloadable Annual Report on Indebtedness of Executive Officers and Principal Stockholders to Correspondent Banks form. Institutions are reminded that the forms are not to be sent to their primary regulator, but rather maintained by the institution for a period of three years. FIL    11/24/04

• 314a Fact Sheet Updated

  The FFIEC has updated its 314a Fact Sheet to include data received as of November 23, 2004 regarding the number of requests processed, the results obtained and feedback from law enforcement.
  Fact Sheet    11/24/04

• Bank And Thrift Third Quarter Income Sets Record

  The FDIC has published the Quarterly Banking Profile and announced that the third quarter income for commercial banks and savings institutions insured by the agency reported record net income for the third quarter of 2004.
  FDIC NR; Quarterly Banking Profile    11/24/04

• FDIC Final Rule published in Federal Register

  Under the final rule, insured institutions will obtain their certified statements on the Internet via the FDIC's transaction-based e-business Web site, FDICconnect. Effective 3/1/05 TXT; PDF.    11/23/04

• Unauthorized Banking Special Alerts

  The FDIC has issued two Special Alerts regarding four entities that may be conducting unauthorized banking activities in the United States or Canada and another utilizing a Web site that lists an address for the entity in the Cayman Islands. U.S./Canada; Cayman   11/23/04

• 2005 CRA And HMDA Software Available

  The FFIEC has made available for download from its Web site the 2005 CRA and HMDA data entry software.
  Software    11/23/04

• OFAC To Change SDN File Format

  OFAC has announced that beginning with the first release of SDN information occurring after November 29, 2004, the format of its delimited and fixed-width SDN files will change. Information regarding the change has been posted on the BOL OFAC page.    11/23/04

• Bulletin Issued Regarding CMP Inflation Adjustment

  The OCC has issued a Bulletin regarding the previously announced Final Rule which adjusts for inflation the maximum amount of each CMP. Information concerning the adjustment was posted in the November 9, 2004 Top Stories. Bulletin    11/23/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending November 19, 2004.
  Reserve Position    11/23/04

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City National Bank of Florida, Miami, Florida; Citizens Tri-County Bank, Dunlap, Tennessee; and 1st Choice Bank, Houston, Texas. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   11/22/04

• FIL Issued Regarding New SDGTs

  The FDIC has issued a FIL regarding the previously announced designation by OFAC of additional entities as SDGTs. Information concerning the new designations was posted November 17, 2004, on the BOL OFAC page.
  FIL    11/22/04

• FCRA And FACTA Consumer Notices Issued

  The FTC has issued final summaries of identity theft and general consumer rights and revised furnisher and user notices under FCRA and the FACTA. Consumer reporting companies are required to notify consumers of their rights and steps they can take to protect themselves against identity theft and difficulties resulting from identity theft. Notices   11/22/04

• OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

  A final EGRPRA Rule and a CRA proposal, both intended to reduce regulatory burdens, have been announced by the OTS. OTS NR; EGRPRA; CRA   11/22/04

• CU Placed In Conservatorship

  NCUA has placed the Midwood Federal Credit Union of Brooklyn, New York, into conservatorship. NCUA has assumed control of service and operations which will continue uninterrupted.
  Conservatorship    11/22/04

• Greenspan Discusses Globalization

  During his participation in a panel discussion at the 2004 European Banking Conference in Frankfurt, Germany, FDIC Chairman Greenspan expressed his views on the increasing globalization of trade and finance. He noted the marked increase in the economic flexibility of the American economy suggests that market forces should over time restore, without crises, a sustainable U.S. balance of payments.
  Speech  11/22/04

• FTC Issues Final Regulation on Consumer Information and Records Disposal

  The FTC has issued its final rule regarding the proper disposal of consumer report information and records under FACTA and FCRA. The final rule, which will be published in the Federal Register shortly, will become effective on June 1, 2005.
  Final Rule 11/19/04

• C&D Issued Against Colorado BHC And Bank

  The FRB has announced the issuance of a Cease and Desist Order against Ameribanc Holdings, Inc., Durango, Colorado, a bank holding company, and its subsidiary bank, the Bank of Durango, Durango, Colorado.
  Order 11/19/04

• Twenty-Four CRA Evaluations Released

  The OCC has released the CRA evaluations for twenty-four national banks.
  CRA 11/19/04

• November 2004 Issue Of Electronic Interpretations and Actions Now Online

  The OCC has posted the November 2004 issue of Electronic Interpretations and Actions on its Web site.
  Electronic 11/19/04

• Schedule RED March 2005 Specifications Issued

  OTS has issued the design specifications for Schedule RED, which will be collected beginning in March 2005. These technical requisites are intended to assist in the transition from the current CMR Supplemental Schedules to Schedule RED.
  Specifications 11/19/04

• 2005 TIAC New Members And Officers Announced

  The names of six new members of TIAC in addition to its newly designated president and vice president for 2005 have been announced by the FRB.
  TIAC 11/19/04

• Point-Of-Sale Debit Fees Report Delivered To Congress

  The FRB has delivered to the Senate Banking Committee a report on the disclosure of fees that a depository institution may impose when a customer chooses to secure a point-of-sale debit transaction by providing a PIN.
  Report 11/19/04

• Three Year Extension For HMDA Loan/Application Register Proposed

  The FRB has issued a proposal to approve the extension for three years, without revision, of the HMDA Loan/Application Register. The closing date for comments is January 21, 2005.
  Proposal 11/19/04

• Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

  The FDIC has issued a FIL which provides guidance on the internal control attestation standards that auditors of insured institutions with $500 million or more in total assets should follow to comply with the FDIC's audit and reporting requirements.
  FIL 11/18/04

• OCC Issues Bulletin Regarding Proposed Reg E Amendments

  The OCC has issued Bulletin 2004-52, regarding the September 17, 2004 issue of the Federal Register where the FRB proposed changes to Reg. E. Note to readers, the comment period ends November 19, 2004.The original proposal was posted in the September 17, 2004 BOL Top Stories.
  Bulletin
  Federal Register 11/18/04

• Cali Cartel Entities Added To SDNT List

  OFAC has added seven businesses and sixteen individuals to its list of SDNTs. These companies and individuals were acting as fronts for Colombian drug lords and formed a vital part of the organization's financial network in Colombia and abroad. In addition, one individual was deleted from the SDN list and other listings were changed. Information regarding the additions, deletion and changes has been posted on the BOL OFAC page.
  11/18/04

• G.17 Report Issued

  The G.17 Industrial Production and Capacity Utilization report for October 2004 has been issued by the FRB.
  G.17 11/18/04

• Thrift Industry Third Quarter Earnings Released

  OTS has released the third quarter and profitability data for the thrift industry which shows sustained strong earnings and profitability, solid loan growth, and healthy asset quality.
  Highlights; Charts; Selected Indicators 11/18/04

• HOEPA December 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 December 2004 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 11/17/04

Reg E Amendments Proposed

The OCC has proposed amendments to Reg E regarding payroll cards, electronic check conversions, issuance of issue multiple replacement access cards, rules concerning preauthorized EFTs, clarification of the "fourwalls rule", and fee notices on ATMs.
Proposed Amendments 11/17/04

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• Software Due Diligence Guidance Issued

  The FDIC has issued a FIL regarding performing proper due diligence when selecting computer software or a service provider concerning compliance with applicable laws, including the Bank Secrecy Act and the USA PATRIOT Act.
  Guidance 11/17/04

• OTS Issues Legal Opinions

  The OTS has issued four legal opinions concerning the applicability of the Illinois Corporate Fiduciary Act to a federal savings bank, location and exportation authority, voting requirements for benefits plans; and underwriting authority for asset-based securities.
  Illinois Fiduciary Act;
  Location and Exportation;
  Voting Requirements;
  Underwriting Authority 11/17/04

• FTC Enforces GLB Act's Safeguards Rule Against Mortgage Companies

  The FTC has charged two mortgage companies with violating the agency's GLB Safeguards Rule by not having reasonable protections for customers' sensitive personal and financial information. These are the FTC's first cases enforcing the Safeguards Rule.
  Case One;
  Case Two 11/17/04

• OFAC To Issue Specific Licenses

  OFAC has announced that specific licenses will be issued on a case by case basis to authorize U.S. suppliers to enter into transactions with three Columbian Government-controlled entities that have been designated as SDNTs.
  Specific Licenses 11/17/04

• September TIC Data Released

  Treasury has released the TIC Data for September 2004.
  TIC Data 11/17/04

• U.S. Reserve Assets Supplements Issued

  The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks statistical supplements to the October 2004 Federal Reserve Bulletin.
  Supplements 11/17/04

• Third Quarter BIF and SAIF Financials Released

  The FDIC has released the Third Quarter 2004 financial results for BIF and SAIF.
  Financials 11/17/04

• Two Flood CMPs Announced

  Civil money penalties have been assessed by the FRB for violations of Flood Act regulations against Cumberland Bank, Franklin, Tennessee and Five Points Bank, Grand Island, Nebraska.
  Cumberland Bank;
  Five Points 11/16/04

• OCC Enforcement Actions Announced

  The OCC has announced ten enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions.
  Enforcement Actions 11/16/04

• FDIC Assessment Rates Unchanged

  The Board of Directors of the FDIC have voted to keep the assessment rates charged to insured banks and savings associations unchanged for the first half of 2005.
  Assessment Rates 11/16/04

• Bank Lending Practices Survey Results

  The FRB has released the results of the October 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
  Survey Results 11/16/04

• Financial Holding Companies List Updated

  The FRB has updated the list of bank holding companies that have become or have elected to be treated as financial holding companies as of November 12, 2004.
  Financial Holding Companies 11/16/04

• Cost Of Funds Reports Issued

  OTS has issued the current and historical reports of the national average cost of funds ratio to OTS regulated, SAIF - insured Institutions.
  Current Report;
  Historical Report 11/16/04

• Violations Requiring OCC Action Listed

  The OCC has issued a Bulletin regarding the publication of a supplement to the OCC Policies and Procedures Manual which identifies those violations or other supervisory findings that require the OCC to take a specific action.
  Bulletin; Supplement 11/15/04

• FDIC Issues Four Special Alerts

  Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Banterra Bank, Marion, Illinois; counterfeit money orders drawn on Sovereign Bank, Wyomissing, Pennsylvania, and Monroe Bank & Trust, Monroe, Michigan; and money orders and official checks that are missing from Hudson United Bank, Mahwah, New Jersey. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 11/15/04

• Airline Designated SDNTK

  OFAC has added Aero Continente, a passenger and cargo airline based in Lima, Peru, to its list of entities designated as SDNTK pursuant to the Kingpin Act. Information regarding the new designation has been posted on the BOL OFAC page. 11/12/04

• FRB Raises Fed Funds And Discount Rates

  The FOMC has announced its decision to raise the federal funds rate by 25 basis points and the Board of Governors have approved the requests of Federal Reserve Banks to raise the discount rate by 25 basis points.
  FRB PR1;
  FRB PR2 11/12/04

• Enforcement Guidance Issued For BSA/AML Program Deficiencies

  The OCC has issued a Bulletin which provides examiners guidance and a consistent approach for citing violations and taking enforcement actions with respect to BSA compliance programs and SAR filing requirements. Bulletin 11/12/04

• Unauthorized Internet Banks Alert

  OCC has been advised by Canadian authorities that All Canadian Financial Co and Fairbank Group, Offshore Banking are actively engaged in the unauthorized offering of deposit and banking services via the Internet.
  Unauthorized Banking 11/12/04

• FDIC Enforcement Actions Released

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in September 2004. A total of 39 orders are listed and include two cease and desist orders, seven removal and prohibition orders, four civil money penalty orders, 20 terminations of insurance, four terminations of cease-and-desist orders, and two adjudicated decisions.
  Enforcement Actions 11/12/04

• FDIC Insurance DVD Available

  The FDIC has produced a 27-minute digital video on deposit insurance coverage for bank employees and bank customers which provides an overview of how deposit insurance works, focusing on the most common account ownership categories used by individuals and families. DVD 11/12/04

• OCC Publishes CMP Inflation Adjustment in FR

  The OCC is amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. 69FR65067 (txt) 69FR65067 (pdf) 11/10/04

• OCC Seeks C&D And CMP Against Bank Auditor

  The OCC has announced that a public hearing will be held before an Administrative Law Judge concerning proposed enforcement proceedings against Grant Thornton LLP, former external auditor for the failed First National Bank of Keystone, Keystone, West Virginia. The regulator is seeking a cease and desist order that would require Grant Thornton to perform various enhanced auditing practices and procedures whenever it audits insured depository institutions in addition to a CMP of $300,000.
  OCC NR 11/10/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Northeast Bank, Auburn, Maine. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 11/10/04

• 314(a) Facts And Feedback Updates

  FinCEN has updated its 314(a) Fact Sheet which contains data regarding terrorism and money laundering information requests plus feedback from law enforcement.
  314(a) Fact Sheet 11/10/04

• Four Working Papers Published

  The FRB has published three working papers in the International Finance Discussion series and one in the Finance and Economics Discussion series.
  International Finance Series;
  Finance and Economics Series 11/10/04

• Survey Reports Easing Of Loan And Underwriting Standards

  The results of the OCC’s tenth annual Survey of Credit Underwriting practices indicate that commercial loan standards eased over the past year and slightly more banks eased credit underwriting standards than tightened them.
  Survey 11/10/04

• November G.20 Released

  The FRB has released the G.20 Financial Companies report for November 2004.
  G.20 11/10/04

• CMP Inflation Adjustment

  OTS has issued a final rule which adjusts CMPs for inflation as required by statute every four years.
  CMP Adjustment 11/9/04
  
  
  

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending November 5, 2004.
  Reserve Position 11/9/04
  
  
  

• FR Publishes PR on Proposed Fee for Credit Scores

  The PR from FTC seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA has been published in the FR. 69FR64698 (txt) 69FR64698 (pdf)  11/8/04

• OCC Updates Reg CC Examination Procedures

  The OCC has issued a bulletin regarding the updating of its Reg CC examination procedures. The major changes to the examination procedures relate to the requirements of the Check 21 Act that apply to banks, including a model consumer awareness disclosure and other model notices and expedited recrediting requirements.
  Bulletin;
  Examination Procedures  11/8/04

• OFAC Cites One Bank

  OFAC has released the Civil Penalties Enforcement Information for November 5, 2004. The list includes one bank that voluntarily disclosed a funds transfer that was in violation of a Kosovo sanctions program and was assessed a penalty of $3,346.82.
  OFAC CMP  11/8/04

• FDIC CRA Evaluations Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with CRA. The list covers evaluation ratings that the FDIC assigned to institutions evaluated in August 2004.
  CRA List  11/8/04

• Regulatory Reports Monitoring Program Terminated

  The FRB has announced that the Regulatory Reports Monitoring Program has been terminated due to the fact banking organizations have consistently been fulfilling their legal obligations related to regulatory reports and that they have rarely missed filing deadlines, or submitted inaccurate or misleading information in their regulatory reports.
  Termination  11/8/04

• Legal Opinion Regarding FSAs and State Licensing Requirements

  The OTS Chief Counsel has released a legal opinion regarding the authority of a FSA to perform banking activities through agents without regard to state licensing requirements.
  Opinion  11/8/04

• OCC 2004 Annual Report Published

  The OCC's annual report sets forth the agency's accomplishments in supervision, regulation, risk analysis, and chartering in fiscal year 2004. It also describes management initiatives, financial management results, and OCC outreach to industry, community, and consumer organizations. Annual Report  11/8/04

• OCC Telephone Seminar Transcripts Online

  The OCC has posted information from the July and September Telephone Seminars on its Banker Education page. Items include the transcripts and slides from "Outsourcing Technology Services: A Management Decision" and the information package from "Financing Minority Businesses".
  Transcripts;
  Slides;
  Information Package  11/8/04

• September 2004 Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for September 2004.
  G.19  11/8/04

• OCC- Final Rule published in Federal Register

  : Corporate activities: National banks — Operating subsidiaries; annual report. Text PDF  11/5/04

• Disclosure Violations Result In $37 Million Penalty

  The SEC has announced the settlement of its claims against Wachovia Corporation for violations of proxy disclosure and other reporting requirements in connection with the 2001 merger between First Union Corporation and Old Wachovia Corporation. Under the settlement, Wachovia must pay a $37 million penalty.
  Settlement  11/5/04

• FRB 2005 Fee Schedules Released

  The FRB has announced the fee schedules for Federal Reserve Bank payment services for depository institutions (priced services) which will be effective January 3, 2005.
  2005 Fee Schedules 11/5/04

• 2004 CRA/HMDA Reporter Newsletter Published

  FFIEC has published 2004 issue yearly newsletter provides information on various topics to assist in the collection and reporting of CRA and HMDA data. It informs readers of new developments and changes for the upcoming processing year as well as answers to commonly asked questions.
  2004 Newsletter 11/5/04
  
  
  

  OTS - Final Rule published in Federal Register: Practice and procedure in adjudicatory proceedings

  The Federal Civil Penalties Inflation Adjustment Act of 1990 requires all federal agencies with statutory authority to impose civil money penalties (CMPs) to evaluate and adjust those CMPs every four years. The Office of Thrift Supervision (OTS) last adjusted its CMP statutes in 2000. Consequently, OTS is issuing this final rule to implement the required adjustments to OTS's CMP statutes. Text PDF  11/4/04

• Banking Agencies Finalized Basel II Survey Documents

  The U.S. banking agencies have made available survey materials for the fourth Quantitative Impact Study (QIS-4) and a related Loss Data Collection Exercise (LDCE) in preparation for the U.S. implementation of the Basel II Capital Framework. QIS-4;  LDCE; FRB PR; FDIC PR 11/4/04

• FTC Seeks Comments on Proposed Fee for Credit Scores

  The FTC is seeking public comment on different approaches to determining a “fair and reasonable” fee for credit scores under FACTA and FCRA. Proposed Fee  11/4/04

• Second Quarter 2004 Quarterly Review Published

  OTS has published and posted online the Second Quarter 2004 issue of The Quarterly Review Of Interest Rate Risk which features an article on “Prepayment Risk and Collateralized Mortgage Obligations.”
  Quarterly Review  11/4/04

• CRA Ratings Released By OTS

  OTS has released the October 2004 CRA ratings for savings institutions evaluated during the reporting period. CRA Ratings 11/3/04

• Counterfeit Bank Money Orders Special Alert

  The FDIC has issued a Special Alert regarding counterfeit bank money orders drawn on The Valley State Bank, Syracuse, Kansas. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page 11/3/04.

• GLBA Bank Broker Registration Deadlines Extended

  The SEC has announced the extension of the compliance dates for banks with respect to certain broker registration requirements contained in GLBA. Extension 11/3/04

• International Reserve Position

  Treasury has released the U.S. International Reserve position for the week ending October 29, 2004.
  Reserve Position  11/3/04

• Check 21 Processing Report

  FRB Services has indicated that the Federal Reserve banks are accepting, printing and presenting substitute checks nightly and are anticipating the arrival of imaged cash letter deposits. The Agency acknowledged that the operational challenges it will encounter processing image cash letters will be greater than initially anticipated. Check 21 Processing  11/2/04

• 314(a) Fact Sheet Published

  FinCEN has published a Fact Sheet that reports on the requests sent to and the responses received from financial institutions as of October 26, 2004 pursuant to the provisions of Section 314(a) of the USA PATRIOT Act. Fact Sheet  11/2/04

• October Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for October 2004.
  G. 5  11/2/04

• Department of Housing and Urban Development

  HUD’s Regulation of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac): GSE Housing Goals—Advance Notice of Proposed Rulemaking PDF  Text 11/2/04

• Department of Housing and Urban Development

  HUD’s Housing Goals for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) for the Years 2005–2008 and Amendments to HUD’s Regulation of Fannie Mae and Freddie Mac - Final Rule. PDF  Text 11/2/04

• Written Agreement With California Bank Announced

  The FRB has announced the execution of a Written Agreement by and between the County Bank, Merced, California and the Federal Reserve Bank of San Francisco regarding the bank’s compliance with BSA and AML policies and procedures.
  Written Agreement 11/1/04

• FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

  The FTC has issued its final rules under the FACT Act regarding further definition of the terms “identity theft” and “identity theft report”; the duration of active duty alerts; and the appropriate proof of identity needed by consumers to block fraudulent trade lines in their consumer reports, place or remove fraud or active duty alerts, or truncate their Social Security number in their file disclosures.Final Rules 11/1/04

• OCC Announces New Electronic Interpretations and Actions

  The OCC has announced the posting of the October 2004 issue of Electronic Interpretations and Actions.
  Electronic Interpretations 11/1/04

• FDIC To Host Phishing Teleconference

  The FDIC has announced that its San Francisco Regional Office will host on November 17, 2004, a teleconference on “Phishing” that is open to FDIC-supervised institutions in the San Francisco Region. Participants may call in from any location, are not required to be onsite at their institution and online reservations will be accepted.
  Phishing 11/1/04

• Preemption of State Escrow Laws

  OTS has released a legal opinion regarding the Federal law preemption of the escrow account laws of the State of New York.Legal Opinion 10/31/03

• Treasury Check Security Features

  FMS has created a web page that identifies and provides examples of the security features found on U. S. treasury checks. Treasury Check Security 10/31/03

• Asset & Liability Price Tables

  OTS has published the Asset & Liability Price Tables for the Third Quarter 2003. A & L Tables 10/31/03

• Greenspan Comments On Check 21

  Chairman Greenspan shared his views on the passage of Check 21 and the Federal payments system to participants at the Federal Reserve Payments System Development Committee 2003 Conference.Greenspan Remarks 10/30/03

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Farmers and Merchants State Bank of Springfield, Springfield, Minnesota; First Citizens National Bank, Mansfield, Pennsylvania; and First Commerce Bank, Corpus Christi, Texas. Details regarding the counterfeit cashier'
  s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 10/30/03

• Regulators ANPR on Basel II

  The federal regulators have issued an ANPR seeking comment on a proposed framework for implementing the New Basel Capital Accord in the United States. Specific comments are sought on the treatment of expected and unexpected losses in the internal ratings-based (IRB) approach to credit risk. ANPR    OCC Bulletin 10/30/03

• FIL Regarding Announced SDGTs

  The FDIC has issued FIL 85-2003 concerning SDGTs that were added to the OFAC list on October 24, 2003. Information regarding the SDGTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 10/30/03

• California Fire Damage Relief

  The FDIC has issued FIL 86-2003 announcing a series of steps intended to facilitate the rebuilding process in areas of California damaged by recent fires. FIL 86-2003 10/30/03

• Check 21 Signed

  President Bush has signed the Check 21 bill. For articles and resources regarding this law which will have a major impact on bank operations, visit the new BOL Check 21 Section and register for the upcoming Webinar. 10/29/03

• Collateral Appraisals Concern Regulators

  The financial regulators have issued a joint statement regarding concerns identified in examinations about the independence of the collateral valuation process.Joint Statement   FRB SR    OCC AL    OTS CEO Letter    FDIC FIL 10/29/03

• Director's Corporate Governance Aids

  The OCC has announced the availability of publications that will assist bank directors in complying with new corporate governance standards and in identifying information in board reports that may signal existing or potential problems. The publications, Detecting Red Flags in Board Reports—A Guide for Directors and A Pocket Guide to Red Flags in Board Reports, replace earlier editions and are only available online.Detecting Red Flags    Pocket Guide 10/29/03

• Illegal Lending Practices Halted

  At the request of the FTC, a U.S. District Court has halted the alleged illegal lending practices of Stewart Finance Company; its owner John Ben Stewart, Jr.; and nine related companies, pending trial. The complaint filed by the FTC alleged that the defendants deceptively sold extra products with the loans, including insurance and car club memberships, and that Stewart deceived consumers about the cost of using Stewart Finance'
  s direct deposit program.Complaint 10/29/03

• International Reserve Position

  Treasury has released the U. S. International Reserve Position for the week ending October 24. Reserve Position 10/29/03

• Fed Funds Rate Unchanged

  The Federal Open Market Committee has decided to keep its target for the federal funds rate at the current rate.FOMC 10/29/03

• Changing Paradigm in Commercial Real Estate

  The FDIC convened on September 12, 2003 a commercial real estate roundtable entitled "The Changing Paradigm in Commercial Real Estate Markets." The comments of industry experts regarding CRE portfolios are found in the latest edition of FYI.October FYI 10/29/03

• Stolen Payroll Checks Alert

  A business customer of Citizens National Bank in McMinn and Monroe Counties, Tennessee had 90 checks stolen. The bank cashed 54 of the checks that were made out as if they were payroll check. Details regarding the stolen checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/29/03

• Fourteen Enforcement Actions Announced

  The FDIC has announced fourteen enforcement actions that were processed in September. They included three cease-and-desist orders, two removal-and-prohibition orders, two civil money penalty orders, four terminations of cease-and-desist orders, two terminations of insurance, and one adjudicated decision.Enforcement Actions 10/28/03

• FIL Regarding FFIEC IT Guidance

  The FDIC has issued FIL 83-2003 regarding booklets previously released by the FFIEC containing revised guidance for examiners, financial institutions and technology service providers on e-banking, IT audits, and the FedLine electronic funds transfer application. Information concerning the guidance booklets was listed in BOL Top Stories on October 1. 10/28/03

• New Cash Management Tool

  Treasury has announced that, effective November 2003, it will offer a Term Investment Option as a cash management alternative for investing excess cash balances in financial institutions that participate in the Treasury Tax and Loan Program. Treasury Tool 10/28/03

• Counterfeit Official Checks Special Alerts

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks issued by Bank of Brookhaven, Brookhaven, Mississippi; The Home Bank, FSB, Ducktown, Tennessee; Windsor Locks Community Bank, FSL, Windsor Locks, Connecticut; and The State Bank, Fenton, Michigan. Details regarding the counterfeit checks and contact information has been placed on the BOL Alerts & Counterfeits page. 10/27/03

• New SDGTs Added to OFAC List

  As noted in Friday's BOL OFAC Alert, OFAC has added a new SDGTs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/27/03

• Minority Business Development Advisory Letter

  The OCC has issued an Advisory Letter which identifies ways that national banks can satisfy the financing needs of minority business entrepreneurs, consistent with safe and sound banking practices, and describes useful risk mitigation techniques.Advisory Letter 2003-8 10/27/03

• FTC To Share ID Theft Data With Canadians

  The FTC has been authorized to share information in its Identity Theft Data Clearinghouse with Canadian law enforcement agencies.FTC NR 10/27/03

• Bank Accounting Advisory Series

  The OCC has issued the September 2003 edition of the Bank Accounting Advisory Series which conveys the OCC's views on various accounting topics. Bank Accounting em>10/24/03

• Income Imputing Method Modified

  The FRB has announced modifications to the method for imputing priced-service income from clearing balance investments. Income Calculation em>10/24/03

• FIL Regarding Announced SDNTs

  The FDIC has issued FIL 82-2003 concerning SDNTs that were added to the OFAC list on October 17, 2003. Information regarding the SDNTs was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page.10/24/03

• Dual Banking System Paper

  The OCC has published a new paper on the dual banking system that discusses the important roles played by both state and nationally chartered banks in maintaining the health and vitality of the U.S. banking system as a whole. Dual Banking Paper em>10/24/03

• International Reserve Positions

  Treasury has released the U. S. International Reserve Positions for the weeks ending October 10 and 17. Reserve Positions 10/24/03

• New FRB Fees and Consolidations

  The FRB has announced a new fee schedule for services and the consolidation of some check processing functions.FRB PR    FRB Fee Schedule 10/23/03

• G.20 Finance Companies Report Released

  The FRB has released the G.20 finance companies owned and managed assets report for August 2003. G.20 10/23/03

• FRB Bulletin Featured Article Selected

  The FRB has selected "Recent Changes to a Measure of U.S. Household Debt Service " as the featured article from the October 2003 FRB Bulletin. Featured Article 10/23/03

• Extraordinary Transaction Rule Withdrawn

  Treasury and the IRS have withdrawn the so-called extraordinary transaction rule that was included in proposed regulations issued on November 29, 1999. The rule would have operated to change the classification of a foreign entity for tax purposes if certain transactions occurred within a year of the date the entity elected disregarded-entity status.Final Regulations Partial Withdrawal 10/22/03

• Thirty-Three CRA Evaluations Released

  The OCC has made public the CRA evaluations of thi
  rty-three national banks. Of the ratings issued, four were outstanding and twenty-nine were satisfactory. None were needs to improve or substantial noncompliance.CRA Evaluations 10/22/03

• New Electronic Interpretations and Actions

  The OCC has placed the October 2003 issue of Corporate Applications online.Corporate Applications 10/22/03

• FILs Regarding Announced OFAC Additions

  The FDIC has issued FIL 80-2003 and FIL 81-2003 regarding previously announced designations of SDGTs. Information regarding the additions was given in BOL Special OFAC Alerts and placed on the BOL OFAC page. 10/22/03

• International Finance Discussion Papers Released

  The FRB has released three new international finance discussion papers on the topics of Productive Capacity, Product Varieties, and the Elasticities Approach to the Trade Balance; The Effect of Exchange Rate Fluctuations on Multinationals' Returns; and Market Power and Inflation.Productive Capacity Exchange Rates Market Power 10/22/03

• Foreign Shell Bank BSA Exam Procedures

  The financial regulators have announced new BSA examination procedures for foreign shell banks relating to the regulations of the USA PATRIOT Act. Examiners will use the procedures during Bank Secrecy Act/anti-money-laundering examinations.SR-03-17    FRB Exam Procedures       OCC Bulletin 2003-43    OCC Exam Procedures   FIL 79-2003    FDIC Exam Procedures 10/21/03

• FY 2003 Federal Budget Results Released

  Treasury and OMB have issued a joint statement regarding the FY 2003 federal budget.Joint Statement    FY 2003 Budget 10/21/03

• OCC Announces Thirteen Enforcement Actions

  The OCC has announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Enforcement Actions 10/20/03

• New FDIC BSA Examination Procedures

  The FDIC has issued FIL 79-2003 regarding the revision of its examination procedures to include reviewing compliance with new sections of BSA required by the USA PATRIOT Act.FIL 79-2003    BSA Exam Procedures    AML/BSA Procedures    Pre-Exam BSA Request List 10/20/03

• SAR Activity Review - Issue No. 1

  FINCEN has released the first edition of a new publication, "The SAR Activity Review - By the Numbers" which contains statistics complied from all SARs filed by depository institutions since April 1996. SAR Activity Review 10/20/03

• Cali Cartel Entities Designated SNDTs

  As noted in Friday's BOL OFAC Alert, OFAC has added 39 businesses acting as front companies for the Cali drug cartel based in Colombia and 95 individuals associated with the cartel, and its activities through front companies, to the list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page. 10/20/03

• Counterfeit And Stolen Checks Plus Stop Payment

  The FDIC has issued Special Alerts regarding counterfeit and stolen official checks in addition to a stop payment placed on other official checks. The checks were issued by Synergy Bank, Cranford, New Jersey; New York Community Bank, Westbury, New York; Silver State Bank, Henderson, Nevada; First Commercial Bank, N.A., Seguin, Texas; and Nevada State Bank, Las Vegas, Nevada. Details regarding the checks and institution contact information has been placed on the BOL Alerts & Counterfeits page. 10/20/03

• New SDGT Named

  OFAC has added a new SDGT along with AKAs to the OFAC List. Information regarding the entries has been added to the BOL OFAC page. 10/17/03

• November HOEPA APR 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 November 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. H.15 Daily Rates    H. 15 Weekly Rates 10/17/03

• U.S. International Trade Position

  The Treasury Department has released the U.S. reserve assets data for the week of October 10, 2003..PR 10/17/03

• September G.17 Statistical Release

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization statistical release for September 2003.G. 17 10/17/03

• Summer 2003 Statistics of Income Bulletin Released

  The IRS has released the Summer 2003 issue of the Statistics of Income Bulletin. It includes articles on sole proprietorship returns, corporation income tax returns, foreign-controlled domestic corporations, sales of capital assets reports on individual income tax returns, U.S. possessions corporation returns and foreign recipients of U.S. income.Statistics Bulletin 10/17/03

• FRB Written Agreement With Illinois Bank

  The FRB has announced the execution of a Written Agreement by and among the First American Bank, Carpentersville, Illinois; the Illinois Office of Banks and Real Estate; and the Federal Reserve Bank of Chicago. Written Agreement 10/16/03

• Enforcement Orders Issued Against Bankers

  The FRB has announced the issuance of a Final Decision and Orders of Prohibition against two former officers of Six Rivers National Bank, Eureka, California. The Orders, the result of an action brought by the OCC, prohibit the officers from participating in the conduct of the affairs of any financial institution or holding company. Final Decision    Order 1    Order 2    10/16/03

• FDIC FIL Regarding Iraqi Sanctions

  The FDIC has issued FIL 78-2003 regarding the new general license previously issued by OFAC under the Iraqi Sanctions Regulations that pertains to blocked claims by U.S. financial institutions. Information concerning the new general license was placed on the BOL OFAC page on October 1, 2003. 10/16/03

• The Beige Book Updated

  The October update to The Beige Book was prepared at the Federal Reserve Bank of New York and based on information collected before October 7, 2003. The Beige Book 10/16/03

• FRB Staff Paper Regarding Mortgages and Basel II

  The paper summarizes the empirical study conducted by the FRB staff in support of the asset-correlation assumption implicit in the regulatory capital formula for mortgages of single-family residences in the proposed Basel II Accord. FRB Paper 10/16/03

• Cost of Funds Reports Issued

  OTS has issued the current and historical reports regarding the national average cost of funds ratio to OTS regulated, SAIF - insured institutions.Current Report    Historical Report 10/16/03

• OFAC Adds SDGTs

  As reported in a BOL Special OFAC Alert, three new Specially Designated Global Terrorists, along with AKAs, have been added to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 10/15/03

• Executive Order Adds Aliases to OFAC List

  The Department of State has used its power under Executive Order 13224 to provide a list of blocked entities. Unless this is incorporated into your OFAC list, this may pose a new monitoring requirement. Get the details, commentary, from Andy Zavoina and Mary Beth Guard and links in our BOL BLOG. 10/15/03

• Financial Holding Company List Updated

  Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. The FRB has issued a list of those companies whose elections to become or be treated as financial holding companies are effective as of October 10, 2003. FHC List 10/15/03

• Counterfeit Canadian Postal Money Orders

  The FDIC has issued a Special Alert after being informed by the Canada Post Corporation that counterfeit Canadian Postal Money Orders are in circulation. Information regarding the counterfeit money orders has been place on the BOL Alerts & Counterfeits page. 10/15/03

• Risk-Based Capital Standards OCC Bulletin

  The OCC has issued Bulletin 2003-42 regarding the interim final rule and a joint notice of proposed rulemaking previously announced by the financial regulators regarding the amendment of risk-based capital standards. Information regarding the IFR and NPR was published in BOL Top Stories on October 2, 2003. 10/14/03

• U.S. International Reserve Position

  The Treasury Department has released the U.S. reserve assets data for the week of October 3, 2003. International Reserve Position 10/14/03

• New Leadership for Federal Reserve Banks

  The FRB has announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2004.FRB PR 10/14/03

• FDIC Letter To Stakeholders

  The FDIC has issued its sixth Letter to Stakeholders, which reports on its priorities and activities for the third quarter of 2003.Stakeholder Letter 10/14/03

• OTS September CRA Evaluations

  OTS has published the September 2003 CRA evaluations for savings associations.CRA 10/10/03

• New $20 Bills Released

  The ninth of October was the first day banks received the new bills from the Federal Reserve System, and in turn begin distributing them to their customers. The FRB expects it will take several days or even weeks for the bills to make their way to all communities in the U.S. and internationally. Take the BOL New $20 Quiz to see if you know what makes it new and different from the old bills.The New $20 Quiz 10/10/03

• Cash Services Changes Comment Requested

  The FRB has requested comment on proposed changes to its cash services policy. The changes would address a shift by depository institutions away from traditional patterns of currency activity toward greater reliance on Reserve Bank cash processing and provide incentives for depository institutions to recirculate currency among their customers. Request For Comment 10/09/03

• Payroll Cards a Resource For New Customers

  The OCC has issued a white paper that provides an overview of payroll cards and examines their potential use by financial institutions to attract nearly 10 million unbanked households into the financial mainstream. The payroll card, a prepaid debit card offered by an employer to employees in place of a check to distribute wages, enables employees to withdraw their wages in cash at an ATM or purchase goods and services. White Paper 10/09/03

• ID Theft Notification Comment Deadline Nears

  Financial regulators have previously requested comments on a proposed interagency guidance that would require financial institutions to develop a response program to protect against risks to customer information which includes procedures for the notification of customers whose information may have been compromised. All comments must be must be submitted on or before October 14, 2003. Proposed Guidance 10/08/03

• Consumer Predatory Lending Brochure

  The federal Interagency Task Force on Fair Lending has published a new brochure, Putting Your Home on the Loan Line Is Risky Business, that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. Many of the agencies have also developed a worksheet to assist consumers.Press Release    FRB Brochure    OCC Brochure    OCC Worksheet    OTS Brochure    OTS Worksheet    FDIC Brochure 10/08/03

• Counterfeit Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit official checks drawn on First State Bank, Holly Springs, Mississippi and counterfeit expense checks drawn on The Talbot Bank of Easton, Easton, Maryland. Information on the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/08/03

• CRA Ratings 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 July 2003.CRA List

• G.19 Consumer Credit Report Released

  The FRB has issued the G.19 Consumer Credit Statistical Release for August 20003.G.19 10/08/03

• OTS Affiliate Transactions Final Rule

  OTS has issued a final rule for savings associations regarding transactions with affiliates. The final rule conforms OTS regulations with Reg W and implements additional restrictions imposed by HOLA.Final Rule    68FR57790 (txt) 68FR57790 (pdf) 10/07/03

• Reserve Requirements of Depository Institutions

  The FRB has published a final rule in the Federal Register to amend Regulation D, to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2004. The Board is also announcing the annual indexing of the deposit cutoff level and the reduced reporting limit that will be effective beginning in September 2004. 68FR57790 (txt) 68FR57790 (pdf) 10/07/03

• Special Alert Unauthorized Banking

  The FDIC has issued a special alert regarding six entities that may be conducting banking operations in Canada or the United States without authorization.Special Alert 10/07/03

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a special alert concerning counterfeit cashier's checks drawn on Horizon Banks, N.A., Limon, Colorado. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 10/07/03

• Credit Card Scammers Must Pay Up

  Texas-based defendants who engaged in a scam in which they e-mailed consumers promising to provide them with a credit card agreed to pay $815,000 in consumer redress to settle FTC charges. The defendants allegedly told consumers that they were guaranteed to receive a major, unsecured credit card with a high credit limit.FTC NR Settlement Order 10/07/03

• Fall 2003 FDIC State Profiles

  The FDIC has released the Fall 2003 state profiles which contain banking and economic conditions for each state. State Profiles 10/07/03

• E-Mail Delivery of TIP & PATAX Statements

  The Federal Reserve Financial Services Treasury Tax and Loan Service has made the delivery of TIP & PATAX statements available via FedMail e-mail service.TT&L Information 10/07/03

• 4 Banks Hit With OFAC Penalties

  In the October OFAC Civil Penalties Enforcement Information, ten entities were listed as targets of sanctions. Four of those entities were financial institutions. Each of them had voluntarily disclosed the violation to OFAC. Penalty amounts for those 4 enties ranged from $5,500 to $13,750. The highest penalty this month was $50,000. BOL OFAC Page 10/06/03

• Written Agreement Involving BSA and AML

  The FRB has announced the execution of a Written Agreement by and among the First Charter Bank, Charlotte, North Carolina; the Office of the North Carolina Commissioner of Banks; and the Federal Reserve Bank of Richmond. The bank is required to take certain actions to enhance and improve its programs and procedures regarding compliance with BSA and AML. Written Agreement 10/06/03

• FR Bulletin To Be Published Quarterly

  The FRB has announced beginning in the first quarter of 2004, the Bulletin will be enhanced and published four times a year. A quarterly report on the condition of the banking system and an annual report on changes in consumer regulations are among the new materials to be presented in the Bulletin. FRB PR 10/06/03

• FATF Suggestions On Freezing Terrorist Assets

  FATF has published a list of international best practices to serve as a global standard for countries regarding the development and implementation of an effective terrorist financing freezing regime. FATF Best Practices    Interpretative Note 10/06/03

• Board and Bankers Subject of FDIC Actions

  The FDIC has issued civil money penalties against seven Pennsylvania bank board members for breach of their fiduciary duties. In addition, removal and prohibition orders were issued against bankers in New York, West Virginia and North Carolina.Board Penalties    New York    West Virginia    North Carolina 10/03/03

• September 2003 Treasury Bulletin Online

  FMS has placed the September 2003 Treasury Bulletin on its Web site.Treasury Bulletin 10/03/03

• OCC Alert For Bogus Loan Pay-Off Documents

  The OCC has issued an alert regarding worthless instruments called "Bond for Discharge of Debt," "Bill of Exchange," "Due Bill," "Redemption Certificate," or other similarly titled documents that continue to be presented to financial institutions. The alert contains instructions that must be followed if such an item is received.OCC Alert 10/03/03

• FDIC Enforcement Actions Announced

  The FDIC has released twenty-two administrative enforcement actions taken against banks and individuals in August. The actions include five cease-and-desist orders, three removal-and-prohibition orders, 11 civil money penalty orders, two terminations of cease-and-desist orders, and one adjudicated decision.FDIC PR 10/02/03

• NCUA Prohibition Orders Issued

  Orders of prohibition have been issued by NCUA against four individuals.NCUA NR 10/02/03

• General License Issued Regarding Iraq

  OFAC has issued a new General License for Iraq regarding the transfer of certain blocked claims by U.S. financial institutions. BOL OFAC Page10/02/03

• Annual Adjustments to Reserve Calculations

  The FRB has released the annual adjustments in the amount of net transaction accounts used in the calculation of reserve requirements and the cutoff level used to determine the detail and frequency of deposit reporting. Reg D has been amended to reflect the adjustments. FRB PR   Reg D Amendment 10/02/03

• Interim Rule and NPR Issued By Regulators

  The financial regulators have issued an interim final rule and a joint notice of proposed rulemaking with request for comments regarding the amendment of risk-based capital standards. The amendment is being proposed as a result of the recently issued accounting interpretation, FIN 46. The interim final rule was effective October 1, 2003 and the comment deadline is November 17, 2003.Interim Final Rule    Joint NPR   FDIC FIL 10/02/03

• Special Alerts Issued by FDIC

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington and First United Bank, Middletown, Indiana. Information regarding the counterfeit checks, in addition to contact information, has been placed on the BOL Alerts & Counterfeits page. 10/02/03

• 2003 CRA/HMDA Newsletter and Quick Tips

  The FFIEC has published the 2003 CRA/HMDA Reporter Newsletter and CRA/HMDA Quick Tips.Newsletter Quick Tips 10/02/03

• E.2 Survey of Terms of Business Lending

  The E.2 Survey of Terms of Business Lending for August 4-8, 2003 has been released by the FRB.E. 2 Survey 10/02/03

• September Foreign Exchange Rates

  The FRB has released the G. 5 Foreign Exchange Rates for September 2003. G. 5 10/02/03

• FedACH Information Services To Be Expanded

  FR Financial Services has announced that expanded FedACH information services via FedLine for the Web will be available October 6, 2003. FR Financial Services 10/02/03

• FFIEC 030 Form Available Online

  The FFIEC has place the FFIEC 030 Foreign Branch Report Of Condition on its Web page.030 Form 10/02/03

• E-Banking, IT Audit and FedLine Guidances

  FFIEC has issued three booklets containing revised guidance for examiners, financial institutions, and technology service providers on e-banking, IT audit, and the FedLine electronic funds transfer application. FFIEC PRE-Banking    IT Audit    FedLine 10/01/03

• FTC Says No Constitutional Right For Calls

  FTC Chairman Muris testified before the Senate Committee on Commerce, Science, and Transportation on the status of the FTC's National Do Not Call Registry. His testimony explained in detail the position of the FTC that telemarketers do not have a constitutional right to continue telemarketing calls to consumers who have indicated that they do not want the calls.Testimony 10/01/03

• E. 15 Agricultural Finance Databook Updated

  The FRB has published the 2003 updates to the E. 15 Agricultural Finance Databook. The databook contains information regarding the amount and characteristics of farm loans made by commercial banks, selected statistics from the quarterly reports of condition of commercial banks, and reserve bank surveys of farm credit conditions and farm land values.Ag Finance Databook 10/01/03

• G. 20 Finance Companies Statistical Release

  The FRB has released the July 2003 G. 20 Finance Companies report regarding owned and managed receivables and the terms of credit of auto loans.G.20 10/01/03

• 2003 Survey of Credit Underwriting Practices

  The OCC has published the results of the 2003 Survey of Credit Underwriting Practices. The survey, taken in the first quarter of 2003, identified trends in credit risk within the national banking system, including changes in lending standards and credit practices, for the most common types of commercial and retail credit offered by national banks. Survey 10/01/03

• The Quarterly Review of Interest Rate Risk

  OTS has published The Quarterly Review of Interest Rate Risk for the second quarter of 2003. Topics include: the new earnings record, 30 year mortgage rates, interest rate sensitivity, asset duration, and prepayment models.Quarterly Review 10/01/03

• Country Exposure Data Released

  FFIEC has issued the June 30, 2003 E. 16 Country Exposure Statistical Release and the Country Exposure Information Report.Statistical Release   Exposure Report 10/01/03

• Check 21 and Checks Consumer Guides Published

  The FRB has published two consumer guides regarding Check 21 and checks. The "Consumer Guide to Check 21 and Substitute Checks" describes how consumers may be affected by the new law and provides information on how to resolve problems associated with the receipt of substitute checks and "What You Should Know about Your Checks," discusses more broadly how check payments have changed, including the increased use of electronic check conversion, a process separate from Check 21.
  Check 21 Guide; Check payments Guide 10/29/04

• Examination Procedures Links Now Available

  The revised Comptroller's Handbook for Consumer Compliance page provides links to the OCC bulletins that update the examination procedures in the series' booklets. Compliance Page 10/29/04

• SDNT Designations Updated

  OFAC has updated the information on 207 existing SDNT designations currently published on OFAC's SDN list. This was a routine administrative action that added more descriptor information, primarily consisting of dates of birth and national identification numbers (cedulas), designed to help users better identify potential hits on the SDN list. Information regarding the updates has been posted on the BOL OFAC page. 10/29/04

• Comments Sought Regarding Proposed Credit Risk Guidance

  The federal bank and thrift regulatory agencies have announced the publication of a joint FR Notice and request for comment on a proposed guidance for Internal Ratings-Based Systems for Retail Credit Risk for Regulatory Capital. The proposed guidance provides banking organizations with a description of the agencies' current views regarding the components and characteristics of a qualifying internal ratings-based (IRB) system for measuring credit risk of retail exposures.
  Notice;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR 10/28/04

• Operating Circular 3 Amended

  The Federal Reserve Banks have amended Operating Circular 3, Collection of Cash Items and Returned Checks, to support the implementation of the FRB's new Check 21-related services.
  Announcement;
  Operating Circular 3 10/28/04

• October 2004 Beige Book Published

  The FRB has published a new edition of the Beige Book based on information collected prior to October 18, 2004.
  Beige Book 10/28/04

• Bulletin Issued Regarding FOSS

  The OCC has issued a Bulletin regarding the previously announced FFIEC Guidance concerning risk management for the use of FOSS. Information regarding the Guidance was posted in the October 22, 2004 BOL Top Stories. Bulletin 10/28/04

• Reg CC Amendments FIL Issued

  The FDIC has issued a FIL regarding the Reg CC amendments made by the FRB as a result of the implementation of Check 21. Notice of the amendments was included in the September 28, 220 BOL Top Stories. FIL 10/28/04

• Third Quarter 2004 Asset And Liability Price Tables Released

  OTS has released the Asset and Liability Price Tables for the Third Quarter 2004.
  Tables 10/28/04

• Fall 2004 Issue Money Smart News

  The FDIC has published the Fall 2004 issue of Money Smart News.
  News 10/28/04

• FR Publishes Reg J Amendments For Check 21

  The FR has published a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. 69FR62553 (txt) 69FR62553 (pdf) 10/27/04

• Five Special Alerts Issued Regarding Counterfeit and Missing Items

  The FDIC has issued five Special Alerts regarding counterfeit casher's checks drawn on Northwest Savings Bank, Warren, Pennsylvania; Arvest Bank, Fayetteville, Arkansas; and Texas Bank, Brownwood, Texas; counterfeit bank drafts drawn on State Bank of India (California), Los Angeles, California; and missing cashier's checks drawn on Dakota Community Bank, Hebron, North Dakota. Information regarding the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page. 10/27/04

• International Reserve Position Update

  Treasure has released the U.S. International Reserve position for the week ending October 22, 2004.
  International Reserve Position 10/27/04

• Cuban Dot Com Added To OFAC List

  OFAC has added a dot com controlled by the Cuban government to the SDN list. The dot com, SERCUBA, was utilized to electronic transfer funds from the U.S. to Cuban nationals and the Cuban government. Information regarding the dot com has been posted on the BOL OFAC page. 10/26/04

• Deposit Guidelines Issued For Non-Imageable Check Items

  FRB Financial Services has issued Check 21 deposit guidelines for check items that are not imageable.
  Non-Imageable Items 10/26/04

• Regulators Focus On BSA Compliance

  In a presentation to the American Bar Association/American Bankers Association Money Laundering Enforcement Seminar, FinCEN Director Fox acknowledged that over the last few months BSA compliance has become a higher priority for banking regulators. He noted that "policies such as "zero tolerance" and transaction testing have become de rigueur in the examination process."
  Speech 10/26/04

• Reg J Amended For Check 21

  The FRB has announced a Final Rule that amends Regulation J to ensure that it covers the entire range of check processing services that the Reserve Banks will offer under Check 21. The amendments bring electronic items within the coverage of Regulation J and establish new warranties and indemnities that apply to electronic items handled by a Reserve Bank. Final Rule 10/25/04

• Thirteen FEDS Working Papers Published

  The FRB has published thirteen working papers in the FEDS series with the following titles: The Long-Run Relationship between House Prices and Rents; Consumer Sentiment, the Economy, and the News Media; Macroeconomic Volatility, Predictability and Uncertainty in the Great Moderation: Evidence from the Survey of Professional Forecasters; Market Discipline in Banking Reconsidered: The Roles of Funding Manager Decisions and Deposit Insurance Reform; Integrated Macroeconomic Accounts for the United States: Draft SNA-USA; A Consistent Accounting of U.S. Productivity Growth; Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities; Quantitative Monetary Easing and Risk in Financial Asset Markets; Diverging Measures of Capacity Utilization: An Explanation; Workweek Flexibility and Hours Variation; Debt Maturity, Risk, and Asymmetric Information; The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations; and Monetary Policy and Inflation Dynamics.
  Long-Run;
  Consumer Sentiment;
  Macroeconomic Volatility;
  Market Discipline;
  Integrated Macroeconomic;
  Consistent Accounting;
  Dynamic Estimation;
  Quantitative;
  Diverging;
  Workweek;
  Debt Maturity;
  Liquidity Effect;
  Monetary Policy 10/25/04

• FATF Issues New AML Recommendation

  A Special Recommendation IX and an Interpretative Note have been issued by FATF regarding the cross-border movement of currency and monetary instruments related to terrorist financing and money laundering. The task force has called on all countries to take action to stop the transfers and to share information. Special Recommendation; Interpretative Note 10/25/04

• FRB Announces Written Agreement With Oklahoma Bank

  The FRB has announced the execution of a Written Agreement by and among The Community State Bank, Poteau, Oklahoma; the Oklahoma State Banking Department, Oklahoma City, Oklahoma; and the Federal Reserve Bank of Kansas City concerning the bank's policies and procedures regarding credit risk, lending and BSA/AML compliance. Written Agreement 10/22/04

• FFIEC Issues FOSS Guidance

  The FFIEC has issued a guidance to help institutions identify and implement appropriate risk-management practices when using "free and open source software" (FOSS) that users are allowed to run, study, modify and redistribute without paying a licensing fee.

  Guidance;
  FFIEC PR;
  FDIC FIL;
  OTS CEO Ltr 10/22/04

• Credit Risk Working Paper Published

  The OCC has published a working paper that applies a simple, time-homogeneous Markov model to changes in credit risk using data sets on municipal bonds, commercial paper, and sovereign debt. The authors find that the model adequately describes ratings transitions for several years. Abstract;
  Working Paper 10/22/04

• Twenty-seven Banks Receive CRA Ratings

  The OCC has released the CRA ratings given to twenty-seven national banks that were examined during September and October, 2004. Three banks received an outstanding rating and twenty-four were deemed satisfactory. CRA Ratings 10/21/04

• FYI Examines The Expansion Of Branching

  The October 2004 issue of FYI features an analysis of why the number of bank branches has increased during the continued consolidation of the banking industry. FYI
  10/21/04

• Consumer Reports Study

  The FTC is evaluating ways to study the accuracy and completeness of consumer reports. The purpose of the current pilot study is to evaluate the feasibility of a methodology that involves direct review by consumers of the information reported in their consumer reports. 69FR61675 txt 69FR61675 pdf 10/20/04

• Written Agreement Announced Regarding BSA And AML

  The FRB has announced the execution of a Written Agreement by and between the Union Bank of California International, New York, New York and the Federal Reserve Bank of New York which addresses BSA and AML compliance at the institution.
  Written Agreement 10/20/04

• Twenty-Four Enforcement Actions Announced

  The OCC has announced twenty-four enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in nine states and the District of Columbia. Enforcement Actions 10/20/04

• Sarbanes-Oxley Guidance Issued

  The OCC has issued a memorandum as guidance for examiners who are reviewing banks' compliance with section 404 of the Sarbanes-Oxley Act which requires banks to issue a report asserting that their internal controls are effective.
  Memorandum 10/20/04

• The Mortgage Market And Consumer Debt From Greenspan's Viewpoint

  Chairman Greenspan commented on the current status of the mortgage market and consumer debt in a presentation before the Annual Convention of America's Community Bankers. He noted that even though some measures of household debt quality do not paint as favorable a picture as do the data on loan delinquencies at commercial banks and thrifts, household finances appears to be in reasonably good shape. Speech 10/20/04

• SL Issued Regarding Phishing Brochure

  The FRB has issued a SL regarding the previously announced consumer brochure regarding phishing developed by the federal financial institution regulators. Information regarding the publication, Internet Pirates Are Trying to Steal Your Information, was posted September 9, 2004 on BOL Top Stories.
  SL 10/20/04

• International Reserved Position Update

  Treasury has released the U.S. International Reserve Position for the week ending October 15, 2004.
  Reserve Position 10/20/04

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

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Umpqua Bank, Roseburg, Oregon, and counterfeit money orders drawn on Citizens State Bank, New Baltimore, Michigan. Information regarding the counterfeit cashier's checks and money orders has been posted on the BOL Alerts & Counterfeits page. 10/19/04

• November 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 November 2004 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 that precedes the month you received the application. Daily H.15; Weekly H.15 10/19/04

• August 2004 TIC Data Released

  Treasury has released the International Capital data for August 2004.
  TIC 10/19/04

• Consumer Information Regarding Choosing A Credit Card

  The FRB has made available online information of interest to consumers who are shopping around for a credit card.
  Choosing A Credit Card 10/19/04

• Chairman Powell Discusses Accounting And Governance

  In a presentation before the annual convention of America's Community Bankers, FDIC Chairman Powell expressed his views on what changes in the areas of accounting and governance mean for bankers and bank regulators.

  Speech 10/19/04

• OFAC Adds Terrorist Entity

  An entity has been designated a SDGT/FTO and placed on the OFAC SDN list. Information regarding the entity has been posted on the BOL OFAC page. 10/18/04

• Unauthorized Banking Special Alert



The FDIC has issued a Special Alert concerning six entities that may be conducting banking actives without authorization in the United States and Canada. Special Alert 10/18/04

• Cashier's Checks Missing

  A Special Alert has been issued by the FDIC regarding cashier's checks bearing the name of Downey Savings and Loan Association, F.A., Newport Beach, California that are missing in transit. Alerts and Counterfeit Chart 10/18/04

• Greenspan On Oil

  Chairman Greenspan reviewed the history of oil prices and concerns regarding the depletion of the world's supply in a presentation before the National Italian American Foundation. Speech 10/18/04

• Industrial Production And Capacity Report Released

  The FRB has released the G. 17 Industrial Production and Capacity Utilization report for September 2004.
  G.17 10/18/04

• Cost Of Funds Reports Issued

  OTS has issued the August 2004 and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions.
  August Historical
  10/18/04

• FDIC Seeks RE Bids

  The FDIC has posted on its Web site announcements regarding the sale by sealed bid of real estate in New Jersey and Utah.
  New Jersey; Utah 10/18/04

• FRB Proposes To Stop Municipal Securities Collection Service

  The FRB has requested comments on a proposal for the Federal Reserve Banks to stop providing services to depository institutions for the collection of definitive municipal securities at the end of 2005. The comment period ends on December 20, 2004. Proposal 10/15/04

• Drug Lords And Business Interests Added To OFAC List

  OFAC has designated two Columbian drug lords, fourteen of their associates, and fifteen related business entities (including one airline) as SDNT(s) and added the names to the SDN List. Information regarding the new entries has been posted on the BOL OFAC page. 10/15/04

• Anti-OD and Check Bouncing Consumer Brochure Available

  The federal bank, thrift, and credit union regulatory agencies have announced the publication of a new brochure, "Protecting Yourself from Overdraft and Bounced-Check Fees", which instructs consumers that the best way to avoid the fees is to manage their accounts wisely by keeping an up-to-date check register, recording all electronic transactions and automatic bill payments, and monitoring account balances carefully. The brochure can be downloaded from the regulator's Web sites and distributed to customers. FRB Brochure; OCC Brochure; OTS Brochure; NCUA Brochure 10/15/04

• Financial Education Web Site Launched

  The twenty federal government agencies, who make up the Financial Literacy and Education Commission, have announced the launch of a new financial education Web site, www.mymoney.gov, and the release of a free "toolkit" containing information on deposit insurance, investments, personal savings, Social Security benefits, choosing a credit card, and other personal financial management tips. The new Commission was created by the Fair and Accurate Credit Transactions Act of 2003 to encourage government and private sector efforts to promote financial literacy, and to coordinate financial education efforts of the federal government. My Money Web Site 10/15/04

• Williams Now Acting Comptroller

  Under the provisions of the National Bank Act, Julie L. Williams, the former OCC Chief Counsel, has become Acting Comptroller succeeding John D. Hawke. Former Deputy Chief Counsel Daniel P. Stipano has been named Acting Chief Counsel. Williams Acting Comptroller 10/15/04

• IFD Working Papers Published

  The FRB has published three working papers in the IFD series on the following topics: Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns; What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities; and The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers. Cash Flows and Discount Rates; What Makes Investors Over or Underweight?; The Value of Financial Intermediaries 10/15/04

• New Check Adjustment Investigation Types Announced

  The FRB has announced that four new check adjustment investigation types have been defined to address problems that may arise during the collection process after the implementation of Check 21. Two of the types will affect only those customers that deposit forward and return image cash letters and the other two may be used by customers receiving a forward or return image cash letter or a substitute check. Investigation Types
  10/14/04

• Relief Agency And Officials Added To OFAC List

  Treasury has designated the worldwide network of an Islamic relief agency along with five of its senior officials, as SDGT(s), and added the names to the SDN List. The action blocks all accounts, funds and assets of the agency in the United States and criminalizes the provision of money or other types of support to any of its offices. Information regarding the new entries has been posted on the BOL OFAC page. 10/14/04

• FDIC Revises Appeal Processes

  The FDIC has issued a FIL that announces the adoption of revised Guidelines for Appeals of Material Supervisory Determinations and for Appeals of Deposit Insurance Assessment Determinations. FIL-113-2004;
  Material Supervisory Appeal;
  Insurance Assessment Appeal 10/14/04

• FDIC Ombudsman Report Released



The Ombudsman Report to the Industry, which summarizes the comments received by the regulator regarding its outreach efforts, has been released by the FDIC. Ombudsman Report 10/14/04

• International Reserve Position Updated



The U.S. International Reserve Position for the week ending October 8, 2004 has been released by Treasury.
Reserve Position 10/14/04

• 10 Million BSA CMP Assessed



FinCEN and the FRB have announced the assessment of a $10 Million CMP against AmSouth Bank of Birmingham, Alabama, and also issued a C & D that requires the bank and its holding company to take certain corrective actions. The agencies contended that the bank failed to establish an adequate anti-money-laundering program which resulted in the failure to file accurate, complete, and timely SARs. FRB Action;
FinCEN Action 10/13/04

• Check 21 InfoBase Announced



FFIEC has announced the availability to depository institutions of a InfoBase that provides information on consumer compliance aspects of Check 21 and features a training presentation, examination procedures, frequently asked questions plus links to other resources that may be helpful in understanding the Act. The InfoBase, which may be accessed online, was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. Check 21 InfoBase 10/13/04

• Reg D Annual Adjustments Published in FR



The FRB has published in the FR the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. 69FR60543 (pdf)
69FR60543 (txt) 10/13/04

• Written Agreement With British Bank Announced

  The FRB and the New York State Banking Department have announced the execution of a Written Agreement by and among Standard Chartered plc, London, United Kingdom, its subsidiary bank, Standard Chartered Bank, London, United Kingdom, and the bank's New York branch regarding BSA and anti-money-laundering compliance relating to the provision of correspondent banking services.
  Written Agreement 10/12/04

• Regulators Comment On Proposed Bank Broker Rules

  The federal banking regulators have issued a comment letter to the SEC regarding the SEC's proposed Regulation B that would implement the exceptions for bank "broker" activities under the GLB Act.
  Comment Letter;
  FRB PR;
  OCC NR;
  FDIC PR 10/12/04

• FIL Regarding FBI's Bank Fraud Initiative

  The FDIC has issued a FIL concerning the announcement by the FBI of an initiative known as, Operation Continued Action, to coordinate efforts between federal, state and local law enforcement agencies and financial regulatory agencies to combat financial institution fraud. FIL 111-2004;
  Operation Continued Action 10/12/04

• FDIC Issues Third Quarter 2004 Stakeholder Letter

  The FDIC has issued its tenth Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2004.Stakeholder Letter 10/12/04

• Updated Spanish Language FDIC Customer Brochures Available

  The FDIC has announced that updates of two of its insurance brochures for customers, Insuring Your Deposits (Seguro Para Sus Depósitos) and Your Insured Deposits-FDIC's Guide to Deposit Insurance Coverage (Sus Depósitos Asegurados), are now available in Spanish language versions and may be downloaded from the regulator's Web site for distribution to customers.
  Seguro Para Sus Depósitos;
  Sus Depósitos Asegurados 10/8/04

• FDIC Enforcement Actions Released

  The FDIC has released information regarding eighteen Enforcement Actions taken against former banks and individuals in August 2004. The actions included: four removal and prohibition orders, two suspension and prohibition orders, nine civil money penalty orders, one termination of insurance, one termination of a cease and desist order, and one adjudicated decision.
  Enforcement Actions 10/8/04

• Two Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's check drawn on Central Bank, Lebanon, Missouri, and American Community Bank, Glen Cove, New York. Information concerning the counterfeit cashier's checks has been posted on the newly redesigned BOL Alerts & Counterfeits page. 10/8/04

• October 6, 1979 Twenty-Five Years Later

  At a conference sponsored by the Federal Reserve Bank of St. Louis, FDIC Chairman Greenspan commented on the U.S. monetary policy twenty-five years after action was taken by the Fed to sharply raise interest rates to combat inflation and stabilize the economy. He noted that the action "stands out as such a milestone and arguably as a turning point in our nation's economic history".
  Speech 10/8/04

• August 2004 Consumer Credit Data Released

  The FRB has released the G.19 Consumer Credit report for August 2004.
  G.19 10/8/04

• Reg D Annual Adjustments Announced

  The FRB has announced the amendment of Reg D to reflex the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2005. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective September 2005.
  Reg D Adjustments 10/7/04

• OTS September 2004 CRA Ratings Released

  OTS has released the ratings received by savings associations that were evaluated for compliance with CRA during the reporting period. CRA Ratings 10/7/04

• FDIC Chairman Addresses NBA Convention

  In a presentation to the attendees at the NBA national convention, FDIC Chairman Powell focused on following three areas: the overall health and economic success of the financial services industry, the important issue of consumer access to credit, and the equally important issue of consumer protection. Speech
  10/7/04

• Fall 2004 Edition Of Community Developments Newsletter Published

  The OCC has published the Fall 2004 edition of the Community Developments newsletter which highlights efforts by banks in using technology to reach those Americans who do not have access to banking services.
  Community Developments 10/7/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending October 1, 2004.
  Reserve Position 10/7/04

• FDIC CRA Evaluations Released

  The FDIC has released the October 2004 list of state nonmember banks recently evaluated for compliance with CRA and the ratings they received. October CRA List 10/6/04

• Order Of Prohibition Issued

  NCUA has issued an Order of Prohibition against a former loan credit analyst with Boeing Employees Credit Union in Tukwila, Washington. Order 10/6/04

• OCC Bulletin Regarding Extension Of Lending Limits Program

  The OCC has issued a Bulletin regarding the previously announced extension of the lending limits pilot program until June 11, 2007. The program provides special lending limits for 1-4 family residential real estate loans, small business loans, and certain agricultural loans. Information concerning the extension of the program was posted on the August 19, 2004, BOL Top Stories.
  OCC Bulletin 2004-46 10/6/04

• Greenspan At The ABA Convention

  In a presentation at the ABA convention, FRB Chairman Greenspan reviewed some of the major innovations and changes that banks have experienced which have allowed them to successfully navigate through changing economic and technical environments. He noted that "banks of all sizes will never again be the passive deposit takers that they were at the beginning of the 1960s" and "one of the more painful lessons learned in the 1970s and 1980s is that accepting narrow or nonexistent spreads in order to retain market share is a losing strategy." Speech
  10/6/04

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report. Reports 10/6/04

• Comptroller Comments To ABA

  Comptroller Hawke made comments on various subjects to the participants at the ABA convention including; the health of the banking industry; recent regulatory guidance and actions; standards of professional behavior for bankers; "secured" credit cards; credit unions; the dual banking system; and preemption. Speech
  10/5/04

• FDIC Chairman Addresses ABA

  FDIC Chairman Powell addressed the attendees at the ABA convention and discussed prosperity of the last decade, the future of banking, the decline in the number of community banks, the cost of regulatory compliance, plans to reduce the regulatory burden, and the evolution of the deposit insurance program. Speech
  10/5/04

• OTS Signs International Info Sharing Agreement

  The OTS has announced that it has signed an agreement which provides a framework for cooperative information sharing arrangements between OTS and European Union supervisors that oversee financial services organizations that have material operations in each other's jurisdiction. Agreement 10/5/04
  
  
  

• Two Banks Cited By OFAC

  OFAC has announced CMPs against two banks for violations of Iranian sanctions. The penalties ranged from $5,000 to over $58,000.
  OFAC CMPs 10/4/04
  
  
  

• Electronic Disclosures AL Issued

  The OCC has issued an AL regarding issues that should be considered by national banks that provide electronic consumer disclosures. The failure to provide such electronic disclosures in a proper manner can expose the bank to significant compliance, transaction, and reputation risk. AL 2004-11 10/4/04
  
  
  

• BSA MOU Announced By Regulators And FinCEN

  The federal financial regulators and FinCEN have entered into a MOU regarding information sharing to enhance BSA compliance and better protect the financial system from terrorists. MOU 10/4/04
  
  
  

• Interest Rate Risk Report Released By OTS

  OTS has released the Second Quarter 2004 Interest Rate Exposure Report.
  Interest Rate Risk 10/4/04
  
  
  

• FRB Statistical Releases Issued

  The FRB has issued the G.5 and E.2, statistical releases covering foreign exchange rates, survey of terms or business lending, and agricultural finance databook respectfully. G.5;
  E.2E.15 --> 10/4/04
  
  
  

• Savings Bonds Not Covered By Check 21

  A warning has been issued by FRB Financial Services that U.S. Savings Bonds are not covered by Check 21. Information is also provided regarding the steps to take to reduce the chance of bonds being erroneously truncated and destroyed, plus what to do if they are. Savings Bonds 10/1/04
  
  
  

• FTC Published PR in FR on FACTA Opt Out Disclosures

  The FTC is proposing to adopt a rule to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. 69FR58861 txt 69FR58861 pdf 10/1/04
  
  
  

• 314(a) Fact Sheet Issued By FinCEN

  FinCEN has issued a Fact Sheet that contains data regarding the number of 314(a) requests processed, the number of matches identified by financial institutions, new accounts identified, subpoenas issued, and arrests made.
  314(a) Fact Sheet 10/1/04
  
  
  

• 2005 HMDA and CRA File Specifications Online

  The FFIEC has posted the HMDA and CRA file specifications and edits for 2005 on its Web site.
  2005 HMDA; 2005 CRA
  10/1/04
  
  
  

• Counterfeit Cashier's Checks Special Alert

  A Special Alert regarding counterfeit cashier's checks drawn on the Farmers State Bank, Booneville, Kentucky has been issued by the FDIC. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 10/1/04
  
  
  

• FinCEN Extends Comment Periods

  FinCEN has extend the comment period regarding the imposition of a special measure against both First Merchant Bank OSH Ltd. and Infobank as financial institutions of primary money laundering concern under the provisions of the BSA. Information regarding the initial comment periods was posted on the
  August 25, 2004 BOL Top Stories. First Merchant Extension;
  Infobank Extension 10/1/04
  
  
  

• Comments Sought Regarding Information Collection Proposal

  A Proposal has been issued by the FRB and published in the FR to extend for three years without revision the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002 ) and the Report of Assets and Liabilities of Non-U.S. Branches that are Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S). Proposal 10/1/04
  
  
  

• Final Second Quarter Interest Rate Risk Measures Released

  OTS has released the final second quarter 2004 thrift industry interest rate risk measures.
  Interest Rate Risk 10/1/04
  
  
  

• FFIEC Releases Country Exposure Data

  The E16 Country Exposure Statistical Release and the County Exposure Information Report have been released by the FFIEC.
  E16; Information Report 10/1/04
  

• $1 Million CMP Announced

  OTS has announced that a CMP of $1 million has been imposed against the former president of Dollar Savings Bank, Newark, New Jersey. In addition, prohibition orders have been issued against the former president and a former employee.
  CMP 9/30/04

• FRB Check 21 FAQs

  The FRB has posted on its Web page information regarding Check 21 and FAQs which cover general items, substitute checks, original checks and consumer protection. Check 21 Info; Check 21 FAQs 9/30/04

• OCC Counsel Discusses New HMDA Reporting Requirements

  In a presentation before the Consumer Bankers Association, OCC Chief Counsel Williams noted that the new HMDA reporting requirements present challenges, but also offer opportunities for banks to grow and enhance their business.
  Speech 9/30/04

• Treasury Delivers Terrorist Financing Report

  Under Secretary Levey testified before the Senate banking committee regarding the 9/11 Commission report and the efforts Treasury is making to combat terrorist financing. Testimony 9/30/04

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding cashier's checks drawn on The Poca Valley Bank, Inc., Walton, West Virginia and First Collinsville Bank, Collinsville, Illinois. Information concerning the counterfeit cashier's checks has posted on the BOL Alerts & Counterfeits page. 9/29/04

• New Issue Electronic Interpretations and Actions Posted

  The September 2004 electronic issue of Interpretations and Actions has been posted online by the OCC.
  Interpretations 9/29/04

• New Grants Distributed Hamiltons Next

  The distribution of the new $50 notes has begun with the new $10 note scheduled for release in the Spring of 2004.
  New Notes 9/29/04

• FTC Encourages Public and Private Sectors To Jointly Fight ID Theft

  In testimony before a House subcommittee, the FTC noted that the cooperative efforts of law enforcement agencies and the private sector can reduce identity theft and help victims recover. Since SS numbers play a pivotal role in the crime, the FTC is studying whether it would be more effective to require consumer reporting agencies to match more data points before releasing a consumer report to a user. ID Theft Testimony 9/29/04

• New OFAC Director Named

  Treasury Secretary Snow has announced the naming of Robert Werner as the new Director of OFAC effective October 1, 2004.
  New Director 9/29/04

• September Working Papers Released

  The FRB has released new working papers in both the IFDP series and the FEDS series.
  IFDP; FEDS 9/29/04

• FinCEN Official Testifies

  FinCEN Director Fox presented both oral and written statements to the Senate Committee on Banking, Housing and Urban Affairs regarding the agency's efforts to combat money laundering in the money services and casino industries.
  Written Statement; Oral Statement 9/29/04

• Future Reg CC Amendments Published in FR

  The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
  69FR57837 txt 9/28/04

• Jeanne Closes National Banks

  The OCC has issued a proclamation that allows national banks to close offices affected by Hurricane Jeanne.
  Jeanne Closings 9/28/04

• CRA Evaluations Released

  The OCC has released the CRA ratings for twenty-nine national banks. Four banks were rated outstanding, twenty-four were satisfactory, one was needs to improve and none were in substantial noncompliance. CRA Evaluations 9/28/04

• Comments Sought Regarding Improving Prescreen Opt-Out Notices

  The FTC is seeking public comment on a proposed regulation to improve notices of consumers’ right to opt out of prescreened solicitations of pre-approved credit card and similar credit offers mailed to consumers. Comments must be submitted on or before October 28, 2004. Opt-Out Comments 9/28/04

• FRFS Offers Online Check 21 Seminar

  The FRFS has announced a free online Check 21 seminar that can be viewed at any time day or night from anywhere you have Net access. Check 21 Seminar 9/28/04

• International Reserve Position Updated

  Treasury has released the U.S. International Reserve Position for the week ending September 24, 2004.
  Reserve Position 9/28/04

• HSA Offers New Deposit Account Opportunities

  Health Savings Accounts (HSAs), which were created as part of the Medicare reform legislation as a health benefits option for individuals, are being touted by Treasury as a great new deposit account for banks and credit unions. Treasury has created a HSA Web page and previously issued a guidance that outlines how easy it is for banks and credit unions to offer this new product. Information regarding the guidance was first posted on the December 23, 2003 BOL Top Stories. Treasury PR; HSA Web Page; HSA Guidance 9/27/04

• Derivatives Volume Breaks Record

  The OCC has announced that the notional amount of derivatives held by U. S. commercial banks in the second quarter increased to $81 trillion, a new record. Quarterly Derivatives Report
  9/27/04

• Balkans Entries Changed

  OFAC has changed two Balkans entries on the SDN List. Information regarding the changes has been posted on the BOL OFAC page. 9/24/04

• FRB Revises Overdraft Policy

  The FRB has revised its Policy Statement on Payments System Risk (PSR) to modify the daylight overdraft measurement rules concerning interest and redemption payments on securities issued by government-sponsored enterprises (GSEs) and certain international organizations.
  Policy Statement 9/24/04

• Assets Reports Issued

  The FRB has issued the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for July 2004. Reports 9/24/04

• Fall 2004 State Profiles Posted

  The FDIC has posted on its Web site the Fall 2004 State Profiles which contain banking and economic conditions for each state.
  Fall 2004 Profiles 9/24/04

• FDIC Announces Technology Challenges Conference

  The FDIC will host on November 17, 2004 in New Orleans a conference on the business challenges that financial institutions face regarding changes in technology. Online registration is available. Conference Information; Registration 9/24/04

• FRB Issues FR on Rules of Practice for Hearings

  The FRB is amending its rules of practice and procedure to adjust the maximum amount, as set by statute, of each civil money penalty (CMP) within its jurisdiction to account for inflation. 69FR56929 txt 69FR56929 pdf 9/24/04

• Future Reg CC Amendments Disclosed

  The FRB has issued a Final Rule regarding closing of one check processing office and information about future amendments to Appendix A of Reg CC that the Board will make in 2005 and 2006 to reflect the restructuring of other check-processing operations.
  Reg CC Amendments 9/23/04

• Summer 2004 FR Bulletin Published

  The FRB has published and posted online the Summer 2004 edition of the FR Bulletin which contains various articles of interest including: Monetary Policy Report to Congress; Summary of papers presented at the Models and Monetary Policy Conference; Credit Report Accuracy and Access to Credit; and the First Quarter 2004 Report on the Condition of the U.S. Banking Industry.
  2004 Summer Bulletin 9/23/04

• OCC Bulletin Regarding Institutions Of Primary ML Concern

  The OCC has issued a Bulletin regarding the previous designation by Treasury of two financial institutions as " institutions of primary money laundering concern" under section 311 of the USA PATRIOT ACT. Information regarding the institutions was posted August 25, 2004 on BOL Top Stories. OCC Bulletin 9/23/04

• FYI Discusses Financial Education Delivery Systems



The FDIC has posted a new issue of FYI that features a discussion of delivery systems for financial education in theory and practice. FYI 9/23/04

• FOMC Raises Rates

  The FOMC has announced a 25 basis points increase in both the target rate for fed funds and the discount rate.
  Increase 9/22/04

• Counterfeit Cashiers Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashiers checks drawn on The First National Bank Of Syracuse, Syracuse, Kansas. Information concerning the counterfeit cashiers checks has been posted on the BOL Alerts & Counterfeits page. 9/22/04

• International Reserve Position Updated

  Treasury has issued an update of the U.S. International Reserve Position as of the week ending September 17, 2004.
  Position 9/22/04

• Minority-Owned Banks Report Released

  The FRB has issued the report of Minority-Owned Banks as of June 30, 2004.
  Minority-Owned Banks 9/22/04

• Foreign Bank Structure And Share Data Reports Issued

  The June 2004 Structure and Share Data Reports for U.S. offices of foreign banks has been issued by the FRB.
  Structure And Share 9/22/04

• Libyan Sanctions Terminated

  An Executive Order has been signed by the President that terminates the Libyan Sanctions Regulations effective 12:01 am EDT September 21, 2004 and unblocks all property and interests in property previously blocked. Information regarding the Executive Order has been posted on the BOL OFAC page. 9/21/04

• Ivan Stil Causing Delays

  The Atlanta FRB has announced that all of its offices previously closed due to problems with Hurricane Ivan are now open, but some processing delays presist. Delays 9/21/04

• IFD Working Papers Released

  The FRB has released four working papers in the International Financial Discussion series on the following topics: PPP Rules, Macroeconomic (In)stability and Learning; Look at Me Now: The Role of Cross-Listing in Attracting U.S. Investors; Corporate Governance and the Shareholder Base; and The Performance of International Portfolios. PPP;
  Look;
  Governance;
  Portfolios 9/21/04

• CRA Comment Period Extended Published in FR

  The proposed rule to extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA has been published in the FR. 69FR56175 (txt) 9/20/04

• FDIC Issues FIL Regarding Rebuilding

  The FDIC has issued a FIL that encourages banks to work constructively with borrowers who, because of the natural disasters, are experiencing difficulties beyond their control. The FIL also contains a series of steps which could be implemented to facilitate the rebuilding process in areas damaged by the recent hurricanes and severe storms. FIL 9/20/04

• FDIC CFR Information Available Online

  The FDIC has posted information on its Web site regarding the Center For Financial Research's Fall 2004 Conference and Call for 2005 Funding Proposals.CFR 9/20/04

• NCUA Disaster Relief Policy Activated

  NCUA has activated its disaster relief policy to assist credit unions and their members in areas where offices and homes were damaged and destroyed by wind, rain and flooding caused by Hurricane Ivan and Tropical Storm Gaston.
  Disaster Relief 9/20/04

• CRA Comment Period Extended

  The FDIC has extended the comment period from September 20 to October 20, 2004 on its proposed changes to CRA.
  Comment Period; CRA Proposal 9/17/04

• October 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 October 2004 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 that precedes the month you received the application.
  Daily H. 15; Weekly H.15 9/17/04

• NCUA Issues Prohibition Order

  An order of prohibition for a former loan officer of the School Employees of Washington Credit Union, Spokane, Washington has been issued by NCUA.Order 9/17/04

• Ivan Processing Delays Update

  The FRB of Atlanta has updated the information regarding the expected check processing delays caused by Hurricane Ivan.
  Update 9/17/04

• OCC Encourages Banks To Work With Ivan's Victims

  National banks have been encouraged by the OCC to work with customers who were affected of Hurricane Ivan.
  Victims 9/17/04

• July International Capital Released

  Treasury has released the July 2004 International Capital Data.
  International Capital 9/17/04

• Z.1 Released

  The FRB has released the Second Quarter 2004 Z. 1 Flow of Funds report.
  Z. 1 9/17/04

• Household Ratios Issued

  The household debt service and financial obligation ratios for the Second Quarter 2004 have been issued by the FRB.
  Household Ratios 9/17/04

• Reg E PR Published in FR

  Published in the FR is a proposal that would revise the official staff commentary to Reg E. The commentary interprets the requirements of Regulation E to facilitate compliance primarily by financial institutions that offer electronic fund transfer services to consumers. 69FR55996 txt 69FR55996 pdf 9/17/04

• Ivan Impacts Check And Item Processing

  The Federal Reserve Bank of Atlanta has released a status update of the activities of its Jacksonville, Birmingham and New Orleans branch offices as they relate to Hurricane Ivan. Processing Update 9/16/04

• OTS Urges Thrifts To Protect Employees

  OTS is urging thrifts in the path of Hurricane Ivan to exercise the utmost care and caution to protect the personal safety of their employees while continuing to assist their customers in need. In addition, a Guidance has been issued that authorizes thrifts to close offices at their discretion. Employees; Closings Guidance 9/16/04

• Fake Internet Bank Alert

  An Alert has been issued by the OCC regarding a fictitious Internet bank with a Belize address that appears to be conducting unauthorized banking activities. OCC Alert 9/16/04

• OCC Enforcement Actions Announced

  The OCC has announced that six enforcement actions have taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 9/16/04

• Bulletin Issued Regarding Reg Z Annual Dollar Trigger

  The OCC has issued a Bulletin regarding the previously announced Reg Z annual dollar trigger for certain home mortgage loans. Information regarding the trigger was posted in theAugust 16, 2004 BOL Top stories . Bulletin

• Bank Loan Quality Improves

  The Federal financial institution regulators have released the Shared National Credit review that indicates the quality of large syndicated bank loans has shown marked improvement over the last year. FRB PR; OCC NR: OTS PR; FDIC PR 9/16/04

• G. 17 And G.20 Reports Issued

  The FRB has issued the July 2004 G. 17 Industrial Production and G. 20 Finance Companies statistical reports.
  G.17; G.20 9/16/04

• September 2004 FedFocus Online

  The latest edition of FedFocus features articles on FedLine Advantage, Check 21 Compliance, Check Restructuring News, and New Access to Treasury Services. September 2004 FedFocus
  9/16/04

• Insights Addresses Remittances

  The September 2004 issue of Community Development Insights has been released by the OCC and contains a discussion regarding how remittances provide a gateway to banking services for unbanked immigrants.
  Insights 9/16/04

• Interactive CBI Money Smart Program Now Available

  The FDIC has announced the release of its Money Smart financial education curriculum in an interactive CBI format on CD-ROM.
  Interactive Money Smart 9/16/04

• Unacceptable Credit Card Marketing And Management Guidance Issued

  The OCC has issued an AL which provides guidance to national banks on three specific credit card practices that the regulator regards as unacceptable because they may constitute unfair or deceptive acts or practices, or could otherwise expose a bank to compliance and reputation risk. Credit Card AL 9/15/04

• Unauthorized Banking Alert

  An Alert has been issued by the OCC regarding an entity in the District of Columbia that represents that it is a national bank, but has not been authorized to conduct banking activities. Unauthorized 9/15/04

• OFAC Adds Cartel Interests

  Treasury has designating as SDNTs 23 Colombian businesses and 118 individuals that were acting as fronts for the Cali drug cartel and its leaders. Information regarding these additions to the OFAC List has been posted on the BOL OFAC page. 9/15/04

• Reg. E Amendments Proposed Comment Sought

  The FRB has proposed amendments to Reg. E that would provide guidance regarding the rights, liabilities, and responsibilities of parties engaged in electronic check conversion transactions in addition to providing that payroll card accounts are "accounts" covered by the regulation. Comments are due November 19, 2004. Reg. E Amendments 9/14/04

• September 031 And 041 Forms Online

  The FFIEC has posted the September 2004 031 and 041 report forms on its Web site. 031; 041 9/14/04

• FHC List Released

  A list of the BHCs that have elected to be treated as a FHC by the FRB has been released.
  FHC List 9/14/04

• International Reserve Position Updates

  Treasury has updated the U.S. International Reserve Positions for the weeks ending August 27, September 3 and September 10, 2004.
  August 27; September 3, 10 9/14/04

• Ivan Causes Presentment Delays

  The FRB has announced that there may be check presentment delays in the Florida Keys as a result of the expected arrival of Hurricane Ivan. Presentment Delays 9/13/04

• National Banks Can Close For Ivan

  The OCC has advised national banks that they can close if affected by Hurricane Ivan.
  Ivan Closings 9/13/04

• OTS Schedules 35 CRA Exams

  OTS has announced that 35 CRA examinations are scheduled for the 4th Quarter 2004.
  CRA Exams 9/13/04

• FDIC Warms Consumers Of Fraudulent E-Mails

  The FDIC has issued a Special Alert to consumers that unknown parties have been sending fraudulent e-mails to consumers that appear to have been sent by the FDIC. The fake e-mails request the consumers to update their financial information or their account(s) may be closed. Fake E-mails 9/13/04

• Sprint and AT&T To Pay For FCRA Violations

  The FTC has announced that Sprint and AT&T will pay a combined penalty of nearly $1.5 million for violations of FCRA. The FTC charged that Sprint used consumers’ credit reports to deny them telephone service, and that both AT&T and Sprint placed conditions or restrictions on consumers’ service, without disclosing information required by FCRA. FCRA Penalties 9/13/04

• Comptroller Hawke To Retire

  Comptroller Hawke has informed the President of his intention to retire effective October 13, 2004, the expiration date of his current term. Letter To President 9/10/04

• FRB Requests New Board Resolutions

  The FRB has requested that all financial institutions who have established account and service relationships with the FRB to utilize new standard forms to submit by October 1, 2004 a new resolution of the board and a list of the individuals who are authorized to establish business relationships with the regulator.
  Board Resolution Forms 9/10/04

• Special Alerts Issued For Counterfeit Cashier's Checks

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Bank Trust, Mobile, Alabama and United Southern Bank, Umatilla, Florida. Information regarding each of the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/10/04

• Islamic Foundation Placed On OFAC List

  OFAC has announced that the U.S. branch of an Islamic foundation along with one of its directors and another foreign branch have been designated SDGTs and placed on the SDN List. Information regarding the new designations has been posted on the BOL OFAC page. 9/10/04

• FEDS Working Papers Released

  The FRB has released two working papers in the FEDS series with the following titles: Convenience or Necessity? Understanding the Recent Rise in Credit Card Debt and Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment.
  Credit Card Debt; Monetary Policy 9/10/04

• OCC Issues Bulletin Regarding Median Family Income Data

  The OCC has issued a Bulletin regarding the previously announced U.S. Census and 2004 HUD Estimated Median Family Income numbers. Information regarding the new data was posted August 6, 2004 on BOL Top Stories. OCC Bulletin 9/10/04

• Regulators Publish Phishing Brochure

  The federal financial institution regulators have jointly published a camera ready brochure regarding phishing that can be downloaded for distribution to customers to inform them of the threat to their confidential information and what them can do to protect themselves. Brochure;
  FRB;
  OCC; FDIC; OTS; NCUA 9/9/04

• Greenspan Forecasts Decease In Budget Deficit

  In testimony before the House Budget Committee, Chairman Greenspan noted that recent data indicates the nation's stalled economic expansion has gained traction and with the economy continuing to improve, the deficit is more likely to decline than to increase in the year ahead. Speech 9/9/04

• September 2004 Beige Book Released

  The FRB has released the latest edition of the Beige Book based on information collected prior to September 1, 2004.
  Beige Book Summary;
  Full Report 9/9/04

• July 2004 Consumer Credit Report Issued
  The G.19 Consumer Credit Report for July 2004 has been issued by the FRB. G.19 9/9/04

• Savings Bonds Processing Consolidations Underway

  In December 2003, Treasury announced that three of the five current processing centers for savings bonds would be closed in the near future. Additional information is now available regarding the consolidations which are expected to be completed by the fourth quarter 2005. Consolidations 9/8/04

• Deposit Guidelines For Non-Imageable Checks Issued

  The FRB has announced that institutions that include items in high-speed forward and return cash letters that don't meet the standard for readability will assume all Check 21 liability for losses.Non-Imageable 9/8/04

• National Banks Encouraged To Work With Victims

  The OCC has urged national banks to work with customers who are victims of Hurricane Frances by considering extending loan terms, restructuring obligations and easing credit terms for new loans. Victims 9/8/04

• Disaster Relief Policy Activated

  NCUA has activated its disaster relief policy to assist CU members who are victims of the Florida hurricanes.
  Disaster Relief 9/8/04

• Lending Limits Pilot Program Bulletin Issued

  OTS has issued a Bulletin regarding the Lending Limits Pilot Program which has been extended for an additional three years.
  Pilot Program 9/8/04

• Bulletin Regarding Third Party Arrangements Issued

  A Bulletin has been issued by OTS regarding business relationships with third parties.
  Third Parties 9/8/04

• August CRA Ratings Released

  OTS has release the CRA performance evaluations for August 2004.
  CRA Ratings 9/8/04

• OFAC Changes SDN File Format

  OFAC has announced that it has developed new automated procedures to expedite the creation of the SDN files. The new procedures have been implemented on some existing files and will be used to create free-format files the next time the SDN list is changed.
  OFAC File Changes 9/7/04

• Sixteen Banks Pay OFAC CMP

  OFAC has announced that sixteen banks were cited for funds transfer violations of various OFAC sanctions programs and paid civil money penalties ranging from $450 to $29,000.
  OFAC CMP 9/7/04

• 23A Exemption Granted

  The FRB has issued a legal opinion regarding reasons why an exemption to the provisions of 23A and Reg W was granted to permit a bank to acquire commercial mortgage credits from an affiliate. 23A Exemption 9/7/04

• Check Restructuring Dates Announced

  The Federal Reserve Banks have announced the schedule for the 2005-2006 check processing restructuring resulting from the elimination of nine current check processing locations and the transfer of service to other locations.
  Restructuring Schedule 9/3/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Farmers National Bank of Emlenton, Emlenton, Pennsylvania, and Lafayette State Bank, Mayo, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 9/3/04

• OCC Authorizes Emergency Bank Closings

  The OCC has issued a proclamation declaring an emergency and authorizing national banks in the areas threatened by Hurricane Francis to close at their discretion. Bank Closings 9/3/04

• Banks To Make SS Payments Available Early

  The Florida Bankers Association and Treasury have requested Florida banks to make social security payments available early due to the expected arrival of Hurricane Frances. SS Payments 9/3/04

• Bulletins Issued Regarding FFIEC IT Booklet and Loan To Deposit Ratios

  The OCC has issued two Bulletins regarding the previously announced availability of a FFIEC booklet concerning IT operations and wholesale payments systems and the 2004 host state loan-to-deposit ratios. Information regarding the booklet and the ratios was posted August 27, 2004 on BOL Top Stories. IT Bulletin; Loan-To-Deposit Bulletin 9/3/04

• Third Party Arrangements Guidance Issued

  OTS has issued a guidance for thrifts who enter into business relationships with third parties.
  Thrift Guidance 9/3/04

• June Large Commercial Banks Ranking Released

  The FRB has released the ranking by consolidated assets as of June 30, 2004 of commercial banks having consolidated assets of $300 million or more. Large Bank Ranking 9/3/04

• New Guidelines For Fed Deposits Now In Effect

  The FRB "Guidelines For Fed Deposits" became effective September 1, 2004. The guidelines are not mandatory, but reflect the FRB's preferred way of receiving cash letter deposits nationwide and are intended to foster accuracy and efficiency in handling and processing deposits. Information regarding the guidelines was initially posted on August 9, 2004 BOL Top Stories.
  Guidelines 9/2/04

• OCC Issues Fourth Quarter CRA Exam Schedule

  The fourth quarter 2004 CRA examination schedule for national banks has been issued by the OCC. CRA Exam Schedule 9/2/04

• "Primary Money Laundering Concern" FILs Issued

  The FDIC has issued two FILs regarding foreign banks that have been previously designated by Treasury to be financial institutions of "primary money laundering concern" under Section 314 of the USA PATRIOT Act. Information regarding the institutions and the restrictions imposed were posted on the August 25, 2004 BOL Top Stories. FIL-101-2004; FIL-102-2004 9/2/04

• Bank Of Bedrock Second Alert

  The FDIC has issued a Special Alert regarding an entity that claims to be a national bank insured by the FDIC that may be conducting unauthorized financial transactions. The OCC previously issued an alert regarding the same entity.
  Special Alert 9/2/04

• August Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for August 2004. G.5 9/2/04

• Risk Management Of Tax Lien Purchases

  The OCC has issued a Bulletin regarding the risk management practices it expects a national bank to exercise when purchasing tax lien certificates. Tax Lien Bulletin 9/1/04

• CDR Implementation Delayed

  The federal banking agencies have announced that the implementation of the new CDR system, a web-based central repository for bank financial data, will be delayed until the first or second quarter of 2005. The new system originally was scheduled to be unveiled in October 2004. FRB PR;
  OCC NR;
  FDIC PR 9/1/04

• June Call And Thrift Report Data Online

  The FDIC has posted the Call and Thrift Report data for June 30, 2004 on its Web site. June Data 9/1/04

• FDIC Consumer News Summer 2004 Issue Posted

  The FDIC has posted online the Summer 2004 issue of Consumer News which features articles on new strategies for bank customers in the 21st century. Consumer News 9/1/04

• Updated EDIE Now Available

  An updated version 2.0 of the FDIC interactive electronic deposit insurance estimator, EDIE, is now available online.
  FIL; Download EDIE 9/1/04

• Check 21 Fees Announced By Reserve Banks

  The FRB has announced the Check 21 services that will be offered by the Federal Reserve Banks beginning October 28, 2004 along with the fees that will be charged for the respective services. Check 21 Services and Fees 8/31/04

• Fourth Quarter FDIC CRA Exam Schedule Issued

  The FDIC has issued the schedule and names of the institutions that will be examined during the fourth quarter 2004 for compliance with CRA. A current list of the FDIC regional offices and contact information was also issued.
  Exam Schedule; Regional Offices 8/31/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Parkway Bank and Trust Company, Harwood Heights, Illinois. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/31/04

• FDIC IT Strategic Plan Announced

  The FDIC has announced the agency's IT Strategic Plan for 2004-2007. IT Strategic Plan 8/31/04

• UBPR Enhancements Announced

  The FFIEC has issued a memo that reviews the latest changes to the UBPR which enhance the export capabilities of the standard report and expands the capabilities of the peer custom report. UBPR Changes
  8/31/04

• Greenspan Says Aging Population Impacts Global Economies

  Chairman Greenspan told the participants in a symposium in Jackson Hole, Wyoming sponsored by the Kansas City FRB that the economic implications of population aging will have a less dramatic impact on the US than that projected for other countries. He noted, however, that the effect of the expected doubling of the over-65 age category by 2035 could substantially increase budget deficits and reduce federal savings unless actions are taken. Speech 8/30/04

• Fourth Quarter 2003 Quarterly Journal Now Online

  The OCC has posted the March 2004 issue of the Quarterly Journal which contains the data from the fourth quarter 2003. It is the first issue to be distributed only electronically. The "About OCC Section" contains an organizational chart and a complete list of comptrollers. The final documents on preemption and visitorial powers are also featured. Quarterly Journal 8/30/04

• 2004 Host State Loan-To-Deposit Ratios Released

  The banking regulators have released the 2004 host state loan-to-deposit ratios that will be utilized to determine compliance with Section 109 of the Riegle-Neal Act that prohibits the establishment or acquisition of an out-of-state branch pimarily for deposit production. Section 109 Ratios; FRB PR; OCC PR; FDIC FIL 8/27/04

• Nineteen FDIC Enforcement Orders Announced

  The FDIC has announced that nineteen enforcement orders were processed in July 2004 including two cease-and-desist orders, nine removal-and-prohibition orders, seven civil money penalty orders, and one termination of a cease-and-desist order.
  Enforcement 8/27/04

• Revised IT Operations and Wholesale Payment Systems Guidance Released

  FFIEC has released two booklets containing revised guidance on IT operations and wholesale payment systems for institutions, examiners, and technology service providers. FFIEC PR; Operations Booklet; Wholesale Payment Booklet 8/27/04

• Counterfeit Cashier's Checks Overload

  The FDIC has issued six Special Alerts regarding counterfeit cashier's checks drawn on six different banks. Information regarding each of counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 8/27/04

• FRB Site Gets Makeover

  The FRB has redesigned its home page and secondary pages by giving each a fresh new look while adding additional informational links. The "Breaking News" section now has a prominent location on the site and the "Recent Statistical Releases" section contains links to all releases. Education initiatives are also featured and search boxes have been added on all secondary pages.
  FRB Home Page 8/27/04

• Earnings Approach Record Levels

  The FDIC released the Quarterly Banking Profile for the second quarter 2004 that indicates bank and thrift earnings were the second highest in history. Earnings; Quarterly Banking Profile 8/27/04

• June G.20 Issued

  The June 2004 G.20 Finance Companies statistical release has been issued by the FRB.
  G.20 8/27/04

• Five FEDS Papers Published

  The FRB has published five working papers in the FEDS series with the following titles: Do Liquidity Constraints Matter for New Entrepreneurs?; Is Moderate-To-High Inflation Inherently Unstable?; Monetary Policy and the Information Content of the Yield Spread; Expectation Traps in a New Keynesian Open Economy Model; and Competition, Product Differentiation and Quality Provision: An Empirical Equilibrium Analysis of Bank Branching Decisions.
  Liquidity Constraints; Inflation; Monetary Policy; Traps; Competition 8/27/04

• Input Sought For National Financial Education Strategy

  Treasury has issued a require for public comments regarding the development of the national strategy for financial education.
  Financial Education Strategy 8/27/04

• Fake Bank Web Site Exposed

  The OCC has identified a Web site that claims to be associated with the First National Bank of Bedrock, a fictitious bank. The site offers deposit accounts, investments, debit cards, and credit cards.
  Fake Bank 8/26/04

• Three International Finance Discussion Papers Released

  The FRB has released three working papers in the International Finance Discussion series on the following topics: The ET Interview: Professor David F. Hendry; Does Monetary Policy Keep Up with the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities; and Is The Corporate Loan Market Globally Integrated? A Pricing Puzzle.
  ET;
  Monetary Policy;
  Corporate Loan 8/26/04

• Second Quarter Charge-Off and Delinquency Report Issued

  The Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Statistical Report for the second quarter 2004 has been issued by the FRB. Charge-Off 8/26/04

• OCC Issues Bulletin Regarding Check 21 Final Rule

  A Bulletin has been issued by the OCC regarding the final Reg CC amendments and commentary implementing Check 21 previously announced by the FRB. Information regarding the Reg CC amendments and commentary was posted July 27, 2004 in BOL Top Stories. Bulletin; Final Rule 8/26/04

• June UBPR Now Online

  The June 30, 2004 UBPR has been posted online by FFIEC. June UBPR
  8/26/04

• 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 regarding the counterfeit cashier's checks has been posted on the BOL Alert's & Counterfeits page. 8/25/04

• Foreign Banks Receive "Primary Money Laundering Concern" Designation

  Treasury has designated the First Merchant Bank of the "Turkish Republic of Northern Cyprus" and Infobank of Belarus as financial institutions of "primary money laundering concern," pursuant to Section 311 of the USA PATRIOT Act. In addition, FINCEN has issued two NPRMs that would prohibit covered financial institutions from establishing, maintaining, administering or managing directly or indirectly any correspondent account in the United States for or on behalf of either institution. Treasury Designation; First Merchant NPRM; Infobank NPRM 8/25/04

• Fourteen Enforcement Actions Announced

  The OCC has announced fourteen Enforcement Actions that have been taken against national banks and individuals currently or formerly associated with national banks in Florida, Illinois, Texas, North Carolina, Ohio, and Tennessee. Enforcement Actions 8/25/04

• Notices Of Prohibition Issued

  The FRB has issued a Notice of Prohibition against a Missouri and a New Jersey banker.
  Missouri Banker;
  New Jersey Banker 8/25/04

• Liquidity Constraints Working Paper Released

  The FRB has released the latest working paper in the FEDS series entitled, "Do Liquidity Constraints Matter for New Entrepreneurs?
  Liquidity Constraints 8/25/04

• Fall Outlook Identifies Recovery Signs

  The focus of the Fall 2004 FDIC Outlook is on commercial lending at FDIC-insured institutions and features an article that identifies emerging signs of a recovery in commercial and industrial lending. Fall 2004 Outlook 8/25/04

• CRA "Small Bank" FIL Issued

  The FDIC has issued a FIL regarding the previously announced proposed rule which would amend the CRA definition of a "small bank". Information regarding the proposal was posted on the August 20, 2004 BOL Top Stories. FIL-96-2004 8/24/04

• 2004 Preliminary Census File Finalized

  The FFIEC reports that the 2004 preliminary census file has been finalized and has posted it on its Web site.
  2004 Census File 8/24/04

• Second Quarter TFR Data Released

  OTS has released the aggregated thrift financial report data for the second quarter 2004.
  TFR Data 8/24/04




• Today's The Day For FairPay

  The Department of Labor's new FairPay regulations take effect on August 23, 2004. They implement the exemption from minimum wage and overtime pay for executive, administrative, professional, outside sales and computer employees.
  

  Department of Labor FairPay Web site
  
  FairPay Regulations
  
  FairPay Fact Sheet for Financial Services Industry Employees
  Online Department of Labor presentations explaining the new requirements 8/23/04

• Forty-Five CRA Ratings Released

  The OCC has released the CRA ratings for forty-five national banks that were examined for CRA compliance in July and August 2004. Eight of the banks received an outstanding rating, with thirty-seven were deemed satisfactory. None were rated needs to improve or substantial nincompliance. CRA
  8/23/04

• Insurance Funds Second Quarter Financials Released

  The FDIC has released the Second Quarter 2004 financial results for the BIF and SAIF funds. BIF and SAIF 8/23/04

• FDIC PR on CRA Published in FR

  The proposed revisions to the CRA that would change the definition of ``small bank'' to raise the asset size threshold to $1 billion regardless of holding company affiliation has been published in the FR. 69FR51611 txt 69FR51611 pdf 8/20/04

• Bulletin Issued Regarding Asset Change Final Rule

  The OCC has issued a Bulletin regarding the previously announced Final Rule which require a national bank to obtain the OCC's prior written approval before making two types of fundamental changes in the composition of the bank's assets. Information concerning the Final Rule was posted in the August 17, 2004 BOL Top Stories. Bulletin 2004-37 8/20/04

• Hurricane Assistance FIL

  The FDIC has issued an FIL regarding the regulatory assistance available to financial institutions subject FDIC supervision concerning unusual lending circumstances, late filing of reports, delay in publication of notices, and Reg Z waivers.
  FIL-95-2004 8/20/04

• Unauthorized Disclosure of SARs

  FinCEN's BSA Advisory Group has issued a statement regarding the unauthorized disclosure of the information contained in a SAR.
  Statement 8/20/04

• Community Bank Lending Limit Pilot Program Extension Published in FR

  Published in the FR is a final rule announcing the extension and expansion of a pilot program that allows community national banks to lend up to the state limit in states that have lending limits higher than those available for federally-chartered institutions.
  Pilot Program 69FR51355 txt 69FR51355 pdf 8/19/04

• HMDA Site Adds FAQs

  The HMDA Reg C Web site maintained by the St. Louis FRB has added a new section containing FAQs on the following topics: applicant information, application or loan data, pricing data, transition rules and type of purchaser.
  HMDA FAQs 8/19/04

• Modification of "Community Development" Proposed By OTS

  OTS has announced that it intends to request comments on a proposal to modify the definition of "community development" for CRA purposes in an effort to encourage thrifts to participate in activities to revitalize and stabilize areas affected by natural disasters or other major community or regional disruptions. Proposal
  8/19/04

• Schedule To Online UBPR Updated

  FFIEC has updated the schedule to online UBPR. Online Schedule 8/19/04

• Second Quarter Thrift Industry Performance Reports Issued

  The OTS has issued the Second Quarter 2004 thrift industry performance reports regarding earnings, profitability, asset quality, and loan growth. Highlights; Charts; Selected Indicators 8/19/04

• OTS CRA Rule Published in FR

  The final rule for the OTS modifying the existing “small institution” test for thrifts under CRA has been published in the FR.
  69FR51155 txt 69FR51155 pdf 8/18/04

• Revision Of FFIEC 009 Proposed

  The OCC, FRB, and FDIC have issued a joint notice and request for comments regarding proposed changes to the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a).
  Notice
  Forms and Instructions 8/18/04

• National Banks Encouraged to Work With Hurricane Victims

  The OCC is encouraging national banks to work with hurricane victims by taking actions that will help them recover their financial strength and enable them to be in a better position to repay their debts. Victims 8/18/04

• NCUA Activates Disaster Relief Policy

  NCUA has activated its disaster relief policy to assist credit unions and members in areas damaged by Bonnie and Charlie.
  Disaster Relief 8/18/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending August 13, 2004.
  International Reserve 8/18/04

• G. 17 Report Released

  The FRB has released the July 2004 G. 17 Industrial Production and Capacity Utilization report.
  G. 17 8/18/04

• FDIC Seeks Additional CRA Comments

  The FDIC previously sought comments regarding a proposed rule that would increase the small institution threshold to $500 million from $250 million. After reviewing the more than 900 comment letters received, the FDIC decided to issue a new proposal and solicit additional comments on the impact of changing the definition of a small institution to include those with total assets of up to $1 billion, regardless of holding company affiliation. Memo To FRB Board; FR Notice Draft 8/17/04

• September 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 September 2004 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 September, you will use the rates posted on August 13th since August 15th fell on the weekend. H.15 Weekly Rates
  8/17/04

• Seventh Issue of The SAR Activity Review Released

  FinCEN has released the seventh issue of The SAR Activity Review - Trends, Tips & Issues which contains an analysis of the suspected use of shell corporations and banks by European criminals to launder money. SAR Activity Review 8/17/04

• June OTS CRA Ratings Released

  OTS has released the thrift CRA ratings for June 2004. CRA Ratings 8/17/04

• Final Rule Issued Regarding Changing Composition Of Bank Assets Published in FR

  The OCC has issued a Final Rule for national banks that substantially change the composition of their assets through a sale or other disposition to become a dormant or “stripped” charter. In certain transactions, prior OCC approval is required. This rule has been published in the FR.
  69FR50293 txt 69FR50293 pdf 8/17/04

• June TIC Data Released

  Treasury has released the Treasury International Capital Data for June 2004. TIC Data 8/17/04

• Banking Lending Practices Survey Results

  The FRB has released the results of the July 2004 Senior Loan Officer Opinion Survey on bank lending practices regarding changes in the supply of, and demand for, bank loans to businesses and households over the past three months.
  Survey 8/17/04

• Average Cost Of Funds Data Updated

  OTS has updated the historical and current national average cost of funds ration to OTS regulated, SAIF insured institutions reports. Historical; Current 8/17/04

• Thrifts Urged To Assist Hurricane Victims

  OTS has issued a statement that efforts by thrifts to modify existing loans in the areas impacted by the damage from Hurricane Charley will be given due consideration by thrift examiners. The agency indicated that it will work with thrifts to identify ways to assist their customers’ and their communities’ recovery efforts. Additional disaster relief guidelines are found in OTS Bulletin 71. Hurricane Relief; Bulletin 71 8/17/04

• Reg Z Dollar Amounts Published in FR

  The FRB is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees
  above a certain amount. The adjusted dollar amount for 2005 is $510. 69FR50298 txt 69FR50298 pdf 8/16/04

• 314a Fact Sheet Published

  FinCEN has published a fact sheet which contains an overview of 314a activity including the number of agency requests processed and subjects of interest identified along the law enforcement actions taken as a result the information provided.
  314a Fact Sheet 8/16/04

• Sale Of Unregistered Securities Alert

  The OCC has issued an Alert regarding the sale of unregistered securities by unlicensed persons. A copy of a cease-and desist order issued by a state regulator was attached to the Alert.
  Alert;
  C&D Order 8/16/04

• FDIC June Enforcement Actions Released

  The FDIC has announced that fifteen enforcement actions were processed in June 2004. They included five removal and prohibition orders, five civil money penalty orders, two terminations of insurance orders, two orders terminating orders to cease and desist, and one adjudicated decision. Orders 8/16/04

• Two Bankers Receive Suspension and Prohibition Orders

  The FDIC has issued Suspension and Prohibition Orders against New Jersey and Missouri bankers.
  Orders 8/16/04

• OFAC FIL Issued

  The FDIC has issued an FIL regarding previously announced changes to the OFAC List. Information concerning the changes was posted August 10, 2004 on the BOL OFAC page. FIL-94-2004 8/16/04

• Annual Adjustment To TILA Trigger Published

  The FRB has published the annual adjustment of the dollar amount that triggers additional disclosure requirements under TILA for home mortgage loans that bear rates or fees above a certain amount. Trigger Adjustment 8/13/04

• National Banks May Close For Hurricanes

  The OCC has issued a proclamation allowing national bank offices affected by Hurricanes Bonnie and Charley to close at their discretion. Closing 8/13/04

• CRA Rule Finalized By OTS

  OTS has issued a final rule, effective October 1, 2004, modifying the existing “small institution” test for thrifts under CRA.
  CRA Rule 8/13/04

• Regulators File Brief In California SB1 Case

  Six federal regulatory agencies have filed an amicus curiae brief in support of an appeal of a California Federal District Court decision upholding provisions of a California law that impose restrictions on the sharing of a customer’s information between a financial institution and its affiliates. The lawsuit and appeal, filed by the ABA, the CBA and the Financial Services Roundtable, assert that the California Financial Information Privacy Act, commonly referred to as “SB1,” is contrary to applicable federal law. Brief 8/13/04

• NCUA Liquidates Ohio CU

  The NCUA has announced that Appalachian Development Federal Credit Union of Nelsonville, Ohio, has been placed into liquidation.
  Liquidation 8/13/04

• New HMDA FAQs Online

  The FFIEC has posted online new Q & As and revised answers to previous addressed questions regarding property type; action taken; preapprovals; and sex, race, and ethnicity. HMDA FAQs 8/12/04

• Guidance On Classification Of Business Entities Organized In Multiple Jurisdictions

  Treasury has issued temporary and proposed regulations regarding the proper classification for federal tax purposes of business entities organized in multiple jurisdictions. Temp Regs;
  Proposed Regs 8/12/04

• International Reserve Position Updates

  Treasury has updated the U. S. International Reserve Position report to include data as of August 6, 2004.
  International Reserve 8/12/04

• Cuban SDN Entries Change

  OFAC has added one Cuban entry to the SDN list while removing two others. Information regarding the changes can be found on the BOL OFAC page. 8/11/04

• Rates Rise

  The FOMC of the FRB has raised the target rate for fed funds and approved the discount rate requests submitted by the Federal Reserve Banks. FRB PR 8/11/04

• FRB Notice of FACTA Study Published

  The Federal Reserve Board's Notice of Study and Request for Information on investigations by furnishers of consumer information to consumer reporting agencies has been published in the Federal Register. The comment deadline is September 17, 2004. 69FR48494 (txt) 69FR48494 (pdf)8/10/04

• FDIC Hosts Discussions on Bank Tech Challenges

  Mark your calendars for August 31, 2004. FDIC will host panel discussions on the challenges financial institutions face when dealing with the latest technology trends. Some of the subjects to be addressed include ID theft, electronic scams, non-bank owned ATMs and offshore outsourcing. Announcement 8/10/04

• OFAC Publishes Request for Comment

  OFAC has published a request for comments on the effectiveness of its licensing procedures implementing the Trade Sanctions Reform and Export Enhancement Act of 2000 for the exportation of agricultural commodities, medicine, and medical devices to Sudan, Libya, and Iran. 69FR48183 (txt) 69FR48183 (pdf)8/10/04

• Three Counterfeit Cashier's Checks Alerts

  FDIC has published three new alerts relating to reports of counterfeit cashier's checks that purport to be drawn on AmericaWest Bank (the real bank's name is AmericanWest), Chittenden Trust Company, and First Commercial Bank of Florida. SA-51-2004;
  SA-50-2004;
  SA-49-2004 8/10/04

• FRB Releases Working Papers

  New working papers in the Financial and Economics Discussion Series, 2004-39 through 2004-41, have been released by the Federal Reserve Board. 2004 FEDS Papers 8/10/04

• Enhancements for FedACH Services

  The Federal Reserve Financial Services has implemented new enhancements for FedACH Services via FedLine Web. Users should experience greater functionality when gathering FedACH activity online or deriving returns and NOCs. Announcement 8/10/04

• OCC Warns of Fake Bank Web Site

  The Office of the Comptroller of the Currency has identified a Web site claiming to be associated with a national bank named Bank of NG, N.A. Neither the OCC nor any state banking authority has authorized the subject entity to operate as a bank. Alert 2004-17 8/10/04

• Pop-up Ad Spammers Settle FTC Charges

  An operation that used a feature called the “Windows Messenger Service,” which is part of the Microsoft Windows operating system, to barrage consumers’ computers with pop-up ads for the pop-up blocking software they sold has agreed to settle Federal Trade Commission charges that their marketing methods violated federal laws. Press Release 8/10/04

• OFAC Penalties, Plus Libya General License

  OFAC has issued an amended general license under the Libyan Sanctions Regulations. Plus, 15 OFAC penalty actions against financial institutions have been announced. All the details can be found on the BOL OFAC page. 8/10/04

• FRB Studies Adequacy of Investigations

  Pursuant to its obligation under the FACT Act, the Federal Reserve Board is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. Comments are being solicited in connection witht he study. Press Release Notice of Study 8/9/04

• G.19 Statistical Release Published

  The Federal Reserve has posted the latests G.19 Statistical Release on Consumer Credit. G.19 Statistical Release 8/9/04

• New Guidelines for Depositing Checks with Reserve Banks

  Effective September 1, 2004, new guidelines will take effect for depositing checks with Federal Reserve Banks.
  Guidelines 8/9/04

• Health Savings Accounts Information Posted

  The IRS has posted a number of documents with information about Health Savings Accounts. The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 created a new, tax-advantaged way for certain people to save for health care expenses. To be eligible to open and contribute to a Health Savings Account (HSA), an individual must be covered by a high-deductible health plan. Notice 2004-2 (updated) 88 Q&As on HSAs 8/9/04

• IRS Offers New Email Service

  Tax professionals and others interested in federal taxation can have technical guidance from the IRS e-mailed to them.
  IR 2004-105 8/9/04

• FRB To Study Disputed Credit Report Investigations

  The FRB has announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. In connection with the study, the regulator is soliciting public comment on issues that will assist in the preparation of the study. Study 8/6/04

• CRA Exam Results Released

  The FDIC has released the August list for banks examined for CRA compliance. CRA 8/6/04

• NCUA Issues Prohibition Orders

  Orders of Prohibition have been issued by NCUA against seven individuals which prohibit them from participating in any manner in the affairs of any federally insured financial institution. Orders 8/6/04

• 2004 Median Family Income Numbers Available

  The FFIEC has posted the HUD 2004 Estimated Metropolitan Area Median Family Income Numbers on line. 2004 8/6/04

• Don't Forget The Terrorist Hotline

  The FinCEN has issued a reminder that financial institutions can utilize a special number to report suspicious transactions that may be related to terrorist activity. Hotline 8/6/04

• Corrections Made To Basel II Study

  The FDIC has made online corrections to the FYI dated December 8, 2003, titled "Estimating the Capital Impact of Basel II in the United States". Due to an error, the paper's estimates of capital requirements for wholesale lending were lower than what the underlying assumptions and methodology should have implied.
  FYI 8/6/04

• FTC Consumer Fraud Survey Released

  The FTC has release the results of a survey of fraud in the United States that indicates that 25 million adults or 1 in 10 were victims in the year studied. Fraud Survey 8/6/04

• "Related Organizations" Handbook Published By OCC

  The OCC has published a new 107 page booklet in the Comptroller's Handbook Series entitled " Related Organizations", which helps bankers and examiners to understand the risks of relationships with entities such as affiliates and subsidiaries. Improperly managed relationships with such organizations have been a factor in many bank failures. Related Organizations" 8/5/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position report for the week ending July 30, 2004.
  International Reserve 8/5/04

• Check 21 Final Rule published in Federal Register Check 21 rules which amend Reg CC and add a new subpart have been published in the Federal Register. Final Rule; Text 8/4/04
• OFAC Adds To And Subtracts From SDN List

  OFAC has announced the addition of new entries to the SDN List with the IRAQ2 designation while deleting and modifying existing SUDAN entries. Information regarding the changes has been posted on the BOL OFAC page. 8/3/04

• Written Agreement With West Virginia Bank Announced

  The FRB and the West Virginia Division of Banking have announced that a Written Agreement has been entered into with Traders Bank, Spencer, West Virginia. Written Agreement 8/3/04

• FRB To Close Check Processing Sites

  Changes announced by the FRB to its check processing operations will result in the closing of nine current processing sites. The changes, which will occur in 2005 and 2006, are part of the FRB response to the increasing substitution of electronic payments for paper checks. A fact sheet, issued by the FRB, details the changes. Check Processing;
  Restructuring Fact Sheet 8/3/04

• July Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates report for July 2004.
  Foreign Exchange Rates 8/3/04

• Market Financing Estimates Announced

  Treasury has announced the market financing estimates for the Third and Fourth Quarters 2004.
  Estimates 8/3/04

• Department of Homeland Security Remarks made by Secretary of Homeland Security Tom Ridge Regarding Recent Threat Reports (August 1, 2004) - having new and unusually specific information about an al-Qaeda attack, the United States Government is raising the threat level to Orange for the financial services sector in New York City, Northern New Jersey and Washington, DC. This will allow us to increase protection in and around those buildings that require it, and also raise awareness for employees, and residents, and customers, and visitors. Read Remarks 8/2/04
• HUD Multifamily Rental Projects and Health Care Facilities: Regulatory Revisions

  This proposed rule would amend certain Federal Housing Administration (FHA) regulations to update these regulations to reflect current HUD policy in the area of multifamily rental projects and health care facilities. Proposed Rule 8/2/04

• Executive Order Removes Names From OFAC List

  President Bush has issued an Executive Order that eliminates a previously declared national emergency regarding Iraq, modifies the restrictions on certain transactions, grants new general licenses, and removes names from the OFAC SDN List. Information regarding the Executive Order has been posted on the BOL OFAC page. Executive Order
  8/2/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on People's Bank, Bridgeport, Connecticut. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. Special Alert 8/2/04