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http://www.bankersonline.com/topstory/topstory_0511.html

• Bureau Proposal Identifies Enforceable Rules

  The Bureau of Consumer Financial Protection (Bureau) has published for public comment a proposed list of rules [TXT; PDF] to be enforced by the Bureau, as required by § 1063(i) of the Dodd-Frank Act (DFA). Comments are due by June 30, 2011. The Bureau plans to publish a final list by July 21, 2011, the designated transfer date under the DFA. 05/30/11

• NMLS Training Webinar

  The SAFE Act requires federally regulated institutions to review the results of FBI criminal background checks performed on their registered mortgage loan originators. NMLS will sponsor a training webinar (June 1 or June 7, 2011) for institutions interested in learning directly from FBI experts how information contained in a criminal background check is compiled and what institutions need to know in order to conduct their review. 05/30/11

• Deposits of Closed Washington Bank Assumed

  The FDIC has announced the closing of First Heritage Bank, Snohomish, WA by its primary regulator and the assumption of all its deposits by Columbia State Bank, Tacoma, WA. 05/30/11

• Enforcement Actions Released

  The FDIC has issued a Press Release announcing the release of a list of 76 orders of administrative enforcement actions taken against banks and individuals in April 2011. 05/30/11

• FRB Publishes Reg Z Corrections

  The Federal Reserve Board has published corrections [TXT; PDF] of typographical errors in the final rule published on April 25, 2011 amending Regulation Z to clarify certain aspects of the rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009. 05/30/11

• FedImage Services Enhanced

  FRB Services has announced the enhancement of its FedImage archive and storages services. 05/30/11

• FTC Shutters “Debt Relief” Operations

  The Federal Trade Commission (FTC) announced Thursday its settlement of two actions charging marketers with deceptively claiming they could reduce consumers’ credit card interest rates. Both operations had been accused of making deceptive telemarketing calls, calling numbers on the Do Not Call Registry, and using illegal robocalls. The settlements impose judgments totaling $21.9 million on the two companies. 05/27/11

• GAO Reports on HAMP

  The Government Accountability Office has issued a report on a survey of housing counselors on borrowers' experiences with the Home Affordable Modification Program (HAMP). About three-quarters of the counselors surveyed characterized borrowers' overall HAMP experiences as “negative” or “very negative.” Less than 9 percent of counselors described borrowers’ experience as “positive” or “very positive.” The full report has many more details on the problems with the program. 05/27/11

• OFAC Updates SDN List

  OFAC added one entity to its SDN list under its Anti-Terrorism sanctions, removed two banks under its Sudan program, and updated a designation under the Balkans program. Details are included in a BOL OFAC Update. 05/27/11

• Four FRB Enforcement Actions

  The Federal Reserve Board announced its execution of Written Agreements with—

  • Community Financial Shares, Inc., Glen Ellyn, IL
  • Four Oaks Fincorp, Inc., and Four Oaks Bank & Trust Company, Four Oaks, NC
  • North Texas Bancshares, Inc., Dallas, TX, and North Texas Bancshares of Delaware, Inc., Wilmington, DE
  • Provident Community Bancshares, Inc., Rock Hill, SC

  05/27/11

• FTC Asks for Input on Revised Disclosure Guidance

  The FTC announced a request for public comment to assist its staff in revising its 11-year-old guidance to businesses concerning disclosures in online advertising. The previous guidance, “Dot Com Disclosures,” needs updating to reflect signifIcant changes in the online environment since 2000. Any revision to the FTC's guidance could assist banks in designing their online presence, including on social networks, mobile banking, etc. 05/27/11

• FRB Current FAQs

  The FRB has published a new issue of Current FAQs in which Chairman Bernanke discusses the causes of recent increases in the prices of some commodities (such as gasoline). 05/27/11

• FDIC Advisory Committee to Meet

  The FDIC announced that its Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, June 2, 2011, to discuss the status of low- and moderate-income (LMI) household finances and the future of economic inclusion efforts. 05/27/11

• Check Services and FedACH Quarterly Updates

  The FRB has issued Check Services and FedACH first quarter 2011 statistical updates. 05/27/11

• Large Commercial Banks Report

  The list of insured U.S.- chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidate assets as of March 31, 2011, has been released by the FRB. 05/27/11

• Internal Migration FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of “Internal Migration in the United States” has been published by the FRB. 05/27/11

• DDA Interest Customer Notification FIL

  The FDIC's FIL-38-2011 reminded insured depository institutions (IDIs) that if on or after July 21, 2011, an IDI modifies the terms of a DDA so that the account may pay interest, the IDI must notify affected customers that the account no longer will be eligible for unlimited deposit insurance coverage as a noninterest-bearing transaction account. 05/26/11

• OTS to OCC Transition NPR

  A News Release from the OCC announced a notice of proposed rulemaking (NPR) implementing several provisions of the Dodd-Frank Act, including the transfer of functions from the OTS and changes to visitorial powers standards applicable to national banks, to federal thrifts and their subsidiaries. 05/26/11

• $3.7 Million to be Paid by Credit Line Online Marketers

  A deceptive online marketing operation has been ordered by a federal district court judge to pay more than $3.7 million for violating a 2008 court order. The order was requested by the FTC, which alleged that the defendants were selling a bogus “$10,000 credit line” that was really an online shopping club membership, and a “no cost” prepaid debit card with hidden fees. 05/26/11

• IESUB Not Available this Weekend

  FRB Services has announced that the Internet Electronic Submission (IESUB) system will be unavailable for the submission of reports over the Memorial Day weekend due to routine maintenance. 05/26/11

• Missouri Severe Weather Guidance

  The FDIC has issued FIL-39-2011 containing guidance to help financial institutions and to facilitate recovery in areas of Missouri affected by severe storms, tornados, and flooding. 05/26/11

• CU Hurricane Contingency Plans

  A Media Release from the NCUA reminded credit unions to adopt contingency plans for hurricane related potential weather disasters. 05/26/11

• Term Deposit Auction

  The FRB has issued a Press Release announcing the offering on Tuesday, May 31, 2001, of $5 billion in 28-day term deposits through its Term Deposit Facility. 05/26/11

• Warrant Positions Public Dutch Action

  A Press Release announced Treasury’s intention to dispose of certain warrant positions received in consideration for investments made under the Capital Purchase Program (CPP). 05/25/11

• GAO Calls for Foreclosure Oversight

  The Government Accountability Office (GAO) has released the results of its study of mortgage foreclosures, recommending that documentation problems reveal a need for more regulatory oversight. 05/25/11

• June HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2011 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release, which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since May 15, 2011, was a Sunday, use the rate on May 13, 2011, the business day immediately preceding the 15th. 05/25/11

• Fed Enforcement Action

  The Federal Reserve Board announced its execution of a Written Agreement with BW Bancorp, Ely, MN. 05/25/11

• FDIC Announces First Quarter Bank Profits

  The FDIC issued a Press Release announcing that its supervised banks reported profits totalling $29 billion for the first quarter 2011, and that the net worth of the Deposit Insurance Fund is approaching positive status. 05/25/11

• Iranian Sanctions Designations

  The Treasury Department announced that the President signed an Executive Order under the Iran Sanctions Act of 1996, and that three entities had been designated as SDNs under that order. An previously designated SDN was also updated with an Iranian Sanctions Act designation. BOL has posted an OFAC Update with details. 05/25/11

• Chrysler Repays TARP Loans

  In a Press Release, the Treasury Department reported that Chrysler Group LLC had repaid the balance of its TARP loans, six years before their maturity. 05/25/11

• AIG Common Stock Public Offering

  Treasury also announced that it has agreed to sell 200 million of its American International Group (AIG) shares as part of AIG's public equity offering, and to sell an additional 45 million shares at the same terms to underwriters under a 30-day option. The sale is part of Treasury's gradual elimination of its stake in AIG and the winding down of the TARP program. 05/25/11

• NCUA Offers Missouri Disaster Assistance

  The NCUA issued a Media Release concerning its efforts to assist the credit unions and their members affected by the recent tornado destruction in Missouri. 05/25/11

• FRB Releases Discount Meeting Minutes

  The Federal Reserve Board released the minutes of its April 4 and April 25, 2011 discount rate meetings.05/25/11

• Warren Testifies Before House Subcommittee

  Special Adviser Elizabeth Warren offered written testimony on the structure and management of the Consumer Financial Protection Bureau (Bureau) before the House Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs. 05/25/11

• MSB Registration List Updated

  FinCEN has updated the MSB Registration List with data current as of May 3, 2011. 05/24/11

• FDIC Directory Updated

  The online FDIC Organizational Directory and Office Contacts webpage has been updated with data current as of May 23, 2011. 05/24/11

• FRB Publishes Reg E Proposal

  The Fed has published its previously announced Proposed Rule [TXT; PDF] that would add a new subpart B to Regulation E, to include new protections for consumers who send remittance transfers to consumers or entities in a foreign country, by providing consumers with disclosures and error resolution rights. The proposed amendments implement statutory requirements set forth in the Dodd-Frank Act. Comments on the proposal are due by July 22, 2011 (the final rule will be issued by the Bureau). 05/23/11

• OCC Enforcement Actions

  A News Release has been issued by the OCC regarding new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. 05/23/11

• Deposits of Three Closed Banks Assumed

  The FDIC has announced the closing of the following banks by their primary regulator and the assumption of all deposits:

  • Atlantic Southern Bank, Macon, GA
  • First Georgia Banking Company, Franklin, GA
  • Summit Bank, Burlington, WA ,

  05/23/11

• Voluntary Prepaid Assessments Webinar

  NCUA has issued a Media Release with an invitation to credit union representatives and all public stakeholders to participate in a free webinar about a proposed voluntary prepaid Corporate Stabilization Fund assessments program at 4 p.m. EDT on May 26, 2011. A program outline and online registration are available. 05/23/11

• Credit, Liquidity and the Balance Sheet

  The FRB has released the May 2011 Credit and Liquidity Programs and the Balance Sheet Report and recent balance sheet trends. 05/23/11

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of “Credit Supply to Personal Bankruptcy Filers: Evidence from Credit Card Mailings” has been published by the FRB. 05/23/11

• GAO Calls For Enhanced Guidance On CRE Risks

  The Government Accounting Office (GAO) has issued the results and highlights of a study of the potential risks of increasing commercial real estate (CRE) lending at community banks. The report recommends regulators enhance and either reissue or supplement the existing interagency CRE concentration guidance. 05/20/11

• Army of Islam Added To OFAC List

  OFAC has designated the Army of Islam as an SDGT and added its name to the SDN List. Information regarding the designation has been posted on the BOL OFAC Page. 05/20/11

• Walsh Addresses The Financial Services Roundable

  In a presentation before the Housing Policy Council of The Financial Services Roundtable, Acting Comptroller Walsh discussed the issues facing the mortgage lending and servicing industries. 05/20/11

• NCUA Board Meeting Results

  The results of the May 19, 2011, meeting of the NCUA Board have been posted. 05/20/11

• Bureau Proposes Combined Mortgage Disclosures

  The Consumer Financial Protection Bureau (Bureau) released two versions of a draft real estate mortgage loan early disclosure form as part of its "Know Before You Owe" project, a Press Release from the Treasury Department has announced. The prototype forms are first Bureau attempts to combine the RESPA Good Faith Estimate and the early TILA disclosure, something that HUD and the Fed attempted to do without success. The Bureau requested feedback on the forms from both consumers and industry participants, in the form of a preference vote for FORM ONE or FORM TWO. Those who wish to make a choice can access a “consumer tool” or an “industry tool” to make a selection. 05/19/11

• Compliance Readiness Survey

  American Bank Systems (ABS) and Bankers Online recently conducted a nationwide survey of community banks on compliance and risk management. The survey revealed that only ten percent of the respondents indicated that their bank uses technology to manage and monitor regulatory compliance performance and risk assessment. The survey was conducted at a national compliance conference sponsored by Bankers Online to determine the state of compliance readiness among America's community banks. Additional information and a link to the survey results are in this article. 05/19/11

• Syria Executive Order and Designations

  A May 18, 2011 Treasury Department Press Release announced that President Obama has signed a new Executive Order imposing sanctions against Syrian President Bashar al-Assad and six other senior officials of the Government of Syria in an effort to increase pressure on the Government of Syria to end its use of violence against its people and begin transitioning to a democratic system that protects the rights of the Syrian people. The release also announced the designation of 10 individuals and entities pursuant to E.O. 13572 – signed by President Obama on April 29, 2011 –targeting Syrian officials and others responsible for human rights abuses, including repression against the Syrian people, as well as a set of companies tied to Syrian corruption. Detail have been posted on the BOL OFAC Page. 05/19/11

• FOMC Minutes

  The FRB has published the minutes of the April 26-27, 2011, meeting of the Federal open Market Committee (FOMC). 05/19/11

• Fake OCC Correspondence Alert

  Alert 2011-5 has been issued by the OCC regarding a fictitious letter, allegedly issued by the OCC concerning a payment transaction purportedly reviewed and discussed by employees of the OCC and by other employees within Treasury. 05/19/11

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of May 17, 2010. 05/19/11

• CU Liquidated

  NCUA has issued a Media Release announcing the liquidation of Hmong American Federal Credit Union of St. Paul, MN. 05/19/11

• Treasury Garnishment Reg FAQ

  The Treasury Department released a list of seven Frequently Asked Questions and Answers (FAQ) concerning Treasury's Garnishment of Accounts Containing Federal Benefit Payments regulations (31 CFR Part 212). The regulation was issued as an Interim Final Rule on February 23, 2011, and became effective on May 1, 2011. 05/18/11

• Iranian Bank Designation Expanded

  Treasury has issued a Press Release announcing the designation of Bank of Industry and Mine (BIM), an Iranian state-owned bank used by the Government of Iran to evade U.S. and international sanctions against Iranian financial institutions involved in facilitating transactions in support of Iran’s proliferation activities. BIM was designated for providing financial services to two other previously designated Iranian banks. Information regarding the new designation has been posted on the BOL OFAC Page.05/18/11

• Industrial Production Report Released

  The Federal Reserve Board has released the April 2011 G.17 Industrial Production and Capacity Utilization Report.05/18/11

• Financial Capital and the Macroeconomy FEDS Working Papers

  Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of “Financial Capital and the Macroeconomy: A Quantitative Framework” and “Financial Capital and the Macroeconomy: Policy Considerations.” 05/18/11

• FedCash Services Unavailable Memorial Day Weekend

  Federal Reserve Financial Services has announced that scheduled maintenance will make FedCash Services via the FedLine Web access solution unavailable from the close of business Friday, May 27 through 4 p.m. Eastern Time on Monday, May 30, 2011.05/18/11

• BOS Conversion to SOD

  The OTS has issued CEO Letter 386 as a reminder of the previously announced conversion from the OTS Branch Office Survey (BOS) to the FDIC Summary of Deposits (SOD) effective June 30, 2011.05/18/11

• Mississippi Flooding FIL

  The FDIC has issued FIL-37-2001 with guidance to help financial institutions and facilitate recovery in areas of Mississippi affected by flooding. 05/17/11

• Retail FOREX Proposal Published

  The FDIC’s previously announced Proposed Rule [TXT; PDF] on Retail Foreign Exchange Transactions has been published in the Federal Register. Comments are due by June 16, 2011.
  05/17/11

• March TIC Data

  Treasury has released the Treasury International Capital (TIC) data for March 2011. 05/17/11

• Bernanke on Government Promoting R&D

  In a presentation at the conference on “New Building Blocks for Jobs and Economic Growth,” Chairman Bernanke discussed the government’s role in promoting research and development. 05/17/11

• Cost of Funds Reports

  OTS has released the May 16, 2011, current and historical Cost of Funds reports. 05/17/11

• Shop and Save Consumer Tips

  A Press Release from the FDIC has announced the publication of the Spring 2011 issue of the FDIC Consumer News available in color and b&w— “Shop and Save…at the Bank: A Buyer’s Guide to Finding the Right Loan, Credit Card or Deposit Account.” The issue contains tips to help consumers shop for a variety of bank products and services by carefully evaluating their needs, contacting multiple institutions and reading the fine print before making a decision. 05/17/11

• FDIC Directory Updated

  The online FDIC Organization Directory and Office Contacts page has been updated with data current as of May 16, 2011. 05/17/11

• FRB Payment Systems Issues Quarterly Stats

  The FRB has released the First Quarter 2011 updates for Fedwire Funds Services, Fedwire Securities Services, and the National Settlement Service. 05/16/11

• Geithner Comments on Social Security, Medicare Reports

  The Treasury Department released a statement by Secretary Geithner on the release of Social Security and Medicare Trustees Reports. The Secretary summarized major points of the reports and called for reform of the programs to ensure they will be available to current and future retirees. The press release provided links to the Social Security and Medicare reports. 05/16/11

• FedFlash May 2011

  The May 2011 issue of FedFlash has been posted online. It features articles on enhancements to the FedMail access solution, the Grant $1 coin public release, and important information for all paper check depositors . 05/16/11

• FDIC Finalizes Interim Rule

  On November 30, 2010, the FDIC published an Interim Final Rule on Securities of Nonmember Insured Banks, 12 CFR Part 335 [TXT; PDF]. In today's Federal Register, the FDIC announced that the agency is adopting the Interim Final Rule as a Final Rule, effective May 16, 2011. 05/16/11

• Five Written Agreements Executed

  The FRB has announced the execution of Written Agreements with the following:

  • Mid-Wisconsin Financial Services, Inc., Medford, WI
  • Metropolitan Bank Group, Inc., Chicago, IL
  • Liberty Shares, Inc., Hinesville, GA
  • Johnson Financial Group, Inc., and Johnson Bank, Racine, WI
  • HCSB Financial Corporation, Loris, SC

  05/13/11

• Prohibition Order Issued

  The NCUA has issued an order prohibiting a former credit union employee from participating in the affairs of any federally insured financial institution. The former chief operating officer was convicted of thrift and credit union theft, embezzlement, and misapplication of funds by an officer or employee. She was sentenced to 24 months’ imprisonment and 5 years of supervised release, and ordered to pay $187,348 in restitution. 05/13/11

• Fed Proposes Consumer Remittance Protections

  A Press Release has been issued by the FRB requesting comment on a notice of proposed rulemaking (NPR) under Regulation E to create new consumer protections for remittance transfers by consumers to designated persons in foreign countries. The proposal, which would implement § 919 of the Electronic Fund Transfer Act (added by § 1073 of the Dodd-Frank Act), will likely be finalized by the CFPB. Comments are due within 60 days after Federal Register publication. 05/13/11

• Retail Foreign Exchange Transactions NPR

  The FDIC has issued a Press Release and FIL-36-2011 regarding a notice of proposed rulemaking (NPR) on retail foreign exchange transactions. The proposal is similar to Commodity Futures Trading Commission regulations adopted in September 2010 and a proposed rule published by the OCC on April 22, 2011. Comments will be taken for 30 days following the FDIC's Federal Register publication of the proposal. 05/13/11

• FEDS Working Papers Published

  The FRB has published two working papers in the Finance and Economics Discussion Series (FEDS) on the topics of “Household Income Uncertainties over Three Decades” and “Friedman's Monetary Economics in Practice.” 05/13/11

• Walsh on FSOC

  In oral and written testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Acting Comptroller Walsh discussed the Financial Stability Oversight Council (FSOC). 05/13/11

• Bair on FDIC Oversight of Systemic Risk

  FDIC Chairman Bair offered written testimony before the Senate Committee on Banking, Housing, and Urban Affairs on issues related to monitoring systemic risk and promoting the stability of our financial system. 05/13/11

• NCUA Board Meeting Agenda

  The agenda for the May 19, 2011, meeting of the NCUA Board has been posted. 05/13/11

• Bernanke on Monitoring Systemic Risk

  In prepared remarks before the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke testified on the FRB’s role in monitoring systemic risk and promoting financial stability. 05/12/11

• Small Business Credit Assistance FAQ

  The FRB has released a video and frequently asked questions (FAQs) concerning what it is doing to help small businesses get credit. 05/12/11

• OFAC Announces Anti-Terrorism Designation

  An individual has been designated by OFAC as a SDGT and added to the SDN List. Information regarding the designation has been posted in a BOL OFAC update. 05/12/11

• Risk Workshops For Directors Announced

  The OCC has issued a News Release announcing that workshops for directors of nationally chartered community banks and federal savings associations will be held at the Hilton New York on June 28-29, 2011. The workshops will cover risk assessment and compliance risk. Online registration is available. 05/12/11

• Bullletin on Retention of Credit Risk Proposal

  OCC Bulletin 2011-17 has been issued regarding a previously announced notice of proposed rulemaking (NPR) by the OCC, the FRB, the FDIC, the SEC, the Federal Housing Finance Agency, and HUD seeking comment on a proposed requirement that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. 05/12/11

• Severe Weather FILs

  The FDIC has issued two more in its long series of FILs relating to regulatory relief to financial institutions and facilitate recovery in areas affected by severe storms, tornadoes, straight-line winds, and flooding. FIL-34-2011 and FIL-35-2011 address institutions in Tennessee and Missouri, respectively. 05/12/11

• NCUA Expands Disaster Relief

  NCUA has issued a Media Release announcing the expansion of the NCUA disaster relief policy to additional counties in Missouri, Tennessee, North Dakota and Minnesota threatened by severe flooding. 05/12/11

• SAR Activity Reviews Published

  FinCEN has issued a News Release announcing the publication of the 16th edition of the SAR Activity Review – By the Numbers and the 19th edition of the SAR Activity Review: Trends, Tips & Issues. 05/12/11

• HMDA Data Collection Guide Information Letter

  The FFIEC has posted online a letter regarding previously announced information that relates to Home Mortgage Disclosure Act (HMDA) data collection for calendar year 2011 that will be reported in 2012. 05/12/11

• CFPB — Designing New Mortgage Disclosures

  The Consumer Financial Protection Bureau (CFPB) has posted the second blog entry in its Know Before You Owe series on the topic of designing a better mortgage disclosure form. 05/12/11

• Agencies Publish Proposal for Swap Entities

  The OCC, FRB, FDIC, Farm Credit Administration and the Federal Housing Finance Agency (“Agencies”) have published proposed rules [TXT; PDF] that would establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator. The proposed rule would implement sections 731 and 764 of the Dodd-Frank Act. Comments on the proposal are due by June 24, 2011. 05/11/11

• Fed Publishes Reg. Z Proposal

  The Federal Reserve Board has published its previously announced proposal to amend Regulation Z to require creditors to determine a consumer's ability to repay a mortgage before making a consumer mortgage loan and would establish minimum mortgage underwriting standards. The proposed amendments [TXT; PDF], which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Act. The proposal would apply to all consumer mortgages (except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans). As noted earlier, the comment period on the proposal closes on July 22, 2011, the day after the Dodd-Frank Act Transfer Date, which means that final action on the proposal must be taken by the Consumer Financial Protection Board (CFPB). 05/11/11

• Bureau to Solicit Disclosure Feedback

  The Consumer Financial Protection Bureau (“Bureau”) announced what it has termed its “Know Before You Owe” project, an effort to consolidate the RESPA and TILA disclosures to make them simpler and more informative for consumers. Although the Bureau takes ownership of rulemaking for both RESPA and TILA under the Dodd-Frank Act (DFA) on July 21, 2011, the combination of disclosures under TILA and sections 4 and 5 of RESPA is specifically mandated under Sec. 1032(f) of the DFA. The Bureau's announcement requests public participation in the design of the combined disclosures. 05/11/11

• Tennessee Severe Weather FIL

  The FDIC has issued FIL-33-2011 announcing steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee affected by severe storms, tornadoes, straight-line winds, and flooding. 05/11/11

• Comments Sought on Assigned Credit Ratings Study

  The SEC has issued a Press Release announcing a request for public comment on the feasibility of a system in which a public or private utility or a self-regulatory organization would assign a nationally recognized statistical rating organization (NRSRO) to determine credit ratings for structured finance products. The study is mandated by the Dodd-Frank Act. Comments may be submitted online for 120 days after publication of the comment request in the Federal Register. 05/11/11

• Forecasting Recessions White Paper

  A white paper in the Finance and Economics Discussion Series (FEDS) on the topic of “Forecasting Recessions Using Stall Speeds” has been published by the FRB. 05/11/11

• Terrorist Asset Report

  OFAC has released the Calendar Year 2010 Annual Report of the assets in the United States owned by terrorist countries and international terrorist program designees. 05/10/11

• NCUA Disaster Relief Program Activated

  A Media Release has been issued by NCUA announcing that Chairman Matz has activated the agency’s disaster relief policy to assist credit unions and their members in dealing with potential losses from flooding in Tennessee, Mississippi, Kentucky and Louisiana; and has expanded its response in Iowa after more storm losses there. 05/10/11

• Bair Departure Date Announced

  An FDIC Press Release has announced the date of Chairman Bair’s official departure from the agency. 05/10/11

• Allowance for Loan and Lease Losses Webinar

  NCUA has issued a Media Release announcing it will host a May 26, 2011 webinar entitled, “Current Allowance for Loan and Lease Losses Exam Issues and Practical Ways to Factor Q&E Adjustments into the Methodology.” The two hour program will begin at 2 p.m. ET and is open to the public. Registration is required and is available online.05/10/11

• Deposits of Closed Bank Assumed

  The FDIC announced the closing of Coastal Bank, Cocoa Beach, FL, by the OTS, the appointment of the FDIC as receiver and the assumption of all deposits by Premier Bank, National Association, Miami, FL. 05/11/11

• Prohibition Order Issued

  The NCUA has issued an order prohibiting an individual from participating in the affairs of any federally insured financial institution and the payment of restitution in the amount of $9,306. 05/11/11

• Consumer Credit Report Released

  The FRB has released the March 2011 G.19 Consumer Credit Report.05/11/11

• Libyan Government Designations; Removals and Updates

  In a May 5, 2011 News Release, the Treasury Department's Office of Foreign Assets Control (OFAC) announced its identification of three companies owned by the Government of Libya as subject to sanctions. OFAC also announced its removal of two vessels from its SDN list and an update to an SDN listing for a bank in Moscow, all under its Non-proliferation program. Information regarding the designations, removals and updates has been posted on the BOL OFAC Page.05/06/11

• CRA Ratings Released

  The FDIC has announced the state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. 05/06/11

• Early Bond Redemptions Authorizations Updated Again

  The FRB has updated its previously issued authorizations for early savings bond redemption in certain counties in Alabama, Arkansas, Georgia, Mississippi, North Carolina and Tennessee. Savings bond agents are reminded the authorization pertains not only to bond owners still residing in affected areas, but also to those who evacuated from those areas. Cashing agents should not require evidence of hardship, but must continue to abide by guidelines in the Guide to Cashing Savings Bonds (PD P 0022) . The early redemption authorizations will remain in effect through the end of June 2011. 05/06/11

• Bernanke on Implementing a Macroprudential Approach

  In a presentation at the 47th Annual Conference on Bank Structure and Competition in Chicago, Chairman Bernanke discussed the Dodd-Frank Act requirement that the Federal Reserve and other financial regulatory agencies adopt a “macroprudential approach” that supplements traditional supervision and regulation of individual firms or markets with explicit consideration of threats to the stability of the financial system as a whole. 05/06/11

• GAO Recommends More Regulator Oversight

  The Government Accountability Office (GAO) has released the highlights and summary of a report to Congress that mortgage foreclosure documentation problems reveal the need for ongoing regulatory oversight. 05/06/11

• FEDS Working Paper Features FRB Discount Window

  A working paper in the Finance and Discussion Series (FEDS) on the topic of “The First Line of Defense: The Discount Window During the Early Stages of the Financial Crisis” has been published by the FRB. 05/06/11

• FedFocus on Technology

  The May 5, 2011 issue of FedFocus has been posted by Federal Reserve Financial Services and features an article regarding technology transitions that pave the road for the future.

• FDIC Posts Special Foreclosure Edition

  An FDIC Press Release and FIL-31-2011 have announced the posting of a Special Foreclosure Edition of Supervisory Insights. The edition highlights lessons learned from an interagency horizontal review of the 14 largest residential mortgage servicers. 05/05/11

• CUs Placed in Conservatorship

  The NCUA has announced that Valued Members Federal Credit Union, Jackson, TN and Hmong American Federal Credit Union, St. Paul, MN have been placed into conservatorship. 05/05/11

• Alabama Severe Weather Guidance Expanded

  FIL-32-2011 has been issued by the FDIC to announce steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe storms, tornadoes, straight-line winds, and flooding. The FIL expands upon the areas that were designated in FIL-26-2011, issued on April 28, 2011. 05/05/11

• Matz Sends Bernanke Interchange Fee Letter

  The NCUA has released a copy of a letter from Chairman Matz to Chairman Bernanke containing NCUA’s comments on FRB’s proposed rule on interchange fees. 05/05/11

• FDIC Directory Updated

  The FDIC Organization Directory and Office Contacts webpage has been updated with information current as of May 4, 2011. 05/05/11

• Additional Early Saving Bond Redemptions Authorized

  The FRB has updated its earlier announcements of authority for banks to cash series EE and I savings bonds early to expand the list of specified counties to which the authority extends. The list now includes banks serving specified Alabama, Georgia, Mississippi, North Carolina, and Tennessee counties affected by severe weather, and extends the period for early redemption to the months of May 2001 and June 2011. 05/04/11

• Severe Weather FILs Guidance Issued

  The FDIC has issued four FILs with guidance to help financial institutions and facilitate recovery in areas of Arkansas, Tennessee, Georgia and Mississippi affected by severe weather. 05/04/11

• National Flood Insurance Program Manual

  The Flood Insurance Manual has been updated for May, 2011. We have combined the twenty-five individual files into a larger but complete manual. This enables you to perform keyword searches on the entire document at once rather than section by section. You can read what has changed in the updated manual and download it at Banker Tools. 05/04/11

• Revised Exam Procedures for SCRA and Tenants Protection Act

  The OCC has issued Bulletins announcing the revision of examination procedures—
  Bulletin 2011-16 regarding the Servicemembers Civil Relief Act of 2003 (SCRA) and Bulletin 2011-15 regarding the Protecting Tenants at Foreclosure Act (Tenants Protection Act). The revised SCRA procedures and the revised Tenants Protection Act procedures have been incorporated into the respective OCC handbooks. 05/04/11

• Three Written Agreements Executed

  The FRB has announced the execution of Written Agreements with the following financial institutions:

  • Regent Bancorp, Inc., Davie, FL
  • First Financial Service Corporation, Elizabethtown, KY
  • Calwest Bancorp, Rancho Santa Margarita, CA

  05/04/11

• TILA CEO Letter and Regulatory Bulletin

  The OTS has issued CEO Letter 385 and Regulatory Bulletin 37-70 announcing revised Truth in Lending Act (TILA) examination procedures. 05/04/11

• Pilot Securitization Loan Sale Closed

  The FDIC has announced its closing of a sale of securities as part of a securitization backed by approximately $394.3 million of performing commercial and multi-family mortgages from 13 failed banks. 05/04/11

• FDIC Board Meeting Agenda

  The FDIC has posted links to the revised agenda and live video webcast for its May 10, 2011, Board meeting. 05/04/11

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of May 3, 2011. 05/04/11

• More Early Savings Bond Redemptions Authorized

  A Press Release has been issued by the FRB authorizing institutions serving as a saving bond agent in certain counties in Alabama and North Carolina recently affected by severe weather to redeem series EE and I savings bonds less than one year old presented during the months of April 2011 and May 2011. This announcement expands upon an April 26 notice for listed North Carolina counties. 05/03/11

• Marketable Borrowing Estimates

  Treasury has issued a Press Release announcing its current estimates of net marketable borrowing for the second and third quarters of 2011. 05/03/11

• Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for April 2011 has been released by the FRB. 05/03/11

• Bank Lending Practices Survey

  The FRB has announced the results of the April 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices. 05/03/11

• FDIC Enforcement Actions

  The FDIC has issued a Press Release announcing a list of 87 orders of administrative enforcement actions taken against banks and individuals in March 2011. In addition to the usual collection of HMDA/Flood penalties, the orders and CMPs include allegations of UDAP violations, violations of Reg Z credit card rules, and FHA/ECOA violations. 05/02/11

• HMDA and Flood CMPs

  Among the FDIC's March 2011 enforcement actions were Civil Money Penalties (CMPs) of $39,250 for seven HMDA violations and a total of $12,215 for four flood violations. Additionally, the OTS has announced four flood CMPs totalling $181,335. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages. 05/02/11

• Five Banks Closed and Deposits Assumed

  The FDIC has announced the closing of the following banks by their primary regulators:

  • First National Bank of Central Florida, Winter Park, FL
  • Cortez Community Bank, Brooksville, FL
  • First Choice Community Bank, Dallas, GA
  • The Park Avenue Bank, Valdosta, GA
  • Community Central Bank, Mount Clemens, MI

  05/02/11

• CU Closed Assets Assumed

  A Press Release has been issued by NCUA announcing the closing of Utah Central Credit Union of Salt Lake City, UT and the purchase and assumption of the failed CU’s assets, liabilities and members by Chartway Federal Credit Union of Virginia Beach, VA. 05/02/11

• FinCEN Proposed Rule Published

  FinCEN has published in the Federal Register its previously announced Notice of Proposed Rulemaking [TXT; PDF] under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”), which would require a U.S. bank that maintains a correspondent account for a foreign bank to respond to specific written requests from FinCEN by making certain inquiries of the foreign bank and reporting the results to FinCEN. Comments on the proposal are due by June 1, 2011. 05/02/11

• Consumer Alert Fake FDIC Emails

  The FDIC has issued a Consumer Alert regarding a new series of fraudulent emails addressed to “Business Owners” that purports to be sent from “alert@fdic.gov” and includes a subject line of “FDIC: Your business account.” 05/02/11

• Alabama Severe Weather Guidance FIL

  The FDIC has issued FIL-26-2011 announcing steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Alabama affected by severe storms, tornadoes, straight-line winds, and flooding. 05/02/11

• NCUA Activates Disaster Assistance Relief Policy

  The NCUA has issued a Press Release announcing the activation by Chairman Matz of the agency’s disaster relief policy to assist credit unions and their members in rebuilding and recovering in severely damaged areas across the Southeast. 05/02/11

• FX Swaps and Forwards NPD

  Treasury has issued a Press Release regarding the issuance of a Notice of Proposed Determination (NPD) on foreign exchange (FX) swaps and forwards. 05/02/11

• Bernanke on Community Development

  In a presentation at the Federal Reserve Community Affairs Research Conference in Arlington, VA, Chairman Bernanke discussed “Community Development in Challenging Times.” 05/02/11

• Minority-Owned Banks

  The FRB has released its list of minority-owned banks as of December 31, 2010. 05/02/11

• OFAC Additions, Updates and Removals

  OFAC has announced its designations of an Iranian narcotics trafficker and a Mexican drug cartel supporter and others as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). In other actions, OFAC announced updates to its Kingpin Act designations and removals from its Anti-narcotics and Sudan designations. Information concerning the actions has been posted in a BOL OFAC Update. 4/29/11

• Agencies Publish Credit Risk Retention Proposal

  The OCC, FRB, FDIC, FHFA, SEC and HUD have published their previously announced (see our Top Stories for April 1, 2011) proposed rules [TXT; PDF] to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 78o-11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 15G generally requires the securitizer of asset-backed securities to retain not less than five percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as "qualified residential mortgages," as such term is defined by the Agencies by rule. Comments on the proposal are due by June 10, 2011. 4/29/11

• NCUA Publishes Corporate Credit Union Rule

  The NCUA has published its previously announced final rule amending its regulations governing corporate credit unions. The amendments include internal control and reporting requirements for corporates similar to those required for banks under the Federal Deposit Insurance Act and the Sarbanes-Oxley Act. The rule is effective May 31, 2011, with certain exceptions noted in the Federal Register document. [TXT; PDF]4/29/11

• Geithner on the Auto Industry, Financial Reform and Restoring Fiscal Responsibility

  In remarks at the Detroit Economic Club, Secretary Geithner reviewed the government actions regarding the auto industry, economic growth, financial repair and reform and restoring fiscal responsibility. 4/29/11

• NMLS Registry System Upgrade

  NMLS will be making system enhancements Saturday, April 30, 2011. The SAFE Act Registry system will be unavailable from 9:00 PM Eastern time on April 29, 2011 until the update is completed on May 01, 2011. 4/29/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with The Leaders Group, Inc., Oak Brook, IL. 4/29/11

• FHC List Updated

  The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) as of April 28, 2011. 4/29/11

• Alabama and Mississippi Bank Offices Closings Authorized

  The Comptroller has issued a proclamation allowing national bank offices affected by the severe storms in Alabama and Mississippi to close at their discretion. 4/29/11

• NPRs Announced

  The OCC has issued two Bulletins regarding Notices of Proposed Rulemaking (NPRs) concerning retail exchange transactions and incentive-based compensation arrangements. 4/29/11

• Natural Disaster CEO Letter and Press Release

  OTS has issued a CEO Letter noting that regulated thrift institutions have discretion to maintain or close business operations in the event of a natural disaster or other community emergency, including situations where an emergency is imminent. A Press Release encouraging thrifts to work with customers and communities affected by natural disasters was also issued. 4/29/11

• Garnishment Regulation Effective Date

  The U.S. Treasury Department Fiscal Service's regulation on Garnishment of Accounts Containing Federal Benefit Payments (31 CFR part 212) becomes effective on Sunday, May 1, 2011, as to all garnishment orders received on or after that date. Note: A CD-ROM of Ken Golliher's recent BOL Learning Connect webinar, "New Requirements for Identifying Exempt Funds When Processing Garnishments," is available in the BOL Banker Store. 4/29/11

• FOMC Statement and Economic Projections

  The FRB and Federal Open Market Committee (FOMC) have released an FOMC Statement issued at the April 26-27, 2011 meeting along with a table summarizing economic projections of FR Board members and bank presidents. 4/28/11

• Disclosure of Foreign Bank Correspondent Account Information

  FinCEN has issued a News Release announcing proposed regulations to implement a section of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA). The proposed regulations would require a U.S. bank to report to FinCEN certain information about foreign banks for which the U.S. bank maintains a correspondent account. 4/28/11

• Special Closed Board Meeting

  NCUA has announced the scheduling of a special closed Board meeting for May 4, 2011. 4/28/11

• FDIC Directory Updated

  The FDIC's Organization Directory and Office Contacts webpage has been updated with data current as of April 26, 2011. 4/28/11

• Written Agreements Executed

  The FRB has announced the execution of two Written Agreements, one with Community Bankers Trust Corporation, Glen Allen, VA, and Essex Bank, Tappahannock, VA; and the other with First Southern Bancorp, Statesboro, GA. 4/27/11

• Early Savings Bond Redemptions Authorized

  FRB Financial Services has posted a notice that savings bond agents serving specified North Carolina counties recently affected by severe weather are authorized to redeem Series EE and I savings bonds less than one year old presented during the months of April 2011 and May 2011. 4/27/11

• Severe Weather Regulatory Relief

  The FDIC has issued two FILS announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of North Carolina and Oklahoma affected by severe storms, tornadoes, straight-line winds, and flooding. 4/27/11

• FEMA to Suspend Communities' Eligibility

  FEMA has published a final rule identifying communities that are now scheduled for suspension from participation in the National Flood Insurance Program (NFIP) because of noncompliance with the program's floodplain management requirements. If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to the effective suspension date given in the rule, the suspension will not occur and a notice to that effect will be provided by publication in the Federal Register on a subsequent date. Consult today's Federal Register notice [TXT; PDF] for the list of communities affected and the suspension effective date for each.

• OCC Directors Workshops Announced

  An OCC News Release announced the agency will host workshops for directors of nationally chartered community banks and federal savings associations in Louisville, Kentucky, June 14-15, 2011. The workshops will cover risk assessment and compliance risk. Online registration is available. 4/27/11

• FOMC Projection FAQs

  The Federal Open Market Committee of the FRB has posted an updated set of frequently asked questions and answers (FAQs) regarding projections. 4/26/11

• MSB Registration List Updated

  FinCEN has updated the Money Services Business (MSB) Registration List with data current as of April 5, 2011. The updated list contains data on 42,143 MSBs. 4/26/11

• Changes in Debt Collection Technology Workshop

  An FTC News Release announces a workshop on April 28, 2011 in Washington, D. C., on the impact that technological advances are having on the nation's consumer debt collection system. The workshop will explore how changing technology affects the ways in which debt collectors communicate with consumers and obtain and process information about consumers and debts. A live Webcast will be available.

• FedCash San Antonio Cash Depot

  FRB Services has issued an Important Notice that as of June 27, 2011 the San Antonio Branch of the Federal Reserve Bank of Dallas will transition to a cash depot arrangement, located in San Antonio and serviced by the Houston Office of the Federal Reserve Bank of Dallas. 4/26/11

• Reg. Z Card Rules Published

  On March 18, 2011, the Federal Reserve Board announced a final rule amending Regulation Z to clarify two earlier rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). That final rule [TXT; PDF (94 pages)] was published in today's Federal Register, and deals with Regulation Z provisions that apply to open-end (not home-secured) credit plans. The Board believes that clarification is needed regarding compliance with certain aspects of the earlier final rules, which had been published on February 22 and June 29, 2010. Accordingly, to facilitate compliance, the Board is further amending specific portions of the regulations and official staff commentary. Today's final rule has an effective and mandatory compliance date of effective October 1, 2011. Creditors may, at their option, comply with the rule sooner. 4/25/11

• FRB and FDIC Publish "Living Will" Proposal

  The FRB and FDIC have published for comment in the Federal Register a previously announced proposed rule [TXT; PDF] to implement the Dodd-Frank Act § 165(d) requirements regarding resolution plans and credit exposure reports. Section 165(d) requires each nonbank financial company supervised by the Board and each bank holding company with assets of $50 billion or more to report periodically to the Board, the Corporation, and the Financial Stability Oversight Council (the "Council") the plan of such company for rapid and orderly resolution in the event of material financial distress or failure, and the nature and extent of certain credit exposures. Final rules are required by January 21, 2012, and comments on the proposal are due by June 10, 2011. 4/22/11

• Proposed Guidance for SLHCs Published

  The Federal Reserve Board has published for comment [TXT; PDF] its intention to apply to savings and loan holding companies ("SLHCs") certain elements of its consolidated supervisory program currently applicable to bank holding companies, after assuming supervisory responsibility for SLHCs in July 2011. The Dodd-Frank Act transfers supervisory functions related to SLHCs and their non-depository subsidiaries to the Board on July 21, 2011. Comments are due by May 23, 2011. 4/22/11

• OCC Proposes Retail FX Rule

  The OCC has published in the Federal Register a proposed rule [TXT; PDF] that would authorize national banks, Federal branches or agencies of foreign banks, and their operating subsidiaries to engage in off-exchange transactions in foreign currency with retail customers. The proposed rule also describes various requirements to which the banks, branches or agencies, and their operating subsidiaries must adhere to conduct such transactions. 4/22/11

• March 31, 2011 Call Report FIL

  The FDIC has issued FIL-22-2011 regarding the Call Report for March 31, 2011, which includes a number of reporting changes. 4/22/11

• RESPA Roundup

  The April 2011 online issue of RESPA Roundup has been posted by HUD.
  It includes guidance on handling Line 803 tolerance violations, credit report charges imposed before issuance of the GFE, potential tolerance violations when a GFE isn't issued, and proper handling of IRS Form 4506-T tax transcript charges. 4/22/11

• FinCEN Advisory on Narcotics and Bulk Currency Corridors

  FinCEN has issued Advisory 2011-A009 to draw the attention of financial institutions to narcotics and bulk currency corridors in the United States. The goal of the Advisory is to assist financial institutions in developing a better understanding of their own geographic locations, how these locations intersect with established flows of narcotics and bulk currency, and how geographic location may affect Bank Secrecy Act (BSA) obligations. 4/22/11

• Casino Assessed $250,000 CMP for BSA Violations

  FinCEN has issued a News Release announcing the assessment of a $250,000 civil money penalty (CMP) against The Lower Sioux Indian Community, doing business as Jackpot Junction Casino Hotel of Morton, Minnesota, for violating Bank Secrecy Act (BSA) requirements for casinos. A summary of the Order has been added to BOL's BSA/AML Penalties page. 4/22/11

• Tips for Effective Comment Letters

  A Media Release has been issued by NCUA regarding the posting on its website of a You Tube video of Chairman Matz providing tips for writing effective comment letters. 4/22/11

• NMLS Call Center Closed

  The NMLS posted an announcement that its Call Center will be closed on Friday, April 22, 2011, for the Good Friday holiday. 4/22/11

• FRB Requests Comments on Studies

  The FRB has issued a Press Release requesting public information and comment on two bankruptcy-related studies that it is required to conduct under the Dodd-Frank Act. For more information read the Notice to be published in the Federal Register. 4/22/11

• Written Agreements Executed

  The FRB announced the execution of Written Agreements with Premier Bancorp, Inc., Wilmette, IL and Syringa Bancorp, Boise, ID. 4/22/11

• Kongra-Gel Leaders Designated SDNTs

  OFAC has issued a Press Release which provides background information on its designation of five leaders of the Kongra-Gel (formerly the Kurdistan Workers'
  Party or PKK) as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). According to the release, drug trafficking is one of the Kongra-Gel'
  s most lucrative criminal activities. Information regarding the designations has been posted on the BOL OFAC Page. 4/21/11

• Bernanke on Financial Literacy

  In a prepared statement for the record of a hearing before the Senate Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, Chairman Bernanke discussed the importance of financial literacy to a stable and healthy economy and described some of the Federal Reserve System's efforts to help Americans make informed financial decisions. 4/21/11

• Colonial Bank Fraud Conviction

  The Department of Justice has issued a Press Release announcing that the former chairman of a private mortgage lending company has been convicted for his role in a more than $2.9 billion fraud scheme that contributed to the failure of Colonial Bank, one of the 25 largest banks in the United States in 2009. 4/21/11

• CUs Encouraged to Evaluate Corporate Capitalization Plans

  NCUA has issued a Media Release regarding correspondence sent to the member credit unions of the three retail bridge corporate credit unions that provides timely information about the review of the corporate credit union capitalization plans recently submitted to NCUA. The NCUA letter also encourages credit unions to carefully evaluate their options before choosing to join or remain a member of a corporate credit union. 4/21/11

• FATF Netherlands AML/CFT Evaluation Report

  The Financial Action Task Force (FATF), an inter-governmental body for the development and promotion of national and international policies to combat money laundering and terrorist financing, has released a full report [PDF - 324 pages] and Executive Summary [PDF, 2/25/11 - 19 pages] of a mutual assessment of the Netherlands' implementation of anti-money laundering and counter-terrorist financing (AML/CFT) standards. 4/21/11

• North Korean Bank OFAC-designated

  Treasury has issued a Press Release regarding OFAC'
  s designation of North Korean financial institution Bank of East Land (aka Dongbang Bank) for its facilitation of weapons-related transactions for, and other support to, designated arms manufacturer and exporter Green Pine Associated Corporation. Information concerning the bank has been posted on the BOL OFAC Page. 4/20/11

• Reg Z Rule Proposed"”Consumer Ability to Repay

  The FRB has requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer'
  s ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. The rulemaking is required under Dodd-Frank Act amendments to the Truth in Lending Act. Read the highlights of the proposed rule and the notice to be published in the Federal Register. 4/20/11
  

  NOTE: The FRB is soliciting comment on the proposed rule until July  22, 2011. General rulemaking authority for TILA is scheduled to transfer to the Consumer Financial Protection Bureau (CFPB) on July 21, 2011. Accordingly, this rulemaking will not be finalized by the FRB, but by the CFPB. 4/20/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with TransPecos Financial Corp., San Antonio, TX, and TransPecos Banks, Pecos, TX. 4/20/11

• FEDS Working Papers Published

  Four working papers have been published by the FRB in the Finance and Economics Discussion Series (FEDS) on the following topics:

  • Dynamic Factor Value-at-Risk for Large, Heteroskedastic Portfolios
  • Investment, Accounting, and the Salience of the Corporate Income Tax
  • Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained?
  • Volatility, Money Market Rates, and the Transmission of Monetary Policy

  4/20/11

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of April 19, 2011. 4/20/11

• FTC files against credit repair marketer

  The FTC has filed civil contempt charges in Florida against a promoter of credit repair and debt relief services and his companies, alleging that they violated a March 2010 court order by falsely representing the federal food stamp program and encouraging consumers to provide false financial information to qualify for food stamp assistance. In its April 18 press release, the FTC stated that Sam Tarad Sky and his companies also continued other deceptive practices in violation of the March order. 4/19/11

• FRB Redesigns FAQs Section

  The FRB has announced the redesign and expansion of the Current FAQs section of its website. The updated section contains new questions and answers that address the Federal Reserve's roles and actions, currency and coin, consumer issues, the banking and financial system, and the economy. Users can utilize an online form to submit suggestions for new questions. 4/19/11

• May HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May 2011 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release, which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.

• New FedReceipt Routing Numbers

  The FRB has announced the conversion of additional routing numbers to the FedReceipt Forward and FedReceipt Return products as well as availability changes for Check 21-Related FedFoward and FedReturn services. 4/19/11

• Information Security Incident Prevention and Detection Alert

  The OCC has issued Alert 2011-4, which highlights the need for national banks and their technology service providers to take steps to ensure their enterprise risk management is sufficiently robust to protect and secure the bank's own and their customers' information. 4/19/11

• FDIC: What we could have done

  The FDIC has issued a Press Release announcing the release of a report examining how the FDIC could have structured an orderly resolution of Lehman Brothers Holdings Inc. under the orderly liquidation authority of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act had that law been in effect in advance of Lehman's failure. 4/19/11

• FDIC Directory Updated

  The FDIC has updated its online Organizational Directory and Office Contacts webpage with data current as of April 18, 2011. 4/19/11

• FFIEC SLC Appointments

  The FFIEC announced the reappointment of three of the Council's State Liaison Committee (SLC) members for two-year terms running from April 1, 2011 through March 31, 2013. 4/19/11

• Venezuelan bank hit with C&D and CMP

  The Federal Reserve Board, the New York State Banking Department and the Florida Office of Financial Regulation announced on Friday the issuance of a consent Cease and Desist Order and an Assessment of Civil Money Penalties totaling $1.8 million against Banco Industrial de Venezuela, C.A., Caracas, Venezuela (BIV), and its agencies in New York and Miami. BIV is owned by ministries of the Venezuelan state. It was subjected to an "intervention" by the Venezuelan government in May 2009"”a form of conservatorship under Venezuelan law. In January 2011, the intervention was lifted. 4/18/11

• Deposits of six closed banks assumed

  The FDIC announced that all of the deposits of six banks closed by their regulators on Friday were assumed. The banks that were closed and the banks assuming their deposits are as follows:

  • New Horizons Bank, East Ellijay, GA; deposits assumed by Citizens South Bank, Gastonia, NC
  • Bartow County Bank, Cartersville, GA; deposits assumed by Hamilton State Bank, Hoschton, GA
  • Superior Bank, Birmingham, AL; deposits assumed by Superior Bank, N.A., Birmingham, GA
  • Rosemount National Bank, Rosemount, MN; deposits assumed by Central Bank, Stillwater, MN
  • Nexity Bank, Birmingham, AL; deposits assumed by Alostar Bank of Commerce, Birmingham, AL
  • Heritage Banking Group, Carthage, MS; deposits assumed by Trustmark National Bank, Jackson, MS

• NCUA places two CUs into conservatorship

  The NCUA announced that it has placed the Vensure FCU, Mesa, AZ and the Texans Credit Union, Richardson, TX into conservatorship. 4/18/11

• Fed seeks comment on notice

  A Press Release reports that the Federal Reserve Board is seeking comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies (SLHCs) after assuming supervisory responsibility for SLHCs. The Dodd-Frank Act calls for the transfer of supervisory and rule-writing authority for SLHCs and their non-depository subsidiaries from the OTS to the FRB on July 21, 2011. Comments on the notice, which will be posted in the Federal Register, are due by May 23, 2011. 4/18/11

• OCC Enforcement Actions announced

  The OCC has announced new enforcement actions against national banks and individuals currently or formerly affiliated with national banks. 4/18/11

• SAFE Act Registry offering "How To" series

  The NMLS and Registry (Registry) has blogged that it has posted recordings of its February and March four-part series of "How To" webinars on the federal registration process. The Registry also announced availability of a series of one-hour workshops to be conducted weekly during April and May. The workshops are geared to bankers who have attended or reviewed the "How To" series and still have questions. 4/18/11

• International capital data released

  Treasury released Treasury International Capital (TIC) data for February 2011. 4/18/11

• FinCEN Guidance issued on certain Moldavan banks

  FinCEN announced the release of Advisory FIN-2011-A008, which provides guidance to financial institutions on transactions involving banking activities by entities originating in the Transnistria Region of Moldava. 4/18/11

• Bair on Financial Reform

  The FDIC released remarks by Chairman Sheila Bair on "Financial Reform: The Road Ahead" at the Hyman P. Minsky Conference: Financial Reform and the Real Economy, on April 15 in New York City. 4/18/11

• OTS data released

  The OTS has released its Current and Historical Costs of Funds Reports, and its Report of Thrift Industry Charge-Off Rates and Quarterly Review of Interest Rate Risk for the 4th quarter of 2010. 4/18/11

• FRB Balance Sheet

  The FRB has updated its reporting of its Credit and Liquidity Programs and Balance Sheet Trends. The data are provided in chart and table formats. 4/18/11

• G.17 data updated

  The Federal Reserve Board has released its updated G.17 Report on Industrial Production and Capacity Utilization for the first quarter of 2011.

• FedFlash April edition posted

  Federal Reserve Bank Services has posted the April 2011 edition of FedFlash featuring articles on plans for FedLine® user authentication improvements, support for Windows 7, changes to FedPhone® access and updates to support menu options for Fedline Direct® and FedLine Command®. 4/18/11

• FDIC Proposes to Rescind Interest Ban Reg

  On the heals of yesterday's FRB publication of a proposal to excise its Regulation Q, the FDIC today published in the Federal Register a proposal [TXT; PDF] to rescind its regulations banning the payment of interest on demand deposits (12 CFR Part 329), but retain and shift the definition of "interest" to its deposit insurance rules (12 CFR Part 330). The FDIC's action is pursuant to Section 627 of the Dodd-Frank Act, which repeals as of July 21, 2011 a ban on demand deposit interest in the Federal Deposit Insurance Act. Comments are due by May 16, 2011.

• Assessment Rate Adjustment Guidelines Published 4/15/11

• Assessment Rate Adjustment Guidelines Published

  The FDIC published "Proposed Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions" [TXT; PDF] for comment in today'
  s Federal Register. The proposed guidelines would be used to determine how adjustments could be made to the total scores that are used in calculating the deposit insurance assessment rates of large and highly complex insured institutions. Comments are due by May 31, 2011. 4/15/11

• Expanded SDN List Data Files Released

  As promised in two earlier notices, OFAC has released Specially Designated Nationals (SDN) data files that include an expanded "
  City/State/Province/Postal Code" field. Note: No new data have been added to the SDN list at this time. 4/15/11

• Walsh Discusses Foreclosure Processing

  In a speech before the Women in Housing and Finance Conference, Acting Comptroller Walsh discussed foreclosures processing. 4/15/11

• Consumer Website Data Used in PayDay Loan Fraud

  A News Release announced that the FTC has charged two men and their companies with unfairly and deceptively billing consumers without their consent, and not providing promised refunds, in violation of federal law. According to the FTC's complaint, filed in the U.S. District Court for the District of Nevada, the defendants obtained consumers'
  personal information from websites that claimed to match consumers with payday lenders, and then enrolled consumers, without their knowledge, in one or more of several worthless "
  continuity" programs. 4/15/11

• Mortgage Servicers Hit with Enforcement Actions

  The OCC, FRB, FDIC and OTS issued coordinated press releases yesterday to announce that they had issued 26 enforcement orders against 14 of the country's largest residential mortgage loan servicers, their holding companies and affiliates, and two third-party service providers and their affiliates. The agencies said that the actions targeted a "pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing." The Consent Orders were issued following a fourth-quarter 2010 agency review of foreclosure processing at the federally-related mortgage servicers, where "critical weaknesses" were found. Those servicers represent more than two-thirds of the U.S. mortgage servicing market. For more information on the enforcement actions, the agencies' review of the servicers, and links to the agencies' press releases, their report on the reviews and each of the Consent Orders, see BOL'
  s Special Banker Briefing, released yesterday afternoon. 4/14/11

• Agencies Publish Compensation Proposal

  A proposed rule on incentive compensation [TXT; PDF] announced by the FRB, FDIC, FHFA, NCUA, OCC, OTS and SEC on March 30 has been published in the Federal Register. The proposal, issued under the Dodd-Frank Act, would apply to certain financial institutions with more than $1 billion in assets, and would include heightened standards for the largest of that group. Comments are due by May 31, 2011. 4/14/11

• Fed Publishes Proposal to Pull Reg Q

  The Federal Reserve Board's April 6 proposal to "remove and reserve" its Regulation Q (12 CFR Part 217) and remove references to the regulation in Regulation D and in Supplement I to Regulation DD, has been published in the Federal Register [TXT; PDF]. The action is proposed pursuant to a provision of the Dodd-Frank Act, and will permit the payment of interest on demand deposits for the first time since 1933. Comments are due by May 16, 2011, and the Final Rule, when issued, is expected to be effective on July 21, 2011. 4/14/11

• Beige Book Posted

  The Federal Reserve Board has posted an April 13, 2011 update to its Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in the twelve Federal Reserve Districts. 4/14/11

• Financial Literacy Grants Announced

  The NCUA has announced a new grant program, the Financial Education and Financial Literacy Initiative. The program, which will be offered through the NCUA Office of Small Credit Union Initiatives, will distribute $200,000 in grants for low-income credit unions to collaborate with schools, community organizations and other financial institutions to provide financial education within the communities they serve. Applications may be submitted from April 18 through May 10, 2011. 4/14/11

• Enforcement Actions Executed

  The FRB has issued a Press Release announcing the execution of a Written Agreement with Centerbank, Inc., Jacksonville, FL, and a Prompt Corrective Action Directive with First Chicago Bank & Trust, Chicago, IL. 4/13/11

• Swap Margin and Capital Requirements Proposed Rule

  A Joint Press Release has been issued by the FRB, FDIC, OCC, Farm Credit Administration, and Federal Housing Finance Agency to announce a Proposed Rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants. The proposed rule would require swap entities regulated by the five agencies to collect minimum amounts of initial margin and variation margin from counterparties to non-cleared swaps and non-cleared security-based swaps. Comments are requested and must be submitted by June 24, 2011. 4/13/11

• Proposed Rule on Large BHC Resolution Plan Reporting

  The FRB and FDIC have issued a Joint Press Release announcing a Proposed Rule which would implement provisions of the Dodd-Frank Act that require bank holding companies (BHCs) with total consolidated assets of $50 billion or more to submit annual resolution plans and quarterly credit exposure reports. Comments are requested by June 10, 2011. 4/13/11

• FDIC Updates DIF Loss and Reserve Ratio Projections

  A Press Release has been issued by the FDIC announcing the update of the loss, income, and reserve ratio projections for the Deposit Insurance Fund (DIF) over the next several years. 4/13/11

• Proposed FDIC Assessment Rate Adjustment Guidelines

  The FDIC has issued its FIL 20-2011 regarding the publication of, and request for comment on, proposed assessment rate adjustment guidelines for large banks. Comments must be received on or before 45 days from the date of publication of the notice in the Federal Register. 4/13/11

• FRB Discount Rate Meetings Minutes Released

  The FRB has released the minutes of its discount rate meetings from February 7 "“ March 14, 2011. 4/13/11

• CFPB Advises Patience on Data Collection Rules

  Leonard J. Kennedy, General Counsel for the Consumer Financial Protection Bureau (CFPB), posted a Guidance Document concerning financial institutions'
  obligations under Section 1071 of the Dodd-Frank Act. That section amends the ECOA effective 7/21/11 to require the collection and reporting of information concerning credit applications by women- or minority-owned businesses and by small businesses. Financial institutions will have no obligation to collect or report the information until the CFPB has issued implementing regulations after customary notice-and-comment processes are followed. 4/13/11

• CFPB and NAAG Announce Cooperative Plans

  Treasury has issued a Press Release announcing an agreement by the Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) on a Joint Statement of Principles for forging a new partnership between federal and state officials to protect consumers of financial products and services. 4/12/11

• FEDS Working Paper Published

  The FRB has published a working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "
  Cointegration Test with Stationary Covariates and the CDS-Bond Basis during the Financial Crisis." 4/12/11

• FTC Roundtable"” Motor Vehicle Sales and Financing

  The FTC has issued a Media Advisory announcing the first in a series of roundtables around the country to gather information on consumers' experiences when buying, financing, or leasing motor vehicles. The first session, to be hosted on April 12, 2011 at Wayne State University Law School in Detroit, MI, will focus on consumer protection issues related to sales and financing of consumer cars, SUVs, and light trucks. Included were links to the agenda and the live webcast. 4/12/11

• OFAC CMPs Announced

  Civil money penalties recently assessed for violations of various sanctions programs have been announced by OFAC. No financial institutions were assessed. 4/11/11

• More Libyan Sanctions Designations

  OFAC has announced the designation of five senior Libyan government officials and two entities owned or controlled by Muammar Qadhafi's children as subject to OFAC's "Libya2" sanctions program. Information regarding the new designations has been posted on a BOL OFAC Update. 4/11/11

• Deposits of Two Closed Banks Assumed

  Nevada Commerce Bank, Las Vegas, NV and Western Springs National Bank and Trust, Western Springs, IL have been closed by their primary regulators, the FDIC appointed receiver, and all deposits have been assumed. 4/11/11

• Assets and Liabilities of Closed CU Assumed

  NCUA has placed Mission San Francisco Federal Credit Union of San Francisco, CA, into liquidation. All assets and liabilities have been assumed by a North Carolina Federal Credit Union. 4/11/11

• G.20 Finance Companies Report

  The FRB has released the G.20 Finance Companies Owned and Managed Receivables and Auto Loans: Terms of Credit Report for February 2011. 4/11/11

• FDIC Directory Updated

  The FDIC has updated its online Organization Directory and Office Contacts information with data current as of April 8 2011. 4/11/11

• SAFE Act Registry FAQ Added

  The Nationwide Mortgage Licensing System and Registry (NMLS or Registry) has added a Federal Registry FAQ to its Resource Center pages for the Federal Registration portion of the NMLS site. 4/08/11

• Government Shutdown Planning Advisory Letter

  NCUA has issued a Press Release regarding its Letter to credit unions providing guidance about planning for a potential federal government shutdown. 4/08/11

• OCC to Host Kansas City Workshops for Directors

  An OCC News Release announced a workshop for directors of nationally chartered community banks and federal savings associates. The May 16-18, 2011 offering, entitled "A Director's Challenge: Mastering the Basics," is geared primarily toward directors of institutions with assets under $1 billion. Online information and registration for the workshops is available. 4/08/11

• Consumer Credit Report Released

  The February 2011 G.19 Consumer Credit Report has been released by the FRB. 4/08/11

• April FedFocus Online

  The April 2011 online issue of FedFocus has been posted and features an article on saving time and money with electronic check adjustments. 4/08/11

• Community Developments Insights Report

  The OCC has published a Community Developments Insights report which looks at bank participation in the U.S. Export-Import Bank's Working Capital Guarantee Program and the Small Business Administration's Export Working Capital Program. 4/08/11

• FDIC Posts FAQ on OD Guidance

  The FDIC posted Frequently Asked Questions concerning the agency's FIL-81-2010, "Final Overdraft Payment Supervisory Guidance" (11/24/2010). 4/07/11

• Reg Q Repeal Proposed

  The FRB has issued a Press Release requesting comment on a proposed rule to "remove and reserve" the Board's Regulation Q (12 CFR Part 217), which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System. The proposal would also remove references to the regulation in Regulation D and in the Official Staff Interpretations to Regulation DD. A provision of the Dodd-Frank Act repeals effective July 21, 2011 portions of the Federal Reserve, Federal Deposit Insurance, and Home Owners' Loan Acts originating in the 1930s that have banned the payment of interest on demand deposits. [Note: The agenda for the FDIC's next board meeting includes consideration of a similar removal of 12 CFR Part 329, the FDIC's regulation on Interest on Deposits.] 4/07/11

• Counterfeit Checks Special Alerts

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

  • Guernsey Bank, Worthington, OH
  • Paducah Bank and Trust Company, Paducah, KY
  • National Bank of Kansas City, Overland Park, KS
  • Americantrust Federal Savings Bank, Peru, IN

  Information regarding the counterfeit checks has been posted on the BOL Alerts and Counterfeits Page. 4/07/11

• First Quarter Call Reports and Proposed Revisions

  FIL-19-2011 has been issued by the FDIC regarding materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the March 31, 2011, report date. A number of revisions which will be implemented for the Second Quarter Call Report are discussed and Supplemental Instructions are provided. Be sure the individuals in your institution who are involved with Call Report preparation are aware of FIL-19-2011.

• FRB and OCC Officials Testify Regarding Community Banking

  FRB Deputy Director Hunter gave written testimony and Deputy Comptroller Kelly oral and written testimony regarding community banking before the Financial Institutions Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs. 4/07/11

• FDIC Quarterly

  The FDIC released the most recent issue of the FDIC Quarterly, which includes an article on Microenterprise Development, in addition to fourth quarter results from the Quarterly Banking Profile, released in February. 4/07/11

• Stay Lifted from Compensation Rule

  The United States Court of Appeals for the District of Columbia Circuit dissolved the administrative stay on the effective date of the FRB Regulation Z Mortgage Originator Compensation and Anti-Steering Rule, and denied motions by the National Association of Mortgage Brokers (NAMB) and the National Association of Independent Housing Professionals, Inc. (NAIHP) for emergency relief that would have delayed enforcement of the Rule pending the outcome of appeals by NAMB and NAIHP from a District Court ruling allowing the Rule to become effective. At least for now, the Rule is in effect. Read the details and thoughts on the significance of the court'
  s Order, in BOL's Special Banker Briefing: Court Watch. 4/06/11

• Paperwork Reduction Bill Passes

  The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, also known as the "
  Small Business Paperwork Mandate Elimination Act," H.R. 4, which repeals the controversial 1099 reporting requirement for small businesses, has passed both the Senate and House and is on its to the President, who is expected to sign it into law. 4/06/11

• CRA Ratings Released

  The FDIC and OTS have released the ratings received by banks and savings associations recently evaluated for compliance with CRA. 4/06/11

• CDOs Securities Law Violations

  The SEC has issued a Press Release announcing that Wells Fargo Securities LLC agreed to settle charges that Wachovia Capital Markets LLC engaged in misconduct in the sale of two collateralized debt obligations (CDOs) tied to the performance of residential mortgage-backed securities. 4/06/11

• April FDIC Board Meeting

  A notice and video link for the April 12, 2011 meeting of the FDIC Board of Directors has been posted. One of the matters on the agenda is a proposed rule reflecting repeal of the prohibition on paying interest on demand deposits (under the Dodd-Frank Act). 4/06/11

• 2010 Federal Reserve Payments Study

  FR Financial Services has issued a Press Release announcing the release of the 2010 Federal Reserve Payment Study which examined payments made between 2006 and 2009. The study details the increasing adoption of electronic alternatives for U.S. payments made by consumers, business and governments. A summary report and full report are available. 4/06/11

• FinCEN 314(a) Fact Sheet Updated

  The 314(a) Fact Sheet has been updated by FinCEN with data current as of April 5, 2011. 4/06/11

• Term Deposits Auction Results

  The results of the April 4, 2001 auction of $5 billion in 28-day term deposits have been announced by the FRB. 4/06/11

• FOMC March Statement and Minutes

  The FRB and the Federal Open Market Committee (FOMC) have released a statement and minutes of the FOMC meeting held on March 15, 2011. 4/06/11

• Former Libyan Official Removed From SDN List

  OFAC has an individual previously subject to the Libyan Sanctions program from the SDN List. Information regarding the removal has been posted on the BOL OFAC Page. 4/05/11

• OCC Guidance on Management of Model Risk

  The OCC has issued Bulletin 2011-12 regarding guidance that provides a clear statement of expectations for banks that use quantitative models in any aspect of their business. The guidance addresses "model risk," which is the potential for damage when quantitative models play a material role in bank decision making. 4/05/11

• Matz Named FFIEC Chairman

  The FFIEC and NCUA have issued Press Releases announcing that NCUA Chairman Matz has been named FFIEC Chairman. 4/05/11

• Bernanke on Financial Market Utilities

  In a presentation at the 2011 Financial Markets Conference in Stone Mountain, GA, Chairman Bernanke discussed post-crisis reform as it relates to a prominent part of our financial market infrastructure"”namely, clearinghouses for payments, securities, and derivatives transactions. 4/05/11

• Advisory Council to Meet

  Treasury has published a Notice in today's Federal Register of a meeting of the President's Advisory Council on Financial Capability to be held on April 21, 2011. The Council was created "to assist the American people in understanding financial matters and making informed financial decisions, thereby contributing to financial stability." 4/05/11

• Fed Publishes Reg M and Reg Z Changes

  The FRB has published its final rules, announced on March 25, 2011, amending Regulations M [TXT; PDF] and Z [TXT; PDF] to increase to $50,000 the threshold above which certain consumer leases and extensions of credit are not subject to the Consumer Leasing Act (Reg M) and Truth in Lending Act (Reg Z). The increase and the addition of an inflation index for the thresholds were mandated by the Dodd-Frank Act. 4/04/11

• Proposed Financial Market Utilities Rule Posted

  The FRB's proposed rule [TXT; PDF] on risk-management standards governing the operations related to the payment, clearing, and settlement activities of certain financial market utilities ("FMUs") that are designated as systemically important by the Financial Stability Oversight Council (the "Council"), and setting forth certain other requirements for FMUs, has been published in the Federal Register. 4/04/11

• $1.5 Billion Fraud Scheme Guilty Plea

  The Department of Justice has issued a Press Release announcing that a former senior financial analyst at Taylor, Bean & Whitaker (TBW) has pleaded guilty to conspiring to commit bank and wire fraud for his role in a scheme that defrauded approximately $1.5 billion from financial investors in TBW's mortgage lending facility, Ocala Funding. 4/04/11

• Prohibition Hearing Scheduled

  The OCC has issued a Press Release announcing a public hearing will be held before an Administrative Law Judge concerning an enforcement proceeding against a former Home Loan Consultant for Wachovia Bank, N.A., Cartersville, GA. The OCC is seeking an Order that would prohibit the consultant from employment with any insured depository institution. 4/04/11

• FTC 2011 Annual Report Issued

  A Press Release has been issued by the FTC announcing the release of its 2011 Annual Report, which highlights the agency's efforts to protect financially distressed consumers and promote competition during the economic downturn. 4/04/11

• NCUA Completes Guaranteed Note Transaction

  NCUA has announced that the NCUA Guaranteed Notes Trust 2011-R4 offering closed on Thursday, March 31, 2011. 4/04/11

• TARP Executive Compensation Fact Sheet

  Treasury has issued a Press Release regarding the publication of a Fact Sheet on the 2011 compensation determinations for the "
  top 25" executives at the four remaining companies that received exceptional TARP assistance. 4/04/11

• G.5 and G.20 Reports

  The March 2011 G.5 Foreign Exchange Rates Report and the G.20 January 2011 Finance Companies Report - owned and managed receivables outstanding and auto loans: terms of credit have been released by the FRB. 4/04/11

• Comments Sought on ABS Risk Retention Proposed Rule

  Six federal agencies have issued a Joint Press Release announcing they are seeking comment on a proposed rule that would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. Comments must be received by June 10, 2011. The FRB unilaterally made essentially the same release on March 29 (see our March 30, 2011 Top Stories), and the proposed Regulation RR (12 CFR Part 244) has been added to BOL's Alphabet Soup pages. 4/01/11

• OFAC Updates IRISL Designations

  OFAC has updated the SDN list entries for 21 vessels affiliated with the Islamic Republic of Iran Shipping Lines (IRISL) that have since been renamed by IRISL and its affiliates, and identified three additional vessels as blocked property due to their affiliation with IRISL. According to OFAC there are currently a total of 156 ships affiliated with IRISL on the SDN list. Background information on the updated entries has been posted on the BOL OFAC Page. In a related Advisory, FinCEN alerted shippers, importers/exporters, and freight forwarders concerning IRISL practices designed to evade U.S. and international economic sanctions, including the use of false container prefixes in shipping container numbers. 4/01/11

• Mortgage Performance Improves

  The OCC and OTS have issued a News Release announcing that, according to the Fourth Quarter 2010 Mortgage Metrics Report, the credit quality of first-lien mortgages serviced by large national banks and thrifts improved slightly in the fourth quarter. 4/01/11

• Consumer Compliance Outlook Released

  The Federal Reserve System announced the availability of the current issue (First Quarter 2011) of Consumer Compliance Outlook, a compilation of articles on consumer compliance issues.

• March 2001 SCOOS Published

  The FRB has published the March 2011 edition of the Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS), a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter (OTC) derivatives markets. 4/01/11

• FedACH News March 2011

  The March 2011 Volume 8 No. 1 issue of FedACH News has been posted online by FRB Financial Services. 4/01/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with First Financial Holding Co., Ltd. and First Commercial Bank, Ltd., both of Taipei, Taiwan, and First Commercial Bank Los Angeles Branch, Los Angeles, California. 4/01/11

• CFPB Senior Leadership Hired

  Treasury has issued a Press Release announcing the hiring of senior leadership for the Consumer Financial Protection Bureau (CFPB). 4/01/11

• Incentive Compensation Rule Proposed

  Federal financial regulatory agencies have issued a Joint Press Release requesting comment on a jointly proposed rule to ensure that regulated financial institutions design their incentive compensation arrangements to take account of risk. The proposed rule, which is being issued pursuant to the Dodd-Frank Act, would apply to certain financial institutions with more than $1 billion in assets.03/31/11

• Supervision of FMUs NPR

  The FRB has issued a Press Release requesting comment on a notice of proposed rulemaking (NPR) that implements two provisions of Title VIII of the Dodd-Frank Act related to the supervision of financial market utilities such as payment systems, central securities depositories, and central counterparties (FMUs) that are designated as systemically important by the Financial Stability Oversight Council (FSOC).03/31/11

• Covered Systemic Organizations NPR

  The FDIC and FRB have approved a joint Notice of Proposed Rulemaking (NPR) for certain organizations to file and report resolution plans and credit exposure reports as required in Title I, Section 165 of the Dodd-Frank Act. The rule would cover nonbank financial companies supervised by the Board and bank holding companies with assets of $50 billion or more.03/31/11

• Commercial RE Fraud Advisory

  FinCEN has issued a Press Release announcing its analysis of suspicious activity reports (SARs) that call attention to possible fraud in the commercial real estate financing arena. In conjunction with the analysis, FinCEN has also released a Commercial Real Estate Fraud Advisory, FIN-2011-A007, to assist financial institution efforts to help law enforcement target this type of fraudulent activity.03/31/11

• Kingpin Removed from OFAC List

  The name of an entity, previously designated as a SDNTK under the Kingpin Act, has been removed from the OFAC SDN List. Information regarding the removal has been posted on the BOL OFAC Page.03/31/11

• Notice Added to SAFE Act MLO Licensing Tests

  The NMLS Resources Center has posted a Notice that the Rules of Conduct presented to test candidates for state MLO licensing will be modified to instruct candidates that questions on the SAFE MLO Test will not reflect the changes to Regulation Z until further notice. Employees of federally-supervised financial institutions are not subject to the state MLO licensing requirements of the SAFE Act, but this change can affect employees of unsupervised subsidiaries or affiliates who are obliged to be licensed.03/31/11

• Term Deposit Auction Scheduled

  A Press Release has been issued by the FRB announcing a Monday, April 4, 2011 offering at auction of $5 billion in 28-day term deposits through its Term Deposit Facility.03/31/11

• Community Bank Directors Workshops

  The OCC has issued a News Release regarding risk assessment and compliance risk workshops for directors of nationally chartered community banks and federal savings associations to be held in Houston on May 10-11, 2011. Online registration is available.

• OTS Financial Reporting Bulletin

  The March 2011 issue of the Financial Reporting Bulletin has been posted by OTS.

• TARP Profit Announced

  Treasury has announced that the Troubled Asset Relief Program's (TARP) investment in banks has now turned a profit after three financial institutions repaid a total of $7.4 billion.03/31/11

• Risk Retention Rule Proposed

  A Federal Reserve Board Press Release issued March 29, 2011 announced a proposed new rule under consideration this week by the federal bank regulators, the SEC, FHA, and HUD. The proposal, which the Fed would issue as new 12 CFR Part 244 (Regulation RR, a convenient mnemonic for "Risk Retention"), will not be published until approved by each of the agencies. It would require sponsors of asset-backed securities (ABS) to retain at least 5 percent of the credit risk of the assets underlying the securities, with limited exceptions, as required by provisions of the Dodd-Frank Act. Comments regarding the NPR must be received by June 10, 2011. Statements concerning the NPR have been issued by Secretary Geithner , Chairman Bair and Acting Comptroller Walsh. 03/30/11

• CIF Guidance Bulletin

  The OCC has issued Bulletin 2011-11 to provide guidance to national banks that offer common or collective investment funds (CIF) to certain eligible fiduciary and tax-exempt accounts.03/30/11

• CRA Evaluations Released

  A News Release from the OCC provides a list of the ratings received by national banks and the insured federal branches of foreign banks that were recently evaluated for compliance with CRA.03/30/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with First American International Corporation, Brooklyn, NY. 03/30/11

• Regulators Considering Dodd-Frank Risk Retention NPR

  The federal bank regulators, along with the SEC, FHA, and HUD, have issued a Joint Press Release announcing that they are considering this week a notice of proposed rulemaking (NPR) addressing section 941 of the Dodd-Frank Act. Section 941 requires the agencies to prescribe rules to require that a securitizer retain an economic interest in a material portion of the credit risk for any asset that it transfers, sells, or conveys to a third party. Any rule proposed could have significant effects on the secondary mortgage market.03/29/11

• FinCEN Mortgage Fraud Report and Bankruptcy Abuse

  A Press Release has been issued by FinCEN announcing the release of "Mortgage Loan Fraud SAR Filings in Fourth Quarter and Calendar Year 2010," a report detailing a full year of data on SARs involving mortgage loan fraud. The information is being reviewed to identify potential mortgage loan fraud in a number of areas, including identifying possible abuse of the bankruptcy system to facilitate mortgage fraud.03/29/11

• Flow of Funds Inter-Active Guide on Web

  The FRB has issued a Press Release announcing the launch of a new interactive web-based guide to the Flow of Funds Accounts. The tools and descriptions in the guide will help users explore the structure and content of the quarterly Flow of Funds statistical release and the Integrated Macroeconomic Accounts for the United States.03/29/11

• Special NCUA Board Meeting Scheduled

  NCUA has released the agenda of a special closed meeting to be held Monday, April 4, 2011, at 9:30 a.m. in San Diego, California.03/29/11

• FHC List Updated

  The FRB has updated its list of bank holding companies who under the terms of the Bank Holding Company Act have elected as March 23, 2011, to become or be treated as financial holding companies.03/29/11

• FDIC Directory Update

  The FDIC has updated its online Organization Directory and Office Contacts Web page with data current as of March 28, 2011.03/29/11

• HMDA and Flood CMPs

  Civil Money Penalties (CMPs) of $41,000 been announced by the FDIC for five HMDA violations and a total of $21,960 for five flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages.03/28/11

• Deposits of Closed Bank Assumed

  The Bank of Commerce, Wood Dale, Illinois was closed by the Illinois Department of Financial & Professional Regulation-Division of Banking. The FDIC was appointed receiver and Advantage National Bank Group, Elk Grove Village, Illinois, entered into a purchase and assumption agreement for all of the closed bank's deposits.03/28/11

• 60 Enforcement Actions Released

  The FDIC has issued a Press Release with a list of sixty orders for administrative enforcement actions taken against banks and individuals in February 2011, including the HMDA and Flood penalties listed above.03/28/11

• FDIC Consumer Response Center Address Change

  The FDIC has issued FIL 18-2011 announcing the change of address of the FDIC Consumer Response Center. Although related FDIC and FRB regulations have not yet been updated to reflect this change, the FDIC states that adverse action notices (FRB Regulation B) and Fair Housing posters (FDIC Fair Housing regulations at 12 CFR Part 338) should be updated to reflect the new address "as soon as practicable."03/28/11

• Proposed SAFE Act MLO Transfer Fees

  The Conference of State Bank Supervisors (CSBS) is inviting comment on its Proposal 2011-2 regarding proposed fees and the methoology for the transfer of federally registered Mortgage Loan Originators (MLOs) following mergers, acquisitions and reorganizations. Comments are due April 25, 2011.03/28/11

• Reg Z and Reg M Final Rules

  The FRB has issued a Press Release announcing the adoption of two final rules amending Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) to implement a provision of the Dodd-Frank Act that expands the coverage of those consumer protection laws and regulations to credit transactions and leases of higher dollar amounts. The revisions, which will be effective on July 21, 2011 (the Designated Transfer Date under the Dodd-Frank Act), have been posted to Regulations Z and M in BOL's Alphabet Soup pages.03/28/11

• FOMC 2012 Meeting Schedule

  The Federal Open Market Committee (FOMC) has announced its tentative 2012 meeting schedule.03/28/11

• Industrial Production Report Annual Revision

  The 2011 historical and annual revision of the G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.03/28/11

• FRB Reg CC Proposal Published

  The Federal Reserve Board has published its previously-announced proposed rule [TXT; PDF] to amend Regulation CC, which implements the Expedited Funds Availability Act and portions of the Check 21 Act. The proposal was issued to facilitate the banking industry's ongoing transition to fully-electronic interbank check collection and return, including proposed amendments to condition a depositary bank's right of expeditious return on the depositary bank agreeing to accept returned checks electronically either directly or indirectly from the paying bank. The proposed rule would also shorten the "
  safe harbor" duration of exception holds on funds deposited by check and eliminate vestigial portions of the regulation relating to local and nonlocal checks. Comments on the proposal are due by June 3, 2011.03/25/11

• SDN Additions and Changes

  An individual and four vessels have been added to the OFAC SDN List, and data on one individual and ten vessels currently on the SDN List have been changed. Information regarding the additions and changes has been posted on the BOL OFAC Page. 03/25/11

• Acceptance of Foreign Government Accounts

  Interagency Guidance on accepting accounts from foreign embassies, consulates and missions has been announced.
  
  FRB SR Letter 11-6 - OCC Bulletin 2011-10 - FDIC FL-17-2011 - OTS CEO Letter 381 - Guidance 03/25/11

• CMPs Assessed for BSA and USA PATRIOT Act Violations

  A Joint Release has announced concurrent $7 milllion Civil Money Penalty Orders imposed by the OCC and FinCEN against Pacific National Bank, Miami, Florida, for violations of an OCC Consent Order, the BSA and the USA PATRIOT Act. Information on the Orders has been added to the BOL BSA/AML Penalties page.03/25/11

• OREO Exchange Program Bulletin Issued

  The OCC has issued Bulletin 2011-10 regarding the utilization of OREO exchange programs as a means to reduce problem assets.03/25/11

• Notice Of Intention To Remove and CMP Assessment for Failure File CTRs

  The OTS has issued a Notice of Charges and Hearing for Removal and Prohibition and Notice of Assessment of a $15,000 Civil Money Penalty (CMP) against a Senior Vice President and institution-affiliated party of a federally chartered savings association. The Notice alleges deliberate and knowing failure to file CTRs and lying to the savings association's board of directors concerning CTR filings.03/25/11

• HAMP Termination Effects

  Treasury Notes, a blog on the Treasury Department's website, includes a recent posting, "An Untold Story: The Ripple Effects of Terminating HAMP," regarding the possible end of the Home Affordable Modification Program (HAMP).03/25/11

• Bernanke Schedules FOMC Press Briefings

  An FRB Press Release announced that Chairman Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's (FOMC) current economic projections and to provide additional context for its policy decisions.03/25/11

• CRA Ratings Released

  The OCC has released the ratings received by fourteen national banks recently evaluated for CRA compliance.03/24/11

• NMLS Final XML Specs and Spreadsheet Samples

  Of interest to financial institutions with state-licensed mortgage subsidiaries are final XML Specifications for uploading the Nationwide Mortgage Licensing System and Registry (NMLS) Mortgage Call Report, which have been posted on the NMLS's Resource Center page. Spreadsheet samples of the Standard and Expanded NMLS Mortgage Call Report have also been posted. [Note: Insured financial institutions, whose MLOs are subject to the registration requirements as opposed to the licensing requirements of the SAFE Act, are not required to file the NMLS Mortgage Call Reports.] 03/24/11

• Bernanke's
  Outlook for Community Banking

  In a presentation at the Independent Community Bankers of American (ICBA) national convention in San Diego, Chairman Bernanke discussed the opportunities for community banks in the period of recovery and change.03/24/11

• Walsh On Dodd-Frank Implementation

  Acting Comptroller Walsh discussed the implementation of the Dodd-Frank legislation during a speech at the Annual Convention of the Independent Community Bankers of America (ICBA).03/24/11

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of March 23, 2011.03/24/11

• Fourteen Companies Subject to Libya Sanctions

  In a March 22, 2011 Press Release, Treasury announced that OFAC had identified 14 companies owned by Libya's National Oil Corporation as subject to sanctions under Executive Order 13566. Separately, two individuals were designated under Anti-Terrorism provisions. Information regarding the companies and the individuals has been posted on the BOL OFAC Page. 03/23/11

• Written Agreements Executed

  The FRB has announced the execution of Written Agreements with Northern States Financial Corporation, Waukegan, IL; and Tidelands Bancshares, Inc., Mount Pleasant, SC.03/23/11

• FDIC Proposal Published

  The FDIC has published and requested comments on a proposed rule [TXT; PDF] that would implement certain provisions of its authority to resolve covered financial companies under Title II of the Dodd-Frank Act. This proposed rule builds on the interim final rule published by the FDIC on January 25, 2011 to address additional provisions of Title II. 03/23/11

• Access To Capital Conference

  Treasury released remarks delivered by Secretary Geithner at the March 22, 2011 Access To Capital Conference in Washington, D.C.03/23/11

• Bair On Impact of Interchange Fees

  In her presentation at the ICBA National Convention, FDIC Chairman Bair discussed the impact of community banking on the economy and the impact of the proposed rule on debit-card interchange fees.03/23/11

• FinCEN Updates MSB Listing

  FinCEN announced that it has updated its listing of registered MSBs through March 1, 2011. The list now contains data on 41,850 registered MSBs.03/23/11

• FDIC Board Meeting Notice

  The Notice of the March 29, 2011, meeting of the FDIC Board has been posted along with a link to the live Webcast.03/23/11

• SSBCI Applications Approved

  Treasury has issued a Press Release announcing the approval of State Small Business Credit Initiative (SSBCI) applications from Connecticut, Missouri, and Vermont, which are expected to spur more than $543 million in additional small business lending. 03/23/11

• Revised interagency Reg Z Exam Procedures

  CA Letter 11-3 has been issued by the FRB regarding the approval by the FFIEC Task Force on Consumer Compliance of revised Reg Z interagency examination procedures that supersede those transmitted in CA Letter 11-1 on January 28, 2011. 03/22/11

• RESPA Roundup MLO Compliance Guidance

  HUD has posted online the fourth issue of its RESPA ROUNDUP series. This issue provides a compliance guide for RESPA form completion as affected by the FRB's mortgage loan originator (MLO) compensation rules that will be effective April 1, 2011.03/22/11

• Treasury to Wind Down Mortgage-Backed Portfolio

  The Treasury Department announced yesterday its plan to begin an orderly wind down of its $142 billion portfolio of agency-guaranteed mortgage-backed securities (MBS). Treasury intends to sell up to $10 billion of the MBS portfolio montlhly, subject to market conditions. Treasury's MBS portfolio was authorized under the Housing and Economic Recovery Act of 2008, to help preserve access to mortgage credit and promote economic stability at that time.03/22/11

• Prohibition Orders Issued

  NCUA has issued a Press Release announcing the issuance of orders prohibiting three individuals from participating in the affairs of any federally insured financial institution.03/22/11

• Community Bank Director Workshops

  The OCC will host risk assessment and compliance risk workshops for directors of nationally chartered community banks and federal savings associations in Oak Brook, Illinois, at the Westin Lombard on May 3-4, 2011. Online registration is available.03/22/11

• FinCEN AML and Counter-Terrorist Financing Risks Guidance

  FinCEN has issued two Guidance documents to financial institutions based on the Financial Action Task Force Public Statement on Anti-Money Laundering and Counter-Terrorist Financing Risks and the Financial Action Task Force Publication on Anti-Money Laundering and Counter-Terrorist Financing Risks posed by 31 enumerated nations.03/22/11

• FTC Fair Debt Collection Practices Report

  The FTC has announced the submission of its annual Fair Debt Collections Practices Report to Congress.03/22/11

• Survey of Terms of Business Lending

  The E.2 Survey of Terms of Business Lending for February 7-11, 2011 has been published by the FRB.03/22/11

• IFDP Working Paper

  The FRB has published a working paper in the International Finance Discussion Paper (IFDP) series on the topic of "U.S. International Equity Investment and Past Prospective Returns."03/22/11

• New FedReceipt Routing Numbers

  The FR has announced new Check 21-related FedReceipt routing numbers.03/22/11

• TIL Clarification Final Rule Approved

  A Press Release from the FRB announced the approval of a final rule amending Regulation Z (Truth in Lending) to clarify aspects of prior Board rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act).03/21/11

• Flood CMP Issued

  A Civil Money Penalty (CMP) of $1,540 been announced by the OCC for flood violations. Information regarding the CMP has been posted on the Flood Penalties Watch page.03/21/11

• Enforcement Actions Released

  The OCC has issued News Release NR 2011-28 regarding recent enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. 03/21/11

• FR Capital Analysis Completed

  The Federal Reserve has issued a Press Release announcing it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies.03/21/11

• 23A Exemption Granted

  The FRB has released a copy of a letter granting an exemption from Section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) for a bank to purchase certain real property from its parent holding company. The letter is illustrative of the exemption process available under Section 23A and Regulation W for certain types of transactions between affiliates.03/21/11

• SDGTs Deleted From OFAC List

  The names of fifteen individuals previously designated as SDGTs have been deleted from the OFAC SDN List. Information regarding the deletions has been posted on the BOL OFAC Page.03/18/11

• FDIC Posts Technical Amendments

  The FDIC published in the 3/18/2011 Federal Register a final rule [TXT; PDF] to update cross-references in its anti-money laundering program and Fair Credit Reporting Act rules, to conform to changes in the numbering of the Department of the Treasury's rules that implement the Bank Secrecy Act.03/18/11

• Fraudulent OCC Correspondence Alert

  The OCC has issued Alert 2011-1 regarding a fictitious Alert (see sample) allegedly issued by the OCC regarding funds purportedly under the control of the OCC and other government entities. The fictitious Alert and related correspondence may be distributed via e-mail, fax, or postal mail.03/18/11

• FSOC Issues NPR for Extra Supervision of Market Utilities

  At its meeting on March 17, 2011 the Financial Stability Oversight Council (FSOC) approved a Notice of Proposed Rulemaking (NPR) regarding designations of financial market utilities for heightened supervision; an NPR on the FSOC's FOIA Regulations; and the minutes of the FSOC's previous meeting, held on January 18, 2011. 03/18/11

• FinCEN Issues Public Warning of Financial Scams

  FinCEN has issued a reminder to the public to be alert to ongoing financial scams that reference FinCEN and attempt to solicit funds from unsuspecting victims. The financial scam attempts are being conducted via telephone, e-mail, and letters. FinCEN does not send unsolicited requests; does not seek personal or financial information from members of the public; and does not have authority to freeze assets or block funds transfers. 03/18/11

• Banker Tool Update

  Last January HUD updated a required SCRA notice you must send to delinquentmortgage loan customers. In Bankers' Threads, "JoeCompliance" pointed out that atelephone number was incorrect. And while the correct number actually lookswrong, BOL verified the correction and notified HUD. That telephone numberand some additional text were added on the form by HUD this week. BOL hasthe corrected form as a downloadable Word document here.03/18/11

• NCUA Board Meeting Results

  A Board Action Bulletin has been released containing the results of the March 17, 2011, meeting of the NCUA Board.03/18/11

• Fourth Quarter 2010 Trading Revenue Report

  The OCC has issued a Press Release announcing commercial banks reported trading revenue of $3.5 billion in the fourth quarter of 2010, 80 percent higher than the fourth quarter of 2009 and 17 percent lower than the third quarter of 2010. Additional information may be found in the OCC's Quarterly Report on Bank Trading and Derivatives Activities, Fourth Quarter 2010.03/18/11

• Industrial Production Report Released

  The February 2011 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.03/18/11

• Debt Collector Settles with FTC for $2.8 Million

  A Federal Trade Commission (FTC) Press Release announced that West Asset Management Inc., which employs 1,500 debt collectors in 13 states and one offshore location, has agreed to pay a civil penalty of $2.8 million to settle FTC charges that its aggressive collection techniques violated federal law. As part of its efforts to protect consumers affected by the struggling economy, the FTC alleged that West Asset Management, Inc. violated the FTC Act and Fair Debt Collection Practices Act. The settlement prohibits West Asset from using false, deceptive or unfair debit collection practices, including a list of tactics provided in the Press Release.03/17/11

• Securities Fraud Charges Filed Against Former Bankers

  An SEC Press Release indicates that the former officers of a bank mortgage warehouse lending division have been charged with participating in a $1.5 billion securities fraud scheme.03/17/11

• April HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in April 2011 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release, which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 03/17/11

• Geithner and Warren Testify

  Treasury Secretary Geithner and Consumer Financial Protection Bureau Special Advisor Warren both offered Written Testimony before the House Committee on Appropriations on Financial Services and General Government.03/17/11

• Bair On The Future of the Commercial Banking Industry

  In a presentation to the ABA Government Relations Summit in Washington, D.C., Chairman Bair discussed the future of the commercial banking industry, how it is regulated, and whether it will continue as an engine of growth for the U. S. economy.03/17/11

• Banks Repay Over 99% of TARP Funds

  A Treasury Press Release announced that through repayments, dividends, interest and other income, more than 99 percent of the total funds disbursed for TARP investments in banks have been repaid.03/17/11

• Securities Underwriting and Dealing Subsidiaries List Update

  The FRB has updated as of March 10, 2011, the list of bank holding companies or state member banks that own a subsidiary that is a broker-dealer authorized to engage in securities underwriting, dealing, or market-making.03/17/11

• FDIC Teleconference on OD Payment Program Guidance

  The FDIC has issued FIL-16-2011 to announce that it will host a ninety-minute teleconference on March 29, 2011, to discuss the Overdraft Payment Program Supervisory Guidance issued in November 2010 (FIL-81-2010). Advanced online registration is required.03/16/11

• Agencies Propose Call Report and TFR Revisions

  The OCC, FRB, FDIC and OTS (the "Agencies") have published a proposal for comment to revise the Consolidated Reports of Condition and Income (Call Report) for banks, the Thrift Financial Report (TFR) for savings associations, the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), and the Report of Assets and Liabilities of a Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S), effective as of the June 30, 2011, report date. Comments on the proposal [TXT; PDF] are due by May 16, 2011.03/16/11

• Enforcement Actions Announced

  The FRB has announced the execution of the following enforcement actions:

  • a Written Agreement with Pembina County Bankshares, Ltd., Cavalier, ND
  • a Cease and Desist Order with Ruban Financial Corp., Defiance, OH; and
  • a Written Agreement with Tonganoxie Bankshares, Inc., Tonganoxie, KS

  03/16/11

• Dodd-Frank OLA NPR

  The FDIC has issued a Press Release announcing the approval a Notice of Proposed Rulemaking (NPR) to further clarify application of the orderly liquidation authority (OLA) contained in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal includes a framework for the priority payment of creditors and for the procedures for filing a claim with the receiver and, if dissatisfied, pursuing the claim in court. The NPR also clarifies additional issues important to the implementation of the OLA, including how compensation will be recouped from senior executives and directors who are substantially responsible for the failure of the firm. The NPR, along with the interim final rule, is intended to provide clarity and certainty about how key components of OLA will be implemented and to ensure that the liquidation process under Title II reflects the Dodd-Frank Act's mandate of transparency in the liquidation of covered financial companies.03/16/11

• Fraudulent Items Drawn on FR Bank

  Federal Reserve Financial Services has issued a Notice of fraudulent items drawn on the Federal Reserve Bank of Philadelphia.03/16/11

• March 2011 FedFlash

  Federal Reserve Financial Services has published the March 15, 2011, issue of FedFlash. Featured article topics include end user authorization tips, new account information services forms, payment system risk policy changes, the FedACH Risk RDFI Alert Service, and revisions to Operating Circular 2.03/16/11

• Capital Management CEO Letter

  The OTS has issued CEO Letter #380 on the subject of capital management.03/16/11

• Cost Of Funds Reports Issued

  The March 13, 2011 historical and current cost of funds reports for OTS regulated institutions have been issued.03/16/11

• TIC Data Released

  Treasury has released the January 2011 Treasury International Capital Data Report.03/16/11

• Geithner Testifies

  In written testimony before the Senate Committee on Banking, Housing & Urban Affairs, Treasury Secretary Geithner summarized the content of Treasury's report of the steps for reforming the housing finance market.03/16/11

• Walsh Discusses Dodd-Frank

  In remarks before the American Bankers Association Government Relations Summit, Acting Comptroller Walsh discussed the Dodd-Frank Act.03/16/11

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent.03/16/11

• Proposal to Amend Reg B Published

  The Federal Reserve System ("
  Fed") has published in the Federal Register a proposal [TXT; PDF] to amend its Regulation B to implement new content requirements in FCRA section 615(a) added by section 1100F of the Dodd-Frank Act. The changes are to model notices to include the disclosure of credit scores and information relating to credit scores if a credit score is used in taking adverse action. The Comment Period on the proposal ends April 14, 2011..03/15/11

• Proposed Reg V Change Posted

  A proposal was published [TXT; PDF] by the Federal Reserve Board and the Federal Trade Commission to amend their respective risk-based pricing rules at 12 CFR Part 222 (FRB Regulation V) and at 16 CFR Parts 640 and 698 (FTC regulations) to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit. These proposed amendments reflect the new requirements in section 615(h) of the FCRA that were added by section 1100F of the Dodd-Frank Act. Comments are due by April 14, 2011.03/15/11

• Debt Service and Financial Obligations Ratios

  The FRB has released the Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2010. 03/15/11

• FTC Issues Fake Charity Scam Alert

  The Federal Trade Commission has posted a Consumer Tip in the aftermath of the devastating earthquake in Japan and the resulting tsunami. The alert warns consumers of potential charity scams that are predicted to follow the tragedy.03/15/11

• Garnishment of Accounts with Federal Benefit Payments

  Treasury has issued an update to the Green Book containing Guidelines for garnishment of accounts containing direct-deposited federal benefits payments, including the garnishment exemption identifiers referenced in Treasury's previously announced Interim Rule [TXT; PDF], which is effective May 1, 2011. The Rule establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments by direct deposit. 03/14/11

• Additions to SDN list under the LIBYA2 Program

  On March 11, 2011, additional names including senior officials of the Government of Libya, as well as the wife and several of the children of Muammar Qadhafi were added to the list of those persons subject to Executive Order 13566 (2/25/11) blocking property and prohibiting certain transactions related to Libya. Information on the additions and a link to Treasury's Press Release have been added in a BankersOnline OFAC Update. 03/14/11

• NMLS Mortgage Call Report Update

  New information about the NMLS Mortgage Call Report has been posted on the Nationwide Mortgage Licensing System and Registry ("Registry") website. Highlights include updated FAQs, an MCR State Requirement Chart, draft XML specification, fee update, reminder to ensure a company's record is up to date and training sessions for the MCR. Federally supervised institutions are not affected by the Mortgage Call Report requirement unless they have subsidiaries that employ state-licensed mortgage loan originators. 03/14/11

• Prohibition Letters Published

  The FRB has published twelve letters in December 2010 and January 2011 pursuant to Section 19 of the Federal Deposit Insurance Act and Section 205 of the Credit Union Act which prohibit the recipient from becoming or continuing as an institution-affiliated party of any insured depository institution or credit union. 03/14/11

• Two Banks Closed

  The First National Bank of Davis, Davis, OK and Legacy Bank, Milwaukee, WI have been closed by their primary regulators and the FDIC appointed Receiver. 03/14/11

• Consumer Alert"”Fraudulent Emails

  The FDIC has issued a Consumer Alert upon receiving numerous reports of fraudulent emails that appear to be sent from the FDIC. 03/14/11

• Comments Sought by Bureau Implementation Team

  In a Federal Register notice [TXT; [PDF] from the Treasury Department, the Consumer Financial Protection Bureau ("CFPB") implementation team requested comments regarding forms for questions, complaints, and other information about consumer financial products and services. Under the Dodd-Frank Act, among the CFPB's functions is to facilitate the centralized collection of, monitoring of, and response to complaints concerning consumer financial products and services. Comments are due by May 9, 2011. 03/11/11

• Flow of Funds Report

  The Fourth Quarter 2010 Z.1 Flow of Funds Report has been released by the FRB. 03/11/11

• FedFocus Online

  Federal Reserve Financial Services has posted online a new issue of FedFocus that features articles concerning changes in check use over the last decade; saving time, reducing costs and expediting reconciliation; balancing convenience and risk of demand deposit accounts; and automating FedACH® information. 03/11/11

• Bair Opens Farmland Price Symposium

  Chairman Bair gave the opening remarks at the FDIC Farmland Price Symposium. 03/11/11

• Regulators Urge Comments on Report

  The Federal Reserve Board has issued a Press Release urging interested persons to comment on a consultative report on the Principles for Financial Market Infrastructures. The report, released by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commission (IOSCO), contains updated and new proposed international principles for systemically important payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories. Comments, encouraged by the Fed, the Commodity Futures Trading Commission and the Securities and Exchange Commission, are due by July 29, 2011. 03/11/11

• SAFE Act Registry Adds Training Workshops

  The National Mortgage Licensing System & Registry (NMLS) has announced that an additional round of the "How To" training series (Sessions A"“D) has been added, in response to high demand. 03/10/11

• NCUA Launches New Web Site

  The NCUA has announced its launch of a new financial education website, MyCreditUnion.gov, which offers a one-stop toolbox of educational information and personal finance tips designed to help individuals make smart financial decisions and better choices for their money. 03/10/11

• Motor Vehicle Financing and Leasing Roundtables Scheduled

  The FTC has issued a Press Release announcing a series of roundtables to be held around the country to gather information on consumers' experiences when buying or leasing motor vehicles. The roundtables will explore consumer protection issues related to the sale, financing, and leasing of cars, SUVs, and light trucks. 03/10/11

• Libya Licenses Issued

  Subsequent to the issuance of Executive Order 13566 on February 25, 2011, OFAC has issued three General Licenses that modify that Order"”

  • General License No. 1A, 3/4/11, authorizing limited transactions involving banks owned or controlled by the Government of Libya but organized under the laws of countries other than Libya
  • General License No. 2, 3/1/11, authorizing the provision of goods and services in the U.S. to diplomatic missions of the Government of Libya to the U.S. and the United Nations, as well as payment for those goods and services, with conditions.
  • General License No. 3, 3/9/11, authorizing the provision of certain legal services to or on behalf of the Government of Libya, its agencies, etc., with conditions.

  03/10/11

• FDIC Posts Board Agenda

  The FDIC has posted the agenda for the meeting of its Board on March 15, 2011. One of the scheduled discussion agenda items is a Notice of Proposed Rulemaking (NPRM) on the Priorities and Claims Process under the Orderly Liquidation Authority Provisions of the Dodd-Frank Act. 03/10/11

• FinCEN Hits Another MSB with CMP

  For the second time within a week, FinCEN on March 8 issued a Press Release announcing its assessment of a Civil Money Penalty against an unregistered MSB. As in its March 2 announcement, the MSB in question is a money transmitter. Victor Kaganov was assessed a CMP of $25,000. 03/09/11

• Four Written Agreements Executed

  The FRB has announced the execution of Written Agreements with the following financial institutions:

  • Stark Bank Group, Ltd. & First American Bank, Ft. Dodge, IA
  • Rosholt Bancorporation, Inc., Rosholt, WI
  • Florida bank Group, Inc., & Florida Bank, Tampa, FL
  • Farmers and Merchants Bancshares, Inc., Burlington, IA

  03/09/11

• Credit Card Violations Settled for Restitution and CMP

  The FDIC has issued a Press Release announcing a settlement with World's Foremost Bank, Sidney, NE (WFB), for alleged unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act and violations of the Truth in Lending Act in connection with WFB's credit card programs. Under the settlement, WFB has agreed to stipulate to a Consent Order, provide restitution of approximately $10.1 million to current and former cardholders, and pay a civil money penalty (CMP) of $250,000. 03/09/11

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of March 8, 2011. 03/09/11

• ID Theft Again Tops Consumer Complaints List

  The FTC has issued a Press Release regarding the list of top consumer complaints received by the agency in 2010. For the 11th year in a row, identity theft was number one on the list. 03/09/11

• FTC Charges Mortgage Relief Operation

  The FTC announced it has charged a national operation with marketing bogus loan modification services by targeting financially distressed consumers using direct mail, the Internet, and telemarketing, and with falsely promising consumers they would get loan modifications to make their mortgages much more affordable, or fully refund their money. 03/08/11

• Top 10 Online Consumer Resources

  The FDIC has issued a Press Release announcing a "Top 10" list of online resources for consumers. 03/08/11

• OCC Workshop Scheduled

  The OCC will host a Mastering the Basics workshop for directors of nationally chartered community banks and federal savings associations in Charlottesville, VA, at the Omni Charlottesville, April 11-13, 2011. Online registration is available. 03/08/11

• New FedReceipt Routing Numbers Announced

  The Federal Reserve has announced new Check-21 related FedReceipt routing numbers. 03/08/11

• G.19 Consumer Credit Report

  The January 2010 G.19 Consumer Credit Report has been released by the Federal Reserve Statistical Service. 03/08/11

• Red Flags Rule Court Ruling

  The U.S. Circuit Court of Appeals for the District of Columbia Circuit has issued its opinion and judgment in the matter of American Bar Association v. FTC. The Court held that, in light of the recent amendments to the Fair Credit Reporting Act, the ABA's challenge to the FTC Red Flags Rule is moot. The court of appeals vacated the district court's ruling, and remanded with instructions that the case be dismissed. 03/07/11

• CRA Ratings Released

  The OTS and the FDIC have released the ratings received by savings associations and state nonmember banks that were recently evaluated for compliance with CRA. 03/07/11

• Management Interlock Exemption Granted

  OTS has issued an Application Decision Letter granting an exemption under the OTS Management Interlocks Regulations to allow an individual to join the board of directors of a savings and loan holding company while continuing to serve on the board of directors of a bank holding company. 03/07/11

• Fourth Quarter FDIC State Profiles

  The FDIC has published the Fourth Quarter 2010 FDIC State Profiles, a quarterly data sheet summation of banking and economic conditions in each state. 03/07/11

• Assets and Liabilities of Closed CU Assumed

  NCUA has been appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, WI by the Wisconsin Office of Credit Unions. CoVantage Credit Union of Antigo, WI has assumed closed CU's members, assets and liabilities.03/07/11

• Fed Proposes Reg CC Overhaul

  In a Thursday Press Release, the Federal Reserve Board requested public comment on proposed amendments to Regulation CC (Availability of Funds and Collection of Checks) to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the "exception" hold periods on deposited funds. The proposal would increase, per the Dodd-Frank Act, the $100 next-day availability requirement for certain check deposits to $200 as of July 21, 2011, eliminate all references to "non-local" checks, and make many other substantive changes to the existing regulation. Comments are due June 3, 2011.03/04/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with Outsource Holdings, Inc., Lubbock, TX.03/04/11

• FDIC Insurance Seminars for Bank Employees

  FIL-14-2011 has been issued by the FDIC to announce ten identical free telephone seminars for bank officers and employees that will provide comprehensive training on deposit insurance coverage rules and regulations. The seminars will be conducted between March 23 and December 7, 2011, and begin with an audio and slide presentation, immediately followed by a question-and-answer period with FDIC subject matter experts. Advance online registration is required.03/04/11

• BHC Supervision Manual Updated

  The FRB has issued the January 2011 semiannual update of the Bank Holding Company (BHC) Supervision Manual. The Manual and a clickable section index are available online and printed copies may be purchased.03/04/11

• OTS Assesses CMP For Violation of Prohibition Order

  A $2,500 Civil Money Penalty (CMP) was assessed by OTS against an individual, who while subject to an Order of Prohibition, became employed by a firm that provided consulting services to insured depository institutions.03/04/11

• FDIC Directory

  The online FDIC Organization Directory and Office Contacts List has been updated with data current as of March 2, 2011.03/04/11

• Bernanke Challenges State and Local Governments

  In a presentation at the 2011 Annual Awards Dinner of the Citizens Budget Commission in New York City, Chairman Bernanke challenged state and local governments to achieve fiscal sustainability in both the short and the long term.03/04/11

• CU Earnings Grow

  NCUA has issued a Press Release announcing that credit union earnings, shares, assets, and investments grew in the fourth quarter 2011 while operating expenses declined.03/04/11

• Three FEDS Working Papers Published

  The FRB has published abstracts and full working papers in the Finance and Economics Discussion Series (FEDS) on the following topics:

  • "Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts"
  • "The Expected Real Return to Equity"
  • "Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility"

  03/04/11

• Counterfeit Cashier's Checks Special Alerts

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

  • American Security Bank, Newport Beach, CA;
  • CommunityAmerica Credit Union, Lenexa, KS;
  • First California Bank, Westlake Village, CA;
  • First Savings Bank, Beresford, SD; and
  • Lincoln Savings Bank, Cedar Falls, IA.

  Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits Page. 03/03/11

• $40,000 BSA CMPs Assessed

  FinCEN has announced an assessment of civil money penalties (CMPs) totaling $40,000 against two brothers for non-compliance with Bank Secrecy Act (BSA) money transmitter registration requirements. 03/03/11

• Interagency Statement On Reorganization of BSA Regs

  The Federal financial institution regulators and the State Liaison Committee of the Federal Financial Institutions Examination Council, have issued an interagency statement regarding the reorganization of FinCEN's Bank Secrecy Act (BSA) Regulations. 03/03/11

• Large Commercial Banks Report

  The FRB has released a Report of insured U.S. chartered commercial banks that have consolidated assets of $300 Million or more, ranked by consolidated assets as of December 31, 2010. 03/03/11

• Beige Book Update

  The March 2, 2011, issue of the Beige Book (summary) (full report) has been published by the FRB. 03/03/11

• Working Papers Published

  The FRB has published two working papers: one in the Finance and Economics Discussion Series (FEDS) on the topic of "
  Preferences for Banking and Payment Services Among Low- and Moderate-Income Households" and the other in the International Finance Discussion Papers (IFDP) series on the topic of "Explaining the Energy Consumption Portfolio in a Cross-Section of Countries: Are the BRICs Different?." 03/03/11

• Reg Z Escrow Requirement Amendment

  The Fed has published in today's Federal Register a final rule [TXT; PDF] to amend Regulation Z, which implements the Truth in Lending Act (TILA). The final rule implements Section 1461 of the Dodd-Frank Act, which amends TILA to provide a separate, higher rate threshold for determining when the Board's escrow requirement applies to higher-priced mortgage loans that exceed the maximum principal obligation eligible for purchase by Freddie Mac. The final rule is effective on April 1, 2011, for covered loans for which an application is received by a creditor on or after that date. 03/02/11

• Another Escrow Change Proposed

  A further change to the Regulation Z escrow requirements was proposed by the Fed in today's Federal Register. The proposal would implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Act, including changes that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. In addition, the proposal would implement the Act's disclosure requirements regarding escrow accounts. The proposal also would exempt certain loans from the statute's escrow requirement. The primary exemption would apply to mortgage loans extended by creditors that operate predominantly in rural or underserved areas, originate a limited number of mortgage loans, and do not maintain escrow accounts for any
  mortgage loans they service. [TXT; PDF] Comments must be received on or before May 2, 2011.03/02/11

• Reg V and Reg B Amendments Proposed

  The FRB and the FTC have proposed regulations to implement the requirements of the Dodd-Frank Act to disclose credit scores and related information to consumers in risk-based pricing and adverse action notices under the Fair Credit Reporting Act (FCRA) if a credit score is used in setting the credit terms or taking adverse action. They propose: 1) to amend Regulation V (Fair Credit Reporting) to revise the content requirements for risk-based pricing notices and to add related model forms to reflect the new credit score disclosure requirements; and 2) to amend certain model notices in Regulation B (Equal Credit Opportunity), which combine the adverse action notice requirements for both Regulation B and the FCRA. 03/02/11

• CRA Exam Schedule

  The OCC has issued the Second Quarter 2011 CRA Examination schedule for national banks. 03/02/11

• Examination Findings FIL

  The FDIC has issued FIL-13-2011, which reminds financial institutions to provide feedback on FDIC examination findings. 03/02/11

• Written Agreement Executed

  The execution of a Written Agreement with Bridgeview Bancorp, Inc., Bridgeview, IL has been announced by the FRB. 03/02/11

• Geithner On Housing Finance Reform

  In written testimony before the House Committee on Financial Services, Secretary Geithner summarized the Administration's vision of the next steps for reforming the housing finance market.03/02/11

• FEDS Working Papers Published

  Two working papers in the Finance and Economics Discussion Series (FEDS) on the topics of "How Useful are Estimated DSGE Model Forecasts" and "Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings" have been published by the FRB. 03/02/11

• 2010 Thrift Industry Reports Issued

  OTS has issued a Press Release announcing an annual thrift industry profit of $6.6 billion in 2010, the first since 2006. The Fourth Quarter TFR Report was also released. 03/02/11

• CRA Exam Schedule

  The FDIC has issued a Press Release announcing the CRA examination schedule for the second quarter 2011.03/01/11

• Receivables and Auto Loan Report Issued

  The December 2010 G.20 Report of Owned and Managed Receivables Outstanding and the Auto Loans: Terms of Credit has been released by the FRB. 03/02/11

• Libyan Government and Gaddafi Family Assets Blocked

  The President has signed an Executive Order blocking property and prohibiting certain transactions related to Libya. Five members of the Gaddafi family were added to the SDN List. Information regarding the Executive order and the additions to the SDN List have been posted on the BOL OFAC Page. 02/28/11

• HMDA And Flood CMPs

  Civil Money Penalties (CMPs) of have of $95,150 been announced by the FDIC for nine HMDA violations and a total of $50,898 for nine flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages. 02/28/11

• Closed Bank's Assets Assumed

  Valley Community Bank, St. Charles, IL, was closed by the Illinois Department of Financial and Professional Regulation "“ Division of Banking, which appointed the FDIC as receiver. First State Bank, Mendota, IL, has assumed all but some brokered deposits. 02/28/11

• January Enforcement Actions

  A list of 61 orders of administrative enforcement actions taken against banking and individuals in January 2011 has been released by the FDIC.

• FHC List Update

  The FRB has updated its list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) as of February 24, 2011. 02/28/11

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "What Drives Matching Efficiency? A Tale of Composition and Dispersion" has been published by the FRB. 02/28/11

• FinCEN's Chapter X Updated

  FinCEN published a technical amendment to its new Chapter X of Title 31 of the CFR, to complete its transfer and reorganization of regulations currently in 31 CFR Part 103. The amendment is effective March 1, 2011 (when Part 103 is removed and Chapter X is activated), and adds recent Part 103 changes to the new Chapter. TXT; PDF 02/25/11

• Updated Notices Due Monday

  Monday, February 28, 2011, is the deadline for updating lobby and website notices concerning temporary unlimited FDIC deposit insurance on noninterest-bearing transaction accounts. The notices, required by § 330.16(c)(1) of the FDIC Deposit Insurance Regulations (12 CFR Part 330), were updated to reflect the inclusion of Interest on Lawyer Trust Accounts (IOLTAs) in the definition of noninterest-bearing transaction accounts. 02/25/11

• FDIC Posts Large Bank Assessments Rule

  The Final Rule [TXT; PDF] for implementing Dodd-Frank Act deposit insurance assessment requirements has been published in the Federal Register. The rule modifies the definition of an institution's deposit insurance assessment base; changes the assessment rate adjustments; revises the deposit insurance assessment rate schedules in light of the new assessment base and altered adjustments; implements Dodd-Frank's dividend provisions; and revises the large insured depository institution assessment system to better differentiate for risk and better take into account losses from large institution failures that the FDIC may incur. 02/25/11

• Anti-Terrorism Designations Announced

  Treasury has announced the designation of a Greek organization as a SDGT and made a change in the identification data of an existing individual SDNTK designation. Information concerning the new designation and the change have been posted on the BOL OFAC Page. 02/25/11

• Consumer Advisory - Avoiding Mortgage and Foreclosure Scams

  The OCC has issued a Consumer Advisory, CA-2011-1, containing information for consumers on avoiding mortgage modification scams and foreclosure rescue scams. The advisory describes common foreclosure scams, suggests ways homeowners can avoid them, outlines new federal rules to protect homeowners from such schemes, and lists 10 warning signs homeowners can use to identify foreclosure scams. 02/25/11

• FDIC Consumer News

  The FDIC has issued a Press Release containing an overview of the topics found in the Winter 2010/11 edition of the FDIC Consumer News, which include tips on organizing and simplifying finances, small business loans, new internet frauds, and unlimited insurance for noninterest-bearing transaction accounts. 02/25/11

• ComE-IN Meeting Agenda

  The agenda of the March 2, 2011 meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN) has been announced in an FDIC Press Release. A link to the live Webcast was provided. 02/25/11

• Reg Z Final and Proposed Escrow Rules

  The FRB has issued a Press Release announcing a final rule amending Reg Z by implementing a provision of the Dodd-Frank Act that increases the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien "jumbo" mortgage loans. The Fed also requested public comment on a proposed rule that would amend Reg Z to expand the minimum period for mandatory escrow accounts for first-lien, higher-priced mortgage loans from one to five years, and longer under certain circumstances, such as when the loan is delinquent or in default. The proposal would also implement new disclosure requirements concerning escrows as requjired by the Dodd-Frank Act. The Notices for the final rule, the proposed rule, and a Summary of Findings on Design and Testing of Escrow Disclosures were also published. 02/24/11

• Iranian Officials Get OFAC Designation

  The U.S. Departments of the Treasury and State on February 23 announced the designation of two Iranian officials, Abbas Jafari Dolatabadi, Tehran Prosecutor General, and Mohammed Reza Naqdi, commander of the IRGC's Basij Forces, for being responsible for or complicit in serious human rights abuses in Iran since the June 2009 disputed presidential election. The Treasury Department's Press Release provides additional background on Dolatabadi and Naqdi. 02/24/11

• Narcotics Kingpin Designations Added

  The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on February 23 the designation of Colombian national Jorge Milton Cifuentes Villa (a.k.a. Elkin de Jesus Lopez Salazar) and more than 70 individuals and entities in Cifuentes Villa's drug trafficking and money laundering organization as Specially Designated Narcotics Traffickers (SDNTs). For background on the action, review the Treasury Department's Press Release. BOL's OFAC Page has been updated with more information on both this action and the designation of Iranian officials. 02/24/11

• Regs on Reports of Foreign Financial Accounts Amended

  FinCEN has published in the Federal Register a Final Rule [TXT; PDF] to amend the Bank Secrecy Act (BSA) regulations regarding reports of foreign financial accounts. The rule addresses the scope of the persons that are required to file reports, specifies the types of accounts that are reportable, and provides filing relief in the form of exemptions for certain persons with signature or other authority over foreign financial accounts. Finally, the rule adopts provisions intended to prevent persons subject to the rule from avoiding their reporting requirement. The rule is effective 3/28/11 and first affects reports required to be filed by 6/30/11 on foreign accounts maintained in calendar year 2010. 02/24/11

• Update to Change in Specially Designated Nationals (SDN) List Data Files

  A planned change to the City field width in its SDN data files must be amended, according to an update from OFAC. An earlier announcement said the field is being expanded to 112 characters. The actual change will expand the field to 116 characters. The release of the updated files is now scheduled for on or about April 14, 2011. The updated specification for the SDN data files is found HERE. 02/24/11

• NCUA Publishes Ruling and Statement on Corporate CUs

  The National Credit Union Administration (NCUA) has published a final Interpretive Ruling and Policy Statement (IRPS) [TXT; PDF] setting forth the requirements and process for chartering corporate Federal credit unions. 02/24/11

• Spanish Version of FFIEC BSA/AML Exam Manual

  The FDIC, FRB and OCC have made available a Spanish language version of the 2010 Federal Financial Institutions Examination Council's Bank Secrecy Act/Anti-Money Laundering Examination Manual. 02/24/11

• Insured Institutions Earn $21.7 Billion

  The FDIC has issued a Press Release announcing that commercial banks and savings institutions that it insures reported an aggregate profit of $21.7 billion in the fourth quarter of 2010 and a full-year profit of $87.5 Billion. More detailed information is found in the Quarterly Banking Profile. 02/24/11

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of February 22, 2011. 02/24/11

• Garnishment Rules Published

  The Office of Personnel Management, Railroad Retirement Board, Social Security Administration, U.S. Treasury Fiscal Service, and Department of Veterans Affairs (the Agencies) published an Interim Rule [TXT; PDF] and request for comment on Garnishment of Accounts Containing Federal Benefit Payments. The rule, which is effective May 1, 2011, establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments by direct deposit. The rule requires financial institutions that receive such a garnishment order to determine the sum of such Federal benefit payments deposited to the account during a two month period, and to ensure that the account holder has access to an amount equal to that sum or to the current
  balance of the account, whichever is lower. The rule adopts the Agencies' April 19, 2010 proposal, with a number of changes. Comments are due by May 24, 2011. 02/23/11

• Flood CMP Issued

  The OCC has issued a Ciovil Money Penalty of $1,200 for a Flood Insurance violation. Information regarding the CMP has been posted to BOL's Flood Penalties Watch page. 02/23/11

• Elder Financial Exploitation Advisory and New SAR Term

  FinCEN has issued Advisory 2011-A003 to help financial institutions spot and report on activities involving elder financial exploitation. The advisory discusses signs that abuse may be occurring and specifically asks financial institutions to include the term "Elder Financial Exploitation" in filings of SARs. 02/23/11

• Four Written Agreements Announced

  The FRB has announced the execution of Written Agreements with the following:

  • American Bancorporation of Minnesota, Inc., Baxter, MN
  • Eastern Virginia Bankshares, Inc. and EVB, of Tappahannock, VA
  • Marquette Financial Companies, Minneapolis, MN
  • National Bancorp, Inc., Schaumburg, IL

  02/23/11

• Discount and Advance Rates Unchanged

  The FRB has released the minutes of its discount rate meeting on January 24, 2011. 02/23/11

• CFPB On the CARD Act's First Anniversary

  The Consumer Finance Protection Bureau (CFPB) has posted on its blog a discussion of the Credit Card Accountability, Responsibility, and Disclosure Act (the CARD Act); Special Advisor Warren's remarks at a CFPB conference; and a Factsheet on the first year under the Act. 02/23/11

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Liquidity Problems and Early Payment Default Among Subprime Mortgages" has been published by the FRB. 02/23/11

• Charge-Off and Delinquency Rates

  The Fourth Quarter 2010 Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks Report has been released by the FRB. 02/23/11

• 2010 FRB Payment Systems Report

  The FRB has issued the 2010 Payment System Report containing statistics on currency and coin in circulation, and costs involved in issuing and distributing it. 02/23/11

• Farmland Values Symposium Announced

  The FDIC has issued a Press Release announcing that it will host a half-day symposium on March 10, 2011, at the FDIC's facilities in Arlington, VA to discuss issues associated with escalating farmland values over the previous decade. The symposium is free, but pre-registration is required and space is limited. 02/23/11

• FinCEN Releases Community Banks and Credit Unions Outreach Report

  FinCEN has released a report "Outreach to Depository Institutions with Assets Under $5 Billion," regarding the findings of its Outreach Initiative to smaller depository institutions. The report's findings are based on information gathered from FinCEN's individual visits and town hall style meetings with more than 70 depository institutions including credit unions and community banks. 02/23/11

• America Saves Week

  Consumers are being called upon by the FDIC during America Saves Week, February 20-27, 2011, to build savings by taking advantage of ways to automatically save money, reduce debt and build wealth. Information about FDIC and OCC savings related resources and a YouTube video of Chairman Bair discussing America Saves Week are available. 02/23/11

• Ansari Money Exchange Tagged under Kingpin Act

  A U.S. Department of Treasury Press Center Release on Friday said that OFAC was designating the New Ansari Money Exchange a major money laundering vehicle for Afghan narcotics trafficking organizations, along with 15 affiliated individuals and entities under the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Information regarding the new listings has been posted on the BOL OFAC Page. 02/22/11

• Enforcement Actions Released

  The OCC has released information on new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. 02/22/11

• March HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in March 2011 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release, which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 02/22/11

• Four Banks Closed Deposits Assumed

  The following four banks have been closed by their primary regulators and the FDIC appointed receiver:

  • Habersham Bank, Clarkesville, GA
  • Citizens Bank of Effingham, Springfield, GA
  • Charter Oak Bank, Napa, CA
  • San Luis Trust Bank, FSB, San Luis Obispo, CA

  02/22/11

• Credit and Liquidity Programs and the Balance Sheet Report

  The FRB has released the February 2011 Monthly Report on Credit and Liquidity Programs and the Balance Sheet. 02/22/11

• CFPB Headquarters

  Treasury has issued a Press Release announcing the future permanent headquarters of the Consumer Financial Protection Bureau (CFPB) will be located at 1700 G Street, NW in Washington, DC, which happens to be the current address of the OTS. Read more about it in the CFPB Blog. 02/22/11

• Bernanke Discusses the Global Economy

  In a presentation at the Banque de France Financial Stability Review Launch Event in Paris, Chairman Bernanke discussed global imbalances links to economic and financial stability. 02/22/11

• IFDP Working Paper Released

  A working paper in the International Finance Discussion Papers (IFDP) series on the topic of "
  International Capital Flows and the Returns to Safe Assets in the United States, 2003-2007" has been released by the FRB. 02/22/11

• Iranian Bank Added to NPWMD and IFSR Program Lists

  Treasury has designated Bank Refah, Tehran, Iran, as a proliferator of weapons of mass destruction (NPWMD), for facilitating millions of dollars of weapons-related purchases by the Iranian military and payments to businesses and individuals linked to Iran's weapons-related procurement. Identifying information for Bank Refah has been posted on the BOL OFAC Page. 02/18/11

• CU Placed Into Conservatorship

  NCUA has assumed control of operations at Greensburg Community Federal Credit Union of Greensburg, PA. 02/18/11

• Written Agreement Executed

  The execution of a Written Agreement with Westside Banking Company, University Place, WA, has been announced by the FRB.

• 2011 Survey of Finance Companies Underway

  Chairman Bernanke has sent a letter to approximately 2,500 companies urging their participation in the 2011 Survey of Finance Companies, the results of which will be published in the Federal Register. 02/18/11

• Walsh and Bair On Dodd-Frank Implementation

  In testimony to the Senate Committee on Banking, Housing, and Urban Affairs, Acting Comptroller Walsh and Chairman Bair discussed the implementation of the Dodd-Frank Act. 02/18/11

• NCUA Board Meeting Results

  The results and matters considered at the February 17, 2011 meeting of the NCUA Board have been released. 02/18/11

• Redesigned IT Examination Handbook InfoBase Launched

  The FFIEC has issued a Press Release announcing the launch of the redesigned IT Examination Handbook InfoBase, the primary distribution method for the IT Examination Handbook. 02/17/11

• FinCEN Egypt Advisory

  FinCEN has issued Advisory FIN-2011-A002 reminding U.S. financial institutions to take reasonable risk-based steps with respect to the potential increased movement of assets that may be related to the situation in Egypt as the Egyptian government goes through a period of transition. 02/17/11

• Special Measures Rule Proposed

  The Notice of Proposed Rulemaking (NPR) previously announced by FinCEN (see February 11, 2011 Top Stories) has been published in the Federal Register. The NPR would prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the Lebanese Canadian Bank SAL as a Financial Institution of Primary Money Laundering Concern. [TXT; PDF] 02/17/11

• FOMC Minutes Released

  The minutes of the January 25-26, 2011, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. 02/17/11

• CDIAC Members and Leadership Announced

  The FRB announced the members, president and vice president of the Community Depository Institutions Advisory Council (CDIAC), which replaces the Thrift Institutions Advisory Council and will provide input to the Board on the economy, lending conditions, and other issues. 02/17/11

• CAC Meeting Scheduled

  The FRB has issued a Notice of Meeting of the Consumer Advisory Committee (CAC) for Thursday, March 10, 2001, in the Board's Martin Building in Washington, D.C. The meeting is open to the public; however, for security purposes anyone planning to attend should register online no later than Tuesday, March 8, 2001. 02/17/11

• Industrial Production and Capacity Utilization Report

  The G.17 Industrial Production and Capacity Utilization Report for January 2011 has been issued by the FRB. 02/17/11

• Flood CMPs

  Civil Money Penalties (CMPs) of $31,555 have been announced by the FRB and OTS for seven flood violations. Information regarding the CMPs has been posted on the BOL Flood Penalties Watch page. 02/16/11

• Enforcement Actions Announced

  The FRB has announced the issuance of:

  • a Prompt Corrective Action order against Bank of Whitman, Colfax, WA;
  • a Prompt Corrective Action order against Idaho Banking Company, Boise ID;
  • a Written Agreement with Market Bancorporation, Inc., Elk New Market, MN;
  • a Civil Money Penalty against MyAnns Corporation, Piqua, KS; and
  • a Civil Money Penalty against G. Larry Curry.

  02/16/11

• Fraudulent Email Consumer Alert

  The FDIC has issued a Consumer Alert regarding fraudulent emails that appear to be sent from the FDIC. The subject line of the e-mail states: "Important information for depositors of Federal Deposit Insurance Corporation." The e-mail informs recipients that "this message was sent to you as you had indicated this e-mail address as a contact, by opening an account in your bank department." 02/16/11

• Credit Union Closed

  NCUA has placed Family First Federal Credit Union of Orem, Utah, into liquidation and Security Service Federal Credit Union of San Antonio, TX, has purchased and assumed Family First's assets, liabilities and members. 02/16/11

• TIC Data Released

  Treasury has released the Treasury International Capital (TIC) data for December 2010. 02/16/11

• NMLS Terms of Use Updated

  A change has been made to Section 4(H) of the National Mortgage Licensing System and Registry (Registry) Industry Terms of Use to provide clarification to a change made on January 31, 2011. The Industry Terms of Use must be agreed to by all users of the Registry, including lending institutions and licensed or registered mortgage loan officers. A redline version is available. 02/16/11

• February FedFlash Online

  Federal Reserve Financial Services has posted online the February 2011 issue of FedFlash. 02/16/11

• FedComplete Packages Announced

  A Press Release issued by Federal Reserve Financial Services announces that, beginning April 1, 2011, the Federal Reserve Banks will offer FedComplete Packages, all-electronic service options that bundle payment services with an access solution for one monthly fee. 02/16/11

• OCC Workshops for Financial Institution Directors

  The OCC will host workshops covering risk assessment and credit risk for directors of nationally chartered community banks and federal savings associations in Little Rock, Arkansas, on April 5-6, 2011. 02/16/11

• Cost of Funds Reports Released

  OTS has released the current and historical Cost of Funds Reports. 02/16/11

• Award for Serving Low and Moderate Income Consumers

  The FDIC has announced a new Chairman's Award for Excellence to recognize and honor the work of individuals or small groups at FDIC-insured financial institutions who are instrumental in creating and promoting programs that meet the credit and deposit needs of low- and moderate-income consumers. 02/16/11

• FFIEC Announces Call Report Revisions

  The FDIC has issued FIL-9-2010 to circulate an FFIEC announcement of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report). These revisions will take effect with the March 31, 2011 Call Report. 02/15/11

• Deletion and File Spec Change for OFAC SDN List

  OFAC has announced the deletion of an existing NPWMD entry from the SDN list. It also issued a reminder that on or about March 14, 2011, the width of the "City" field in the SDN address data files will be expanded from 50 characters to 112 characters. Details are included in a BOL OFAC Update. 02/15/11

• De Novo Interstate Branching SR Letter

  SR Letter 11-3 has been issued by the FRB regarding the Dodd-Frank Act modification of federal law to allow, as of July 22, 2010, a state member bank to open an initial branch in a host state by establishing a de novo branch at any location at which a bank chartered by the host state could establish a branch. 02/15/11

• Zion's FNB Hit with $8 Million CMP

  The OCC and FinCEN announced Friday that the agencies had issued concurrent $8 million consent civil money penalty (CMP) orders against Zion's First National Bank, Salt Lake City, UT, in connection with findings that the bank had inadequate AML monitoring and SAR filing policies and procedures for casa de cambio (CDC) customers, as well as for remote deposit capture and wire transfer activity of the CDCs, from 2006 through 2008, when the bank exited the business of banking CDCs. BOL's BSA/AML Penalties page provides an overview of, and links to, each of the agencies' Orders. 02/14/11

• Friday Finish for Four FIs

  Four financial institutions were closed Friday by their respective regulators. The FDIC, as receiver of each institution, announced that all of the deposits of the following were assumed:

  • Canyon National Bank, Palm Springs, CA
  • Badger State Bank, Cassville, WI
  • Peoples State Bank, Hamtramck, MI
  • Sunshine State Community Bank, Port Orange, FL

  02/14/11

• FDIC Names CFI and DCP Leadership Staff

  The FDIC has announced the hiring of additional key leadership staff for the Office of Complex Financial Institutions (CFI) and the Division of Depositor and Consumer Protection (DCP), both of which organizations have just begun formal operations, according to the FDIC's Press Release. 02/15/11

• FDIC's Irvine Temporary Office to Close

  The FDIC's Irvine, CA temporary satellite office for receivership management and asset liquidation will close at the end of its three-year authorization period. An FDIC Press Release announced that the office will be shuttered by January 13, 2012, based on workload projections. The FDIC said it is monitoring the workload at two similar satellite offices in Jacksonville, FL and Schaumberg, IL. 02/14/11

• Reg. Y "Volcker Rule" Amendment Published

  The Fed has published a final rule [TXT; PDF] amending Regulation Y to implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading and relationships with hedge funds and private equity funds imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). Section 619 is commonly referred to as the "Volcker Rule." 02/14/11

• IFDP Working Paper Published

  A working paper in the International Finance Discussion Papers (IFDP) series on the topic of "Nonlinearities in the Oil Price-Output Relationship" has been published by the FRB. 02/14/11

• Lebanese Canadian Bank"”Primary ML Concern

  FinCEN has announced a finding pursuant to the provisions of Section 311 of the USA PATRIOT Act that the Lebanese Canadian Bank is a financial institution of primary laundering concern. A Notice of Proposed Rulemaking has been issued that would impose special measures prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the bank. FinCen also released a Fact Sheet with an overview of Section 311. 02/11/11

• FDIC Proposed Deposit Insurance Training Rule Published

  The FDIC has published in the Federal Register its previously announced Notice of Proposed Rulemaking [TXT; PDF] that would mandate training of selected bank personnel on, and make other amendments to, the agency's deposit insurance regulations. See the Top Stories for February 8, 2011 for more information. 02/11/11

• FRB Proposed Rule Published

  The FRB has also published a previously announced proposed rule [TXT; PDF] in the Federal Register. The proposed Regulation Y amendment would (1) establish the criteria for determining whether a company is "predominantly engaged in financial activities" and (2) define the terms "significant nonbank financial company" and "significant bank holding company" for purposes of the Dodd-Frank Act. 02/11/11

• FRB Enforcement Actions Announced

  The FRB has announced the execution of a Prompt Corrective Action Directive with Community Banks of Colorado, Greenwood Village, CO; and a Written Agreement with Financial Services of St. Croix Falls, Inc., St. Croix Falls, WI.

• Financial Holding Company List Update

  The list of bank holding companies that have elected as of February 10, 2011, to become or be treated as financial holding companies has been released. 02/11/11

• Regulatory Bulletins Issued

  The OTS has issued Regulatory Bulletin 37-68 regarding examination scheduling, scoping, and management ratings; and Regulatory Bulletin 37-69 regarding one-to four-family residential real estate lending. 02/11/11

• Money Smart Curriculum Updated

  A Press Release from the FDIC announced the release of an updated and enhanced version of the agency's Money Smart financial education curriculum for young adults 02/11/11.

• OFAC Targets Al Qa'ida and Taliban Support Networks

  In a Press Center Release dated February 9, 2011, Treasury announced that the Office of Foreign Assets Control (OFAC) has targeted the financial and support networks of al-Qa'ida, the Taliban and the Haqqani Network leadership by designating Said Jan 'Abd Al-Salam and Khalil Al-Rahman Haqqani, two Afghan individuals, as Specially Designated Global Terrorists (SDGTs) under Executive Order (E.O.) 13224. BOL has posted an OFAC Update listing the additions and other SDN changes recently made by OFAC. 02/10/11

• Fed Finalizes Rule for Volcker Rule Period

  The Federal Reserve Board announced its approval of a final rule to implement the provisions of the Dodd-Frank Act that give banking firms a period of time to conform their activities and investments to the prohibitions and restrictions of the so-called Volcker Rule. 02/10/11

• FILs issued

  The FDIC released FIL-6-2011, announcing approval of a notice of proposed rulemaking (NPR) that would require FDIC-provided training of select customer contact personnel; FIL-7-2011, announcing the FDIC Board's approval of an interagency NPR that would strengthen the incentive compensation practices at financial institutions with total assets of $1 billion or more; and FIL-8-2011, on the Board's adoption of a final rule relating to FDIC insurance assessments. Each of the Board's actions was reported in BOL's February 8, 2011 Top Stories. 02/10/11

• Bernanke Budget Committee Testimony

  In testimony before the House Committee on the Budget, Chairman Bernanke discussed his views on the economic outlook, monetary policy, and fiscal policy. 02/10/11

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of February 8, 2011. 02/10/11

• FDIC Directory Updated

  The FDIC Organizational Directory and Office Contacts webpage has been updated with data current as of February 9, 2011. 02/10/11

• Fed Proposes Dodd-Frank Reg Y Amendments

  The FRB has requested comment on proposed amendments to Reg Y that (1) establish the criteria for determining whether a company is "predominantly engaged in financial activities" and (2) define the terms "significant nonbank financial company" and "significant bank holding company" for purposes of the Dodd-Frank Act. 02/09/11

• Written Agreement Executed

  The execution of a Written Agreement with BankVest, Inc., Castle Rock, CO has been announced by the FRB. 02/09/11

• Auction Results

  The FRB has announced the results of the auction of $5 billion in 28-day term deposits held on February 7, 2010. 02/09/11

• Directors of Community Banks Workshop Scheduled

  The OCC will host a "Mastering the Basics" workshop in Indianapolis on March 28-30, 2011, geared primarily for directors of national community banks and federal savings associations with assets of less than $1 billion. Online registration is available. 02/09/11

• New Jersey Severe Weather FIL

  FIL-5-2011 has been issued by the FDIC to announce a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of New Jersey affected by a severe winter storm. 02/09/11

• Assessments Final Rule

  The FDIC has approved a final rule on assessments, dividends, assessment base and large bank pricing which implements changes to the deposit insurance assessment system mandated by the Dodd-Frank Act and revises the assessment system applicable to large banks to eliminate reliance on debt issuer ratings. 02/08/11

• Proposal Would Mandate FDIC Insurance Training

  The FDIC has issued a Notice of Proposed Rulemaking (NPR) intended to improve consumer awareness of deposit insurance. The proposed rule would require certain bank staff to receive annual training on the basic principles of deposit insurance coverage with the FDIC providing the materials"”a computer-based module"”with no recordkeeping required of the insured institution. The rule would limit the required training to those employees who open accounts or are authorized by the bank to answer deposit insurance questions. Comments on the proposal will be due within 60 days of publication in the Federal Register. 02/08/11

• Agencies to Propose Limits on Incentive-Based Compensation

  The FDIC yesterday approved a joint proposed rulemaking to be issued by the federal financial regulators, the SEC and the Federal Housing Finance Agency to implement the provisions Dodd-Frank which prohibit incentive-based compensation arrangements that encourage inappropriate risk taking by covered financial institutions and are deemed to be excessive, or that may lead to material losses. The proposal will not be published until it has been approved by each of the agencies involved. 02/08/11

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were recently evaluated for compliance with CRA. 02/08/11

• December Consumer Credit Report

  The G.19 Consumer Credit Report for December 2010 has been released by Treasury. 02/08/11

• Public Offering of Wintrust Warrants

  Treasury has announced the commencement of a public offering of warrants to purchase common stock of Wintrust Financial Corporation. 02/08/11

• Three Banks Closed - All Deposits Assumed

  The FDIC has announced the closing of American Trust Bank, Roswell, GA; North Georgia Bank, Watkinsville, GA; and Community First Bank, Chicago, IL by their primary regulators, and the assumption of all deposits. 02/07/11

• Credit Union Closed

  The California Department of Financial Institutions has closed Oakland Municipal Credit Union, Oakland, CA., and appointed the NCUA as liquidating agent. Western Federal Credit Union of Manhattan Beach, CA has purchased and assumed its assets, liabilities and membership. 02/07/11

• CRA Ratings Released

  The OCC and the FDIC have released the ratings received by banks that were recently evaluated for compliance with CRA. 02/07/11

• International Exchange Rates Report To Congress

  Treasury has released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies for 2010. 02/07/11

• "Beta" Consumer Financial Protection Bureau Website

  Treasury has announced the launch of ConsumerFinance.gov, a "
  beta" Consumer Financial Protection Bureau (CFPB) website, for soliciting ideas on the bureau's creation and priorities, and for answering questions on laws on credit cards, mortgages, student loans, prepaid cards, and other kinds of consumer financial products and services. The site encourages communication directly with the CFPB implementation team through YouTube video questions, but suggestions can also be accepted through e-mail and other forms of online communication. 02/04/11

• Reporting Requirements for OTS Regulated Institutions

  The federal bank and thrift regulatory agencies have issued a joint press release announcing proposed changes to reporting requirements for savings associations and savings and loan holding companies currently regulated by the OTS. The changes involve Branch Office Survey (BOS) filing, the collection of data for the Cost of Funds (COF) Report, the Thrift Financial Report (TFR), and the submission by savings and loan holding companies (SLHCs) of the same reports as bank holding companies (BHCs). OTS has issued CEO Letter 378 regarding the proposed changes, which would have savings associations and SLHCs using the same reporting scheme as banks and bank holding companies, beginning with reports for the first quarter of 2012. 02/04/11

• Examinations Prior to State Member Bank Membership

  The FRB has issued an SR Letter to clarify the criteria for conducting safety-and-soundness, consumer compliance, CRA, and trust examinations of insured depository institutions that are either seeking to become state member banks or merging with another institution where a state member bank would be the surviving entity. 02/04/11

• Bernanke on the Economic Outlook

  In a presentation at the National Press Club in Washington, D.C., Chairman Bernanke discussed the economic outlook, monetary policy, and fiscal policy. 02/04/11

• Term Deposit Facility Offering Scheduled

  The Federal Reserve will offer $5 billion in 28-day term deposits through its Term Deposit Facility on Monday, February 7, 2011. 02/04/11

• February 2011 FedFocus

  FRB Financial Services has posted the February 2011 issue of FedFocus, which features articles regarding the service status of FR banks, remittance best practices, adjustment documentation lost in mail, and technology to the check adjustment rescue. 02/04/11

• S.A.F.E. Act Registration Reminder Bulletin

  The OCC has issued Bulletin 2011-6 regarding the previously announced initial registration period from January 31, 2011, through July 29, 2011 for mortgage loan originators employed by federally regulated financial institutions. 02/04/11

• Registry Opening Announcement Published

  The Agencies announced the opening of the federal Registry portion of the Nationwide Mortgage Licensing System and Registry (NMLS or Registry) on Monday (see our January 31, 2011 Top Story). Now they have formalized the announcement by publishing it in the Federal Register. [TXT; PDF] Federally-supervised financial institutions are required to have their mortgage loan originators registered under the S.A.F.E. Act within the initial 180-day registration period, which began on January 31, 2011. 02/03/11

• Peak and Average Daylight OD and Related Fees Data

  The FRB has released the peak and average daylight overdrafts and related fees data for the fourth quarter of 2010. 02/03/11

• Maine Severe Storms and Flooding Relief Guidance FIL

  FIL-4-2011 has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Maine affected by severe storms and flooding. 02/03/11

• Three Pending Reg Z Proposals Withdrawn

  The FRB announced in a Tuesday Press Release that it does not expect to finalize three pending rulemakings under Regulation Z, which implements the Truth in Lending Act (TILA), prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB). The proposals, published in the Federal Register on August 26, 2009 and September 24, 2010, would have revised rules for disclosures of closed-end credit secured by real property or a consumer's dwelling; made extensive revisions to disclosure requirements for open-end home-secured credit or HELOCs; and changed the rules relating to a consumer's right to rescind certain loans secured by the consumer's principal dwelling, rules for determining when a closed-end modification is a new transaction, and rules for determining when certain loans would be considered "higher-priced" mortgage loans. The affected proposals have been marked "WITHDRAWN" on BOL's Pending Proposals page. 02/02/11

• Bank Pays $12,500 OFAC CMP

  OFAC has released its monthly report of civil money penalties (CMPs) recently assessed for violations of various OFAC sanctions programs. Trans Pacific National Bank, San Francisco, CA remitted $12,500 to settle allegations of violations of the Iranian Transactions Regulation. 02/02/11

• Midwest Banks Weather Closings

  The OCC has issued a proclamation allowing national bank offices affected by the winter storm in the Midwest to close at their discretion. 02/02/11

• OFAC Adds SDNTKs and NPWMDs

  Treasury has announced the designation of a multi-million dollar procurement network which directly supports Iran's missile program as NPWMDs, and a band of drug trafficking brothers as SDNTKs. Their names have been added to the OFAC SDN list. Information on the OFAC actions can be found in our February 1, 2011 OFAC Update. 02/02/11

• Written Agreement Executed

  The execution of a Written Agreement with Cokato Bancshares, Cokato, MN has been announced by the FRB. 02/02/11

• FedCash Services Revises Operating Circular and Manual

  FRB Financial Services has announced Revisions effective April 1, 2011, to FedCash Operating Circular 2 and the Cash Services Manual of Procedures. 02/02/11

• Consumer Protection Laws Enforcement Report

  The FTC issued its annual report to the FRB on FTC enforcement activities regarding the Equal Credit Opportunity, Electronic Fund Transfer, Consumer Leasing, and Truth in Lending Acts. 02/02/11

• Foreign Exchange Rates

  The G.5 Foreign Exchange Rates statistical release for January 2011 has been released by the FRB. 02/02/11

• FHC List Updated

  The FRB brought current as of January 28, 2011 its list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs). 02/02/11

• HMDA and Flood Violations CMPs

  Civil Money Penalties (CMPs) of $32,000 have been announced by the FDIC for four HMDA violations and a total of $26,300 for four flood violations. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages. 02/01/11

• Marketable Borrowing Estimates Announced

  Treasury has announced its current estimates of net marketable borrowing for the first and second quarters of 2011. 02/01/11

• Bank Lending Practices Opinion Survey Results

  The results of the January 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released. The survey contained three sets of specific questions regarding changes to credit policies on commercial real estate loans, factors affecting recent growth in closed-end real estate loans, and the outlook for credit quality in 2011. Links to the full report and supporting tables and charts are provided. 02/01/11

• FDIC February 2011 Board Meeting

  The FDIC has announced the agenda of the February 7, 2011, meeting of the FDIC Board and provided a link to the Webcast which will be available approximately one week after the meeting. 02/01/11

• Reg Z Revised Exam Procedures CA Letter

  The Federal Reserve has issued Consumer Affairs Letter CA 11-1
  regarding the previously announced Federal Financial Institutions Examination Council (FFIEC) revised examination procedures for Reg Z - Truth in Lending. 02/01/11

• SAFE Act Registry Open

  The Federal Banking Agencies and the Farm Credit Administration issued a Joint Press Release today (Monday) to announce that the Nationwide Mortgage Licensing System and Registry ("Registry") began accepting federal registrations today. According to agency press releases, the window for initial registration will end on July 29, 2011, which is the 180th calendar day, counting the day of the announcement. 01/31/11

• Registry Posts Information on Federal Registration

  The Registry released a Summary and Notes on new Federal Registry functionality that was added to its system. 01/31/11

• Enforcement Actions Announced

  Seventy-six enforcement actions taken by the FDIC against financial institutions and individuals in December 2010 have been announced. 01/31/11

• Four Banks Closed

  The FDIC has announced the closing of four banks by their primary regulators:

  • The First State Bank, Camargo, OK;
  • Evergreen State Bank, Stoughton, WI;
  • FirsTier Bank, Louisville, CO; and
  • First Community Bank, Taos, NM.

  01/31/11

• California Severe Weather Guidance

  FIL-3-2011 has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by severe winter storms, flooding, debris, and mud flows. 01/31/11

• FFIEC Posts Announcement on Appraisal Hotline

  The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) has published its determination [TXT; PDF] that no one hotline presently exists that complies with requirements of § 1473(p) of the Dodd-Frank Act for a national appraisal complaint hotline. The ASC has undertaken a project to study the establishment of such a hotline. 01/28/11

• Cuban Assets Control Regulations Amended

  OFAC has published revisions to its Cuban Assets Control Regulations [TXT; PDF] to implement policy changes announced by the President on January 14, 2011, designed to increase people-to-people contact, support civil society in Cuba, enhance the free flow of information to, from, and among the Cuban people, and help promote their independence from Cuban authorities. To implement these policy changes, OFAC is taking steps that build upon the President's April 2009 initiative to, among other things, allow for greater licensing of travel to Cuba for educational, cultural, religious, and journalistic activities and expand licensing of remittances to Cuba. These amendments also modify regulations regarding authorization of transactions with Cuban national individuals who have taken up permanent residence outside of Cuba, as well as implement certain technical and conforming changes. 01/28/11

• NMLS To Update Applicant/Licensee Agreement

  NMLS (the "Registry") has announced that its Applicant/Licensee Agreement (Industry Terms of Use or Agreement) and Privacy Policy will be updated on January 31, 2011 to accommodate the anticipated participation of mortgage loan originators to be registered under the final rule promulgated by the federal banking agencies and Farm Credit Administration. See the redline versions of the changes: Industry Terms of Use and Privacy Policy. 01/28/11

• Prompt Corrective Action Directive Executed

  The FRB has announced the execution of a Prompt Corrective Action Directive with Virginia Business Bank, Richmond, Virginia. 01/28/11

• FEDS Working Paper Published

  An abstract and full working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Systemic Risk Contributions" have been published by the FRB. 01/28/11

• FDIC Publishes Final Rule to Cover IOLTAs

  The FDIC has published in today's Federal Register its final rule (see the January 19, 2011 entry below) [TXT; PDF] to place Interest On Lawyers Trust Accounts (IOLTAs) under the temporary unlimited coverage rules of § 330.16 of 12 CFR Part 330, in accordance with legislation enacted on December 29, 2010. The rule is effective today, with a requirement that lobby and website notices be updated by 2/28/2011. 01/27/11 01/27/11

• SDNTKs Added to OFAC List

  Nine individuals and nineteen entities involved with a Lebanese drug trafficking and money laundering network have been designated by OFAC as Specially Designated Narcotics Traffickers (Kingpin Act) (SDNTKs) and their names have been added to the SDN List. A change has also been made an existing individual SDNT listing, according to the Press Release announcing the action. 01/27/11

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced that the current target rate for federal funds will be maintained and its holdings of securities will be expanded. 01/27/11

• OCC To Host Directors Workshops

  The OCC will host workshops for directors of nationally chartered community banks and federal savings associations in Dallas on March 15-16, 2011.
  The workshops will cover risk assessment and credit risk to provide the directors practical information and understanding of issues facing their institutions. Online registration is available. 01/27/11

• HMDA and CRA Bulletins Issued

  The OCC has issued two Bulletins regarding the previously announced changes to the HMDA exemption threshold for depository institutions under Reg C and the CRA small bank asset thresholds. 01/27/11

• NCUA Virtual Town Hall Registration Open

  Registration is open online for NCUA'
  s Virtual Town Hall Meeting to be held at 2pm EST on February 17, 2011. 01/27/11

• FinCEN Publishes Database Feedback Requests

  FinCEN has again requested comment on proposed data fields within a BSA database being designed for electronic reporting. In two Federal Register documents today, FinCEN asks for comments on data fields for filing Designation of Exempt Person Reports [TXT; PDF] and Currency Transaction Reports [TXT; PDF]. Comments on both proposals are due by March 28, 2011. 01/26/11

• HUD Revises SCRA Notice

  The Department of Housing and Urban Development (HUD) has posted a revised Servicemembers Civil Relief Act (SCRA) Notice on its website. The notice is updated to reflect recent legislation that delayed the sunset of earlier amendments providing extended mortgage protections for servicemembers. Because mortgage servicers cannot accurately determine whether a delinquent borrower is a servicemember, the notice requirement applies to all delinquent conventional mortgage loans. A November 2006 HUD Mortgagee Letter provides background on the notice requirement. Note: The form requires a lender to insert its name, address and contact information. You'll find an editable MS Word version of the HUD SCRA Notice in BOL Tools. 01/26/11

• Written Agreements Announced

  The FRB has announced the execution of three Written Agreements:

  • Rocky Mountain Capital and Rocky Mountain Bank;
  • Elgin Bancshares, Inc.;
  • Community Central Bank Corporation.

  01/26/11

• Assessment of Capital Adequacy SR Letter
  The impact of high-cost credit protection transactions on the assessment of capital adequacy is the subject of a Supervision and Regulation (SR) Letter issued by the FRB. 01/27/11

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with data current as of January 25, 2011.em>01/26/11

• NMLS Federal Registry Training Workshops

  The Nationwide Mortgage Licensing System & Registry (NMLS) Resource Center has announced the descriptions and dates for a four-part series of workshops for federal Mortgage Loan Originator Registry training, in connection with SAFE Act regulatory requirements. 01/25/11

• FDIC Publishes Orderly Liquidation Regulation

  The FDIC has published in the Federal Register an interim final rule [TXT; PDF] implementing certain provisions of its authority to resolve covered financial companies under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Rule is published to provide greater clarity and certainty about how key components of this authority will be implemented and to ensure that the liquidation process under Title II reflects the Dodd-Frank Act's mandate of transparency in the liquidation of failing systemic financial companies. 01/25/11

• Treasury Conducts Public Offerings of Citigroup Warrants

  Secondary public offerings of A and B warrants to purchase the common stock of Citigroup Inc. have been announced by Treasury. 01/27/11

• CSBS Seeks Comments on NMLS MU Forms and Policy Guidebook

  The Conference of State Bank Supervisors (CSBS) is seeking comments on the NMLS Mortgage Uniform (MU) forms and Policy Guidebook. 01/25/11

• FDIC Notice -- IOLTA Coverage Affects Call Report

  FIL-2-2011 was issued by the FDIC to announce its issuance of a final rule to implement the 12/29/2010 amendment to the Federal Deposit Insurance Act, which includes IOLTA accounts within the definition of "noninterest-bearing transaction account" for the purposes of § 343 of the Dodd-Frank Act. That section mandates temporary unlimited deposit insurance coverage for such accounts. The FIL also advises insured depository institutions that the rule change affects the completion of December 31, 2010 Call Reports. The 12/29/10 amendment did not change NCUSIF coverage. 01/24/11

• FAQ on Unlimited Insurance Updated

  In a related development, the FDIC has updated its Frequently Asked Questions on the Dodd-Frank Act pages to incorporate information on the additional coverage for IOLTAs and otherwise clarify aspects of the temporary full insurance for noninterest-bearing transaction accounts. 01/24/11

• FTC Penalizes and Bans Companies From Debt Relief Business

  The Federal Trade Commission announced that it has reached a settlement with three companies and their owner who allegedly falsely claimed they could help consumers quickly eliminate their credit card debts and stop calls from debt collectors. The settlement bans Jonathan Greenberg, Hermosa Group LLC, Media Innovations LLC, and Financial Future Network LLC from the debt relief business and imposes other restrictions. It also imposes an $8.5 million judgment on the defendants, but suspends it upon payment of $500,000. The full judgment will be imposed if it's determined that the defendants misstated their financial condition. 01/24/11

• OCC Enforcement Actions Released

  The OCC announced enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. 01/24/11

• OFAC Issues "Weak AKA" FAQs

  OFAC has released frequently asked questions and answers (FAQs) to clarify its policy on weak AKAs, broad or generic aliases that may generate large volumes of false hits for financial institutions. 01/24/11

• Four Banks Closed

  The following banks have been closed by their primary regulators and the FDIC appointed as receiver:

  • Enterprise Banking Company, McDonough, Georgia ;
  • CommunitySouth Bank and Trust, Easley, South Carolina;
  • The Bank of Asheville, Asheville, North Carolina; and
  • United Western Bank, Denver, Colorado. 01/27/11

  01/24/11

• FEDS Working Papers Published

  The FRB has published five working papers in the Finance and Economics Discussion Series (FEDS) on the following topics:

  • Estimating Machinery Supply Elasticities Using Output Price Booms [Abstract; Full Paper]
  • Verifying the State of Financing Constraints: Evidence from US Business Credit Contracts [Abstract; Full Paper]
  • Differences Across Originators in CMBS Loan Underwriting [Abstract; Full Paper]
  • Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self-Employed [Abstract; Full Paper]
  • Creating a Linchpin for Financial Data: Toward a Universal Legal Entity Identifier [Abstract; Full Paper ]

  01/24/11

• FHC List Updated

  The list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) has been updated by the FRB with data current as of January 21, 2011. 01/24/11

• Addition To OFAC List

  A native of Pakistan has been designated as an SDGT and his name added to the OFAC SDN list under the Anti-Terrorist program. Information regarding the action has been posted on the BOL OFAC page. 01/21/11

• Prohibition Orders Issued

  NCUA has issued orders prohibiting four individuals from participating in the affairs of any federally insured financial institution. 01/21/11

• FinCEN Tunisia Events Guidance

  FinCEN has issued Advisory FIN-2011-A001, Guidance to Financial Institutions on Recent Events in Tunisia. [HTML; PDF] The Advisory suggests taking reasonable steps to guard against the potential flow of illicit assets that may be related to the current political and social unrest in Tunisia. 01/21/11

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement with Intervest Bancshares Corporation, New York, NY. 01/21/11

• SEC Approves Asset-Backed Securities Rules

  An SEC press release announced the agency's approval of two new rules designed to help revitalize the asset-backed securities (ABS) market by requiring more disclosures for investors and issuer review of the underlying assets. 01/21/11

• Survey of Terms of Business Lending Released

  The E.2 Survey of Terms of Business Lending for November 1-5, 2010, has been released by the FRB. 01/21/11

• Receivables Outstanding and Terms of Credit Report Released

  The FRB has released the November 2010 G.20 Report on Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit. 01/21/11

• FDIC Directory Updated

  The FDIC has updated its online Organizational Directory and Office Contacts page with data current as of January 20, 2011. 01/21/11

• Program Launched to Increase Bank Access to Underserved

  The FDIC and The Wisconsin Women's Business Initiative Corporation have announced the launch of the Milwaukee Alliance for Economic Inclusion, a local initiative to increase access to affordable financial products and services for thousands of Milwaukee households. 01/20/11

• Bair Discusses Mortgage Servicing Problems

  FDIC Chairman Bair discussed the economics of mortgage servicing, the current foreclosure crisis, and the prevention of future misalignment of servicing incentives in a presentation at the Summit on Residential Servicing for the 21st Century sponsored by the Mortgage Bankers Association. 01/20/11

• Walsh On Dodd-Frank and Basel III

  In a speech at the Exchequer Club in Washington, Acting Comptroller Walsh discussed the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III capital framework. 01/20/11

• Quarterly Review of Interest Rate Risk

  The Third Quarter 2010 issue of the Quarterly Review of Interest Rate Risk has been published by the OTS. 01/20/11

• IOLTA Coverage Rule Announced

  The FDIC yesterday issued a press release announcing its approval of a final rule including Interest on Lawyer Trust Accounts (IOLTAs) in the temporary unlimited deposit coverage for noninterest-bearing transaction accounts. The rule will amend the FDIC's deposit insurance regulations immediately upon its publication in the Federal Register, and includes changes to the depositor notification requirements concerning the expanded coverage. Insured institutions have until 2/28/11 to update the wording of lobby and website notices. The updated verbiage has been posted to the BOL ABC Soup pages for the FDIC's Deposit Insurance Regulations (12 CFR Part 330). 01/19/11

• Interim Final Rule on Creditor Claims

  The FDIC has also approved an interim final rule clarifying how the agency will treat certain creditor claims under the new orderly liquidation authority established under Dodd-Frank. 01/19/11

• FSOC Announcements

  The Financial Stability Oversight Council (FSOC) has announced its approval of the following documents and resolutions:

  • a study and recommendations regarding the Volcker Rule;
  • a study and recommendations regarding the concentration limit for large financial firms; and
  • the minutes of its meeting held on November 23, 2010. 01/27/11

  In addition, a Fact Sheet was issued on a study of the Dodd-Frank Act's risk retention requirements. 01/19/11

• FRB Establishes Diversity and Inclusion Offices

  The Federal Reserve Board announced the establishment of offices to promote diversity and inclusion at the FRB and the Federal Reserve Banks and named the individuals who will be heading those offices. The offices will focus on equal employment opportunity and diversity at the Board and the Reserve Banks, as well as diversity in procurement. They will also be involved in standards development for the assessment of diversity practices at entities regulated by the Fed, as required by the Dodd-Frank Act. 01/19/11

• MSB Registration List Updated

  FinCEN announced that it has updated the MSB Registration List with data current as of December 21, 2010. 01/19/11

• FinCEN Annual Report

  FinCEN also issued its Annual Report for fiscal year 2010. 01/19/11

• November TIC Data Released

  Treasury has released the Treasury International Capital Data Report for November 2010. 01/19/11

• February HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in February 2011 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release, which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since January 15, 2011, was a Saturday, use the rate on January 14, 2011, the business day immediately preceding the 15th. 01/18/11

• FedFlash Online

  The January 2011 issue of FedFlash has been posted online by FRB Financial Services. It features articles on the 2011 FR Financial Services fee schedule, the FedACH Risk File Alert Service, the release of the Andrew Jackson $1 coin, and new FedReceipts RTNs. 01/18/11

• Closed Georgia Bank's Deposits Assumed

  The FDIC has announced the closing of the Oglethorpe Bank, Brunswick, GA, by its primary regulator, and the assumption of all of the bank's deposits. 01/18/11

• Cost of Funds Report

  The OTS has issued the current and historical Cost of Funds Reports. 01/18/11

• G.17 Industrial Production Report

  The December 2010 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.
  01/27/11

• OFAC Designates Entities under Non-Proliferation Program

  The Treasury Department's Office of Foreign Assets Control (OFAC) announced the addition of 26 entities to the Specially Designated Nationals (SDN) list, all under the Non-Proliferation of Weapons of Mass Destruction (NPWMD) program. Information regarding the additions has been posted on the BOL OFAC page. 01/14/11

• Treasury Launches Card Pilot for Tax Refunds

  Treasury announced yesterday that it had launched a pilot program to offer taxpayers an alternative way to receive their federal tax refunds. The pilot uses prepaid debit and payroll cards to which refunds can be direct deposited. Treasury will notify hundreds of thousands of low- and moderate-income individuals of the option to activate a MyAccountCard Visa® Prepaid Debit Card to receive their 2010 tax refunds, and will work with ADP to encourage current and potential payroll card users to direct deposit their refunds to existing payroll card accounts. The pilot program is part of current efforts to convert Treasury's paper payments to electronic transfers. 01/14/11

• Small Business Hotline

  The FDIC announced that it had established a new dedicated, toll-free hotline for small businesses. The new hotline, set up partly as the result of a forum exploring the ways in which credit can be made more accessible to small businesses, became operational Thursday. It allows small business owners to make inquiries with FDIC officials or to register concerns about the availability of credit. 01/14/11

• December 2010 SCOOS Released

  The December 2010 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms, a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets, has been released by the FRB. 01/14/11

• FDIC Directory Updated

  The FDIC Organization Directory and Office Contacts Web page has been updated with data current as of January 7, 2011.
  01/14/11

• IOLTA Coverage Vote Expected at FDIC Meeting

  The FDIC has announced the agenda for its scheduled January 18, 2011 Board Meeting. Among the agenda items is a vote on a proposed final rule to amend FDIC deposit insurance regulations to include Interest on Lawyers Trust Accounts (IOLTAs) in the temporary coverage for noninterest-bearing transaction accounts, pursuant to legislation enacted in the last few days of 2010. The anticipated amendment to 12 CFR §330.16 should resolve questions surrounding certain notification requirements about the two-year temporary insurance coverage.01/13/11

• Fed Schedules Risk-Based Pricing Notices Webcast

  The Federal Reserve System has posted an invitation to a free February 16, 2011 Outlook Live webinar on the FCRA/FACTA risk-based pricing notice requirement, compliance with which became mandatory on January 1, 2011. 01/13/11

• 2011 OCC Directors Workshops Schedule

  The 2011 schedule for the OCC workshops for directors of national community banks and federal savings associations has been released. The four workshop topics of risk assessment, compliance risk, credit risk and the fundamentals of directorships are offered at various locations. Online registration is available. 01/13/11

• Beige Book Update

  The January 12, 2011 update of the Beige Book, which contains information on the current economic conditions in the each FRB District, has been posted by the FRB. Both a summary and full report are available. 01/13/11

• Model Privacy Notice Compliance Guide

  The OTS has published a compliance guide to assist small financial institutions in complying with the privacy notice rules when using the Gramm-Leach-Bliley model privacy form. 01/13/11

• Credit Decision and Notice Guide For Consumers

  The FRB has posted online a new publication, "What You Need To Know: Rules about Credit Decisions and Notices," which is intended to help consumers understand the new notices they will receive when credit reports or credit scores affect a lenders's decision to grant credit. 01/13/11

• Credit Report Accuracy Survey Results

  The FTC has issued to Congress the results of its annual survey regarding the accuracy of credit reports. 01/13/11

• Foreign Structure and Share Report

  The September 2010 structure and share data report for U.S. banking offices of foreign entities has been released by the FRB. 01/13/11

• Weather May Delay Fed Presentments

  FRB Financial Services has announced that due to weather conditions in Atlanta, delays in the presentment of paper forward and return cash letters are expected. Contact information for various departments of the Federal Reserve Bank of Atlanta were provided. 01/12/11

• Former Banker Convicted of SAR-Related Bribery

  The Justice Department has announced a guilty verdict in the case of a former bank loss mitigation specialist accused of disclosing the existence of a SAR filed as the result of an investigation he conducted on a loan customer. The specialist was also found guilty of soliciting thousands of dollars in bribes to help the customer deal with a possible criminal investigation related to the illegally disclosed SAR. 01/12/11

• Section 19 Letters Released

  The FRB has released fourteen letters, issued from August 16 to November 22, 2010, which prohibit the recipients from becoming or continuing as an institution-affiliated party with respect to any federally insured depository institution pursuant to Section 19 of the Federal Deposit Insurance Act and Section 205 of the National Credit Union Act. 01/12/11

• Fraudulent FDIC Emails Consumer Alert

  The FDIC has issued a Consumer Alert concerning fraudulent emails that appear to have been sent from Donald E. Powell, Chairman Emeritus FDIC; John D. Hawke, Jr., Comptroller of the Currency; and Michael E. Bartell, Chief Information Officer, FDIC. The subject line of the e-mails reads: "Account Insurance from FDIC" or "FDIC Insurance" and tells recipients that their "account has been denied insurance from the Federal Deposit Insurance Corporation due to suspected violations of the Patriot Act." Recipients are asked to click on a link to verify personal information which will be checked against a federal government database for identity verification. Of course the link is fraudulent, either divulging the personal information to criminals or loading malware on the victim's computer. 01/12/11

• Small Business Lending Forum Agenda Released

  The FDIC has released the agenda for the forum on overcoming obstacles to small business lending to be held from 1-4pm EST on January 13, 2011, in Arlington, VA. Registration for in person attendance has been closed, but a webcast of the entire forum will be available. 01/12/11

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of January 11, 2011. 01/12/11

• Discount Rate Meetings Minutes

  The FRB has released the minutes of its discount rate meetings held on November 22 and December 13, 2010. 01/12/11

• Basel Risk-Based Capital Proposed Rules Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced proposal by the federal banking regulators to establish the general risk-based capital rules for Basel II to be consistent with certain provisions of Dodd-Frank by establishing minimum Tier 1 and total risk-based capital requirements. 01/12/11

• Minority-Owned Financial Institutions Report Updated

  The report of minority-owned financial institutions and their branches [TXT; PDF] as of September 30, 2010, has been released by the FRB. 01/12/11

• FRB of Atlanta Special Weather Operating Procedures

  Due to anticipated weather conditions, the FRB of Atlanta has announced special operating procedures for Tuesday, January 11, 2011. 01/11/11

• Agencies Propose Revised Capital Guidelines

  The OCC, Fed and FDIC (Agencies) have published in today's Federal Register a proposal [Text; PDF] to
  revise their market risk capital rules to modify their scope to better capture positions for which the market risk capital rules are appropriate; reduce procyclicality in market risk capital requirements; enhance the rules' sensitivity to risks that are not adequately captured under the current regulatory measurement methodologies; and increase transparency through enhanced disclosures. The Agencies will accept comments on the notice of proposed rulemaking through April 11, 2011. 01/11/11

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. 01/11/11

• CAC Appointments Announced

  Ten new members have been added to the FRB Consumer Advisory Council (CAC) along with the designation of a new Chair and Vice Chair of the Council for 2011. 01/11/11

• NMLS Announces Ombudsman Meeting

  The Nationwide Mortgage Licensing System and Registry (NMLS) has announced that an open meeting with the NMLS Ombudsman will be held on Monday, February 7, 2011, from 2:00-5:00 ET, prior to the NMLS User Conference in Orlando, Florida. Conference registration is not required for attendance at the meeting. Suggested agenda items may be requested until January 31, 2011. 01/11/11

• NCUA Revises Closed Board Meeting Agenda

  The NCUA has revised the agenda for the closed Board meeting scheduled for Thursday, January 13, 2011, by deleting a discussion of Insurance Appeals from the previously announced closed meeting agenda. 01/11/11

• Fed Releases 2010 Income and Expense Data

  The Federal Reserve Board released preliminary financial results of its operations for 2010, including payments of about $78.4 billion to the U.S. Treasury. The announcement includes a chart depicting FRB payments to the Treasury from 2001 through 2010. 01/11/11

• FOMC Domestic Policy Directive Published

  The Fed published in today's Federal Register the Federal Open Market Committee's Domestic Policy Directive [Text; PDF] of December 14, 2010. 01/11/11

• Two Closed Banks' Deposits Assumed

  The FDIC has announced the closing of Legacy Bank, Scottsdale, Arizona, and First Commercial Bank of Florida, Orlando, Florida, by their primary regulators. In connection with the closings, the FDIC entered into purchase and assumption agreements with Enterprise Bank and Trust, St. Louis, Missouri, and with First Southern Bank, Boca Raton, Florida, respectively. 01/10/11

• Bernanke Discusses Economic Outlook

  In a presentation before the Senate Committee on the Budget, Chairman Bernanke offered his views on the current economic conditions, recent monetary policy actions, and issues related to the federal budget. 01/10/11

• 23A and 23B Relief Granted

  A letter granting relief from certain conditions relating to sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) that were imposed in connection with GMAC LLC's 2008 application to become a bank holding company has been released by the FRB. Although the letter's application is limited to the specifics of the case, it provides a good illustration of the workings of sections 23A and 23B with respect to affiliates. 01/10/11

• Consumer Terms of Credit Report

  The FRB has issued the G.19 report on consumer credit terms of credit at commercial banks and finance companies and consumer credit outstanding for November 2010. 01/10/11

• FEDS White Paper on Credit Default Swap Spreads

  A full white paper and abstract in the Finance and Economics Discussion Series (FEDS) on the topic of "Credit Default Swap Spreads and Variance Risk Premia" has been published by the FRB. 01/10/11

• OFAC Targets Former Côte d'Ivoire President and Associates

  In a Thursday press release, Treasury's Office of Foreign Assets Control (OFAC) designated former Côte d'Ivoire President Laurent Gbagbo, his wife, and three of Gbagbo's associates as targeted persons for their recent actions threatening the peace and national reconciliation process in Côte d'Ivoire. Their names were added to the OFAC Specially Designated Nationals (SDN) list under the Côte d'Ivoire sanctions program. Information regarding the additions has been posted on the BOL OFAC page. 01/07/11

• FRB Enforcement Actions

  The Federal Reserve Board announced on Thursday several recent written agreements "

  • Boscobel Bancorp, Inc. and Community First Bank, both of Boscobel, WI (12/23)
  • Capital Commerce Bancorp, Inc., Milwaukee, WI (12/31)
  • Foundation Bancorp, Inc., Bellevue, WA (12/23)
  • Metropolitan Bank Holding Corporation, New York, NY (1/4)
  • Prairie Star Bancshares, Inc., Olathe, KS (12/22) 01/07/11

• FinCEN Releases Mortgage Fraud Report

  The Financial Crimes Enforcement Network (FinCEN) announced the release of its third-quarter 2010 mortgage fraud report, Mortgage Loan Fraud SAR Filings (PDF). According to FinCEN, the report shows that suspicious activity reports (SARs) characterized by filers as indicating possible mortgage loan fraud increased 2 percent in the third quarter of 2010 as compared with similar filings in the 2009 third quarter. 01/07/11

• SARs, By the Numbers

  FinCEN also released Issue 15 (January 2011) of its semi-annual SAR Activity Review"”By the Numbers compilation of data from SARs filed by financial institutions. 01/07/11

• IRS Proposes to Expand Interest Reporting Requirement

  The Internal Revenue Service (IRS) has published in the Federal Register a proposed rule that would require the reporting of interest paid to nonresident alien individuals who reside in any foreign country. The regulations would apply to interest payments made after December 31 of the year in which they are published as final regulations in the Federal Register. Current IRS regulations require that financial institutions report the payment of interest to U.S. persons and to nonresident alien persons residing in Canada. TXT; PDF 01/07/11

• OCC Repeats S.A.F.E. Act Registration Pre-Announcement

  The OCC has issued a Bulletin regarding the initial period for federal registration of residential mortgage loan originators pursuant to the S.A.F.E. Act which is expected to start on or around January 31, 2011, and end on or around July 29, 2011. The announcement is preliminary only. Similar "heads-up" announcements were issued earlier by the FDIC and NCUA. The OCC and other agencies will formally announce the start of the registration period in a Federal Register notice at a later date. 01/07/11

• Federal Registry Workshops Scheduled

  In a related development, NMLS (the Registry) is sponsoring a web-based workshop, "Introduction to the NMLS Federal Registry," to give institution users an overview of the registration process and help them begin preparations. The workshop, which is not designed for individual mortgage loan originators, will be offered on various dates in January 2011, at a cost of $50 per conference call registration. 01/07/11

• Eighty Per Cent of NonCash Payments Now Electronic

  The January 2011 issue of FedFocus features the 2010 Federal Reserve Payments Study, which indicates nearly 80 per cent of all noncash payment are being made electronically. 01/27/11

• Thrift Industry Third Quarter 2010 Charge-Off Rates Report

  OTS has published the Thrift Industry Charge-Off Rates by Asset Types Report for the Third Quarter 2010.

• NCUA Board Meeting Agenda Posted

  The agenda for the January 13, 2011 meeting of the NCUA Board has been posted. 01/27/11

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Papers (IFDP) series on the topic of "
  Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs?" Both an abstract and the full paper are available. 01/07/11

• FDIC CRA Ratings Issued

  The Federal Deposit Insurance Corporation (FDIC) has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2010. 01/06/11

• OTS Enforcement Action

  The OTS has filed a Notice of Charges and Hearing For Cease and Desist Order for Affirmative Relief administrative adjudicatory proceedings against Gateway Bank, F.S.B., San Francisco, CA. 01/06/11

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of December 28, 2010. 01/06/11

• FEDS and IFDP Working Papers Published

  The Federal Reserve Board has published the following abstracts and the working papers in the Finance and Economics Discussion Series (FEDS) and the International Finance Discussion Paper (IFDP) series:

  • "Did the Federal Reserve's MBS Purchase Program Lower Mortgage Rates?" Abstract; Paper
  • "Fiscal Positions and Government Bond Yields in OECD Countries." Abstract; Paper

  01/06/11

• FDIC Sends SAFE Act Registration Window Reminder

  The FDIC has issued FIL-1-2011 [HTML/PDF] to announce that the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration (Agencies) expect the system for federal registration of residential mortgage loan originators (MLOs) to begin operation on or around January 31, 2011. The Agencies' rules implementing the S.A.F.E. Act require MLOs to register with the Nationwide Mortgage Licensing System and Registry (Registry) within 180 days of the date the Registry begins accepting federal registrations. The Agencies will confirm the opening date for federal registration closer to the actual date and will publish notice of that date in the Federal Register. The NCUA issued a media release to the same effect on December 23, 2010. 01/05/11

• Annual CRA Asset-Size Threshold Adjustments Published

  The FFIEC has published the annual CRA asset-size threshold adjustments for small and intermediate small institutions. 01/05/11

• Risk-Based Pricing CEO Letter and RB Issued

  OTS has issued a CEO Letter and Regulatory Bulletin regarding risk-based pricing notices for less favorable credit based on a consumer report. 01/05/11

• Troubled Debt Restructuring Webinar Agenda

  NCUA has released the agenda for its Troubled Debt Restructuring Webinar scheduled to begin at 2:00 p.m. Thursday, January 6, 2011. 01/05/11

• CFPB and CSBS Sign MOU

  A Treasury Department press release announced that the Consumer Financial Protection Bureau (CFPB) implementation team currently housed within the US Department of the Treasury and the Conference of State Bank Supervisors (CSBS) have signed a memorandum of understanding (MOU) to establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services including mortgage lenders, private student lenders and payday lenders. 01/05/11

• FOMC Minutes Released

  The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the minutes of the Committee meeting held on December 14, 2010.
  01/05/11

• FDIC Issues Special Alerts on Counterfeit Checks

  The FDIC circulated eight Special Alerts covering counterfeit cashier's and official checks, purporting to be issued by the following institutions:

  • Delta Trust & Bank, Parkland, AR (cashier's checks)
  • South Georgia Banking Company, Omega, GA (cashier's checks)
  • Central Jersey Bank, NA, Oakhurst, NJ (cashier's checks)
  • Hedrick Savings Bank, Ottumwa, IA (cashier's checks)
  • Stock Yards Bank & Trust, Louisville, KY (official checks)
  • The Community Bank, Brockton, MA (official checks)
  • Frontier Bank, Madison, NE (cashier's checks)
  • Metropolitan Bank and Trust Co., Chicago, IL (cashier's checks) 01/0/11

  Details of these Special Alerts have been posted to the BOL Alerts & Counterfeits page. 01/04/11

• Cayman Islands Authority Updates Unauthorized List

  The FDIC issued Special Alert SA-4-2011 to announce that the Cayman Islands Monetary Authority (CIMA) has published an updated list of financial entities that have Cayman Island addresses, but are neither registered nor licensed to undertake activities regulated by the CIMA. The notice also states that none of the entities are registered with the Cayman Islands Companies Registry. These entities, or persons representing them, may be operating in the Cayman Islands, offering banking or other financial services to individuals, businesses or financial institutions located in the United States. 01/04/11

• NMLS Mortgage Call Report

  In compliance with the the SAFE Act, state laws require mortgage licensees to submit mortgage call reports to the Nationwide Mortgage Licensing System & Registry (NMLS). The NMLS Mortgage Call Report is targeted to be available in April 2011 and a web page has been created to provide more information. Although the Call Report is for licensees under state laws only, it may apply to affiliates of regulated financial institutions or to third parties with which an institution deals. 01/04/11

• Financial Holding Company List Updated

  The FRB has updated the list of banking holding companies that as of December 30, 2010, have become or elected to be treated as financial holding companies. 01/04/11

• Foreign Exchange Rate Reports

  The 2010 Annual and December G.5 Foreign Exchange Reports have been released by the FRB. 01/04/11

• Twenty-Four CMPs Totaling $192K Imposed

  Civil Money Penalties (CMPs) were recently published by the FDIC and the OTS. Eleven flood CMPs totaling $92K and thirteen HMDA CMPs totaling $100K were imposed. Information regarding the CMPs has been posted on the BOL HMDA Heaven and Flood Penalties Watch pages. 01/03/11

• FRB Announces Enforcement Actions

  On Thursday, the Federal Reserve Board announced the execution of Written Agreements with Baylake Corp. and Baylake Bank, both of Sturgeon Bay, WI; and with Santa Lucia Bancorp and Santa Lucia Bank, both of Atascadero, CA.   12/31/10

• FDIC November Enforcement Actions

  The FDIC made public its November enforcement actions in a Press Release on Thursday, 12/30/2010. The list includes 28 consent orders, 13 removal and prohibition orders, and 28 civil money penalties, among others.   12/31/10

• Call Report for 12/31/2010

  The FDIC issued FIL-94-2010 conveying information from the OCC, FRB and FDIC pertaining to the Consolidated Reports of Condition and Income (Call Report) for the December 31, 2010, report date. Key reporting changes noted in the FIL include new memorandum items for dollar amount and number of noninterest-bearing transaction accounts as of quarter-end and for data on reverse mortgages.   12/31/10

• IOLTA Amendment Signed

  On Wednesday, 12/29/2010, President Obama signed into law H.R.6398, an act to require the FDIC to fully insure Interest on Lawyers Trust Accounts (IOLTAs) under the temporary coverage provisions in 343 of the Dodd-Frank Act. This means that IOLTAs at FDIC-insured institutions will be provided the same deposit insurance coverage as noninterest-bearing transaction accounts beginning 12/31/2010 and ending on 12/31/2012. The FDIC has indicated that it will soon issue guidance relating to any changes to its notice requirements under 330.16(c) of its Deposit Insurance Regulations.   12/30/10

• Sunset of SCRA Provisions Delayed

  Also on 12/29/2010, President Obama signed into law the "Helping Heroes Keep Their Homes Act," S.4058, which postpones until 12/31/2012 the sunset of temporary amendments to 303 of the Servicemembers Civil Relief Act (50 App. USC 533) (SCRA). The amendments were originally scheduled to sunset on 12/31/2010.   12/30/2010

• FRB Publishes Interim Final Rule for Truth in Lending

  The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). This interim rule revises the Board's interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. This rule clarifies the requirements for adjustable-rate transactions that are "5/1 ARM" loans. It corrects the requirements for interest-only loans to clarify that the disclosures should reflect the date of the interest rate change rather than the date the first payment is due under the new rate. TXT; PDF   12/30/10

• Joint Agencies Propose Rulemaking for Risk-Based Capital Standards

  The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) propose to: Amend the advanced risk-based capital adequacy standards (advanced approaches rules) \1\ to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) \2\ and amend the general risk-based capital rules \3\ to provide limited flexibility consistent with section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. TXT; PDF  12/30/10

• NCUA Proposes Rulemaking for Accuracy of Advertising and Notice of Insured Status

  The NCUA Board proposes to revise certain provisions of NCUA's official advertising statement rule. Specifically, insured credit unions will be required to include the statement in all radio and television advertisements, annual reports, and statements of condition required to be published by law. The NCUA Board also proposes to define the term "advertisement" and to clarify size requirements for the official advertising statement in print materials. TXT; PDF  12/30/10

• Third Quarter Mortgage Performance Steady - Foreclosures Increase

  The OCC and OTS have released the Third Quarter 2010 Mortgage Metrics Report which indicates mortgages serviced by large banks and thrifts remained steady but the number of foreclosures increased. OCC NR; OTS NR; Report  12/30/10

• FIs Repay TARP Funds

  The Treasury has announced that six financial institutions (FIs) have repaid over $626 Million by repurchasing Troubled Asset Relief Program (TARP) Capital Purchase Program investments. TARP  12/30/10

• FRB 2011 Financial Accounting Manual

  The 2011 Financial Accounting Manual for Federal Reserve Banks has been released. FRB NR; Manual  12/30/10

• Financial Reporting Bulletin Published

  The OTS has published the December 2010 Financial Reporting Bulletin. Bulletin  12/30/10

• RB - REO and Repo Assets Regulatory Bulletin

  A Regulatory Bulletin (RB) has been published by the OTS regarding real estate owned (REO) and repossessed (Repo) assets. RB  12/30/10

• CRA FILs Issued

  Two FILs have been issued by the FDIC regarding the Community Reinvestment Act (CRA) annual asset-size threshold adjustment and revisions to interagency regulations. Threshold Adjustment FIL; Revisions FIL  12/30/10

• FRB Publishes Interim Final Rule for Truth in Lending

  The Board is publishing for comment an interim rule amending Regulation Z, which implements the Truth in Lending Act (TILA). This interim rule revises the Board's interim rule published on September 24, 2010, which implemented certain requirements of the Mortgage Disclosure Improvement Act of 2008. The September 2010 interim rule requires creditors who extend consumer credit secured by real property or a dwelling to disclose summary information about interest rates and payment changes in a tabular format. This rule clarifies the requirements for adjustable-rate transactions that are "5/1 ARM" loans. It corrects the requirements for interest-only loans to clarify that the disclosures should reflect the date of the interest rate change rather than the date the first payment is due under the new rate.TXT; PDF  12/29/10

• Prompt Corrective Action Directive Executed

  The FRB has announced the execution of a Prompt Corrective Action Directive with BankEast, Knoxville, TN. Directive  12/29/10

• FRB Proposes Rulemaking for Debit Card Interchange Fees and Routing

  The Board is requesting public comment on proposed new Regulation II, Debit Card Interchange Fees and Routing, which: establishes standards for determining whether an interchange fee received or charged by an issuer with respect to an electronic debit transaction is reasonable and proportional to the cost incurred by the issuer with respect to the transaction; and prohibits issuers and networks from restricting the number of networks over which an electronic debit transaction may be processed and from inhibiting the ability of a merchant to direct the routing of an electronic debit transaction to any network that may process such transactions. TXT; PDF  12/28/10

• NCUA Publishes Final Rule in FR for Fiduciary Duties at Federal Credit Unions: Mergers and Conversions of Insured Credit Unions

  NCUA is issuing final amendments to its regulations covering several related subjects. The final rule documents and clarifies the fiduciary duties and responsibilities of Federal credit union (FCU) directors, amends NCUA's indemnification regulation limiting indemnification of FCU officials and employees for liability arising from improper decisions that affect the fundamental rights of credit union members, and makes conforming changes to the standard FCU and corporate credit union bylaws, and adds new provisions establishing the procedures for insured credit unions merging into banks. TXT; PDF  12/28/10

• OTS Publishes Final Rule in FR for Prohibited Service at Savings and Loan Holding Companies: Reinstitution of Expiration Date of Temporary Exemption

  The OTS is revising its rules implementing section 19(e) of the Federal Deposit Insurance Act (FDIA), which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering (or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense) from holding certain positions with respect to a savings and loan holding company (SLHC). Specifically, OTS is reinstituting and extending the expiration date of a temporary exemption granted to persons who held positions with respect to a SLHC as of the date of the enactment of section 19(e). The reinstituted and revised expiration date for the temporary exemption is December 31, 2012. TXT; PDF  12/28/10

• CEO Letters - Underwriting and CRA

  The OTS has issued two CEO Letters regarding the interagency underwriting standards for small business loans originated under the Small Business Lending Fund Program and the Community Reinvestment Act; joint final rulemaking neighborhood stabilization program. Underwriting; CRA  12/28/10

• FSA and HRA Debit Cards IRS Guidance

  The IRS has issued new guidance allowing the continued use of health flexible spending arrangement (FSA) and health reimbursement arrangement (HRA) debit cards for the purchase of prescribed over-the-counter medicines and drugs. A Q & A was also issued. Guidance; Q&A  12/28/10

• News from FedACH Online

  FRB Financial Services has posted the November 2010 issue of FedACH Online which features the news kiosk, heath care payments Q&A, and new international services. FedACH Online  12/27/10

• CRA/HMDA Reporter

  The December 2010 issue of the CRA/HMDA Reporter has been published and features a summary of the 2010 HMDA edit changes, how to report HMDA data regarding mergers and acquisitions of a branch, and FFIEC reporting resources. Reporter  12/27/10

• Underwriting Standards for SBLF Program

  A FIL has been issued by the FDIC concerning the issuance of a guidance regarding prudent underwriting standards for small business loans made under the Small Business Lending Funding (SBLF) Program. FIL; Guidance  12/27/10

• Small Business Lending Forum Announced

  The FDIC will host a forum regarding overcoming obstacles to small business lending on January 13, 2011, in Arlington, VA. The registration deadline is January 7, 2011, and may be made online. Forum Agenda; Registration  12/27/10

• Vermont Severe Storm Guidance FIL

  A FIL has been issued by the FDIC regarding guidance and regulatory relief to financial institutions and facilitate recovery in areas of Vermont affected by serve storms. FIL; Guidance  12/27/10

• Counterfeit Checks Special Alerts

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

  1. Eagle Community Credit Union, Lake Forest, CA (Counterfeit Official Checks);
  2. High Point Bank and Trust Company, High Point, NC (Counterfeit Cashiers Checks);
  3. First Chicago Bank & Trust, Itasca, NY Counterfeit Cashiers Checks);
  4. Webster Bank, Waterbury, CT; (Counterfeit Official Checks);
  5. Cashmere Valley Bank, Cashmere, WA (Counterfeit Cashiers Checks); and
  6. First Farmers Bank and Trust Company, Converse, IN (Counterfeit Cashiers Checks).

  Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits Page.  12/23/10

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding entities that may be conducting unauthorized banking activities in Canada and/or the United States.
  Alert   12/23/10

• NMLS Fee Payment Deadline for MLOs in Licensure Process

  The Nationwide Mortgage Licensing System and Registry (NMLS) has issued a reminder that mortgage loan originators (MLOs) participating in pre-licensure education (PE) and testing certification process under state licensing requirements have until 12:00 midnight ET on December 31, 2010 to pay their certification invoices. Banks dealing with non-bank third parties in connection with residential mortgage loans will want to verify that the licenses of MLOs at those third parties remain valid after the end of the year. Certification   12/23/10

• NMLS Registry Final Fees Announced

  The Conference of State Bank Supervisors has posted the finalized fees and a response summary to the public comments submitted regarding the proposed fees for the NMLS Federal Registry. These are the fees for financial institution Mortgage Loan Originator registration, renewals, change of employment updates, etc.
  Fees;
  Summary   12/23/10

• Reg Z Mortgage Disclosure Interim Rule

  The FRB has announced and is requesting comment on an interim rule amending Reg Z. The interim rule clarifies certain aspects of a previously issued interim rule that implemented requirements of the Mortgage Disclosure Improvement Act (MDIA) requiring mortgage lenders to disclose examples of how a loan's interest rate or monthly payments can change. The September 24, 2010 interim rule was effective October 25, 2010, with compliance optional until January 30, 2011. The new interim rule, which amends subsection 226.18(s) and related Interpretations in Supplement I to the regulation, has an effective date of January 30, 2011 and a mandatory compliance date of October 12, 2011.
  Interim Rule   12/23/10

• Fed Publishes Regulation C Exemption Update

  The Federal Reserve Board published in the Federal Register a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). The staff commentary is amended to increase the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). The rule was first announced in our Top Stories of 12/21/2010, below.
  Published Rule  12/23/10

• Corrections to Regulation Z Interim Final Rule

  The Federal Reserve Board published in the Federal Register corrections to its interim final rule published on October 28, 2010, amending Regulation Z to implement certain Valuation Independence provisions of the Dodd-Frank Act. The corrections and interim rule are effective 12/27/2010, with compliance optional until 4/1/2011.
  Corrections  12/23/10

• Check 21 FedReceipt Routing Numbers

  FRB Financial Services has announced additional Check 21 related FedReceipt routing numbers.
  Routing Numbers  12/23/10

• Supervisory Insights Published

  The Winter 2010 issue of Supervisory Insights has been published by the FDIC and features articles regarding trust preferred securities, the credit and consumer products/services survey, senior life settlements, and agricultural lending.
  Supervisory Insights   12/23/10

• SBLF Underwriting Standards Guidance Issued

  The FRB and OCC have issued guidance on underwriting standards for lending under the Small Business Lending Fund (SBLF) Program.
  Standards;
  FRB SR Letter
  OCC Bulletin;   12/23/10

• FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series on the topic of The Contribution of the Minimum Wage to U.S. Wage Inequality over Three Decades: A Reassessment has been published by the FRB.
  Abstract;
  Full Paper   12/23/10

• NCUA Proposes Rulemaking for Sample Income Data to Meet the Low-Income

  The NCUA is proposing to permit federal credit unions that do not qualify for a low-income designation using the geo-coding software the NCUA has developed for that purpose to submit an analysis of a statistically valid sample of their member income data as evidence they qualify. Permitting FCUs to use a statistically valid sample of member incomes drawn from loan files or a survey will ease the burden on FCUs attempting to qualify for a low-income designation. TXT; PDF  12/22/10

• NCUA Proposes Rulemaking for Share Insurance

  Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides that, on a temporary basis, the NCUA Board shall fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest-bearing transaction account. Although this insurance coverage is self-implementing, and therefore already in place, this proposed rule: clarifies the definition of the term "noninterest-bearing transaction account"; provides that this new insurance coverage is separate from, and in addition to, other coverage provided in NCUA's share insurance rules; and imposes certain notice and disclosure requirements. TXT; PDF  12/22/10

• Fiscal Services (Treasury) Publishes Interim Final Rule in FR for Federal Government Participation in the Automated Clearing House

  The Department of the Treasury, Financial Management Service (FMS) is amending its regulation governing the use of the Automated Clearing House (ACH) system by Federal agencies to permit the delivery of Federal payments to prepaid debit cards that meet certain criteria. To be eligible to receive Federal payments, a card must provide the cardholder with pass-through deposit or share insurance and the card account must not have an attached line of credit or loan feature that triggers automatic repayment from the card account. In addition, the issuer of the card account must provide the cardholder with all of the consumer protections that apply to a payroll card under the Federal Reserve Board's Regulation E. TXT; PDF  12/22/10

• Federal Benefit Payments Paper Checks to be Phased Out

  The Treasury has issued a final rule requiring individual receiving paper checks for federal benefit payments to switch to direct deposit by March 1, 2013. Anyone applying for benefits on or after May 1, 2011 will receive payment electronically. Benefits  12/22/10

• Counterfeit Checks Special Alerts

  Three Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following financial institutions:

  1. Summit Bank, Arkadelphia, AK (Counterfeit Official Checks);
  2. Paper City Savings Association, Wisconsin Rapids, WI (Counterfeit Bank Checks); and
  3. FORUM Credit Union, Indianapolis, IN (Counterfeit Cashier's Checks)

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  12/22/10

• OFAC CMPs Released

  The civil money penalties (CMPs) recently assessed by OFAC for violations of various sanctions programs have been released. Two financial entities were cited. CMPs  12/22/10

• Zimbabwe AG and Iranian Entities Added to OFAC List

  The Treasury has designated the Zimbabwe Attorney General (AG) and Iranian entities tied to the Islamic Revolutionary Guard Corps (IRGC) and the Islamic Republic of Iran Shipping Lines (IRISL) and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  12/22/10

• CRA Annual Asset-Sized Threshold Adjustments

  The federal regulatory agencies have released the annual CRA asset-size threshold adjustments for small and intermediate small institutions. Adjustments; FRB PR; OCC NR; FDIC PR; OTS NR  12/22/10

• Written Agreements Executed

  The FRB has announced the execution of Written Agreement with City National Bancshares Corporation, Newark, NJ, and Community Shores Bank Corporation, Muskegon, MI. City National; Community Shores  12/22/10

• FDIC Announces Winning Bidders

  The three winning bidders for commercial real estate loans and residential acquisition and development loans have been announced by the FDIC. Winner 1; Winner 2; Winner 3  12/22/10

• FOMC Authorizes Swap Agreement Extension Authorized

  The Federal Open Market Committee (FOMC) has authorized an extension through August 1, 2011, of its temporary U.S. dollar liquidity swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. A Q & A regarding liquidity swaps has also been issued. Swaps Extension; Q&A  12/22/10

• Owned and Managed Receivables Report

  The G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report for October 2010 has been released by the FRB. G.20  12/22/10

• OTS Annual Report

  The annual report for fiscal year 2010 has been released by the OTS. Report  12/22/10

• Joint Agencies Publish Final Rule in FR for Community Reinvestment Act Regulations

  The OCC, the Board, the FDIC, and the OTS are adopting revisions to our rules implementing the Community Reinvestment Act (CRA). The agencies are revising the term "community development" to include loans, investments, and services by financial institutions that support, enable, or facilitate projects or activities that meet the "eligible uses" criteria described in Section 2301(c) of the Housing and Economic Recovery Act of 2008 (HERA), as amended, and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program (NSP). TXT; PDF  12/20/10

• FDIC Publishes Final Rule in FR for Designated Reserve Ratio

  To implement a comprehensive, long-range management plan for the Deposit Insurance Fund (DIF or fund), the FDIC is amending its regulations to set the designated reserve ratio (DRR) at 2 percent. TXT; PDF  12/20/10

• FDIC Regulatory Agenda

  The FDIC has published in the Federal Register its semiannual regulatory agenda which contains information about FDIC's current and projected rulemakings, existing regulations under review, and completed rulemakings. Fed Register  12/20/10

• Six Banks Closed; Deposits Assumed

  The FDIC has announced the closing of the following banks:

  1. The Bank of Miami, N.A., Miami, FL;
  2. Chestatee State Bank, Dawsonville, GA;
  3. Appalachian Community Bank, F.S.B., McCaysville, GA;
  4. United Americas Bank, National Association, Atlanta, GA;
  5. First Southern Bank, Batesville, AR;
  6. Community National Bank, Lino Lakes, MN

  The Bank; Chestatee; Appalachian; United; First; Community  12/20/10

• CU In Receivership

  The NCUA has placed in receivership and assumed control of operations of the AEA Federal Credit Union of Yuma, AZ.AEA  12/20/10

• CRA Ratings Released

  The ratings received by national banks recently evaluated for compliance with CRA has been released by the OCC. Ratings  12/20/10

• Enforcement Actions Announced

  The OCC has announced the enforcement actions recently taken against national banks and individuals currently or formerly affiliated with national banks. Actions  12/20/10

• DSR and FOR Report

  The Third Quarter 2010 household debt service ratio (DSR) and financial obligations ratio (FOR) report has been released by the FRB. Report  12/20/10

• Trading Revenues Decline

  The OCC has issued the Third Quarter Report on Bank Trading and Derivatives Activities which indicates trading revenues 27 percent lower than the third quarter of 2009. Report  12/20/10

• FTC Comments on Strengthening HMDA Rules and Cost of Credit Reports

  The FTC has submitted comments to the FRB regarding strengthening HMDA rules requiring mortgage lenders to collect and report data. In addition, the cost that consumer reporting companies are allowed to charge consumers for extra copies of their credit report is raised to $11 as of January 1, 2011. Comments  12/20/10

• FRB Proposes New Regulation II

  The Federal Reserve Board has requested comment on a proposed new Regulation II, Debit-Card Interchange Fees and Routing, that would establish standards for determining whether a debit card interchange fee received by a card issuer is reasonable and proportional to the cost incurred by the issuer for the transaction, and provide merchants increased routing options for debit card transactions. FRB PR; FR Notice   12/17/10

• January HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in January 2011, 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, use the yield in effect on the 15th of the month that precedes the month you received the application.
  H.15   12/17/10

• FEMA Preferred Risk Policy Eligibility Extension Announcement

  A FIL has been issued by the FDIC regarding the previously announced two-year extension of FEMA Preferred Risk Policy (PRP) eligibility.
  FIL   12/17/10

• Market Risk and Basel II FILs

  The FDIC has issued two FILs regarding the previously announced proposed rules concerning Market Risk and Basel II. Information regarding the proposed rules was posted in the December 14 and 16, 2010 BOL Top Stories, below.
  Market Risk FIL;
  Basel FIL  12/17/10

• CMP for Failure to Register as MSB

  FinCEN has assessed a $12,000 civil money penalty (CMP) against a money transmitter for failure to maintain a registration as a money services business (MSB).
  CMP   12/17/10

• Prompt Corrective Action Directive

  The FRB has issued upon consent a Prompt Corrective Action Directive regarding The Park Avenue Bank, Valdosta, GA.
  Directive  12/17/10

• SARs Final Rules Bulletin

  The OCC has issued a Bulletin regarding the issuance of final rules concerning the release of nonpublic OCC information and the confidentiality of a SAR. Information regarding the rules was posted in the December 3, 2010, BOL Top Stories, below.
  Bulletin  12/17/10

• Reg Z Exam Procedures Bulletin

  The OCC also issued a Bulletin regarding the revision of the examination procedures for Reg Z.Bulletin  12/17/10

• Geithner Before the Oversight Panel

  In written testimony before the Congressional Oversight Panel, Secretary Geithner discussed the Troubled Asset Relief Program (TARP) and other government policies in response to the financial crisis.Testimony  12/17/10

• FEDS Working Papers

  The FRB has published two working papers in the Finance and Economics Discussion Paper Series (FEDS) on the topics of "Does Credit Scoring Produce a Disparate Impact?" and "Foreclosure's Wake: The Credit Experiences of Individuals Following Foreclosure". Credit Scoring Abstract; Credit Scoring Full Paper; Foreclosure Abstract; Foreclosure Full Paper  12/17/10

• NCUA Board Meeting Results

  The results of the December 16, 2010, meeting of the NCUA Board have been released.
  Minutes  12/17/10

• FRB Proposes Rulemaking for Consumer Leasing

  Effective July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Consumer Leasing Act (CLA) by increasing the threshold for exempt consumer leases from $25,000 to $50,000. In addition, the Dodd-Frank Act provides that, on or after December 31, 2011, this threshold must be adjusted annually by any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Accordingly, the Board is proposing to make corresponding amendments to Regulation M, which implements the CLA, and to the accompanying staff commentary. Because the Dodd-Frank Act also increases the Truth in Lending Act's threshold for exempt consumer credit transactions from $25,000 to $50,000, the Board is proposing similar amendments to Regulation Z elsewhere in today's Federal Register. TXT;
  PDF  12/16/10

• FRB Also Proposes Rulemaking for Truth in Lending

  Accordingly, the Board is proposing to make corresponding amendments to Regulation Z, which implements TILA, and to the accompanying staff commentary. Because the Dodd-Frank Act also increases the Consumer Leasing Act's threshold for exempt consumer leases from $25,000 to $50,000, the Board is proposing similar amendments to Regulation M elsewhere in today's Federal Register. TXT;
  PDF  12/16/10

• CRA Ratings Released

  The OTS has released the ratings received by savings associations recently evaluated for compliance with CRA. Ratings  12/16/10

• CRA Final Rule

  The federal bank and thrift regulatory agencies have announced a final rule which changes Community Reinvestment Act (CRA) regulations to support stabilization of communities affected by high foreclosure levels by encouraging depository institutions to support eligible development activities. Final Rule; FRB PR; FDIC PR; OCC NR   12/16/10

• NCUA Transition Plan

  The National Credit Union Administration (NCUA) has issued a letter with attachments and a fact sheet regarding the system transition plan and necessary considerations to corporate credit unions. Attachment 1Letter; Attachment 1; Attachment 2; Fact Sheet  12/16/10

• NPRs Market Risk and Basel II

  The FRB, OCC, and FDIC are seeking comments on notices of proposed rulemaking (NPRs) that would revise the market risk capital rules and amend Basel II consistent with Dodd-Frank. Market Risk NPR; Basel NPR; FRB PR; FDIC PR; OCC NR  12/16/10

• FedFlash Online

  The December 2010 issue of FedFlash has been posted online and features articles regarding the 2010 Holiday schedule, use of confirmation.com for Fedwires Securities Service account information, the addition of batch and item level monitoring to the RDFI File Alert Service, and the ending of FTD coupon processing on December 31, 2010. FedFlash  12/16/10

• October TIC Data

  The Treasury has released the Treasury International Capital Data for October 2010. TIC  12/16/10

• Industrial Production and Capacity Utilization Report

  The G. 17 November 2010 Industrial Production and Capacity Utilization Report has been released by the FRB. G.17  12/16/10

• Cost of Funds Reports

  The OTS has released the historical and current cost of funds reports for regulated institutions. Historical; Current  12/16/10

• FTC Proposes Rulemaking for Telemarketing Sales

  The Commission requests public comment on provisions of the FTC's Telemarketing Sales Rule concerning caller identification services and disclosure of the identity of the seller or telemarketer responsible for telemarketing calls.TXT; PDF  12/15/10

• FDIC Posts New FAQ

  The FDIC posted an FAQ on Tuesday, 12/14/10, that addresses its rules covering Temporary Unlimited FDIC Coverage for Noninterest-Bearing Transaction Accounts, as provided by 343 of the Dodd-Frank Act, and the termination of the Transaction Account Guarantee (TAG) program. The FAQ deals with implementation of the DFA provision, disclosure requirements, coverage of sweep accounts, and termination of the TAGP. FAQ  12/15/10

• OFAC Designations and Removals

  Twenty individuals and twenty-five entities have been designated as SDNTKs and had their names added to the OFAC SDN List. In addition, the names of sixteen individuals and one entity have been deleted from the SDN List and changes have been made to three existing designations. Information regarding the additions, deletions, and changes have been posted on the OFAC page.  12/15/10

• Fed Funds Rate Unchanged

  The Federal Open Market Committee (FOMC) has announced that the target rate for federal funds will be maintained at the current level and the expansion of its holdings of securities will continue. FOMC  12/15/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement with Weststar Financial Services Corporation, Asheville, NC. Written Agreement  12/15/10

• CEO Letters and Bulletin

  The OTS has issued CEO Letters regarding the evaluation and selection of private mortgage insurance providers and Reg E examination procedures concerning gift cards and overdraft protection. A Regulatory Bulletin was also issued regarding the Electronic Fund Transfer Act. CEO Ltr 1; CEO Ltr 2; Bulletin  12/15/10

• Large Financial Institutions Risk Based Capital Floor NPR

  The FDIC has issued a Notice of Proposed Rulemaking (NPR) regarding an interagency proposal to set the risk-based capital floor for large financial institutions. NPR  12/15/10

• DRR Final Rule

  A final rule to set the insurance fund's designated reserve ratio (DRR) at two percent of estimated insured deposits has been approved by the FDIC. Final Rule  12/15/10

• Management of Ag Credit FIL

  A FIL has been issued by the FDIC regarding the prudent management of agricultural credit through farming and economic cycles. FIL  12/15/10

• Mortgage Loan Fraud Increases

  The FinCEN has released the Mortgage Loan Fraud (MLF) SAR Filings reports for the first half of 2010, which indicate MLF rose by seven percent. MLF  12/15/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of December 14, 2010. 314(a)  12/15/10

• Reg Z and Reg M Amendments Proposed

  The FRB has proposed amendments to Reg Z (Truth in Lending) and Reg M (Consumer Leasing) to implement a provision of the Dodd-Frank Act that would expand the coverage of consumer protection regulations to credit transactions and leases from $25,000 to $50,000. FRB PR; Reg Z; Reg M  12/14/10

• Prohibition Orders Issued

  The NCUA has issued orders prohibiting two individuals from participating in the affairs of any federally insured financial institution and restitution payments of $1,400,000 and $32,789.10. Order 1; Order 2  12/14/10

• OCC Large Bank Supervision Team

  Changes to the OCC Large Bank Supervision Team, which supervises the largest national banks, federal branches and agencies, have been announced. Team  12/14/10

• FedForward and FedReturn Non-Conforming Comments

  The FRB has announced the expansion of the standard comment fields regarding FedForward and FedReturn rejected non-conforming items. Comments  12/13/10

• Two Banks Closed: Deposits Assumed

  The FDIC has announced the closing and the assumption of all deposits of Earthstar Bank, Southampton, PA. and Paramount Bank, Farmington Hills, MI. Earthstar; Paramount  12/13/10

• FRB Meeting Webcast

  The December 16, 2010, meeting of the FRB will be webcast live. Webcast  12/13/10

• Appraisal and Evaluation Guidelines Bulletin

  The OCC has issued a bulletin regarding the previously announced interagency appraisal and evaluation guidelines. Information concerning the guidelines was posted in the December 3, 6 and 10, 2010, BOL Top Stories. Bulletin  12/13/10

• Large Commercial Banks Report

  The report of the insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets as of September 30, 2010, has been released. Report  12/13/10

• Hizballah Fundraisers and Businesses Added to OFAC List

  Treasury has designated two Hizballah fundraisers, a network of businesses they own or control, and a Hizballah diplomat as SDGTs and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC Page.  12/10/10

• Agencies Publish Appraisal Guidelines

  The OCC, OTS, Fed, FDIC, and NCUA have jointly published in the Federal Register a notice of their Interagency Appraisal and Evaluation Guidelines to provide further clarification of the Agencies' appraisal regulations and supervisory guidance to institutions and examiners about prudent appraisal and evaluation programs. The Guidelines, including their appendices, update and replace existing supervisory guidance documents to reflect developments concerning appraisals and evaluations, as well as changes in appraisal standards and advancements in regulated institutions' collateral valuation methods. The Guidelines were first covered in our 12/03/10 Top Stories. TXT; PDF  12/10/10

• Written Agreement Announced

  The execution of a Written Agreement with TCSB Bancorp, Inc., Traverse City, Michigan, has been announced by the FRB. Written Agreement  12/10/10

• Large Position Reports

  Treasury has called for Large Position Reports from those entities whose reportable positions in the 0-3/4% Treasury Notes of September 2013 equaled or exceeded $2 billion as of close of business Wednesday, December 8, 2010. Reports   12/10/10

• FHC List Updated

  The FRB has updated the list of banking holding companies that have become or elected to be treated as a financial holding company (FHC) as of December 9, 2010. List   12/10/10

• Matz Discusses CU Reforms

  In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, NCUA Chairman Matz discussed the actions of her agency to reform and strengthen the corporate credit union system and enable credit unions to continue serving consumers despite difficult economic times.Testimony   12/10/10

• Third Quarter State Profiles

  The FDIC has released the Third Quarter 2010 State Profiles which contain a summation of banking and economic conditions in each state. Profiles  12/10/10

• Flow of Funds Report

  The December 9, 2010, Z.1 Flow of Funds Report has been released by the FRB.
  Z.1 Report   12/10/10

• FinCEN Proposes Rulemaking for Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements

  FinCEN, a bureau of the Department of the Treasury, is issuing proposed rules defining non-bank residential mortgage lenders and originators as loan or finance companies for the purpose of requiring them to establish anti-money laundering programs and report suspicious activities under the Bank Secrecy Act. TXT;
  PDF  12/09/10

• IRS Publishes Temporary and Final Rules Requiring Electronic Funds Transfer of Tax Payments

  The IRS published temporary and final regulations in the Federal Register relating to Federal tax deposits (FTDs) by electronic funds transfer. To coordinate with the decision by Treasury's Financial Management Service to discontinue processing FTD coupons, the IRS's new rules mandate the use of EFT for all FTDs, and the rules regarding tax coupons are being eliminated. The effective date is January 1, 2011. The November 2010 issue of Fedfocus announced that the last day financial institutions can accept FTD coupons is December 31, 2010. TXT;
  PDF  12/09/10

• Counterfeit Checks Special Alerts

  Six Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following banks:

  1. Center Bank, Los Angeles, CA;
  2. First Bank Richmond, Richmond, IN;
  3. Farmers Deposit Bank, Eminence, KY;
  4. Peoples Bank of the South, Lafollette, KY;
  5. Sandy Springs Bank, Olney, MD;
  6. Farmers State Bank, Mason City, IA

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  12/09/10

• Tropical Storm Regulatory Relief Guidance

  The FDIC has issued a FIL announcing a series of steps to provide regulatory relief to financial institutions and facilitate recovery in areas of the U.S. Virgin Islands affected by Tropical Storm Tomas. FIL  12/09/10

• Electronic Noncash Payments Popular

  A study by the Federal Reserve indicates that more than 75% of the 2009 noncash payments were made electronically. Summary; Study  12/09/10

• Acceptance of Unfaced Currency Reminder

  The Federal Reserve Financial Services has issued a reminder that starting April 1, 2011, Federal Reserve Banks will accept $1-20 denomination bills not faced portrait side forward. Unfaced Currency  12/09/10

• FEDS Working Papers Published

  Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Capital Taxation with Entrepreneurial Risk" and "Money and Inflation: Some Critical Issues". Capital Abstract; Capital Full Paper; Money Abstract; Money Full Paper  12/09/10

• Non-Interest Bearing Accounts FDIC Insurance Seminars

  The FDIC has issued a FIL announcing two free identical telephone seminars on December 14 and 16, 2010, for bank officers and employees that will explain the insurance coverage rules and disclosure requirements regarding the new temporary unlimited insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions. FIL; Seminar Registration  12/08/10

• Consumer Compliance Handbook Updated

  The FRB has published the December 2010 update to the Consumer Compliance Handbook. Handbook  12/08/10

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for October 2010 has been released by the FRB. G.19  12/08/10

• FHC Report Updated

  The report of bank holding companies that have elected to become or be treated as financial holding companies (FHC) as of December 2, 2010, has been released by the FRB. Report  12/08/10

• CA Letter - Interagency Exam Procedures Risk-Based Pricing Noticing

  The FRB issued CA Letter regarding the interagency examination procedures for the regulation on risk-based pricing notices. CA Letter  12/07/10

• New Treasury Website Launched

  The Treasury has launched a fully redesigned website - http://www.treasury.gov - intended to improve the access to data and information on a day-to-day basis. Website  12/07/10

• AML Plan for Non-Bank Lenders/Brokers and SAR Filings

  The FinCEN has proposed a requirement for non-bank residential mortgage lenders and originators to establish AML programs and file SARs. AML  12/07/10

• FRB Public Meetings

  The list of public meetings regarding rulemaking to implement Dodd-Frank held by the FRB though December 6, 2010, has been released. Meetings  12/07/10

• Citigroup Public Offering

  The Treasury has announced the public offering of Citigroup common stock. Offering  12/07/10

• CRA Ratings Released

  The FDIC has released the ratings received by banks recently examined for CRA compliance. Ratings  12/06/10

• SR and CEO Letters - Appraisal and Evaluation Guidelines

  The FRB has issued a Supervision and Regulation (SR) Letter and the OTS a CEO Letter regarding the recently announced Interagency Appraisal and Evaluation Guidelines which were posted in the December 3, 2010, BOL Top Stories. SR Letter; CEO Letter  12/06/10

• Bair Discusses Regulatory Reform

  In a presentation at the Financial Services Conference of the Consumer Federation of America, Chairman Bair discussed the rationale for the new financial reforms and the way forward. Speech  12/06/10

• TFR Data Released

  The OTS has released the Aggregated Thrift Financial Report (TFR) data for the Third Quarter 2010. TFR  12/06/10

• NCUA Proposes Rulemaking for Corporate Credit Unions - Extension of Comment Period

  On November 18, 2010, the NCUA Board issued a proposed rule amending its corporate credit union rule. NCUA has received a request to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 30 days. TXT; PDF  12/06/10

• Pakistani and Congolese Terrorists Added to OFAC List

  The Treasury has designated three leaders of two Pakistani terrorist organizations and four individuals who are part of the leadership of the Democratic Forces for the Liberation of Rwanda and added their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC Page.  12/03/10

• SAR Confidentiality Regs and Notice of Sharing Guidance Published

  The FinCEN has published in the Federal Register its Final Rule on confidentiality of Suspicious Activity Reports to clarify the scope of the statutory prohibition against a financial institution's disclosure of a SAR, address the statutory prohibition against SAR disclosure by the government, modify the safe harbor provision to include changes made by the USA PATRIOT Act, and make minor technical revisions. FinCEN also announced the availability of two Guidance documents that apply to depository institutions and to
  securities broker-dealers, mutual funds, futures commission merchants interpreting the final rule. BOL first reported on the Final Rule and Guidance in our November 24, 2010 Top Stories. In a coordinated issuance, the OCC and OTS each published a Final Rule amending their regulations governing the confidentiality of SARs. All three Final Rules are effective 1/3/2011.
  FinCEN Final Rule;
  FinCEN Guidance Announcement;
  OCC Final Rule;
  OTS Final Rule  12/03/10

• 2011 OTS Assessments and Fees TB

  The OTS has issued a Thrift Bulletin (TB) containing its assessments and fees for 2011.
  TB  12/03/10

• Data Download Program Interactive Graphics

  The FRB has announced a new interactive graphics feature of the Data Download Program which allows users to create custom charts.
  Graphics  12/03/10

• Bair on Financial Reforms

  In remarks to the Boston Club, Chairman Bair discussed the rational for the financial reforms and how they will address the need for greater responsibility and accountability.
  Remarks  12/03/10

• Companies Operating Consumer Debt Relief Scams Charged

  The FTC has charged three debt relief operations with making unsubstantiated claims to lure consumers nationwide into paying thousands of dollars in up-front fees, but failing to reduce credit card debts as promised.
  Scams  12/03/10

• CRA Exam Schedule

  The OCC has issued its First Quarter 2011 CRA examination schedule. Schedule  12/02/10

• Beige Book Updated

  The December 1, 2010, edition of the Beige Book has been published by the FRB. Summary; Full Report  12/02/10

• FRB Releases Credit Transactions Details

  The FRB has posted detailed information on its public website about more than 21,000 individual credit and other transactions conducted to stabilize markets during the recent financial crisis. Transactions  12/02/10

• Bair and Walsh on Regulation of Bank Servicing and Foreclosures

  In testimony before the Senate Banking Committee, Chairman Bair and Acting Comptroller Walsh discussed the regulation of bank mortgage servicing operations and foreclosure processes. Bair Statement; Walsh Oral Statement; Walsh Written Testimony  12/02/10

• MSB List Updated

  The FinCEN has updated the MSB List with data current as of November 2, 2010. MSB List  12/02/10

• Foreign Exchange Rates

  The G.5 Foreign Exchange Rates Report for November 2010, has been released by the FRB. G.5  12/02/10

• CRA Exam Schedule

  The FDIC has issued the list of institutions that are scheduled for a CRA examination during the first quarter of 2011. Schedule  12/01/10

• Iranian Bank and Shipping Lines Subsidiaries Added to OFAC List

  The Treasury has announced the designation as NPWMDs of five corporate officers and ten businesses affiliated with either the Islamic Republic of Iran Shipping Lines or Bank Mellat and the addition of their names to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.  12/01/10

• Four Written Agreements Announced

  The FR has announced the execution of Written Agreements with the following bank holding companies:

  1. Southport Financial Corporation, Kenosha, WI;
  2. HarVest Bancorp, Inc., Gaithersburg, MD;
  3. First South Bancorp, Inc., Spartanburg, SC;
  4. FCB Financial Corp., Savannah, GA

  Southport; HarVest; First South; FCB  12/01/10

• Fall 2010 FDIC Consumer News

  The Fall 2010 issue of the FDIC Consumer News has been published and features a quiz for consumers on financial scams. Consumer News  12/01/10

• Discount Rate Meetings Minutes

  The minutes of the October 18 through November 1, 2010, discount rate meetings of the FRB have been released. Minutes  12/01/10

• Auction Results Announce

  The results of the November 29, 2010, auction of $5 billion in 28-day term deposits have been announced by the FRB. Auction Results  12/01/10

• G.20 Receivables and Terms of Credit Report

  The FRB has released the September 2010 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit Report. G.20  12/01/10

• Treasury Proposes Rulemaking for Amendment to the Bank Secrecy Act Regulations

  FinCEN is proposing to revise the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts. The proposed rule would clarify which persons will be required to file reports of foreign financial accounts and which accounts will be reportable. TXT; PDF  2/26/10

• CRA Exam Schedule Issued

  The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2010. List  2/26/10

• Drug Traffickers Added to OFAC List

  OFAC has designated seven key leaders of the international drug trafficking organization La Familia Michoacana as Specially Designated Narcotics Traffickers (SDNTs) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  2/26/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Citizens Bancorp, Nevada City, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  2/26/10

• Section 19 Letters

  Five enforcement letters have been released by the FRB which prohibit the recipients pursuant to Section 19 of the Federal Deposit Insurance Act and Section 205 of the National Credit Union Act from becoming or continuing as an institution-affiliated party with respect to any federally insured banking organization or credit union. Letter 1; Letter 4; Letter 5  2/26/10

• Updated Retail Payment Systems Booklet Issued

  The FFIEC has issued an updated Retail Payment Systems Booklet which provides guidance for examiners, financial institutions, and technology service providers on the risks associated with retail payment systems. FFIEC PR; Booklet  2/26/10

• Community Reinvestment Conference Announced

  The federal bank and thrift regulatory agencies and the Community Development Financial Institutions Fund will host the 2010 National Interagency Community Reinvestment Conference in New Orleans, LA, from March 14 to 18, 2010. Conference  2/26/10

• FEDS and IFDP Working Papers Published

  Three working papers in the Finance and Economics Discussion Series (FEDS) and two working papers in the International Finance Discussion Papers (IFDP) series have been published by the FRB on the following topics;

  1. Distance Still Matters: The Information Revolution in Small Business Lending and the Persistent Role of Location, 1993-2003;
  2. Are Spectral Estimators Useful for Implementing Long-Run Restrictions in SVARs?;
  3. Pricing Counterparty Risk at the Trade Level and CVA Allocations;
  4. Asset Returns with Earnings Management;
  5. Labor Market Search in Emerging Economies.

  Distance Abstract; Distance Full Paper; Spectral Abstract; Spectral Full Paper; Pricing Abstract; Pricing Full Paper; Assets Abstract;
  Assets Full Paper; Labor Abstract; Labor Full Paper  2/26/10

• Receivables Reports Issued

  The G. 20 Finance Companies Owned and Managed Receivables Reports for December, 2009 have been released by the FRB. G.20  2/26/10

• Written Agreements Executed

  The FRB has announced the execution of the following three Written Agreements:

  1. by and between Mercantile Bancorp, Inc., Quincy, IL, a registered bank holding company, and the Federal Reserve Bank of St. Louis;
  2. by and among Bankers' Bank of the West Bancorp, a registered bank holding company, Bankers' Bank of the West, a state chartered member bank, both of Denver, CO, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking;
  3. by and among Pacific State Bancorp, a registered bank holding company, Pacific State Bank, a state chartered member bank, both of Stockton, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions.

  Mercantile; Bankers' Bank; Pacific  2/25/10

• HMDA Booklet Revised

  The OCC has revised the electronic version of the "Home Mortgage Disclosure" booklet of the Comptrollers Handbook to include the new definition of a rate-spread loan, changes to the OCC examination procedure and the downloading of the HMDA disclosure statements. Booklet  2/25/10

• ID Theft Tops Consumer Complaint List

  A report listing top complaints consumers filed with the Federal Trade Commission (FTC in 2009 shows that while identity theft remains the top complaint category, identity theft complaints declined five percentage points from 2008. Report  2/25/10

• Thrift Industry Fourth Quarter Performance

  The OTS has released the Fourth Quarter 2009 thrift industry highlights, charts, selected indicators, and economic data reports. Highlights; Charts; Indicators; Data; Full Report  2/25/10

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement by and among Heritage Commerce Corp, a registered bank holding company, Heritage Bank of Commerce, a state chartered member bank, both of San Jose, CA, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions. Agreement  2/24/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of February 23, 2010. 314(a)  2/24/10

• Fourth Quarter Earnings Report

  The FDIC has released the Quarterly Banking Profile which contains the Fourth Quarter 2009 Earnings Report for FDIC-insured institutions. Report; Quarterly Banking Profile  2/24/10

• Charge-Off and Delinquency Rates Report Released

  The FRB has released the Charge-Off and Delinquency Rates on Loans at Commercial Banks Report for the Fourth Quarter, 2009. Report  2/24/10

• Reserve Positions Announced

  The Treasury has released the U.S. International Reserve Position Reports as of February 12, and February 19, 2010. February 12; February 19  2/24/10

• Discount Rate Meeting Minutes

  The minutes of the discount rate meeting held on January 25, 2010, have been released by the FRB. Minutes  2/24/10

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Urban Trust Bank, Orlando, FL. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  2/23/10

• Online Debit Card/ATM OD Consumer Information

  A new online FRB publication, What You Need to Know: New Overdraft Rules for Debit and ATM Cards, is designed to help consumers better understand rules that provide additional protection when a debit card or automated teller machine (ATM) transaction causes an account to be overdrawn. What You Need To Know  2/23/10

• Unfair or Deceptive Acts or Practices

  On January 29, 2009, the Board published a final rule amending Regulation AA and the staff commentary to the regulation. The substantive requirements in the January 2009 Regulation AA Rule, which were scheduled to go into effect on July 1, 2010, have been superseded by provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) that go into effect on February 22, 2010. The Board is implementing these Credit Card Act provisions in a new final rule amending Regulation Z. TXT; PDF

  2/22/10

• ATM and Debit Card OD Rules Clarified

  The FRB has issued proposed clarifications to its final rules regarding overdraft (OD) services under Reg E (Electronic Fund Transfers) and Reg (Truth in Savings). The clarification indicates that the prohibition on assessing OD fees without the consumer's affirmative consent applies to all institutions, including those with a policy and practice of declining automated teller machine (ATM) and one-time debit card transactions when an account has insufficient funds. Reg E; Reg DD  2/22/10

• Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  2/22/10

• CRA Ratings Released

  The OCC has released the ratings received by nine national banks recently evaluated for compliance with the provisions of the CRA. Ratings  2/22/10

• Four Banks Closed; Deposits Assumed

  The following four banks have been closed by their primary regulator:

  1. Marco Community Bank, Marco Island, FL, by the Florida Office of Financial Regulation: the FDIC as appointed receiver entered into a purchase and assumption agreement with Mutual of Omaha Bank, Omaha, NE, to assume all of the deposits;
  2. The La Coste National Bank, La Coste, TX, by the OCC; the FDIC as appointed receiver entered into a purchase and assumption agreement with Community National Bank, Hondo, TX, to assume all of the deposits;
  3. George Washington Savings Bank, Orland Park, IL, by the Illinois Department of Financial Professional Regulation “ Division of Banking; the FDIC as appointed receiver entered into a purchase and assumption agreement with FirstMerit Bank, National Association, Akron, OH;
  4. La Jolla Bank, FSB, La Jolla, CA, by the OTS; the FDIC as appointed receiver entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, CA, to assume all of the deposits.

  Marco; La Costa; George Washington; La Jolla  2/22/10

• Consumer Credit Card Website

  The FRB has launched a Consumer Credit Card website, which summarizes the main provisions of the rules and explains how they will affect credit card users. Two interactive features will allow consumers to learn more about the terms and fees of credit card offers and about the new features of their monthly statements. Site  2/22/10

• Discount Window Modifications Approved; Fed Funds Rate Unchanged

  The FRB has approved several modifications to the terms of its discount and left the target range for the federal funds rate at 0 to 1/4 percent. Modifications  2/19/10

• Prompt Corrective Action Directive issued

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Marco Community Bank, Marco Island, FL, a state chartered member bank. Directive  2/19/10

• Written Agreements Announced

  The execution of the following three Written Agreements has been announced by the FRB:

  1. by and between TCM Company, Crete, NE, a registered bank holding company, and the Federal Reserve Bank of Kansas City;
  2. by and between First National Corporation, Savannah, GA, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  3. by and between SunFirst Corporation, St. George, UT, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

  TCM; First; SunFirst  2/19/10

• Unfair Credit Card Closing Practices Formal Agreement

  The OCC has announced that it has entered into a Formal Agreement with Capital One Bank (USA), N.A., Glen Allen, VA., to reimburse consumers harmed by Capital One's credit card account closing practices involving the assessment of annual membership fees, on accounts with no outstanding balance owed, after consumers had requested to close the accounts. Agreement  2/19/10

• Community Bank Directors Credit Risk Workshop Announced

  The OCC will host a credit risk workshop for directors of nationally chartered community banks in St. Louis, MO, on March 23, 2010, to provide practical information to expands their skills and understanding of issues facing their banks. Workshop  2/19/10

• Tax Refund-Related Products Consumer Advisory Issued

  The OCC has issued a Consumer Advisory and Policy Statement Regarding Tax Refund-Related Products. Advisory; Statement  2/19/10

• RAL Bulletin and Statement Issued

  A Bulletin and Policy Statement have been issued by the OCC regarding providing tax refund anticipation loans (RAL). Bulletin; Statement  2/19/10

• Freis Discusses Fraud and Money Laundering Interconnections

  In a presentation at the Florida International Bankers Association 2010 AML Conference, FinCEN Director Freis discussed trade finance and money laundering, as well as how fraud and money laundering are interconnected, and FinCEN's ongoing work in the fraud area. Speech  2/19/10

• NCUA Publishes Interim Final Rule in FR for Secondary Capital Accounts

  NCUA is amending its rules governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments will also allow early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments change the loss distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Program is senior to any required matching secondary capital accepted from an alternative source. TXT; PDF  2/19/10

• OCC Licensing Manual Updated

  The Branches and Relocations booklet of the OCC Licensing Manual has been updated to include information on intermittent branches and expanded definitions concerning insider activities. Booklet  2/18/10

• FOMC Minutes Released

  The minutes of the January 26-27, 2010, meeting of the Federal Open Market Committee (FOMC) have been released by the FRB. Minutes  2/18/10

• Written Agreements Announced

  The FRB has announced the execution of the following three Written Agreements by and between:

  1. Community First Bank-Chicago, Chicago, IL, a state chartered member bank, and the Federal Reserve Bank of Chicago;
  2. Beach First National Bancshares, Inc., Myrtle Beach, SC, a registered bank holding company, and the Federal Reserve Bank of Richmond;
  3. Community National Bancorporation, Waterloo, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago

  Community First; Beach; Community National  2/18/10

• December TIC Data Released

  The Treasury has released Treasury International Capital (TIC) data for December, 2009. Data  2/18/10

• Reserve Position Updated

  The U.S. International Reserve Position Report has been updated by the Treasury with data currents as of February 5, 2010. Report  2/18/10

• March HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in March 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since February 15, 2010, was a Federal Holiday, use the rate on February 12, 2010, the business day immediately preceding the 15th. H.15  2/17/10

• 314(a) Fact Sheet Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of February 16, 2010. 314(a)  2/17/10

• FHC List Updated

  The FRB has updated the list of bank holding companies (BHCs) that have elected to become or be treated as financial holding companies (FHCs) as of February 12, 2010. List  2/17/10

• Mortgage Fraud Detection White Paper Published

  The FFIEC has published The Detection and Deterrence of Mortgage Fraud Against Financial Institutions: 2009 Mortgage Fraud White Paper, which substantially updates The Detection, Investigation, and Deterrence of Mortgage Loan Fraud Involving Third Parties: A White Paper issued in February, 2005. The primary objective of the publication is to help examiners understand, identify, and detect mortgage fraud schemes and elements. Summary; Full Paper  2/17/10

• Cost of Funds Reports Issued

  The OTS has issued the historical and current Cost of Funds Reports for OTS regulated institutions. Historical; Current  2/17/10

• Meeting Credit Needs SR Letter and FIL Issued

  The FRB has issued a SR Letter and the FDIC has issued a FIL regarding the previously released Interagency Statement on meeting the needs of creditworthy small business borrowers. The Interagency Statement was posted in the February 8, 2010, Top Stories page. SR Letter; FIL  2/16/10

• February FedFlash Online

  FR Financial Services has posted the February 15, 2010, issue of FedFlash online, which contains articles regarding Check/Check21 services, FedCash services, District news, and other general information. FedFlash  2/16/10

• FDIC Provides OneWest Bank Agreement Details

  In response to a web video containing false information, the FDIC has released information and a supplemental fact sheet regarding its loss-sharing agreement with OneWest Bank. Agreement; Fact Sheet  2/16/10

• NCUA Approves LICU Low-Income Capital Rule

  The NCUA Board has approved an interim final rule regarding use of secondary capital by low-income designated credit unions (LICUs). Rule  2/16/10

• FFIEC Email Alerts

  Interested parties can now sign up for email alerts when new press releases are posted to the FFIEC web site by clicking on a link found in the upper right hand corner of the press releases page. Alerts  2/16/10

• Mortgage Pricing Working Paper Published

  The OCC has published an economics working paper, "Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?", which focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing. Paper  2/16/10

• Bernanke Discusses Exit Strategy

  In a statement prepared for delivery to the House Committee on Financial Services, Chairman Bernanke discussed the Federal Reserve's strategy for exiting from the extraordinary lending and monetary policies that were implemented to combat the financial crisis and support economic activity. The hearing was postponed due to inclement weather. Statement  2/11/10

• Credit Auction Results

  The results of the auction of $50 billion in 28-day credit held on February 8, 2010, have been announced by the FRB. Auction  2/10/10

• FinCEN publishes Final Rule in FR for Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

  FinCEN is issuing this final rule to amend the relevant Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions concerning significant money laundering or terrorist finance investigations to U.S. financial institutions through FinCEN and also grants U.S. Federal law enforcement agencies reciprocal rights to obtain information about suspect accounts in EU member states.  2/10/10

• NCUA Publishes Final Rule Withdrawal in FR for Unfair or Deceptive Acts or Practices

  On January 29, 2009, jointly with the Federal Reserve System Board of Governors (FRB) and the Office of Thrift Supervision (OTS), the NCUA Board (Board) published a final rule and staff commentary amending its credit practices regulations (UDAP Rule). The UDAP Rule also included technical clarifications and was scheduled to become effective on July 1, 2010. The Board is now revising the UDAP Rule because its stipulations became unnecessary due to the enactment of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act) on May 22, 2009, and amendments to Regulation Z implementing the Credit CARD Act that will become effective on February 22, 2010. For procedural reasons, the substantive requirements of the
  UDAP Rule will be removed effective July 1, 2010, but it is the Board's intent that only the technical clarifications become effective and that the substantive requirements will not take effect. This final rule applies only to the NCUA Board's regulations and does not affect the rules issued by the OTS and FRB. TXT; PDF  2/10/10

• Credit Needs CEO Letter Issued

  The OTS has issued a CEO Letter regarding the previously issued Interagency Statement on Meeting the Credit Needs of Creditworthy Small Business Borrower. Information regarding the statement was posted in the February 8, 2010, Top Stories. CEO Letter  2/09/10

• CRA Ratings Released

  The FDIC has released the ratings received by banks that were recently examined for compliance with the provisions of the CRA. Ratings  2/08/10

• 341(a ) Data to Include international Data

  the FinCEN has issued a final rule regarding the 314(a) program which will allow certain foreign law enforcement agencies to submit information requests concerning significant money laundering or terrorist finance investigations to U.S. financial institutions through FinCEN and also grants U.S. Federal law enforcement agencies reciprocal rights to obtain information about suspect accounts in EU member states. FinCEN NR; Final Rule  2/08/10

• OFAC CMPs Announced

  The civil money penalties recently assessed by OFAC for violation of various Sanctions Programs has been announced. No financial institution was cited. CMPs  2/08/10

• Regulators Issued Small Business Lending Statement

  The federal financial regulatory agencies and the Conference of State Bank Supervisors have issued a statement on prudent lending to creditworthy small business borrowers which emphasizes that financial institutions that engage in prudent small business lending after performing a comprehensive review of a borrower's financial condition will not be subject to supervisory criticism for small business loans made on that basis. Statement; FRB NR; OCC NR; OTS PR; FDIC PR; NCUA PR  2/08/10

• Minnesota Bank Closed: Deposits Assumed

  1st American State Bank of Minnesota, Hancock, MN was closed by the Minnesota Department of Commerce and the FDIC, as the appointed receiver, entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, MN, to assume all of the deposits. 1st American  2/08/10

• NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

  On December 17, 2009, the NCUA Board issued a proposed rule amending its chartering and field of membership manual to update its community chartering policies and define the terms "rural district" and "in danger of insolvency" for emergency merger purposes. 74 FR 68722 (December 29, 2009). NCUA has received several requests to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 45 days. TXT; PDF  2/08/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Citizens Bancshares, Inc., a registered bank holding company, The Citizens Bank of Edmond, a state chartered member bank, both of Edmond, OK, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. Agreement  2/05/10

• State Street Pays $300M SEC Settlement

  State Street Bank and Trust Company has agreed to pay more than $300 million that will be distributed to investors to settle SEC charges that it mislead them about their exposure to subprime investments while selectively disclosing more complete information to specific investors. This payment is in addition to nearly $350 million that State Street previously agreed to pay to investors in State Street funds to settle private claims. Settlement; SEC Order  2/05/10

• Bulletin Regarding FASB Capital Treatment Final Rule

  The OCC has issued a bulletin regarding the previously announced Final Rule concerning the amendment of risk-based capital requirements relating to the Financial Accounting Standard Boards (FASB) adoption of Statements No. 166 and 167. Information concerning the Final Rule was posted in the January 28, 2009, Top Stories. Bulletin  2/05/10

• FedFocus Online

  The February issue of FedFocus has been posted online and features information regarding the Phase 2 of the Fedwire Funds Service format changes. FedFocus  2/05/10

• Mortgage Scam NPR

  The FTC, in an effort to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services, has issued a Notice Of Proposed Rulemaking (NPR) regarding a new rule that would forbid companies to charge up-front for these services. Instead, companies could only collect payment after providing services. Summary; NPR  2/05/10

• Geithner on the Budget

  In written testimony before the Senate Budget Committee, Secretary Geithner discussed the provision of the 2011 Fiscal Year Budget. Testimony  2/05/10

• Freis on Foreign Corruption Proceeds

  FinCEN Director Freis in testimony before the Senate Committee on Homeland Security and Government Affairs Permanent Subcommittee on Investigations discussed efforts to combat the flow of proceeds of foreign corruption into the United States. Testimony  2/05/10

• FEDS Working Papers Published

  Four working papers in the Finance and Economics Discussion Series (FEDS) have published on the following topics:

  1. Income Taxes, Compensating Differentials, and Occupational Choice: How Taxes Distort the Wage-Amenity Decision;
  2. Constant Proportion Debt Obligations: A Post-Mortem Analysis of Rating Models;
  3. The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances;
  4. The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market.

  Income Abstract; Income Full Paper; Constant Abstract; Constant Full Paper; Finances Abstract; Finances Full Paper; Mechanics Abstract;
  Mechanics Full Paper  2/05/10

• CRA Ratings Released

  The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  2/04/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Palm Desert Investments, Palm Desert, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  2/04/10

• TARP CDFIs Program Enhancements Announced

  The Treasury has announced the final terms for the Community Development Financial Institutions (CDFIs) program which include enhancements that will help better support CDFIs and make credit available to small businesses looking to expand and create jobs. CDFIs  2/04/10

• Bernanke Sworn In

  Chairman Bernanke has been formally sworn in to his second term as chairman of the Board of Governors of the Federal Reserve System. Ceremony; Bernanke Remarks  2/04/10

• Geithner Before Ways and Means

  In testimony before the House Ways and Means Committee, Secretary Geithner discusses the 2011 Fiscal Year Budget. Testimony  2/04/10

• Quarterly Refunding Statement Released

  The Treasury has released the February, 2010, Quarterly Refunding statement. Statement  2/04/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Rising Sun Bancorp, a registered bank holding company, NBRS Financial Bank, a state chartered member bank, both of Rising Sun, MD, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. Agreement  2/03/10

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of January 13, 2010. List  2/03/10

• Dugan Discusses Underwriting Standards and Securitization Markets

  In remarks before the American Securitization, Comptroller Dugan noted that a robust securitization market is vital to funding the needs of consumers and businesses, and urged policy makers to focus reform efforts on improving underwriting standards. Remarks  2/03/10

• Credit Risk Economics Working Paper Published

  The OCC has published an Economics Working Paper on the topic of "Correlation in Credit Risk". Paper  2/03/10

• What's New in HUD's Latest RESPA FAQ Update?

  In our February 1 Compliance Briefing and Top Stories we reported that HUD issued a third update of its RESPA. To help you focus on the new information, we've distilled HUD's document to pull out only the questions that have been changed or added since the last updated, which you can find HERE. HUD's full FAQ document, in PDF format, is also available for download.  2/02/10

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit checks bearing the name of the following institutions:

  1. Investors Savings Bank, Short Hills, NJ (Counterfeit Official Checks);
  2. Commercial Bank, Mason, TX (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  2/02/10

• Bank Director Website Launched

  A new website, Bank Director's Desktop, has been launched by the FRB to help new bank directors learn how they can work to ensure the safety and soundness of their institutions and also provides a refresher course for experienced board members. Desktop  2/02/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Peoples, Inc., a registered bank holding company, Peoples Bank, a state chartered member bank, both of Lawrence, KS, and the Federal Reserve Bank of Kansas City. Agreement  2/02/10

• Six Banks Closed: Deposits Assumed

  The FDIC has announced that the following banks have been closed by their primary regulator, and the FDIC appointed Receiver entered into purchase and assumption agreements with the listed institutions;

  1. First National Bank of Georgia, Carrollton, GA, by the OCC; deposits assumed by Community & Southern Bank, Carrollton, GA, a newly chartered institution;
  2. Florida Community Bank, Immokalee, FL, by the Florida Office of Financial Regulation; deposits assumed by Premier American Bank, National Association, Miami, FL;
  3. Marshall Bank, National Association, Hallock, MN, by the OCC; deposits assumed by United Valley Bank, Cavalier, ND;
  4. Community Bank and Trust, Cornelia, GA, by the Georgia Department of Banking and Finance; deposits assumed by SCBT, N.A., Orangeburg, SC;
  5. First Regional Bank, Los Angeles, CA, by the California Department of Financial Institutions; deposits assumed by First-Citizens Bank & Trust Company, Raleigh, NC;
  6. American Marine Bank, Bainbridge Island, WA, by the Washington Department of Financial Institutions; deposits assumed by Columbia State Bank, Tacoma, WA.

  First National; Florida Community; Marshall; Community; First Regional; American Marine  2/01/10

• RESPA FAQs Updated

  HUD has updated its New RESPA Rule Frequently Asked Questions (FAQs). FAQs  2/01/10

• $140,000 CMP and $10M Restitution

  The FDIC has announced that a South Dakota Bank will pay a $140,000 civil money penalty (CMP) and approximately $10 million to 283,000 credit card customers under the terms of settlement of charges of unfair and deceptive practices in connection with the bank's credit card billing procedures. FDIC NR; Settlement  2/01/10

• Enforcement Actions Announced

  A list of orders of 57 administrative enforcement actions taken against banks and individuals in December, 2009, has been released by the FDIC. List  2/01/10

• Lender Required to Hire Loan Consultant

  The terms of a settlement agreement with the FTC requires a home mortgage lender to hire an outside consultant to make sure it does not illegally charge higher prices to African-American and Hispanic consumers. Agreement  2/01/10

• First Quarterly PPIP Report Released

  The Treasury has released the initial quarterly report for the Legacy Securities Public-Private Investment Program ("PPIP"). PPIP  2/01/10

• NCUA Board Meeting Results

  The results of the January 29, 2010 meeting of the NCUA Board are available online. Results  2/01/10

OFAC has posted a technical announcement concerning maintenance scheduled for the Treasury Department's website on the evening of January 12, 2017. After the update, users will be forced to the HTTPS site, rather than being redirected from the HTTP site. This could affect scripts that users have developed to poll Treasury.gov for data. Treasury will also be updating the HTTPS certification it uses for its domain.

• Counterfeit Cashier's Checks Special Alerts

  Four Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the following institutions:

  1. Bank of Granite, Granite Falls, NC;
  2. Bay Bank & Trust Company, Panama City, FL;
  3. Olde Cypress Community Bank, Clewiston, FL;
  4. Intermountain Community Bank, Payette, ID

  Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  1/29/10

• Bernanke Confirmed

  The Senate has confirmed Ben Bernanke to a second term as chairman of the Federal Reserve by a 70 to 30 vote, three days before his current tenure was to expire. Confirmed  1/29/10

• Mortgage Modification Program Updated Guidance

  The Treasury and HUD have released updated guidance for servicers participating in the Administration's mortgage modification program. Treasury PR; HUD PR; Guidance  1/29/10

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with data current as of January 28, 2010. 314(a)  1/29/10

• Fed Funds Rates Unchanged

  The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rates  1/28/10

• The OTS Adds New Chapter and Section to Handbook

  A Regulatory Bulletin has been issued by the OTS announcing a new chapter in the Trust and Asset Management Handbook entitled "Specialty Examinations" which will contain a new section: Introduction to Document Custody. Bulletin  1/28/10

• Joint Agencies Publish Final Rule in FR for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs

  The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) are amending their general risk-based and advanced risk-based capital adequacy frameworks by adopting a final rule that eliminates the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets; provides for an optional two-quarter implementation delay followed by an optional two-quarter partial implementation of the effect on risk-weighted assets that will result from changes to U.S. generally accepted accounting principles; provides for an optional two-quarter delay, followed by an optional two-quarter phase-in, of the application of the agencies' regulatory limit on the inclusion of the allowance for loan and lease losses (ALLL) in tier 2 capital for the portion of the ALLL associated with the assets a banking organization consolidates as a result of changes to U.S. generally accepted accounting principles; and provides a reservation of authority to permit the agencies to require a banking organization to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDF Effective:  March 29, 2010. Banking organizations may elect to comply with this final rule as of the beginning of their first annual reporting period that begins after November 15, 2009.  1/28/10

• Geithner Testifies Regarding AIG

  In testimony before the House Committee on Oversight and Government Reform, Secretary Geithner explained the actions taken in the AIG bailout. Testimony  1/28/10

• Reserve Position Report

  The Treasury has released the U.S. International Reserve Position Report for January 22, 2010. Report  1/28/10

• Two Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements:

  1. by and between Riverside Banking Company, Fort Pierce, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  2. by and among Northfield Bancshares, Inc., a registered bank holding company, Community Resource Bank, a state member bank, both of Northfield, MN, and the Federal Reserve Bank of Minneapolis.

  Riverside; Northfield  1/27/10

• Prohibition Orders Issued

  The NCUA has announced the issuance of orders prohibiting ten individuals from participating in the affairs of any federally insured financial institution. Orders  1/27/10

• Online Regulatory Filing System Announced

  The availability of Electronic Applications, or "E-Apps," a new free Internet-based system for financial institutions to submit regulatory filings, has been announced by the FRB. E-Apps allows institutions and their representatives to sign up to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. E-Apps; Sign Up  1/26/10

• Written Agreement Executed

  The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Cornerstone Bancshares, Inc., a registered bank holding company, Cornerstone Bank, a state chartered bank that is a member of the Federal Reserve System, both of Overland Park, KS, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Bank Commissioner. Agreement  1/26/10

• BSA Advisory Members Sought

  The FinCEN has issued a notice and request for nominations for membership in its Bank Secrecy Act (BSA) Advisory Group. Nominations  1/26/10

• Town Hall Meeting Agenda Released

  The NCUA has released the agenda for the town hall meeting to be held in Lake Buena Vista, FL, on February 4, 2010. Agenda  1/26/10

• 2010 Call Report Revisions FIL

  A FIL has been issued by the FDIC regarding the approval by the FFIEC of revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report) for implementation in 2010. The revisions incorporate certain modifications made in response to comments received on the proposed revisions which were published on August 19, 2009. FIL  1/25/10

• Five Banks Closed

  The following banks have been closed by their primary regulator:

  1. Premier American Bank, Miami, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, FL, a newly-chartered national institution, to assume all of the deposits;
  2. Bank of Leeton, Leeton, MO, by the Missouri Division of Finance; the FDIC as receiver entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, KS, to assume all of the deposits;
  3. Charter Bank, Santa Fe, NM, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, TX, to assume all of the deposits;
  4. Evergreen Bank, Seattle, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, OR, to assume all of the deposits;
  5. Columbia River Bank, The Dalles, OR, by the Oregon Division of Finance and Corporate Securities; the FDIC as receiver entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, WA, to assume all of the deposits.

  Premier American; Bank of Leeton; Charter; Evergreen; Columbia River  1/25/10

• SAR Activity Review “ By the Numbers

  The FinCEN has released the 2009 mid-year issue of the SAR Activity Review “ By the Numbers. Summary; Activity Review  1/25/10

• FDIC and Bank of England: Troubled Institutions MOU

  A Memorandum of Understanding (MOU) has been agreed to by the FDIC and the Bank of England which expands their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom. MOU  1/25/10

• Quarterly Review of Interest Rate Risk

  The OTS has published the Third Quarter 2009 issue of the Quarterly Review of Interest Rate Risk. Quarterly Review  1/25/10

• Final Risk-Based Capital Rule Announced

  The federal banking and thrift regulatory agencies have announced the final risk-based capital rule related to the Financial Accounting Standards Board's (FASB) adoption of Statements of Financial Accounting Standards Nos. 166 and 167. The new accounting standards make substantive changes to how banking organizations account for many items, including securitized assets, that had been previously excluded from these organizations' balance sheets. Final Rule; FRB PR; FDIC FIL; OCC NR;
  OTS PR  1/22/10

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and between Tamalpais Bancorp, San Rafael, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  1/22/10

• 2010 HMDA Edits Updated

  The FFIEC has updated the 2010 HMDA Edits. Edits  1/22/10

• FTC Consumer Privacy Roundtable Agenda Released

  The FTC has released the agenda for its January 28, 2010, roundtable on consumer privacy issues. Agenda  1/22/10

• Check and E-Payment Studies Announced

  The FRB has announced plans to conduct a series of studies regarding the volume and composition of U.S. check and electronic payments similar to those conducted in 2001, 2004, and 2007. Studies  1/21/10

• Reverse Mortgage Proposed Guidance Bulletin

  The OCC has issued a bulletin regarding the previously announced FFIEC proposed Guidance on Reverse Mortgages that helps financial institutions address risks raised by lending through reverse mortgages. Information concerning the Guidance was posted in the December 18, 2009, Top Stories. Bulletin  1/21/10

• Fair Lending Booklet Bulletin

  The OCC has issued a bulletin announcing the revision of the electronic version of the Fair Lending Booklet of the Comptroller's Handbook. Changes in the booklet include sections of Regulation B, 12 CFR 202, Appendix L, Appendix J, the examination scope section and a new appendix. Bulletin; Booklet  1/21/10

• $35,000 For Dumping Consumer Records

  The Federal Trade Commission (FTC) has announced that $35,000 has been paid by a mortgage broker to settle charges of discarding consumers' personal financial records in a dumpster. Records  1/21/10

• IRR FIL

  The FDIC has issued a FIL regarding the previously issued FFIEC Advisory on financial institution management of interest rate risk (IRR). Information concerning the Advisory was posted in the January 8, 2010, Top Stories. FIL  1/21/10

• Mystery/Secret Shopper Employment FBI E-Scams Warning

  A warning has been issued by the FBI regarding email and U.S. mail scams involving employment schemes pertaining to mystery/secret shopper positions. As part of the scheme, the shopper receives a check to be deposited into the employee's bank account and funds are then wired to the employer. The check is a counterfeit and the shopper is responsible for the loss. Warning  1/21/10

• Bair on Commercial Real Estate

  In a presentation to the Commercial Mortgage Securities Association Annual Conference, Chairman Bair discussed the impact on commercial real estate (CRE) regarding the current market situation, bank credit problems, securitization reform, underwriting expectations, problem credit work-outs, promotion of good securitization and underwriting practices, and compensation reforms. Speech  1/21/10

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of January 20, 2010. Report  1/21/10

• OTS Financial Report

  The OTS has released its 2009 Financial Report. Report  1/21/10

• Counterfeit Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit checks bearing the name of the following financial institutions:

  1. The Citizens Bank of Philadelphia, Philadelphia, MS (Counterfeit Official Checks);
  2. The Dime Bank, Honesdale, PA (Counterfeit Cashier's Checks);
  3. First Volunteer Bank of Tennessee, Chattanooga, TN (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/20/10

• February HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in February, 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  1/20/10

• SDGTSs Added to OFAC List

  Two individuals and one entity have been designated as Specially Designated Global Terrorists (SDGTs) by OFAC and their names added to the SDN List. SDN List  1/20/10

• Written Agreements Announced

  The FRB has announced the execution of the following Written Agreements by and among:

  • Bank of Virginia, a state chartered member bank, Midlothian, VA, the Federal Reserve Bank of Richmond, and the Virginia Bureau of Financial Institutions,
  • Community Financial Holding Company, Inc., Duluth, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.

  Bank of Virginia; Community Financial  1/20/10

• Bernanke Sends GAO AIG Review Letter

  Chairman Bernanke has sent a letter to the Government Accounting Office (GAO) welcoming a full review of the Federal Reserve's involvement in the extension of credit to AIG. Letter  1/20/10

• FDIC Opens Midwest Satellite Office

  A temporary satellite office in suburban Chicago has been opened by the FDIC to manage assets of failed institutions. Office  1/20/10

• FHC List Updated

  The FRB has updated the list of banking holding companies that have elected to become or be treated as financial holding companies (FHCs) as of January 19, 2010. List  1/20/10

• Annual Thrift Satisfaction Survey

  A CEO Letter had been issued regarding the 2010 Annual Thrift Satisfaction Survey. CEO Letter  1/20/10

• New Electronic Interpretations and Actions

  The OCC has announced the January, 2010, New Electronic Interpretations and Actions. New  1/20/10

• November 2009 TIC

  The Treasury has released the Treasury International Capital (TIC) data for November, 2009. TIC  1/20/10

• Counterfeit Checks Special Alerts

  Three Special Alerts have been issued by the FDIC regarding counterfeit checks bearing the name of the following institutions:

  1. Iberville Bank, Plaquemine, LA (Counterfeit Official Checks);
  2. Silvergate Bank, La Jolla, CA(Counterfeit Cashier's Checks);
  3. Grand Bank of Texas, Grand Prairie, TX (Counterfeit Cashier's Checks).

  Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  1/19/10

• Three Banks Closed

  The FDIC has announced that following banks have been closed by their primary regulator:

  1. Town Community Bank and Trust, Antioch, IL, by the Illinois Department of Financial Professional Regulation, Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with First American Bank, Elk Grove Village, IL, to assume all of the deposits;
  2. St. Stephen State Bank, St. Stephen, MN, by the Minnesota Department of Commerce; the FDIC as receiver entered into a purchase and assumption agreement with First State Bank of St. Joseph, St. Joseph, MN, to assume all of the deposits;
  3. Barnes Banking Company, Kaysville, UT, by the Utah Department of Financial Institutions; the FDIC as receiver created the Deposit Insurance National Bank of Kaysville (DINB), which will remain open until February 12, 2010 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

  Town; St. Stephen; Barnes  1/19/10

• FDIC Propsoes Rulemaking for Incorporating Employee Compensation Criteria Into The Risk Assessment System

  The FDIC is seeking comment on ways that the FDIC's risk-based deposit insurance assessment system (risk-based assessment system) could be changed to account for the risks posed by certain employee compensation programs. Section 7 of the Federal Deposit Insurance Act (FDI Act) sets forth the risk-based assessment authorities underlying the FDIC's deposit insurance system.TXT; PDF  1/19/10

• Enforcement Actions Released

  The OCC has released the list of Enforcement Action recently taken against national banks and individuals. Actions  1/19/10

• Interest Rate Risk Management Symposium Announced

  The FDIC has announced that it will host a symposium on interest rate risk management in Arlington, VA, on January 29, 2010. Symposium  1/19/10

• Liquidity Risk Management Regulatory Bulletin

  A Regulatory Bulletin has been issued by the OTS regarding liquidity risk management and investment securities. Bulletin  1/19/10

• Consumer Mortgage Guide Updated

  The Consumer's Guide to Mortgage Settlement Costs has been updated by the FR. Guide  1/19/10

• January 2010 FedFlash Online

  The Federal Reserve Financial Services has posted the January, 2010, issue of FedFlash online. FedFlash  1/19/10

• Cost of Funds Reports Updated

  The OTS has updated the historical and current Cost of Funds Reports. Historical; Current  1/19/10

• G.17 Industrial Report

  The FR has released the December, 2009, G.17 Industrial Production and Capacity Utilization Report. G.17  1/19/10

• SDNTs Added to OFAC List

  A Columbia drug trafficker and nineteen individuals and sixteen entities related to his financial network have designated by OFAC as Specially Designated Narcotics Traffickers (SDNTs) and their names added to the SDN List. Information regarding the trafficker, individuals and entities has been posted on the OFAC page.  1/15/10

• FRB Publishes Final Rule in FR for Fair Credit Reporting Risk-Based Pricing Regulations

  The Board and the Commission are jointly issuing final rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The final rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. the Privacy Act. TXT; PDF  1/15/10

• TARP Repayment Fee Proposed

  President Obama has proposed a Financial Crisis Responsibility Fee that would require the largest financial firms to pay the fee beginning June 30, 2010, for a minimum of ten years as reimbursement for funds paid under the TARP program. Proposal Fact Sheet; Example  1/15/10

• CRA Ratings Released

  The OCC has released the ratings received by thirty national banks that were recently evaluated for compliance with the CRA. Ratings  1/15/10

• Prompt Corrective Action Directive Announced

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Old Southern Bank, Orlando, FL, a state chartered member bank. Directive  1/15/10

• IBBBB Deposits Purchased

  The FDIC has announced the execution of a purchase and assumption agreement with The Independent BankersBank, Irving, TX regarding the assets and deposits of the recently created Independent Bankers' Bank Bridge Bank, National Association (IBBBB) which was created to take over the operations of the closed Independent Bankers' Bank, Springfield, IL. Agreement  1/15/10

• Bair on Causes and Current State of Financial Crisis

  In testimony before Financial Crisis Inquiry Commission, Chairman Bair discussed the causes and current state of the financial crisis and noted that the enactment of FIRREA and FDICIA created incentives for financial services like subprime mortgages to grow outside of the regulated sector. The Chairman also provided a detailed chronology of events leading to the crisis and suggested reforms to prevent a recurrence. Statement  1/15/10

• Report to Congress

  The FRB has issued a Report to Congress on the case for a role for the Federal Reserve in bank supervision. Report  1/15/10

• Treasury Proposes Rulemaking for TARP; Privacy Act of 1974

  In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF  1/14/10

• Beige Book Update

  The FRB has published the January 13, 2010, update to the Beige Book. Summary; Full Report  1/14/10

• CIP Rule Regarding ACP Post Office Box Addresses

  FinCEN has issued guidance regarding customer identification (CIP) requirements as they relate to customers who are issued a post office box address as part of their participation in an address confidentiality program (ACP). Guidance  1/13/10

• Employee Compensation ANPR Issued

  The FDIC has approved an Advance Notice of Proposed Rulemaking (ANPR) seeking input on whether certain employee compensation structures pose risks that should be captured in the deposit insurance assessment program. ANPR  1/13/10

• 314(a) Fact Sheet Update

  The 314(a) Fact Sheet has been updated by FinCEN with data current as of January 12, 2010. 314(a)  1/13/10

• FRB Board Discount Rate Meeting Minutes

  The minutes of the Discount Rate Meeting on November 23 and December 14, 2010, have been released by the FRB. Minutes  1/13/10

• Credit Auction Results

  The results of the January 11, 2010, auction of $75 billion in 28-day credit have announced by the FRB. Results  1/13/10

• News From FedACH

  The Fourth Quarter, 2009, issue of News From FedACH is available online. News  1/13/10

• Prompt Corrective Action Announced

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Barnes Banking Company, Kaysville, UT, a state chartered member bank. Action  1/12/10

• FRB Adopts IAS Check Transaction Codes

  Effective January 19, 2010, the Federal Reserve Banks have adopted Integrated Accounting System (IAS) transaction codes for check transactions. Codes  1/12/10

• Counterfeit Cashier's Checks Alert

  The OCC has issued an alert regarding counterfeit cashier's checks issued in the name of Broadway National Bank, San Antonio, TX. Information regarding the counterfeit cashier's checks has been posted on the Alerts and Counterfeits page.  1/11/10

• Washington Bank Closed: Deposits Assumed

  Horizon Bank, Bellingham, WA, has been closed by the Washington State Department of Financial Institutions and the FDIC as receiver entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, WA, to assume all of the deposits. Horizon  1/11/10

• California CU Closed: Assets Assumed

  Kern Central Credit Union, Bakersfield, CA, has been closed by the California Department of Financial Institutions. NCUA immediately signed an agreement with Self-Help Federal Credit Union (Self-Help) of Federal Credit Union, Durham, NC, to assume the assets and liabilities. Kern  1/11/10

• OFAC Removes Names

  The names of six individuals and one entity previously designated as SDGTs or SDNTs have been deleted from the OFAC SDN List. Information regarding the deletions has been posted on the OFAC page.  1/11/10

• New Exam Procedures Announced

  The OCC has announced new examination procedures for the Protecting Tenants at Foreclosure Act of 2009 (Tenants Protection Act). Procedures  1/11/10

• Interest Rate Risk Bulletin

  The OCC has issued a bulletin regarding the previously released interagency advisory on Interest Rate Risk which was posted in the January 8, 2009, Top Stories. Bulletin  1/11/10

• $1 Billion Loan Portfolio Sale Winning Bidder Announced

  The winning bidder of the sale of an equity interest in a limited liability company (LLC) created to hold certain assets out of 22 failed bank receiverships has been announced by the FDIC. Sale  1/11/10

• Consumer Credit Report Released

  The November, 2009, G.19 Consumer Credit Report has been released by the FRB. G.19  1/11/10

• Counterfeit Money Orders and Cashier's Checks Special Alerts

  The FDIC has issued two Special Alerts regarding:

  1. Counterfeit Personal Money Orders bearing the name of Western National Bank, Odessa, TX;
  2. Counterfeit Cashier's Checks bearing the name of ProBank, Tallahassee, FL.

  Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  1/08/10

• RR Advisory

  The Federal Financial Institutions Examination Council (FFIEC) has released an advisory reminding institutions of supervisory expectations for sound practices to manage interest rate risk (IRR). Advisory; FFIEC PR; FRB PR; OCC NR; FDIC PR; NCUA PR  1/08/10

• Written Agreements Executed

  The FRB has announced the execution of two Written Agreements by and between:

  1. Heritage Bancshares, Orange Park, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  2. Prime Pacific Financial Services, Inc., Lynnwood, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco.

  Heritage; Prime  1/08/10

• Debt Collection Supervisors Pay CMPs

  The FTC has announced a settlement with the supervisors of two debt collection companies which previously paid civil money penalties of $2.25 million for violating the FTC Act and the FDCPA while collecting debts. The supervisors agreed to pay civil penalties of $375,000 and $300,000. CMPs  1/08/10

• January FedFocus Online

  The Federal Reserve Financial Services has posted the January, 2010m issue of FedFocus online. FedFocus  1/08/10

• Reserve Position Report Updated

  The Treasury has updated the U.S. International Reserve Position Report with data current as of December 31, 2009. Report  1/08/10

• HUD Settlement Cost Booklet Updated

  An updated HUD Settlement Cost booklet has been released in PDF and Word versions. PDF; Word  1/07/10

• Written Agreements Executed

  The FRB has announced the execution of the following Written Agreements:

  • by and among First Cherokee Bancshares, Inc., Woodstock, GA, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  • by and between Wakulla Bancorp, Crawfordville, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta;
  • by and between Sunshine Bankshares, Inc., Port Orange, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

  First Cherokee; Wakulla; Sunshine  1/07/10

• FDIC Proposes Rulemaking for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

  The Federal Deposit Insurance Corporation is issuing this Advance Notice of Proposed Rulemaking to solicit public comment regarding proposed amendments regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after March 31, 2010 (the "ANPR"). The ANPR requests comments on the standards that should be adopted to provide safe harbor treatment in connection with participations and securitizations issued after March 31, 2010. TXT; PDF  1/07/10

• CRA Ratings Released

  The OTS has released the rating received by savings associations that were recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Ratings  1/07/10

• FOMC Minutes Released

  The FRB and the Federal Open Market Committee has released the minutes of the committee meeting held on December 15-16, 2009. Minutes  1/07/10

• IFDP Working Paper Published

  The FRB has published a working paper in the International Finance Discussion Paper (IFDP) Series on the topic of "Are Chinese Exports Sensitive to Changes in the Exchange Rate?" Abstract; Full Paper  1/07/10

• Keep Up With RESPA FAQ Changes

  Beating the implementation date of January 1 for many of the RESPA changes,HUD updated the RESPA FAQ yet again. The latest version is dated December 30, 2009. If you've been keeping up with this, you need to know what has
  changed. You'll find just a compilation of the 12/30 changes on this page we've created. You'll want the new PDF document in its entirety and that is also available for
  download.  1/06/10

• CRA Ratings Released

  The FDIC has released the ratings received by state member banks that were recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  1/06/10

• 314(a) Updated

  FinCEN has updated the 314(a) Fact Sheet with data current as of January 4, 2010. 314(a)  1/06/10

• 2008 FFIEC HMDA Reports Errors Corrected

  The FFIEC has discovered and corrected some errors that were posted previously on the HMDA Reports for 2008 “ National Aggregates, MSA Aggregates and Institution Disclosure Statements. HMDA  1/06/10

• CU Merger Announced

  The NCUA has announced that effective December 31, 2009, First Service Credit Union, of Milwaukee, WI, merged with Marine Credit Union, of Fond Du Lac, WI. Merger  1/06/10

• Prompt Corrective Action Directive Issued

  The FRB has announced the issuance of a Prompt Corrective Action Directive with the consent of Sun American Bank, Boca Raton, FL, a state chartered member bank. Directive  1/05/10

• Federal Reserve Publishes Final Rule in FR for Availability of Funds and Collection of Checks

  The Board of Governors is amending the routing number guide to next-day availability checks and local checks in Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Atlanta and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System. Subsequent to these amendments, there will only be a single check-processing region for purposes of Regulation CC and there will no longer be any checks that are nonlocal. TXT; PDF  1/05/10

• Exchange Rates Report Issued

  The FRB has issued the December, 2009, G.5 Foreign Exchange Rates Report. G.5  1/05/10

• Written Agreement Announced

  The execution of a Written Agreement by and between Sterling Financial Corporation, Spokane, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco has been announced by the FRB. Agreement  1/04/10

• Treasury Fiscal Service Proposes Rulemaking for Endorsement and Payment of Checks Drawn on the United States Treasury

  The Department of the Treasury, Financial Management Service (FMS), is proposing to amend its regulation governing the endorsement and payment of checks drawn on the United States Treasury, to provide that Treasury may direct Federal Reserve Banks to debit a financial institution's account at the financial institution's servicing Federal Reserve Bank for all check reclamations that the financial institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error. TXT; PDF  1/04/10

• Chinese Company Added to OFAC List

  The Treasury has designated a Chinese company as a NPWMD and added its name to the SDN List. Information regarding the company has been posted on the OFAC page.  1/04/10

• Check Processing Operations Restructured

  The FRB has announced the restructuring of check processing operations in the Fourth and Sixth districts and the approval of amendments to Appendix of Reg CC. Check Processing  1/04/10

• Credit Union Liquidated

  The NCUA has announced the liquidation of HeritageWest Federal Credit Union of Tooele, UT. Chartway Federal Credit Union has purchased and assumed HeritageWest Federal Credit Unions assets, loans and shares. HeritageWest  1/04/10

• Fourth Quarter 2009 Call Report FIL

  A FIL has been issued by the FDIC regarding the preparation, editing, review and submission of the December 31, 2009 Call Report. FIL  1/04/10

• Section 19 Letters Published

  Twelve letters have been published by the FRB regarding notification that certain individuals are prohibited under the provisions of Section 19 of the Federal Deposit Insurance Act from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions. Letter 1; Letter 2; Letter 3; Letter 4; Letter 5; Letter 6; Letter 7; Letter 8; Letter 9; Letter 10; Letter 11; Letter 12  1/04/10

• Bernanke Discusses Monetary Policy and the Housing Bubble

  At a presentation at the annual meeting of the American Economic Association in Atlanta, Chairman Bernanke discussed monetary policy and the housing bubble. Speech  1/04/10

• G.20 Finance Companies Report

  The October, 2009, G.20 Finance Companies report has been released by the FRB. G.20  1/04/10

• HUD Updates RESPA Q&A Again

  HUD posted yet another update to its RESPA FAQ document on its website today. The update, which carries a 12/30/2009 date, includes several additions to the collection of questions from industry participants. The additions, scattered throughout the document, are highlighted in bold print. RESPA FAQ  12/31/09

• Treasury Restructures GMAC Commitment

  The Treasury has announced that it is restructuring its investment in GMAC to protect taxpayers and put GMAC in a position to raise private capital and pay back taxpayers as soon as practicable. GMAC 12/31/09

• Order of Prohibition and CMP

  The OTS has issued an Order of Prohibition and assessed a civil money penalty (CMP) of $2,500 against a former institution-affiliated party who, while subject to previously issued Order of Prohibition, became an employee of a financial institution consulting firm and participated in the conduct of the affairs of insured depository institutions.
  Order 12/30/09

• New Electronic Interpretations and Actions

  The OCC has posted online the December 2009 issue of New Electronic Interpretations and Actions.New 12/30/09

• Reserve Position Update

  The Treasury has updated the U.S. International Reserve Position Report with data current as of December 24, 2009. Report 12/30/09

• Enforcement Actions Released

  A list of fifty-one orders of administrative enforcement actions recently taken against banks and individuals has been released by the FDIC. List  12/29/09

• Written Agreement Executed

  The FRB has announced the execution of a Written Agreement between AMB Financial Services Corporation, Bainbridge Island, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  12/29/09

• Reg D Amendments Proposed

  Amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility under which the Federal Reserve Banks would offer interest-bearing term deposits to eligible institutions through an auction mechanism have been proposed by the FRB. Amendments  12/29/09

• Joint Agencies Publish Technical Amendment to Final Rule in FR for Community Investment Act Regulations

  The OCC, the Board, the FDIC, and the OTS are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define "small bank" or "small savings association" and "intermediate small bank" or "intermediate small savings association." As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index. TXT; PDF  12/29/09

• NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions

  The NCUA Board proposes to amend its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDF  12/29/09

• Monetary Policy FEDS Working Paper

  A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of Monetary Policy and the Housing Bubble has been published. Abstract; Full Paper  12/29/09

• Treasury Issues Update on Status of Support for Housing Programs

  The Treasury Department provided an update on initiatives established under the Housing and Economic Recovery Act (HERA) of 2008, which supports housing market stabilization and provides relief to struggling homeowners. As part of a commitment to wind down programs that were established during the crisis and are no longer critical to financial stability, the Treasury will terminate several HERA programs at the end of the year. The Treasury will also amend the terms of its agreements with Fannie Mae and Freddie Mac to support their ongoing stability. Announcement; Freddie Mac Amendment; Fannie Mae Amendment  12/28/09

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among Centrue Financial Corporation, Clayton, MO, a registered bank holding company, Centrue Bank, Streator, IL, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. Agreement  12/28/09

• FRB Publishes Final Rule in FR for Home Mortgage Disclosure

  The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect no change in the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW). The exemption threshold remains $39 million. The CPIW decreased by 0.98 percent during the twelve-month period ending in November 2009, but this change is too small to warrant any reduction in the exemption threshold pursuant to Regulation C; therefore, depository institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. TXT; PDF  12/28/09

• December Reporting Forms Information Issued

  The FFIEC has issued and posted online information for the December 2009 009 and 009a Reporting Forms.009 Form;
  009 Instructions;
  009a Form;
  009a Instructions   12/24/09

• Extra Credit Report Cost Reduction; Mortgage Scam Charges

  The FTC has announced that it is lowering from $11 to $10.50 the maximum amount that consumer reporting agencies are allowed to charge consumers for an extra copy of their credit report, and that three more defendants have been charged with promoting phony mortgage relief services.FTC   12/24/09

• TIAC 2010 Officers and Members Announced

  The FRB has announced that five new members named to the Thrift Institutions Advisory Council and a new president and vice president have been named for 2010.
  TIAC   12/24/09

• Survey of Terms of Business Lending Released

  The E.2 Survey of Terms of Business Lending for November 2-6, 2009, has been released by the FRB.E.2   12/24/09

• FDIC Quarterly released

  The FDIC announced its release of the current issued of the FDIC Quarterly, which includes a feature article that highlights findings from the 2009 Summary of Deposits, an annual survey of bank and thrift deposits. The article reports on national trends in domestic deposits and banking offices and also presents some information by state, metropolitan area, and institution. FDIC Quarterly  12/24/09

• Treasury receives $45B in TARP repayments

  Treasury announced that it had received repayments on its Troubled Asset Relief Program (TARP) investments in Wells Fargo and Citigroup in the sum of $45 billion, bringing the total amount of repaid TARP funds to $164 billion. Wells Fargo repaid $25 billion under the Capital Purchase Program (CPP) and Citigroup repaid $20 billion under the Targeted Investment Program (TIP), both of which will wind down at the end of this year. Treasury now estimates that total bank repayments should exceed $175 billion by the end of 2010, cutting total taxpayer exposure to the banks by three-quarters. TARP Announcement  12/24/09

• Iraq Insurgent Group Added To OFAC List

  Treasury has designated the Iraq-based insurgent group Jaysh Rijal al-Tariq al-Naqshabandi (JRTN) and added its name to the SDN List for threatening the peace and stabilization efforts in Iraq. Information regarding the group has been posted on the BOL OFAC Page.  12/23/09

• $217,000 OFAC CMP

  Lloyds TSB Bank, plc has agreed to pay $217,000 to settle allegations of violations of the OFAC Iranian Transactions Regulations, the Sudanese Sanctions Regulations, and the now repealed Libyan Sanctions Regulations.Lloyds  12/23/09

• CRA Asset-Size Threshold Adjustments

  The annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under the CRA regulations have been announced by the federal bank regulatory agencies.Adjustments;
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR;
  FFIEC PR  12/23/09

• Risk-Based Pricing Notices Final Rules

  The FRB and FTC have announced final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. The final rules are effective January 1, 2011.
  Final Rules;  
  FRB PR;   
  FTC NR  12/23/09

• Reg C Annual Asset-Size Exemption Threshold

  The annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), has been published by the FRB.Threshold  12/23/09

• Community Bank Directors Workshop

  The OCC will host a workshop for directors of nationally chartered community banks in San Diego, at the Hyatt Regency Mission Bay, February 1-3, 2010. Online registration is available.  Agenda;  Registration  12/23/09

• Financial Reporting Bulletin

  The December 2009 issue of the Financial Reporting Bulletin has been published by OTS.
  Bulletin  12/23/09

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with data current as of December 18, 2009.Report  12/22/09

• Mortgage Metrics Report Released

  The OCC and OTS have released the Mortgage Metrics Report for Third Quarter 2009.
  Report;
  OCC NR  12/22/09

• Fed Informs Atlanta Zone of Closing Plans

  In a December 17 memo, depository institutions in the Atlanta check processing zone learned the date on which the Fed plans to complete its consolidation of check processing at the Federal Reserve Bank of Cleveland. The Atlanta office will no longer accept paper checks for processing aft 12:01 a.m. on Friday, February 26, 2010. Depositary banks throughout the country can expect that the Federal Reserve Board will update Appendix A to Regulation CC to effectively eliminate the non-local check category effective on February 27. Announcement   12/21/09

• Enforcement Actions Released

  The OCC has released the list of Enforcement Actions recently taken against national banks and individuals currently and formerly affiliated with national banks. The Actions include a $1,000 CMP issued for Flood violations which has been posted on the BOL Flood Penalties Watch Page. List 12/21/09

• Reg DD Exam Procedures Updated

  The FRB has issued a Consumer Affairs Letter (CA) and OTS a CEO Letter and a Regulatory Bulletin regarding updated examination procedures for Regulation DD (Truth in Savings). CA Letter;
  CEO Letter;
  Regulatory Bulletin;
  Reg DD Checklist 12/21/09

• Commercial Bank Manual Updated

  The semi-annual update of the Commercial Bank Supervision Manual has been published by the FRB.
  Full Manual;
  By Section 12/21/09

• FinCEN Updates North Korean Advisory

  An additional North Korean bank has been added by FinCEN to previously issued guidance regarding the involvement by Democratic People's Republic of Korea (North Korea) government agencies and front companies in illicit activities. The original guidance was posted in the June 19, 2009 BOL Top Stories.
  Update 12/21/09

• OCC Annual Report

  The OCC has published its 2009 Annual Report regarding the regulators finances, management, and consumer protection activities along with its effort to restore safety and soundness to the financial system.
  Report 12/21/09

• Ag Finance Databook Updated

  The FRB has released the December 2009 update to the E.15 Agricultural Finance Databook.
  E.15 12/21/09

• Third Quarter Household Ratios Released

  The Household Debt Service and Financial Obligations Ratios for the third quarter 2009 have been released by the FRB.
  Ratios 12/21/09

• Derivatives Credit Exposures Decline

  The OCC's Quarterly Report on Bank Trading and Derivatives Activities indicates the credit risk in bank trading activities continued to decline in the third quarter of 2009.
  Report 12/21/09

• Counterfeit Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit bank checks bearing the name of American Savings, FSB, Munster, Indiana. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  12/18/09

• $135,000 Flood CMP

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $135,000 against Regions Bank, Birmingham, AL, in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMP has been posted on the Flood Penalties Watch page.  12/18/09

• FFIEC Issues Reverse Mortgage Products Guidance

  The Federal Financial Institutions Examination Council (FFIEC) has released proposed guidance today on reverse mortgage products which is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. Guidance  12/18/09

• BSA Interagency Guidance Issued

  The federal banking agencies have issued a guidance corresponding to the release of a Basel Committee on Banking Supervision (BCBS) publication addressing transparency in cross-border payment messages. Guidance; BCBS; OCC Bulletin; FDIC FIL; FRB SA Letter   12/18/09

• BHC Change Control Letter

  A letter has been published by the FRB regarding a legal interpretation advising a BHC that it would not be deemed to control an entity under the Bank Holding Company Act, as amended, if the transactions described in the letter are conducted according to certain conditions described in the letter and related correspondence. Letter  12/18/09

• Winter Issue Supervisory Insights

  The FDIC has published the 2009 Winter issue of Supervisory Insights, which features an article that focuses on the critical need for banks to have strong, effective interest-rate risk (IRR) management programs that help mitigate excessive exposure. Insights; FDIC FIL  12/18/09

• Regulators Encourage Basel Comments

  The U.S. Federal financial institution regulators are encouraging comments on the recently released new proposals from the Basel Committee on Banking Supervision that aim to strengthen the resiliency of the banking sector through new capital and liquidity standards. Proposals; OCC NR; FRB PR; FDIC PR; OTS CEO   12/18/09

• 2010 CAC Members Named

  Ten new members have been named to the FRB Consumer Advisory Council for three-year terms and a new Chair and Vice Chair of the Council have been designated for 2010. CAC   12/18/09

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated with data current as of December 11, 2009. Report  12/18/09

• FinCEN Annual Report

  FinCEN has published its 2009 Annual Report. Report  12/18/09

• NCU Board Meeting Results

  The results of the December 17, 2009, meeting of the NCUA Board have been released. Results  12/18/09

• HUD Revises Settlement Costs Booklet

  HUD posted its revised settlement costs booklet, Shopping for Your Home Loan, on its site this morning. Lenders are required by 3500.6 of HUD's Regulation X to provide a copy of the booklet to any person from whom the lender receives, or for whom the lender prepares, a written application for a federally related mortgage loan. The regulation calls for HUD to publish the revised booklet in the Federal Register. Booklet   12/17/09

• $536M OFAC Penalty Announced

  The largest penalty in the history of OFAC, a $536 million global settlement with Credit Suisse AG, has been announced by OFAC, the Department of Justice and the New York County District Attorney's Office. The penalty results from the processing of thousands of transactions over a 20-year period that concealed the involvement of sanctioned parties and the routing of wire transfers and securities transactions to and through the United States. The FRB also announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG. Penalty; Order  12/17/09

• CRA Ratings Released

  The OCC has released the ratings received by twenty-five national banks that were recently examined for compliance with the CRA. Ratings  12/17/09

• January HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in January, 2010, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  12/17/09

• FOMC Maintains Fed Funds Rates

  The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rates  12/17/09

• Regulatory Capital Rule Finalized

  The FDIC has announced that it has finalized a final rule to better align regulatory capital requirements with the actual risks of certain exposures relating to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Rule  12/17/09

• Reverse Mortgage Guidance

  A CEO Letter has been issued by the OTS regarding proposed reverse mortgage guidance. Letter  12/17/09

• 314(a) Fact Sheet Updated

  The FinCEN has updated the 314(a) Fact Sheet with date current as of December 15, 2009. 314(a)
    12/17/09

• Counterfeit Checks and Drafts Special Alerts

  The FDIC has issued seven Special Alerts regarding counterfeit checks and drafts bearing the name of the following entities:

  • The Palmetto Bank, Laurens, SC (Counterfeit Official Checks);
  • Central Bancompany, Jefferson City, MO (Counterfeit Missouri Department of Revenue Checks);
  • Summit Bank, Prescott, AZ(Counterfeit Checks);
  • Cherokee Bank, National Association, Canton, GA (Counterfeit Cashier's Checks);
  • The Bank of Currituck, Moyock, NC (Counterfeit Cashier's Checks);
  • Texas Champion Bank, Alice, TX (Counterfeit Cashier's Checks);
  • Rolfe State Bank, Rolfe, IA (Counterfeit Certified Bank Drafts).

  Information concerning the counterfeit items has been posted on the Alerts & Counterfeits page.  12/16/09

• Cartel Members Added to OFAC List

  OFAC has designated two Mexican nationals, one Colombian national, two Mexican companies and two Colombian companies as Specially Designated Narcotics Traffickers (SDNTs) for providing material support to the drug trafficking activities of the Sinaloa Cartel and added their names to the SDN List. Information regarding the individuals and the companies has been posted on the OFAC page.  12/16/09

• Written Agreement Announced

  The FRB has announced the execution of a Written Agreement by and among 1st Pacific Bancorp, a registered bank holding company, 1st Pacific Bank of California, a state member bank, both of San Diego, CA, and the Federal Reserve Bank of San Francisco. Agreement  12/16/09

• FDIC Approves ANPR Safe Harbor

  The FDIC Board has approved an Advance Notice of Proposed Rulemaking (ANPR) Regarding Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. ANPR  12/16/09

• Dugan Issues Securitizations Rulemaking Statement

  At a meeting of the board of the FDIC, Comptroller Dugan issued a statement regarding the ANPR on Securitizations. Statement  12/16/09

• December FedFlash

  The December, 2009, issue of FedFlash is available online and features articles regarding the price change for Fed Funds Checks Service, NOI cash letter requirements, the Check Adjustment Webinar Series, Special Order Presidential $1 coins, new FedReceipt RTNs, and new methods to boost retirement savings. FedFlash  12/16/09

• Credit Auction Results

  The results of auction of $75 billion in 28-day credit held on December 14, 2009, have been announced by the Federal Reserve. Auction  12/16/09

• Financial Literacy Campaign Announced

  The OCC has announced it plans to launch in partnership with Univision, the nation's largest Spanish-language media company, a consumer financial education campaign for U.S. Hispanic consumers. Campaign  12/16/09

• October TIC Data Released

  The Treasury has released the Treasury International Capital (TIC) data for October, 2009. TIC  12/16/09

• Production and Capacity Report

  The G. 17 Industrial Production and Capacity Utilization Report for November, 2009, has been published by the Federal Reserve. G.17  12/16/09

• Cost of Funds Reports Update

  The OTS has issued updated Current and Historical Cost of Funds reports. Historical; Current  12/16/09

• TCF Warrants Offered

  The Treasury has announced that it has commenced a secondary public offering of approximately 3,199,988 warrants to purchase the common stock of TCF Financial Corporation. Warrants  12/15/09

• Change in Control Exemption Granted

  A letter has been released by the FRB granting an exemption under its advanced capital adequacy framework for bank holding companies to permit an applicant to extend its first floor period start date by one year. Letter  12/15/09

• HUD Proposes Rulemaking for SAFE Mortgage Licensing Act

  HUD published proposed rules covering its responsibilities under the SAFE Mortgage Licensing Act.TXT; PDF  12/15/09

• Three Banks Closed Deposits Assumed

  The following banks have been closed by their primary regulator:

  1. Republic Federal Bank, National Association, Miami, FL, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, FL, to assume all of the deposits;
  2. Valley Capital Bank, National Association, Mesa, AZ, by the Office of the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, MO, to assume all of the deposits;
  3. SolutionsBank, Overland Park, KS, the Office of the State Bank Commissioner of Kansas; the FDIC as receiver entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, AR, to assume all of the deposits.

  Republic; Valley; SolutionsBank  12/14/09

• Written Agreement Executed

  The execution of a Written Agreement by and between First Mariner Bancorp, Baltimore, MD a registered bank holding company, and the Federal Reserve Bank of Richmond has been announced by the FRB. Agreement   12/14/09

• Bair Discusses BOA Acquisition of ML

  In testimony before the House Committee on Oversight and Government Reform and the Subcommittee on Domestic Policy, Chairman Bair presented testimony on the FDIC's role in the decision to provide assistance to Bank of America to acquire Merrill Lynch. Testimony  12/14/09

• Warrants Public Offering Prices Announced

  The Treasury has announced the pricing of a secondary public offering of 88,401,697 warrants to purchase common stock of JPMorgan Chase & Co. Pricing  12/14/09

• BSA E-Filing Error Codes

  FinCEN has announced that the BSA Electronic Filing Requirements have been revised to include the SAR Acknowledgment file record formats and SAR Validation error codes for correcting errors in electronically batch-filed suspicious activity reports. Codes  12/11/09

• MSB Registration List Updated

  The FinCEN has updated the MSB Registration List with data current as of November 17, 2009. List  12/11/09

• Geithner Testifies

  Secretary Geithner presented written testimony regarding current U.S. financial and economic conditions to the Congressional Oversight Panel. Testimony  12/11/09

• December 2009 FedFocus

  The December, 2009, issue of FedFocus has been posted online and features articles regarding the upgrading of the technology platform for delivering FedCash® Services. FedFocus  12/11/09

• MHA Data Released

  The latest monthly report for the Making Home Affordable (MHA) loan modification program has been released. Monthly Report  12/11/09

• Treasury to Release Data

  The Treasury has announced that will increase public access to data on tax returns, more user friendly information on transactions under the Troubled Asset Relief Program (TARP), and a new report on bank trading and derivatives. Data  12/10/09

• Community Bank Directors Miami Workshop Information

  The OCC has released registration and agenda information regarding the workshops for directors of nationally chartered community banks to be held in Miami, at the Hyatt Regency Coral Gables, on January 12-13, 2010. Agendas; Registration  12/10/09

• Third Quarter State Profiles

  The FDIC has released the Third Quarter 2009 State Profiles, the quarterly data sheet summation of banking and economic conditions in each state. Profiles  12/10/09

• Written Agreement with Iowa BHC

  The FRB has announced the execution of a Written Agreement by and between River Valley Bancorp, Inc., Davenport, IA, a registered bank holding company, and the Federal Reserve Bank of Chicago. Agreement  12/09/09

• Free Brokered Deposits Telephone Seminar

  A FIL has been issued by the FDIC announcing a free telephone seminar for financial institution officers and employees to discuss issues related to brokered deposits and the interest-rate restrictions to be held on December 10, 2009, at 2:00 p.m. EST. FIL  12/09/09

• FRB Publishes Final Rule in FR for Extensions of Credit by Federal Reserve Banks

  This final rule amends Regulation A to provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies in the Term Asset-backed Securities Loan Facility. The final rule does not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the final rule only applies to asset-backed securities that are not backed by commercial real estate. The amendment does not represent a change in the stance of monetary policy. TXT; PDF  12/09/09

• NCUA Proposes Rulemaking for Corporate Credit Unions

  NCUA is issuing proposed amendments to its rule governing corporate credit unions contained in part 704. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments would establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDF  12/09/09

• JPMorgan Chase Public Offering

  The Treasury has announced that it has commenced a secondary public offering of approximately 88,401,697 warrants to purchase the common stock of JPMorgan Chase & Co. Offering  12/09/09

• Reserve Position Update

  The U.S. International Reserve Position Report has been updated by the Treasury with data current as of December 4, 2009. Report  12/08/09

• Written Agreement Announced

  The execution of a consent Cease and Desist Order by and among Pierce County Bancorp, Tacoma, WA, a registered bank holding company, Pierce Commercial Bank, a state chartered member bank, the Federal Reserve Board, and the Washington State Department of Financial Institutions has been announced by the FRB. Agreement  12/08/09

• Mortgage Loan Modifications and Reg B CA Letter

  A Consumer Affairs (CA) letter has been issued by the FRB to address questions received from consumer compliance examiners regarding whether adverse action notices under Regulation B (Equal Credit Opportunity) are required for mortgage loan modification declinations, including those made pursuant to Treasury's Making Home Affordable Modification Program ("HAMP"). CA Letter  12/08/09

• Community Bank Directors Workshops 2010 Schedule

  The schedule for the 2010 Community Bank Directors Workshops has been announced by the OCC. Schedule  12/08/09

• Financial Holding Company List

  The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies as of November 7, 2009. List  12/08/09

• Consumer Credit Report

  The October 2009 G. 19 Consumer Credit Report has been released by the FRB. G.19  12/08/09

• Six Banks Closed: All Deposits Assumed

  The FDIC has announced that the following banks have been closed by their primary regulators:

  1. Buckhead Community Bank, Atlanta, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
  2. First Security National Bank, Norcross, GA, was closed today by the OCC; the FDIC as receive entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, GA, to assume all of the deposits;
  3. Tattnall Bank, Reidsville, GA, was closed today by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with HeritageBank of the South, Albany, GA, to assume all of the deposits;
  4. AmTrust Bank, Cleveland, OH, was closed today by the OTS; the FDIC) as receiver entered into a purchase and assumption agreement with New York Community Bank, Westbury, NY, to assume all of the deposits;
  5. Benchmark Bank, Aurora, IL, was closed today by the Illinois Department of Financial and Professional Regulation; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, IL, to assume all of the deposits;
  6. Greater Atlantic Bank, Reston, VA, was closed today by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with Sonabank, McLean, VA, to assume all of the deposits.

  Buckhead; First Security; Tattnall; AmTrust; Benchmark; Greater Atlantic  12/07/09

• BSA E-Filing SAR Reminder

  The second phase of the BSA E-Filing SAR Acknowledgements and Validation process will be implemented by FinCEN on December 12, 2009. Phase II applies data quality checks and will provide filers with information on the quality of their submissions for electronically filed SARs of all types including Suspicious Activity Report by Depository Institutions (SAR-DI) and Suspicious Activity Report by Money Services Businesses (SAR-MSB). SAR Filing  12/07/09

• Treasury Publishes Corection to Interim Final Rule in FR

  One correction is to the preamble of an interim final rule that was published in the Federal Register on Monday, June 15, 2009 (74 FR 28394), relating to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Assets Relief Program (TARP). The rule relates to certain standards for compensation and corporate governance applicable to financial institutions receiving funds under the Troubled Asset Relief Program (TARP). Preamble (TXT); Preamble (PDF);    Rule (TXT); Rule (PDF)  12/07/09

• CRA Ratings Released

  The ratings received by state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) has been released by the FDIC. Ratings  12/07/09

• Interest Rate Restrictions FIL Issued

  The FDIC has issued a FIL and Q&A regarding process for determining if an institution that is subject to interest-rate restrictions is operating in a high-rate area. FIL; Q&A  12/07/09

• Warrant Public Auction Pricing

  The pricing of the public offering of warrants to purchase common stock of Capital One Financial Corporation has been announced by the Treasury. Pricing  12/07/09

• ABS Credit Rating Final Rule

  The FRB has announced the adoption of a final rule that would establish criteria to be used by the Federal Reserve Bank of New York to determine the eligibility of credit agencies to issue credit ratings on asset-backed securities (ABS). Final Rule  12/07/09

• Counterfeit Checks and Money Orders Special Alerts

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks and personal money orders bearing the name of the following institutions:

  • Crescent State Bank, Cary, North Carolina (Counterfeit Cashier's Checks);
  • American Momentum Bank, Tampa, FL (Counterfeit Cashier's Checks);
  • Country Bank for Savings, Ware, MA (Counterfeit Personal Money Orders);
  • Plattsmouth State Bank, Plattsmouth, NE(Counterfeit Cashier's Checks); and
  • LegacyTexas Bank, Plano, TX (Counterfeit Cashier's Checks).

  Information regarding the counterfeit items has been posted on the Alerts & Counterfeits page.  12/04/09

• Mexican Drug Kingpin Associates Added to OFAC List

  Pursuant to the provisions of the Foreign Narcotics Kingpin Designation Act (Kingpin Act), OFAC has designated 22 individuals and 10 companies as Specially Designated Narcotics Traffickers (SDNTs) for their ties to the Mexico-based Beltran Leyva Organization and added their names to the SDN List. Information regarding the new designates has been posted on the OFAC page.  12/04/09

• Order of Prohibition and $75,000 CMP

  The FRB has announced the issuance of a combined Consent Order of Prohibition and Order of Assessment of a Civil Money Penalty (CMP) of $75,000 against Francesco Rusciano, a former institution-affiliated party of UBS AG, Zurich, Switzerland. Order  12/04/09

• CMP Enforcement Regulatory Bulletin

  The OTS has issued a Regulatory Bulletin containing a new general CMP matrix form and instructions identifying the factors considered in deciding whether a CMP should be imposed, and if so, in what amount. Bulletin   12/04/09

• Fraudulent FDIC Correspondence Special Alert

  The FDIC has issued a Special Alert reminding financial institutions, businesses and consumers that fraudulent correspondence claiming to be from the FDIC continues to be mailed, faxed and e-mailed in the United States and other countries. Alert  12/04/09

• Financial Education Awards Announced

  The recipients of the FDIC Chairman's Award for Innovation in Financial Education which recognizes excellence and innovation in financial education, and also highlights potentially replicable best practices have been announced. Awards  12/04/09

• CRA Ratings Released

  The OTS has released the ratings received by savings associations recently examined for compliance with the provisions of the CRA. Ratings  12/03/09

• Written Agreement

  The execution of a Written Agreement by and between Ohio State Bancshares, Inc., Marion, OH, a registered bank holding company, and the Federal Reserve Bank of Cleveland has been announced by the FRB. Agreement  12/03/09

• NCUA Publishes Final Rule in FR for National Credit Union Share Insurance Fund Premium and One Percent Deposit

  Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The final rule also adds Appendix A to Part 741, which repeats various examples of the application of Sec. 741.4, as discussed in the preamble to the proposed rule. TXT; PDF  12/03/09

• Beige Book

  The December 2, 2009 issue of the Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts based on information collected on or before November 20, 2009, has been published. Summary; Full Report  12/03/09

• Unbanked Survey Results Released

  The FDIC has released the findings of its National Survey of Unbanked and Underbanked Households which reveals that more than one quarter of all households in the United States are unbanked or underbanked. Summar; Full Results  12/03/09

• Risk-Based Capital - Modified Mortgages Final Rule Bulletin

  A bulletin has been issued by the OCC regarding the previously announced final rule concerning the risk-based capital treatment for one-to-four family residential mortgages modified under the U.S. Treasury Department's Home Affordable Mortgage Program.Information regarding the final rule was posted in the November 20, 2009 Top Stories. Bulletin  12/03/09

• New Electronic Interpretations and Actions

  The OCC has announced the November, 2009, New Electronic Interpretations and Actions. New  12/03/09

• Directive Announced

  The FRB has announced the issuance of a consent Prompt Corrective Action Directive against Bank of Illinois, Normal, IL. Directive  12/02/09

• OCC 2010 Fee Structure

  The OCC has issued a bulletin containing its 2010 Fee Structure. Bulletin  12/02/09

• Written Agreement

  The execution of a Written Agreement between Commercial Bancshares, Inc., Bloomington, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis, has been announced by the FRB. Agreement  12/02/09

• 314(a) Fact Sheet

  FinCEN has updated the 314(a) Fact Sheet with data current as of December 1, 2009. 314(a)  12/02/09

• Treasury Announces Capital One Warrants Offering

  A secondary public offering at auction of approximately 12,657,960 warrants to purchase the common stock of Capital One Financial Corporation has been announced by the Treasury. The auction will commence on December 3, 2009, at 8 a.m., Eastern Time, and will close at 6:30 p.m. Offering; Auction  12/02/09

• Discount Rate Meetings Minutes

  The FRB released the minutes of its discount rate meetings on October 13 and November 2, 2009. Minutes  12/02/09

• Credit Auction Results

  The results of the auction of $25 billion in 42-day credit through its Term Auction Facility have released by the Treasury. Results  12/02/09

• Exchange Rates Report

  The G.5 Foreign Exchange Rates Report for November, 2009, has been released by the FRB. G.5.  12/02/09

• Reserve Position Updated

  The Treasury has updated the U.S. International Reserve position Report with data current as of November 27, 2009. Report  12/02/09

• CRA Exam Schedules

  The OCC and FDIC have released their schedules of Community Reinvestment Act (CRA) examinations to be conducted in the first quarter of 2010. OCC; FDIC  12/01/09

• CU Closed

  The NCUA has placed the Fairfield County Ohio Federal Employees Federal Credit Union of Lancaster, OH, into liquidation. Fairfield  12/01/09

• 2008 FFIEC HMDA Reports Errors

  Errors have been discovered in some of the FFIEC HMDA Reports for 2008 regarding National Aggregates, MSA Aggregates and Institution Disclosure Statements which were posted to the FFIEC website on September 30, 2009. Errors  12/01/09

• Commercial RE Loan Workouts Phone Seminar

  A free interagency telephone seminar on the Policy Statement on Prudent Commercial Real Estate Loan Workouts (Workout Guidance) will be hosted by the federal financial institution regulatory agencies on Thursday, December 3, 2009, at 2:00 p.m. EST. Participants may submit questions in advance. Seminar  12/01/09

• Joint Agencies Publish Final Rule in FR for Final Model Privacy Form under Gramm“Leach“Bliley Act

  The OCC, Board, FDIC, OTS, NCUA, FTC, CFTC, and SEC (the "Agencies") are publishing final amendments to their rules that implement the privacy provisions of Subtitle A of Title V of the Gramm-Leach-Bliley Act ("GLB Act"). These rules require financial institutions to provide initial and annual privacy notices to their customers. Pursuant to Section 728 of the Financial Services Regulatory Relief Act of 2006 ("Regulatory Relief Act"), the Agencies are adopting a model privacy form that financial institutions may rely on as a safe harbor to provide disclosures under the privacy rules. In addition, the Agencies other than the SEC are eliminating the safe harbor permitted for notices based on the Sample Clauses currently contained in the privacy rules if the notice is provided after December 31, 2010. Similarly, the SEC is eliminating the guidance associated with the use of notices based on the Sample Clauses in its privacy rule if the notice is provided after December 31, 2010. TXT  12/01/09

• FRB Publishes Final Rule in FR for Prohibition on Funding of Unlawful Internet Gambling: Extension of Compliance Date

  This document is published jointly by the Board of Governors of the Federal Reserve System ("Board") and Departmental Offices, Department of the Treasury ("Treasury") (collectively, the "Agencies") to extend the compliance date for the final regulation implementing applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act").\1\ The final regulation requires non-exempt participants in designated payment systems to establish and implement written policies and procedures that are reasonably designed to identify and block or otherwise prevent or prohibit unlawful Internet gambling transactions restricted by the Act. In extending the compliance date, the Agencies have consulted with the Department of Justice, as required by the Act. TXT  12/01/09