Top Story Security Related

The Federal Reserve has released five letters prohibiting the recipients, each of whom has been convicted of a crime involving dishonesty or breach of trust under Section 19 of the Federal Reserve Act, and are automatically prohibited from becoming or continuing as an institution-affiliated party with respect to any federally insured banking organization or credit union.

• Gabriel N. Nervig
• Sean K. Farley
• Henry Morris Hayes Jr.
• Jordan C. Jaehn
• Matthew J. Walker

The Federal Reserve has released five letters prohibiting the recipients, each of whom has been convicted of a crime involving dishonesty or breach of trust under Section 19 of the Federal Reserve Act, and are automatically prohibited from becoming or continuing as an institution-affiliated party with respect to any federally insured banking organization or credit union.

• Gabriel N. Nervig
• Sean K. Farley
• Henry Morris Hayes Jr.
• Jordan C. Jaehn
• Matthew J. Walker

• Ways To Reduce Fraud Losses Detailed In Report

  The Association of Certified Fraud Examiners has released its "2004 Report to the Nation on Occupational Fraud and Abuse" which contains the results of a continuing investigation of the changing methods, mores and mechanics of both domestic and international financial fraudsters. The report will be of special interest to auditors, compliance officers and security offices. It contains timely suggestions of ways for a financial institution to reduce exposure to fraud losses.
  Fraud Report 7/30/04

• Counterfeit State Warrants Special Alert

  The FDIC has issued a Special Alert regarding counterfeit warrants bearing the name of the State of Florida, Department of Financial Services. Information regarding the counterfeit warrants has been posted on the BOL Alerts & Counterfeits page. 7/30/04

• OFAC Issues Interim Final Rule Regarding Zimbabwe

  OFAC has issued an Interim Final Rule which adds new regulations that implement the provisions of a previously announced Executive Order regarding the blocking of property of persons undermining democratic processes or institutions in Zimbabwe.
  Interim Final Rule 7/30/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending July 23, 2004.
  International Reserve 7/30/04

• Owned And Managed Receivables Report Released

  The FRB has released the G.20 Finance Companies Owned and Managed Receivables Report for May 2004.
  G.20 7/30/04

• OCC Bulletin Regarding FACT Act Model Notices

  The OCC has issued a Bulletin regarding the previously announced Final Rule implementing the FACT Act and providing Model Notices to customers concerning the furnishing of negative information to consumer reporting agencies. Information regarding the Final Rule and the Model Notices was posted June 16, 2004 in BOL Top Stories. Bulletin; Final Rule 7/30/04

• CIP Exam Procedures Issued

  The federal financial regulators have issued the procedures that will be followed by examiners when conducting a CIP examination. The procedures are designed to help financial institutions fully implement the new CIP requirements and facilitate a consistent supervisory approach among the federal financial institutions regulatory agencies. Procedures;
  FRB SL;
  OCC Bulletin;
  OTS CEO Ltr;
  FDIC;
  NCUA 7/29/04

• FinCEN Updates Zip Code List

  FinCEN has posted online the updated ZIP Code Validation List for the Mag Specs which are utilized when filing SARs and CTRs. Click on the specific form needed to obtain the new information. Updated Forms 7/29/04

• Beige Book Updates

  The FRB has published the latest updates to the Beige Book based on information collected prior to July 19, 2004.
  Beige Book Full Report;
  Summary 7/29/04

• A & L Price Tables Released

  OTS has released selected Asset and Liability Price Tables as of June 30, 2004.
  Price Tables 7/29/04

• OFAC FIL Issued

  An FIL has been issued by the FDIC regarding previously announced additions to the OFAC SDN List. Information regarding the additions was posted July 23, 2004 on the BOL OFAC page.
  FIL-88-2004 7/29/04

• Regulators Publish Risk-Based Capital Guidelines in FR

  The Regulators are amending their risk-based capital standards by removing a sunset provision that would preclude a certain
  capital treatment for asset-backed commercial paper (ABCP) programs after a certain date. 69FR44908 (txt) 69FR44908 (pdf) 7/28/04

• Currency Fitness For Circulation Guidelines Revised

  The FRB has revised the guidelines for distinguishing between federal reserve notes that are fit and unfit for further circulation. The new provisions take into account comments received from the public concerning the challenges associated with setting a clear and useable standard for certain fitness characteristics. Currency Guidelines 7/28/04

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Peoples State Bank, Wausau, Wisconsin; Centier Bank, Whiting, Indiana; and The Dime Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/28/04

• July Issue Of FedFocus Posted Online

  The July issue of FedFocus is available online and features articles regarding Check 21, web access options, FedACH International and FedImage service enhancements. July FedFocus 7/28/04

• Check 21 Final Rule Issued

  The FRB has issued the final amendments to Reg CC along with commentary to implement Check 21. For more information regarding Check 21, read the articles and Q & As on the BOL Check 21 page. A series of upcoming Check 21 BOL Webinars is also listed on the BOL Learning Connect Calendar.
  Final Rule 7/27/04

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Indian River National Bank, Vero Beach, Florida. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 7/27/04

• HMDA and CRA Data Released By FFIEC

  The FFIEC has announced the availability of data on mortgage lending reported by financial institutions covered by HMDA and small business, small farm, and community development lending reported by commercial banks and thrifts covered by CRA.
  HMDA Data;
  CRA Data 7/27/04

• OTS To Conduct Financial Management Seminars

  OTS has announced plans to conduct a series of financial management seminars designed to benefit those responsible for accounting and financial reporting, coordination of auditing services or interest rate risk analysis.
  Seminars; Registration Form 7/27/04

• Regulators Enter Written Agreement With Dutch Bank

  The FRB, along with New York and Illinois bank regulators, has entered a Written Agreement with ABN AMRO Bank, N.V., Amsterdam, The Netherlands, and its New York branch regarding BSA and AML compliance. Written Agreement 7/27/04

• New International Banking Journal Gains FRB Support

  The FRB has announced that it will support the development of a new publication focused on central bank theory and practice and issued a call for research papers. The International Journal of Central Banking (IJCB) is a joint project of the Bank for International Settlements (BIS), the European Central Bank, and each of the Group of Ten (G-10) central banks. Support;
  IJCB 7/27/04

• President Issues OFAC Executive Order

  President Bush has issued an Executive Order that blocks the assets of twenty-eight individuals and adds their names to the SDN List in addition to prohibiting the importation of certain goods from Liberia. Information regarding the additions to the SDN List have been posted on the BOL OFAC page.
  Executive Order 7/26/04

• Revisions To BHC Rating System Proposed

  The FRB is requesting comments on proposed revisions to the BHC rating system to conform the system to current supervisory practices. Under the revised rating system, each holding company would be assigned a composite rating based on an evaluation and rating of three essential components of an institution's financial condition and operations. Proposal 7/26/04

• Reduction Of Regulatory Burdens Suggestions Sought

  The FDIC has issued a FIL requesting suggestions on ways to reduce the regulatory burdens associated with consumer protection regulations dealing with account/deposit relationships and miscellaneous consumer rules. FIL-86-2004 7/26/04

• NCUA Proposes Additional Conversion Disclosures

  NCUA has issued proposals to update and amend its regulations to establish certain communications and disclosures be provided to members prior to voting to convert from federal to nonfederal insurance, to terminate federal insurance, or to convert to a mutual savings bank.
  Proposals 7/26/04

• Preliminary June 30 Call Reports

  The FDIC has posted the preliminary June 30, 2004 Call Report data online.
  June Call Report Data 7/26/04

• Agencies Delay CDR Rollout

  The FRB, FDIC and OCC have announced that the October 1, 2004 rollout of the Central Data Repository, an Internet-based system created to modernize and streamline how the agencies collect, validate and distribute call report data, will be delayed to allow more time for testing and enrollment. FRB;
  FDIC; OCC 7/23/04

• Counterfeit Warrants Alert

  The OCC has issued an Alert regarding a significant increase in the circulation of counterfeit warrants bearing the name of the Florida Department of Financial Services. Information concerning ways to identify the bogus warrants is included in the Alert.
  Counterfeit Warrants Alert 7/23/04

• International Banking FIL Issued

  A FIL that proposes amendments to Parts 303, 325, 327 and 347 of the FDIC's Rules and Regulations relating to international banking by insured state nonmember banks and insured U.S. branches of foreign banks has been issued.
  FIL 85-2004; Amendments txt pdf 7/23/04

• Electronic Record Systems AL Issued

  The OCC has issued an AL which provides a basic framework for bank management to use to assess and address key issues concerning bank electronic record keeping systems and the provisions of the E-SIGN Act. OCC AL-2004-9 7/22/04

• Risks Of Instant Messaging Guidance Issued

  A FIL with an attached Guidance regarding the risks associated with publicly available instant messaging and network file-sharing has been issued by the FDIC. FIL; Guidance 7/22/04

• Self Assessment Guides Available Online

  The FDIC has posted online four Deposit Reporting Self Assessment Guides for use as references and self-assessment tools for properly reporting Call Report deposits. Self Assessment Guides 7/22/04

• International Reserve Position Update

  The FRB has updated the U.S. International Reserve Position to include data from the week ending July 16, 2004.
  International Reserve 7/22/04

• Minority-Owned Banks Report

  The FRB has issued its report of minority-owner banks as of March 31, 2004.
  Minority-Owned Banks 7/22/04

• FACTA Affiliated Marketing Comment Deadline Extended

  In a Federal Register document published June 15, 2004, the
  FTC requested comment on a proposed rule that provided for consumer notice and an opportunity to prohibit affiliates from using certain information to make or send marketing solicitations to the consumer. The Commission is extending its comment period until August 16, 2004. 69FR43546 pdf 7/21/04

• Greenspan Says Fed Will Act If Needed To Maintain Price Stability

  Chairman Greenspan presented the FRB's semiannual Monetary Policy Report To Congress and indicated that the profits of nonfinancial corporations are advancing at a pace not experienced since 1983. As a result, close attention is being paid to data regarding costs and prices when assessing the current monetary policy. He noted that the FOMC has emphasized that it will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability. Speech;
  Monetary Policy Report txt pdf 7/21/04

• Risk-Based Capital Standards Final Rule Issued

  The federal financial institution regulators have issued a Final Rule which amends their risk-based capital standards regarding the calculation of ABCP program assets that are consolidated into the balance sheet pursuant to FIN-46-R. The Rule, which will be published shortly in the Federal Register, will become effective on September 30, 2004. Final Rule;
  FRB;
  OCC;
  OTS;
  FDIC 7/21/04

• Thrift CRA Evaluations Released

  OTS has released the June 2004 CRA Performance Evaluations for savings associations.
  CRA Evaluations 7/21/04

• OCC Issues Bulletin Regarding CRA JIR

  A Bulletin has been issued by the OCC regarding the CRA Joint Interim Rule that was previously announced by the federal banking regulators, published in the Federal Register, and posted in BOL Top Stories on July 8, 2004. Bulletin 2004-33;
  JIR txt pdf 7/21/04

• Household Debt Service and Financial Obligation Ratios Released

  The FRB has released the Household Debt Service and Financial Obligations ratios for the First Quarter 2004.
  Ratios 7/20/04

• New Working Papers Published

  The FRB has published two new working papers in the International Finance Discussion series entitled: Good News Is No News? The Impact of Credit Rating Changes on the Pricing of Asset-Backed Securities; and The Delayed Response To A Technology Shock. A Flexible Price Explanation. Good News;
  Delayed Response 7/20/04

• Regulators To Withdraw Proposed CRA Amendments

  The federal financial regulators have announced their intentions to withdraw the amendments to the CRA regulations which were proposed in February 2004 and would have raised the small bank threshold in addition to allowing the reduction of a CRA rating due to abusive lending practices. FRB;
  OCC;
  OTS;
  Proposal txt; pdf 7/19/04

• August 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 August 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. H. 15 Daily Rates;
  H. 15 Weekly Rates 7/19/04

• May 2004 International Capital Data Released

  Treasury has released the International Capital Data for May 2004.
  Summary;
  Data Table 7/19/04

• FTC Publishes Rights and Notices under FCRA in FR

  The FTC is publishing for public comment two summaries of rights under the FCRA and two notices of duties under the FCRA. 69FR41616 (txt) 69FR41616 (pdf) 7/16/04

• President Signs ID Theft Act

  President Bush has signed the Identity Theft Penalty Enhancement Act which prescribes prison sentences for those who use identity theft to commit other crimes. ID Theft 7/16/04

• FIL Regarding Affiliate Marketing Opt Out NPR

  The FDIC has issued a FIL regarding the previously announced NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The NPR was published in the Federal Register on July 15, 2004 and comments are due by August 16, 2004. FIL-82-2004 7/16/04

• OCC Enforcement Actions Announced

  The OCC has announced seventeen enforcement actions taken against national banks and individuals currently and formerly associated with national banks. Enforcement Actions 7/16/04

• CRA Exam Results Released

  The OCC has announced the CRA ratings received by twenty-six national banks as the result of recent CRA examinations.
  CRA Ratings 7/16/04

• Counterfeit Money Orders Alert

  The OCC has issued an Alert regarding counterfeit money orders of Crown Bank, N.A., that are being issued nationwide and are being used in connection with a pre-payment fraud scheme involving merchandise ordered via the Internet. Information concerning the counterfeit money orders has been placed on the BOL Alerts & Counterfeits page.
  7/16/04

• IT Guidance Issued

  The FFIEC has issued two revised guidance booklets for examiners, financial institutions, and technology service providers on managing financial institutions' IT activities and outsourcing technology services. Management Booklet; Outsourcing Booklet 7/16/04

• Money Laundering Challenges Outlined By OCC

  Representatives of the OCC testified before the Senate Government Affairs Permanent Subcommittee on Investigations on the supervisory and enforcement actions the OCC has taken against Riggs Bank, and the challenges regulatory agencies face in combating money laundering and terrorist financing in the United States. Testimony;
  Oral Statement 7/16/04

• Stakeholder Letter Revised

  The FDIc has issued a FIL regarding the revision of its recent Letter to Stakeholders.
  FIL-81-2004; Revised Letter 7/16/04

• Cost of Funds Reports Issued

  OTS has issued the Current and Historical Cost of Funds Reports For OTS regulated, SAIF insured institutions.
  Current; Historical 7/16/04

• G. 17 Report Released

  The FRB has released the G.17 Industrial Production and Capacity Utilization report for June 2004.
  G.17 7/16/04

• FDIC Revises Insurance Reserve Ratios

  The FDIC has announce a revision of the March 31, 2004 reserve ratios, reported on May 27, 2004, for both the BIF and SAIF insurance funds. Reserve Ratios 7/15/04

• Asset Securitization Featured in Quarterly Review

  The feature article in the First Quarter 2004 issue of the Quarterly Review of Interest Rate Risk examines the growth of asset securitization. Quarterly Review 7/15/04

• Regulators' Affiliate Marketing Proposal Published

  The regulators including, the SEC have published in the Federal Register their proposed rule relating to information sharing among
  affiliates for marketing purposes. The rulemaking is required by FACTA. SEC (txt) SEC (pdf) FRB, OCC, FDIC, NCUA, OTS (txt) FRB, OCC, FDIC, NCUA, OTS (pdf)
  7/15/04

• FRB To Discontinue Large Dollar Adjustment Courtesy Calls

  FRB Financial Services has announced that the large dollar check adjustment and settlement entries courtesy calls will be discontinued effective October 1, 2004. Courtesy Calls 7/14/04

• OCC Issues Bulletin Regarding SEC Reg B

  The OCC has issued a Bulletin regarding SEC's proposed Reg B. The FDIC had previously issued a FIL regarding the proposal which was posted in the July 7, 2004 BOL Top Stories.
  OCC Bulletin 2004-31;
  FDIC FIL-79-2004;
  SEC Proposal 7/14/04

• July 9th International Reserve Position

  Treasury has released the U.S. International Reserve Position for the week ending July 9, 2004.
  International Reserve 7/14/04

• SDGT Changed By OFAC

  OFAC has changed one SDGT entry on the OFAC list which results in the addition of three new entries. Information regarding the change and the new entries has been posted on the BOL OFAC page. 7/14/04

• 2004 Credit Union Directory Available Online

  NCUA has posted its 2004 Credit Union Directory online.
  CU Directory 7/14/04

• FRB Announces Written Agreement With Illinois Bank

  The execution of a Written Agreement by and among the First Midwest Bank, Itasca, Illinois; the Illinois Department of Financial And Professional Regulation; and the Federal Reserve Bank of Chicago in which the bank agrees to enhance its compliance with AML rules and regulations, BSA and Reg H has been announced by the FRB. Written Agreement 7/13/04

• Community Developments Newsletter Now Online

  The OCC has posted the first online edition of the newsletter which focuses on how investments in New Markets Tax Credits (NMTCs) can help fill gaps in financing for projects located in economically-distressed communities.
  Community Developments 7/13/04

• International Reserve Position Update

  Treasury has released the U.S. International Reserve Position for the week ending July 2, 2004.
  International Reserve 7/12/04

• FDIC Issues Second Quarter Stakeholder Letter

  The FDIC has issued a FIL regarding the Second Quarter 2004 edition of its Letter to Stakeholders which reports on the regulator's priorities and actives during the quarter. FIL-81-2004;
  Stakeholder Letter 7/12/04

• Branch Banking Trends Featured In FYI

  The July 9, 2004 edition of the FDIC FYI contains summaries of three reports that represent the fourth installment of the FDIC’s Future of Banking Study including one which discusses the decade-long trend of bank branch growth, the reasons behind the trend, and the branching outlook going forward. FYI 7/12/04

• Survey Of Terms Report Released

  The FRB has released the E. 2 Survey of Terms of Business Lending Report for the period May 3-7, 2004. The data is collected during the middle month of each quarter and released in the middle of the succeeding month.
  E. 2 Survey 7/9/04

• May Consumer Credit Report Issued

  The G.19 Consumer Credit Report for May 2004 has been issued by the FRB.
  G. 19 7/9/04

• Comments Due on Disposal Of Consumer Information

  The FTC is publishing a supplemental initial regulatory flexibility analysis to aid the public in commenting upon the small business impact of its proposed rule implementing section 216 of the FACT Act. 69FR41219 (txt) 69FR41219 (pdf) 7/8/04

• CRA JIR Published in FR

  The Federal banking regulators have issued a Joint Interim Rule to conform their regulations implementing CRA to changes made by the OMB and Census Bureau. JIR 69FR41181 (txt) 69FR41181 (pdf)
  7/8/04

• July CRA Examination List Released

  The FDIC has released the July list of banks examined for CRA compliance.
  CRA List 7/8/04

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List to include new entries as of July 1, 2004. MSB List 7/8/04

• Third Quarter Edition Quarterly Journal Now Online

  The OCC has announced that the Third Quarter 2003 edition of the Quarterly Journal has been posted on its Web site. The issue features the condition of commercial banks, as well as mergers, interpretive letters, speeches and testimony, appeals, and financial performance of national banks. It is the last issue to be distributed in printed form. Future issues will be available on-line or by CD-ROM subscription. Quarterly Journal;
  CD-ROM 7/8/04

• SDN FIL Issued

  The FDIC has issued a FIL regarding the entities recently added by OFAC to the SDN List. Information regarding the additions was posted June 30, 2004 on the BOL OFAC page.
  FIL-80-2004 7/8/04

• FMS Web Site Service Interruption Scheduled

  The FMS has announced that due to scheduled server maintenance, its Web site will be unavailable Sunday, July 11, 2004 from 7:00 a.m. until approximately 12:00 p.m., EDT. FMS Site 7/8/04

• FIL Regarding Securities Transactions NPR

  The FDIC has issued a FIL regarding the previously published SEC NPR to issue a Reg. B which would broaden the exemptions for financial institutions conducting securities transactions. Information concerning the SEC proposal was posted in the June 3, 2004 BOL Top Stories. FIL-79-2004 7/7/04

• State Profiles Updated

  The FDIC has released the Spring 2004 quarterly update of its profile of the banking and economic conditions for each state.

  State Profiles 7/7/04

• Affiliate Marketing Opt Out NPR Issued

  The federal financial institutions supervisory agencies have issued a NPR that would give consumers the chance to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer.
  Marketing Opt Out FRB; FDIC; OCC; OTS; NCUA 7/6/04

• Fraudulent OCC Online Banking Web Site

  The OCC has issued an Alert regarding a web site that purports to be an online banking site operated by the OCC. The site is an attempt to obtain personal financial information from users for identity theft purposes.
  Fraudulent Site 7/6/04

• Bank Assessed $24 Thousand Dollar OFAC Penalty

  The International Bank of Commerce, Laredo, Texas has been assessed a CMP of $24,512.79 by OFAC as the result of unblocked Cuban accounts. OFAC CMP 7/6/04

• FRB Enters Written Agreement With Texas BHC

  The FRB has announced the entering into a Written Agreement with Kenco Bancshares, Inc., Jayton, Texas regarding the violation of a condition imposed by the FRB in connection with a previously approved application.
  Written Agreement 7/6/04

• Guatemala Removed From NCCT List

  FATF has announced that Guatemala has been removed from its list of Non-Cooperating Countries and Territories.
  Guatemala;
  NCCT List 7/6/04

• OCC Issues Long Term Interest Rate Guidance

  The OCC has issued a Bulletin regarding with risk management issues associated with embedded options. The guidance emphasizes the steps banks should take in order to effectively manage interest rate risk. Bulletin 7/2/04

• Operating Circulars Revised

  FRB Financial Services has announced the revisions of Operating Circulars 4,5,6 and 7 in connection with the new Fedline Advantage access program. FRB NR;
  OC 4; OC 5; OC 6; OC 7 7/2/04

• Special Alert - Counterfeit Official Checks

  The FDIC has issued a Special Alert regarding counterfeit official checks after being advised by Heritage Bank, Jonesboro, Georgia, that counterfeit official checks bearing the institution name of Citizens National Bank (CNB), payable through BB&T, Charleston, West Virginia, are in circulation. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 7/2/04

• International Remittances and CRA

  The FFIEC has posted on its Website an interagency letter responding to an inquiry by Congressman Frank regarding the consideration of international remittance services in a CRA evaluation. Response 7/2/04

• June Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rated Report for June 2004 has been released by the FRB.
  G.5 7/2/04

• Credit Card Profitability Report Delivered To Congress

  The FRB has its annual report to Congress as required by the FCCCDA regarding the profitability of credit card operations of depository institutions. Credit Card Report 7/2/04

• Ag Finance Databook Published

  The June 2004 edition of the E.15 Agricultural Finance Databook has been published by the FRB. The Databook contains farm loan information, quarterly call report data and surveys of farm credit conditions and land values. Loan Information; Call Report Data; Surveys 7/2/04

• ATMs Ahoy

  The Navy and the Financial Management Service (FMS) have announced that the Navy/Marine Cash™ financial system will be installed on 175 Navy ships through FY2008. ATMs 7/2/04

• FOC Raises Fed Funds Rate

  The FRB has announced that the FOC has raised the target rate for fed funds by 25 basis points.
  Fed Funds 7/1/04

• Travel Rule CIF Exception Expires

  July 1, 2004 is the date that the CIF exception to the BSA Travel Rule expires. The Travel Rule requires a financial institution to include certain information in transmittals of funds of $3,000 or more. The CIF Exception addressed computer programming problems by relaxing the Travel Rule's requirement that a customer's true name and address be included in a funds transmittal order, as long as alternate steps were satisfied. Travel Rule Exception (txt) (pdf) 7/1/04

• Recommended Practices Issued For Supervision Of State-Chartered Banks

  The FRB has issued a SL which contains recommended practices to enhance the state-federal coordination of the regulation of state-chartered banks. SL-04-12;
  Recommended Practices 7/1/04

• FDIC Announces Twenty-Seven Enforcement Actions

  The FDIC has announced twenty-seven enforcement actions taken against individuals and banks in May 2004. The actions included eight cease-and-desist orders, four removal-and-prohibition orders, eight civil money penalty orders, and seven terminations of cease-and-desist orders. Enforcement Actions 7/1/04

• EDS Awarded BSA Direct Contract

  FinCEN has announced that the contract for the design, development, implementation, web-hosting and support service for BSA Direct has been awarded to EDS. The contract for the information storage and delivery system requires that it be fully operational by October 2005.
  BSA Direct Contract 7/1/04

• Circulation Date For New $50 Set

  The FRB has announced that the new $50 note which contains additional anti-counterfeit features will begin circulating on September 28, 2004. Financial institutions are urged to train employees who handle cash on how to utilize the new security features.
  New $50 7/1/04

• Balkan Entries Added To SDN List

  OFAC has added three individuals and one entity to the SDN list with the BALKAN designation. Information regarding the additions has been posted on the BOL OFAC page. 7/1/04
  

• Supervisory Insights Journal Launched

  The FDIC has announced the launch of a new publication that will provide a forum for discussing how bank regulation and policy are put into practice in the field, sharing best practices, and communicating about the emerging issues that bank supervisors are facing. Articles featured in the first issue of Supervisory Insights describe a number of areas of current supervisory focus at the FDIC.
  Supervisory Insights 6/30/04

• Unauthorized Banking Special Alerts Issued

  Two Special Alerts have been issued by the FDIC regarding fourteen entities that may be conducting unauthorized banking operations in Canada and the United States.
  SA-42-2004;
  SA-43-2004 6/30/04

• International Reserve Position Published

  Treasury has published the U.S. International Reserve Position data for the week ending June 25, 2004.
  International Reserve Position 6/30/04

• Basel II White Paper Released

  The FRB has released a Basel II Capital Accord white paper entitled, "Implications of Alternative Operational Risk Modeling Techniques".
  Implications http://www.treas.gov/press/releases/2004629142850835.htm
  April G.20 Issued
  The G.20 Finance Companies Statistical Release for April 2004 had been issued by the FRB.
  G.20 6/30/04

• FDIC Proposes Changes To Assessment Certified Statement Rule

  A FIL has been issued by the FDIC regarding comments to proposed changes to the Assessment Certified Statement Rule.
  FIL-74-2004 6/28/04

• Agencies Announce Basel II Implementation Plans

  The Basel Committee on Bank Supervision has released the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework", also know as Basel II, which represents the outcome of the Committee's work to secure international convergence on revisions to regulations and standards governing the capital adequacy of internationally active banking organizations. The document will form the basis upon which the federal banking agencies will develop proposed revisions to existing capital adequacy regulations and standards. Basel Committee; Basel II; OCC; FRB; OTS; FDIC 6/28/04

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Papers series, "The Information Content of Forward and Futures Prices: Market Expectations and the Price of Risk", has been published by the FRB. Information Content 6/28/04

• SDN FIL Issued

  The FDIC has issued a FIL regarding previously announced additions to the OFAC SDN list. Information regarding the new entries was posted June 23, 2004 on the BOL OFAC page.
  FIL-76-2004 6/28/04

• Affiliate Marketing Notice and Opt Out NPR To Be Issued

  The federal financial regulators have approved the issuance of a NPR regarding the implementation of the affiliate marketing notice and opt out provisions of FCRA. FRB; OCC 6/25/04

• Thirty-Four OCC CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-four national banks. Four institutions were rated outstanding and thirty received a satisfactory rating. CRA 6/25/04

• OTS CRA Ratings Announced

  The OTS has announced the March, April and May CRA ratings for savings associations that became publicly available during the reporting periods. March; April; May 6/25/04

• More SBA Lending For Credit Unions Proposed

  NCUA has issued a proposal to amend the agency’s MBL rule to enable credit unions to participate more fully in SBA guaranteed loan programs. Proposal 6/25/04

• Availability of funds and collection of checks (Regulation CC):

  Routing number guide to next-day availability checks and local checks; technical amendment. Final Rule PDF  TEXT 6/25/04

• Equal credit opportunity, electronic fund transfers, consumer leasing, truth in lending, and truth in savings (Regulations B, E, M, Z, and DD)

  : Clear and conspicuous disclosures; withdrawn.

  Proposed Rule PDF   TEXT 6/25/04

• Synthetic CDOs Working Paper Published

  A FEDS series working paper entitled, "Understanding the Risks of Synthetic CDOs", has been published by the FRB.

  Synthetic CDOs 6/25/04

• June Electronic Interpretations and Actions Posted

  The June 2004 Issue of New Electronic Interpretations and Actions has been posted on the OCC web site.
  

  Electronic Interpretations 6/25/04

• Italian al Qaida Members Added To OFAC List

  Six individuals, who are members of an Italian al Qaida cell, have been added to the OFAC SDN list as SDGTs. Information regarding the additions has been posted on the BOL OFAC page. 6/25/04

• Happy Birthday To Do Not Call

  To celebrate the first anniversary of the national Do Not Call Registry, the FTC has released updated registration and complaint figures. Sixty-two million telephone numbers have been registered and four hundred twenty-eight thousand possible violations have been reported. Do Not Call 6/25/04

• Free Annual Credit Reports Rule Published in FR

  The FTC has published in the FR a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports. 69FR35467> (txt) 69FR35467 (pdf) 6/24/04

• Former Bank Executives Indicted

  Three former senior executive officers of Hamilton Bancorp and Hamilton Bank have been indicted by a federal grand jury in Miami, Florida for conspiracy, wire fraud, securities fraud, false filings with the SEC, false statements to accountants, obstruction of an examination of a financial institution, and making false statements to OCC. Indictment 6/24/04

• Regulators To Form BSA/AML Working Group

  The FFIEC has announced plans to form an interagency working group to improve communications between federal banking agencies and the FFIEC regarding BSA and AML issues. Working Group 6/24/04

• FRB Withdraws Proposed Revisions

  The FRB has announced that the proposed revisions to Regulations B, E, M, Z, and DD which sought to more specifically define the standard for providing "clear and conspicuous" disclosures have been withdrawn. Withdrawal 6/23/04

• Reg CC Amendments Announced

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Fifth, and Eighth Districts. Reg CC 6/23/04

• Regulatory Burdens Impact Financial Institutions and Their Customers

  In presentations before the Senate Banking Committee, OCC Chief Counsel Williams, OTS Chief Counsel Bowman, and FDIC Vice Chairman Reich addressed the problem of the regulatory burden on financial institutions and the impact on their customers. Williams;
  Bowman;
  Reich 6/23/04

• Electric Record Keeping AL Issued

  The OCC has issued an AL which identifies issues regarding bank electronic record systems in light of the E-SIGN Act. The letter provides a basic framework that bank management can use to assess and address key issues posed by electronic record keeping systems.
  AL-2004-9 6/22/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Surety Bank, Deland, Florida. Information regarding the counterfeit cashier's checks have been posted on the BOL Alerts & Counterfeits page. 6/22/04

• Greenspan Takes Oath

  Chairman Greenspan has taken the oath of office and has been sworn in for his fifth term as Chairman of the Board of Governors of the Federal Reserve System. Greenspan 6/22/04

• Comment Period Extended

  Five federal regulators have extended for 30 days the comment period on the proposed Interagency Statement on Sound Practices Concerning Complex Structured Finance Activities first published in the Federal Register on May 19, 2004. The public comment period will now end July 19, 2004. Original Statement; FRB; OCC; FDIC; OTS;
  SEC 6/21/04

• SCRA AL Issued

  An AL has been issued by the OCC which provides information about provisions of the Servicemembers Civil Relief Act that are most likely to affect national banks. For additional SCRA information, check out the BOL SCRA page. AL 2004-8 6/21/04

• Derivative Volume Exceeds $76 Trillion

  The OCC has published the First Quarter 2004 Bank Derivates Report which indicates the amount of derivatives in insured commercial bank portfolios exceeds $76 Trillion dollars. Derivatives Report 6/21/04

• Order Of Prohibition Issued

  The FRB has issued an Order of Prohibition against a former employee of First Tennessee Bank and Bank of America. The former employee is prohibited from participating in the conduct of the affairs of any financial institution or holding company. Order 6/18/04

• Proposed Amendments to Reg J Published in FR

  The FRB is publishing for comment a proposed rule that would amend subpart A of Regulation J to provide for the
  rights and obligations of sending banks, paying banks, returning banks, and Reserve Banks in connection with collection of substitute checks and items that have been converted to electronic form. 69FR34086 (txt) 69FR34086 (pdf)6/18/04

• Bulletin and FIL Issued Regarding Disposal Of Consumer Information NPRM

  A Bulletin and a FIL have been issued by the OCC and the FDIC regarding the previously announced NPRM concerning the proper disposal of consumer information derived from credit reports. Notice of the NPRM was posted June 9, 2004 in BOL Top Stories. OCC Bulletin 2004-28; FIL -73-2004 6/18/04

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Eleven new members will be appointed to serve three-year terms beginning in January 2005. Nominations

• Guidance Issued On Acceptance Of Foreign Accounts

  The federal financial regulators have issued an Interagency Advisory regarding the acceptance of accounts from foreign governments, foreign embassies and foreign political figures. Foreign Account Guidance;
  FinCEN;
  Treasury PR;
  FRB SR;
  OCC Bulletin;
  OTS NR;
  FDIC FIL 6/17/04

• Fraudulent Information Requests Special Alert

  The FDIC has issued a Special Alert concerning faxes received by foreign financial institutions containing requests for financial information that appear to have been sent by the FDIC and falsely claim that the FDIC is soliciting mandatory customer information as part of money laundering and anti-terrorism measures. Special Alert 6/17/04

• July 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 July 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. H.15 Daily Rates;
  H. 15 Weekly Rates 6/17/04

• OCC Enforcement Actions Announced

  The OCC has announced twenty-one Enforcement Actions against national banks and individuals formerly associated with national banks in Illinois, Minnesota, Nebraska, Ohio, Pennsylvania, Texas and California.
  Enforcement Actions 6/17/04

• Beige Book Updated

  The FRB of St. Louis has published the June 2004 update to the Beige Book.
  Summary;
  Full Report 6/17/04

• OFAC Overview And Mission

  In a presentation before a House Subcommittee, the Director Newcomb reviewed OFAC's core mission, organizational structure, designation programs, legal authorizations, mission against drug cartels, counter-terrorism program, key node strategy, foreign counterparts, and vision for the future. Speech 6/17/04

• Final Interest Rate Risk Measures Published

  OTS has published the First Quarter 2004 Final Thrift Industry Interest Rate Risk Measures Report.
  Final Report 6/17/04

• OFAC Changes Cuban Assets Control Regs

  OFAC has announced changes to the Cuban Assets Control Regulations. Information regarding the changes has been posted on the BOL OFAC page. 6/17/04

• FRB Announces Payment System Evolution Strategy

  The FRB has announced a strategy to adapt to the changes that will occur in the payments system as the result of the implementation of Check 21. Strategy 6/17/04

• May G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for May 2004.
  G.17 6/17/04

• Foreign Bank Structure And Share Data Released

  The March 2004 structure and share data for U.S. offices of foreign banks report has been released by the FRB.
  Structure And Share 6/17/04

• Classification Of Bank Assets Revised

  The federal financial regulators have revised the Agencies' Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts. The revision, which is the first since 1979, does not change the classification of loans.
  Uniform Agreement;
  FRB SR;
  OCC Bulletin;
  OTS CEO Letter;
  FDIC FIL 6/16/04

• HMDA Data Collection Rules Reference Materials

  The FDIC has issued a FIL that highlights the changes to Reg C, reviews the transition rules, and lists the OMB's new geographic definitions. FIL-71-2004 6/16/04

• FTC to Conduct Credit Score Study

  The FTC has announced plans to conduct a study on the effects of credit scores and credit-based insurance scores on the price and availability of mortgages, auto loans, credit cards, insurance, and other financial products. As required by law, public comments are being sought regarding the prescribed methodology and research design of the study. Credit Score Study 6/16/04

• International Reserve Position and TIC Data Released

  Treasury has released the U.S. International Reserve Position data for the week ending June 11, 2004 and the Treasury International Capital data for April 2004. International Reserve
  TIC 6/16/04

• Bank Merger Study Published

  The FRB has published a study of the bank merger activity in the United States from 1994 to 2003.
  Merger Study 6/16/04

• Four FEDS Papers Released

  The FRB has announced the release of four working papers in the FEDS series with the following titles: The Decline in Household Saving and the Wealth Effect; To Leave or Not to Leave: The Distribution of Bequest Motives; Employer-to-Employer Flows in the U.S. Labor Market: The Complete Picture of Gross Worker Flows; and Transparency and Monetary Policy: What Does the Academic Literature tell Policymakers?. Decline;
  Leave;
  Flows;
  Transparency 6/16/04

• Cost Of Funds Ratios Issued

  OTS has issued the current and historical national average cost of funds ratios for OTS regulated, SAIF insured institutions.
  Current; Historical
  6/16/04

• Reg V Final Rule adds Model Notices

  The revisions add model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003. 69FR33281 (txt) 69FR33281 (pdf) 6/16/04

• Morgan And Bank One Merger Approved

  The FRB has issued an Order approving the merger of J.P. Morgan Chase & Co. and Bank One Corporation resulting in the creation of second largest depository institution in the U.S. with total consolidated assets of approximately $1.1 Trillion.
  Merger Order 6/15/04

• SDN FIL Issued

  The FDIC has issued FIL-68-2004 regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the new SDGTs was posted June 10, 2004 on the BOL OFAC page. 6/15/04

• Changes To Call Report Instructions Proposed

  The federal financial regulators have issued a joint notice and request for comment regarding two proposed instructional changes that will affect how information concerning certain securitized loans and "when-issued" securities are listed on the Call Report.
  Joint Notice 6/11/04

• Supervisory Decisions Appeals Process Updated

  OTS has announced that the appeals process regarding supervisory decisions has been updated to include the review and appeal of the risk or complexity classification that OTS uses in calculating holding company assessments. Appeals Process 6/11/04

• FRB Small Business Finance Survey Underway

  The FRB has commenced a Survey of Small Business Finances aimed at increasing policymakers' understanding of how economic and regulatory changes affect small firms' access to credit. A letter from Chairman Greenspan encouraging participation in the survey will be mailed to about 12,000 small-business owners. FRB Survey;
  Greenspan Letter 6/11/04

• FIL Issued Regarding SAR Safe Harbor Status

  The FDIC has issued FIL-76-2004 regarding a previously released Interagency Guidance which addressed the Federal Court reaffirmation protecting financial institutions and their employees from civil liability for filing a SAR. Information concerning the Guidance was posted May 26, 2004 in BOL Top Stories. SAR 04-86/11/04

• OFAC Adds SDGTs

  OFAC has announced that one individual and two entities have been designated as SDGTs and added to the SDN list. Information regarding the new names has been posted on the BOL OFAC page. 6/11/04

• Flow of Funds Report Released

  The FRB has released the June 2004 Z.1 Flow of Funds Accounts of the United States report
  Z.1 6/11/04

• OCC Extends Lending Limits Pilot Program

  Under the pilot program, eligible national banks with main offices located in states that prescribe a higher lending limit for residential real estate loans or small business loans than the current Federal limit may apply to take part in the program and use the higher limits. 69FR32435 (txt) 69FR32435 (pdf) 6/10/04

• OTS Closed Friday

  OTS has announced that it will close on Friday, June 11 in observance of the National Day of Mourning for former President Ronald Reagan. The agency also indicated that OTS-chartered federal savings associations choosing to close on Friday may do so without objection from OTS. OTS Friday 6/10/04

• FFIEC Posts June Reporting Forms

  The FFIEC has posted the 031 and 041 June 2004 Reporting Forms on its Web Site.
  031; 041 6/10/04

• Spring 2004 Federal Reserve Bulletin Published

  The FRB has published the Spring 2004 issue of the Federal Reserve Bulletin.
  Spring 2004 Bulletin 6/10/04

• Some National Banks May Close Friday

  The OCC has issued a proclamation advising national banks that under federal law they may close their offices Friday, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Reagan. Proclamation 6/9/04

• Counterfeit Cashier's Checks Special Alert



The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Santa Clara Valley Bank, N.A., Santa Paula, California and Bank of Brookhaven, Brookhaven, Mississippi. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/9/04

• Disposal Of Consumer Information NPR

  The federal financial regulators have issued a NPR regarding the proper disposal of consumer information under the provisions of the FACT Act. The proposal would require institutions to develop, implement and maintain as part of their information security programs appropriate measures to dispose of consumer information to guard against identity theft. This was previously announced in Top Stories on June 8th. NPR;
  FRB PR;
  OCC PR;
  FDIC;
  OTS PR 6/9/04

• Reg V Amendments Issued

  The FRB has issued a Final Rule amending Reg V by adding model notices for financial institutions to use if they furnish negative information to consumer reporting agencies. Reg V 6/9/04

• Third Quarter CRA Exam Schedule Announced

  OTS has announced that 113 CRA examinations are scheduled to be conducted in the third quarter 2004.
  CRA Schedule 6/9/04

• C & D Issued Against Arkansas CU

  NCUA has announced that a Cease and Desist Order has been issued against the Northeast Arkansas Federal Credit Union.
  Order;
  Stipulation 6/9/04

• FTC Seeks Comments Regarding Providing Credit Reports To Consumers

  The Federal Trade Commission is seeking public comment to aid its staff in preparing a study examining “the effects of requiring that a consumer who has experienced an adverse action based on a credit report receive a copy of the same credit report that the creditor relied on in taking the adverse action." Comments
  6/9/04

• 2003 Corporate Medium-Term Notes Report Released

  The 2003 Corporate Medium-Term Notes Report has been released by the FRB. Corporate Medium-Term Notes 6/9/04

• FCRA Proposal on Disposal of Consumer Information

  The proposal would require each financial institution 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. 69FR31913 (pdf) 69FR31913 (txt) 6/8/04

• FDIC Issued PR on Deposit Insurance Assessment

  The FDIC proposes to modernize and simplify its deposit insurance assessment regulations governing certified statements, to provide regulatory burden relief to insured depository institutions. Under the proposal, insured institutions would be required to obtain their certified statements on the Internet via the FDIC's transaction-based e-business website, FDICconnect. 69FR31922 (pdf) 69FR31922 (txt) 6/8/04

• Regional Reserve Banks To Be Open Friday

  The FRB has announced that its Washington, D.C. office will be closed on Friday, June 11 in observance of the national day of mourning for former President Reagan. The regional Reserve Banks will be open during normal business hours and will provide all financial services as usual. FRB PR
  6/8/04

• Computer Virus Protection Guidance Issued

  The FDIC has issued an FIL concerning the importance of developing and maintaining an effective computer virus protection program.
  Virus Guidance 6/8/04

• "Offshoring" Risks Examined

  The results of a study regarding the associated risks of offshore outsourcing by financial institutions from a safety and soundness perspective and with particular emphasis on the threats posed to customer privacy has been released by the FDIC. Offshoring Study 6/8/04

• FIL Regarding Overdraft Protection Guidance

  The FDIC has issued FIL-63-2004 regarding the previously announced proposed Interagency Guidance concerning overdraft protection plans. The proposal was published in the Federal Register on June 7, 2004 and comments are due on or before August 6, 2004. Information regarding the Guidance was posted in the June 1, 2004 BOL Top Stories.
  6/8/04

• CRA Ratings Announced

  The FDIC has announced the June 2004 list of CRA ratings that were issued for banks examined in March 2004.
  CRA Ratings 6/8/04

• Failed Bank Data Available Online

  The FDIC has posted the balance sheet summaries on all failed banks that have been placed in FDIC receivership since October 2000 on its Web site. Failed Bank Data 6/8/04

• June FHC List Released

  The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of June 4, 2004. FHC List 6/8/04

• April Consumer Credit Report Issued

  The G. 19 Consumer Credit Report for April 2004 has been issued by the FRB.
  G. 19 6/8/04

• Truth in Savings Reg. DD - Proposed Rule

  SUMMARY: The Board proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to address concerns about the uniformity and adequacy of information provided to consumers when they overdraw their accounts. The proposed amendments, in part, address a specific service offered by depository institutions, commonly referred to as ‘‘bounced-check protection’’ or ‘‘courtesy overdraft protection.’’ Text Version; PDF Version 6/7/04

• Privacy Act Implementation - Proposed Rule

  SUMMARY: The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974. The primary proposed changes concern the waiver of copying fees charged to current or former Board employees for access to records under the Privacy Act, and the special procedures for release of medical records. In addition, the Board is proposing to make minor editorial
  and technical changes. Text Version; PDF Version 6/7/04

• Interagency Guidance on Overdraft Protection Services

  Member agencies of the Federal Financial Institutions Examination Council (FFIEC), the OCC, Board, FDIC, OTS, and NCUA (the Agencies), request comments on this proposed Interagency Guidance on Overdraft Protection Programs (Guidance). This proposed Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of overdraft protection services.
  Text Notice;
  PDF Notice 6/7/04

• Free Annual Credit Reports Final Rule

  The FTC has issued a final rule regarding the providing of free annual credit reports to consumers under FACTA and FCRA. A centralized source will be created to accept consumers' requests for their reports.
  FTC PR;
  Final Rule 6/7/04

• Reg J Amendment Proposed

  The FRB has proposed an amendment to Regulation J, which governs Reserve Banks' collection of checks and other cash items, to cover the entire range of check processing services that the Reserve Banks plan to offer once Check 21 becomes effective.
  Reg J 6/7/04

• AML Guidance On MSB Customers

  The OCC has issued an Advisory Letter that provides guidance to national banks that provide banking services to money services businesses (MSBs).
  Guidance 6/7/04

• Charge-Off And Delinquency Rate Data Released

  The FRB has released the charge-off and delinquency rates on loans and leases at commercial banks that were compiled from the quarterly FFIEC Consolidated Reports of Condition and Income.
  Charge-Off 6/7/04

• Privacy Act Amendment Regarding Disclosure of Medical Information

  The FRB has issued a proposed amendment to the Privacy Act which provides special procedures for the release of medical records.
  Privacy Act 6/7/04

• First Quarter Preliminary IRR Measures Released

  OTS has issued the preliminary IRR Measures report for the first quarter 2004.
  IRR 6/7/04

• Spring 2004 Issue FDIC Consumer News Published

  The Spring 2004 issue of the FDIC Consumer News has been published and contains article on using ATMs, ways to learn about FDIC insurance, fraudulent emails, predatory lending and warnings about some credit counseling firms.
  Consumer News 6/7/04

• Large Bank Ranking Released

  The ranking of insured U.S.-chartered commercial banks that have consolidated assets of $300 million or more as March 31, 2004 has been released by the FRB.
  Ranking 6/7/04

• May Issue FedFocus Published

  The May 2004 issue of FedFocus has been published and contains articles on Check 21, FedLine Advantage, information security; and Fed ACH service to Mexico.
  May FedFocus 6/7/04

• FRB Announces Written Agreement With Utah BHC And Bank

  A Written Agreement has been executed by and among Utah Bancshares, Ephraim, Utah; the Bank of Ephraim, Ephraim, Utah; the Utah State Department of Financial Institutions; and the Federal Reserve Bank of San Francisco. Written Agreement 6/4/04

• OCC Review Own Actions Regarding Riggs

  Comptroller Hawke indicated in testimony before the Senate Banking committee that the OCC is conducting a review of the agency's handling of the BSA compliance at Riggs Bank, N.A. Oral Statement;
  Testimony 6/4/04

• International Reserve Position Update

  The data regarding the U.S. International Reserve Position as of the week ending May 28, 2004 has been released by Treasury.
  International Reserve Position 6/4/04

• OFAC Adds SDGT

  An individual has been added to the OFAC SDN list as a SDGT. Information regarding the new entry has been posted on the BOL OFAC page. 6/4/04

• Lessons Learned From Regulatory Failures

  In testimony before a House sub-committee, Thomas C. Baxter, Jr., Executive Vice President and General Counsel of the Federal Reserve Bank of New York, discussed the regulatory failures at Riggs Bank and UBS.
  FRB Testimony 6/3/04

• SEC Proposes New Bank Broker Regulation

  The SEC has announced that it will publish for comment a proposed Regulation B. This new regulation is designed to implement provisions of the GLB Act that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934. Proposal 6/3/04

• Challenges Of Combating ML

  The Deputy Chief Counsel of the OCC, Daniel Stipano, in testimony before a House sub-committee, reviewed the challenges facing the OCC and other regulators in combating money laundering. OCC Testimony 6/3/04

• It's SOD Time Again

  The FDIC has issued a FIL regarding the annual Summary of Deposits survey filing deadlines which vary depending on the method of filing.
  FIL-61-2004 6/3/04

• Mortgage Broker Tricked Customers

  The FTC has charged a California mortgage broker of tricking customers by deceptive advertisements that offered "fixed rate loans" that were actually adjustable rate mortgages. Deceptive Ads 6/3/04

• Nine FEDS Papers Published

  The FRB has published nine working papers in the FEDS series with the following titles: 401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers; Commercial Lending and Distance: Evidence from Community Reinvestment Act Data; Optimal Inflation in an Open Economy with Imperfect Competition; Cross-Border Diversification in Bank Asset Portfolios; Loan Commitments and Private Firms; Fresh Start or Head Start? The Effect of Filing for Personal Bankruptcy on the Labor Supply; Overnight Interbank Loan Markets; Technology, Capital Spending, and Capacity Utilization; and How Fast Do Personal Computers Depreciate? Concepts and New Estimates.
  401(k);
  Commercial Lending;
  Optimal Inflation;
  Cross-Border;
  Loan Commitments;
  Fresh Start;
  Overnight;
  Capital Spending;
  How Fast 6/3/04

• Branches Of Islamic Foundation Added To OFAC List

  OFAC has added five branches of the Al-Haramain Islamic Foundation and its former leader to the SDN list. Information regarding the additions has been placed on the BOL OFAC page. 6/3/04

• Steps to Improve Information Security

  A just-released GAO report focuses on information security problems found within the FDIC, but the lessons learned should be adapted and applied to financial institutions as well. We’ll summarize the report and give you advice on what steps you should take immediately to ensure that you are doing all you can to secure the sensitive information that you control. And, be sure and take advantage of the special tool we've included as well.
  Read the Article 6/2/04

• June HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 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 June, you will use the rates posted on May 14th since May 15th fell on the weekend.
  H. 15 Daily Rates; H. 15 Weekly Rates 6/2/04

• Written Agreement With Wisconsin BHC

  The FRB has announced the execution of a Written Agreement with CIB Marine Bancshares, Inc., Pewaukee, Wisconsin.
  Written Agreement 6/2/04

• Bogus Mortgage Brokers Charged By FTC

  The FTC has charged a group of Colorado-based mortgage brokers with violating federal laws by deceptively claiming that they will refinance consumers’ mortgages at the lowest rates available at no cost to the consumer. A U.S. district court judge has issued a TRO barring the defendants’ illegal business practices and freezing their assets. Bogus Brokers 6/2/04

• Third Quarter CRA Exam Schedule Issued

  The CRA examination schedule for the third quarter 2004 has been issued by the OCC. Exam Schedule 6/2/04

• IRS ID Theft Scheme Warning

  The IRS has issued a warning of a fraudulent scheme targeting non-resident aliens who have income from a United States source. The scheme uses fictitious IRS correspondence and an altered IRS form in an attempt to trick the foreign persons into disclosing their personal and financial data. IRS Warning 6/2/04

• May Foreign Exchange Rates Released

  The G. 5 Foreign Exchange Rates for May 2004 have been released by the FRB.
  Exchange Rates 6/2/04

• 2003 Fact Book Published By OTS

  OTS has announced the publication of the 2003 Fact Book which contains a statistical profile of the thrift industry.
  Fact Book 6/2/04

• March UBPR Available

  FFIEC has announced that the March 31, 2004 UBPR is now available online.
  March UBPR 6/2/04

• Narcotics Kingpins Added To OFAC List

  OFAC has announced the addition of ten individuals to the SDN list with the designation of SDNTK and the blocking of all assets of an additional thirteen entities. Information regarding the additions has been posted on the BOL OFAC page. 6/2/04

• Reg DD Amendments Proposed

  The FRB has proposed a Rule amending Reg DD as a result of concerns regarding the information that is provided to consumers about some overdraft protection plans. In addition, the federal regulators have issued a proposed Interagency Guidance on the marketing, disclosure, and implementation of overdraft protection programs. FRB Reg DD NPR;   
  Interagency Guidance;   
  FRB NR;   
  OCC NR;   
  OTS NR;   
  FDIC PR;   
  NCUA PR 6/1/04

• FinCEN al Qaeda Special Alert

  Pursuant to a request from the U.S. Attorney General regarding assistance in locating seven individuals, FinCEN has issued a Special Alert which provides identifying information for use by financial institutions. al Qaeda 6/1/04

• OCC Fraudulent Emails

  The OCC has issued an Alert regarding fraudulent emails that appear to be sent by the OCC involving international payments being held by the OCC. Email Alert 6/1/04

• FTC Comments On FACT Act Proposals

  The FTC has issued comments to the federal banking regulators regarding the proposal to prohibit creditors from obtaining or using medical information in credit decisions. FTC Comments 6/1/04

• Assessments And Fees Final Rule

  The OTS has issued a Final Rule regarding its assessments and fees.
  Final Rule 6/1/04

• Changes To OFAC SDN Data Files

  OFAC issued a reminder of the previously announced upcoming changes to the SDN data files. Information regarding the changes has been posted on the BOL OFAC Page. 6/1/04

• March G. 20 Released

  The FRB has released the G. 20 Finance Companies Report for March 2004.
  G. 20 6/1/04
  

• OCC Exclusive Visitorial Powers Upheld

  The U.S. District Court for the District of Connecticut has issued an opinion in a case regarding whether a state regulator could exercise "visitorial powers" over a subsidiary of a national bank. The Court determined that the OCC's recent issuance of a Final Rule regarding the exclusive nature of federal regulator's powers was a reasonable interpretation and must be upheld. The Court reject the arguments presented by banking officials and attorneys general representing forty-three states who filed a brief in support of the Connecticut Bank Commissioner. Information regarding the Final Rule was posted January 7, 2004 in BOL Top Stories.
  
  Court Decision;   
  Other Top Stories Regarding the Final Rule January 14 and 29, 2004    February 13, 2004    March 10, 2004    April 8, 2004 5/28/04

• $70 Million CMP Assessed Against Citigroup

  The FRB has announced the issuance of a consent Order to Cease and Desist and an Order of Civil Money Penalty in the amount of seventy million dollars against Citigroup, Inc. and a non-banking subsidiary for alleged violations of Reg. B regarding the requirement of co-applicant signatures on loan documents and other violations of HOEPA and Reg. Z.
  Order 5/28/04

• May Electronic Interpretations And Actions Announced

  The OCC has released the May 2004 issue of Electronic Interpretations and Actions which contains infromation regarding community development letters, corporate decisions, approvals, final enforcement actions, and CRA evaluations.
  Electronic Interpretations 5/28/04

• OTS Issues Final Rule

  OTS has issued a Final Rule regarding holding company assessments.
  Final Rule 69FR30554 (txt) 69FR30554 (pdf) 5/28/04

• Participation in Group Mortgage Guaranty Reinsurance Program Authorized

  A legal opinion has been issued by OTS that authorizes federal savings associations to participate directly, or indirectly, in a group mortgage guaranty reinsurance program. Opinion 5/28/04

• Structure Note Holdings Examiner Guidance Issued

  The FDIC has issued a FIL that provides guidance to examiners on the review of structured note holdings at FDIC-supervised institutions.
  FIL-59-2004 5/28/04

• Information Systems Guidance Issued

  The FFIEC has issued revised guidance for examiners, financial institutions, and technology service providers on the development, acquisition, and maintenance of information systems. IS Guidance 5/28/04

• First Quarter Record Earnings Reported

  The FDIC has announced that FDIC-insured institutions have reported record earnings for the First Quarter 2004.
  Earnings 5/28/04

• QBP For First Quarter Released

  The FDIC has released the Quarterly Banking Profile for First Quarter 2004.
  QBP 5/28/04

• FDIC Enforcement Actions Announced

  The FDIC has announced thirty-six Enforcement Actions against institutions and individuals in April, 2004. The actions included: four cease-and-desist orders, six removal-and-prohibition orders, ten civil money penalty orders, thirteen terminations of insurance orders, two terminations of cease-and-desist orders, and one termination of a consent order. Enforcement Actions 5/27/04

• Phishing Report Released By Treasury

  Treasury has announced the release of a report regarding the prevention, detection and response to phishing schemes.
  Phishing 5/27/04

• Online Subscriptions Offered By FDIC

  An online subscription service has been announced by the FDIC. Subscribers can select the publications that they want to receive free via email. Online Subscriptions 5/27/04

• NCUA Announces Express Emails

  NCUA has announced the activation of its Express email subscription service which offers expedited electronic retrieval of NCUA information. Express Email 5/27/04

• Thrift Industry First Quarter Results

  OTS reports that the thrift industry profitability remains strong in the First Quarter 2004.
  Profitability;
  Highlights;
  Charts;
  Selected Indicators 5/27/04

• Changes Made To UPBR

  The FDIC has issued an FIL regarding changes made to the UPBR peer grouping methodology and the distribution of the report.
  FIL-58-2004 5/27/04

• Outlook Examines Bank Earning

  The Summer 2004 issue of the FDIC Outlook examines the earnings performance of FDIC-insured depository institutions in three different reports: addressing the role of net interest margin in industry earnings, the effect of higher interest rates on securities gains, and how demographic trends are affecting banks in rural areas. Outlook 5/27/04

• Federal Court Reaffirms SAR Safe Harbor

  The federal financial regulators have issued an Interagency Advisory regarding a recent federal court case that reaffirmed the protection from civil liability afforded financial institutions and their employees who file SARs. Interagency Advisory
  FRB SR 5/26/04

• Twelve Enforcement Actions Announced

  The OCC has announced 12 enforcement actions against national banks and individuals who are current or former affiliates of the institutions. The actions involved banks and individuals in the District of Columbia, Nevada, Ohio, Virginia, Kansas, Illinois, Louisiana, Texas, California, and New York. Enforcement Actions 5/26/04

• Counterfeit FDIC Expense Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit FDIC expense checks which are drawn on Mellon Bank, N.A., Pittsburg, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page. 5/26/04

• FDIC Website Updates Include BSA, Analysis Report and Payment Changes

  The FDIC has added information on its Web site concerning BSA and AML, the March 2004 Financial Analysis Report, and the impact on U.S. banking of payment system payments. BSA;
  Analysis Report;
  Payment Changes 5/26/04

• Greenspan Urges Participation in Consumer Study

  The FRB has announced plans to conduct a study of household finances to provide insight regarding the economic condition of American families. The study, known as the Survey of Consumer Finances, has been conducted every three years since 1983. A letter from Chairman Greenspan has been sent to approximately 10,000 households urging their participation in the study. Letter;
  FRB PR 5/26/04

• Storm Relief FIL Issued

  The FDIC has issued a FIL announcing a series of steps to facilitate the rebuilding process in areas recently impacted by severe weather in the state of Nebraska, Kansas, Iowa, and Missouri. FDIC FIL-57-2004 5/26/04

• International Reserve Position Released

  Treasury has release the U.S. International Reserve Position for the week ending May 21, 2004.
  International Reserve 5/26/04

• $10 Million In Restitution Ordered

  The OCC has ordered a Las Vegas based bank to set aside at least $10 million as restitution for customers who were charged excessive interest and opening fees on a credit card with limit of $260 which resulted in an initial available balance of $2.50. The OCC contended the practice was unfair and deceptive and violated the FTC Act. Order
  5/25/04

• 62 CRA Ratings Released

  The OCC has released the CRA ratings for sixty-two national banks. Seven banks received an outstanding rating, fifty-five were satisfactory and none were needs to improve or substantial noncompliance. CRA
  5/25/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Florida Bank, N.A., Tampa, Florida. Information regarding the counterfeit items has been placed on the BOL Alerts & Counterfeits page.
  5/25/04

• Is Inflation Targeting Best-Practice Monetary Policy?

  The latest International Finance Discussion paper issued by the FRB examines the inflation targeting framework and monetary policy.
  Discussion Paper 5/25/04

• 23A Exemption Granted

  The FRB has released a legal interpretation which grant the request of Citigroup, Inc. for an exemption from the provisions of 23A of the FRA and Reg W which would allow the acquisition of all the shares of an affiliate.
  Exemption 5/24/04

• Check 21 FIL Issued

  The FDIC has issued an FIL advising institutions that they should start planning for the operational changes that will be necessary to implement Check 21.Check 21 5/24/04

• OTS Issues Electronic Initiatives CEO Letter

  The OTS has issued a CEO Letter regarding electronic initiatives which describes the availability and transferability of electronic information between OTS and the institutions it regulates.CEO Letter 5/24/04

• Registration For FDICconnect Encouraged

  The FDIC is encouraging institutions to immediately register for FDICconnect, a secure Website developed to facilitate transactions with the regulator.
  Registration 5/24/04

• FDIC Insurance Funds First Quarter Results

  The First Quarter 2004 financial results for BIF and SAIF have been announced by the FDIC.
  Results.5/24/04

• FDIC SDN FIL

  A FIL has been issued by the FDIC regarding previously announced entries designated as SDNs buy OFAC. Information concerning the new designations was posted May 18, 2004 on the BOL OFAC page.5/24/04

• The FFIEC has updated the Technical Information section of the UBPR User's Guide. User's Guide 5/21/04

• Bulletin Issued On Fact Act NPR

  The OCC has issued a Bulletin concerning the previously announced NPR regarding implementation of section 411 of the Fact Act. Information regarding the NPR was posted in the April 26, 2004 BOL Top Stories. Fast Act NPR 5/21/04

• Effects Of Interest Rates on MMMFs

  The FDIC has published an analysis of the effects of interest rates on money market mutual funds in the latest edition of FYI. FYI 5/21/04

• Check 21 Services Introduced By FRB

  The FRB has announced three new services: FedForward, FedReturn, and FedReceipt, which are designed to help financial institutions take advantage of Check 21 opportunities. New Products 5/19/04

• NPR Concerning BSA And Syrian Bank

  FinCEN has issued pursuant to the provisions of the BSA a NPR regarding the imposition of a special measure against a Syrian Bank as financial institution of primary money laundering concern. NPR 5/19/04

• Amendments to Reg CC

  The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts. These amendments have now been published in the Federal Register. 69FR28819 (txt) 69FR28819 (pdf) 5/19/04

• Comments Sought For Prescreened Study

  The FRB is seeking comments to assist on a study concerning prescreened solicitations required by the FACT Act.
  Study 5/19/04

• Greenspan Accepts Nomination

  In response to the announcement that President Bush intends to nominate Alan Greenspan as Chairman of the FRB for an additional four year term, the Chairman issued a statement indicating his willingness to serve. Statement; Announcement 5/19/04

• Trends In Community Banking Subject Of FYI

  The latest issue of FYI contains three new reports dealing with trends in community banking. The reports are the second installment of papers in the FDIC's Future of Banking Study. FYI 5/19/04

• Uday's Business Partners Added To OFAC List

  OFAC has designated six individuals and two business that were associated with Uday Saddam as SDNs. Information regarding the additions has been posted on the BOL OFAC page. 5/19/04

• FRB To Study Debit Card Fees

  A study will be conducted by the FRB regarding debit card fees. Comments are sought concerning the adequacy of the disclosures currently given to consumers. Debit Card Study 5/19/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending May 14, 2004.
  Reserve Position 5/19/04

• FinCEN Issues Special Measure for Syria Bank

  FinCEN is issuing a notice of proposed rulemaking to impose a special measure against Commercial Bank of Syria as a financial
  institution of primary money laundering concern. 69FR28098 (txt) 69FR28098 (pdf) 5/18/04

• Cash Letters Delayed By Plan Crash

  Due to the crash of a plane transporting items between Fed offices, the FRB has given notice that some cash letters have been lost. The missing letters are being reconstructed which will cause a delay in the presentment of some items.
  Cash Letters 5/18/04

• Amendments To Reg CC Continue

  The FRB has announced additional amendments to Appendix A of Reg CC which reflect the restructuring of the check processing operations in the Seventh and Eight Districts.
  Amendments 5/18/04

• Fedwire Hours Extended

  The FRB has announced that beginning May 16, 2004 the operating hours of the Fedwire Funds Services have been extended to 21.5 hours per day. Fedwire 5/18/04

• Hawke Reviews OCC And Banking History

  In a presentation before the Conference on Credit rating and Credit Scoring, Comptroller Hawke reviewed the history of the OCC, the evolution of its examination process and changes in the banking industry.
  Speech 5/18/04

• Regulators Seek Comments Regarding Structured Financial Activities

  The OCC, OTS, FRB, SEC, and FDIC have issued an interagency statement requesting public comments on a proposal regarding complex structured financial activities of regulated institutions.
  Statement;
  OCC PR;
  OTS PR;
  FRB PR;
  SEC PR;
  FDIC PR 5/17/04

• Counterfeit Cashier's Check Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on the Oceanside Bank, Jacksonville Beach, Florida, Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.

• FRB Enters Written Agreement With Georgia Institutions

  The FRB has entered into a Written Agreement with a Georgia BHC and its subsidiary banks.
  Written Agreement 5/17/04

• Payroll Card System Advisory Issued

  The OCC has issued an AL in response to inquiries that the OCC has received from bankers and examiners regarding supervisory expectations for payroll card systems. AL
  5/17/04

• FATF Mandate Renewed

  The representatives of FATF's thirty-three member countries have reaffirmed their commitment to FATF it's mandate to combat money laundering and terrorist financing for an additional eight years. Mandate Renewed 5/17/04

• Cost Of Funds Reports Released

  OTS has release the current and historical National Cost of Funds Ratio to OTS Regulated Institutions reports
  Current; Historical 5/17/04

• Riggs Assessed $25 Million CMP

  The OCC and FinCEN have announced that a CMP in the amount of $25 million has been assessed against Riggs Bank N.A. for numerous violations of BSA including the failure to implement an effective AML program and file SARs. The assessment is the largest CMP brought against a U.S. financial institution BSA violations. Consent Order; CMP; FinCEN 5/14/04

• Largest FCRA Penalty Imposed

  A debt collection firm has agreed to pay the largest penalty ever imposed by the FTC, $1.5 million, for violations of the FCRA by reporting inaccurate consumer account information to credit bureaus. FCRA Compliant; Consent Decree 5/14/04

• Prohibition Orders Issued Against Former CU Officials

  NCUA has announced the issuance of Orders of Prohibition against five former CU officials and employees from Texas, Wyoming, New York, and Louisiana. Orders 5/14/04

• Financial Holding Company Elections Released

  The FRB has released the list of bank holding companies that have elected as of May 7, 2004 to be treated as financial holding companies. Financial Holding Companies 5/14/04

• FDIC Votes On Assessment Rates

  The FDIC Board of Directors has voted to keep the current assessment rates for the remainder of 2004.
  Assessment Rates 5/14/04

• Community Banks Survival Threatened

  In testimony before the House Subcommittee on Financial Institutions and Consumer Credit, FDIC Vice Chairman Reich warned that existing bank regulations may threathen the survival of community banks. Speech 5/13/04

• APRWIN And APY Software Available

  The OCC has updated its APRWIN and APY compliance software programs, both which can be downloaded free. Software 5/13/04

• International Reserve Position Updated

  The U.S. International Reserve Position for the week ending May 7, 2004 has been released by Treasury.
  Reserve Position 5/13/04

• Managing Risks Of New Products

  The OCC has issued a bulletin which provides guidance regarding managing risks associated with new products or the expansion or modification of existing products and the regulator's expectations of management action to implement an effective risk management process. Guidance 5/12/04

• $100 Million CMP Assessed

  The FRB has announced the issuance of a civil money penalty in the amount of $100 Million against UBS, AG, Zurich, Switzerland for violations of OFAC program sanctions. $100 Million 5/11/04

• C & D Against BHC and Sole Shareholder

  A Cease and Desist Order has been issued by the FRB against CAB Holdings, LLC, Wilmington, Delaware and its sole shareholder.
  C & D 5/11/04

• SDGTs FIL

  The FDIC has issued a FIL regarding previously announced SDGT additions to the OFAC SDN list. Information concerning the additions was placed May 6, 2004 on the BOL OFAC page. 5/11/04

• Reg CC Appendix Amended

  Amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District have now been published in the Federal Register. 69FR25826 (txt)
  69FR25826 (pdf) 5/10/04

• Six FIs Penalized By OFAC

  The OFAC Civil Penalties Enforcement Information list for May 2004 contained six financial Institutions cited for violations of the Cuban, Sudan, Iran, and Kosovo sanctions programs with penalties ranging from $850 to over $25,000.
  Civil Penalties 5/10/04

• SAR Report Published

  FinCEN has published the May 2004 issue of The SAR Activity Review - By the Numbers which contains data from SARs filed from April 1996 to December 2003. SAR Review 5/10/04

• Senior Loan Officer Opinion Survey Results

  The FRB has announced the results of the April 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices.
  Survey Results 5/10/04

• CU Closed

  NCUA has announced the placing of the Dallas Educators Federal Credit Union of Selma, Ala. into liquidation and the issuance to checks to members as their account are verified. Closing 5/10/04

• G.19 Consumer Credit Report Issued

  The March 2004 G.19 Consumer Credit Statistical Release has been issued by the FRB.
  G.19 5/10/04

• Household Debt Service Burden Announced

  The FRB has released the household debt service and financial obligations ratios for the 4th Quarter 2003.
  Household Ratios 5/10/04

• OCC Bulletin Regarding Reg. Z

  The OCC has issued a bulletin regarding the previously announced revisions of Reg. Z and its official commentary. Information concerning the revisions and the commentary was included in the March 31, 2004 BOL Top Stories. 5/10/04

• OFAC Additions FIL Issued

  A FIL has been issued by the FDIC regarding previously announced additions to the OFAC list of SDNs. Information regarding the additions was posted April 30, 2004 on the BOL OFAC page. 5/10/04

• Credit Card Fee Income Guidance Issued

  Treasury and the IRS have issued guidance on the timing of income recognition of credit card annual fees and late fees.
  Fee Income 5/7/04

• NPR Regarding Trust Preferred Securities and Tier 1

  The FRB has issued a NPR that would retain trust preferred securities in the tier 1 capital of BHCs. The comment deadline is July 11, 2004.  NPR 5/7/04

• Greenspan On Globalization

  Chairman Greenspan noted in a presentation before the Conference on Bank Structure and Competition that global and technological innovations will be among the most significant developments affecting banking in the next decades. He also remarked that protectionism could significantly erode global flexibility and undermine the global adjustment process. Speech 5/7/04

• Terrorist Financing Report Published

  FATF has published its 2003-2004 Money Laundering and Terrorist Financing Typologies report which contains case studies of terrorist financing activities. ML Report 5/7/04

• New SDGTs Added to OFAC List

  OFAC has added three new SDGTs to the SDN list. Information regarding the additions has been posted on the BOL OFAC page. 5/7/04

• CRA Exam Results Announced

  The FDIC has announced the ratings assigned to banks examined for CRA compliance in February 2004.
  CRA Ratings 5/6/04

• OCC Licensing Manual Revised

  The OCC has announced the revision of the "Conversions" booklet of the Comptroller's Licensing Manual to incorporate recent policy and procedure changes. Conversions 5/6/04

• International Reserve Position Updated

  Treasured has issued the U.S. International Reserve Position for the week ending April 30, 2004.
  International Reserve 5/6/04

• Quarterly Refunding Statement Issued

  Treasury has issued the May 2004 Quarterly Refunding Statement.
  Refunding 5/6/04

• FRB Publishes Eleven Working Papers

  The FRB has published eleven new working papers in the International Finance Discussion series.
  Working Papers 5/6/04

• Burmese Banks Bulletin Issued By OCC

  The OCC has issued a Bulletin regarding the special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/6/04

• Reg CC Appendix Amended

  The FRB has announced amendments to Appendix A of Reg CC resulting from the restructuring of check processing operations in the Eleventh District. Amendments
  5/5/04

• Fed Funds Target Rate Announced

  The FOMC has announced its target for the federal funds rate. Target Rate 5/5/04

• UBPR User's Guide Updated

  The FFIEC has updated the UBPR User's Guide.
  UBPR User's Guide 5/4/04

• Special Measures Imposed Against Burmese Banks

  The FRB has issued a SR Letter regarding special measure previously imposed by FinCEN against Burma (Myanmar) and two Burmese banks. Information concerning the final rules issued by FinCEN under the provisions of the USA. PATRIOT Act was posted in the April 12, 2004 BOL Top Stories. 5/4/04

• Evaluating Retail Payment Systems Guidance FIL Issued

  The FDIC has issued an FIL regarding the previously announced FFIEC booklet which provides guidance on evaluating retail payment systems. Information concerning the FFIEC booklet was posted in the April 1, 2004 BOL Top Stories. 5/4/04

• Marketing Financing Estimates Announced

  Treasury has announced the Marketing Financing Estimates for the Second Quarter 2004.
  Estimates 5/4/04

• FRB Issues 90th Annual Report To Congress

  The FRB has issued its 90th Annual Report to Congress.
  Index;
  Full Report 5/4/04

• FDICSales.com Utilizes Outcry Auction

  The FDIC has completed its first quarter 2004 asset sales offering by utilizing for the first time the outcry auction process.
  Outcry Auction 5/4/04

• FRB And Utah BHC Execute Written Agreement

  The FRB has announced the execution of a Written Agreement with a Utah BHC and its subsidiary bank.
  Written Agreement 5/3/04

• Twenty Enforcement Actions Announced By FDIC

  The FDIC has announced that twenty enforcement actions were processed in March 2004 resulting in orders concerning cease-and-desist, removal-and-prohibition, civil money penalties, and termination of insurance.
  Actions 5/3/04

• April 2004 Issue of Interpretations And Actions Published

  The OCC has published and placed online the April 2004 issue of Interpretations And Actions.
  Interpretations 5/3/04

• OFAC Adds Four SDGTs

  Four individuals have been added to the OFAC SDN list as SDGTs. Information regarding the new listings has been posed on the BOL OFAC page. 5/3/04

• Disciplinary Action Taken Against Bankers

  The FDIC has announced that disciplinary action involving removal and civil money penalties, including one of $50,000, has been taken against Kansas, Illinois, and Arkansas bankers. Kansas; Illinois; Arkansas 4/30/04

• International Reserve Position Data Released

  Treasury has released the U.S. International Reserve Position data for the weeks ending April 16 and 23, 2004.
  Reserve Position 4/30/04

• Premises Investment Report Extension Proposed

  The FRB has issued a proposal for comment regarding a three year extension without revision of the Investment in Bank Premises Notification Report. Proposal 4/30/04

• February 2004 G. 20 Issued

  The G. 20 Finance Companies statistical release containing data for February 2004 has been issued by the FRB.
  G. 20 4/30/04

• Libyan Restrictions Relaxed

  OFAC has announce issuance of a General License that authorizes most prospective transactions with Libya, however prior blocked transactions remained blocked unless specifically permitted. Information regarding the General License has been posted on the BOL OFAC page. 4/30/04

• OCC Enforcement Actions Announced

  Sixteen new enforcement actions have been announced by the OCC involving national banks and individuals from Minnesota, New York, Florida, Illinois, Texas, North Carolina, Utah, California, Oklahoma, and the District of Columbia.
  Enforcement Actions 4/29/04

• Identifying Risks In Secured Credit Card Programs

  The OCC has issued an Advisory Letter which provides guidance on how to address the risks in secured credit card programs and identifies those products that the OCC has determined should not be offered by national banks.
  AL 2004-4 4/29/04

• NCUA Issues Prohibition Orders

  Prohibition Orders have been issued by NCUA against three former credit union officials from New Mexico. Illinois, and California.
  New Mexico;   
  Illinois;   
  California 4/29/04

• FIL Regarding Medical Privacy NPR

  The FDIC has issued a FIL regarding a previously announced NPR issued by the federal financial regulators concerning the use of medical information in credit decisions. Information regarding the NPR was posted in the April 26, 2004 BOL Top Stories. 4/29/04

• OTC Enforcement Actions

  The OTC has announced the entering into an Order to Cease and Desist with a Montana trust company regarding mutual fund shares trading and a Supervisory Agreement with a New Jersey FSB regarding RESPA, FDCPA and FCRA. Order; Agreement 4/28/04

• Greenspan On Energy

  Learn the views of Chairman Greenspan on energy prices and the U.S. economy from his presentation before the Center for Strategic & International Studies. Speech 4/28/04

• FRB Working Papers Published

  The FRB has published six working papers in the Finance and Economic Discussion series with the following titles: "The Geography of Stock Market Participation: The Influence of Communities and Local Firms"; "Learning and Shifts in Long-Run Productivity Growth"; "Uncertainty and Investment: An Empirical Investigation Using Data on Analysts' Profits Forecasts"; "What Does the Yield on Subordinated Bank Debt Measure?"; "The Term Structure of Commercial Paper Rates"; and "A New Approach to the Valuation of Intangible Capital".
  Geography;
  Learning;
  Uncertainty;
  What Does;
  Term Structure;
  New Approach 4/28/04

• Loan Portfolio Quality Working Paper

  A working paper, "Loan Portfolio Quality and the Diffusion of Technological Innovation", has been released by the FDIC.
  Loan Portfolio 4/28/04

• New Web Site For NCUA

  NCUA has announced the redesign of its Web Site that incorporates suggestions and comments from its stakeholders, onsite testing, input from internal and external users and historical tracking results.
  NCUA PR;
  Home Page 4/28/04

• ABCP Interim Final Rule Extended

  The federal financial institution regulators have extended the expiration date of the interim final rule regarding ABCP and FIN 46.
  FDIC FIL 4/27/04

• One Certificate Only

  The FDIC has announced, beginning June 1, 2004, that no longer will it provide original certificates of deposit insurance for display at all the offices of FDIC insured institutions. One original certificate will be provide at the time the institution is granted insurance for display in the main office. Generic certificates will be available upon request to display at branch offices.
  Certificates 4/27/04

• Grant Gets An Extreme Makeover

  As promised, Treasury, the Fed and the Secret Service have unveiled the new $50 dollar bill which contains many new features designed to thwart counterfeiters. See Grant's new look, learn more about the security features, and what you need to tell your customers from a BOL exclusive article, "All About the New $50". 4/27/04

• First Quarter Asset & Liability Price Tables

  OTS has published the Asset & Liability Price Tables for the First Quarter 2004.
  Price Tables 4/27/04

• Use of Medical Info NPR Issued

  The federal financial regulators have issued a NPR under the FCRA that incorporates the prohibition on obtaining or using medical information in connection with credit eligibility determinations except under certain limited circumstances.
  Medical Info NPR;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR; 4/26/04

• Risk-Based Capital Guidelines Extended

  The regulators are extending the applicability date in the interim final rule on the capital treatment of consolidated asset-
  backed commercial paper (ABCP) programs that was issued on October 1, 2003. 69FR22382 (txt) 69FR22382 (pdf) Interim Final Rule published in Oct. 2003 4/26/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on the First State Bank, Holly Springs, Mississippi. Information regarding the counterfeit items has been placed on the BOL Alerts & Counterfeits page. 4/26/04

• FTC To Refer Complaints To Credit Bureaus

  The FTC has announced a program to forward consumer complaints regarding inaccurate entries on their credit reports directly to the three major credit bureaus.
  Referral Program 4/26/04

• International Finance Discussion Paper Released

  A discussion paper in the International Finance series titled, Price-level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps, has been released by the FRB.
  Paper 4/26/04

• NPR Regarding Lending Limits

  The OCC is proposing to extend for three years an OCC pilot program that authorizes new, special lending limits for 1-4 family residential real estate loans and small business loans. 69FR21978 (txt) 69FR21978 (pdf) 4/23/04

• 52 CRA Ratings Released

  The OCC has released the ratings for fifty-two national banks examined for CRA compliance. Five banks were rated outstanding, forty-six satisfactory and one needs to improve. CRA 4/23/04

• Another FDIC Email Scam

  The FDIC has issued a Special Alert regarding complaints from consumers that have received emails appearing to have been sent by the FDIC. The emails indicate that the FDIC has collaborated with credit card providers to provide a new service for those who wish to secure their credit cards against fraud and to be part of a secure online transaction network. The e-mail claims that, by accessing the embedded link, the recipient can get a free trial membership that provides coupons for discounts at some of the more popular online retail outlets. Scam 4/23/04

• FDIC Publishes New Brochures For Customers

  The FDIC has issued a FIL regarding the development of one new brochure, Insuring Your Deposits, and the update of a previously issued one, Your Insured Deposits - FDIC's Guide to Deposit Insurance Coverage, for bank customers that explain FDIC insurance. Older copies of the Your Insured Deposits publication are outdated and should be destroyed. FIL 42-2004;   
  Insuring Your Deposits;   
  Your Insured Deposits 4/23/04

• OFAC FIL

  A FIL has been issued by the FDIC regarding previously announced changes made by OFAC to SDN designations. Information concerning the changes were posted April 15, 2004 on the BOL OFAC page. 4/23/04

• FTC NPR ID Theft Proposals

  The FTC has issued a NPR pursuant to the FACT Act regarding definitions, active duty alert, and appropriate proof of identity.
  FACT Act NPR 4/22/04

• NPR Regarding FRB PRS

  The FRB has issued a NPR regarding proposed changes to Part II of its Policy Statement on Payment System Risk addressing risk management in payments and securities settlement systems. NPR 4/22/04

• Greenspan - Fed Funds Rates To Rise

  Chairman Greenspan presented his outlook of the economy to the Joint Economic Committee of the Senate. He indicated that the federal funds rate must rise at some point to prevent pressures on price inflation from eventually emerging.
  Testimony 4/22/04

• Beige Book Updated

  The FRB has updated the Beige Book based on data collected before April 12, 2004.
  Beige Book 4/22/04

• Supervisory Agreement Regarding RESPA, FDCPA and FCRA

  OTS has announced the entering into a Supervisory Agreement with a FSB which involves the enhancement of the institution's compliance with the provisions of RESPA, FDCPA and FCRA. Supervisory Agreement
  4/21/04

• FinCEN Warns Of Unauthorized Disclosure of SAR

  Director Fox has issued a statement noting the unauthorized disclosure of the filing of a SAR is a violation of federal criminal law and threatens the integrity of the system. Statement 4/21/04

• The State of Banking By Greenspan

  Chairman Greenspan expressed his views on the state of the banking industry in testimony before the Senate Committee on Banking, Housing, and Urban Affairs. His comments included the improved risk management in banks, Basel II, and bank consolidation. He noted the industry's experience during the past few years in dealing with clear weakness in key economic sectors demonstrates the importance of strong capital positions and sound risk-management practices.
  Speech 4/21/04

• Hawke Says National Banking System Strong

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Comptroller Hawke stated that the national banking system was in a strong condition. He noted that there were elements of uncertainty in today's economic environment, but he was optimistic about the ability of banks to overcome the challenges. Testimony 4/21/04

• May 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 May 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 4/20/04

• Consumer Report Disposal Proposal Published

  The FTC's proposed rule regarding the proper disposal of consumer report information and records has been published in the Federal Register. The comment deadline is June 15, 2004.
  69FR21387 (txt) 69FR21387 (pdf) 4/20/04

• FRB MICR File Delivery Update

  FRB Services has announced starting April 20, 2004, institutions that use Payor Bank Services via the FedLine Web will see enhanced MICR File Delivery functionality including the ability to download multiple files and other download options.
  MICR 4/20/04

• FRB Annual Report To Congress

  The FRB has made its annual budget review report to Congress which covers budgeted expenses of the Reserve Banks for 2004, the 2004 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2002 and 2003.
  Budget Report 4/20/04

• Consumer Records Disposal NPR Issued

  The FTC has issued a NPR regarding the disposal of consumer report information and records. The proposed Rule would require any person that possesses or maintains covered consumer information "to take reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal."
  NPR 4/19/04

• Mandatory Electronic Filing

  The FDIC has issued an FIL regarding an interim rule that requires the electronic filing of beneficial ownership reports by directors, executive officers, and principal shareholders to be made through the FDIC Beneficial Ownership Filings system.
  FIL 4/19/04

• Stolen or Missing Money Orders

  The FDIC has issued a Special Alert regarding 100 stolen or missing money orders drawn on Citizens Community Bank, Mascoutah, Illinois. Information regarding the money orders has been placed on the BOL Alerts & Counterfeits page. 4/19/04

• Credit Card Telemarketers To Pay $11.8 Million

  The FTC has obtained a judgment in U.S. District Court against six telemarketers that duped thousands of customers nationwide in a scam that promised pre-approved advance fee Visa and MasterCard credit cards. The Court banned the defendants from future operations and ordered $1.8 million in customer redress.
  FTC PR;
  Court Order 4/19/04

• March G. 17 Report Issued

  The FRB has issued the G. 17 Industrial Production and Capacity Utilization report for March 2004.
  G. 17 4/19/04

• OCC Licensing Manual Updated

  The "Charters" booklet in the OCC Licensing Manual series has been updated.
  Charters 4/16/04

• OCC Bulletin Regarding Op Sub NPR

  The OCC has issued Bulletin 2004-16 concerning a previously announced NPR that would enable the OCC to make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on the OCC web site. The details regarding the NPR were posted in the March 26, 2004 BOL Top Stories. 4/16/04

• FDIC Issues Proposed Rule on Store Value Cards

  The FDIC is publishing for notice and comment a proposed rule that would clarify the meaning of ``deposit'' as that term relates to
  funds at insured depository institutions underlying stored value cards. 69FR20558 (txt) 69FR20558 (pdf) 4/16/04

• February TIC Data Released

  Treasury has released the Treasury International Capital data for February 2004.
  TIC 4/16/04

• Exchange Rate Report Made to Congress

  The International Economic and Exchange Rate Policies Report for the second half of 2003 has been delivered to Congress by Treasury as required by the Omnibus Trade and Competitiveness Act of 1988. Exchange Rate Report 4/16/04

• Quarterly Journal for 2nd Quarter 2003 Online

  The OCC has made the September 2004 edition of the Quarterly Journal available online.
  Quarterly Journal (full text);
  Table of Contents 4/16/04

• February Cost of Funds Reports Issued

  OTS has issued the February 2004 current and historical national average cost of funds ratio to OTS regulated, SAIF - insured Institutions.
  Current CF;
  Historical CF 4/16/04

• April Money Smart News Published

  The FDIC has published the April 2004 issue of the Money Smart News.
  News 4/16/04

• Iraqi Names Added To OFAC List

  OFAC has announced the designation of five new entities and four individuals as SDNs plus changes to existing SDN entries. The new SDNs are front companies and individuals that were procuring weapons, skimming funds, operating for the Iraqi Intelligence Service, and doing business in support of the fallen Saddam Hussein regime. Information regarding the additions and changes has been posted on the BOL OFAC page. 4/16/04

• Sharing Medical Information FCRA Exception Proposed

  The FRB, FDIC and NCUA are seeking comments on a proposed rule under the FCRA that would create an exceptions for obtaining, using and sharing medical information. Proposed Rule 4/15/04

• Reg CC Appendix A Technical Amendment

  The FRB is amending appendix A of Regulation CC to delete the reference to the Charleston check processing office of the Federal Reserve Bank of Richmond and reassign the Federal Reserve routing symbols currently listed under that office to the Cincinnati office of the Federal Reserve Bank of Cleveland. 69FR19921 (txt)
  69FR19921 (pdf) 4/15/04

• HMDA Exam Procedures Bulletin Issued

  The OCC has issued a Bulletin that indicates that the new exam procedures resulting from the amendment of Reg C will be incorporated into the Comptroller's Handbook series in the future, but until that time, the examiners will be following the procedures attached to the Bulletin. OCC 2004-15;    
  Procedures 4/14/04

• Consumer PL Brochure Now In Spanish

  The federal Interagency Task Force on Fair Lending has published a Spanish-language version of a brochure that alerts consumers to potential borrowing pitfalls, including high-cost home loans, and provides tips for getting the best financing deal possible. Copies of the brochure in English or Spanish will be available on the agencies' web sites.
  Joint PR (English);   
  Joint PR (Spanish);   
  Brochure (English);   
  Brochure (Spanish) 4/14/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position for the week ending April 9, 2004.
  Reserve Position 4/14/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on St. Martin Bank and Trust Company, St. Martinville, Louisiana; Kearny Federal Savings Bank, Kearny, New Jersey; and Highlands Independent Bank, Sebring, Florida. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/13/04

• FDIC Issues Interim Rule on Electronic Filing

  This amendment implements the requirements of the Exchange Act, as amended by the Sarbanes-Oxley Act of 2002, which
  mandates electronic filing of reports related to beneficial ownership of securities by the directors, executive officers, and principal
  shareholders of public companies. The amended rules provide an exception to this prohibition, requiring electronically transmitted filings of beneficial ownership reports by bank directors, officers and principal shareholders to disclose securities transactions and ownership. 69FR19085 (txt) 69FR19085 (pdf) 4/12/04

• FRB Proposed Changes to Reg V

  The FRB is proposing to amend Regulation V that implements the Fair Credit Reporting Act (FCRA or Act). The FRB would add a model form to Regulation V that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the FACT Act. 69FR19123 (txt)
  69FR19123 (pdf) 4/12/04

• FinCEN Issues Special Measures Against Burma

  FinCEN is issuing this final rule to require certain U.S. financial institutions to take the proposed special measure regarding Burma.
  69FR19093 (txt)
  69FR19093 (pdf) 4/12/04

• FinCEN Issues Special Measures Against Two Financial Institutions

  FinCEN is issuing a final rule to require certain U.S. financial institutions to take the proposed special measure with respect to Myanmar Mayflower Bank (Mayflower Bank) and Asia Wealth Bank, both Burmese banks. 69FR19098 (txt)
  69FR19098 (pdf) 4/12/04

• Reg CC Appendix A Amended

  The FRB has issued a Final Rule which amends Appendix A of Reg CC due to the restructuring of the check processing operations in the Fourth and Fifth Federal Reserve Districts.
  Final Rule 4/12/04

• FIL Regarding Weapons Of Mass Destruction

  An FIL has been issued by the FDIC regarding a previous announcement by OFAC that four entities were no longer subject to the import ban of the Weapons of Mass Destruction Trade Control Regulations. Information regarding the entities has posted on April 2,2004 on the BOL OFAC page. 4/12/04

• CMIR Form Changes Proposed

  FinCEN has issued a NPR which proposes changing the CMIR form 105 by converting it into two new forms.
  CMIR Changes
  NPR 4/12/04

• Minority-Owned Banks

  The FRB has released the list sorted by state of minority-owned banks as of December 31, 2004.
  Minority-Owned 4/9/04

• FDIC Issues Stakeholders Letter

  The First Quarter 2004 Edition of the FDIC's Letter to Stakeholders has been issued.
  Stakeholders Letter 4/9/04

• FACT ACT Negative Information Form

  The FRB has issued a NPR regarding a proposed amendment to Reg V which contains a model form to be utilized by financial institutions under the provisions of the FACT Act if they furnish negative information to consumer reporting agencies. Comments regarding the model form must be received by May 9, 2004. NPR 4/8/04

• Hawke Discusses Preemption With Senators

  Comptroller Hawke testified before the Senate Banking Committee and explained what the new OCC regulations regarding preemption and visitorial powers do and what they would not do. He noted that the OCC feels the new rules are legally sound and do not leave customers of national banks exposed to abusive practices. Oral Statement;
  Testimony 4/8/04

• Fraudulent FDIC Emails Virus Warning

  The FDIC has issued a Special Alert regarding emails that have been received by customers of financial institutions that appear to have been sent by the FDIC. The emails instruct the recipient to open an attachment to view information regarding fraudulent activity occurring in the customer's account. The sender may be trying to implant a virus or obtain the customer's personal information.
  Email Virus Special Alert 4/8/04

• Special Alert - Unauthorized Banking

  A Special Alert has been issued by the FDIC regarding an Austrian entity that may be conducting banking activities in the United States without authorization. Special Alert 4/8/04

• Extension of FRB Reports Proposed

  The FRB has proposed for comment the extension without revision for a period of three year the following reports: FHC, FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, Notice of Branch Closure (4031), FR 4008, FR 4013, and Reg H-1. Proposals 4/8/04

• International Reserve Position Data Released

  Treasury has released the International Reserve Position for the week ending April 2, 2004.
  International Position 4/8/04

• G. 19 Consumer Credit Report Issued

  The FRB has issued the G. 19 Consumer Credit Report for February 2004.
  G. 19 4/8/04

• FDIC CRA Ratings Released

  The ratings for the banks examined by the FDIC in January 2004 for CRA compliance have been released.
  CRA Ratings 4/7/04

• Treasury Check Claims Final Rule Issued

  Treasury has issued a Final Rule which amends the rule governing the indorsement and payment of Treasury checks and provides notice of how Treasury will collect debts owed by banks who fail to properly pay claims.
  Final Rule 4/7/04

• FinCEN Withdraws Advisories

  Advisories regarding transactions involving Ukraine and the Arab Republic of Egypt have been withdrawn by FinCEN.
  Ukraine;
  Arab Republic 4/7/04

• FFIEC Updates CRA/HMDA Software

  Updated versions of the 2004 CRA and HMDA Data Entry Software are now available online at the FFIEC web site.
  Data Entry Updates 4/7/04

• Fourth Quarter Interest Rate Risk Review

  OTS has issued its Quarterly Review of Interest Rate Risk for the Fourth Quarter 2003.
  Quarterly Review 4/7/04

• FDIC Updates State Profiles

  The FDIC has issued the Spring Quarter 2004 update of the business and economic conditions for each state.
  State Profiles 4/7/04

• Mark Levonian Named Deputy Comptroller for Modeling and Analysis

  Mr. Levonian will oversee quantitative modeling support for bank supervision, economic research and policy analysis.
  NR 2004-27 4/6/04

• OTS Proposes New Form for Collecting Risk Exposure Data

  As part of an on-going effort to comprehensively enhance its interest rate risk modeling capabilities, the OTS is introducing a new form for collecting data used to measure thrifts’ interest-rate risk exposure. The changes are intended to reduce the data collection burden on institutions while improving the flexibility and utility of the data collected for OTS.
  OTS 04-08 4/6/04

• OTS Issues Supplemental Guidance on the BSA and AML Programs

  RB 18-6 4/6/04

• OFAC Penalizes One Institution

  The April OFAC Civil Money Penalties Enforcement Information lists one bank for violation of the Cuban Sanctions Program resulting in a penalty of $137,500. OFAC Penalty 4/5/04

• Federal Reserve Working Papers

  The Federal Reserve has published "What Explains the Stock Market's Reaction to Federal Reserve Policy?" Paper 4/5/04

• FFIEC Makes HMDA Revisions and Updates

  The FFIEC has made revisions to the 2004 HMDA file specifications and edits plus minor updates to the 2004 Guide which reflect the changes to MSA/MD reporting. Specifications; Edits; Guide 4/2/04

• Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for March 2004. G.5 4/2/04

• National Banks In Excellent Health

  In testimony before the House Committee on Financial Services, Comptroller Hawke proclaimed the health of national banks to be excellent with less than one per cent having risked-based capital below ten percent. Testimony; Oral Statement 4/2/04

• FDIC Enforcement Actions Announced

  Nineteen administrative enforcement actions were taken against banks and individuals by the FDIC in February 2004.
  Enforcement Actions 4/1/04

• Retail Payments IT Exam Booklet Issued

  The FFIEC has announced the issuance of a Retail Payments Systems Booklet in the IT Examination Handbook series which provides guidance for examiners, financial institutions, and technical service providers on the risks associated with retail payment systems.
  OCC Bulletin;
  OTS PR;
  NCUA;
  FFIEC PR;
  Booklet 4/1/04

• Line Item Guidance Issued for Oakars

  The FDIC has issued two FILs which provide guidance regarding the proper use of certain line items in the Call Reports by Oakar thrifts and banks. Thrift Guidance;
  Bank Guidance 4/1/04

• Custodial Inventory Program Applications

  FRB Financial Services has announced that applications for participation in a proof of concept trial of the proposed Custodial Inventory Program are available. Program Information;
  Applications 4/1/04

• OTS Risk Management CEO Letter

  A CEO Letter has been issued by OTS regarding risk management practices in the current interest rate environment.
  CEO Letter 4/1/04

• Standard Forms Now Available Online

  Standard cash letter, cash services and Fedwire services forms plus instructions are now available on the FRB Financial Services web site. Forms 4/1/04

• NCUA Chairman To Retire

  NCUA Chairman Dollar has announce his retirement effective April 30, 2004.
  Statement 4/1/04

• International Reserve Position Released

  Treasury has released the U. S. International Reserve Position for the week ending March 26, 2004.
  Reserve Position 4/1/04

• FRB Releases Agricultural Databook

  The E.15 Agricultural Finance Databook for the First Quarter 2004 has been released by the FRB.
  E.15 4/1/04

OFAC has announced that Sea Tel, Inc. has agreed to pay $85,113 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. The apparent violations by Sea Tel occurred when it invoiced and exported marine antenna systems to a South Korean distributor, with knowledge or reason to know that they were intended specifically for re-exportation, directly or indirectly, to Iran.

OFAC has announced that Sea Tel, Inc. has agreed to pay $85,113 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. The apparent violations by Sea Tel occurred when it invoiced and exported marine antenna systems to a South Korean distributor, with knowledge or reason to know that they were intended specifically for re-exportation, directly or indirectly, to Iran.

• Reg Z Changes Published

  The Federal Register published a Final Rule from the FRB that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004. 69FR16769 (txt) 69FR16769 (pdf) 3/31/04

• Austrian Bank Not Authorized

  The OCC has issued an Alert regarding an Austrian bank that maintains a Web site that lists a Minnesota address and non-working telephone numbers. The bank has not been authorized by either U.S. or Austrian authorities to conduct banking business.
  Alert 2004-10 3/31/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced Enforcement Orders against former Georgia, Texas and South Carolina bankers.
  Georgia;
  Texas 1;
  Texas 2;
  South Carolina 3/31/04

• March Report Forms Online

  The FFIEC has posted the March 2004 002 and 002s Report Forms on its web page along with the 2003 FFIEC Annual Report.
  002;
  002s;
  Annual Report 3/31/04

• January G.20 Finance Companies Report Issued

  The FRB has issued the G. 20 Finance Companies Report for January 2004.
  G. 20 3/31/04

• MSA Guidance Issued

  The FFIEC has issued a Guidance on MSA boundary changes resulting from the modifications to the statistical area standards by the OMB.
  MSA Guidance 3/30/04

• 031 and 041 Instructions Online

  Instructions for preparation of Report Forms 031 and 041 have been added to the FFIEC web site. Instructions 3/30/04

• Country Exposure Reports Released

  The FFIEC has released the December 31, 2003 E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16; Report
  3/30/04

• Reg Z Final Rule Issued

  The FRB has issued a Final Rule that adds an interpretative rule of construction, provides guidance regarding consumers' right to rescind certain home-secured loans and revises the staff commnetary. The revisions are effective April 1, 2004. The date for mandatory compliance is October 1, 2004.
  Final Rule 3/29/04

• April Fools Plus

  In additon to April 1 being April Fools Day, it is also the effective date for the FDIC insurance amendments regarding living trust accounts and the deadline for comments regarding a FACT Act required study of the utilization of biometrics in combating identity theft.
  Living Trust;
  Biometrics 3/29/04

• BHC Fleet Management Authorized

  A legal intrepretation of Reg Y has been issued by the FRB that authorizes a BHC to provide auto fleet management services under certain circumstances.Auto Leasing 3/29/04

• OCC Updates Publications

  The OCC has updated two annual publications, "Significant Precedents" and "Activities Permissible for a National Bank".
  Significant Precedents;
  Activities Permissible 3/29/04

• Counterfeit Cashier's Checks Special Alerts

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Bank of Ridgeway, Ridgeway, South Carolina; INSOUTH Bank, Brownsville, Tennessee; Bank Star, Pacific, Missouri; and Ameriserv Financial Bank, Johnstown, Pennsylvania. Information regarding the counterfeit checks has been placed on the BOL Alerts & Counterfeits page. 3/29/04

• FIL Regarding Modifications to SDNs

  The FDIC has issued FIL-35-2004 regarding previously announced modifications to existing SDN listings and the addition of a FTO and SDGT designations. Information concerning the modifications and the new designations was posted March 22, 2004 on the BOL OFAC page. 3/29/04

• ACH Procecessor to Pay $3.9 Million

  The FTC has announced the settlement of claims against an electronic payments processor who alledgedly utilized the ACH system to aid telemarketers in a fraudulent advance fee debit card marketing fraud scheme. The processor and other defendants are required to pay $3.9 million in consumer redress.
  Settlement 3/29/04

• Proposal to Identify Op Subs Published in FR

  A proposed rule of the OCC that is designed to assist consumers in identifying national bank operating subsidiaries subject to OCC supervisory authority has been published in the Federal Register. Under the proposal, OCC would make information about the name, location, contact information and lines of business of national bank operating subsidiaries available to the public on its Web site. The comment deadline is April 26, 2004. 69FR15260 (txt)
  69FR15260 (pdf) Op Sub NPR   3/26/04

• Greenspan Addresses Rural Economic Issues

  In a presentation before an international conference regarding rural policies around the world, Chairman Greenspan commented on the effects of the phenomenal gains in U.S. agricultural productivity of the past century and the accompanying dislocations in many rural areas resulting from the migration of farm workers to more urban areas. Speech   3/26/04

• Future Of Banking Series Paper Released

  The FDIC has released a new paper in the Future of Banking Series entitled, "The Evolving Role of Commercial Banks in U. S. Credit Markets". Evolving Role   3/26/04

• HMDA Comments Sought

  The FRB is soliciting comment on revised formats for public disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and Regulation C, in light of revisions to Regulation C requiring lending institutions to report new loan pricing
  and other loan data. The first year for which the new data will be reported is 2004; data from institutions are due no later than March 1, 2005, and the data will be reflected in the public disclosures scheduled to be released in summer 2005. 69FR15469 (txt) 69FR15469 (pdf)   3/25/04

• Three Written Agreements Announced

  The FRB has announced the entering into Written Agreements with Illinois and Virginia financial institutions regarding compliance with BSA, Reg H, Risk Management, Audit Controls and Internal Controls. Illinois; Virginia 1;
  Virginia 2   3/25/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Wainwright Bank & Trust Company, Boston, Massachusetts and The Bank of Kentucky, Inc., Crestview Hills, Kentucky. Information concerning the counterfeit items has been placed on the BOL Alerts & Counterfeits page.   3/25/04

• $300,000 For FDCPA Violations

  The FTC has announced a settlement of claims of violations of FDCPA and payment of a $300,000 civil penalty by companies that allegedly threatened and harassed thousands of consumers to get them to pay old, unenforceable debts or debts they did not owe.
  Complaint; Consent Decree   3/25/04

• Fed ACH Participation Final Rule

  Treasury has issued a Final Rule regarding the use of the ACH system by federal agencies and has also released the comment letters received on the Proposed Rule. Final Rule; Comments; Proposed Rule   3/25/04

• Tying Questions - Who To Contact

  The OCC has issued agency contact information including telephone and fax numbers for the benefit of banks and customers who have questions regarding tying. Tying   3/24/04

• Enforcement Orders Against Former Bankers

  The FDIC has announced enforcement orders against former Arkansas, Tennessee, Massachusetts, Minnesota and Colorado bankers.
  Arkansas; Tennessee; Massachusetts; Minnesota; Colorado   3/24/04

• FDIC FIL Regarding Iraqi SDNs

  The FDIC has issued a FIL concerning the previously announced designation of certain individuals related to former Iraqi government officials as SDNs and the blocking of their assets. Information regarding the designations was posted on the BOL OFAC page and in the March 18, 2004 BOL Top Stories.   3/24/04

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on City Bank & Trust Company, Natchitoches, Louisiana; Citizens Bank of Lafayette, Lafayette, Tennessee; First-Citizens Bank & Trust Company, Raleigh, North Carolina; and Bank of Frankewing, Frankewing, Tennessee. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeits page.  3/23/04

• Privacy Notice Comment Deadline Nears

  Don't forget to make your views known regarding the Interagency proposal to allow alternative privacy notices, including a short form that the regulators feel would be easier for consumers to understand. The comment deadline is Monday, March 29, 2004.  
  Text;  
  PDF   3/23/04

• Special Alerts - Unauthorized Banking

  Three Special Alerts have been issued by the FDIC regarding Internet, Cayman Islands and Montserrat entities that are conducting financial activities without authorization.  Internet  Cayman Islands  Montserrat  3/23/04

• Business Lending Terms Report Released

  The FRB has released the First Quarter 2004 E.2 Survey of Terms of Business Lending report.  Terms  3/23/04

• Cuban SDN FIL

  The FDIC has issued FIL-33-2004 regarding the previously announced designation by OFAC of a Canadian travel agency as a Cuban SDN. Information regarding the designation was included in the March 18, 2004 BOL Top Stories, and has been posted on the BOL OFAC page.  3/23/04

• First Quarter Call Report FIL

  An FIL has been issued by the FDIC pertaining to the March 31, 2004 Call Report.
    3/23/04

• SDGT Entry Modified

  OFAC has announced modifications to an existing SDGT entry by adding "a.k.a."s and a FTO designation. Information regarding the modifications has been added to the BOL OFAC page.  3/23/04

• New York Bank's Deposits Assumed

  The FDIC has approved the assumption of all of the deposits of Reliance Bank, White Plains, New York by Union State Bank, Orangeburg, New York.
  Assumption  Assumption  Closiong Information  3/22/04

• FACT Act Free Annual File Disclosures

  The FACT Act requires the FTC to adopt rules to require the establishment of a centralized source through which consumers may request a free annual file disclosure from each nationwide consumer reporting agency; a standardized form for such requests; and a streamlined process for consumers to request free annual file disclosures from nationwide specialty consumer reporting agencies. Comment deadline: April 16. 69FR13191 (txt) 69F13191 (pdf) 3/19/04

• 2004 Geocoding System Available

  The FFIEC has posted the 2004 Geocoding System online.
  2004 Geocoding 3/19/04

• Changes Proposed To HMDA Tables

  The FRB has requested public comment on proposed changes to the public disclosure tables that are used to report data collected by lenders under the HMDA. Comments are due on May 10, 2004. FR Notice; Proposed Changes 3/19/04

• CDR FIL Issued

  The FDIC has issued a FIL regarding the changes that banks will need to make to the Call Report preparation process when the CDR system is in place. FIL-30-2004 3/19/04

• International Reserve Position Released

  Treasury has released the U.S. International Reserve Position as of the week ending March 12, 2004.
  International Reserve Position 3/19/04

• Assets Of Iraqi Parastatals and New SDNs

  OFAC has identified certain entities that are also state bodies, corporations or agencies of the former Iraqi regime. The assets of the listed parastatals that have been blocked as of May 23, 2003, must remain blocked. Transactions by U.S. persons with these parastatals occurring after May 23, 2003, are authorized. In addition sixteen new SDNs have been added and certain a.k.a.s on the OFAC List have been changed. Information regarding the entities, SDNs and a.k.a.s has been placed on the BOL OFAC page. 3/19/04

• Reg W To Apply To State Nonmember Banks

  The FDIC has issued a FIL regarding a NPR that would interpret the restrictions on affiliate transactions contained in sections 23A and 23B of the Federal Reserve Act and make it clear that Reg W applies to state nonmember banks. Comments on the proposal are due by May 3, 2004. FIL-29-2004; NPR; Reg W 69FR12571 (txt) 69FR12571 (pdf) 3/18/04

• Greenspan - Banking Today and Future Trends

  Chairman Greenspan shared his views on where the banking industry is today and what the future may hold in a presentation before the Independent Community Bankers of America Convention. He noted that residential mortgage, credit card, and consumer installment loan portfolios have declined in each of the last three years. In addition, he expects bank mergers/acquisitions to continue and that the competitive effects on community banks of Basel II to be insignificant. Speech 3/18/04

• Cuban SDN Announced

  OFAC has added an entity to the SDN list with a Cuban designation and all of its assets are to be blocked. Information regarding the entity has been placed on the BOL OFAC page. 3/18/04

• CDFI Fund Discussed With House Committee

  Assistant Treasury Secretary Abernathy has testified before the House Subcommittee on Appropriations regarding the FY 2005 Budget request for the Community Development Financial Institution Fund. Testimony 3/18/04

• Free Annual Credit Reports Proposed

  The FTC has requested comments on a proposal to require upon the request from a consumer the nationwide consumer credit reporting agencies to provide a free credit report every 12 months. Free Credit Reports;
  FR Notice 3/17/04

• April 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 April 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 3/17/04

• March Interpretations And Actions Published

  The OCC has published the March 2004 issue of Interpretations And Actions.
  Interpretations And Actions 3/17/04

• CTR Form FIL

  The FDIC has issued FIL-28-2004 regarding the previously announced CTR Form 104 which replaces IRS Form 4789. Information regarding the new CTR Form was posted in the December 4, 2003 BOL Top Stories. 3/17/04

• What Happens When Interest Rates Rise?

  Learn what FDIC Chairman Powell thinks will happen when interest rates rise from historic lows from his presentation before the Independent Community bankers Association. Speech 3/17/04

• Fed Funds Rate Set

  The FOMC has released its decision regarding the current target for the federal funds rate.
  Rate 3/17/04

• Eighteen Enforcement Actions Announced

  The OCC has announced eighteen enforcement actions against national banks and individuals currently or formerly associated with national banks. Enforcement Actions 3/16/04

• OCC Releases CRA Ratings

  The CRA ratings for thirty-two national banks that were examined in February and March 2004 have been released by the OCC.
  CRA 3/16/04

• International Capital Data Released

  Treasury has released the International Capital data for January 2004. TIC 3/16/04

• G. 17 Report Issued

  The FRB has issued the March 2004 G. 17 Industrial Production and Capacity Utilization report.
  G. 17 3/16/04

• March FEDS Papers Published

  The Finance and Economics Discussion Series papers for March 2004 have been published. The titles include: Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States and Will the Proposed Application of Basel II in the United States Encourage Increased Bank Merger Activity? Evidence from Past Merger Activity.
  Competitive Effects; Bank Mergers 3/16/04

• Final 4th Quarter Interest Rate Risk Data

  OTS has issued the fourth quarter final Thrift Industry Interest Rate Risk Measures report.
  Interest Rate Risk 3/16/04

• National Cost of Funds Reports Issued

  The current and historical national cost of funds ratio to OTS regulated institutions report has been issued.
  Current Cost of Funds;
  Historical Cost of Funds 3/16/04

• OCC Closes Florida Bank

  The Guaranty National Bank of Tallahassee, Florida has been closed by the OCC, the FDIC has been appointed receiver, and all deposits have been assumed by a newly chartered bank. Bank Closing; Assumption; Closing Information 3/15/04

• Unlicensed Bank Alert

  The OCC has issued an Alert regarding the Lincoln Bank And Trust Company Limited of Montserrat, West Indies. The company is claiming to hold a valid offshore banking license, but the license has been revoked. Alert 2004-9 3/15/04

• Preliminary Exam Response Kit

  OTS has issued a CEO Letter that contains a preliminary examination response kit for use with the Interagency Loan Data Request form.
  CEO Letter 3/15/04

• Winter Issue Consumer News Issued

  The FDIC has issued the Winter 2003/2004 edition of the Consumer News which contains articles on estate planning and FDIC insured accounts; new rules for living trusts; phishing; new proof of identity requirements; bogus debt elimination scams; fraudulent ads; and a final exam. Winter Consumer News 3/15/04

• Internet Related Fraud Guidance

  A Guidance has been issued by the FDIC regarding safeguarding customers against e-mail and internet related fraud schemes.
  FIL-27-2004 3/15/04

• Derivative Volume Tops $71 Trillion Dollars

  The OCC has announced that the derivatives held by 573 U.S. commercial banks exceeded $71 trillion dollars as of year-end 2003.
  Derivatives 3/15/04

• Interest Rate Risk Exposure Report

  OTS has issued the Interest Rate Risk Exposure Report for the Third Quarter 2003.
  Exposure Report 3/15/04

• ID Theft Spam Scam Alert

  The FTC has issued a Consumer Alert regarding email spam that consumers may receive indicating that they can comment on federal rule making. The Alert titled, Is Someone "Phishing" for Your Information?, warns consumers that their identities may be stolen if they reveal personal or financial information. Phishing 3/12/04

• Guidance On Unfair and Deceptive Practices

  The FRB and FDIC have issued an interagency guidance outlining the standards the agencies will use to determine if acts or practices by state-chartered banks are unfair or deceptive. Guidance;
  FIL-26-2004 3/12/04

• Foreign Bank Offices Data Released

  The structure and share data for U. S. offices of foreign banks for December 2003 has been released by the FRB.
  Data 3/12/04

• March FHC List Issued

  The list of bank holding companies that have elected to become or be treated as financial holding companies as of March 5, 2004 has been issued by the FRB. FHC List 3/12/04

• Thirteen Million Dollar CMP Assessed

  The FRB and New York State Banking Department have announced the issuance of a joint Order to Cease and Desist and Order of Assessment of a Civil Money Penalties totaling $13 million dollars against Credit Agricole, S.A., Paris, France and its affiliates in France and the United States. Order 3/11/04

• BHC Subsidiary Pays SEC $10 Million

  The SEC has announced a settled enforcement action against a Bank of America Corporation subsidiary, Banc of America Securities LLC, who agreed to a censure and the payment of $10 million dollar civil penalty for various violations , including the failure to promptly produce certain e-mails and compliance reviews which were the subject of an SEC investigation.
  Order 3/11/04

• FDIC Enforcement Actions Released

  The Enforcement Actions taken against banks and individuals by the FDIC in January 2004 has been released. A total of eight orders were issued including four cease-and-desist orders, one civil money penalty order, two terminations of cease-and-desist orders, and one adjudicated decision. Enforcement Actions 3/11/04

• Missing Money Orders Special Alert

  The FDIC has issued a Special Alert concerning money orders that are missing in transit to Berkshire Bank, Pittsfield, Massachusetts. Information regarding the missing money orders has been placed on the BOL Alerts & Counterfeits page. 3/11/04

• March Report Forms Online

  FFIEC has posted the 009, 009a, 019 and 030 March 2004 Report Forms and Instructions on its Web site.
  009;
  009a;
  019;
  030 3/11/04

• MSB Registration List Updated

  FFIEC has updated the Money Services Businesses Registration List to include those entities who have filed as of January 9, 2004.
  MSB 3/11/04

• December 2003 G.20 Released

  The G.20 Finance Companies report regarding owned and managed receivers and auto loans has been released by the FRB.
  G.20 3/11/04

• Deadline Reminder

  If you filed a Designation of Exempt person from CTR filings on nonlisted businesses and/or payroll customers between 1/1/02 and 12/31/02, it's time to file the biennial designation form again. 3/10/04

• Snow Comments On New GSA Regulator

  Treasury Secretary Snow expressed his views on the mininum credibility requirements for the new proposed Federal GSE regulator in a presentation before the America's Community Bankers Association Government Affairs Conference.
  Speech 3/10/04

• OCC Says Preemption Rule Misunderstood

  In a presentation before the America's Community Bankers Association Government Affairs Conference, OCC Chief Counsel and Senior Deputy Comptroller Williams addressed misunderstandings and mischaracterizations of the OCC Preemption Rule.
  Speech 3/10/04

• March Financial Reporting Bulletin

  The March 2004 Financial Reportiong Bulletin has been released by OTS.
  March Bulletin 3/10/04

• Phishing and E-Mail Scams

  OTS has issued a CEO Letter regarding phishing and e-mail scams which contains safeguards that institutions can utilize to help reduce the likelihood of customers becoming victims.
  CEO Letter 3/10/04

• Financial Terrorism Office Created

  The Administration has announced the creation of a new Treasury office to fight financial terrorism. The Office of Terrorism and Financial Intelligence (TFI) will oversee the activities of OFAC, FinCEN and the Executive Office of Terrorist Financing and Financial Crimes. TFI will not only focus on the financial war on terror, but also protect the integrity of the financial system, fight financial crime, enforce economic sanctions against rogue nations and assist in the ongoing hunt for Iraqi assets.
  TFI 3/9/04

• Check 21 Comment Deadline Nears

  It's not too late to submit your comments regarding the proposed Check 21 rules. The deadline for comments is March 12. For more information, check out the new Check 21 forum on Bankers' Threads and the BOL Check 21 page.
  Proposed Rules; Submit Comments; Check 21 Forum;
  BOL Check 21 Page 3/9/04

• Grant Thornton Assessed $300,000 CMP

  The OCC has filed a notice of charges and a notice of assessment of civil money penalties in the amount of $300,000.00 against Grant Thornton LLP resulting from the firm's activities while serving as external auditor, accountant and independent contractor for The First National Bank of Keystone, Keystone, West Virginia. Charges; CMP 3/9/04

• 66 CRA Exams Scheduled For 2nd Quarter

  The OTS has released a list of sixty-six savings associations that are scheduled for CRA examinations during the second quarter 2004.
  CRA Exam List 3/9/04

• FDIC CRA Ratings Released

  The FDIC has released the ratings for the banks examined for CRA compliance in March 2004.
  March CRA Ratings 3/9/04

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding Cherokee Heritage National Bank. The entity has not been granted a federal bank charter and may be conducting illegal or unauthorized banking activities. FDIC SA-19-2004 3/9/04

• B of A - Fleet Merger Approved

  The FRB has announced the approval of the application filed by Bank of America Corporation, Charlotte, North Carolina, to merge with FleetBoston Financial Corporation, Boston, Massachusetts. Merger Approval Order 3/9/04

• OFAC Penalizes Five Institutions

  The March OFAC Civil Money Penalties Enforcement Information list cites two banks and three credit unions for violations of the Cuban Sanctions Program resulting in penalties ranging from $750.00 to $3,850.00.
  
  OFAC Penalties 3/8/04

• Reg CC Changes Published

  The Federal Register has published a final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. 69FR10602 (txt) 69FR10602 (pdf) 3/8/04

• March 31 002 Form Released

  The FFIEC has released a draft of and instructions for the March 31, 2004 002 Reporting Form.
  002 Form;
  Instructions 3/8/04

• Internet Banks Subject of Special Alerts

  The OCC has issued two Special Alerts regarding two Internet banks, Commerz Finanz Bank and Intertrade Bank, that may be operating without federal or state authorization.
  Commerz Finanz;
  Intertrade Bank 3/8/04

• Thrift Financial Report Instruction Manual

  OTS has released the March 2004 edition of the Thrift Financial Report Instruction manual.
  Instruction Manual 3/8/04

• Assets Ranking Released

  The FRB has released the Consolidated Asset Rankings for Large Commercial Banks as of December 31, 2003.
  Asset Ranking 3/8/04

• January Consumer Credit Report Issued

  The G.19 Consumer Credit Statistical Release for January 2004 has been issued by the FRB.
  G.19 3/8/04

• C & D Issued Against Wyoming Bank

  A Cease and Desist Order was issued by the FRB and the Wyoming State Banking Commission against Cowboy State Bancorp, Inc. and its subsidiary bank, Cowboy State Bank, Ranchester, Wyoming. The bank has agreed to take corrective measures regarding its BSA and AML programs and procedures.
  Order 3/5/04

• OTS February CRA Ratings Revealed

  The CRA Ratings for savings associations examined in February 2004 has been released by OTS.
  CRA Ratings 3/5/04

• Extension of FFIEC 04 Report Proposed

  The FRB has proposed to extend, without revision, the Report of Extension of Credit to Executive Officers and Principal Shareholders and their Related Interests to Correspondent Banks. The closing date for comments is April 5, 2004.
  Proposal 3/5/04

• Special Alert - Counterfeit Checks

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Southeastern Bank, Darien, Georgia and The Gunnison Bank and Trust, Gunnison, Colorado. Information concerning the counterfeit checks has been posted on the BOL Alerts Counterfeits page. 3/5/04

• FBI Releases Workplace Violence Monograph

  The FBI has announced the development of an online publication, "Workplace Violence: Issues in Response", which contains with thoughts about prevention, threat assessment and management, crisis management, critical incident response and more. It offers common-sense recommendations for those in the position to do something about workplace violence.
  Workplace Violence 3/5/04

• Fourth Quarter Flow of Funds Report Released

  The FRB has released the Fourth Quarter 2003 Z.1 Flow of Funds Report.
  Z. 1 3/5/04

• FIL Regarding Announced OFAC Action

  The FDIC has issued FIL -24-2004 regarding previously announced additions to the SDN list concerning Zimbabwe targets. Information about the additions was posted March 2, 2004 on the BOL OFAC page. 3/5/04

• ML and Financial Crimes Report Issued

  The sections of International Narcotics Control Strategy Report regarding money laundering and financial crimes has been posted online.
  Report 3/5/04

• Fourth Quarter Interest Rate Risk Data Issued

  OTS has issued the Preliminary Thrift Industry Interest Rate Risk Measures for the Fourth Quarter 2003.
  Risk Measures 3/5/04

• All Stocks Removed From Margin Stock List

  The FRB has announced the issuance of a Final Rule that removes all of the stocks currently listed on the Foreign Margin Stock List for failing to follow recertification procedures. Effective April 15, 2004, the stocks will no longer qualify as margin securities under Reg T. Margin Stock 3/4/04

• FIN 46 Legal Interpretation Issued

  The FRB has issued a legal interpretation regarding FIN 46 relating to the creation of reserve requirements under Reg. D or demand deposits under Reg. Q. Legal Interpretation 3/4/04

• Counterfeit Cashier's Checks SAs Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on RiverHills Bank, Port Gibson, Mississippi; First Community Bank of East Tennessee, Rogersville, Tennessee; Union County Savings Bank, Elizabeth, New Jersey; California National Bank, Los Angeles, California; First Bank, Creve Coeur, Missouri; and The Honesdale National Bank, Honesdale, Pennsylvania. Information regarding the counterfeit cashier's checks has been placed on the BOL Alerts & Counterfeit page. 3/4/04

• Internet Bank Not Member FDIC

  The FDIC has issued a Special Alert regarding an Internet Bank that is falsely advertising FDIC membership on its Web site.
  Special Alert 3/4/04

• Updated Beige Book Released

  The Beige Book has been updated by the FRB utilizing data collected prior to February 23, 2004. Beige Book 3/4/04

• Real Estate Retrieval System Online

  The FDIC has placed its Real Estate Retrieval System online. Interested parties can obtain information regarding FDIC owned properties.
  RE Retrieval System 3/4/04

314a Automated Distribution List

The OCC has issued an Alert regarding the effective date of FinCEN's conversion to an automated 314a distribution list that has been compiled from information contained in banks' year-end Call Reports. Alert 2004-6 3/3/04

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• Reg CC Amended By FRB

  The FRB has issued a Final Rule effective May 15, 2004 which amends Appendix A of Reg CC to reflect the restructuring of the check processing operations in the Eleventh District. Final Rule 3/3/04

• SARs Legal Decisions Posted

  FinCEN has posted three cases dealing with the protection from civil discovery of SARs & related documents online.
  SARs Cases 3/3/04

• Technology Regs and Publications Online

  The FDIC has posted links to technology regulations and publications for financial institutions on its Web site.
  Tech Regs;
  Tech Publications 3/3/04

• Greenspan On Foreign Exchange Rates

  In a presentation before the Economic Club of New York, Chairman Greenspan commented on the role of foreign exchange rates in the evaluation of economic activity and the impact of intervention by East Asian and European monetary authorities.
  Speech 3/3/04

• FDIC Releases Spring 2004 Outlook

  The FDIC has released Spring 2004 issue of the Outlook which contains the results of a study regarding the implications of the housing market boom. Spring Outlook 3/3/04

• Basel II White Papers Released

  The FRB has released two Basel II Capital Accord white papers on the following subjects: "Competitive Effects on Banks in SME Credit Markets" and "Will Basel II Increase Bank Merger Activity".
  Competitive Effects; Bank Mergers 3/3/04

• FEDS Working Papers Issued

  The FRB has issued two working papers in the FEDS series, "Housing and the Business Cycle" and "Identifying Price Discrimination When Product Menus Are Endogenous". Housing;
  Price Discrimination 3/3/04

• OFAC Adds Zimbabwe SDNs

  OFAC has added seven Zimbabwean entities to the SDN list with the designation, ZIMB. Information regarding the additions has been posted on the BOL OFAC page. 3/3/04

• FACT Act Study on Biometrics

  The FACT Act requires the Secretary of the Treasury to conduct a study of the use of biometrics and other similar technologies to reduce the incidence and costs to society of identity theft by providing convincing evidence of who actually performed a given financial transaction. The Act also requires the Secretary to consult with a number of entities and the general public ``in formulating and conducting the study.'' In order to fulfill its obligations under the Act, the Department of the Treasury (Treasury) seeks public comment on how Treasury should formulate and conduct the study. 69FR9895 (txt) 69FR9895 (pdf) 3/2/04

• Loan Loss Accounting Guidance Issued

  The Federal financial regulators have issued an interagency guidance regarding the accounting for loan and lease losses.
  FRB SR; FRB Guidance; OCC Bulletin;
  OCC Guidance;
  OTS CEO Letter and Guidance;
  FDIC FIL;
  FDIC Guidance 3/2/04

• Unauthorized Banking Alert

  The OCC has issued an alert that an entity calling itself, Cherokee Heritage National Bank, may be issuing stock and soliciting banking business. A national bank charter has not been granted by the OCC to the entity.
  Alert 2004-5 3/2/04

• OCC Customer Complaint Guidance

  The OCC has issued a supplementary guidance to AL 2002-9 concerning the prompt resolution of customer complaints that are forwarded to national banks by state agencies. Supplementary Guidance; AL 2002-9; AL 2004-2 3/2/04

• OCC 2nd Quarter CRA Exam Schedule

  The schedule of national banks that will be examined for CRA compliance in the second quarter 2004 has been released by the OCC.
  CRA Exams 3/2/04

• IRS "Dirty Dozen" Scams List Updated

  The IRS has updated its "Dirty Dozen" list of tax related scams that target consumer taxpayers. Information regarding these schemes would be of interest to your customers. Dirty Dozen
  3/2/04

• FinCEN MSB Registration List Online

  The list of entities that have registered as money services businesses as of January 9, 2004 has been posted online by FinCEN.
  MSB List 3/2/04

• FYI Examines Exposure to GSE Guaranties

  The latest online issue of FYI accesses the banking industry's exposure to an implicit government guarantee of GSEs.
  FYI 3/2/04

• December 2003 UBPR Available

  FinCEN has placed the December 31, 2003 UBPR on its Web site. FinCEN PR;
  UBPR 3/2/04

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rate Rate report for February 2004. G.5 3/2/04

• FTC Releases RESPA Reform Report

  The FTC has released a staff report that examines the mortgage broker compensation disclosure proposed by HUD in its July 2002 RESPA reform proposal and two alternative proposals.
  Summary;   
  Full Report 3/1/04

• FATF Removes Two From NCCT List

  The FAFT has announced that two countries have been removed from its NCCT List due to substantial positive changes in combating money laundering and fighting terrorist financing and has issued the 2003-2004 Money Laundering Typologies report.
  NCCT List;   
  ML Typologies 3/1/04

• FRB Issues Proposals For Comment

  The FRB has given notice of the amendment of Consumer Compliant Information System (BGFRS-18) and the removal of the Financial Disclosure Reports and Outside Business Interests Applications (BGFRS-19). Comments are invited and must be received by March 31, 2004.
  Notice 3/1/04

• U. S. FY 2003 Financial Report Released

  Treasury and OMB have released the FY 2003 Financial Report for the United States which provides financial information for all aspects of the federal government.
  2003 Financial Report 3/1/04

• Community Banking Issues - A Regulator's View

  FRB Governor Olsen discussed emerging issues in community banking from the viewpoint of a regulator in a presentation before the 118th Assembly for Bank Directors. He noted the past year was a good one for banks and showed that they were able to adapt to a changing environment and still generate record profits.
  Speech 3/1/04

• Winter 2004 Federal Reserve Bulletin Issued

  The FRB has issued the Winter 2004 Bulletin which contains articles on electronic banking, cross-border investments in securities, industrial production and capacity utilization, and the condition of the U.S. banking industry.
  Winter 2004 Bulletin 3/1/04

• Quarterly Loan Charge-Off Rates

  The FRB has released the Quarterly Charge-Off and Delinquency Rates on loans and leases at commercial banks.
  Charge-Off Rates 3/1/04

• Household Debt Burden Report Released

  The Household-Debt Service and Financial Obligations ratios report has been released by the FRB.
  Household-Debt 3/1/04

• FIL Issued Regarding Announced SDN Change

  The FDIC has issued FIL-21-2004 concerning a previously announced SDGT addition to the SDN list. Information regarding the change was posted on February 24 on the BOL OFAC page. 3/1/04
  

The FDIC has issued two Financial Institution Letters to distribute joint statements by the members of the FFIEC relating to the risks of cyber-attacks.

• FIL-10-2014 includes an FFIEC statement describing risks related to recent cyber-attacks on ATMs and card authorization systems that have resulted in large dollar frauds, often called Unlimited Operations.
• FIL-11-2014 transmits a statement notifying institutions of the risks associated with the continued distributed denial of service (DDoS) attacks on public-facing Web sites and the steps institutions are expected to take to address the risks posed by such attacks.