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• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006, and the amendments to Reg CC that define "remotely created checks" (RCC) and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July Flood Form; RCC   6/30/06

• Counterfeit Checks Special Alerts Issued

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

  • City Bank, Everett, Washington;
  • Equity Bank, A National Association, Andover, Kansas;
  • First National Bank of Nevada, Scottsdale, Arizona;
  • Irwin Union Bank and Trust Company, Columbus, Indiana;
  • North Community Bank, Chicago, Illinois;
  • First International Bank, Plano, Texas;
  • Riverside Bank of the Gulf Coast, Cape Coral, Florida

  Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   6/30/06

• FOMC Raises Rates

  The Federal Open Market Committee has raised interest rates for a seventeenth straight time by increasing the fed funds rate by twenty-five basis points to 5.25 percent, its highest level since March 2001. The Board of Governors also unanimously approved a twenty-five basis point increase in the discount rate to 6.25 percent. Rates   6/30/06

• It's Lincoln's Turn for a Face Lift

  Treasury, the Federal Reserve and the Secret Service have announced plans to redesign the $5 note as part of ongoing security enhancements to U.S. currency. The redesigned note is expected to be issued in early 2008. $5 Note   6/30/06

• First Quarter Aggregate Exposure and CMR Report Released

  OTS has released the Aggregate Exposure and CMR Report for the first quarter 2006. Report   6/30/06

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of Alaska First Bank & Trust, N.A., Anchorage, Alaska; First Port City Bank, Bainbridge, Georgia; and Savings Bank of Danbury, Danbury, Connecticut. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/29/06

• Northeast Banks May Close

  The OCC has issued a proclamation allowing national bank offices affected by severe weather in the northeast to close at their discretion. Proclamation   6/29/06

• Blair Sworn In As FDIC Chairman

  Sheila C. Bair has been sworn in as the 19th FDIC Chairman. She formerly served as a Commissioner on the Commodity Futures Trading Commission, Senior Vice President for Government Relations of the NYSE Stock Exchange, Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, and, most recently, Professor at the University of Massachusetts. Chairman   6/29/06

• FDIC Extends Comment Period for Proposed Rulemaking

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of dividends. The FDIC is extending the comment period on that notice to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for One-Time Asssessment Credit

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on the
  implementation of the one-time assessment credit for eligible insured depository institutions. The
  FDIC is extending the comment period on that notice of proposed rulemaking to August 16, 2006.TXT, PDF .    6/28/06

• FDIC Extends Comment Period for Asssessment Collection and Retention

  On May 18, 2006, FDIC issued a notice of proposed rulemaking with request for comments on revisions
  to 12 CFR part 327 (see 71 FR 28790). The rulemaking proposed changes to the reaction time
  in institutions' risk profiles to increase efficiency. The comment deadline period is extended to a
  August 16, 2006.TXT, PDF .    6/28/06

• NCUA Proposes Rulemaking for SAR Filing Requirements

  The proposed rule describes, in detail, the requirements for reporting and filing a Suspicious
  Activity Report (SAR)TXT, PDF .    6/28/06

• NCUA Proposes Rule for Conversion of Insured Credit Unions to Mutual Savings Banks

  NCUA proposes to amend its rules regarding the conversion of insured credit unions to mutual savings
  banks or mutual savings associations. The proposed revisions are intended to improve the information
  available to members and the board of directors as they consider a possible conversion. TXT, PDF .    6/28/06

• NCUA Proposes Revisions to the Official Sign Indicating Insured Status

  NCUA proposes to revise the official sign indicating a credit union's share accounts are insured by the NCUA to reflect recent share insurance increases and by including a statement that NCUA-insured share accounts are backed by the government. TXT, PDF .    6/28/06

• NCUA Final Rule for 3rd-Party Servicing of Indirect Vehicle Loans

  NCUA publishes Final Rule in FR to regulate purchases of indirect vehicle loans serviced by third parties, and to limit the aggregate amount of these loans.TXT, PDF .    6/28/06

• NCUA Publishes Final Rule for the Organization and Operation of Federal Credit Unions

  NCUA published Final Rule in FR to amend its field of membership rules regarding service to
  underserved areas that will limit underserved area additions to multiple commonbond credit unions.TXT, PDF .    6/28/06

• Nigeria Removed From FATF NCCT List

  The Financial Action Task Force (FATF) has removed Nigeria from its list of countries and territories that are non-cooperative in efforts to fight money laundering. Myanmar is the sole remaining jurisdiction on the list. NCCT List   6/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of June 23, 2006. Reserve Position   6/28/06

• Assets Reports Released

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for April 2006 have been released by the FRB. Reports    6/28/06

• First Quarter Final Interest Rate Risk Measures Published

  OTS has published the Final Interest Rate Risk Measures for the First Quarter 2006. Interest Rate Risk   6/28/06

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Fox Chase Bank, Hatboro, Pennsylvania, and counterfeit official checks bearing the name of Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/27/06

• New Electronic Interpretations and Actions Online

  The OCC has posted online the June 2006 issue of New Electronic Interpretations and Actions. June 2006    6/27/06

• FRB Issues Annual Report

  The FRB has issued its 92nd Annual Report covering 2005 and presented it to Congress. Full Report; Report By Section   6/27/06

• FDIC Issues Unauthorized Banking Alert

  A Special Alert has been issued by the FDIC regarding unauthorized banking activities that may be conducted by an entity, International Money Transfer, that may be conducting banking operations in Canada or the United States without authorization. International Money Transfer (Unauthorized Banking)    6/26/06

• The FDIC issues Special Alerts

  Three special alerts regarding cashier's checks drawn on First Bank of Indiantown, Indiantown, Florida, that are missing, lost or stolen; counterfeit money orders bearing the name The Citizens Bank of Philadelphia, Philadelphia, Mississippi; counterfeit cashier's checks bearing the name Liberty Savings Bank, Middletown, Connecticut. Information concerning the checks and money orders has been posted on the BOL Alerts & Counterfeits page.   6/26/06

• CC Announces Workshops For Community Bank Directors

  The OCC will host three workshops for national community bank directors at the Millennium Knickerbocker Hotel, on July 25-26, 2006. The workshops, which are limited to the first fifty registrants, will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Online registration is available. Workshops Information; Registration    6/26/06

• FHC List Update

  The FRB has updated the Financial Holding Company (FHC) list of bank holding companies that have elected to be treated as financial holding companies as of June 23, 2006. FHC List   6/26/06

• FRB Issues Statistical Releases

  The April 2006 G.20 Finance Companies and June 2006 E.15 Agricultural Finance Databook statistical releases for have been issued by the FRB.
  G.20; E.15   6/26/06

• Don't forget that you must use the newly revised FEMA Standard Flood Hazard Determination form starting July 1, 2006. You can start using the new form now and discard all of the old forms to avoid any problems. In addition, the amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited also become effective July 1. The purpose of the amendments is to shift liability for unauthorized remotely created checks to the depositary bank, generally the bank for the person that initially created and deposited the remotely created check. Review your deposit agreement to determine if any revisions are necessary.
  Flood Form;
  Reg CC    6/23/06

• C&Ds Issued And CMPs Assessed

  The FRB has announced the issuance of a consent Order to Cease and Desist (C&D) and Assessment of Civil Money Penalties (CMP) against First Baird Bancshares, Inc., Bedford, Texas, and its president and chairman of the board of directors. The order was issued to address the alleged violation of the Bank Holding Company Act regarding the acquisition of more than five percent of the shares of another financial institution without the approval of the FRB. The respondents, without admitting to any allegations, agreed to the cease and desist order and to each pay civil money penalties in the amount of $87,500.
  Order    6/23/06

• PSR Policy Comments Sought

  Comments have been requested by the FRB regarding proposed revisions to Part I of its Policy on Payments System Risk (PSR policy), which addresses risk management in payments and settlement systems. Comments must be received by September 22, 2006.
  Comments    6/23/06

• Agencies Issue Uniform Standards of Professional Appraisal Practice Alert

  The federal financial institution regulators have issued a Joint Interagency Statement and FAQs to alert regulated institutions to revisions in Uniform Standards of Professional Appraisal Practice effective July 1, 2006.
  Statement;
  FAQs;
  OCC Bulletin;
  OTS CEO Letter; FRB SR Letter; FDIC FIL   6/23/06

• OCC Updates Licensing Manual

  The OCC has revised the "Charters" booklet to include amendments of the CRA highlights, S Corporation, and outside director requirements. It also incorporates FASB 123R guidance for accounting for stock options.
  Charters Booklet    6/23/06

• XBRL Seminar Announced By FDIC

  On Tuesday,June 27, 2006, XBRL-US and the FDIC will present a public event to promote the benefits of XBRL for government agencies. This event will be hosted by the FDIC at their conference facility in Arlington, VA.
  Agenda;
  Registration    6/23/06

• Appellate Decision Addresses HOEPA

  In the first reported decision we've seen emanating from the Home Ownership and Equity Protection Act (HOEPA), borrowers had sued asserting HOEPA disclosure violations. They claimed their loan was covered because of the total points and fees they paid at closing. Lender argued the appraisal and title insurance fees were bona fide and reasonable, and thus excluded from the definition of total points and fees under HOEPA. Borrowers disagreed and claimed the fees violated RESPA, and therefore weren't bona fide or reasonable. The court held they were paid to an unaffiliated third party for services actually performed; the lender derived no benefit from them. Therefore, held the 8th Circuit, those fees didn't violate RESPA, were bona fide and reasonable, were excludable from the points and fees calculation for HOEPA purposes, and the loan was thus not covered by HOEPA and no HOEPA disclosures were necessary.
  Mitchel vs. Beneficial Loan & Thrift Company   6/22/06

• Order Of Prohibition Issued Against Former Loan Officer

  The FRB has announced the issuance of an Order of Prohibition against a former loan officer of an Orlando, Florida branch of Regions Bank, Birmingham, Alabama. The officer consented to the issuance of the Order based on his actions relating to a mortgage he obtained from the bank; and his alleged use of the mortgage proceeds to fraudulently purchase, without the knowledge or consent of either the buyer or the seller, real property that a bank mortgage applicant had an option to purchase. Order   6/22/06

• Enforcement Actions Announced

  The OCC has announced twelve new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing actions. Enforcement Actions   6/22/06

• Managing Risk With Foreign Service Providers FIL Issued

  The FDIC has issued a FIL that contains a guidance that addressed the risks inherent in outsourcing relationships between U.S. financial institutions and foreign-based third-party service providers. The guidance provides steps that institutions should take to successfully manage such risks. FIL; Guidance   6/22/06

• FIL Regarding New Flood Form

  A FIL had been issued by the FDIC regarding the previously announced revision to the Standard Flood Hazard Determination Form, which includes a new OMB control number and a revised expiration date of October 31, 2008. The updated form must be used beginning July 1, 2006. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. FIL    6/22/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data current as of June 20, 2006. 314(a)    6/22/06

• Counterfeit Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/21/06

• FRB Proposed Rulemaking for Bank Secrecy Act Funds Transfer and Transmittal

  FRB publishes proposed rule in FR for proposed rulemaking relative to the threshold for the requirement to collect, retain, and transmit information on funds transfers and transmittals of funds. TXT, PDF .    6/21/06

• FDIC to Hold Three Identity Theft Symposia

  The FDIC has announced that it will hold a symposium on the importance of continued consumer confidence in e-commerce in San Francisco on June 23, 2006, at the Hyatt Regency Hotel. The half-day meeting will bring together experts from government and the private sector to discuss ways to combat online identity theft and help find ways to maintain public confidence in e-commerce. Two additional symposia are slated to be held in Arizona and Florida with the dates and sites to be determined. ID Theft    6/21/06

• June FedFocus Published

  The June 2006 issue of FedFocus has been published by FRB Financial Services and features articles on technology and innovations in today's financial sector. June FedFocus    6/21/06

• International Reserve Position Update

  The data for June16, 2006 has been posted on the U.S. International Reserve Position report. Reserve Position    6/21/06

• Working Papers Published

  The FRB has published one working paper in the IFDP series on the topic of Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services (EBS) Data and four working papers in the FEDS series on the following topics: Explaining Cyclical Movements in Employment: Creative Destruction or Changes in Utilization; Intangible Capital and Economic Growth; The Price of Residential Land in Large U.S. Cities; and Solving Linear Rational Expectations Models: A Horse Race. Transmission Abstract; Transmission Full Paper; Explaining Abstract; Explaining Full Paper; Intangible Abstract; Intangible Full Paper; The Price Abstract; The Price Full Paper; Solving Abstract; Solving Full Report    6/21/06

• OTS Senior Management Directory Released

  OTS has released a directory of its senior management and their telephone numbers. Directory  6/21/06

• New SAR Form Submitted To OMB

  The Federal financial institution regulators have submitted the new SAR form to the OMB for review. The Agencies previously requested public comment on a major revision of the SAR form. The summary of the comments received and the corresponding responses and revisions by the agencies is included. Written comment concerning the revisions are due on or before July 19, 2006. Information regarding the initial request for public comments was posted in the February 22, 2006 BOL Top Stories. OMB Review    6/20/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Dollar Bank, FSB, Pittsburgh, Pennsylvania, and The National Bank of Blacksburg, Blacksburg, Virginia. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/20/06

• OFAC Additions And A Deletion

  The President has signed a new executive order blocking property of certain persons undermining democratic processes or institutions in Belarus. Numerous names have been added to the SDN list with the BELARUS designation and one name with the LIBERIA designation has deleted from the list. Information regarding the additions and the deletion has been posted on the BOL OFAC page.   6/20/06

• Prohibition Orders Issued

  NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders   6/20/06

• July HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in July 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. A weekly rate inclusive of the 15th will not be published until Monday afternoon. Daily H.15   6/19/06

• Fund Transfer Recordkeeping Threshold ANPR Issued

  The FRB and FinCEN have issued an ANPR that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. ANPR; FRB PR   6/19/06

• Clarification Letter Issued Regarding Reg. O And Insider Credit Card Use

  A legal interpretation letter has been sent by the FRB in response to a request by Douglas Jones, Acting General Counsel, Federal Deposit Insurance Corporation, to clarify the application of whether and under what circumstances an insider's use of a bank-owned credit card would be deemed an extension of credit by the bank to the insider for purposes of Reg. O. Legal Interpretation   6/19/06

• CA Letter Advises Of Revisions Of Flood Form

  The FRB has issued a CA Letter regarding the revisions to the Standard Flood Hazard Determination Form and its accompanying Instructions. Information regarding the new form and its instructions were posted in BOL Top Stories in May 1, May 8, and June 9, 2006. CA Letter   6/19/06

• Bank Accounting Updates

  The OCC has published the May 2006 update of its Banking Accounting Series that contains the advisories on accounting topics of interest to national banks. Two new topics, Employee Stock Options and Hedging Activities, have been added and other existing topics have been revised. Bank Accounting   6/19/06

• Lessons Learned From Katrina

  The FFIEC member agencies and the Conference of State Bank Supervisors published a booklet, LESSONS LEARNED FROM HURRICANE KATRINA: Preparing Your Institution for a Catastrophic Event, which contains financial institutions' experiences and lessons learned in the aftermath of Hurricane Katrina. Booklet; FRB PR; OCC NR; FDIC FIL; OTS CEO Letter; FFIEC PR   6/16/06

• CRA Ratings Released

  The OCC has released the list of CRA performance evaluations for twenty-three national banks that became public during the period of May 15, 2005 through June 14, 2006. CRA Ratings    6/16/06

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on National Bank of Blacksburg, Blacksburg, Virginia; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on The Citizens National Bank of Bluffton, Bluffton, Ohio; and counterfeit official checks bearing the name of ViewPoint Bank, Plano, Texas, or its previous name, Community Credit Union, Plano, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/16/06

• 2006 SOD Survey Information

  The FDIC has issued an FIL containing information regarding the filing of the 2006 Summary of Deposits (SOD) surveys that are due from all FDIC insured institutions with branches by July 30, 2006. FIL   6/16/06

• FTC Collects Nearly One Million For Do Not Call Violations

  A credit counseling service and related companies and individuals have agreed to pay $926,754 in consumer redress and civil penalties to settle FTC charges that they made false claims about their debt management program and violated the Do Not Call Rule. Settlement    6/16/06

• Comment Sought On Payment Risks Policy Paper

  The FRB has requested public comment on a consultation paper that is intended to help the Board obtain broader information on intraday liquidity management issues and to lay the groundwork for discussions about the long-term evolution of its Payment System Risk Policy. Comments   6/16/06

• Bernanke On Energy And The Economy

  In a presentation to the Economic Club of Chicago, Chairman Bernanke discussed the relationship between energy markets and the economy. He noted that higher relative prices of energy will create incentives for businesses to create new, energy-saving technologies and for energy consumers to adopt them. In addition, Government can contribute by working to create a regulatory environment that encourages the growth in energy supplies in a manner that is consistent with our nation's environmental and other objectives. Speech   6/16/06

• June FedFlash Published

  Federal Reserve Financial Services has published the June 15, 2006 issue of FedFlash that features articles on Risk Payment Policy changes, items in carrier documents, guide to cashing savings bonds, and a new off-peak check deposit program. FedFlash    6/16/06

• Costs Of Funds Reports Released

  OTS has released the historical and April 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; April 2006    6/16/06

• April TIC Data Released

  Treasury has released the TIC Data report for April 2006. TIC    6/16/06

• CAC Nominations Sought

  The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council which meets three times annually in Washington, D.C. Ten new members will be appointed to serve three-year terms beginning in January 2007. Nominations must be received prior to August 25. 2006. CAC    6/16/06

• Letter Of Understanding Issued

  NCUA has issued a Letter of Understanding and Agreement to the officials of Toledo Metro Federal Credit Union, Toledo, Ohio, in order to restore the credit union to safe and sound operation.
  Letter    6/15/06

• June Beige Book Published

  The FRB has published a new issue of the Beige Book based on information collected on or before June 5, 2006.
  Summary;
  Full Report    6/15/06

• Commercial Banks 2005 Balance Sheet Report Issued

  The Federal Reserve Bulletin contains an article on Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005.
  Balance Sheet    6/15/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank of Nevada, Scottsdale, Arizona. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/14/06

• Treasury Designates Companies Supporting Iranian Missile Proliferation

  Four Chinese companies and one U.S. company have been designated by Treasury as proliferators of weapons of mass destruction who have supplied Iran's military and Iranian proliferators with missile-related and dual-use components. All transactions between the designees and any U.S. person are prohibited and any assets the designees may have under U.S. jurisdiction are frozen. Information regarding the designations has been posted on the BOL OFAC page.    6/14/06

• Columbian Drug Cartel Entities Added To OFAC List

  OFAC has added five individuals and twenty companies tied to Colombia's North Valle drug cartel to its list of SDNTs. Information regarding the additions has been posted on the BOL OFAC page.    6/14/06

• Fake FDIC Emails Consumer Alert Issued

  The FDIC has issued a Consumer Alert regarding fraudulent emails sent to financial institution customers that fraudulently claim to be from the FDIC. The e-mails falsely indicate that FDIC deposit insurance is suspended until highly sensitive personal information is provided. Information concerning the Alert has been posted on the BOL Alerts & Counterfeits page.   6/14/06

• National Banks Affected By Alberto Allowed To Close

  The OCC has issued a proclamation that allows national bank offices affected by Tropical Storm/Hurricane Alberto to close at their discretion. Alberto   6/14/06

• Agencies Issue Host State Loan-to-Deposit Ratios

  The Federal banking agencies have issued updated host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR   6/14/06

• 2006 UBPR User's Guide Online

  The FFIEC has posted the 2006 UBPR User's Guide online. Guide; Index   6/14/06

• Bernanke Promotes Increasing Economic Opportunities

  In a presentation to the attendees at the Fifteenth Congressional District of Texas' Fifth Regional Issues Conference, in Washington, D.C., Chairman Bernanke discussed strategies for helping families improve their economic and financial well-being. He noted financial education is clearly central to helping consumers make better decisions for themselves and their families, but the collaborative efforts of policymakers, regulators, nonprofit organizations, and financial service providers are necessary to ensure that consumers have the tools and the information they need to make better decisions. Speech   6/14/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of June 9, 2006. Reserve Position   6/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Alaska First Bank & Trust, N.A., Anchorage, Alaska. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   6/13/06

• $4,000 Flood Violation CMP

  The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Bank of Tazewell County, Tazewell, Virginia, resulting from alleged violations of Reg H. The bank is required to pay a civil money penalty of $4,000, which will be remitted to the FEMA for deposit into the National Flood Mitigation Fund. CMP   6/13/06

• What Are Examiners Looking For?

  In a presentation at the ABA Regulatory Compliance Conference in Orlando, FRB Governor Olson discussed the expectations of bank examiners regarding the adequacy of a compliance-risk management program and its ability to manage the organization's compliance risk. Speech   6/13/06

• New FedReceipt Routing Numbers Announced

  Federal Reserve Financial Services has announced that new routing numbers have been added to the FedReceipt forward collection product and a new pricing schedule will be effective starting July 3, 2006. Routing Numbers   6/13/06

• Quicker LOMAs from FEMA

  Effective June 12, 2006, surveyors and engineers will be able to submit Letter of Map Amendment (LOMA) requests to FEMA through a simple web-based application. This will help expedite matters for borrowers, as FEMA says it will be able to provide a determination in minutes, if all pertinent information is provided and the request is not audited. eLOMA Information  
  6/13/06

• Bogus Credit Repair Firm Fined $322,000

  A bogus credit repair company and its owner who violated the law by making false and misleading claims, and billing in advance for its services, and has ordered by a federal judge to pay injured consumers more than $322,000. Court Order; News Release   6/13/06

• First Quarter 2006 Preliminary IRR Measures Released

  OTS has released the preliminary IRR measures report for the First Quarter 2006. IRR Measures   6/13/06

• Bulletin Issued Regarding Revised Flood Hazard Determination Form

  The OCC has issued a Bulletin regarding the previously announced revision by FEMA of the Standard Flood Hazard Determination form. Information regarding the new form and its instructions were posted in the May 1 and May 8, 2006 BOL Top Stories. Form; Bulletin   6/09/06

• Dugan On Basel II

  The Basel II capital accord was discussed by Comptroller Dugan in a presentation to the Centre for the Study of Financial Innovation. He noted that even though the OCC has been a frequent critic of the accord and worked to make important changes, the agency supports moving forward with implementation. Speech   6/09/06

• Flow Of Funds Report Released

  The Z.1 First Quarter 2006 Flow of Funds Report has been released by the Federal Reserve. Complete File; Index   6/09/06

• Institutions Pay Civil Penalties For OFAC Violations

  Civil penalties have been paid to OFAC by Chevy Chase Bank, Bethesda, Maryland, in the amount of $3,352.86 and Downey Savings and Loan, Newport Beach, California, in the amount of $44,898.65 to settle alleged violations of the Iran Sanctions Program. Penalties    6/08/06

• Enforcement Actions Released

  The FDIC has released information regarding nine removal and prohibition orders, and eight civil money penalty orders taken against banks and individuals in April 2006. Enforcement Orders    6/08/06

• FR Bulletin Supplement Published

  The FRB has published the May 2006 Statistical Supplement to the Federal Reserve Bulletin. Supplement    6/08/06

• Consumer Credit Report Issued

  The G.19 Consumer Credit Report for April 2006 has been issued by the FRB. G.19    6/08/06

• Special Alerts Issued

  The FDIC has issued two Special Alert regarding counterfeit cashier's checks listing the routing number assigned to First Northern Bank of Dixon, Dixon, California, and bearing the name of First Bank, Austin, Texas, and fraudulent money orders bearing the name of 1st United Bank, Boca Raton, Florida. Information concerning counterfeit cashier's checks and the fraudulent money orders has been posted on the BOL Alerts & Counterfeits page.    6/07/06

• 314(a) Fact Sheet Updated

  FinCEN has issued an updated 314(a) Fact Sheet that contains data current as of June 6, 2006.
  314(a) Fact Sheet   6/07/06

• Dugan Promotes Increased Investment Authority

  In identical letters the chairmen and ranking members of the Senate Banking Committee and House Financial Services Committee, Comptroller Dugan urged Congress to adopt legislation that would increase the authority of banks and thrifts to invest in projects that provide housing, community services, and jobs for low- and moderate-income communities and families across the nation. Letter   6/07/06

• CAC Meeting Scheduled

  The FRB has announced that the Consumer Advisory Council will hold its next meeting on Thursday, June 22, 2006, in Dining Room E, Terrace level, in the Board's Martin Building, in Washington D.C. The session will begin at 9:00 a.m. EDT and is open to the public. For security purposes, online registration is required no later than Tuesday, June 20, 2006. CAC; Registration   6/07/06

• Discount Rate Meetings Minutes Released

  The minutes of the FRB discount rate meetings from April 10 through May 10, 2006, have been released. Minutes   6/07/06

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Bluffton, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    6/06/06

• CRA Ratings Released

  The FDIC has issued the list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings assigned to the institutions. Ratings

• 50 CRA Exams Scheduled For Third Quarter

  OTS has announced that 50 savings associations are scheduled for CRA examinations during the third quarter of 2006. Schedule    6/06/06

• Bernanke Comments On Economic Outlook

  During his participation on a panel discussion at the International Monetary Conference, Chairman Bernanke commented on the outlook for the U.S. economy and monetary policy. He noted that is was reasonably clear that the U.S. economy is entering a period of transition. Monetary policy must be conducted with great care and with close attention to the evolution of the economic outlook. The medium-term outlook for inflation will receive particular scrutiny. Comments   6/06/06

• International Reserve Position Update

  The U.S. International Reserve Position report has been updated by Treasury to include data as of June 2, 2006. Reserve Position   6/06/06

• FRB publishes technical amendment in FR to Reg CC Final Rule

  The Board of Governors is amending appendix A of Regulation CC for the availability and collection of checks, to ensure that the information in appendix A accurately describes the actual structure of check processing operations within the Federal Reserve System. TXT, PDF .    6/05/06

• Counterfeit Checks Alert Issued

  The FDIC has issued an Alert regarding counterfeit checks bearing the name of Adams Co-operative Bank, Adams, Massachusetts. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/05/06

• Three ID Theft Symposiums Scheduled

  The FDIC has announced that three identity theft symposiums - Building Consumer Confidence in an E-Commerce World - will be held in San Francisco, California and at locations to be determined in the Phoenix area and Florida. A draft of the agenda was provided and online registration is available. Symposiums; Agenda; Registration   6/05/06

• Foreign Exchange Market Working Paper Published

  A working paper in the IFDP series on the topic - What Drives Volatility Persistence in the Foreign Exchange Market? – has been published by the FRB. Abstract; Full Paper    6/05/06

• SDN Additions and Changes Announced

  OFAC has announced that three individuals and two entities have been added to the SDN list with the designation of SDNTK. Changes have also been made to two existing individual SDN entries. Information regarding the additions and changes has been posted on the BOL OFAC page.    6/02/06

• CRA Community Development List Released

  The federal bank and thrift regulatory agencies have released the 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive CRA consideration as community development. List; FRB PR; FDIC PR; OCC NR; OTS PR    6/02/06

• CRA Ratings Released

  OTS has released the ratings received by savings associations that were recently evaluated for compliance with the CRA. Ratings   6/02/06

• Third Quarter 2006 CRA Examination Schedule Announced

  The OCC has announced the examination schedule for CRA compliance of national banks to be conducted during the third quarter 2006. Examination Schedule    6/02/06

• Agencies To Continue To Share ERISA Information

  An interagency agreement has been entered into between the federal banking agencies and the Department of Labor which replaces an 1981interagency agreement that established procedures for the sharing of documentation that pertained to possible violations of the ERISA. Agreement; OCC Bulletin   6/02/06

• Three FEDS Working Papers Published

  The FRB has published three working papers in the FEDS series on the following topics: Inflation Targeting under Imperfect Knowledge; Likelihood Ratio Tests on Cointegrating Vectors, Disequilibrium Adjustment Vectors, and their Orthogonal Complements; and Monetary Policy Implementation Without Averaging or Rate Corridors. Inflation Abstract; Inflation Full Paper; Likelihood Abstract; Likelihood Full Paper; Monetary Abstract; Monetary Full Paper    6/02/06

• May Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rates report for May 2006 has been released by the FRB. G.5   6/02/06

• June FedFlash Published

  The June 1, 2006 issue of FedFlash features articles on Check 21, FedACH Risk Origination Monitoring Service, investigations of image cash letters and substitute checks, and changes to HDGS and PPGS transit number listings. FedFlash   6/02/06

• Third Quarter CRA Exam Schedule Issued

  The FDIC has issued its CRA examination schedule for the third quarter 2006. Schedule    6/01/06

• Counterfeit Checks Special Alerts Issued

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

  • The Somerville National Bank, Somerville, Ohio
  • Primebank, Le Mars, Iowa,
  • Western Commerce Bank, Carlsbad, New Mexico

  and counterfeit official checks bearing the name of Franklin Savings Bank, Franklin, New Hampshire and California Bank & Trust, San Diego, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.    6/01/06

• Processing Centers To Close

  Federal Reserve Financial Services has announced that three check processing centers in San Francisco, Kansas City, Missouri, and Helena, Montana, will be closed as consumers and businesses continue the shift from using paper checks toward electronic payments. One additional center in Omaha, Nebraska, will be converted to a cash depot. The processing will be shifted to other Reserve Bank check processing centers. Closings Cash Depot    6/01/06

• OCC Updates Licensing Manual

  The Business Combinations booklet section of the Comptroller's Licensing Manual that contains guidance on perfecting dissenters' shareholder rights and requesting a stock appraisal has been revised and OCC Banking Circular 259 has been rescinded. Booklet    6/01/06

• Transactions Deemed Permissible Under Reg Y

  The FRB has issued a response letter that contains a legal interpretation confirming that certain volumetric production payment transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of Reg Y. Letter    6/01/06

• HOEPA Hearings Scheduled

  The FRB will hold four public hearings during June and July to examine the home equity lending market, and to assess the effectiveness of existing regulatory and legislative provisions in protecting the interests of consumers. Hearings    6/01/06

• Tenth Issue SAR Activity Review Published

  FinCEN has published Issue 10 of the SAR Activity Review – Trends, Tips & Issues. SAR    6/01/06

• March Owned And Managed Receivables Report Released

  The G.20 Owned and Managed Receivables Outstanding Report for March 2006 has been released by the FRB.
  G.20    6/01/06

• Large Commercial Bank Rankings Released

  The Ranking by Consolidated Assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2006 has been released by the FRB. Ranking    6/01/06

• Snow Resigns

  Treasury Secretary Snow submitted his resignation to President Bush in a letter dated May 30. 2006. The President accepted his resignation and nominated Hank Paulson, Chairman and Chief Executive Officer of the Goldman Sachs Group, as his replacement. Letter; Nomination    5/31/06

• BSA Direct Project Assessment Extended

  FinCEN has announced that the temporary stop work order on the Retrieval and Sharing Component of the BSA Direct project will be extend for an additional 30 days at the request of the team working on an assessment of the project. Extension   5/31/06

• Reg CC Check Processing Amendments Announced

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the previously announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. Reg CC
     5/31/06

• New Electronic Interpretations and Actions Online

  The OCC has posted online the May 2006 issue of New Electronic Interpretations and Actions. Electronic   5/31/06

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of May 26, 2006. Reserve Position   5/31/06

• Misprinted Treasury Checks Special Notice Issued

  The Federal Reserve Financial Services has issued a special notice concerning Treasury checks dated May 24, May 26 and June 1, 2006, that may contains a partially printed MICR line. Financial institutions are instructed to accept the Treasury checks. Information regarding the misprinted Treasury checks has been posted on the BOL Alerts & Counterfeits page.   5/30/06

• FedACH Monitoring Service Online Seminar

  Federal Reserve Financial Services has announced that an online seminar is available regarding the FedACH Risk Origination Monitoring Service. The presentation, Shedding Light On ACH Risk, features video webisodes and an ACH risk quiz. Seminar.   5/30/06

• Bank Failure Record Set

  The FDIC has announced that there has not been a failure of an FDIC-insured institution in more than seven quarters. The last failure was on June 25, 2004. This is the longest interval without an insured institution failure in the FDIC's 73-year history. In addition, commercial banks and savings institutions insured by the FDIC reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005.Records.   5/30/06

• FRB publishes Correction to Final Rule for Reg Z

  FRB published a CFR correction in the FR to the periodic statement for Final Rule for Reg Z, originally published in FR on 1/01/06. TXT, PDF .    5/30/06

• FCRA Medical Information Compliance Examination Procedures Issued

  The FDIC has issued a FIL announcing that the FFIEC Task Force on Consumer Compliance has approved examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. The regulations implement the Protection of Medical Information provisions of the FCRA, as amended by the FACT Act. The new procedures are effective with the issuance of the FIL.
  Procedures; FIL    5/26/06

• Fraudulent And Counterfeit Checks Alerts Issued

  The OCC has issued two Alerts regarding fraudulent checks issued with a fictitious bank name, Northridge Bank, Austin, Texas, are being presented for payment and counterfeit cashier's checks bearing the name of The Honesdale National Bank of Honesdale, Pennsylvania. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

• Special Alerts Issued

  Four Special Alerts regarding counterfeit cashier's, official, and dividend checks have been issued by the FDIC. Cashier's Checks bearing the name of:

  • Northrim Bank, Anchorage, Alaska
  • 1st Constitution Bank, Cranbury, New Jersey
  • Official Checks bearing the name of East Cambridge Savings Bank, Cambridge, Massachusetts
  • Dividend Checks bearing the name of Delta National Bancorp, Manteca, California

  Information regarding the checks has been posted on the BOL Alerts & Counterfeits page    5/26/06

• FRB Issues 2006 Hurricane Contact Information

  The FRB of Atlanta has released its 2006 hurricane season preparation and contact information. Hurricane Information    5/26/06

• First Quarter 2006 Quarterly Banking Profile Published

  The FDIC has published the Quarterly Banking Profile for the first quarter 2006. Quarterly Banking Profile    5/26/06

• CU First Quarter Call Report Information Released

  NCUA has released the CU Call Report information for the first quarter 2006. Call Report    5/26/06

• Reich Appears Before House Oversight Subcommittee

  The OTS Director has made a presentation at the Oversight Hearing on the OTS before the House Subcommittee on Oversight and Investigations of the Committee on Financial Services. He reviewed the activities of the OTS and the current state of the thrift industry. Speech    5/26/06

• Chinese World Trade Working Paper Published

  A working paper in the IFDP series on the topic of Exchange-Rate Effects on China's Trade: An Interim Report has been published by the FRB. Abstract; Full Paper    5/26/06

• ID Theft Prevention Special Alert

  The FDIC has issued a Special Alert that urges financial institutions to be vigilant against the misuse of personal information for both new and existing customers. The Alert specifically references the recent announcement by the VA that electronic data on approximately 26.5 million veterans and some spouses may have been compromised. Special Alert    5/25/06

• Issue 6 Of SAR Activity Review Published

  FinCEN has published Issue 6 of the SAR Activity Review - By the Numbers that contains information on SARs filed from April 1, 1996 to December 31, 2005. SAR   5/25/06

• 314(a) Fact Sheet Update

  The 314(a) Fact Sheet has been updated by FinCEN to include data received from financial institutions as of May 23, 2006. Fact Sheet    5/25/06

• FDIC Proposed Rulemaking Correction regarding Assessments

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding Assessments. TXT, PDF .    5/25/06

• FDIC Proposed Rulemaking Correction regarding One-Time Assessment Credits

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding the One-time Assessment Credit. TXT, PDF .    5/25/06

• FDIC Proposed Rulemaking Correction regarding Dividends

  FDIC publishes proposed rulemaking in FR to correct the preamble to the proposed rule
  published in the Federal Register of May 18, 2006, regarding Dividends. TXT, PDF .    5/25/06

• Community Director Workshops To be Held in New Jersey And Illinois

   
  The OCC will hold workshops for national community bank directors on June 20-21, 2006 in Springfield, Illinois, and on June 27, 2006 in Morristown, New Jersey. Springfield Workshop; Morristown Workshop   5/24/06

• Bernanke Discusses The Need For Financial Literacy

  In a presentation to the Senate Committee on Banking, Housing, and Urban Affairs, Chairman Bernanke emphasize the importance of financial literacy, both as a source of better decision making by consumers and as a means of improving the functioning of financial markets. He also listed some of the significant System and Federal Reserve District programs and collaborative efforts in financial and economic education.
  Speech   5/24/06

• FDIC Performance Plan Released

  The FDIC has released the agency's Corporate Annual Performance Plan that sets out specific annual performance goals, indicators and targets for each of its three major business lines of Insurance, Supervision, and Receivership Management. Plan   5/24/06

• Monetary Policy Working Paper Published

  The FRB has published a working paper in the IFDP series with the title of Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? Abstract; Full Paper   5/24/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of May 19, 2006.
  Reserve Position   5/24/06

• AML Deficiencies Result In Written Agreement

  The FRB has announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. The bank has agreed to develop an acceptable written BSA/AML program to insure compliance with all applicable AML laws, rules, and regulations. Written Agreement   5/22/06

• Order Of Prohibition Issued

  An Order of Prohibition has been issued by the FRB against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida, due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers regarding her alleged embezzlement of funds from the bank through a variety of schemes over several years. Order   5/22/06

• BSA/AML Violations CMPs Assessed

  FinCEN, the FDIC, and the New York State Banking Department have announced the assessment of $600,000 in CMPs against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. The bank failed to implement an adequate BSA/AML program, with internal controls and appropriate measures to detect and report money laundering and other suspicious activity in a timely manner. FDIC Order; FinCEN Order; New York Banking Dept Order   5/22/06

• Dugan Says Supervisory Process Must Support Banking Industry

  In a presentation at the Conference on Bank Structure and Competition, sponsored by the Federal Reserve Bank of Chicago, Comptroller Dugan noted that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. He stated, "Knowing when to intervene in business of the banking system, and to what degree, will always demand the exercise of subjective judgment." Speech   5/22/06

• Strong First Quarter Posted By Thrift Industry

  OTS has reported that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. Highlights; Charts; Selected Indicators   5/22/06

• Twenty-Four CRA Ratings Released

  The OCC has released the ratings received by twenty-four national banks that were recently examined for compliance with the provisions of the CRA. Ratings   5/19/06

• Enforcement Actions Announced

  Thirteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks have been announced by the OCC. Enforcement Action    5/19/06

• Bernanke Analyses Basel II

  In a presentation at the FRB of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chairman Bernanke commented on the promises and challenges banks will face with the implementation of Basel II. He noted that Basel II represents the concerted efforts of the supervisory community, in consultation with banks and other stakeholders, to develop a more risk-sensitive and more comprehensive framework for assessing capital adequacy. The step-by-step implementation plan, which all the U.S. banking agencies support, should ensure that banking organizations maintain strong capital positions throughout the transition years and after. Speech   5/19/06

• Working Papers Published

  The FRB has published two working papers in the IFDP series on the topics of Currency Hedging and Corporate Governance: A Cross-country Analysis and Trade Adjustment and the Composition of Trade. Currency Abstract; Currency Full Paper; Trade Abstract; Trade Full Paper   5/18/06

• FDIC Proposes Dividend Requirements Implementation

  The FDIC publishes proposed rule in FR to amend 12 CFR 327 to implement the
  dividend requirements in the recently enacted Federal Deposit Insurance
  Reform Act of 2005 ("Reform Act") and the Federal Deposit Insurance
  Reform Conforming Amendments Act of 2005 ("Amendments Act") for an
  initial two-year period. 71FRE6-7585 TXT, 71FRE6-7585 PDF.    5/18/06

• FDIC Proposes One-Time Assessment Credit

  FDIC publishes proposed rule in FR to amend 12 CFR part 327 to implement the one-time assessment
  credit for certain eligible insured depository institutions required by the Federal Deposit Insurance Act ("FDI Act") as amended by the Federal Deposit Insurance Reform Act of 2005 ("Reform Act"). 71FRE6-7583 TXT, 71FRE6-7583 PDF.    5/18/06

• FDIC Proposes Quarterly Assessment Collection and 3-Year Retention Period

  The FDIC publishes proposed rule in FR to amend 12 CFR part 327 to make the deposit insurance assessment system react more quickly and more accurately to changes in institutions' risk profiles, and to eliminate causes for complaint by insured depository institutions. 71FRE6-4657 TXT, 71FRE6-4657 PDF.    5/18/06

• FRB publishes Amendment to Equal Credit Opportunity Rule

  The FRB publishes technical amendments to Equal Credit Opportunity Final Rule that
  corrects the address of the Office of the Comptroller of the Currency as published in the Federal Register on March 7, 2006. FR Vol. 71, No. 95, Page 28563 TXT, FR Vol. 71, No. 95, Page 28563 PDF.    5/17/06

• FRB publishes Final Rule to Extend Credit by Federal Reserve Banks

  FRB publishes Final Rule in FR that adopts final amendments to Regulation A to reflect the Board's
  approval of an increase in the primary credit rate at each Federal Reserve Bank.71FR06-4592 TXT, 71FR06-4592 PDF.    5/17/06

• June HOEPA Rate Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in June 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; (A weekly rate inclusive of the 15th will not be published until next week.)    5/17/06

• Financial Literacy Programs May Qualify For CRA Credit

  In comments during his attendance at the Financial Literacy and Education Commission, Comptroller Dugan noted that involvement in financial literacy programs helps banks develop new customers while enhancing their visibility in the communities they serve and that participation may receive positive consideration under the Community Reinvestment Act. Comments    5/17/06

• Spring Issue FDIC Consumer News Published

  The FDIC has published the Spring 2006 Issue of the FDIC Consumer News which contains articles on the following topics: FDIC Insurance: Do You Know As Much As You Think You Know?; Misconceptions: A Top 10 List; FDIC Insurance: What's New, What's Not; How to Fully Insure Much More than $100,000; and Answers to Common Questions About Debit Cards. Consumer News    5/17/06

• FIL Issued Regarding Interagency Statement

  The FDIC has issued a FIL regarding the previously announced interagency statement concerning internal controls and risk-management procedures that should be used by financial institutions to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. Information regarding the statement was posted in the May 10, 2006 BOL Top Stories. FDIC FIL    5/17/06

• Industrial Production Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2006. G.17    5/17/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 12, 2006. Reserve Position    5/17/06

• Seven Counterfeit Special Alerts Issued

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

  • North Valley Bank, Redding, California
  • Heritage Bank of Schaumburg, Schaumburg, Illinois
  • First American Bank & Trust, Sioux Falls, South Dakota
  • MB Financial Bank, N.A., Chicago, Illinois,
  • Farmers Bank, San Antonio, Texas
  • Bank of Lake Mills, Lake Mills, Wisconsin

  Another Special Alert was issued concerning counterfeit bank drafts bearing the name of Farmers State Bank, Pittsfield, Illinois. Information concerning the counterfeit checks and drafts has been posted on the BOL Alerts & Counterfeits page.   5/16/06

• Mortgage Fraud Data To Be Shared

  FinCEN and the Office of Federal Housing Enterprise Oversight (OFHEO) have reached an agreement to facilitate the sharing of information by OFHEO of its examination findings regarding actual or suspected mortgage fraud with FinCEN, who will include the information in its BSA database. Agreement   5/16/06

• March TIC Data Released

  Treasury has released the TIC Data for March 2006. TIC   5/16/06

• Lending Practices Opinion Survey Results Published

  The FRB has published the April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices which addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. Full Report; Table 1; Table 2; Charts   5/16/06

• May Issue Of FedFlash Online

  FRB Financial Services has posted online the May 15, 2006 issued of FedFlash which features articles on the following topics: Go Direct Online enrollment; information for TT&L FedMail and TT&L Plus users; national pricing for the Electronic Reject Repair Service; processing returns if FedACH interruptions occur; Account Service updates; and new FedReceipt routing numbers. May FedFlash   5/16/06

• Cost Of Funds Reports Issued

  OTS has issued the historical and March 2006 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; March 2006   5/16/06

• Counterfeit Cashier's Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Rockport National Bank of Rockport, Massachusetts, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Farmers Bank, San Antonio, Texas, and the routing number assigned to Extraco Banks, N.A., Temple, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/12/06

• Terrorist Assets Report Issued By OFAC

  OFAC has issued its annual report to Congress of assets in the United States of terrorist countries and international terrorist program designees. Report   5/12/06

• FDIC Reference Book Compiled

  A Legal Support Services Deskbook has been prepared by the FDIC to provide policies and procedures, shell contracts, and standard forms for in-house attorneys, experts, and legal support services providers. Deskbook   5/12/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data as of May 9, 2006. 314(a) Fact Sheet   5/12/06

• FRB Bulletin Statistical Supplement Published

  The April 2006 Statistical Supplement to the FRB Bulletin has been published. Supplement   5/12/06

• Flood Violation CMP Issued

  The FRB has issued a consent Order of Assessment of a $16,350 CMP against United Bank, Parkersburg, West Virginia, for alleged violations of Reg H. Order   5/11/06

• OCC Issues Counterfeit Checks Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Peoples National Bank of Hallstead, Pennsylvania, and counterfeit cashier's checks and fictitious business checks issued in the name of First Bank & Trust, N.A., Canton, South Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts &Counterfeits page   5/11/06

• Fed Funds Rate To 5%

  The FOMC has raised the target for the federal funds rate and the discount rate by 25 basis points to 5 percent and 6 percent respectfully. Rates   5/11/06

• Belarus Guidance Issued

  FinCEN has issued a Bulletin that contains an advisory to U.S. financial institutions regarding a potential ML threat involving Belarusian government senior foreign political officials and their related interests.
  Bulletin; Advisory   5/11/06

• FTC Announces ID Theft Education Program

  The FTC and the Justice Department have launched a nationwide ID theft campaign and will send "AvoID Theft: Deter, Detect, Defend" education kits to victim advocates across the country including financial institutions. A Web site has been created that contains links to information of regarding combating ID theft. Campaign; Web Site   5/11/06

• FILs Issued

  The FDIC has issued two FILs regarding the effect of the Federal Deposit Insurance Reform Act on the Call Report and update of FDIC deposit insurance brochures. Call Report FIL; Brochures FIL   5/11/06

• Five FEDS Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Do Macro Variables, Asset Markets, or Surveys Forecast Inflation Better?; Consumer Use of Debit Cards: Patterns, Preferences, and Price Response; The Choice at the Checkout: Quantifying Demand Across Payment Instruments; Captive Markets: The Impact of Kidnappings on Corporate Investment in Colombia; and A Retrospective Evaluation of the Effects of Temporary Partial Expensing. Macro Variables Abstract; Marco Variables Full Paper; Debit Cards Abstract; Debit Cards Full Paper; Checkout Abstract; Checkout Full Paper; Captive Markets Abstract; Captive Markets Full Paper; Evaluation Abstract; Evaluation Full Paper   5/11/06

• Assets Reports Released

  The 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report for March 2006 have been released by the FRB. Reports   5/11/06

• MSB Assessed CMP By FinCEN

  FinCEN has announced the assessment of a $10,000 CMP against Frosty Food Mart, a money services business located in Tampa, Florida, for failing to develop and implement a written AML program reasonably designed to ensure compliance with the BSA and the failure to file 80 CTRs. CMP   5/10/06

• Comments Requested On Revised Elevated Risk Statement

  The FRB, OCC, FDIC, OTS and SEC have requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The statement describes the types of internal controls and risk management procedures that can be implemented by financial institutions to identify, manage and address the legal and reputational risks that may arise from certain complex structured finance transactions. Statement; FRB PR; OCC Bulletin; FDIC PR; OTS PR; SEC PR   5/10/06

• FinCEN Extends MSB Comment Period

  The comment period of the previously announced ANPR that seeks input from both the money services business industry and the banking industry on the issue of money services businesses obtaining access to banking services has been extend by FinCEN for an additional 60 days to July 10, 2006. Extension; ANPR   5/10/06

• FDIC Assessment Rates Unchanged

  FDIC has announced that the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. Rates   5/10/06

• One-Time Credit Proposed For Deposit Insurance Assessments

  The FDIC is seeking comments on three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, regarding the allocate a one-time $4.7 billion assessment credit among insured institutions; establishment of a two-year interim rule governing the payment of dividends from the Deposit Insurance Fund; and operational and procedural changes to the FDIC's assessment regulations. Comments; Credit; Dividend Payment; Regulations   5/10/06

• Credit Card Lending Bulletin Issued

  OTS has issued a Bulletin announcing an update of the credit card lending section of the Examination Handbook that provides guidance to OTS examiners and savings association personnel regarding credit card operations. Bulletin   5/09/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of May 5, 2006. Reserve Position   5/09/06

• CRA Ratings Announced

  OTS has announced the ratings that become publicly available in April 2006 for savings associations that were recently evaluated for compliance with the CRA. Ratings   5/08/06

• Counterfeit Cashier's Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Enterprise Federal Savings Bank, Largo, Maryland, and the routing number assigned to First Liberty National Bank, Washington, D.C. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.    5/08/06

• New Flood Form Information

  In the May 1, 2006 Top Stories (below) we told you about a new flood form which was made available on the FEMA website. We saw no press release or instructions. But FEMA has now posted more information denoting a mandatory use date of July 1, 2006.   5/08/06

• Consumer Credit Report Released

  The FRB has released the March 2006 G.19 Consumer Credit Report. G.19   5/08/06

• Counterfeit Checks Special Alerts Issued

   
  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks bearing the name of Gateway Bank & Trust Company, Elizabeth City, North Carolina; and counterfeit teller's checks bearing the name of Calvert Bank and Trust Company, Prince Frederick, Maryland, which has merged into Mercantile Southern Maryland Bank, Leonardtown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   5/05/06

• CRA Ratings Released

  The FDIC has released the CRA ratings assigned in February 2006 to state nonmember banks recently evaluated for compliance with the CRA. CRA Ratings   5/05/06

• Mutual Funds To File SARs

  FinCEN has announced a final rule that requires mutual funds to file SARs on suspicious transactions. The final rule creates a reporting requirement that is uniform with reporting requirements already established for banks, broker-dealers, casinos, and money services businesses. Final Rule   5/05/06

• Cross-Border Securities Bulletin Issued

  The FRB has issued a Bulletin regarding an article, Understanding U.S. Cross-Border Securities Data, that discusses current data on U.S. cross-border securities holdings and transactions. The system that collects the data is described and how to make the best use of the information available is explained. Bulletin   5/05/06

• Counterfeit Checks Alerts Issued

  The OCC has issued two Alerts regarding counterfeit cashier's checks issued in the name of Farmers Bank, San Antonio, Texas, but bearing a retired routing number of Extraco Bank, N.A., Temple, Texas; and counterfeit cashier's checks issued in the name of MB Financial Bank, N.A., Chicago, Illinois. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   5/04/06

• Enforcement Actions Released

  The FDIC has released a list of thirty orders of administrative enforcement actions taken against banks and individuals in March 2006. The actions include eight removal and prohibition orders, eighteen civil money penalty orders, three cease and desist orders, and one termination of a cease and desist order. Actions   5/04/06

• Bernanke and Dugan On Community Revitalization

  In presentations at Operation HOPE's Anacostia Economic Summit, Chairman Bernanke and Comptroller Dugan expressed their thoughts on economic revitalization. Bernanke commented on the importance in community economic development of strategic collaboration among public, private, and nonprofit organizations plus the need for a comprehensive approach to revitalizing communities. Dugan noted the importance of residents holding a financial stake in the redevelopment of their communities and that the odds of successfully investing in community development are dramatically increased when there are genuine community-based and community-accountable partnerships. Bernanke Speech; Dugan Speech   5/04/06

• Direct Investment Valuation Adjustments Working Paper Published

  The FRB has published a working paper in the IFDP series on the topic of Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions. Abstract; Full Paper   5/04/06

• May FedFocus Published

  The May issue of FedFocus explores the accelerated pace of payments in articles that provide the latest information about Federal Reserve Financial Services and how they respond to a changing payments industry. Topics include the Destination Check 21 Online Resource Center, the Regional Mixed deposit option, FedLine DirectSM access solution, FedACH RiskSM Origination Monitoring Service and Check into AMI. FedFocus   5/03/06

• Directo a Mexico Schedule Announced

  The FRB and Banco de Mexico have announce the schedule for the 2006 Directo a Mexico roadshow which will visit twelve U. S. cities to provide financial institutions information regarding a more a efficient way for their customers to transfer funds to Mexico. Schedule   5/03/06

• FIL Issued Regarding MSBs And BSA

  The FDIC has issued a FIL regarding the announcement by FinCEN that it is seeking public comment on an ANPR regarding the impact of BSA regulations on the ability of MSBs to open and maintain accounts and obtain other banking services at banks and other depository institutions. Information concerning the ANPR was posted in the March 9, 2006, BOL Top Stories. FIL   5/03/06

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet with the addition of data as of April 25, 2006. Fact Sheet   5/03/06

• Spring 2006 State Profiles Released

  The FDIC has released the Spring 2006 issue of the State Profiles, which provide a quarterly summary of state banking and economic conditions. State Profiles   5/03/06

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 28, 2006. Reserve Position   5/03/06

• Condition of the U.S. Banking Industry Report Issued

  The FRB has issued the Third Quarter 2005 Report on the Condition of the U.S. Banking Industry. Report   5/03/06

• Seven More Counterfeit Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

  • Citizens State Bank, Woodville, Texas
  • Rockport National Bank, Rockport, Massachusetts
  • Norstates Bank, Waukegan, Illinois
  • Alliance Bank, Francesville, Indiana

  Special Alerts have also been issued regarding counterfeit official checks bearing the name of: KeyBank National Association, East Syracuse, New York; and Pioneer Bank, Roswell, New Mexico . Fraudulent checks bearing the name of >Bankers' Bank, Northeast, Glastonbury, Connecticut , are also in circulation. Information concerning the counterfeit and fraudulent checks has been posted on the BOL Alerts & Counterfeits page.   5/02/06

• FRB To Hold HOEPA Hearings

  Consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market to be held by the FRB. The hearings, which are required by periodically by HOEPA, were last conducted in 2000 and will held during June and July 2006, in Chicago, Illinois; Philadelphia, Pennsylvania; San Francisco, California; and Atlanta, Georgia. Hearings.   5/02/06

• May FedFlash Published

  FRB Financial Services has published the May 1, 2006 issue of FedFlash. Featured articles include discussions of the FedACH Risk Origination Monitoring Service, the Destination Check 21 Online Resource Center, and changes to Operating Circular 2. FedFlash.   5/02/06

• Market Financing Estimates Released

  Treasury has announced its current estimates of net marketable financing for the second and third quarters of 2006. Estimates.   5/02/06

• April Foreign Exchange Rates Published

  The G.5 Foreign Exchange Rates Report for April 2006 has been published by the FRB. G.5.   5/02/06

• Executive Incentives And Payout Policy Working Paper

  The FRB has published a working paper in the FEDS series on the topic of Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. Abstract; Full Paper.   5/02/06

• Eleven Counterfeit Special Alerts Issued

  The FDIC has issued nine Special Alerts regarding counterfeit cashier's check drawn on or bearing the name of the following institutions:

  • Savings Bank of Walpole, Walpole, New Hampshire
  • Sterling Savings Bank, Spokane, Washington
  • Heritage Bank of Commerce, San Jose, California
  • Dime Bank, Norwich, Connecticut
  • The Bank of the Pacific, Aberdeen, Washington
  • King Southern Bank, Chaplin, Kentucky
  • Stafford Savings Bank, Stafford Springs, Connecticut
  • United Commercial Bank, San Francisco, California
  • First Sentinel Bank, Richlands, Virginia

  Special Alerts have also been issued regarding counterfeit personal money ordered issued in the name of:
  United Roosevelt Savings Bank, Carteret, New Jersey, and counterfeit official checks bearing the name of:
  Citizens South Bank, Gastonia, North Carolina. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   5/01/06

• New Flood Hazard Determination Form Released

  FEMA has posted online a new Standard Flood Hazard Determination Form which replaces the previous form that expired October 31, 2005, but remained in effect until the new form was released. Flood Form   5/01/06

• U.S. Currency Smuggled Into Mexico Guidance Issued

  FinCEN has issued a Guidance to financial institutions regarding the ML threat involving the smuggling of bulk U.S. currency into Mexico. Institutions are warned concerning the potential for abuse of U. S. financial services by certain Mexican financial institutions. Guidance    5/01/06

• IRS And State To Share ML Information

  Thirty-three states and Puerto Rico have signed agreements with the IRS to share BSA information on money services businesses. Sharing Information    5/01/06

• Receivables Report Issued

  The FRB has issued the G.20 Finance Companies Owned and Managed Receivables Outstanding Report for February 2006. G.20   5/01/06

• OCC Publishes New Newsletter

  Community Developments, a new OCC publication, provides strategies and recommendations aimed at preserving homeownership by preventing mortgage foreclosures. The initial issue features articles on ways banks can help to reduce foreclosures through partnering with non-profits and implementing early intervention strategies with troubled borrowers. Community Developments   5/01/06

• March Issue Of Quarterly Journal Published

  The OCC has published online the March 2006 issue of the Quarterly Journal which contains OCC organization charts, special supervision and enforcement activities, corporate structure tables, fourth quarter 2005 condition and performance of banks, and other policy and data. Quarterly Journal    5/01/06

• Executive Order Blocks Sudanese Property

  A new Executive Order has been issued which blocks property of persons in connection with the conflict in the Darfur Region of Sudan. The names of four individuals have been added to the SDN list with the designation - SUDAN. In an unrelated action, OFAC has updated an existing SDN entry. Information regarding the names and the update have been posted on the BOL OFAC page.   4/28/06

• OFAC Releases Comments Received Regarding Proposed Economic Sanctions Enforcement Procedures

  The comments received by OFAC related to its proposed Economic Sanctions Enforcement Procedures for Banking Institutions Regulated by FFIEC-member Supervisory Agencies have released. Notice; Comments    4/28/06

• Insurance Funds Merger FIL Issued

  The FDIC has issued a FIL regarding the previously announced merger of the BIF and SAIF insurance funds. Information concerning the merger was posted on the April 21, 2006, BOL Top Stories. FIL   4/28/06

• Bernanke's Economic Outlook

  In a testimony to the Joint Economic Committee of Congress, Chairman Bernanke offered his views on the outlook for the U.S. economy and commented on some of the major economic challenges that the nation faces. He noted that the economy has been performing well and the near-term prospects look good, although as always there are risks to the outlook. The FRB will continue to pursue its objectives of helping the economy to grow at a strong, sustainable pace while seeking to keep inflation firmly under control. Testimony    4/28/06

• Agencies Report To Congress Published

  The FRB, OCC, and SEC have published a joint report to Congress regarding efforts of the private sector to implement the Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System. Report   4/28/06

• Thrift Satisfaction Survey Invitation Extended

  OTS has issued a CEO letter containing an invitation to complete online the voluntary Annual Thrift Satisfaction Survey.CEO Letter Survey    4/28/06

• $20 Million CMP BSA Enforcement Orders Issued

  FinCEN and OTS have announced that each agency has assessed a $10 million civil money penalty against BankAtlantic of Fort Lauderdale, Florida, for violations of the BSA. The Orders are part of a coordinated action with the Department of Justice who has executed a Deferred Prosecution Agreement with BankAtlantic. The CMPs assessed by FinCEN and the OTS will be satisfied by a single $10 million payment to the Department of Justice. FinCEN NR; FinCEN Order; OTS PR; OTS Order; DOJ PR   4/27/06

• Counterfeit Cashier's Check Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Republic Bank, Inc., Duluth, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/27/06

• Executive Order Blocks Assets Of Terrorists

  An Executive Order has been signed by the President against the Government of Syria that blocks the property of persons connected with terrorist acts in Lebanon. Currently, no persons have been designated under this Executive Order, but the Secretary of Treasury is authorized to take such action. Information regarding the Executive Order has been posted on the BOL OFAC page.   4/27/06

• CRA Median Family Income Data Released

  The OCC has issued a Bulletin regarding the release by HUD of the estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state. The data is used to determine income levels of geographies in CRA performance evaluations. Bulletin; Income Data   4/27/06

• Consumer Compliance Booklet Revised

  The OCC has revised the consumer compliance booklet in the Comptroller's Handbook to reflect several changes in Reg. B and incorporate the Interagency Fair Lending Procedures issued in 2004.Booklet    4/27/06

• April Beige Book Published

  The FRB has published the April 2006 issue of the Beige Book that was prepared at the Federal Reserve Bank of Boston and based on information collected on or before April 17, 2006. Summary; Full Report   4/27/06

• FRB Discount Rate Meetings Minutes Released

  The minutes of the discount rate meetings from February 6 through March 28, 2006, have been released by the FRB. Minutes   4/27/06

• NCUA finalizes its rule for Truth in Savings

  NCUA publishes final rule in FR to complete its rule and official staff interpretation to address the uniformity and adequacy of information provided to members when they overdraw their share accounts. 71FR06-3916 TXT, 71FR06-3916 PDF   4/26/06

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/26/06

• Customer ID Program Q & A Released

  FinCEN has released a Guidance in the form of a Q & A regarding customer identification program responsibilities under the agency lending disclosure initiative. Q & A.   4/26/06

• South Dakota CU Closed

  NCUA has liquidated Yankton Employees Federal Credit Union of Yankton, South Dakota. Checks for insured share deposits will be issued by NCUA to the seventy-seven members. Liquidation.   4/26/06

• First Quarter A & L Price Tables Published

  OTS has published the Asset & Liability Price Tables for the first quarter 2006. Tables.   4/26/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of data as of April 21, 2006. Reserve Position.   4/26/06

• IFDP Working Paper Published

  The FRB has published a working paper in the IFDP series on the following topic: The U.S. Current Account Deficit and the Expected Share of World Output. Abstract; Full Paper.   4/26/06

• FDIC Budget Summary And CFO Report Published

  The 2006 Budget Executive Summary and the fourth quarter 2005 CFO Report to the Board have been published by the FDIC. Budget Summary; CFO Report.   4/26/06

• FRB Announces Enforcement Actions

  The FRB has announced that Written Agreements have been entered into with The Bank of New York and Sella Holding Banca. Orders of Prohibition have also been issued against Robert Ray and David Cronin, former officers of Allfirst Bank, Baltimore, Maryland. Bank of New York; Sella Holding Banca; David Cronin   4/25/06

• Section 312 Implementation Dates Extended

  FinCEN has issued a final rule extending the applicability dates for implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act.
  Final Rule   4/25/06

• Community Bank Directors Workshop Announced

  The OCC will host another of its workshops for national community bank directors at the Park Hotel, in Charlotte, N.C., on May 16. The workshops, geared primarily for outside directors of national community banks with assets of less than $1 billion, will cover bank risk and is limited to the first 50 registrants. Other workshops are scheduled for Springfield, IL.; Morristown, NJ.; Memphis, TN.; and New Orleans, LA. Workshop   4/25/06

• Guidance for Filing Notices of Proposed Class Action Settlements

  The OCC has issued a Bulletin containing Guidance to national banks for filing notices to appropriate federal and state officials of proposed class action settlement as required by the Class Action Fairness Act of 2005. If a proposed settlement is reached, each institution must provide to its primary federal regulator the notice required by the statute. Bulletin; Class Action Fair Act   4/24/06

• Counterfeit Cashier's Check Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on:

  • Peoples National Bank, Hallstead, Pennsylvania;
  • Washington Business Bank, Olympia, Washington;
  • The Delaware County Bank and Trust Company, Lewis Center, Ohio;
  • The Pittsfield Cooperative Bank, Pittsfield, Massachusetts; and
  • Annandale State Bank, Annandale, Minnesota

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/24/06

• Cayman Islands Unauthorized Banking List Published

  A Special Alert has been issued by the FDIC regarding the publication by the Cayman Islands Monetary Authority of a list of thirty-seven financial entities whose websites note a Cayman Islands address; but are not registered or licensed to conduct activities regulated by the CIMA. Special Alert; List.   4/24/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of April 14, 2006. Reserve Position.   4/24/06

• FDIC publishes Revisions to Reflect the Merger of the Bank Insurance Fund and the Savings Association Insurance Fund

  FDIC publishes final rule in FR to amend its regulations reflecting the recent merger of the two deposit insurance funds required by the Federal Deposit Insurance Reform Act of 2005.71FR06-3721 TXT, 71FR06-3721 PDF   4/21/06

• CRA Ratings Announced

  The OCC has released the list of CRA performance evaluations received by twenty-two national banks that became public during the period of March 15, 2005 through April 14, 2006. CRA Ratings   4/21/06

• Counterfeit Cashier's Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks containing the routing number assigned to Schertz Bank & Trust, Schertz, Texas, that bear the name and location of Northridge Bank, San Antonio, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/21/06

• Bernanke Discusses Community Economic Development

  In a presentation at the Greenlining Institute's Thirteenth Annual Economic Development Summit, Chairman Bernanke reviewed specific ways data and quantitative measurements have been used in community development activities. He noted that accountability and feedback, facilitated by data development and quantitative analysis are critical for the success of a project. Speech.   4/21/06

• Unauthorized Banking Special Alert Issued

  The FDIC has issued a Special Alert regarding three entities (Global Financial Services, Foundland Financial, and 1st Line Financial Group) that may be conducting banking operations in Canada or the United States without authorization. Special Alert.   4/21/06

• Dugan Expresses Concern Regarding New Mortgages

  Controller Dugan told the participants at the Greenlining Institute's Thirteenth Annual Economic Development Summit that the new types of mortgages aimed at making homes more affordable may offer low monthly payments initially, but will lead to significantly higher payments later. He indicated that the increased monthly payments could put the homes at risk and lead to losses for lenders. Speech.   4/21/06

• Comment Letter Published Regarding RE Lending Proposed Guidance

  OTS has published a comment letter that was received from the Massachusetts Bankers Association regarding the proposed Guidance concerning concentrations in commercial real estate lending. Comment Letter.   4/21/06

• IT Risk Bulletin Issued

  A Regulatory Bulletin has been issued by OTS, which announces the revision of the Information Technology Risks and Controls section of the OTS Examination Handbook. Bulletin.   4/21/06

• UBPR Changes Announced

  The FFIEC has announced that several additions have been made to the UBPR effective March 31, 2006. The additions include a comparison of the allowance for loan and lease losses to loan not held for sale, several new concentrations of credit ratios, and new OREO detail. UBPR.   4/21/06

• New Electronic Interpretations and Actions Announced

  The OCC has announced the posting online of the New Electronic Interpretations and Actions for April 2006. Electronic.   4/21/06

• Foreign Banks Data Share Report Released

  The FRB has released the December 31, 2005, Structure and Data Share Report for U.S. offices of foreign banks. Share Report.   4/21/06

• Compliance Examination Procedures Revised

  The FDIC has issued a FIL that announces the revision of the compliance examination procedures that were issued in 2003. The new examination procedures incorporate banker feedback and results of internal reviews. Changes include templates for standard examination documents, a new interview sheet, an entry letter, a Compliance Information and Document Request form, and the Report of Examination. FIL; Procedures   4/20/06

• Interactive Access To FRB Data

  FRB has announced its new Data Download application, which provides interactive access to Federal Reserve statistical data in a variety of electronic formats. Data Download allows the user to customize data packages that are created in the technical statistical data standard known as SDMX-ML. Data Download   4/20/06

• OCC Brochure Available In Spanish

  The OCC has published a Spanish-language brochure that explains how the agency can answer questions, offer guidance, and help resolve complaints about national banks and their subsidiaries. Spanish Brochure   4/20/06

• Enforcement Actions Released

  The OCC has released information regarding enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions   4/20/06

• FRB Consolidates Advisory Committees

  The consolidation of two internal advisory committees on payments system matters has been announced by the FRB. The duties of the Payments System Policy Advisory Committee will be expanded to encompass the responsibilities and activities of the Payments System Development Committee, which will be discontinued. Committees   4/20/06

• Changes Made To Operating Circular 2

  FRB Financial Services has issued a notice that changes have been made to Operating Circular 2 that become effective May 1, 2006. Circular; References PDF   4/19/06

• Bulletin Issued Regarding Syrian Banks

  The OCC has issued a Bulletin regarding the previously announced issuance of a Final Rule by FinCEN concerning the imposition of Special Measures against the Commercial Bank of Syria and its subsidiary, the Syrian Lebanese Commercial Bank, as financial institutions of primary money laundering concern. Information regarding the Final Rule was posted in the March 16, 2006, BOL Top Stories. Bulletin PDF   4/19/06

• Call Report Filing Information Available

  The FDIC has posted the March 31, 2006, Call Report and Thrift Financial Report filing information on its Web site. Filing Information PDF   4/19/06

• FOMC Minutes Released

  The minutes of the March 27-28, 2006, meeting of the Federal Open Market Committee have been released and posted online. Minutes PDF   4/19/06

• OTS Publishes Technical Amendments to Relect BIF and SAIF Merger

  The OTS published a Final Rule in the FR to
  amend its regulations to incorporate numerous technical and conforming amendments necessary to reflect the recent merger of the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund(SAIF).71FR06-3720 TXT, 71FR06-3720 PDF   4/18/06

• May HOEPA Rates Determined

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in May 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For May, you will use the rates posted on April 13th since April 15th fell on the weekend and the markets were closed on April 14th. Weekly H.15   4/18/06

• Counterfeit Official Checks Alert issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association, East Syracuse, New York. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   4/18/06

• Reporting Requirement Reduced

  The FRB has issued a SR Letter that announces the reporting requirements for examinations of government securities custodial activities of state member banks, branches, and agencies have been reduced. Effective immediately, AD 91-26 is withdrawn and the form FR 1468 is eliminated. Securities Reporting   4/18/06

• 314a Fact Sheet Updated

  FinCEN has updated the data contained in the 314a Fact Sheet to include information as of April 17, 2006. Fact Sheet   4/18/06

• February TIC Data Released

  Treasury has released the TIC data for February 2006. TIC   4/18/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alert regarding counterfeit cashier's checks drawn on:

  • Mascoma Savings Bank, Lebanon, New Hampshire;
  • Wells River Savings Bank, Wells River, Vermont;
  • The Chelsea Groton Savings Bank, Norwich, Connecticut;
  • 1st Security Bank of Washington, Mountlake Terrace, Washington.

  Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   4/17/06

• Early Savings Bond Redemptions Authorized

  FRB Financial Services has announced that agents serving areas recently ravaged by severe storms in Tennessee and Missouri are authorized to redeem EE and I savings bonds less than one year old that are presented during the months of Posted April and May 2006. Redemptions   4/17/06

• Routing Numbers And Check 21 Availability Changes Announced

  The FRB has announced additional changes that are effective Posted April24, 2006, in the routing numbers to be utilized with the FedReceipt forward collection product. Changes   4/17/06

• Posted April Issue FedFlash Online

  The Posted April 15, 2006 issue of FedFlash has been posted online and contains articles on amendment to Operating Circulars 3 and 4, deposit guidelines for non-imageable items, current cash-letter forms, and RCPC Premium Plus deposit changes. FedFlash   4/17/06

• FTC Issues FDCPA Report

  The FTC has released its 28th Annual Report to Congress on the Fair Debt Collection Practices Act. The report summarizes the FTC's administration and enforcement of the FDCPA during 2005. Report   4/17/06

• RB Annual Budget Report Released

  The 2006 FRB Annual Budget Report contains the current annual budgeted expenses of the Federal Reserve Banks and discusses their 2005 income and expenses. The budgeting process for the Board and Banks is described and shows trends in expenses and employment. Budget Report   4/17/06

• Capacity And Utilization Report Published

  The FRB has published the G.17 Industrial Capacity and Utilization Report for March 2006. G.17   4/17/06

• Cost Of Funds Reports Issued

  OTS has issued the historical and February 2006 reports of the national average cost of funds ratio to OTS regulated, SAIF - insured institutions. Historical; February   4/17/06

• OFAC Creates NS-PLC List

  A new OFAC list has been created that contains the names of individuals who are affiliated with terrorist organizations and have been elected to the Palestinian Authority. The individuals listed on the NS-PLC List are PLC members who were elected on the party slate of an FTO, SDT, or SDGT. Their names do not, however, appear on the SDN List. All transactions involving these individuals must be rejected. Information concerning the NS-PLC List has been posted on the BOL OFAC page.  4/14/06

• Four Added To SDN List

  OFAC has announced that the names and aliases of four individuals have been added to the SDN List. Information regarding the additions has been posted on the BOL OFAC page.
   4/14/06

• Counterfeit Checks And Money Orders Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding the following:
  a) Counterfeit Official Checks drawn on Cape Ann Savings Bank, Gloucester, Massachusetts; and First Community Bank, Chatom, Alabama;
  b) Counterfeit Cashier's Checks drawn on Great Western Bank, Omaha, Nebraska; Pinnacle National Bank, Nashville, Tennessee; The Foster Bank, Chicago, Illinois; and Citizens Tri-County Bank, Dunlap, Tennessee;
  c) Counterfeit Cashier's Checks bearing the name of Prosperity Bank, St. Augustine, Florida; and
  d) Counterfeit Personal Money Orders drawn on First Security Bank, Batesville, Mississippi.
  Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  4/14/06

• FACT Act Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency request for comments and suggestions regarding the development of the guidelines and regulations required by section 312 of the FACT Act. Information regarding the request was posted in the March 22, 2006, BOL Top Stories.
  Bulletin  4/14/06

• OTS Fact Book Released

  The 2005 annual update of the OTS Fact Book, which contains the compilation of statistics concerning the OTS-Regulated thrift industry, has been released.
  Fact Book  4/14/06

• Spring Outlook published

  The 2006 Spring issue of the FDIC Outlook has been published and contains an analysis of the financial implications of aging baby boom demographics. The issue describes how the aging of the U.S. population, caused by declining birth rates in the 1960s and 1970s and by rising longevity, is making it increasingly difficult for both public and private pension plans to keep their financial footing.
  Spring Outlook  4/14/06

• Counterfeit, Fraudulent And Stolen Checks Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding a) counterfeit cashier's checks drawn on or bearing the name of The Cape Cod Five Cents Savings Bank, Harwich Port, Massachusetts; Pacific Western National Bank (also known as Pacific Western Bank), Santa Monica, California; and California Oaks State Bank, Thousand Oaks, California; b) counterfeit official checks drawn on Unizan Bank, Canton, Ohio; c) fraudulent cashier's checks drawn on First Fidelity Bank, Burke, South Dakota; and Monson Savings Bank, Monson, Massachusetts; d) fraudulent treasury checks drawn on Charlevoix State Bank, Charlevoix, Michigan; and e) cashier's checks missing, lost or stolen from Citrus and Chemical Bank, Bartow, Florida. Information regarding the checks has been posted on the BOL Alerts & Counterfeits page.  4/13/06

• CRA Definitions Revised

  OTS has published a Final Rule revising the definition of community development in its CRA regulations and a Notice and Request for Comment on proposed revisions to its CRA guidance.
  Final Rule;
  Notice  4/13/06

• Counterfeit And Stolen Instruments List Published

  An Alert has been issued regarding the publication of a list of counterfeit or stolen instruments named in OCC alerts from the year 2002 to date. Information regarding the list has been posted on the BOL Alerts & Counterfeits page.  4/12/06

• 2006 HUD Median Family Income Data Available

  The FFIEC has posted the 2006 HUD median family income figures.
  Median Family Income  4/12/06

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit official checks drawn on HomeStreet Bank, Seattle, Washington and Unity National Bank, Cartersville, Georgia, in addition to counterfeit cashier's checks drawn on Oak Valley Community Bank, Oakdale, California; Community Bank of the Midwest, Great Bend, Kansas; and K Bank, Randallstown, Maryland. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  4/12/06

• Registration Required To Receive Paper Special Alerts

  The FDIC has issued a FIL regarding the conversion of the delivery of Special Alerts from a paper via mail to electronic delivery on a secure Web site. Registration is required by May 15, 2006 receive paper alerts after June 1, 2006.
  FIL;
  Paper Delivery Form 4/11/06

• FinCEN Issues ML Threat Advisory

  An Advisory has been issued by FinCEN regarding a potential money laundering threat involving Belarusian government officials seeking to move misappropriated state assets to or through the U.S. financial system.
  Advisory 4/11/06

• International Reserve Position Update

  The U.S. International Reserve Position report has been updated by Treasury to include information as of Posted April 7, 2005.
  Reserve Position 4/11/06

• March Agricultural Finance Databook Released

  The FRB has published the March 2006 E.15 Agricultural Databook which contains sections regarding the amount and characteristics of farm loans made by commercial banks; selected statistics from the quarterly reports of condition of commercial banks; and reserve bank surveys of farm credit conditions and farm land values.
  E.15 4/11/06
  

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets held at Federal Reserve Banks reports for February 2006 have been issued the FRB.
  Reports 4/11/06

• Quarterly Review Features Option ARMS

  The Fourth Quarter 2005 issue of The Quarterly Review Of Interest Rate Risk features an article on option ARMS.
  Quarterly Review 4/11/06

• North Korean Sanctions Updated

  OFAC has amended the Foreign Assets Control Regulations to prohibit U.S. persons from owning, leasing, operating, or insuring any vessel flagged by North Korea. Information regarding the amendments has been posted on the BOL OFAC page. 4/10/06

• CRA Exam Procedures Revised

  The OCC has issued a Bulletin that contains recent revisions to CRA regulations regarding updated CRA examination procedures for large, small, limited purpose or wholesale banks, and banks operating under the previously announced approved interagency CRA strategic plans.
  Bulletin;
  Large;
  Small;
  Limited/Wholesale;
  Strategic ;
  FDIC FIL; FRB CA Letter;
  FFIEC 4/10/06

• Consumer Credit Released

  The February 2006 G.19 Consumer Credit Report has been released by the FRB.
  G.19 4/10/06

• Dugan Discusses Concentrations In Commercial RE Lending

  In a presentation to the New York Bankers Association, Comptroller Dugan indicated that while concentrations in commercial real estate lending do raise safety and soundness concerns, bank regulators believe they can be safe if they are effectively managed. He also noted that commercial real estate lending has historically been a volatile business and the degree to which banks participated in the run-up of the commercial real estate market in the early 1980s was one of the best predictors of subsequent bank failure.
  Speech 4/7/06

• CRA Q & A Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency Q&A that address topics such as the asset threshold for small banks and the new category of intermediate small banks in recently revised CRA regulations. Information concern the Q& A was posted in the March 10, 2006, BOL Top Stories.
  Bulletin 4/7/06

• Credit Quality Concerns OTS

  At a speech before the New York Bankers Association, OTS Director Reich expressed concerns about weakening credit quality with some financial institutions. He indicated that OTS has increased its vigilance, is digging deeper into loan portfolios, and paying close attention to the fundamentals, including loan documentation, pricing, loan-to-value ratios, and overall underwriting standards.
  Speech 4/7/06

• CRA Ratings Released

  The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the CRA.
  Ratings 4/7/06

• CTR Zip Code Validation List Updated

  FinCEN has updated the zip code validation list for the magnetic media filing of the CTR Form 104 and Designation of Exempt Person Form 110.
  Zip Code 4/7/06

• Final Agenda For Wal-Mart Application Meetings Released

  The FDIC has released the final agenda for the Posted April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak.
  Final Agenda 4/7/06

• Florida CU Closed

  NCUA has liquidated Potter's House Federal Credit Union of Jacksonville, Florida, and will issue checks to the approximately 1,500 members.
  Liquidation 4/7/06

• Operating Circulars Amended

  The FRB has amended Operating Circular 3, Collection of Cash Items and Returned Checks, and Operating Circular 4, Automated Clearing House Items.
  Notice;
  OC 3;
  OC 4 4/6/06

• Regulators Issue Counterfeit Checks And Correspondence Alerts

  The FDIC has issued four Special Alerts concerning counterfeit official checks drawn on Investors Savings Bank, Short Hills, New Jersey; and United Community Bank Tennessee, Lenoir City, Tennessee, in addition to cashier's checks drawn on United Community Bank, Blairsville, Georgia. An Alert regarding counterfeit cashier's checks and fraudulent lottery- and loan-related correspondence bearing the name of Pinnacle National Bank, Nashville, Tennessee, has also been issued by the OCC. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 4/5/06

• Unauthorized Banking Alert Issued

  The OCC has issued an Alert regarding an entity calling itself Trinity Savings Bank, Ltd. in Nassau, Bahamas, is not authorized to conduct banking business in the United States.
  Unauthorized Banking 4/5/06

• Ponzi Scheme Alert Issued

  FRB Financial Services has issued an information alert at the request of the court-appointed receiver regarding an alleged Ponzi scheme.
  Alert; Receiver Information Page 4/5/06

• FDIC Updates Deposit Insurance Information

  FDIC has announced that it is in the process of updating its publications, videos, and other informational resources on deposit insurance coverage to reflect recent regulatory changes affecting insurance coverage of certain retirement accounts which became effective Posted April 1, 2006.
  FDIC Insurance 4/5/06

• Prohibition Orders Issued

  NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
  Orders 4/5/06

• New York CU Closed

  NCUA has announced the liquidation of St. Charles Borromeo Church Federal Credit Union of New York, New York. Checks will be issued to verified share account holder within one week.
  Liquidation 4/5/06

• Spring 2006 State Profiles Published

  The FDIC has published the Spring 2006 edition of State Profiles which indicate despite regional disparities in job growth and a high degree of reliance on real estate, the economy and the banking industry both continue to perform well across most areas of the nation.
  State Profiles 4/5/06

• FOMC Meetings Transcripts Online

  The FRB has posted the transcripts of the 2000 FOMC meetings on its Web page.
  Transcripts 4/5/06

• FEDS Working Paper Published

  A working paper in the FEDS series on the topic of Currents and Undercurrents: Changes in the Distribution of Wealth, 1989-2004 has been published by the FRB.
  Abstract;
  Full Paper 4/5/06

• Agencies Update HMDA Price Data FAQs

  The federal regulatory agencies, along with HUD, have released updated FAQs to aid interpretation of the 2005 home loan data to be disclosed this year under HMDA.
  FAQs;
  FFIEC HMDA;
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR;
  NCUA PR 4/4/06

• CRA Ratings Announced

  OTS has announced the March 2006 evaluation ratings for savings associations recently examined for compliance with the CRA.
  Ratings 4/4/06

• BSA Timeline Updated

  FinCEN has updated its BSA timeline which list the regulatory major events and milestones of the efforts to fight against financial crimes.
  Timeline 4/4/06

• Foreign Exchange Rates Released

  The G.5 Foreign Exchange Rates report for March 2006 has been released by the FRB.
  G.5 4/4/06

• FEDS Working Papers Published

  The FRB has published three working papers in the FEDS series on the topics of Forecasting Professional Forecasters; Credit Market Competition and Capital Regulation; and A Fully-Rational Liquidity-Based Theory of IPO Underpricing and Underperformance.
  Forecasting Abstract;
  Forecasting Full Paper;
  Credit Market Abstract;
  Credit Market Full Paper;
  IPO Underpricing Abstract;
  IPO Underpricing Full Paper 4/4/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 31, 2006.
  Reserve Position 4/4/06

• Improving Customer Privacy Notices Report Issued By Regulators

  The federal financial regulators have released the Evolution of a Prototype Financial Privacy Notice, a report which summarizes consumer research commissioned by the regulators, as part of their ongoing efforts to develop improved financial privacy notices. The report indicates that it is possible for financial privacy notices to include all of the information required by law in a short document that consumers can readily understand.
  Report;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR;
  SEC PR;
  FTC PR 4/3/06

• Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in February 2006. The actions included seven removal and prohibition orders, five civil money penalty orders, one cease and desist order, and one termination of a cease and desist order.
  Enforcement Actions 4/3/06

• Businesses Cashing Checks MSB Or Not?

  FinCEN has issued a Guidance that contains FAQs regarding business that cash checks and whether or not they are MSBs.
  Guidance 4/3/06

• New Jersey CU Liquidated

  NCUA has liquidated St. John Baptist Federal Credit Union, Scotch Plains, New Jersey, and transferred its 180 members' accounts to United Financial Services Federal Credit Union in Scotch Plains.
  St. John 4/3/06

• Country Exposure Reports Released

  The FFIEC has released the December 31, 2005, E.16 Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16;
  Information Report 4/3/06

• Derivatives Volume Exceeds $100 Trillion

  The OCC has issued the Fourth Quarter 2006\5 Banker Derivatives Report which indicates the notional amount of derivatives held by U.S. commercial banks increased by $2.7 trillion in the fourth quarter, to a record $101.5 trillion.
  Banker Derivatives Report 4/3/06

• FACT Act Rules Reminder

  The new FACT Act Medical Information rules take effect on April 1. FACT Act  3/31/06

• Swiss Entities Added To OFAC List

  Treasury has added a Swiss company and individual to the SDN list with the designation NPWMD for supporting North Korean WMD proliferation. Information regarding the company and the individual has been posted on the BOL OFAC page.  3/31/06

• Basel II Risk-Based Capital Requirements NPR Issued

  An NPR that would implement Basel II risk-based capital requirements in the United States for large, internationally active banking organizations has been issued by the FRB. The proposed rule requires the largest internationally active banks to enhance the measurement and management of their risks, to have rigorous processes for assessing overall capital adequacy in relation to their total risk profile, and to publicly disclose information regarding their risk profile and capital adequacy. Basel II NPR  3/31/06

• OCC Counsel Calls For Improved Consumer Financial Disclosures

  In a presentation to the attendees at the University of North Carolina School of Law 2006 Banking Institute, Chief Counsel and First Senior Deputy Comptroller Williams called for more effective consumer-oriented disclosures in the financial services business as a vital part of consumer protection. Speech  3/31/06

• TCPA and the Junk Fax Prevention Act Examination Procedures Announced

  The OCC has issued a Bulletin that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with the TCPA and the Junk Fax Prevention Act. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• CAN-SPAN Bulletin Issued

  A Bulletin has been issued by the OCC that contains information regarding the procedures that examiners will follow when conducting examinations for compliance with CAN-SPAM. Bulletin; Examination Procedures; Examiner Worksheet  3/31/06

• USA PATRIOT Act Foreign Account Compliance Date Extended

  FinCEN has announced a ninety-day extension of the compliance date for special due diligence programs for certain foreign accounts maintained by U.S. financial institutions. Extension  3/31/06

• Disaster Relief Grant Application Deadline Extended

  NCUA announced the extension of the application deadline for the CDRLF disaster relief grants from March 31, 2006 to September 30, 2006. Deadline  3/31/06

• Unauthorized Banking Alerts List Updated

  The OCC has issued a list of unauthorized offshore and domestic banking activities named in OCC alerts from the year 1996 to March 28, 2006, as an aid in the search for problem entities. Alerts List  3/30/06

• Financial Management Seminar Information Announced

  OTS has announced the dates and registration information of the four OTS Midwest Region Financial Management Seminars to be held during the month of June 2006 in New Orleans, Kansas City, Milwaukee, and Dallas. Seminars  3/30/06

• Interest Rate Risk Reports Issued

  OTS has issued the Interest Rate Risk Measures Final Report and the Aggregate Exposure and CMR Report for the Fourth Quarter 2005. Interest Rate Risk; Aggregate Exposure  3/30/06

• FEDS Working Papers Published

  Two working papers in the FEDS series have been published by the FRB on the topics of Real-time Model Uncertainty in the United States: The Fed from 1996-2003 and Incentives and Prices for Motor Vehicles: What Has Been Happening in Recent Years? Real-time Abstract; Real-time Full Paper; Incentives Abstract; Incentives Full Paper  3/30/06

• Gulf Coast Recovery Savings Bonds Available

  Treasury has designated Series I inflation-indexed savings bonds purchased through financial institutions as "Gulf Coast Recovery Bonds" to help encourage public support for the ongoing recovery and rebuilding efforts in those areas devastated by Hurricanes Katrina, Rita and Wilma. Beginning March 29, 2006, through December 2006 paper Series I saving bonds will be specially inscribed with the legend "Gulf Coast Recovery Bond." Bonds  3/30/06

• Lending In Indian Country Featured In Insights

  The OCC has published the March 2006 issue of Community Developments Insights which contains a report, "Commercial Lending in Indian Country: Potential Opportunities in an Untapped Market," that highlights best practices for banks making commercial loans on tribal trust lands as well as to tribes and tribal enterprises. Insights  3/30/06

• Deposit Insurance Changes Detailed in FIL

  A FIL has been issued by the FDIC regarding the recent changes to FDIC insurance coverage of certain accounts. The FDIC has adopted interim final rules, which take effect on April 1, 2006, to implement provisions of the Federal Deposit Insurance Reform Act of 2005. An attachment to the FIL provides details about the insurance coverage changes implemented by the rules; information about official FDIC signage; information about a special bulletin and statement stuffers; and the FDIC's plans to update its insurance coverage resources. FIL; Attachment; Bulletin; Stuffers  3/29/06

• Deposit Items Drawn On Canadian Institutions To Be Separated

  Beginning May 1, 2006, FRB Financial Services will require all items deposited which are drawn on Canadian institutions to be separated from U.S. and other foreign deposits and be presented in a separate cash letter. Canadian Deposits  3/29/06

• Counterfeit Cashier's Checks Special Alerts Issued

  Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Stockton Bank, Austin, Texas, and First Security Bank of Conway, Conway, Arkansas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/29/06

• March 2006 Fed Focus Published

  FRB Financial Services has published the March 2006 issue of FedFocus which features articles on risk management including ways in which corporations are discovering more efficient and effective ways to use operational insights to help mitigate risk and risk exposure; upcoming service enhancements; industry trends; and also includes a review of the new FedACH Risk Origination Monitoring Service. FedFocus.  3/29/06

• 2006 TFR Instruction Manual Published

  OTS has published the March 2006 TFR Instruction Manual which contains 348 pages. Manual.  3/29/06

• March 2006 Financial Reporting Bulletin Released

  The March 2006 issue of the Financial Reporting Bulletin has been released by OTS. Bulletin.  3/29/06

• Fed Raises Rates

  The target for the federal funds rate has been raised by 25 basis points to 4-3/4 percent by the FOMC. A 25-basis-point increase in the discount rate to 5-3/4 percent was also approved. Rates.  3/29/06

• Receivables Report Released

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for January 2006 has been released by the FRB. G.20.  3/29/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of March 24, 2006. Reserve Position.  3/29/06

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Woronoco Savings Bank, Westfield, Massachusetts; Redding Bank, Austin, Texas; Heritage Bank, Austin, Texas; and Brookline Savings Bank, Brookline, Massachusetts. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/28/06

• FRB Launches Kids Page

  A new Web page designed to educate middle school students about the Federal Reserve System has been launched by the FRB. The new Federal Reserve Kids Page utilizes a user-friendly, question-and-answer format to ensure easy navigation and features information about the history, structure, and primary functions of the Federal Reserve; the structure of FOMC; and a kids quiz. Kids Page   3/28/06

• Casino BSA Violations Result In $2.5 Million CMPs

  FinCEN has announced the consent to the assessment of civil money penalties, in the amounts of $1.5 million and $1 million, respectively against Edward E. Street and the Tonkawa Tribe of Oklahoma. FinCEN Director Warner noted the case involved the absence of an adequate anti-money laundering program, the use of fictitious social security numbers for customer identification, an unreported deposit of $300,000 in cash from a duffel bag, and other suspicious transactions. The actions represent the first enforcement actions against an individual and a tribe for violations under the casino provisions of the BSA. CMP http://www.fincen.gov/tonkawa.pdf.   3/27/06

• Four Quarter Thrift Charge-Of Rates Released

  OTS has released the charge-off rates for thrifts during the fourth quarter 2005. Charge-Of Rates  3/27/06

• Five Counterfeit Checks Special Alerts Issued

  The FDIC has issued five Special Alerts regarding a) counterfeit checks drawn on Farmers State Bank, Booneville, Kentucky; and b) counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee; Clinton Savings Bank, Clinton, Massachusetts; TeamBank, N.A., Paola, Kansas; Mid-Wisconsin Bank, Medford, Wisconsin. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   3/24/06

• Hizballah Media Added To OFAC List

  Treasury has designated, pursuant to Executive Order 13224, the parent company of a satellite television operation and a radio station owned or controlled by the Iran-funded Hizballah terrorist network and added each of the entities to the OFAC SDN List as SDGTs. Information regarding the entities has been posted on the BOL OFAC page.   3/24/06

• Order Of Prohibition Issued Against Former Georgia Banker

  As a result of an action brought by the OCC, the FRB has issued a Final Decision and Order of Prohibition against Oyeacholem Moseri, a former employee of First North American National Bank, Kenneshaw, Georgia. The Order prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order FRB PR  3/24/06

• New FRB Governors Sworn In

  Kevin M. Warsh and Randall S. Kroszner were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony March 23, 2006, in Washington, D.C. Governor Warsh assumed his position on February 24 and Governor Kroszner assumed his position on March 1. Kroszner Bio; Warsh Bio  3/24/06

• Investment Opportunity For Community Banks

  The Spring 2006 edition of Community Developments Investment, published by the OCC, focuses on Low-Income Housing Tax Credits. Articles describe the fundamentals of LIHTCs, with a particular emphasis on topics of interest to community bankers who may not be familiar with this investment option. Community Developments Investment   3/24/06

• OTS Promotes Treasury ID Theft DVD

  OTS is encouraging savings institutions to take advantage of a previously announced Treasury Department program available on DVD, which was created to inform consumers about ID Theft by defining what it is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page and was included in the January 27, 2006, BOL Top Stories. OTS NR  3/24/06

• March FYI Discusses Recession Scenarios

  The March 23, 2006, issue of the FDIC FYI outlines various scenarios for the next U.S. recession. FYI  3/24/06

• FDIC publishes Interim Rule for Deposit Insurance Regulations covering Inflation Index, Certain Retirement Accounts and Employee Benefit Plan Accounts

  The FDIC is amending its deposit insurance regulations to the Federal Deposit Insurance Act 2005. This interim rule provides for consideration of inflation adjustments to increase the current standard maximum deposit insurance amount of $100,000 on a fiveyear cycle beginning in 2010; increases the deposit insurance limit for certain retirement accounts and provides per participant insurance coverage to employee benefit plan accounts.TXT, PDF.  3/23/06

• NCUA publishes Interim Rule for Share Insurance

  NCUA is amending its share insurance rules to implement amendments to the Federal Credit
  Union Act (FCU Act) made by the Federal Deposit Insurance Reform Act of 2005 (Reform Act). This interim final rule defines the "standard maximum share insurance amount" as $100,000 and provides that beginning in
  2010, and in each subsequent 5-year period thereafter, NCUA and the Federal Deposit Insurance Corporation (FDIC) will jointly consider if an inflation adjustment is appropriate to increase that amount; increases the share insurance limit for certain retirement accounts, and provides pass-through coverage to each participant of an employee benefit plan.TXT, PDF.  3/23/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks issued in the name of Unity National Bank of Cartersville, Georgia, that are being presented for payment. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  3/23/06

• Fourth Quarter Legal Developments Announced

  The FRB has issued a Bulletin which announces certain legal developments that occurred during the fourth quarter 2005. Bulletin  3/23/06

• Four IFDP Working Papers Published

  Four working papers in the IFDP series have been published by the FRB on the following topics: "Estimation of Average Local-to-Unity Roots in Heterogenous Panels"; "New Methods for Inference in Long-Run Predictive Regressions"; "Fully Modified Estimation With Nearly Integrated Regressors"; and "Should We Expect Significant Out-of-Sample Results When Predicting Stock Returns?". Estimation Abstract; Estimation Full Paper; New Methods Abstract; New Methods Full Paper; Fully Modified Abstract; Full Modified Full Paper; Should Abstract; Should Full Paper  3/23/06

• OTS Announces Technology Managers Seminars

  Seminars for technology managers will be held by OTS in Boston, MA.; Newark, NJ; Pittsburg, PA. and Columbus, Ohio, during April and May 2006. Seminars  3/23/06

• FTC To Host Non-Traditional Mortgage Workshop

  The FTC will host on a workshop, Protecting Consumers in the New Mortgage Marketplace, on consumer protection issues arising from the growth of "nontraditional" or "alternative" mortgage products in the residential mortgage marketplace. The workshop will be held May 24, from 8:30 a.m. to 5:30 p.m., at the FTC's Satellite Building Conference Center, 601 New Jersey Avenue, NW, Washington, DC. Workshop  3/23/06

• Interagency Announce Proposed Rulemaking of Procedures to Enhance the Integrity of Information Furnished to Consumer Reporting Agencies

  The OCC, Board, FDIC, OTS, NCUA, and FTC (the Agencies) request comment to gather information useful
  for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit
  Transactions Act (FACT Act). FTC; FDIC PR; FRB PR; OCC NR; OTS PR; NCUA; TXT, PDF.  3/22/06

• First Quarter Survey Of Terms Of Business Lending Report Released

  The FRB has released the E.2 Survey of Terms of Business Lending report regarding data collected on gross loan extensions made during the first full business week in the middle month of the first quarter. The authorized panel size for the survey is 348 domestically chartered commercial banks and 50 U.S. branches and agencies of foreign banks. E.2  3/22/06

• OCC To Host Community Bank Directors Workshops

  The OCC will host nineteen workshops for national community bank directors at the Westin Great Southern Hotel, Columbus, Ohio, on April 25-26.The workshops will provide practical information that expands bank directors' skills and understanding of issues facing their banks. Workshops  3/22/06

• FTC Seeks Court Order Against Debt Elimination Telemarketers

  The FTC and the Washington State Attorney General have filed a Complaint which asks a federal judge to order Debt Solutions Inc. and three other telemarketers to stop charging consumers hundreds of dollars for a "debt elimination program" that offers a false promise of substantially reduced interest rates and thousands of dollars in savings. Compliant  3/22/06

• Call Report FIL Issued

  The FDIC has issued a FIL which contains information regarding the filing of the March 31, 2006, Call Report. Certain revisions to the Call Report are scheduled to take effect the First Quarter 2006 and other revisions will be phased in over the next two years. FIL  3/21/06

• Draft Agenda For Wal-Mart Application Meetings Released

  The FDIC has released a draft agenda for the April 2006 public hearings on the proposed Wal-Mart Bank's application for federal deposit insurance. The draft contains the names of parties who are currently scheduled to give oral presentations, as well as the speaking times and the locations where the parties are scheduled to speak. Draft Agenda  3/21/06

• Comments Received By FDIC Now Online

  The FDIC Office of the Ombudsman has posted online the latest issue of the Report to the Industry that contains a summary of the comments received by the regulator and addresses questions and issues that were identified as being of particular concern during the period July 1, 2005, through December 31, 2005. Report  3/21/06

• Share Insurance Coverage Increased

  NCUA has announced the issuance of an interim rule that increases the coverage of retirement accounts to $250,000. Interim Rule  3/21/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 17, 2006. Reserve Position  3/21/06

• Bernanke Comments On Yield Curve And Monetary Policy

  In a presentation before the Economic Club of New York, Chairman Bernanke expressed his views on the yield curve and the current monetary policy. Speech  3/21/06

• SS Direct Deposit Online Enrollment Made Easier

  FRB Financial Service has introduced a new online enrollment system for banks and credit unions that allows fast, convenient enrollment in direct deposit for Social Security and Supplemental Security Income (SSI). Online Enrollment  3/21/06

• FRB Adopts Rule for International Banking Operations

  FRB published a final rule in the FR to require Edge and Agreement corporations to establish procedures to
  assure and monitor compliance with the Bank Secrecy Act.TXT, PDF.  3/20/06

• Seven Counterfeit And Fraudulent Checks Special Alerts Issued

  The FDIC has issued seven Special Alerts regarding a) counterfeit official checks drawn on KeyBank National Association, Cleveland, Ohio; b) counterfeit cashier's checks drawn on The Harbor Bank of Maryland, Baltimore, Maryland; Greenfield Savings Bank, Greenfield, Massachusetts; People's Bank, Bridgeport, Connecticut; and Bank of Eureka Springs, Eureka Springs, Arkansas; c) counterfeit treasury checks drawn on Mercantile-Safe Deposit and Trust Company, Baltimore, Maryland; and d) fraudulent cashier's checks drawn on 1st Financial Bank USA, Dakota Dunes, South Dakota. Information concerning the counterfeit and fraudulent items has been posted on the BOL Alerts & Counterfeits page.  3/20/06

• Q&A Issued Regarding CRA And Investments In Minority Owned FIs

  The OCC has issued a Q& A intended to clarify the criteria under which a national bank may make an investment in a minority-owned bank or thrift under the Part 24 community development investment authority.
  Q&A.  3/20/06

• Three C&D Orders Issued

  The FRB has issued consent C& D orders against R&G Financial Corporation, Hato Rey, San Juan, Puerto Rico; First BanCorp, Santurce, Puerto Rico; and Doral Financial Corporation, San Juan, Puerto Rico.R& G; First BanCorp; Doral.  3/20/06

• Incentives Offered To Reduce Use Of FRB Cash-Processing

  The FRB has announced policy changes that seek to reduce the overuse of its cash-processing services by providing incentives for depository institutions to recirculate currency among their customers. Incentives.  3/20/06

• FTC Files Amicus Brief In FCRA Case

  The FTC has filed an amicus brief in the case of Whitfield et al v. Radian Guaranty, Inc., No. 05-5017 (3d Cir.) which urges the Third Circuit Court of Appeals to overturn a lower court ruling that held that a mortgage company was not required to provide a consumer with a FCRA adverse action notice even though, as a result of the information in a consumer report, the company had charged a higher mortgage insurance premium, and that premium was paid by the consumer. Brief.  3/20/06

• 314a Fact Sheet Update Released

  FinCEN has updated the 314a Fact Sheet to include data as of March 14, 2006. 314a.  3/20/06

• March 2006 New Electronic Interpretations and Actions Posted

  The OCC has posted on its Web site the March 2006 issue of New Electronic Interpretations and Actions. Electronic.  3/20/06

• Industrial Capacity And Utilization Report Released

  The G.17 Industrial Capacity and Utilization Report for February 2006 has been released by the FRB. G.17.  3/20/06

• Yield Curve Working Paper Published

  A working paper in the FEDS series has been published by the FRB on the topic of "The Yield Curve and Predicting Recessions". Abstract; Full Paper.  3/20/06

• FHC List Update

  The FRB has updated the list of the BHCs have elected to become or be treated as FHCs to include those elections made as of March 17, 2006. List.  3/20/06

• CRA Ratings Announced

  The OCC has released the list of CRA performance evaluations of eighteen national banks that became public during the period of February 15, 2005, through March 14, 2006.
  Ratings   3/17/06

• Bulletin Issued Regarding Remotely Created Checks And Presentment Warranties

  The OCC has issued a Bulletin regarding amendments to Reg. CC that define “remotely created checks” and create transfer and presentment warranties plus the adoption of conforming cross-references to the proposed new warranties in Reg. J, which were previously announced by the FRB. Information concerning the amendments was posted in the November 29, 2005, BOL Top Stories.
  Bulletin;
  Amendments   3/17/06

• Industrial Production And Capacity Utilization Report 2005 Annual Revision Published

  The FRB has published the 2005 Annual Revision of the Industrial Production and Capacity Utilization Report.
  Revision   3/17/06

• Four Counterfeit Special Alerts Issued

  The FDIC has issued Special Alerts regarding counterfeit cashier's checks drawn on The State Bank of Viroqua, Viroqua, Wisconsin; South Adams Savings Bank, Adams, Massachusetts; and Bridgewater Savings Bank, Raynham, Massachusetts; plus counterfeit official checks drawn on Fifth Third Bank, Cincinnati, Ohio. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/16/06

• April HOEPA Rates Set

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in April 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  Daily Rate;
  Weekly Rate   3/16/06

• Kansas Credit Union Group Placed Into Receivership

  NCUA has announced the state-chartered credit union Credit Union Group of Lawrence, Kansas, has been placed into conservatorship by the Kansas Department of Credit Unions.
  Receivership   3/16/06

• OCC Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.Actions   3/16/06

• December 31 Call Report And TFR Data Available

  The Call Report and TFR Data for December 31, 2006, is now available from the FDIC Web site.
  Call Report   3/16/06

• Syrian Banks Designated As Financial Institutions of Primary ML Concern

  FinCEN has announced an amendment to the BSA regulation regarding the designation of Commercial Bank of Syria and its subsidiary, Syrian Lebanese Commercial Bank, as a financial institution of primary money laundering concern.
  BSA   3/16/06

• Flu Pandemic Awareness Advisory Issued

  The federal bank and thrift regulatory agencies have issued an interagency advisory to financial institutions and their technology service providers regarding the threat of a pandemic influenza outbreak and its potential impact on the delivery of critical financial services.
  Advisory;
  FRB PR;
  OCC Bulletin;
  OTS CEO Ltr;
  FDIC FIL   3/16/06

• H&R Block Bank Application Approved

  OTS has announced the approval of an application from H&R Block, Inc. to organize a de novo federal stock savings bank to be known as H&R Block Bank (Savings Bank), which will be located in Kansas City, Missouri.
  Approval   3/16/06

• Beige Book Released

  The FRB has released the March 15, 2006 issue of the Beige Book.
  Beige Book Summary;
  Beige Book Full Report   3/16/06

• March Issue FedFlash Published

  Federal Reserve Financial Services has published the March 15, 2006, issue of FedFlash, which contains articles on FedLine Advantage training, the Premium Plus Sort Group deposit product, changes to FedReceipt endpoints, and District news.
  FedFlash   3/16/06

• BSA Now Covers Edge Corporations

  The FRB has announced a final rule, which amends Regulation K to require Edge and Agreement corporations and certain offices of supervised foreign banks to establish and maintain procedures reasonably designed to ensure and monitor compliance with the BSA.
  Final Rule   3/16/06

• Federal Reserve Bulletin Statistical Supplement Issued

  The FRB has issued the February 2006 Statistical Supplement to the Federal Reserve Bulletin.
  Supplement   3/16/06

• January TIC Data Released

  Treasury has released the Treasury International Capital Data for January 2006.
  TIC   3/16/06

• Semi-Annual Update of BHC Supervision Manual Published

  The FRB has published the January 2006 semi-annual update of the BHC Supervision Manual.
  Manual   3/15/06

• FDIC Insurance for Retirement Accounts Increased

  The FDIC has approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000.
  A Special Bulletin of the FDIC Consumer News features an article on the increased coverage.
  Retirement Accounts;
  Special Bulletin   3/15/06

• Wal-Mart FIDC Insurance Hearings Sites Announced

  The sites for hearings by the FDIC on the application of Wal-Mart for FDIC insurance have been announced with locations in Arlington, Virginia, and Overland Park, Kansas.
  Sites   3/15/06

• Taxation Working Paper Released

  A working paper in the FEDS series on the subject of Taxation with Representation: Intergovernmental Grants in a Plebiscite Democracy has been released by the FRB.
  Abstract;
  Full Paper   3/15/06

• Published in FR Comment Period Extended for Lending Concentration Guidance

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending. 71FR13215 txt 71FR13215 pdf   3/14/06

• Comptroller's Handbook Insider Activities Section Revised

  The OCC has revised the insider activities section of the Safety and Soundness booklet of the Comptroller's Handbook.
  Insider Activities   3/14/06

• OTS Revises Examination Handbook

  The examination systems section of the Examination Handbook has been revised by OTS.
  Examination Systems   3/14/06

• Comptroller Says Basel II Safeguards Needed

  In a presentation before The Institute of International Bankers regarding the transition to Basel II, Comptroller Dugan indicated that the continued safety and soundness of the banking system demands that regulators move away from the simplistic risk-based capital system now in use for internationally active banks to one that substantially enhances risk management and more closely aligns capital with risk.Speech   3/14/06

• Cross-Border Electronic Transfer Of Funds Survey Announced

  FinCEN has announced that it is conducting a survey of financial institutions regarding cross-border electronic transmittals of funds.Survey   3/14/06

• Comments Sought

  The FinCEN and the federal financial regulatory agencies are requesting comments on the Suspicious Activity Report by Depository Institutions and comments are also sought by the FRB on a Proposal to approve the implementation of the collection of information relating to studies to develop and test consumer regulatory disclosures.
  SAR Comments;
  FIL SAR;
  Proposal Comments   3/14/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position Report with the addition of new data as of March 10, 2006.
  Reserve Position   3/14/06

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for January 2006.
  Reports   3/14/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on KeyBank National Association of Cleveland, Ohio. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   3/13/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topic of "Outstanding Outsourcers: A Firm- and Plant-Level Analysis of Production Sharing" and "The Road to Price Stability".
  Outstanding Abstract;
  Outstanding Full Paper;
  Road Abstract;
  Road Full Paper   3/13/06

• Final CRA Guidance Published in FR

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. 71FR12424 txt 71FR12424 pdf   3/10/06

• Patriot Act Reauthorization Signed By President

  President Bush has signed The USA PATRIOT Improvement And Reauthorization Act Of 2005.
  Act;
  Fact Sheet;
  Statement;   3/10/06

• Regulators Issue Five Counterfeits Alerts

  The OCC has issued two Alerts regarding counterfeit cashier's checks drawn on Woodhaven National Bank of Fort Worth, Texas, and TeamBank, N.A., of Paola, Kansas. The FDIC has Issued three Special Alerts regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo (a brand of Pacific Capital Bank, N. A.), San Luis Obispo, California; counterfeit expense checks drawn on The State Bank, La Grange, Texas; and counterfeit money orders drawn on Riverside National Bank, Fort Pierce, Florida. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/10/06

• Lending Concentration Guidance Comment Period Extended

  The federal financial regulators have extended comment period on interagency guidance on concentrations in commercial real estate lending.
  Extension;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   3/10/06

• CCPA And ECOA FIL Issued

  The FDIC has issued a FIL which reminds institutions that the ECOA and its implementing regulation prohibit discrimination in credit transactions against consumers who have, in good faith, exercised any right under the CCPA.
  FIL   3/10/06

• FRB Releases Fourth Quarter Reports

  The Z.1 Flow of Funds Report and the Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2005 have been released by the FRB.
  Z.1;
  Household Debt   3/10/06

• Comptroller Addresses Community Bankers

  In a video presentation from the Basel Committee meeting in Switzerland, Comptroller Dugan addressed the participants at the annual convention of the Independent Community Banks of America, applauded the work of independent banks, and said America needs community institutions that are strong enough to help out in times of emergency.
  Speech Text;
  Video   3/10/06

• C&D Issued Against Pennsylvania BHC And Bank.

  The FRB has announced the issuance of a consent Cease and Desist Order against Asian Financial Corporation, Philadelphia, Pennsylvania, and its subsidiary bank, Asian Bank, Philadelphia, Pennsylvania.
  Order   3/9/06

• Twenty-Four Enforcement Actions Released

  The FDIC has released a list containing twenty-four orders of administrative enforcement actions taken against banks and individuals in January 2006. The actions include eight removal and prohibition orders, twelve civil money penalty orders, one cease, desist order, one termination of insurance order, and two terminations of cease, and desist orders.
  Enforcement Actions   3/9/06

• MSB ANPR Issued

  FinCEN has issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services.
  ANPR   3/9/06

• Regulators Discuss Community Banking Issues

  In presentations before the Independent Community Bankers of America National Convention in Las Vegas, FRB Chairman Bernanke and OTS Director Reich discussed recent developments in community banking and the supervision of community banks in the twenty-first century.
  Bernanke Speech;
  Reich Speech   3/9/06

• FEDS Working Papers Published

  The FRB has published two working papers in the FEDS series on the topics of "Paper or Plastic? The Effect of Time on the Use of Check and Debit Cards at Grocery Stores" and "Do Homeowners Know Their House Value and Mortgage Terms?"
  Paper Abstract;
  Paper Full Paper;
  Homeowners Abstract;
  Homeowners Full Paper   3/9/06

• Regulatory Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation B (Equal Credit Opportunity Act) to update the addresses of certain federal enforcement agencies. 71FR11296 txt 71FR11296 pdf
    3/8/06

• Consumer Complaint Addresses Updated

  The Federal Reserve Board has published technical amendments to Regulation AA (Unfair or Deceptive Acts or Practices) to update the addresses of the Federal Reserve Banks where consumer complaints regarding a state member bank may be sent.
  71FR11297 txt 71FR11297 pdf
    3/8/06

• Opinion Says Local Lending Law Pre-Empted

  OTS has issued a legal opinion that concludes federal law preempts the application to federal savings associations of recent amendments to the Code of Montgomery County, Maryland. The opinion states that the county law, scheduled to become effective March 8. 2006, would infringe on the mortgage lending activities of federal savings associations in contravention of federal law, and could significantly impact the ongoing lending operations of institutions and lending opportunities of residents in the county.
  Opinion   3/8/06

• Updated International Reserve Position

  Treasury has updated the U.S. International Reserve Position Report with the addition of data as of March 3, 2006.
  Reserve Position   3/8/06

• January Consumer Credit Report Issued

  The FRB has issued the G.19 Consumer Credit Report for January 2006.
  G.19   3/8/06

• Large Commercial Banks Rankings Released

  The Large Commercial Banks Report for December 31, 2006, which contains a ranking by consolidated assets, has been released by the FRB.
  LCB Report   3/8/06

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

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Strata Bank, Medway, Massachusetts; counterfeit cashier's checks that are drawn on First Bank, Austin, Texas, but bear the routing number of First Bank, Ketchikan, Alaska; and counterfeit money orders bearing the name of The Peoples Community Bank, Mazomanie, Wisconsin. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   3/7/06

• Thirty-Two Second Quarter CRA Exams Scheduled

  OTS has announced that thirty-two savings associations will be examined during the second quarter 2006 for compliance with the CRA.
  CRA Exam Schedule   3/7/06

• Advisory Letter Allows Subsidiary To Provide Real Estate Exchange Service

  FRB General Counsel Alvarez has issued an advisory letter that states certain proposed services for customers seeking to make exchanges of real property pursuant to section 1031 of the Internal Revenue Code are permissible nonbanking activities under section 225.28 of Regulation Y.
  Letter   3/06/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the evaluation ratings that the assigned to institutions in December 2005.
  Ratings   3/06/06

• FDIC Annual Report Online

  The FDIC has announced that its 2005 Annual Report is now available on its Web site.
  Annual Report   3/06/06

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Mountain National Bank, Sevierville, Tennessee. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/03/06

• Final CRA Guidance Issued

  The federal banking agencies have announced the issuance of a final guidance containing a Q & A regarding the implementation of the recent changes to their CRA regulations. Guidance; FRB PR; OCC NR; FDIC PR  3/03/06

• Dugan Says Regulators Determined To Help Hurricane Victims

  In a presentation before the Gulf States Bankers conference, Comptroller Dugan indicated that regulators want to facilitate dialogue between local bankers and institutions from outside the region to develop partnerships with the potential to make a real difference to the hard-pressed communities. Speech  3/03/06

• Eleven Counterfeit Cashier's Checks Special Alert

  The FDIC has issued ten Special Alerts regarding counterfeit cashier's checks drawn on Bandera Bank, Bandera, Texas; Tecumseh Federal Bank, Tecumseh, Nebraska; Reading Co-operative Bank, Reading, Massachusetts; Athol Savings Bank, Athol, Massachusetts; Naugatuck Savings Bank, Naugatuck, Connecticut; Hamlin National Bank, Hamlin, Texas; Woodhaven National Bank, Fort Worth, Texas; Citizens National Bank, Cameron, Texas; Easthampton Savings Bank, Easthampton, Massachusetts; and North Brookfield Savings Bank, North Brookfield, Massachusetts. In addition, the OCC has issued an Alert regarding counterfeit cashier's checks drawn on First Bank of San Luis Obispo Pacific Capital Bank, N.A. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/06

• OCC CRA Exam Schedule Announced

  The CRA examination schedule for the second quarter 2006 has been announced by the OCC. Exam Schedule.  3/02/06

• Bulletin Issued Regarding OFAC–Economic Sanctions Enforcement Procedures

  The OCC has issued a Bulletin regarding the previously announced OFAC–Economic Sanctions Enforcement Procedures. Information concerning the procedures was posted in the January 13, 2006, BOL Top Stories. Bulletin.  3/02/06

• Interpretations And Decisions Released

  OCC has released two publications titled "Significant Legal, Licensing, and Community Development Precedents for National Banks: 2005"; and "Activities Permissible for a National Bank: 2005" that provide the latest OCC interpretations and decisions authorizing activities for national banks and their operating subsidiaries. Precedents; Activities.  3/02/06

• Agencies Testify Regarding Regulatory Relief

  OTS Director Reich, NCUA Chairman Johnson, CFRB Governor Kohn, OCC Chief Counsel Williams and FDIC Acting Counsel Jones all testified before Senate Committee on Banking, Housing, and Urban Affairs regarding the need for regulatory relief. Reich Testimony; Johnson Testimony; Kohn Testimony; Williams Testimony; Jones Testimony.  3/02/06

• 314 (a) Fact Sheet Revised

  FinCEN has revised the 314 (a) Fact Sheet to include data collected as of March 1, 2006. 314 (a).  3/02/06

• FILs Issued Regarding FinCEN Guidance

  Two FILs have been issued by the FDIC regarding two previous announced FinCEN Guidance regarding Registration and De-registration of Money Services Businesses and Foreign Bank Recertifications. Information regarding both Guidance was posted in the February 6, 2006 BOL Top Stories. MSBs; Foreign Bank.  3/02/06

• February Foreign Exchange Rates Released

  The FRB has released the G.5 Foreign Exchange Rates Report for February 2006. G.5  3/02/06

• March Issue FedFlash Published

  The March 1, 2006 issue of FedFlash has been published and contains articles on testing for FedWire security changes, changes to Operating Circular 5, deposit of savings bonds, and additional FedReceipt endpoints. FedFlash  3/02/06

• CRA Examination Schedule Released

  The FDIC has released the CRA examination schedule for the second quarter 2006. Schedule   3/01/06

• Earnings And Bank Failure Records Set

  The FDIC has published the Fourth Quarter 2005 Quarterly Banking Profile that announces that insured commercial banks and savings institutions reported record net income in 2005, representing the fifth consecutive year that industry earnings reached a new high. In addition, the agency also reached a milestone for the longest number of days during which it did not provide assistance to a failed or failing institution. QBP  3/01/06

• Discount Rate Meetings Minutes Released

  The FRB has released the minutes of the discount rate meeting from January 9 through January 31, 2006. Minutes  3/01/06

• Preliminary Interest Rate Risk Measures Report Issued

  OTS has issued a Preliminary Interest Rate Measures Report for the Fourth Quarter 2005. Preliminary Report  3/01/06

• FRB publishes Guidance for Holding Companies (Reg Y)

  The FRB publishes Final Rule for Reg Y in the Federal Register that address the
  effects of inflation, industry consolidation, and normal asset growth of BHCs since the Board introduced the Policy Statement in 1980, providing guidlines and policy for Bank Holding Companies.TXT PDF  2/28/06

• Small BHC Definition Expanded

  The FRB has announced the approval of a final rule that expands the definition of a small BHC by increasing the asset size threshold from $150 million to $500 million. Final Rule  2/28/06

• Hurricane Relief CRA Credit Guidance Issued

  The FRB has issued a Guidance for state member banks regarding the availability of CRA consideration for bank activities that help revitalize or stabilize designated hurricane disaster areas. Guidance  2/28/06

• Counterfeit Official Checks Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit official checks drawn on Union Bank of California, National Association (N.A.), San Francisco, California. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.  2/28/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report to include data as of February 24, 2006. Reserve Position  2/28/06

• Counterfeit Money Orders Alert Issued

  The OCC has issued an Alert regarding counterfeit money orders in the name of Riverside National Bank of Fort Pierce, Florida, that are being presented for payment. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  2/27/06

• BSA Direct Fact Sheet Published
  FinCEN has published a Fact Sheet regarding the implementation of BSA Direct, which improves a user's access and ability to analyze BSA data. Fact Sheet  2/27/06

• Fourth Quantitative Impact Study Results Published

  The federal bank and thrift regulatory agencies have announced the publication of the Summary Findings of the Fourth Quantitative Impact Study. Study; FRB PR; OCC NR; FDIC PR; OTS PR  2/27/06

• Bernanke On Price Stability

  In a presentation at the Center for Economic Policy Studies celebrating the seventy-fifth anniversary of the founding of the Woodrow Wilson School of Public and International Affairs, Chairman Bernanke expressed his views on the benefits of price stability. Speech  2/27/06

• Owned And Managed Receivables Report Issued

  The G.20 Finance Companies Owned and Managed Receivables Outstanding Report for December 2005 has been issued by the FRB. G.20  2/27/06

• FDIC Schedules Wal-Mart Bank Application Hearings

  The FDIC has announced that hearings will be held in Kansas City, Missouri, and Washington D.C. regarding the application for federal deposit insurance filed on behalf of the proposed Wal-Mart Bank. Copies of the public portion of Wal-Mart Bank's application and the more than 1,900 comment letters received on the application are available on the FDIC's Web site. Hearing Notice; Application; Comments  2/24/06

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on BankFIRST, Winter Park, Florida; The Conway National Bank, Conway, South Carolina; and Western Bank, St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  2/24/06

• FedLine Direct Announced

  The Federal Reserve Banks have announced that they are moving their Computer Interface access solution from a Systems Network Architecture (SNA) solution to an Internet Protocol (IP) solution. The new solution, called FedLine Direct, was designed especially for financial institutions that conduct a high volume of FR transactions and require a highly-secure, unattended computer-to-computer interface.
  FedLine Direct  2/24/06

• 504 Loan Program Report Released

  The OCC has released a new report, "SBA 504 Loan Program: Small Businesses' Window to Wall Street," which highlights the SBA's 504 loan program and how banks may team up with CDCs to make loans for long-term assets and promote economic development. Report  2/24/06

• Market Risk Final Rule Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced interagency final rule amending the market risk rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. Information concerning the final rule was posted in the February 22, 2006, BOL Top Stories. Bulletin  2/24/06

• OTS Examination Handbook Updated

  OTS has issued two Regulatory Bulletins announcing the update of its Examination Handbook to include new information concerning FCRA and transactions with affiliates and insiders plus new sections regarding the FACT Act, CAN-SPAM, and TCPA. RB 37-12; RB 37-13  2/24/06

• FTC Settles With Card Processor

  CardSystems Solutions, Inc. has agreed to settle FTC charges that the processor of debit and credit cards failed to take appropriate security measures to protect the sensitive information of tens of millions of consumers. According to the FTC, the security breach resulted in millions of dollars in fraudulent purchases. The settlement will require CardSystems to implement a comprehensive information security program and obtain audits by an independent third-party security professional. Settlement Summary; Agreement; Complaint  2/24/06

• 2006 CDRLF Loan and Grant Program Announced

  NCUA has announced the 2006 CDRLF Technical Assistance Grant Program that was established by Congress to support credit unions that serve low-income communities by providing loans and TAGs to qualifying institutions. Program  2/24/06

• Changes In Family Finances Revealed By Survey

  The Federal Reserve Bulletin contains an article that the results of a survey regarding changes in the income and wealth of U.S. families between 2001 and 2004. Article  2/24/06

• Fourth Quarter Charge-Off and Delinquency Rates Released

  The FRB has released the charge-off and delinquency rates on loans at commercial banks data for the fourth quarter 2005. Charge-Off SA; Charge-Off NSA; Delinquency SA; Delinquency NSA; Index  2/24/06

• NCUA proposes rulemaking for supervisory committee audits

  The National Credit Union Administration (NCUA) publishes notice of proposed rulemaking on whether and how to modify its Supervisory Committee audit rules to require credit unions to obtain an "attestation on internal controls" for their annual audits. TXT PDF  2/23/06

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Bank of Tokyo-Mitsubishi Trust Company, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/23/06

• MLTA Bulletin Issued

  The OCC has issued a Bulletin regarding the previously announced report of the first government-wide analysis of money laundering in the U.S. Information concerning MLTA was posted in the January 17, 2006, BOL Top Stories. Bulletin   2/23/06

• Yield Curve Article Featured In FYI

  The February 22, 2006, issue of FYI features an article entitled, "What the Yield Curve Does (and Doesn't) Tell Us." FYI   2/23/06

• Fourth Quarter TFR Data Released

  OTS has released the TFR Data reports for the Fourth Quarter 2005. TFR   2/23/06

• Joint Agencies issue final rule to amend their market risk rules

  The OCC, FRB, OTC, and FDIC publish final rule in FR to amend their market risk
  rules that revise the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. TXT PDF  2/22/06

• SAR Revision Comments Sought

  FinCEN and the federal banking supervisory agencies are seeking comments on the proposed revision and reformatting of SARs to support joint filing for suspicious activities that do not involve insider abuse.
  SAR Revision  2/22/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report with the inclusion of data as of February 17, 2005. Reserve Position  2/22/06

• FOMC Minutes Released

  The FRB has released the minutes of the January 31, 2006 meeting of the FOMC. Minutes  2/22/06

• FDIC publishes rule to clarifiy procedures for deposit liabilities

  The FDIC publishes Final Rule in FR which clarifies and simplifies the procedures for deposit liabilities of an insured depository institution assumed by another insured depository institution. TXT PDF  2/21/06

• Palestinian Charity's Assets Blocked Pending Investigation

  OFAC has announced that all property and interests in property of an alleged Palestinian charity, Kindhearts For Charitable Humanitarian Development, Inc., are blocked pending investigation pursuant to the provisions of the U.S.A. Patriot Act. The charity's name has been added to the SDN list with the descriptor "BPI-PA". Information regarding the charity has been posted on the BOL OFAC page.  2/21/06

• Comment Period Extended

  The federal financial regulatory agencies have extended the comment period for 30 days to March 29, 2006, for the proposed guidance on nontraditional residential mortgage products. Notice of the initial comment period was posted in the December 30, 2005 Top Stories. RB PR; OCC NR; OTS PR; FDIC PR; Original Notice  2/21/06

• NCUA Announces Insurance Reform Changes

  NCUA has announced highlights of the upcoming changes to share insurance coverage and information as to what federally-insured credit unions can expect in the near future as a result of the recent legislation regarding NCUSIF and FDIC insurance coverage. Insurance Changes  2/21/06

• FinCEN Director Named

  Treasury Secretary Snow has named Robert W. Werner, the current OFAC Director, as the new Director of FinCEN. Werner  2/21/06

• Assets Reports Issued

  The FRB has issued the 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for December 2005. Reports  2/21/06

• FHC List Update

  The FHC List has been updated by the FRB to include those BHCs that have elected to be treated as FHCs as of February 17, 2006. List  2/21/06

• Special Alerts Issued

  The FDIC has issued two Special Alerts regarding fraudulent checks drawn on Atlantic Central Bankers Bank, Camp Hill, Pennsylvania, and counterfeit cashier's checks drawn on Greenfield Co-operative Bank, Greenfield, Massachusetts. Information regarding the fraudulent and counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 2/17/06

• March HOEPA Rates Established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  Daily H.15;
  Weekly H.15 2/17/06

• Comptroller Meets With NAR

  Comptroller Dugan issued a statement following a meeting with representatives of the National Association of Realtors (NAR) to discuss three recent OCC interpretive letters.
  Statement 2/17/06

• OCC Announces New Electronic Interpretations and Actions

  The New Electronic Interpretations and Actions for February 2006 have been posted online by the OCC.
  Electronic Interpretations 2/17/06

• 314a Fact Sheet Updated

  FinCEN has updated the 314a Fact Sheet to include data as of February 15, 2006.
  Fact Sheet 2/17/06

• March Reporting Forms Online

  The FFIEC has posted online with instructions the March 2006 009 and 009a Reporting Forms.
  009;
  009a 2/17/06

• Cost OF Fund Reports Released

  OTS has released the Current and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.
  Current;
  Historical 2/17/06

• CRA Evaluations Released

  The OCC has released the CRA ratings given to fifteen national banks recently evaluated for compliance with the CRA.
  Ratings 2/16/06

• Enforcement Actions Announced

  OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions.
  Actions 2/16/06

• December TIC Data Released

  Treasury has released the Treasury International Capital (TIC) data for December 2005.
  TIC 2/16/06

• G.17 Report Issued

  The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for January 2006.
  G.17 2/16/06

• Monetary Report Present To Congress

  The Chairman Bernanke has presented the semiannual FRB Monetary Policy Report to Congress.
  Monetary Policy;
  Testimony 2/16/06

• Strong Performances Reported By Thrifts

  OTS has announced that the industry set an annual earnings record in 2005 and posted its fifth consecutive quarter of record earnings.
  Earnings 2/16/06

• Two 23A Exemptions Granted

  The FRB has granted two requests for exemption from certain provisions of Section 23A of the Federal Serve Act and Reg W.
  Exemption 1;
  Exemption 2
  2/15/06

• OC 5 Amendments Announced

  FRB Financial Services has announced that changes have been made to Operating Circular 5, Electronic Access. The changes are summarized in a customer notice. The updated OC 5 and the Certification of Practice statement become effective March 15, 2006.
  Customer Notice;
  OC 5;
  Certification 2/15/06

• Call Report Revision And Extension Proposed

  A joint proposal for approval to revise and extend for three years the Call Report forms FFIEC 031 and FFIEC 041 has been issued and the federal banking regulators seek comments.
  Proposal;
  Electronic Comment Form
  2/15/06

• OTS Suggests Saving Associations Adopt Board Qualification Bylaw

  OTS has proposed that federal saving associations adopt a bylaw that would preclude certain person from serving on the Board of Directors.
  Proposed Bylaw
  2/15/06

• Hurricane Relief Fraud FIL Issued

  The FDIC has issued a FIL regarding the previously announced FinCEN guidance warning institutions of the potential for fraudulent transactions involving hurricane relief funds. The guidance was posted in the February 6, 2006, BOL Top Stories.
  FIL
  2/15/06

• CIP For Merchants And Brokers FAQ Published

  FinCEN has published a FAQ regarding CIP for futures commission merchants and introducing brokers.
  FAQ html;
  FAQ
  2/15/06

• Winter 2005/2006 Issue Of FDIC Consumer News Published

  The FDIC has published the Winter 2005/2006 issue of the FDIC Consumer News. Featured articles include Fires, Floods and Other Misfortunes: Are You Prepared Financially?; Banks Are Required to Prepare for Disasters; Coming Soon to Internet Banking Customers: New Procedures for Verifying that "You are You"; Expanded FDIC Insurance for College Savings Accounts; and Reminder: Deposited Checks Subject to Temporary "Hold".
  Consumer News
  2/15/06

• International Reserve Position Updated

  Treasury has updated the U.S. International Reserve Position report to include data as of February 10, 2006.
  Reserve Position
  2/15/06

• Use Of Payment Instruments Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Families' Use of Payment Instruments During a Decade of Change in the U.S. Payment System".
  Abstract;
  Full Paper pdf;
  Full Paper screen reader
  2/15/06

• Counterfeit Cashier's Check Alert Issued

  An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Hamlin National Bank of Hamlin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/14/06

• FIL To Be Primarily Distributed Online

  The FDIC has announced that beginning April 1, 2006, FILs will be distributed primarily through its free online subscription service. To receive a paper FIL an institution must submit a request form prior by March 24, 2006.
  FILs   2/14/06

• SAR Activity Review Published

  FinCEN has published Issue 5 of The SAR Activity Review – By the Numbers which contains data regarding SARs filed from April 1, 1996 to June 30, 2005.
  SAR Activity Review   2/14/06

• FRB Releases Legal Interpretations

  The FRB has released two legal interpretations regarding the granting an exemption from section 23A and recommendations concerning Edge and Agreement corporations.
  23A;
  Corporations
    2/14/06

• Quarterly Journal Online

  The OCC has placed online the December 2005 issue of the Quarterly Journal which contains articles on an analysis of payment option adjustable rate mortgages and automated clearing house payments; third quarter 2005 condition and performance of banks; and other policy and data.Quarterly Journal   2/14/06

• Counterfeit Cashier's Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Citizens National Bank of Cameron, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/13/06

• Legal Interpretations Issued

  The FRB has issued letters granting an exemption from section 23A and regarding the appropriate risk-based capital treatment of a BHC's equity investment in a consolidated financial guarantee reinsurance subsidiary.
  23A;
  Equity Investment   2/13/06

• Third Quarter 2005 Issue Of The Quarterly Review Of Interest Rate Published

  The OTS has published the Third Quarter 2005 issue of The Quarterly Review of Interest Rate Risk.
  Quarterly Review   2/13/06

• CRA Credit For Out Of Area Hurricane Relief Efforts

  The OCC has issued a bulletin allowing national banks located outside the disaster areas to receive positive CRA consideration for activities that support the revitalization and stabilization of areas affected by Hurricanes Katrina and Rita.
  Bulletin   2/10/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on UniBank for Savings, Whitinsville, Massachusetts; Fannin Bank, Windom, Texas; Earlham Savings Bank, West Des Moines, Iowa; and Spencer Savings Bank, SLA, Elmwood Park, New Jersey. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   2/10/06

• OCC Forms Credit And Market Risk Unit

  The OCC has announced that two groups – Credit Risk and Risk Evaluation – are being combined in a new Credit and Market Risk unit which will function as the OCC's focal point for credit and market risk management issues.
  Unit   2/10/06

• Individuals And Entities Added To OFAC List

  The President has issued an Executive Order declaring a national emergency to deal with the threat to the foreign policy of the U.S. posed by the conflict in Côte d'Ivoire. Three entries have been added to the SDN List with the COTED designation. In addition, Treasury has designated five individuals and four entities for their role in financing the Libyan Islamic Fighting Group, an al Qaida affiliate and added their names and numerous A/K/As to the SDN list as SDGTs. Information regarding the new additions has been posted on the BOL OFAC page.   2/09/06

• Eleven Counterfeit Checks Special Alerts Issued

  The FDIC has issued eleven Special Alerts regarding: 1) counterfeit cashier's checks drawn on Auburn State Bank, Auburn, Nebraska; Hampden Bank (formerly Hampden Savings Bank), Springfield, Massachusetts; Northern Trust Bank of California, National Association, Santa Barbara, California; Centrix Bank & Trust, Bedford, New Hampshire; The Paducah Bank and Trust Company, Paducah, Kentucky; First Tennessee Bank, National Association, Memphis, Tennessee; Thomaston Savings Bank, Thomaston, Connecticut; Horicon Bank, Horicon, Wisconsin; and The Farmers National Bank of Seymour, Seymour, Texas; 2) counterfeit official checks drawn on BankAnnapolis, Annapolis, Maryland; and 3) counterfeit expense checks drawn on Gulf Coast Bank, Abbeville, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   2/09/06

• National Community Reinvestment Conference Announced

  The federal financial regulators have announced that the 2006 National Community Reinvestment Conference will be held March 19-22, 2006, at the Green Valley Ranch in Las Vegas, Nevada. Deadline for registration is March 3, 2006.
  Conference Brochure;
  Registration;
  OCC NR;
  FRB NR;
  FDIC PR   2/09/06

• Pennsylvania CU Closed

  The NCUA has announced the liquidation of Greater Harrisburg Community Credit Union, a state-chartered, federally insured credit union in Harrisburg, Pa.
  Closing   2/09/06

• Senior Loan Officer Opinion Survey Results Released

  The results of the January 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices have been released by the FRB.
  Summary;
  Full Report   2/09/06

• External Audit Advisory Published in FR

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor. 71FR6847 txt 71FR6847 pdf Links OCC Bulletin;
  FIDC FIL   2/09/06

• CTR Violations Result In Order Of Prohibition

  A former Florida banker who intentionally failed to file over two thousand CTRs is the subject of an Order of Prohibition issued by the FRB.
  Order   2/08/06

• Enforcement Actions Announced

  The FDIC has released a list of ten orders of administrative enforcement actions taken against banks and individuals in December, 2005. The actions include one cease and desist order, three civil money penalty orders, one termination of insurance, and five terminations of cease and desist orders.
  Enforcement Actions   2/08/06

• Consumer Credit Report Released

  The G.19 Consumer Credit Report for December 2005 has been released by the FRB.
  G.19   2/08/06

• FHC List Update

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of February 3, 2006.
  List   2/08/06

• Risk-Based Capital Treatment Of Cash-Collateralized Securities Final Rule

  The FRB has announced the approval of a final rule for state member banks and bank holding companies that revises the risk-based capital treatment for cash collateral posted in connection with securities borrowing transactions. The final rule, pending approval by other federal banking regulators, makes permanent and expands the scope of an interim final rule issued in 2000.
  Final Rule   2/07/06

• Workshops for National Community Bank Directors Announced

  The OCC has announced the 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks and cover risk assessment, credit risk, and compliance risk.
  Workshops   2/07/06

• 2007 Blue Book Released

  Treasury has released its General Explanations of the Administration's Fiscal Year 2007 Revenue Proposals, otherwise known as the Blue Book, which includes several new initiatives, including: increased expensing for small businesses; a set of proposals to improve access to health care and expand HSAs; proposals to increase compliance, simplify the tax laws and reduce taxpayer burden; and a proposal to create a new Dynamic Analysis Division within Treasury.
  Blue Book   2/07/06

• International Reserve Position Update

  The U.S. International Reserve Position Report has been updated by Treasury to include data as of February 3, 2006.
  Reserve Position   2/07/06

• CRA Ratings Released

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and ratings assigned to each institution.
  Ratings   2/06/06

• Limiting External Audit Advisory Issued

  An interagency advisory has been issued by the federal financial regulatory agencies that addresses safety and soundness concerns that may arise when a financial institution agrees in an engagement letter to limit the liability of an external auditor.
  Interagency Advisory;
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR;
  NCUA PR   2/06/06

• Hurricane Challenges Forum Announced

  The federal financial regulators have announced that a forum focusing on the short-term and long-term challenges facing banks and thrifts operating in the areas affected by Hurricanes Katrina and Rita and on ways of helping meet the needs of the local communities will be held in New Orleans on March 2 and 3, 2006.
  FRB PR;
  OCC NR;
  OTS PR;
  FDIC PR   2/06/06

• FR Replaces SEER Models

  A SR letter has been issued announcing the replacement by the FR of the SEER models with a new econometric framework referred to as the Supervision and Regulation Statistical Assessment of Bank Risk model or SR-SABR. The letter briefly describes the new model, details the screening thresholds for SR-SABR within the State Member Bank Watch List program, and updates Watch List follow-up procedures.
  SR-SABR   2/06/06

• FinCEN Issues Hurricane Relief Fraud Guidance

  A guidance has been issued by FinCEN warning institutions of the potential for fraudulent transactions involving hurricane relief funds. Hurricane Fraud Guidance   2/06/06

• Examination Guidance Issued For Institutions Affected By Katrina

  Federal and state financial institutions regulators have developed a supervisory guidance to assist their examiners in the examination of regulated institutions affected by Hurricane Katrina.
  Examination Guidance;
  FRB SR;
  OCC Bulletin;
  OTS CEO Lt;
  FDIC FIL   2/06/06

• Credit Model Validity Individual Bank Responsibility

  In a presentation to the participants at the Workshop on Validation of Credit Rating and Scoring Models hosted by the OCC, Comptroller Dugan indicated that responsibility for validating the models banks use to manage credit risk and other critical activities lies first and foremost with the institution itself.
  Speech   2/06/06

• Foreign Bank Recertification FAQ Issued

  A guidance in the form of FAQs has been issued by FinCEN regarding clarification of the compliance date for recertification of foreign correspondent accounts. FAQ   2/06/06

• Review Of MSB Regulatory Framework Announced

  FinCEN has announced that a review the regulatory framework for MSBs is being conducted and has issued a guidance regarding the registration and de-registration of the entities. MSB
    2/06/06

• Interagencies Publish Correction to Interpretive Guidance on GLBA

  The Joint Agencies (OCC, FRB, FDIC, OTS) published a correction to Final Rule published in FR (3/29/05) on interpretive guidance on the Gramm-Leach-Bliley Act (GLBA) and the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). TXT PDF  2/03/06

• Congress Praised By Gruenberg For FDIC Insurance Reform

  FDIC Chairman Gruenberg has issued a statement praising the passage of deposit reform legislation by Congress and thanking the leadership for their support. The legislation merges the BIF and SAIF funds and lays the groundwork an increase in deposit insurance coverage. Gruenberg  2/03/06

• Comptroller Urges Privacy Notice Overhaul

  In a presentation to the participants of the ALI-ABA Financial Services Institute, Comptroller Dugan noted that most bank customers don't find the privacy notices to be especially useful and recommended that an ongoing interagency process be implemented to simplify them. He observed that the statutory requirements are complex, specific disclosures using legal language are mandated, and there is no requirement for uniformity or consistency. Speech  2/03/06

• Credit Repair Scammers Busted

  The FTC, U.S. Postal Inspection Service, and eight state law enforcement agencies have filed a compliant against entities that deceptively claim they can remove negative information from consumers' credit reports and a TRO has been issued to halt their activities. Scams; Complaint; TRO  2/03/06

• Deliveries Of New Hamiltons Scheduled

  FR Financial Services has issued a customer letter to financial institutions which announces the distribution plan for the new Series 2004A $10 notes. Letter; New Notes  2/03/06

• XBRL White Paper Published

  The FFIEC has published a white paper of the topic of "Improved Business Process Through XBRL: A Use Case For Business Reporting". Paper  2/03/06

• FRB Announces New Due Diligence Procedures

  Information collected from the OAL List will be utilized by the FRB to implement new due diligence procedures for certain Cash Services requests. A pilot program will be started in three FR Districts beginning February 21, 2006 Due Diligence  2/02/06

• CRA Ratings Released

  OTS has released the CRA ratings received by savings associations recently evaluated for compliance with the CRA. Ratings  2/02/06

• HMDA Site Updated

  The Reg C Amendments site has been updated by HMDA to include information regarding asset threshold size and triggers relating to points and fees. Updates  2/02/06

• EDIE Updated

  The FDIC has updated EDIE. EDIE  2/02/06

• FedFlash February Issue Online

  The February 2006 issue of FedFlash is online and contains articles regarding cash services procedures, money order verification, reminders to DOS users, and District news. FedFlash  2/02/06

• January Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for January 2006. G.5  2/02/06

• FR Bulletin Supplement Published

  The January 2006 Statistical Supplement to the FR Bulletin has been published. Supplement  2/02/06

• Bernanke Sworn In

  Ben S. Bernanke has been sworn in as fourteenth Chairman of the Board of Governors of the Federal Reserve System. Bernanke  2/02/06

• Greenspan's Last Day

  Chairman Greenspan, who had previously announced his retirement after serving over eighteen years, presided over his last meeting as Chairman of the Federal Reserve System in which the Board raised its targets for the federal funds rate and the discount rate by 25 basis points. The Senate has confirmed Ben S. Bernanke as the new Chairman and a private swearing-in ceremony is scheduled for Wednesday, February 1.
  Greenspan; Bernanke.  2/01/06

• First Quarter Market Financing Estimates Announced

  Treasury has announced estimates of net borrowing of marketable debt and the estimated ending cash balance for the First Quarter 2006. Estimates.  1/31/06

• Fox Resigns

  FinCEN Director Fox has announced his resignation effective February 3, 2006. Announcement; Resignation Letter.  1/31/06

• SLC Appointment Announced By FFIEC

  The FFIEC has announced the appointment of Mick Thompson, Oklahoma State Banking Commissioner, to its State Liaison Committee to fill the vacancy created by the retirement of Richard C. Houseworth. SLC.  1/31/06

• SDGT Removed From OFAC List

  OFAC has removed an individual previously designated as a SDGT from the SDN List. Information regarding the action has been posted on the BOL OFAC page.  1/30/06

• Call Report Revisions Announced

  The FFIEC has issued a FIL that announces revisions to the Call Reports for March 2006 through March 2008 for Report Forms 031 and 041. FIL; 031; 041  1/30/06

• BSA/ AML Bulletins Issued

  The OCC has issued two Bulletins regarding a previously announced interagency joint statement concerning sharing SAR information with affiliates and a FinCEN guidance concerning front companies for the North Korean government may seek banking services. Information regarding statement and the guidance was posted in BOL Top Stories on December 14, 2005 and January 23, 2006. SAR Bulletin; North Korean Bulletin   1/30/06

• ID Theft DVD Released

  Treasury has released a DVD created to inform consumers by defining what identity theft is, how they can protect themselves, and what they should do if they become a victim. Information regarding the DVD and other ID Theft information is posted on Treasury's Identity Theft Resource page. Resource Page  1/27/06

• On-Line ID Theft Education Tool Available

  The FDIC has announced the availability of an on-line multimedia education tool, Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams, that consumers can use to learn how to better protect their computers and themselves from identity thieves which also features actions consumers can take if their personal information has been compromised. Tool  1/27/06

• Data Security Breach Charges Settled

  A consumer data broker which last year acknowledged that the personal financial records of more than 163,000 consumers in its database had been compromised, will pay $10 million in civil penalties and $5 million in consumer redress to settle FTC charges that its security and record-handling procedures violated consumers' privacy rights and federal laws. Charges; Settlement  1/27/06

• USPS Money Order Verification System Launched

  A new positive pay money order verification system has been launched by the USPS to help combat the growing number of fraudulent money orders being presented to financial institutions. Introductory Letter; Operation Instructions  1/27/06

• IFDP Working Papers Published

  The FRB has published two working papers in the IFDP series on following topics: The Adjustment of Global External Imbalances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter? and Exchange-Rate Pass-Through in the G-7 Countries. Adjustment Abstract; Adjustment Full Paper; Exchange Abstract; Exchange Full Paper  1/27/06

• NCUA publishes proposed rulemaking to address service to underserved areas

  NCUA proposes amendments to its rules regarding
  service to underserved areas that will ensure continued service to members in those areas. TXT PDF  1/27/06

• Summary of FinCEN BSA Releases Published

  FinCEN has published a summary of the variety of regulatory releases that it issues as the administrator of the BSA. Summary  1/26/06

• New Electronic Interpretations and Actions Announced

  The OCC has announced the January 2006 New Electronic Interpretations and Actions which contains interpretative letters, CRA decisions, corporate decisions, approvals with conditions, final enforcement actions, and CRA evaluations. Interpretations and Actions  1/26/06

• Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the bearing the name Hometown Bank which display the routing number of Liberty Bank, Middletown, Connecticut in addition to those drawn on Randolph Savings Bank, Randolph, Massachusetts and 1st Constitution Bank, Cranbury, New Jersey. Information concerning the counterfeit checks has been posted in the BOL Alerts & Counterfeits page.  1/26/06

• Top 10 Consumer Fraud Complaints Report Released

  The FTC has released its annual report detailing consumer complaints about fraud and identity theft in 2005. Complaints about identity theft topped the list, accounting for 255,000 of more than 686,000 complaints filed with the agency.
  Fraud Report  1/26/06

• CU Workshops Schedule Announced

  NCUA has announced the 2006 schedule for 20 training workshops to be held across the country which will discuss current issues significant to CUs including disaster recovery planning, regulatory hot topics, financial education, and due diligence best practices. Schedule  1/26/06

• Agricultural Finance Databook Released

  The December 2005 edition of E.15 Agricultural Finance Databook has been released by the FRB. E.15  1/26/06

• NCUA modifies rules on uninsured accounts

  NCUA publishes final rule in FR to modify its rules on uninsured secondary capital accounts, allowing low-income designated credit unions to redeem funds that are within five years of maturity.TXT PDF  1/26/06

• OCC CRA Evaluations Released

  The OCC has released the ratings for twenty national banks recently evaluated for CRA compliance. CRA Ratings  1/25/06

• Counterfeit Cashier's Checks Alert

  An Alert has been issued by the OCC regarding counterfeit cashier's checks drawn on First Tennessee Bank, N.A. of Memphis, Tennessee. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/25/06

• Mississippi CU Placed In Receivership

  NCUA has announced that the state chartered Gulfport CBC Credit Union of Gulfport, Mississippi has been placed into conservatorship by the State of Mississippi Department of Banking and Consumer Finance. Receivership  1/25/06

• 2006 Regulatory Reports Filing Schedule

  OTS has published the filing schedule for 2006 regulatory reports required by the agency. Schedule  1/25/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of January 20, 2006. Reserve Position  1/25/06

• NCUA issues rule for insurance requirements

  NCUA publishes final rule in FR requiring all federally insured credit unions to file the same quarterly Financial and Statistical Report with NCUA. Along with this, NCUA is issuing a number of revisions to Form 5300. TXT PDF  1/25/06

• NCUA issues final rule for its Regulatory Flexibility Program

  NCUA publishes final rule in FR modifying the eligibility criteria for its Regulatory Flexibility Program by reducing the minimum net worth, and extending the duration that it must be maintained, to qualify for the Program. TXT PDF  1/25/06

• Tier 1 Capital Legal Interpretation Released

  The FRB has released a Legal Interpretation permitting a BHC to include in its tier 1 capital, trust preferred securities that mandatorily convert into non-cumulative perpetual preferred securities on the same terms and subject to the same quantitative limit as trust preferred securities that mandatorily convert into common stock. Interpretation  1/24/06

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name
  of Northern Trust Bank of California, N.A., Los Angeles, California; and the FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Jewett City Savings Bank, Jewett City, Connecticut, and counterfeit official checks drawn on Chevron Credit Bank, National Association, Murray, Utah. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  1/24/06

• Eighteen Enforcement Actions Announced

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November 2005 including one cease-and-desist order, five removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one modification of a removal and prohibition order, and three terminations of orders to cease and desist. Enforcement Actions  1/24/06

• Interagency Guidance Issued Regarding SAR Information Sharing

  FinCEN and the federal financial Institution regulators have issued a Guidance which addresses the sharing of the information contained in a SAR with related entities. SAR Guidance; OCC PR; OTS CEO Lt; FDIC FIL FRB SR  1/23/06

• FRB Announces C&D Order

  The FRB has announced the issuance of a Consent Order to Cease and Desist against Jean Peyrelevade, the former chairman of Credit Lyonnais, S.A., Paris, France regarding allegations that he participated in violations of the BHC Act and its regulations relating to the "Executive Life" matter. Order   1/23/06

• CRE Lending Guidance Bulletin Issued

  The OCC has issued a Bulletin regarding the previous announced proposed Interagency Guidance concerning concentrations in commercial real estate (CRE) lending and sound risk management practices. Information regarding the proposal was posted in the January 13, 2006 BOL Top Stories.  1/23/06

• Winter 2006 Money Smart News Published

  The Winter 2006 issue of Money Smart News has been published by the FDIC and contains articles regarding training tips, financial education for seniors, success stories and partner news. Money Smart News  1/23/06

• Nine Counterfeit Checks Special Alerts Issued

  The FDIC has issued nine Special Alerts regarding: 1) counterfeit cashier's checks drawn on Devon Bank, Chicago, Illinois; American Marine Bank, Bainbridge Island, Washington; Principal Bank, Des Moines, Iowa; West Coast Bank, Lake Oswego, Oregon and First Independence Bank (formerly known as First Independence National Bank), Detroit, Michigan; 2) counterfeit official checks drawn on Essex Savings Bank, Essex, Connecticut; KeyBank National Association, Cleveland, Ohio; and The First National Bank, McConnelsville, Ohio; and 3) counterfeit treasurer's checks drawn on Somerset Trust Company, Somerset, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   1/20/06

• FDIC Issues Unauthorized Banking Alerts

  Three Special Alerts have been issued by the FDIC regarding unauthorized banking activities that may be conducted by Euro Trust Corporation, Union One Bank, Toronto, Ontario, Canada, and SL Financial Group, Associated with North York, Ontario, Canada, in the U.S. and Canada; in addition to those of United Exchange International Bank, Belize City, Belize, a fictitious Internet bank which lists an Utah address on its Web page.
  Euro Trust;
  Union One and SL Financial;
  United Exchange   1/20/06

• Final Rule Issued Regarding Capital Requirements For Low-Income CUs

  NCUA has issued a Final Rule which reduces the minimum net worth requirement and extends the time frame minimum net worth must be maintained to qualify for RegFlex; allows low-income designated CUs to redeem funds in secondary capital accounts within five years of maturity; and requires prior approval for the use and repayment of secondary capital.
  Final Rule   1/20/06

• Director of Syrian Military Intelligence Added To OFAC List

  OFAC has added the Director of Syrian Military Intelligence to the SDN List. Information regarding the designation has been posted on the BOL OFAC page.   1/19/06

• January 2006 Issue Of The Beige Book Published

  The FRB has published the January 2005 issue of The Beige Book which contains an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
  Summary;
  Full Report   1/19/06

• November 2005 TIC Data Released

  Treasury has released the TIC Data for November 2005.
  TIC   1/19/06

• Assets Report Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Reserve Banks Report for November 2005 has been issued by the FRB.
  Report   1/19/06

• February HOEPA Rates Established

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in February 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For February, you will use the rates posted on January 13th since January 15th fell on the weekend.
  Weekly H.15   1/18/06

• OCC Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. The actions include three bank C & Ds, one personal C & D, seven CMPs, three formal agreements, and five removal/prohibition orders.
  Enforcement Actions   1/18/06

• FTC Settles Complaint Against Credit Reporting Agency

  A consumer reporting agency will pay $120,000 to settle FTC charges that it did not follow reasonable procedures to assure the accuracy of the information in the consumer reports it sold to mortgage companies, in violation of federal law.
  Settlement   1/18/06

• Industrial Production Report Released

  The G.17 Industrial Production and Capacity Utilization Report for December 2005 has been released by the FRB.
  G.17   1/18/06

• International Reserve Position Update Issued

  Treasury has updated the U.S. International Reserve Position report to include data as of January 13, 2006.
  Reserve Position   1/18/06

• Aid To Hurricane Victims Campaign Announced

  A public service campaign to aid in the financial recovery of victims of the 2005 hurricanes has been announced by the federal financial regulators who are encouraging financial institutions to continue to work with borrowers affected by the disasters. Suggested assistance includes waiving fees, lowering interest rates, extending repayment schedules, or deferring principal or interest for an additional period, where appropriate. Links to hurricane assistance information from the respective regulators are posted on the BOL Disaster Recovery Center.
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR;
  NCUA PR;
  FFIEC PR   1/17/06

• Money Laundering Threat Assessment Report Published

  A report of first government-wide analysis of money laundering in the U.S. has been published. The purpose of the study, known as MLTA, is to interested parties understand the landscape of ML in the U.S. and support strategic planning efforts to combat the problem.
  MLTA   1/17/06

• FDIC To Hold 2006 Economic Outlook Roundtable

  The FDIC has announced that the 2006 Economic Outlook Roundtable will be held on January 19, 2006, in the FDIC Boardroom, Washington, D.C.
  Roundtable   1/17/06

• Agencies Publish Commercial RE Lending Guidance in FR

  The regulators request comment on this proposed guidance entitled, Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices (Guidance). The regulators have observed that some institutions have high and increasing
  concentrations of commercial real estate loans on their balance sheets and are concerned that these concentrations may make the institutions more vulnerable to cyclical commercial real estate markets. This proposed Guidance helps identify institutions with commercial real estate loan concentrations that may be subject to greater supervisory scrutiny. 71FR2303 txt 71FR2303 pdf   1/13/06

• New OFAC Economic Sanctions Enforcement Procedures Published

  New Economic Sanctions Enforcement Procedures for banking institutions regulated by FFIEC- member supervisory agencies have been announced by OFAC and published in the Federal Register. The interim final rule goes into effect for enforcement cases involving banking institutions in 30 days. OFAC also is seeking comments regarding the new procedures and suggestions on how they might be made to apply to state-regulated institutions, the insurance and securities industries, and the import/export community.
  71FR1971 txt 71FR1971 pdf
  Submit Comments   1/13/06

• Early Savings Bond Redemptions Authorized in Flood And Wildfire Affected Areas

  Federal Reserve Financial Services has announced that agents serving areas ravaged by flooding in California and Nevada plus areas ravaged by wildfires in Oklahoma are authorized to redeem EE and I savings bonds less than one year old presented during the months of January and February 2006.
  Early Redemptions   1/13/06

• HMDA Exemption Threshold Raised

  The OCC has issued a Bulletin regarding the previously announced amendments to Reg C that raise the asset size exemption threshold to $35 million for depository institutions that are required to report data under HMDA. Information concerning the Reg C amendments was reported in the December 21, 2005, BOL Top Stories.   1/13/06

• 2005 Financial Report Released By OTS

  OTS has released its 2005 Financial Report.
  Report   1/13/06

• Comptroller Issues Real Estate Rulings Statement

  Comptroller Dugan has issued a statement to correct a fundamental misunderstanding of the effect of three recent OCC interpretive letters regarding the ability of banks to hold real estate used for the banks' business and to provide financing involving an indirect interest in real estate.
  Statement   1/12/06

• CRA Ratings Published

  The FDIC has published the evaluation ratings received by state nonmember banks recently evaluated for compliance with the CRA.
  CRA Ratings   1/12/06

• Third Quarter 2005 Charge-Off Rates Released

  OTS has released the thrift industry charge-off rates by asset types for the Third Quarter of 2005.
  Charge-Off Rates   1/12/06

• Reducing Regulatory Burden FIL Issued

  The FDIC has issued a FIL regarding the previously announced request by the federal financial regulatory agencies for recommendations on how to reduce regulatory burden on insured institutions in rules relating to Prompt Corrective Action and the Disclosure and Reporting of CRA-Related Agreements. Information concerning the request was reported in the January 4, 2005 BOL Top Stories.   1/12/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position Report to include data received as of January 6, 2006.
  Reserve Position   1/12/06

• G.20 Report Issued

  The January 11, 2006 G.20 Finance Companies Report of owned/managed receivables outstanding and auto loan credit terms has been issued by the FRB.
  G.20   1/12/06

• FHC List Revised

  The FRB has revised the FHC List to include those BHCs that have elected to be treated as FHCs as of January 6, 2006.
  FHC List   1/12/06

• Commercial Real Estate Lending Proposed Guidance Issued

  The federal bank and thrift regulatory agencies have issued for comment a proposed guidance on sound risk management practices for concentrations in commercial real estate lending. The proposed guidance reinforces existing guidelines for real estate lending and safety and soundness and provides criteria for identifying institutions with commercial real estate loan concentrations that may warrant greater supervisory scrutiny.
  Proposed Guidance;
  FRB PR;
  FDIC PR;
  OCC NR;
  OTS PR   1/11/06

• Large Bank Deposit Insurance ANPR

  A FIL has been issued by the FDIC regarding comments on whether the largest insured depository institutions should be required to modify their deposit systems so that deposit insurance coverage may be calculated quickly in the event of a failure of one of these institutions.
  FIL;
  ANPR   1/11/06

• Winter 2005 State Profiles Published

  The FDIC has published the Winter 2005 edition of State Profiles which provide a quarterly summary of state banking and economic conditions.
  State Profiles   1/11/06

• Consumer ID Theft Quiz Online

  Consumers can test their knowledge online about protecting their personal information and responding if their identity is stolen. The new quiz from the FTC at asks questions about getting a free credit report, using smart passwords, taking the right steps after an identity theft incident, and other topics.
  ID Theft Quiz   1/11/06

• Final Rule on Check Conversion and Payroll Cards Published in FR

  The FRB published a final rule covering disclosures and authorizations for electronic check conversions; and an interim final rule bringing payroll cards under the regulation's influence.
  Interim Final Rule: 71FR1473 txt 71FR1473 pdf; Final Rule: 71FR1638 txt 71FR1638 pdf. Read the BOL summary: New Reg E Rules on Check Conversions, Payroll Cards
    1/10/06

• Counterfeit Official Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit official checks drawn on Chevron Credit Bank, N.A., Murray, Utah. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   1/10/06

• FTC Settles Credit Counseling Case

  The FTC has announced the end to the largest case involving deceptive credit counseling and debt management brought by the agency. A settlement agreement with Andris Pukke, founder of AmeriDebt, Inc., requires the establishment of a consumer redress program for victims of the deception, a fund that ultimately could total as much as $35 million.
  Settlement   1/10/06

• FDIC Publishes Two Special Interest Money Management Guides

  The FDIC has issued a FIL that promotes the distribution of two special how-to guides to money management for selected age groups – one for senior citizens, the other for young adults. Financial institutions are encouraged to make the information in the guides widely available to their customers.
  FIL
  Senior Citizens Guide;
  Young Adult Guide   1/10/06

• Winter Outlook Published

  The Winter 2006 issue of the FDIC Outlook has been published and provides a quarterly analysis of current national and regional trends that may affect the risk exposure of insured depository institutions. The current issue features a preliminary assessment of the effects of recent hurricanes on FDIC-insured institutions.
  Winter Outlook   1/10/06

• FRB Adds New Members To Consumer Advisory Council

  Ten new members have been named by the FRB to its Consumer Advisory Council and a new Chair and Vice Chair have been designated for 2006.
  Council   1/10/06

• Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for November 20005.
  G.19   1/10/06

• Unauthorized Banking Alert Issued

  The OCC issued an Alert regarding unauthorized banking after receiving a report from the Central Bank of Belize that the United Exchange International Bank is not authorized to conduct the business of banking from or in Belize. Alert  1/06/06

• TFR Instruction Manuals and Q&A Released

  OTS has released the March 2005 and March 2006 TFR Instruction Manuals plus a set of TFR Q&As which are contained in the December 2005 Financial Reporting Bulletin. March 2005; March 2006; Q&As; Financial Reporting Bulletin  1/06/06

• Winter 2005 Edition Of FDIC Outlook Released

  The FDIC has released the Winter 2005 edition of FDIC Outlook, which focuses on the unique challenges banks face after Hurricanes Katrina and Rita. It also examines the impact that four previous natural disasters have had on the local banking industry. Winter 2005 Outlook  1/06/06

• Federal Reserve Bulletin Autumn 2005 Issue Published

  The Autumn 2005 issue of the Federal Reserve Bulletin has been published and the International Finance Working Paper Released. The FRB has released a working paper in the IFDP series on the topic of "The Adjustment of Global External Imbalances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter?". Abstract; Full Paper  1/06/06

• FHA Loan Violations Result In CMP And Restitution Of $16.85 Million

  The OCC announced a $6.25 million civil money penalty against ABN-AMRO Mortgage Group. Inc., a subsidiary of LaSalle Bank Midwest, N.A., Troy, Michigan. The action, part of a $16.85 million settlement that also includes restitution payments, were the result of a joint investigation by the OCC and HUD which revealed a pattern of submitting loans to HUD for FHA insurance without proper review and certifications. ABN-AMRO also agreed not to submit insurance claims on 783 defaulted loans, saving the FHA insurance fund an estimated $24.35 million in potential losses. OCC NR; OCC Order; HUD NR.  1/05/06

• OFAC Makes Changes To SDN List

  Two Iranian entities designated for their support of the proliferation of WMD have been added to the SDN list by OFAC. In addition, three individuals have been deleted. Information regarding the changes has been posted on the BOL OFAC page.   1/05/06

• 2006 Beige Book Release Dates Announced

  The FRB has announced the publication dates for the 2006 eight editions of the Beige Book. Dates   1/05/06

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on KeyBank National Association, Cleveland, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  1/04/06

• CRA Ratings Released

  OTS has released the CRA ratings which became publicly available in December 2005 that were given to savings associations recently evaluated for CRA compliance. Ratings  1/04/06

• NCUA Hosts Town Meeting Webinar

  The first ever "town meeting" webinar hosted by NCUA is available for online viewing. The webinar, which was held on December 20, 2005, features new Board Member Gigi Hyland who discussed her professional background, thoughts on key issues, and answered questions from participants. Town Meeting  1/04/06

• Foreign Exchange Rates Reports Published

  The FRB has published the December 2005 G. 5 Monthly and 2005 G.5A Annual Foreign Exchange Rates reports. G.5; G.5A  1/04/06

• FOMC Minutes Released

  The minutes of the December 13, 2005 meeting for the FOMC have been released. Minutes  1/04/06

• FedFocus 2006 Premier Issue Published

  The 2006 premier issue of FedFocus examines how the Federal Reserve Banks are poised for growth in 2006 and features highlights of upcoming service enhancements, industry trends, and Check 21 check processing. A sneak peek at the new FedACH Risk Origination Monitoring Service is also provided. January FedFocus  1/04/06

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of December 23, 2005.
  Reserve Position  1/04/06

• Joint Agencies publish proposed rulemaking in Federal Register relating to Prompt Corrective Action and theDisclosure and Reporting of CRA Related Agreements

  The OCC, OTS, FRB, and FDIC request comments on ways to reduce burden with respect to rules regarding Prompt Corrective Action and the Disclosure and Reporting of CRA Related Agreements. PDF, TXT  1/04/06

• Reg E Amendments Announced

  The FRB has announced final amendments to Regulation E regarding the responsibilities of parties involved in electronic check conversion transactions and the requirement that consumers receive written notification in advance of these transactions. An interim final rule was also adopted that extended coverage to payroll card accounts. Revisions to the official staff commentary provide guidance on preauthorized transfers from consumers' accounts, error resolution, and disclosures at ATMs. Electronic Checks;
  Payroll Card Accounts  1/03/06

• FedFlash News January Issue Published

  The January 1, 2006 issue of FedFlash News has been published and contains articles on Financial Services prices for 2006, AMI enhancements, availability changes for Check-21 related services, the addition of more FedReceipt endpoints, and district information. FedFlash html; FedFlash pdf  1/03/06

• Wildfire Relief Guidance Issued

  The FDIC has issued a FIL which announces a series of steps intended to facilitate the rebuilding process in areas damaged by recent wildfires in Oklahoma and Texas. FIL  1/03/06

• Country Exposure Reports Published

  The FFIEC has published the E.16 Country Exposure Statistical Release and Country Exposure Information Report for September 30, 2005. E.16  1/03/06

• FRB 2006 Budgets

  The FRB has posted online the Reserve Bank budgets for 2006. 2006 Budgets  1/03/06

• $2.8 Million BSA Penalty

  FinCEN and the New York Stock Exchange have assessed a $2.8 million penalty against Oppenheimer & Company, Inc. for Bank Secrecy Act violations. The company's BSA program was deemed to be deficient and lacking in internal controls. In addition, the regulators indicated the BSA program contained inadequate procedures and it was insufficient to manage the risk of money laundering based on the volume of business. In addition to the payment of the fine, the company must also correct the problems noted. Penalty   12/30/05

• Four Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit Cashier's/Official Checks drawn on Dryades Savings Bank, FSB, New Orleans, LA, Lighthouse Bank, Waltham, MA, The Torrington Savings Bank, Torrington, Connecticut and New York Community Bank (formerly known as Queens County Savings Bank), Westbury, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/30/05

• Interagency Guidance on Nontraditional Mortgage Products Proposal Issued in the FR

  The Federal Register contains the Interagency Guidance referenced in the December 21, 2005 Top Stories. OCC: 2005-46    70FR77249 txt 70FR77249 pdf 12/30/05

• Three Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida and counterfeit official checks drawn on both The Bank, Birmingham, Alabama: and The Tri Counties Bank, Chico, California. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/29/05

• Special Alerts Issued Regarding Unauthorized Banking

  Two Special Alerts have been issued by the FDIC concerning the activities of Brink (or Brink's) National Bank of Texas and Continental Bank of Canada, Toronto, Ontario, Canada. Brink;
  Continental   12/29/05

• BSA/AML Violation Enforcement Action Process

  The OCC has issued a Bulletin which contains information on the process the OCC will follow regarding administrative enforcement actions against banks for BSA/AML violations. The intent of the guidance is to ensure that the process is measured, fair, and fully informed. Bulletin   12/28/05

• FHC List Update

  The FRB has updated the list of BHCs that have elected to become or be treated as FHCs to include the elections made as of December 23, 2005. FHC List   12/27/05

• Seven Working Papers Published

  Seven working papers in the FEDS series have been published by the FRB on the following topics: "Post Brown vs. the Board of Education: The Effects of the End of Court-Ordered Desegregation"; "Retail Deposit Fees and Multimarket Banking"; "Modelling Inflation Dynamics: A Critical Review Survey of Recent Research"; "Escaping the Samaritan's Dilemma: Implications of a Dynamic Model of Altruistic Intergenerational Transfers"; "Using Subjective Expectations to Forecast Longevity: Do Survey Respondents Know Something We Don't Know?"; "Using Structural Shocks to Identify Models of Investment"; and "Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates".

  • Post Brown Abstract
  • Post Brown Full Paper
  • Retail Deposit Abstract
  • Retail Deposit Full Paper
  • Modelling Inflation Abstract
  • Modelling Inflation Full Paper
  • Escaping Abstract
  • Escaping Full Paper
  • Subjective Expectations Abstract
  • Subjective Expectations Full Paper
  • Structural Shocks Abstract
  • Structural Shocks Full Paper
  • Expectations Formation Abstract
  • Expectations Formation Full Paper

    12/27/05

• Minority-Owned Banks List Updated

  The FRB has updated the list of minority-owned banks to include information as of September 30, 2005. List   12/23/05

• New Orleans CAO Named By OCC

  The OCC has announced the appointment of a Community Affairs Officer in New Orleans, a newly-created position, who will serve as a liaison to governmental organizations, community groups, and national bank customers on hurricane-related banking matters and community reconstruction financing issues. CAO Appointment   12/23/05

• Counterfeit Cashier's Checks Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit checks drawn on Community State Bank, N.A., Ankeny, Iowa. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/22/05

• Guidance Issued On Filing Notices Of Class Action Lawsuits

  The FDIC has issued a FIL which contains guidance on new requirements for filing notices of proposed class action settlements involving financial institutions for which the FDIC is the primary federal regulator. FIL   12/22/05

• Final Reg Regarding Section 312 Announced

  FinCEN has announced a final regulation implementing the provisions of Section 312 of the USA PATRIOT Act and the publication of a 312 Fact Sheet. Final Reg; | Fact Sheet   12/22/05

• 2006 CRA & HMDA Data Free Software

  Free FFIEC CRA and HMDA Data Entry Software, version 3.20 for CY 2006 data due March 1, 2007, is available by download from the FFIEC CRA and HMDA web sites. Software   12/22/05

• Derivative Report Issued

  The OCC has issued the Bank Derivatives Report for the third quarter 2005 which indicates that derivatives held by U.S. commercial banks increased by $2.6 trillion in the third quarter of 2005.Derivatives Report   12/22/05

• FR Publishes HMDA Exemption Increase

  The FRB is publishing a final rule amending the staff commentary of Regulation C to increase the asset-size exemption threshold for depository institutions. Depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006. 70FR75718 txt 70FR75718 pdf   12/21/05

• Nontraditional Mortgage Products Proposed Guidance Issued

  The federal financial regulatory agencies are seeking comments on a proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. Proposal; | FRB PR; | FDIC PR; | OCC NR; | OTS PR; | NCUA PR   12/21/05

• FFIEC Report Forms Notices Published

  The initial FR notice for FFIEC Report Forms 009 and 009a has been published.
  Notice   12/21/05

• Third Quarter Interest Rate Risk Measures Report Released

  OTS has released the Interest Rate Risk Measures Report for the Third Quarter 2005. Interest Rate   12/21/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the inclusion of data as of December 16, 2005.Reserve Position   12/21/05

• Counterfeit And Fraudulent Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Astoria Federal Savings and Loan Association, Lake Success, New York, and fraudulent check bearing the name of Bankers' Bank, Madison, Wisconsin. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.   12/20/05

• $80 Million CMP Assessed For OFAC, AML, BSA and State Law Violations

  OFAC, the FRB, the New York State Banking Department, and the Illinois Department of Financial and Professional Regulation have issued a combined order of Assessment of a Civil Money Penalty and Monetary Payment against ABN AMRO Bank N.V and its New York City and Chicago branches. The bank has agreed to undertake remedial action in its worldwide banking operations and to pay $75 million in penalties to regulators for violations of OFAC sanctions regulations, AML, BSA and state laws, in addition to making a voluntary contribution of $5 million to the Illinois Bank Examiners' Education Foundation. OFAC | C&D | CMP | FinCEN   12/20/05

• December Call Report Information Issued

  The FDIC has issued a FIL containing instructions pertaining to the Call Report for the December 31, 2005, Call Report.FIL; | Instructions   12/20/05

• Individual Added To OFAC List

  OFAC has added an individual currently imprisoned in the United Kingdom to the SDN list designated as a SDGT. Information regarding the individual has been posted on the BOL OFAC page.   12/20/05

• December Electronic Interpretations and Actions Announced

  The OCC has announced the publication of the December 2005 issue of New Electronic Interpretations and Actions.Interpretations and Actions   12/20/05

• Basal II White Published

  The FRB has published a white paper on the topic of "Potential Competitive Effects on U.S. Bank Credit Card Lending from the Proposed Bifurcated Application of Basel II".White Paper   12/20/05

• Three FEDS Working Papers Released

  The FRB has released three working papers in the FEDS series on the following subjects: "How Did the 2003 Dividend Tax Cut Affect Stock Prices?"; "An Inflation Goal with Multiple Reference Measures"; and "Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms".2003 Dividend Abstract; | 2003 Dividend Full Paper; | Inflation Abstract; | Inflation Full Paper; | Credit Defaults Abstract; | Credit Defaults Full Paper   12/20/05

• Structure And Share Data Report Issued

  The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report as of September 30, 2005.Data Report   12/20/05

• January 2006 HOEPA Rates Determined

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15 Weekly H.15   12/19/05

• HMDA Data Collection Exemption Size Increased

  The FRB has published its annual notice of the asset-size exemption threshold for depository institutions under Reg C, which implements HMDA. As a result, depository institutions with assets of $35 million or less as of December 31, 2005, are exempt from data collection in 2006.Exemption   12/19/05

• 312 Fact Sheet Published

  FinCEN has published a Fact Sheet which contains information regarding a proposed Final Rule implementing the international correspondent accounts and private banking provisions of Section 312 of the USA PATRIOT Act.
  Fact Sheet   12/19/05

• December FedFlash Published

  The December issue of FedFlash has been published and contains articles on New Orleans zone check processing, 2006 seasonal lending applications, FRB operations holiday schedule and District news.
  FedFlash pdf;
  FedFlash html   12/19/05

• USERRA Rules Published

  Final rules have been published to implement the Uniformed Services Employment and Reemployment Rights Act ("USERRA"), a federal law which protects the rights of persons who voluntarily or involuntariloy leave employment positions to undertake military service. The new rules do affect private employers. A notice of rights, benefits, and obligations of employees and employers under USERRA was published concurrently. PDF of final rules;   TXT version of final rules;   PDF of Notice;   TXT version of Notice   12/19/05

• More Check Processing Changes Published

  The Federal Reserve Board published in the Federal Register amendments to appendix A of Regulation CC to delete reference to the New Orleans branch and reassign the routing symbols for it to the head office of the FRB of Atlanta. Typos in the routing symbols for the Helena branch office of FRB Minneapolis were also corrected, and notice is provided of a delay until 2007 of the previously announced transfer of the Nashville branch office's check-processing operations to the Atlanta head office. Advance notice is also given of future changes affecting the Federal Reserve Banks of New York and Philadelphia. PDF;   TXT   12/19/05

• Enforcement Actions Announced

  The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions. Enforcement Actions  12/16/05

• CRA Evaluations Released

  The OCC has released the CRA evaluations for 33 national banks that became public during the period of November 15, 2005 through December 14, 2005. CRA  12/16/05

• Additional Check Processing Restructuring Announced

  The FRB has announced restructuring of check processing operations in the Sixth District and the applicable amendment to Reg CC. Processing  12/16/05

• NCUA Announces Flexible Procedures For Hurricane Affected FCUs

  The NCUA has issued an Opinion Letter which provides guidance and details flexible procedures in place for conducting board meetings and member elections by FCUs affected by Hurricane Katrina. Procedures  12/16/05

• OCC Annual Report Published

  The OCC has published its Annual Report for fiscal year 2005 which includes an introduction by Comptroller Dugan and the OCC‘s financial statements. Other sections describe the OCC, its accomplishments and operations, and its management initiatives. Annual Report  12/16/05

• Cost of Funds Reports Released

  OTS has released the Historical and October 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; October  12/16/05

• RECON Updated For Third Quarter

  Regional Economic Conditions (RECON), which assists the FDIC in the examination process by providing economic information at the state, MSA (Metropolitan Statistical Area), and county levels, has been updated with new data for the Third Quarter 2005. RECON  12/16/05

• October TIC Report Issued

  Treasury has issued the TIC report for October 2005 which indicates the net foreign purchases of long-term securities were $106.8 billion. TIC  12/16/05

• Large Commercial Banks Assets Report Released

  The FRB has released the ranking of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of September 30, 2005. Ranking  12/16/05

• FRB Recommends Creation Of NewBank

  The FRB has released the report of the private-sector Working Group on NewBank Implementation and endorsed its recommendations for the creation of a dormant bank (NewBank) that would be available for activation to clear and settle U.S. government securities. Report; Recommendation  12/16/05

• InfoSec Guidelines Compliance Guide Published

  The federal bank and thrift regulatory agencies have published a small entity compliance guide for the Interagency Information Security Guidelines. The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations. Guide; FRB PR; OCC Bulletin; OTS CEO Lt; FDIC PR  12/15/05

• Agencies Issue Counterfeit Cashier's Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on CenterBank of Jacksonville, N.A., Jacksonville, Florida, and the FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Anchor Bank, West St. Paul National Association, West St. Paul, Minnesota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/15/05

• Special Alert Regarding Unauthorized Banking Operations

  The FDIC has issued a Special Alert regarding two entities that may be conducting unauthorized banking operations in the U.S. and Canada including involvement in various advance fee or "Nigerian letter" scams. Special Alert   12/15/05

• FinCEN Issues North Korean Banking Activities Advisory

  An Advisory has been issued by FinCEN which contains guidance regarding the providing of banking services to North Korean government agencies and related front companies. Advisory  12/14/05

• Fed Funds Up

  The FOMC has raised the target for the federal funds rate by 25 basis points and approved a similar increase in the discount rate. FOMC  12/14/05

• Updated Reserve Position Released

  Treasury has updated the U.S. International Reserve Position report to include data as of December 9, 2005.
  Reserve Position   12/14/05

• Survey Of Terms Report Released

  The E. 2 Survey of Business Terms report for the week of November 7, 2005, has been released by the FRB.
  E.2   12/14/05

• FDIC Publishes Proposed Rulemaking for Large Bank Insurance Determination Modernization

  The FDIC proposes to developing a new system to determine insurance coverage. Its goals are to minimize disruption to depositors and communities, and maximize recoveries for the deposit insurance fund in the event one of the largest insured institutions should fail. PDF   TXT  12/13/05

• Counterfeit Cashier's Check Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Community State Bank, N.A. of Ankeny, Iowa. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/13/05

• FILs Issued Regarding OFAC Changes

  The FDIC has issued three FILs regarding previously announced changed to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted in BOL Top Stories on November 28, December 1 and December 6, 2005. FIL-122-2005; FIL-123-2005; FIL-124-2005   12/13/05

• FDIC Updates Hurricane Data

  As of December 9, 2005, FDIC analysis shows 214 financial institutions with offices affected by the hurricanes (100 by Katrina; 87 by Rita; 27 by both). There are 112 branches that remain closed (98 by Katrina; 14 by Rita). There are 46 temporary branches open by 20 institutions. The updated information has been posted on the BOL Disaster Recovery page.  12/13/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy?" Abstract; Full Paper  12/13/05

• Enforcement Actions Announced

  The FDIC has announced the issuance of 20 administrative enforcement actions taken against banks and individuals in October 2005. The actions included eight removal and prohibition orders, four civil money penalty orders, four terminations of insurance, one capital directive termination, and three terminations of orders to cease and desist. Enforcement Actions   12/12/05

• Two Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Columbia State Bank, Tacoma, Washington, and counterfeit official checks drawn on Carolina First Bank, Greenville, South Carolina. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   12/12/05

• FFIEC Updates HMDA FAQs

  The HMDA FAQs have been updated by the FFIEC to include questions regarding Type of Purchaser.FAQs   12/12/05

• Third Quarter Household Debt Service Report Released

  The FRB has released the Household Debt Service and Financial Obligations Ratios report for Third Quarter 2005.Report   12/12/05

• Special-Post Employment SR Issued

  A SR has been issued by the FRB regarding the previously announced post-employment restrictions imposed on senior examiners. Information concerning the restrictions was posted in the November 18, 2005 BOL Top Stories. http://www.bankersonline.com/topstory/november05.html SR   12/12/05

• Counterfeit Cashier's Special Alert Issued

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on State Bank, La Grange, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  12/9/05

• OTS 2006 Assessment And Fee Schedules Released

  The OTS has issued a Thrift Bulletin which contains its 2006 assessment and fee schedules. Bulletin  12/9/05

• FRB Publish Technical Amendment to Reg CC

  This technical amendment to the Final Rule regarding Appendix A of Reg CC, deletes the reference to the head office of the Federal Reserve Bank of Boston and reassigns the Federal Reserve routing symbols currently listed under that office to the Windsor Locks office of the Federal Reserve Bank of Boston. PDF TXT  12/7/05

• Flow Of Funds Accounts Report Released

  The FRB has released the Z.1 Flow of Funds Accounts of the United States Report for the Third Quarter 2005. Z.1  12/9/05

• Assets Reports Issued

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for October 2005 have been issued by the FRB. Reports  12/9/05

• OCC Fiscal Year 2005Annual Report PublishedM

  The OCC has published its annual report for fiscal year 2005 which includes an introduction by Comptroller Dugan, the OCC's financial statements, accomplishments, operations, and its management initiatives. Annual Report   12/9/05

• Five Counterfeit Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier's checks drawn on The Comanche National Bank, Comanche, Texas and The Cambrian Branch (San Jose, California) of the Bank of the West, San Francisco, California; counterfeit official checks drawn on The Provident Bank, Jersey City, New Jersey; counterfeit checks bearing the name of The Equitable Bank, S.S.B., Wauwatosa, Wisconsin; and counterfeit money orders drawn on Heritage Community Bank, Glenwood, Illinois. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  12/8/05

• December 2005 Call Report Forms Online

  The FFIEC has posted online the December 2005 Call Report forms 031 and 041. 031; 041  12/8/05

• HMDA Reporting Guidance Issued

  The FFIEC has issued additional guidance on HMDA reporting to ensure that data is stated accurately pertaining to loans subject to HOEPA; rate spread; preapprovals and additional sources of guidance. HMDA Guidance  12/8/05

• Winter Issue Supervisory Insights Published

  The FDIC has issued a FIL announcing the publication of the Winter 2005 issue of Supervisory Insights which contains articles on financial modeling, tighter security for Internet transactions, and banker insider misconduct. FIL; Supervisory Insights Index; Full Issue  12/8/05

• Consumer Credit Report Released

  The FRB has released the G.19 Consumer Credit Report for October 2005. G.19  12/8/05

• NCUA Publishes Post Employment Restrictions for Certain Examiners

  NCUA Publishes Final Rule in FR that will prohibits senior NCUA examiners from accepting employment with a credit union for a year after leaving NCUA employmentif they had responsibility for examination of that credit union prior to leaving. PDF TXT  12/7/05

• First District Check Processing Restructured

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations in the First District. As of February 25, 2006, the head office of the Federal Reserve Bank of Boston no longer will process checks, and banks currently served by that office will be reassigned to the Windsor Locks office of the Federal Reserve Bank of Boston. Restructuring  12/7/05

• CRA Ratings Issued

  The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the rating assigned to each institution. CRA Ratings  12/7/05

• Determination Of Insured Deposits Comments Sought

  The FDIC is soliciting comments on the best way to improve the process of determining the insurance status of depositors of larger institutions in the event of a failure. Comments   12/7/05

• Bulletins Issued Regarding Assessment Fees, Examiner Employment And CRA Q&As

  The OCC has issued three bulletins regarding previously announced actions concerning assessment collection process for national banks; one-year post-employment restrictions for senior examiners; and proposed revisions to 2001 Interagency Questions and Answers Regarding Community Reinvestment. Information regarding the actions was posted in the November 17 and 18, 2005, BOL Top Stories. Assessment Bulletin; Examiner Bulletin; CRA Bulletin   12/7/05

• HUD Publishes Final Rule for ARM

  On March 29, 2005, HUD published an interim rule in the Federal Register that insured five-year hybrid ARMs with interest rates adjustable up to two percentage points annually. The final rule makes no changes to the interim rule. PDF TXT  12/6/05

• Counterfeit Cashier's Check Alert

  The OCC has issued an Alert regarding counterfeit casher‘s checks drawn on Anchor Bank, West St. Paul N.A. of West St. Paul, Minnesota. Information concerning the counterfeit cashier‘s checks has been posted on the BOL Alerts & Counterfeits page.  12/6/05

• Eight SDGTs Added To OFAC List

  OFAC has designated eight individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.  12/6/05

• Atlanta To Retain New Orleans Processing

  The FRB Financial Services Policy Committee (FSPC) has announced that it will retain the Federal Reserve Bank of Atlanta’s New Orleans Branch check processing operation at the Atlanta Fed’s head office and will postpone the previously announced move of the Nashville Branch’s check processing operation into Atlanta until 2007. Processing; New Orleans Letter; Nashville Letter  12/6/05

• Hurricane Q&A issued

  A SR letter that contains the complete set of Q&As issued by the federal financial institutions regulatory agencies as of November 23, 2005, regarding Hurricanes Katrina and Rita has been issued by the FRB. The issue date of a Q&A is indicated at the end of each question. SR; Q&As  12/6/05

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet to include data as of December 6, 2005. 314(a)  12/6/05

• Five Working Papers Published

  The FRB has published five new working papers in the FEDS series on the following topics: Solving Stochastic Money-in-the-Utility-Function Models; Jump-Diffusion Processes and Affine Term Structure Models: Additional Closed-Form Approximate Solutions, Distributional Assumptions for Jumps, and Parameter Estimates; Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?; Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments; and Competition and Price Discrimination in the Market for Mailing Lists. Stochastic Abstract; http://www.federalreserve.gov/pubs/feds/2005/200552/200552pap.pdf">Stochastic Full Paper; Jump Abstract; Jump Full Paper; Innovation Abstract; Innovation Full Paper; Alternative Abstract; Alternative Full Paper; Competition Abstract; Competition Full Paper  12/6/05

• New FedFlash Issue Released

  The December 1, 2005 issue of FedFlash has been released and contains articles on email delivery of FedWire statements, changes to the HDGS and PPGS transit number listings, official authorization list and board resolution required from all account holders, and a reminder of changes to mixed and other Fed cull programs. FedFlash  12/6/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position with the addition of data as of December 2, 2005. Reserve Position  12/6/05

• SR Letter Expresses FRB Security Program Expectations

  A SR Letter has been issued which establishes the FRB’s expectations for financial institutions and supervisory personnel with respect to the previously announced Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice. When evaluating the adequacy of a financial institution’s information security program, the FRB will consider whether the bank has developed and implemented a response program including notification procedures as described in the Guidance.SR Letter; Guidance  12/5/05

• Suspicious Activity Alerts

  The OCC has issued two Alerts regarding supposed employees of "Wachovia Direct Lending," (not affiliated with Wachovia Corp.), that are contacting persons about student loan applications resulting in no loans and no returned fees; and supposed bank employees of Brink National Bank of Texas, an entity not authorized to conduct the business of banking, who have contacted persons about fraudulent financial schemes. Student Loans; Unauthorized Bank  12/5/05

• First Quarter CRA Exam Schedule Released

  OTS has released the schedule of thirty-three CRA examinations that will conducted in the first quarter 2006. CRA Exam Schedule  12/5/05

• Greenspan Comments On Budget Policy And International Imbalances

  In separate presentations before the attendees at the Federal Reserve Bank of Philadelphia Policy Forum and the Advancing Enterprise Conference, Chairman Greenspan expressed concern that the U.S. may have already committed more physical resources to the baby-boom generation in its retirement years than the economy has the capacity to deliver and that deficits that cumulate to ever-increasing net external debt, with its attendant rise in servicing costs, cannot persist indefinitely. Budget Policy; International Imbalances  12/5/05

• FHC List Updated

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include elections made as of December 2, 2005. FHC List  12/5/05

• OCC To Expand CAG Hours

  The OCC has announced the intention to expand the daily hours of telephone operation for its Customer Assistance Group from seven to twelve. CAG Hours  12/5/05

• New BSA Forms Page Launched By FinCEN

  FinCEN has been launched a newly-updated forms page designed to be easier to navigate and find the BSA forms required for filing. It contains links to downloadable forms, Q&As, useful filing information, and more.
  BSA Forms    12/2/05

• New BOL Tech Alert Issued

  BOL has issued a Tech Alert which contains new information about security vulnerabilities, a FREE special test assessment offer for BOL users, and two BOL book selections. Sign up for future Tech Alerts and other free e-mail BOL Banker Briefings.
  Tech Alert    12/2/05

• Assessment Process Revised By OCC

  The OCC has revised its semi-annual assessment process for national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The 2006 OCC Fee Schedule was also released.
  Assessment;
  2006 Fee Schedule    12/2/05

• OCC CRA Exam Schedule Released

  The OCC has released its schedule of CRA examinations to be conducted in the first quarter of 2006.Schedule    12/2/05

• FTC Settles Customer Data Security Case

  A retail discounter has agreed to settle FTC charges that its failure to take reasonable security measures to protect sensitive customer data was an unfair practice that violated federal law. According to the FTC, a data-security failure allowed hackers to gain access to the sensitive credit card, debit card, and checking account information of more than 1.4 million customers. The settlement requires the company to implement a comprehensive information-security program and obtain audits by an independent third-party security professional every other year for 20 years.Settlement; Complaint    12/2/05

• Negative Amortization Concerns Comptroller

  In a presentation before the Consumer Federation of America, Comptroller Dugan expressed strong concerns about negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages. He indicated that that negative amortization of consumer loans raise substantial – and intertwined – consumer protection and safety and soundness issues.
  Speech
     12/2/05

• Foreign Exchange Rates Report Released

  The November 2005 G.5 Foreign Exchange Rate Report has been released by the FRB. G.5    12/2/05

• First Quarter 2006 CRA Exam Schedule Released

  The FDIC has released the list of institutions that it has scheduled for a CRA examination during the first quarter of 2006. Schedule   12/1/05

• CRA Distressed Or Underserved Tract List Updated

  The FFIEC has updated the list of distressed or underserved nonmetropolitan middle-income geographies. List   12/1/05

• $19,960 CMP For Flood Violations

  The FRB has announced the issuance of an Order of Assessment of a Civil Money Penalty against County Bank, Merced, California, in connection with alleged violations of Reg H and the National Flood Insurance Act. Order   12/1/05

• Counterfeit Cashier's Check Special Alert

  A Special Alert has been issued by the FDIC regarding counterfeit cashier's check drawn on Northway Bank, Berlin, New Hampshire. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   12/1/05

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding an entity that may be conducting illegal banking activities involving advance fee or "Nigerian letter" scams in the U.S. and Canada. Special Alert   12/1/05

• Drug Cartel Members And Philippine Separatists Added To OFAC List

  OFAC has added two individuals and three companies tied to a Columbian drug cartel and three members of a Philippine separatist group to the SDN list. Information regarding the new entries has been posted on the BOL OFAC page.   12/1/05

• Beige Book Updated

  The Beige Book has been updated by the FRB to include data collected prior to November 21, 2005. Summary; Full Report   12/1/05

• Continuation Of Assistance To Hurricane Victims Urged By Agencies

  The federal financial institution regulatory agencies along with the Conference of State Bank Supervisors are encouraging insured depository institutions to consider all reasonable and prudent actions that could help meet the critical financial needs of their customers and their communities affected by Hurricane Katrina.Hurricane Assistance   12/1/05

• G.20 Report Issued

  The September 2005 G.20 Finance Companies report has been issued by the FRB. G.20   12/1/05

• Housing Prices And Interest Rates Working Paper Published

  The FRB has published a working paper in the IFDP series on the subject of "The Baby Boom: Predictability in House Prices and Interest Rates".Abstract; Full Paper   12/1/05

• Assets Reports Released

  The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports for September 2005 have been released by the FRB.Reports   12/1/05

• OCC Updates Licensing Manual

  The "General Policies and Procedures" booklet of the OCC Licensing Manual has been revised with the addition of guidance and procedures for filing an application to substantially increase or decrease the bank's assets and guidance for operating branches at historic properties.
  Manual   11/30/05

• Bulletin Issued Regarding FACT Act Medical Information Final Rule

  The OCC has issued a bulletin regarding the previously announced Final Rule concerning creditors obtaining or using medical information pertaining to a consumer in connection with any determination of the consumer's eligibility, or continued eligibility for credit. Information regarding the Final Rule was posted in the BOL Top Stories for November 22, 2005.
  Bulletin;
  Final Rule Correction   11/30/05

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on East West Bank, San Marino, California; First National Bank, Hermitage, Pennsylvania; and San Angelo National Bank, San Angelo, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/30/05

• Anti-Fraud Resources Added To OCC Web Site

  The OCC Web site now provides consumers and bankers with information and resources to effectively identify, report, and combat fraud.
  Anti-Fraud Resources   11/30/05

• Minutes Of Discount Rate Meetings Released

  The FRB has released the minutes of its discount rate meetings from October 3 through November 1, 2005.
  Minutes   11/30/05

• International Reserve Position Update

  Treasury has updated the U. S. International Reserve Position with the inclusion of new data as of November 25, 2005.
  Reserve Position   11/30/05

• TIAC Officers And Directors Announced

  The FRB has announced the names of five new members of the TIAC and the 2006 President and Vice President.
  TIAC
    11/30/05

• Independent Audit Threshold Raised

  The FDIC has issued a FIL regarding the publication of a Final Rule that raises the asset-size threshold for internal control assessments by management and external auditors.
  FIL;
  Final Rule   11/29/05

• FRB Publishes Remotely Created Checks Final Rule in FR

  The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. 70FR71218 pdf 70FR71218 txt   11/28/05

• Revised Trust Examination Manual Online

  The FDIC has revised the Trust Examination Manual by adding a new section to cover Registered Transfer Agent activities. It is available free online and for purchase in a CD format.
  Manual;
  Order CD   11/28/05

• IT Examiner Training Program Modified

  The FRB has issued a SL that modifies the training program for IT examiners.
  SL   11/28/05

• Zimbabwe SDN Designations Recertified

  OFAC has recertified some of the SDNs previously designated under the Zimbabwe program. All of the recertified names appear as changes in OFAC’s SDN changes files, but not all of the recertified names have actually changed. Information concerning the recertification has been posted on the BOL OFAC page.   11/28/05

• 2006 FRB Chairmen And Deputy Chairmen Announced

  The FRB has announced the appointment of chairmen and deputy chairmen for 2006 for each of the twelve FR banks.
  Appointments   11/28/05

• Twelve CRA Evaluations Released

  The OCC has released the ratings received by twelve national banks that were recently evaluated for compliance with the CRA.
  Ratings   11/23/05

• FCRA Exam Procedures

  A bulletin has been issued by the OCC regarding the approval of the FFIEC's Task Force on Consumer Compliance of revised interagency FCRA examination procedures for consumer compliance issues. New requirements apply to banks that are consumer reporting agencies or that use consumer reports. Bulletin    Exam Procedures   11/23/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding three entities that may be conducting unauthorized banking activities connected with Nigerian letter scams in the U. S. and Canada. Unauthorized   11/23/05

• Four Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Sheridan State Bank, Sheridan, Wyoming; First National Bank USA, Boutte, Louisiana; Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Mills County State Bank, Goldthwaite, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/23/05

• 314a Facts And Figures Updated

  FinCEN has updated the 314a Fact Sheet to include data as of November 22, 2005. Over fourteen million dollars has been located involving over three thousand transactions.
  314a   11/23/05

• November Electronic Interpretations and Actions Announced

  The OCC has announced the New Electronic Interpretations and Actions for November 2005.
  Electronic   11/23/05

• FDIC Reports Earnings At Record Levels

  Commercial banks and savings institutions insured by the FDIC reported record net income for the third quarter of 2005. Strong growth in noninterest income at larger institutions provided much of the improvement in earnings. Provisions for loan losses and net loan chargeoffs both increased for the first time in three years. Preliminary results for the third quarter are contained in the FDIC's latest Quarterly Banking Profile.
  Quarterly Banking Profile   11/23/05

• Third Quarter TFR Data Released

  OTS has released the TFR Data for the Third Quarter 2005.
  TFR Data   11/23/05

• Remotely Created Checks Final Rule Issued

  The FRB has approved amendments to Reg CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. Final Rule   11/22/05

• 2006 Financial Services District Fee Schedules Announced

  FRB Financial Services has announced the district fee schedules for 2006. Fee Schedule   11/22/05

• Counterfeit Checks Alerts Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on First National Bank, Hermitage, Pennsylvania, and the FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on Chinatrust Bank (U.S.A.), Torrance, California, and Bay Cities National Bank, Redondo Beach, California; missing, lost, or stolen cashier's checks drawn on The Heritage Bank, Hinesville, Georgia; and counterfeit official and expense checks drawn on Prosperity Bank, El Campo, Texas. Information concerning the counterfeit and missing items has been posted on the BOL Alerts & Counterfeits page.   11/22/05

• FACTA Medical Information Rules Published

  The OCC/FRB/FDIC/OTS/NCUA published the final rule to the Fair Credit Reporting Medical Information Regulations in the Federal Register. This final rule was previously reported in the Top Stories on 11/18/05. Final Rules   11/22/05

• Consumer News Focuses On Helping Seniors Remain Fiscally Fit
  

  The Fall 2005 issue of FDIC Consumer Guide features a special guide for senior and families that contains articles on the following topics: Helping Your Money Last... After Your Last Paycheck; Annuities for Retirees: What to Consider Before You Invest; Retirement Strategies for All Ages: A "To-Do" List; Avoiding Frauds that Target the Elderly; How to Simplify and Organize Your Finances; Giving Others Access to Bank Accounts and Safe Deposit Boxes; and 7 Things to Know About FDIC Insurance. Consumer Guide   11/22/05

• Thrift Industry Has Record Quarter

  The financial results of the nation’s thrift industry for the third quarter of 2005 have been released by OTS. The industry posted its fourth consecutive record of quarterly earnings.
  Third Quarter Highlights   
  Charts   
  Selected Indicators  11/22/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report with the addition of the data from November 18, 2005.
  Reserve Position   11/22/05

• Three Counterfeit Cashier's Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks bearing the name of or a name similar to Guaranty Bond Bank, Mount Pleasant, Texas; The San Francisco, California, branch of First Republic Bank, Las Vegas, Nevada; and Chino Commercial Bank, N.A., Chino, California. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   11/21/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on the First National Bank USA of Boutte, Louisiana. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  11/18/05

• FACT ACT Medical Information Rules Finalized

  The federal financial institution regulatory agencies have finalized the FACT Act rules on medical information, Regulation V and Regulation FF. Final Rule; FRB PR; OCC NR; OTS; FDIC; NCUA.  11/18/05

• Form 4 Online

  The FDIC has issued a FIL which contains a copy of the FFIEC 004 report that may be used to comply with the reporting requirements of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 which requires the executive officers and principal shareholders of each bank to submit an annual report to their board of directors on their indebtedness, and that of their related interests, to correspondent banks. FIL; Form 004  11/18/05

• Enforcement Actions Released

  The OCC has released a list of the new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and terminations of existing enforcement actions.
  Actions  11/18/05

• Post-Employment Restrictions for Senior Examiners Announced

  
  
  The federal bank and thrift regulatory agencies have issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank.
  Post-Employment FRB PR; OCC NR; OTS; FDIC  11/18/05

• RESPA Violations Mortgage Kickback Case Settled

  The FDIC and HUD have announced a $150,000 settlement with a mortgage company in New England for violations of the RESPA. HUD and FDIC found that the company solicited and received tickets from certain settlement service providers to athletic events as well as music concerts and restaurant gift certificates in exchange for the referral of business. Settlement  11/18/05

• FDIC Conducts Survey

  The FDIC is conducting a confidential nationwide banker survey to evaluate, among other things, the effectiveness and adequacy of the FDIC's current inventory of deposit insurance publications and job aids designed to help bank employees understand deposit insurance coverage. Survey   11/18/05

• G.17 Report Issued

  The G.17 Industrial Production and Capacity Utilization Report for October 2005 has been issued by the FRB.
  G.17  11/18/05

• December HOEPA Reference Rates Established

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15  11/17/05

• Regulators Seek Comments On Proposed CRA Q & As

  The FDIC, the FRB and the OCC have published an informal staff guidance on community reinvestment in the form of thirteen proposed Q & As and are seeking public comments. FDIC FIL; Proposal  11/17/05

• FedFlash November Issue Published

  FRB Financial Services has published the November 2005 issue of FedFlash which contains articles on the new notification system for expiring FedLine credentials, additional FedReceipt endpoints, security measures for FedLine credentials, help reducing risks of clearing Canadian checks, and news from the Fed Districts. FedFlash  11/17/05

• September International Capital Data Released

  Treasury has released the September 2005 International Capital Data report. Capital Data  11/17/05

• OCC Issues Interim Final Rule to amend its regulation concerning the timing of
  payments of OCC assessments.

  This interim final rule replaces the current
  process of assessment collection, which requires national banks to make the initial calculation of the amount due to the OCC. This interim rule changes the assessment collection
  process only. PDF; TXT   11/17/05

• Joint Agencies Publish Final Rule implementing the Intelligence Reform Act

  The OCC, Board, FDIC and OTS (the Agencies) have jointly adopted final rules to implement section 6303(b)
  of the Intelligence Reform and Terrorism Prevention Act of 2004, which imposes post-employment restrictions
  on senior examiners of depository institutions and depository institution holding companies. PDF; TXT   11/17/05

• Revised SOP On NHPA Proposed

  The FDIC has issued a FIL regarding the proposed revision of its Statement of Policy (SOP) on the National Historic Preservation Act of 1966 (NHPA) to reflect the FDIC's experience and practices in applying the current SOP and statutory changes to the NHPA and its implementing regulations. FIL; Proposed Statement  11/16/05

• Enforcement Actions Announced

  Twenty-six administrative enforcement actions taken against banks and individuals in September 2005 have been announced by the FDIC. The actions include fourteen removal and prohibition orders, nine civil money penalty orders, one cease and desist order, and two terminations of cease and desist orders. Enforcement Actions  11/16/05

• BSA/AML Examination InfoBase Updated

  The FFIEC has updated the InfoBase to include questions and answers from the August 2005 BSA/AML Examination Manual Outreach events and a user-friendly bookmarked version of the Manual. Q & As; Manual  11/15/05

• Greenspan Discusses The Role Of The Central Bank

  In a video presentation to the participants at the Banco de Mexico's 80th Anniversary International Conference in Mexico City, FRB Chairman Greenspan discussed the role of the Central Bank and its impact on stability and economic growth. He noted that an environment of greater economic stability has been the key to the impressive growth in the standards of living and economic welfare in the Untied States. Speech  11/15/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of November 10, 2005. Reserve Position  11/15/05

• Check Alerts Issued

  The OCC has issued two Alerts regarding fraudulent official checks issued in the name of Chino Commercial Bank, N.A., Chino, California, and counterfeit cashier's checks issued in the name of Bay Cities National Bank, Redondo Beach, California. Information concerning the checks has been posted on the BOL Alerts & Counterfeits page.  11/14/05

• Regulators' Comments Regarding Basel II

  In testimony before the Senate Banking Committee, Comptroller Dugan stated, "Basel II will promote significant advances in risk management that will benefit supervisors and banks alike and substantially enhance safety and soundness," and FDIC Chairman Powell noted, "The FDIC views the extremely low capital numbers coming out of Basel II's formulas . . . as examples of why, under Basel II, the leverage ratio would play a more important role than ever in ensuring the soundness of our banking system." Dugan Statement; Dugan Testimony; Powell Testimony   11/14/05

• Interstate Banking & Interest Rates - Notice of Proposed Rulemaking

  The FDIC issued a FIL containing a notice of proposed rulemaking to clarify which state laws apply to branches of out-of-state, state-chartered banks and to clarify the interest rates that state-chartered banks may charge. FIL  11/14/05

• NCUA Chairman Responds To ABA Complaints

  NCUA Chairman Johnson has issued a statement regarding the complaints filed by the American Bankers Association in United States District Courts in Utah and Pennsylvania. NCUA Statement; ABA NR; Utah Compliant; Pennsylvania Compliant  11/14/05

• FRB Published Final Rule to Reg A increasing Credit Rate

  The Federal Reserve Board
  has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. PDF; TXT  11/14/05

• Columbia Drug Lord and Associates Added to OFAC List

  Treasury has announced the designation of Wilber Varela, a.k.a. "Jabon," as a principal SDNT of the North Valle drug cartel and the addition of his name to the SDN list along with those of four related companies and ten other North Valle associates. Information regarding the additions has been posted on the BOL OFAC page.   11/10/05

• BIF and SAIF Third Quarter Results Released

  The FDIC has released the Third Quarter 2005 results for the BIF and SAIF insurance funds.
  Third Quarter Results   11/10/05

• Three Counterfeit Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit cashier's checks drawn on Legacy Bank, Milwaukee, Wisconsin; and counterfeit official checks drawn on PFF Bank & Trust, Pomona, California, and The Farmers National Bank, Lebanon, Kentucky. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeit page.   11/9/05

• 2006 HMDA Edits And File Specs Posted

  The FFIEC has posted online the 2006 HMDA Edits and File Specifications. Edits; File Specifications  11/9/05

• FDIC Rates Unchanged

  The FDIC has announced that the current deposit insurance assessment rates charged to insured banks and savings associations will remain unchanged for the first half of 2006. Rates  11/9/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of November 4, 2005. Reserve Position  11/9/05

• Monetary Policy Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Monetary Policy with Imperfect Knowledge". Abstract; Full Paper  11/9/05

• Counterfeit Checks Special Alerts Issued

  Three Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on BankNewport (formerly known as Bank of Newport), Newport, Rhode Island; counterfeit official checks drawn on Putnam Savings Bank, Putnam, Connecticut; and counterfeit checks drawn on Indiana First Savings Bank, Indiana, Pennsylvania. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/8/05

• G.17 And G.19 Reports Released

  The FRB has released the 2005 Annual Revision of the G.17 Industrial Production and Capacity Utilization Report and the September 2005 G.19 Consumer Credit Report. G.17; G.19.  11/8/05

• Bank Lending Practices Survey Results Published

  The results of the October 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices have been published by the FRB. Survey Results.  11/8/05

• FRB Publishes Interim Rules Regarding Equal Opportunity

  FRB published an Interim Rule in the FR that would amend the section of its Rules Regarding Equal Opportunity governing the employment of persons who are not citizens consistent with the Board’s requirements for the security of its information. The amendments would clarify the limitations on access to sensitive information for non-citizen employees. PDF; TXT Comments are requested by 1/9/06. This interim rule is effective 11/8/05.  11/7/05

• Counterfeit Checks Special Alerts

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Webster Bank, National Association, Waterbury, Connecticut, and counterfeit cashier's checks bearing the name of Citizens National Bank, N. A., Bossier City, Louisiana. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  11/7/05

• Enforcement Action Requires Bank Subsidiary To Reimburse Borrowers

  The OCC has announced a Formal Agreement with The Laredo National Bank, Laredo, Texas, and its subsidiary, Homeowners Loan Corporation (HLC) which requires HLC to strengthen its policies and control systems to ensure compliance with all applicable consumer protection laws, regulations and OCC guidance, and reimburse borrowers who were harmed due to the lack of appropriate controls.
  Formal Agreement  11/7/05

• CRA Ratings Released

  The FDIC has released the CRA ratings assigned in August 2005 to state nonmember banks that were evaluated for compliance with the CRA. CRA Ratings  11/7/05

• Working Papers Published

  The FRB has published new working papers in both the FEDS and IFDP series on the following topics: FEDS – "Measuring Counterparty Credit Exposure to a Margined Counterparty”: and IFDP – "DSGE Models of High Exchange-Rate Volatility and Low Pass-Through" and "Explaining the Global Pattern of Current Account Imbalances". DSGE Abstract; DSGE Full Paper; Explaining Abstract; Explaining Full Paper; Measuring Abstract; Measuring Full Paper  11/7/05

• Counterfeit Cashier's Checks Alerts

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on The Farmers National Bank of Lebanon, Kentucky. The FDIC has issued two Special Alerts regarding counterfeit expense checks drawn on Peoples Bank of Louisiana, Amite, Louisiana, and Counterfeit money orders and cashier's checks drawn on Monson Savings Bank, Monson, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/4/05

• SE Asian Drug Traffickers Added To OFAC List

  Treasury has identified 11 individuals and 16 companies that are part of the financial and commercial network of designated significant foreign narcotics trafficker Wei Hsueh-kang and the United Wa State Army (UWSA). Their names were added to the SDN list and designated as SDNTKs. Information regarding the additions was been posted on the BOL OFAC page.   11/4/05

• 2006 FRB Services Fee Schedule Announced

  The FRB has approved fee schedules for FRB priced services for depository institutions, effective January 3, 2006.
  Fees;
  Customer Letter;
  Check Pricing   11/4/05

• Economic Outlook From Greenspan

  In testimony before the Joint Economic Committee of Congress, Chairman Greenspan expressed his view on the outlook for the economy. He noted the longer-term prospects for the U.S. economy remain favorable; however, more uncertainty surrounds the outlook for inflation.
  Testimony   11/4/05

• FedFocus Year End Review Published

  The special November FedFocus 2005 Year-in-review issue looks back at 2005 to highlight the year's innovations, enhancements and important developments. It also provides a sneak peek at what's to come in 2006.
  FedFocus   11/4/05

• NCUA Chairman Testifies On CU Taxation

  In testimony before the House Ways and Means Committee, Chairman Johnson stated that the credit unions’ tax exemption is vital to the long-term stability and safety and soundness of the nation’s credit union system.
  Testimony   11/4/05

• International Reserve Position Update

  The U.S. International Reserve Position has been updated by Treasury to include data as of October 28, 2005.
  Position   11/4/05

• Guidance Issued Regarding Examination Treatment Of Tobacco Payments

  The FRB has issued a SR that provides guidance to examiners with regard to the proper treatment of assignments of tobacco transition payments and successor-in-interest contract payments under the USDA Tobacco Transition Payment Program (TTPP or Tobacco Buyout Program).
  SR   11/3/05

• New Edition Of Banking Accounting Advisory Series Published

  The OCC has published the October 2005 edition in the Banking Accounting Advisory Series which expresses the regulator's current views on topic of interest to national banks including but not limited to: troubled debt restructurings, commitments, loan recoveries, account for acquisitions, push-down purchase accounting and related party transactions.
  Advisory Series   11/3/05

• Five More Counterfeit Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit money orders and treasurer's checks drawn on Country Bank for Savings, Ware, Massachusetts; counterfeit cashier's checks drawn on Valley National Bank, Wayne, New Jersey; counterfeit checks drawn on Ulster Savings Bank, Kingston, New York; counterfeit cashier's checks drawn on Millbury Savings Bank, Millbury, Massachusetts; and counterfeit official checks drawn on Hampden Bank, Springfield, Massachusetts. Information concerning the counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/2/05

• OCC Committed To Effective BSA/AML Supervision

  In a presentation to the participants attending the money laundering conference sponsored jointly by the American Bankers Association and the American Bar Association, Comptroller Dugan stated that the OCC is committed to a process of BSA/AML supervision and enforcement that is not only effective, but also measured and fair.
  Speech   11/2/05

• CRA Ratings Released

  OTS has released the CRA ratings received by savings associations that were recently evaluated for compliance with the CRA.
  Ratings   11/2/05

• Rates Raised

  The FOMC has announced that it has raise its target for the federal funds rate by 25 basis points and the Board of Governors approved a 25-basis point increase in the discount rate.
  Rates   11/2/05

• Powell Resigns

  FDIC Chairman Powell has announced his resignation to assume a new position to coordinate the efforts to rebuild the Gulf Coast areas affected by the recent hurricanes.
  Resignation   11/2/05

• Foreign Exchange Rates Report Issued

  The G.15 Foreign Exchange Rate report for October 2005 has been issued by the FRB.
  G.15   11/2/05

• Eight Stolen And Counterfeit Items Special Alerts Issued

  The FDIC has issued eight Special Alerts regarding counterfeit and stolen expense checks as well as stolen trust and asset management checks of American Bank, National Association, Corpus Christi, Texas; stolen official checks and money orders drawn on TCF National Bank, Wayzata, Minnesota; counterfeit cashier's checks drawn on Union Bank of California, National Association, San Francisco, California; counterfeit cashier's checks drawn on Washington Trust Bank, Spokane, Washington; counterfeit cashier's checks drawn on Marine Bank, Springfield, Illinois; counterfeit cashier's checks drawn on Farmers and Merchants Bank of South Carolina, Holly Hill, South Carolina; counterfeit official checks drawn on Concordia Bank & Trust Company, Vidalia, Louisiana; and counterfeit official checks drawn on First National Bank in Alamogordo, Alamogordo, New Mexico. Information concerning the stolen and counterfeit items has been posted on the BOL Alerts & Counterfeits page.   11/1/05

• New Issue SAR Activity Review Published

  FinCEN has published the 9th issue of the SAR Activity Review which features trends, tips and issues regarding SARs.
  Activity Review   11/1/05

• NCUA Enforcement Orders Announced

  An order of assessment of a $22,000 civil money penalty against Arrowhead Central Credit Union, San Bernadino, California for late submissions of data required HMDA has been announced by NCUA along with three Prohibition Orders against former CU officers.
  CMP; Prohibition Orders   11/1/05
  

• FinCEN Announces New BSA Service

  BSA Direct, a new FinCEN service that will allow authorized users to access and analyze BSA data, is scheduled to be operational in January 2006.
  BSA Direct   10/31/05

• MSB Registration List And Order Form Back Online

  FinCEN has reposted the MSB Registration List State Selector and the MSB Material Information Order Form on its Web site. They both were taken offline in September 2005 for a security analysis.
  MSB   10/31/05

• Working Paper Published

  The FRB has published a working paper in the IFD series on the topic of “The Response of Global Equity Indexes to U.S. Monetary Policy Announcements”.
  Abstract;
  Full Paper   10/31/05

• August G.20 Report Release

  The G.20 Finance Companies report for August 2005 has been released the FRB.
  G.20   10/31/05

• FDIC Final Rule on 529 Plans Published in FR

  The FDIC is adopting a final rule governing the insurance coverage of deposits of qualified tuition savings programs under
  section 529 of the Internal Revenue Code. The deposits will be insured up to $100,000 for the interest of each
  participant in aggregation with the participant's other deposits at the same insured depository institution. 70FR62057 (txt) 70FR62057 (pdf)   10/28/05

• Comptroller Discusses Credit Risk

  In a presentation to attendees at the OCC Credit Risk Conference, Comptroller Dugan discussed the implications for national banks of rising credit risk.
  Speech   10/28/05

• CIF Handbook Released

  The OCC has released a new booklet in the Controllers Handbook series titled, "Collective Investment Funds", which examines bank-administered trusts for the commingled assets of fiduciary accounts and establishes a framework for managing their risks.
  CIF Booklet   10/28/05

• MSB Registration List Update

  FinCEN has updated the MSB Registration List to include those entities that have registered as of October 1, 2005.
  List   10/28/05

• Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Job Creation and Housing Construction: Constraints on Metropolitan Area Employment Growth".
  Abstract;
  Full Paper   10/28/05

• FDIC Makes Bank Data Available

  The FDIC has created a Web page which provides links to summaries and examples of bank data that is available online.
  Index;
  Bank Data Guide   10/28/05

• NCUA Seeks Comments On Strategic Plan

  NCUA is seeking comments on a draft of its Strategic Plan for 2006-2011.
  Comments;
  Plan   10/28/05

• Greenspan's Reflections On CEA

  In his remarks on receipt of the Truman Medal for Economic Policy, Chairman Greenspan reflected on the establishment of the CEA by President Truman and his personal observations as a member of the Council.
  Remarks   10/27/05

• FEDS Working Paper Published

  The FRB has published a working paper in the FEDS series on the topic of "Term Structure Estimation with Survey Data on Interest Rate Forecasts".
  Abstract;
  Full Paper   10/27/05

• Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of October 21, 2005.
  Reserve Position   10/27/05

• FDIC Issues Wilma FIL

  An FIL has been issued by the FDIC regarding the supervisory practices that the regulator will follow concerning institutions impacted by Wilma and related severe storms. A link to the FIL has been posted on the BOL Disaster Recovery Center.   10/26/05

• CRA Evaluations Released

  The OCC has released the evaluations for 22 national banks that were recently examined for compliance with the CRA.
  Evaluations   10/26/05

• October New Electronic Interpretations And Actions Announced

  The New Electronic Interpretations and Actions for October 2005 have been announced by the OCC.
  New Electronic   10/26/05

• Third Quarter A&L Price Tables Released

  OTS has released the Asset and Liability Price Tables for the Third Quarter 2005.
  Tables   10/26/05

• Wilma Affecting Bank Operations

  The Federal Reserve Bank of Atlanta is posting updates on how Hurricane Wilma is affecting bank operations in the area. A link to the web page containing the updates has been posted on the
  BOL Disaster Recovery page.   10/25/05

• Counterfeit and Stolen Check Alerts Issued

  The OCC has issued two Alerts, one regarding counterfeit cashier's checks drawn on Valley National Bank in Wayne, New Jersey; and the concerning stolen official checks and money orders bearing the name of TCF National Bank, Minneapolis, Minnesota. Information on the Alerts has been posted on the BOL Alerts & Counterfeits page.   10/25/05

• Iowa Banker Subject Of Enforcement Action

  FRB has announced the issuance of a Consent Notice of Suspension and Prohibition against William R. Kahler, an officer of Primebank, LeMars, Iowa.
  Notice   10/25/05

• Bernanke To Follow Greenspan

  President Bush has appointed White House economic adviser Ben Bernanke as chairman of the FRB to succeed Chairman Alan Greenspan, who will retire when his current term runs out at the end of January 2006. Chairman Greenspan was present for the announcement and issued a statement on the selection of Bernanke.
  Appointment;
  Greenspan Statement   10/25/05

• Counterfeit Checks Alert

  An alert has been issued by the OCC regarding counterfeit cashier's checks drawn on Citizens National Bank, N.A., Bossier City, La. Information regarding the counterfeit checks has been posted on the BOL Alerts and Counterfeits page.   10/24/05

• North Korean Entities Added To SDN List

  Treasury has designated eight North Korean entities as proliferators of weapons of mass destruction and added their names to the SDN List. The action prohibits all transactions between the designated entities and any U.S. person and freezes any assets the entities may have under U.S. jurisdiction. Information regarding the entities has been posted on the BOL OFAC page.   10/24/05

• National Bank Offices Affected by Hurricane Wilma May Close

  The OCC has issued a Proclamation that authorizes national banks, at their discretion, to close offices in areas affected by Hurricane Wilma. Proclamation   10/24/05

• Code Of Conduct FIL Issued

  The FDIC has issued a FIL that contains guidance to financial institutions to remind them of the importance of an effective internal corporate code of conduct or written ethics policy.
  FIL   10/24/05

• Working Papers Published

  The FRB has published two working papers, one in the FEDS series on the topic of Stock Market Volatility and the Great Moderation; and the other in the IFDP series on the topic of Accounting Standards and Information: Inferences from Cross-Listed Financial Firms.
  FEDS Abstract;
  FEDS Full Paper;
  IFDP Abstract;
  IFDP Full Paper   10/24/05

• FHC List Updated

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those companies making the election as of October 21, 2005. FHC List   10/24/05

• Assets Reports Released

  The FRB has released the 3.12 U.S. Reserve Assets report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks report. Reports  10/21/05

• Joint Agencies Publish Proposed Rule for Modifications to Capital Guidelines and Maintenance

  The OCC, OTS, FRB, and OTS are considering various revisions to the existing risk-based capital framework that would enhance its risk sensitivity. These changes would apply to banks, bank holding companies, and savings associations ("banking organizations"). PDF
    TXT    FRB PR; OCC Bulletin; FDIC FIL; OTS PR  10/20/05

• CRA Examination Information Online

  The FFIEC has posted links to CRA examination information on one of its Web pages. Information regarding regulator exam schedules, distressed or underserved nonmetropolitan middle income geographies, exam procedures by size of institution, and public evaluations is available. CRA Information  10/20/05

• CRA/HMDA Corrections Available

  A patch for the errors contained in the previously distributed 2004 CRA and HMDA Aggregrate and Disclosure CDs is available from the FFIEC. HMDA Corrections; Patch  10/20/05

• Tardy HMDA Disclosures Results In CMP

  NCUA has announced that a $19,000 CMP has been assessed against a CU for late submissions of HMDA data. CMP  10/20/05

• Prohibition Orders Issued

  Orders of prohibition have been issued by NCUA against former CU affiliated individuals. Orders   10/20/05

• Beige Book Update

  The FRB has updated the Beige Book to include information collected before October 11, 2005, which indicates that economic activity continued to expand in September 2005 even though the Atlanta and Dallas districts reported notable disruptions due to hurricane activity. Summary; Full Report  10/20/05

• Counterfeit Cashier's Checks Alert

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Union Bank of California, N.A. Information concerning the counterfeit checks has been on the BOL Alerts & Counterfeits page.   10/19/05

• SDN List Changes Announced

  OFAC has announced that thirty-six changes have been made to SDGT designations on the SDN list. Information regarding the changes has been posted on the BOL OFAC page.  10/19/05

• Consent Order issued Against Ohio Bank

  The OCC has announced that a Consent Order has been issued against Key Bank, N.A., Cleveland, Ohio, regarding violations of the BSA and OFAC regulations. The institution is required to develop and implement BSA policies and procedures including but not limited to, identification and monitoring of high-risk transactions, compliance risk assessment, filing SARs, conducting a BSA audit, and BSA training. Consent Order  10/19/05

• NCCT List Reduced By One

  FATF has announced the removal of Nauru from its non-cooperative countries and territories (NCCT) list due to the abolishment by Nauru of 400 shell banks. NCCT List  10/19/05

• Greenspan On Energy

  In a presentation in Tokyo before the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives, Chairman Greenspan noted oil prices had been persistently edging higher since 2002 but the average price of crude oil, despite its recent surge, is still in real terms below the price peak of February 1981. He also observed that despite improved technology and high prices, proved reserves in the developed countries are being depleted because additions to these reserves have not kept pace with production. Speech  10/19/05

• Non-Traditional Mortgages May Be Risky

  FDIC Chairman Powell in a presentation before the America's Community Bankers Annual Convention in Orlando, Florida, warned that so-called 'non-traditional' mortgages such as 'piggyback' mortgages, low- and no-doc loans, interest-only loans, and loans with optional payment terms allowing for considerable negative amortization may result in increased risk for some bank and their customers. Risk  10/19/05

• FYI Highlights 2005 Deposits Data

  The October 18, 2005 issue of FYI features the official release of the 2005 Summary of Deposits (SOD) data, a report detailing total deposits at the individual office level for every FDIC-insured institution. FYI  10/19/05

• August International Capital Data Released

  Treasury has released the International Capital Data for August 2005. Capital Data  10/19/05

• FRB Publishes Technical Amendment to Appendix A of Regulation CC

  The FRB is amending appendix A of Regulation CC to delete the reference to the Oklahoma City and Columbus branch offices of the Federal Reserve Bank of Kansas City and reassign the Federal Reserve routing symbols currently listed under those offices to the head office of the Federal Reserve Bank of Dallas and Cincinnati, respectively. PDF
    TXT   10/18/05

• FDIC Publishes Interpretive Rule in FR

  The FDIC is amending an interpretive rule stating that insured State nonmember banks not exercising trust powers may offer self-directed traditional IRA and Keogh accounts without the prior written consent of the FDIC. PDF
    TXT   10/18/05

• Atlanta To Process New Orleans Items

  FRB Financial Services has announced that the Atlanta office of the FRB will begin on October 17, 2005, overnight processing of New Orleans zones items and availability will return to “re-Katrina” levels. Item Processing   10/18/05

• November HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For November, you will use the rates posted on October 14th since October 15th fell on the weekend. H.15 Weekly Rates  10/18/05

• Enforcement Actions Announced

  The OCC has announced seventeen Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions  10/18/05

• Cost Of Funds Reports Issued

  OTS has issued the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  10/18/05

• Reserve Position Update

  The FRB has updated the U.S. International Reserve Position data to include information as of October 14, 2005. Reserve Position  10/18/05

• IFDP Working Paper Published

  A working paper in the IFDP series on the topic of Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions has been published by the FRB. Abstract; Full Paper  10/18/05

• FRB publishes Proposed Rule for Truth in Lending (Reg Z)

  The Federal Reserve Board requests comments for proposed rule regarding the open-end (revolving) credit rules of the Board's Regulation Z, which implements the Truth in Lending Act (TILA). PDF; TXT  10/17/05

• Additional Hurricane Accounting And Regulatory Reporting Guidance Issued

  The federal financial regulatory agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita. A link to the guidance from each agency has been posted on the BOL Disaster Recovery Center.  10/17/05

• Counterfeit Cashier's Checks Special Alerts

  The FDIC has issued Two Special Alerts regarding counterfeit cashier's checks drawn on Premier Valley Bank, Fresno, California, and Alpine Bank, Glenwood Springs, Colorado. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  10/17/05

• Court Denies SARs Disclosure

  The Court in the case of Wuliger vs. OCC has held that action by the OCC to deny disclosure of SAR information was consistent with the authorizing legislation and a reasonable implementation of the statute regarding the reporting and disclosure of SARs. Opinion  10/17/05

• Written Agreement Announced

  The FRB has announced that it has entered into a Written Agreement with the Deutsche Bank Trust Company Americas, New York, N.Y., which addresses BSA and AML compliance at Deutsche Bank Trust Company Americas and a Written Agreement with Surety Capital Corporation, Fort Worth, Texas, regarding the activities of Surety Bank, Fort Worth, Texas. Deutsche Bank;
  Surety Capital  10/17/05

• BIF Insurance Rates May Increase

  In a presentation before the National Bankers Association's Annual Convention, FDIC Chairman Powell noted with the reserve ratio trending toward a key statutory tripwire and Congress considering deposit insurance reforms, some change in the way banks pay for their deposit insurance is more likely. He stated, "Higher assessment rates could happen as early as the beginning of next year." Presentation  10/17/05

• Hurricanes Impact G.17 Report

  The FRB has released the G.17 Industrial Production and Capacity Utilization Report for September 2005 which indicates that storm-related production declines are estimated to have held down total industrial production. G.17  10/17/05

• FDIC Publishes Proposed Rule for Interstate Banking and the Federal Interest
  Rate Authority

  This proposed rule will preempt certain state laws with the stated purpose of establishing parity between national banks and state-chartered banks in interstate activities and operations, and to implement the interest rate authority contained in the Federal Deposit
  Insurance Act.PDF TXT  10/14/05

• FDIC Publishes Proposed Rule for Notification of Changes of Insured Status

  This proposed rule will revise the regulation addressing the certification to the FDIC of the assumption of deposits and the notification to depositors of a change in insured status. The proposed revision also clarifies other requirements. PDF TXT  10/14/05

• Regulators Publish Real Estate Appraisal Exception in Major Disaster Areas

  The joint agencies (OCC, FRB, FDIC, OTC, NCUA) publish a statement in the Federal Register, effective immediately, authorizing the Agencies to make exceptions to statutory and regulatory requirements relating to appraisals for certain transactions. PDF
    TXT
    10/14/05

• Thrift Industry Charge-Off Rates Released

  OTS has released the Second Quarter 2005 thrift industry charge-off rates. Rates.  10/14/05

• Counterfeit Checks Alert Issued

  The OCC has issued an Alert regarding counterfeit cashier's checks and stolen checks issued in the name of American Bank, N.A. Corpus Christi, Texas, that are being presented for payment. Information regarding the counterfeit and stolen checks has been posted on the BOL Alerts & Counterfeits page.  10/13/05

• $3 Million CMP Assessed For BSA/AML Violations

  The OCC and FinCEN have assessed a $3 million CMP against Banco de Chile, New York, New York, after an examination revealed deficiencies in the bank's BSA and AML compliance programs. OCC FinCEN   10/13/05

• Authentication in Internet Banking Environment Guidance Issued

  The FFIEC has issued a Guidance to assist banks in improving customer awareness and authentication systems to mitigate risks of Internet-related identity theft and fraud. Guidance OCC Bulletin; FDIC FIL  10/13/05

• PSAF Modification Announced

  The FRB has announced modifications to the methodology used to calculate the private sector adjustment factor (PSAF), which is used in setting fees for certain payment services provided to depository institutions. PSAF  10/13/05

• FRB Districts Restructure Check Processing

  The FRB has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Tenth, and Eleventh Districts. Restructuring  10/13/05

• Greenspan Discusses Economic Flexibility

  In a presentation before the National Italian American Foundation, Chairman Greenspan commented on the ability of the U.S. economy to absorb and recover from the shocks of stock market crashes, credit crunches, terrorism, and hurricanes. He noted that flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and has been the key to the impressive growth in the standards of living and economic welfare so evident in the United States. Speech  10/13/05

• Reg Z Amendment Comments Sought

  The FRB has issued a request for comments on how the Board should implement amendments to the open-end credit rules of Regulation Z mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Comments  10/12/05

• FDIC's FYI Features Bankruptcy Reform

  The latest edition of FYI features an article that examines the effect that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will have on financial market contracts. FYI  10/12/05

• FDIC Issues Quarterly Letter

  The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2005. Letter  10/12/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of October 7, 2005. Reserve Position  10/12/05

• Counterfeit Checks Alert and Special Alerts

  An Alert has been issued by the OCC regarding counterfeit official checks issued in the name of First National Bank in Alamogordo, New Mexico. Three Special Alerts have been issued by the FDIC concerning counterfeit official checks drawn on Applied Card Bank (formerly known as Cross Country Bank), Wilmington, Delaware; and Peoples Bank & Trust, Buford, Georgia; in addition to counterfeit cashier's checks drawn on North Fork Bank, Mattituck, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  10/11/05

• FACT Act Prescreen Rule Implementation Delay Denied

  The FTC has denied a petition submitted by the American Financial Services Association requesting a delay of the effective date of the Pre-Screen Opt-Out Disclosure Rule (Prescreen Rule) of the FACT Act.
  Denial  10/11/05

• Consumer Credit Report Released

  The August 2005 G.19 Consumer Credit Report has been released by the FRB. G.19  10/11/05

• Reg D Adjustment Published in FR

  The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting. 70FR58603 (txt) 70FR58603 (pdf)   10/7/05

• Agencies Announce Additional Hurricane Guidance

  The FFIEC member agencies have announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. This information, in the form Q & As, provides guidance on he agencies' expectations for regulatory reports, appropriate allowances for loan and lease losses in third quarter regulatory reports, accounting treatment of sales of held-to-maturity securities to meet increased liquidity needs, and temporary hardship programs for credit card customers. BOL Disaster Issuances   10/7/05

• Agencies Grant Three Year Wavier Of Appraisal Requirements

  The Federal financial institution regulators have the waiving of appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. The waiver covers transactions involving real estate located in certain Alabama, Mississippi, and Texas counties and Louisiana parishes. BOL Disaster Issuances   10/7/05

• September Call Report Information Online

  The FDIC has posted on its Web site the filing information for the September 30, 2005 Call and Thrift Financial Reports.
  Reports   10/7/05

• Electronic Filing Final Rule Issued

  The OCC has issued a Bulletin that contains a Final Rule that applies to national banks that register their securities with the regulator.
  Bulletin;
  Final Rule   10/7/05

• Basel I Revisions Comments Sought

  The Federal banking agencies are seeking public comment on proposed revisions to the U.S. risk-based capital standards for banking organizations known as Basel I.
  FRB PR;
  OCC NR;
  FDIC PR;   10/7/05

• FEDS Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases; The Effects of Mortgage Prepayments on M2;
  Nowcasting Abstract; The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable; The Effects of Welfare Reform and Related Policies on Single Mothers' Welfare Use and Employment in the 1990s; and ATM Surcharge Bans and Bank Market Structure: The Case of Iowa and its Neighbors.
  Nowcasting Abstract;
  Nowcasting Full Paper;
  Mortgage Abstract;
  Mortgage Full Paper;
  Tax Changes Abstract;
  Tax Changes Full Paper;
  Welfare Abstract;
  Welfare Full Paper;
  ATM Abstract;
  ATM Full Paper
    10/7/05

• RPM Program Implemented

  The FDIC has issued a FIL regarding the implementation of the Relationship Manager Program (RMP) for all FDIC-supervised financial institutions. A relationship manager who will serve as a local point-of-contact will be assigned to each institution.
  FIL   10/7/05

• Counterfeit Cashier's Checks and Fake Lottery Letters

  The OCC has issued an Alert regarding counterfeit cashier's checks drawn on Rockport National Bank, Rockport, Massachusetts, and fraudulent lottery claim letters that are being mailed to persons with the last names of Cook and White from a London address. On October 3, 2005, the FDIC issued a Special Alert regarding counterfeit official checks drawn on the same bank. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   10/6/05

• CRA Ratings Released

  The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2005.
  CRA Ratings   10/6/05

• Guidance Issued Regarding Processing Of Contaminated Checks

  The FRB has issued a specific operational guidance regarding the processing of contaminated Treasury checks supplements the guidelines issued on September 19, 2005, concerning checks contaminated by Hurricane Katrina.
  Disaster Issuances   10/5/05

• OCC and Operation HOPE Sign Hurricane Relief Agreement

  An agreement has been signed by the OCC and Operation HOPE, Inc. to assist victims of the recent Gulf Coast hurricanes who have been financially displaced. Victims can utilize HOPE call centers to contact the OCC's Customer Assistance Group (CAG) in Houston regarding information about accounts, lost financial records, ATM cards, direct deposits, and how to contact a national bank branch.
  Disaster Issuances   10/5/05

• Reg D Annual Adjustments Announced

  The FRB has amended Reg D to reflect the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006 that will be used in the calculation of reserve requirements and deposit reporting.
  Reg D Adjustments   10/5/05

• FDIC State And Regional Profiles Include Hurricane Assessments

  The FDIC has posted the Fall 2005 State Profiles online and added a new Regional Profile which highlight trends through the second quarter of 2005 and provides an initial assessment of the impact of Hurricanes Katrina and Rita on local economies as well as the state of the housing boom in local markets.
  State Profiles;
  Regional Profile   10/5/05

• International Reserve Position Update

  The U.S. International Reserve Position has been updated by Treasury to include data as of September 30, 2005.
  Reserve Position   10/5/05

• Counterfeit Official Checks Special Alerts Issued

  The FDIC has issued three Special Alerts regarding counterfeit official checks drawn on The Rockport National Bank, Rockport, Massachusetts; High Point Bank and Trust Company, High Point, North Carolina; and The Simsbury Bank & Trust Company, Simsbury, Connecticut. Information concerning the counterfeit official checks has been posted on the BOL Alerts & Counterfeits page.   10/4/05

• OTS Releases CRA Evaluations

  The CRA evaluations for savings associations that became publicly available during September 2005 have been released by OTS.
  CRA Evaluations   10/4/05

• Seven SDGTs Added To OFAC List

  OFAC has designated seven individuals as SDGTs and added their names to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page.   10/3/05

• Fraudulent And Counterfeit Checks Special Alerts

  The FDIC has issued three Special Alerts regarding fraudulent checks that bear the name of the Federal Reserve Bank of San Francisco and counterfeit official checks drawn on Farmington Savings Bank, Farmington, Connecticut, and Savings Institute Bank and Trust Company, Willimantic, Connecticut. Information concerning the fraudulent checks and the counterfeits checks has been posted on the BOL Alerts & Counterfeits page.   10/3/05

• Quarterly Journal Released Online

  The OCC has posted on its Web site the Second Quarter 2005 Quarterly Journal which contains condition and performance tables; special supervision and enforcement, licensing decisions; appeals; links to speeches, testimony, and interpretations; and corporate structure data.
  Quarterly Journal   10/3/05

• Derivatives Volume Tops $96 Trillion

  The Second Quarter 2005 Bank Derivatives Report has been issued by the OCC and indicates derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005 to $96.2 trillion.
  Bank Derivatives Report

• Basel II implementation Plan Revised

  The federal banking agencies have announced revised plan for implementation of Basel II framework.
  FRB PR;
  OCC NR;
  FDIC PR;
  OTS PR   10/3/05

• FHC List Update

  The FRB has updated the list of BHCs that have elected to be treated as FHCs to include those making the decision as of September 30, 2005.
  FHC List   10/3/05

• Country Exposure Data Released

  The FFIEC has released the June 30, 2005 E.16 which contains the Country Exposure Statistical Release and the Country Exposure Information Report.
  E.16   10/3/05

• Agricultural Finance Databook Revised

  The E.15 Agricultural Finance Databook has been revised by the FRB to correct annual totals of some tables that were posted incorrectly in the March and June 2005 editions of the databook.
  E.15   10/3/05

• HMDA CDs Contain Errors

  The CD ROM recently sent to institutions by the FFIEC, containing 2004 HMDA Aggregate and Disclosure Data Reports, has errors. The FFIEC has posted a letter on its website that explains the problems along with a link to a downloadable "fix". However, there is an additional error has been discovered which occurs in both the data on the website and that on your CD ROM. According to a HMDA spokesperson, it will take a couple of days to fix this new problem.
  Letter   9/30/05

• Outlook Spotlights "Stroke-Of-The-Pen" Risks

  The Fall 2005 edition of FDIC Outlook features an article that examines changes in monetary, tax, agricultural and other policies that have led to or may lead to significant and unintended negative consequences for banks.
  Fall Outlook   9/30/05

• July G.20 Released

  The FRB has released the July 2005 G.20 Financial Companies report of owned and managed receivables outstanding and auto loans terms of credit.
  G.20   9/30/05

• Prohibition Order Issued Against Former Atlanta Banker

  The FRB has announced the issuance of an Order of Prohibition against a former employee and institution-affiliated party of SunTrust Bank, Atlanta, Georgia, resulting from alleged embezzlement of funds and falsification of the bank's books and records at a cash vault processing center.
  Order   9/29/05

• CRA Evaluations Released

  The OCC has released the evaluations received by thirty-five national banks that were recently examined for compliance with CRA.
  Evaluations   9/29/05

• Information Security Charges Settled By FTC

  The FTC has announced that Superior Mortgage Corp., a lender with 40 branch offices in 10 states and multiple Web sites, has agreed to settle charges that it violated federal law by failing to provide reasonable security for sensitive customer data and falsely claiming that it encrypted data submitted online.
  Settlement Agreement;
  Complaint   9/29/05

• New Hamiltons Unveiled

  In a ceremony on Ellis Island, NY, U.S. Treasury Secretary Snow and U.S. Treasurer Cabral unveiled a new, more secure design for the $10 note that will go into circulation in early 2006. The security features include subtle shades of orange, yellow and red along with images of the Statue of Liberty's torch and the words "We the People".
  New $10 Note   9/29/05

• Agencies Grant Relief To Transfer Agents

  The federal banking agencies have announced the issuance of orders granting emergency relief to bank transfer agents affected by Hurricane Katrina from compliance with Section 17A of the Securities Exchange Act of 1934. BOL Disaster Issuances   9/29/05

• September Electronic Interpretations and Actions Announced

  The OCC has announced the posting of the September 2005 New Electronic Interpretations and Actions.
  Electronic I And A   9/29/05

• TFR Instruction Manual and Related Forms Released

  OTS has released the 2005 TFR Instruction Manual along with the September Financial Reporting Bulletin, Schedule VA; TFR Schedules, and the Listing of September Form Changes.
  Manual;
  Bulletin;
  Schedule VA;
  TRS Schedules;
  Form Changes   9/29/05

• FRB Increases Primary Credit Rate

  Published in the FR, the FRB has adopted final amendments to its Regulation A to reflect the approval of an increase in the primary credit rate at each Federal Reserve Bank. 70FR56563 txt 70FR56563 pdf   9/28/05

• FinCEN Sites Back Up

  The FinCEN public web sites are now online, but some links are still disabled as the investigation of the compromise of the FinCEN QuikNews system continues.
  FinCEN Sites   9/28/05

• FTC Takes Action Against Credit Card Scams

  The FTC has announced that federal court action has been taken against two groups of Canadian-based defendants, each allegedly engaged in widespread cross-border fraud schemes that involved unsolicited telemarketing calls to U.S. consumers, falsely offering them pre-approved MasterCard and Visa credit cards.
  Scams   9/28/05

• Greenspan Says Flexibility Aids Economy

  In a presentation to the participants at the annual meeting of the National Association for Business Economics, Chairman Greenspan commented on some of the ways economic policy is influenced by the increasing flexibility of the U.S. economy. He noted flexibility has made the economy more resilient to shocks and more stable overall during the past couple of decades and is the result in part, of the efforts of policymakers to remove rigidities and promote competition.
  Speech   9/28/05

• International Reserve Position Update

  The FRB has updated the U.S. International Reserve Position to include data as of September 23, 2005.
  Reserve Position   9/28/05

• Large Commercial Banks Ranking Report Released

  The FRB has released the ranking by consolidated assets of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, as of June 30, 2005.
  Ranking   9/28/05

• Early Redemption Of Savings Bonds Authorized

  FRB Financial Services has authorized the early redemption of EE and I savings bonds less than one year old that are presented during the months of September, October, and November 2005 to authorized agents in designated Louisiana parishes and Texas counties.
  BOL Disaster Issuances Page
    9/27/05

• Counterfeit Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on The Ohio Valley Bank Company, Gallipolis, Ohio, and counterfeit cashier’s checks drawn on Royal Oaks Bank, ssb, Houston, Texas. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   9/27/05

• Greenspan Shares View On Mortgage Banking

  In a presentation via satellite, Chairman Greenspan shared his views on mortgage banking with the participants at the ABA annual meeting. He noted that the FRB will closely follow the consequences of the recent devastating events in the Gulf Coast region in order to assess their implications for our economy. His remarks focused on the sharp rise in housing valuations and the associated buildup in mortgage debt over the last decade. He also cited the Working Paper listed below.
  Presentation   9/27/05

• Greenspan Co-Authors Working Paper

  Working papers in the FEDS and IFDP series have been published by the FRB on the following topics: "Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences" authored by Alan Greenspan and James Kennedy; and "Monetary Policy and House Prices: A Cross-Country Study" authored by Alan G. Ahearne; John Ammer; Brian M. Doyle; Linda S. Kole; and Robert F. Martin.
  Estimates Abstract
  Estimates Full Paper;
  Monetary Policy Abstract;
  Monetary Policy Full Paper   9/27/05

• Comptroller Highlights Regulatory Reforms And Consumer Products

  Comptroller Dugan noted in a presentation at the ABA Annual Conference that both consumers and banks have benefited from the long fight to shed outdated laws and regulations in addition to the efforts of bankers to offer new products to consumers. He also indicated that it will be one of his priorities to try and alleviate unnecessary regulatory burdens.
  Speech   9/27/05

• Future Of Dual Banking System Depends On Federal Action

  Speaking before the bankers in attendance at the ABA Annual Convention, FDIC Chairman Powell called for action at the federal level to preserve healthy federal and state banking systems. He indicated that a strong dual system could be jeopardized as the industry asset share of state-chartered banks continues to decline. He stated, "that the FDIC, as a federal regulator, has a responsibility to implement all existing laws for state-chartered banks".
  Speech   9/27/05

• FDIC Creates Hurricane Relief Web Page

  The FDIC has announced the creation of a special Web page for victims of Katrina and Rita that includes FAQs, tips on re-establishing identity as well as an up-to-date list of financial institutions affected by the hurricanes, such as customer contact information and branch status. If you are on the list, you may want to check and make sure the information is current. BOL Disaster Issuance Page   9/26/05

• FinCEN Email Service Compromised

  FinCEN has announced the apparent compromise of the e-mail addresses of subscribers to FinCEN QuickNews. The current system has been permanently shut down. The compromise is under criminal investigation and it is thought that no information other than the e-mail addresses was obtained. The public website of FinCEN www.fincen.gov was temporarily taken down over the weekend to perform system maintenance and replace servers as a precaution. It was brought live again Monday morning.
  QuickNews   9/26/05

• Composite Ratings Definitions List Updated

  The FDIC has updated the Composite Ratings Definition List.
  List   9/26/05

• Three Working Papers Published

  The FRB has published three new working papers in the FEDS series on the topics of: How Biased Are Measures of Cyclical Movements in Productivity and Hours?; Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge?; and Risk, Uncertainty, and Asset Prices.
  Biased Abstract;
  Biased Full Paper;
  Nonfinancial Abstract;
  Nonfinancial Full Paper;
  Risk Abstract;
  Risk Full Paper   9/26/05

• Summer FR Bulletin Online

  The FRB has posted the Summer 2004 issue of the Bulletin online. The issue contains articles on the monetary policy report to the Congress, new information reported under HMDA and its application in fair lending enforcement and a report on the condition of the U.S. banking industry for the first quarter 2005, plus legal developments and announcements.
  Summer Bulletin   9/26/05

• Bank Servicers May Be Using Unauthorized Reference To FRB

  The FRB has issued a SR letter warning that certain firms may promoting their services by claiming that the regulator plans increased scrutiny of banking organizations' business continuity and disaster recovery plans in the wake of Hurricane Katrina. The letter states that the FRB does not anticipate any additional or more intensive reviews of these plans stemming from Katrina.
  BOL Disaster Recovery Center   9/23/05

• OTS Issues Rita Guidance

  A CEO Letter has been issued by OTS regarding recommendations concerning actions that savings associations may take in response to Hurricane Rita.
  BOL Disaster Recovery Center   9/23/05

• Call Report FIL Issued

  The FDIC has issued a FIL regarding the filing of the Third Quarter 2005 Call Report and the implementation of the Central Data Repository (CDR).
  FIL   9/23/05

• FRB To Halt Publishing Of Paper Issues Of Quarterly Federal Reserve Bulletin

  The FRB has announced that beginning in 2006 the Federal Reserve Bulletin will be published on the Board's public web site and the quarterly paper version of the Bulletin will no longer be published.
  Bulletin   9/23/05

• OCC Urges National Banks To Assist Rita Victims

  The OCC encourages national banks to consider various alternatives to assist customers affected by Hurricane Rita, including extending the terms of loan repayments; restructuring a borrower’s debt obligations; and easing credit terms for new loans to certain borrowers, consistent with prudent banking practice.
  BOL Disaster Issuances Page   9/22/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of September 16, 2005.
  Reserve Position   9/22/05

• Second Quarter Flow Of Funds Report Released

  The Z.1 Flow of Funds Report for the Second Quarter 2005 has been released by the FRB.
  Z.1   9/22/05

• IFDP Working Paper Published

  The FRB has published a working paper in the IFDP series on the topic of "International Capital Flows and U.S. Interest Rates".
  Abstract
  Full Paper   9/22/05

• Handling Of Contaminated Checks Recommendations Issued

  FRB Financial Services has issued a list of recommended alternatives regarding the handling of checks that may have been contaminated as a result of Hurricane Katrina.
  Alternatives   9/21/05

• National Banks Affected By Rita May Close

  Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Rita to close offices.
  Proclamation   9/21/05

• Order of Prohibition Announced

  The FRB has announced the issuance of a Final Decision and Order of Prohibition against a former employee of National City Bank, Cleveland, Ohio, who allegedly diverted customer loan proceeds to his own accounts.
  Order   9/21/05

• Fed Boosts Rate

  By a 9 to 1 vote, the FOMC raised the Fed Funds rate by twenty-five basis points.
  Rate   9/21/05

• Working Group To Discuss Katrina Issues

  The FFIEC has announced the formation of an interagency working group to enhance the agencies’ coordination and communication on, and supervisory responses to, issues facing the industry in the aftermath of Hurricane Katrina.
  Katrina Working Group   9/20/05

• Counterfeit Cashier’s Checks Special Alerts

  The FDIC has issued three Special alerts regarding counterfeit cashier’s checks drawn on First Bank of Conroe, National Association, Conroe, Texas; Greenfield Savings Bank, Greenfield, Massachusetts; and Skagit State Bank, Burlington, Washington. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.   9/20/05

• Bin Laden Associate Added To OFAC List

  Treasury has designated a Bin Laden associate as a SDGT and added his name to the OFAC SDN list. Information regarding the new addition has been posted on the BOL OFAC page.   9/20/05

• OCC Licensing Manual Updated

  The Capital and Dividends booklet of the OCC Licensing Manual has been revised to incorporate an advisory on reverse stock splits.
  Licensing Manual   9/20/05

• October HOEPA Rates Published

  The Federal Reserve has published the new reference rates which lenders must use to determine if loans for which applications are received in October 2005 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application.
  H.15   9/19/05

• Enforcement Actions Announced

  The OCC has announced twenty-five enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.
  Enforcement Actions   9/19/05

• Final Second Quarter Interest Rate Risk Measures Issued

  OTS has issued the final Interest Rate Risk Measures for the second quarter 2005.
  Risk Measures   9/19/05

• July International Capital Data Released

  Treasury has released the International Capital Data for July 2005.
  Capital Data   9/19/05

• FRB Reminds Banks Of Regulatory Flexibility To Aid Recovery

  FRB has issued a statement reminding banking organizations that regulatory flexibility is available to facilitate recovery in areas affected by this disaster and encourages them to work with borrowers and other customers in communities affected by Hurricane Katrina. The statement has been posted on the FRB section of the BOL Disaster Recovery Center page.   9/16/05

• Treasury Issues Special Notice Updating Guidance Regarding Cashing FEMA Checks

  The previously issued guidance regarding the cashing of FEMA checks and government benefit assistance checks issued by Treasury for Katrina victims has been updated. The update has been posted on the BOL Disaster Recovery Center page.   9/16/05

• Treasury And IRS Allow 401(k) Plans To Make Withdrawals To Katrina Victims

  Treasury Department and the IRS have announced that 401(k) plans and similar plans, such as those under section 403(b), will be permitted to make loans and hardship distributions to Hurricane Katrina victims.
  401(k) Withdrawals  9/16/05

• Special Alert Regarding Counterfeit Checks

  The FDIC has issued a Special Alert regarding counterfeit checks bearing the name of Ulster Savings Bank, Kingston, New York. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/16/05

• Former Banker Ordered To Pay $70 Million Restitution And $1 Million Fine

  The FRB has issued an Order of Prohibition against a former private banker in the New York Branch of UBS AG, Zurich, Switzerland, relating to his embezzlement of more than $70 million from at least 22 private client accounts. The Order imposed restitution of $70 million and a fine of $1 million. Order  9/16/05

• Chinese Bank Designated As Primary ML Concern

  Banco Delta Asia SARL, located in the Macau Special Administrative Region of China, has been designated by Treasury and FinCEN as a "primary money laundering concern" under Section 311 of the USA PATRIOT Act because it represents an unacceptable risk of money laundering and other financial crimes. Treasury Designation; FinCEN Finding  9/16/05

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding an entity, (Manulife Financial Services, Waterloo, Ontario, Canada), that may be conducting banking operations in Canada or the United States without authorization. Special Alert  9/16/05

• CDR Implementation Set For October 2005

  The FDIC has issued a FIL regarding the implementation of the Central Data Repository (CDR) to process the Reports of Condition and Income (Call Reports) beginning with the third quarter 2005. FIL  9/16/05

• Survey of Terms of Business Lending Issued

  The E.2 Survey of Terms of Business Lending August 1-5, 2005 has been issued by the FRB. E.2   9/16/05

• Shared National Credits Review Released

  The federal financial institution regulators have released the Shared National Credits Review report which indicated the quality of the credits showed continue improvement. FRB PR; OCC NR; FDIC PR  9/16/05

• Cost of Funds Reports Issued

  OTS has issued the July 2005 and the historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. July; Historical  9/16/05

• Assistance For Displaced Social Security Recipients Announced

  FRB Financial Services has announced that Treasury is activating its accelerated direct deposit enrollment procedures for displaced Social Security and Supplemental Social Security check recipient evacuees. Information regarding the announcement has been posted in the FRB section of the BOL Disaster Recovery Center.  9/15/05

• Counterfeit Checks Specials Alert Issued

  The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on the Bank of Richmondville, Richmondville, New York, and counterfeit checks drawn on The Chelsea Groton Savings Bank, Norwich, Connecticut. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  9/15/05

• Banks Affected By Ophelia May Close

  Comptroller Dugan has issued a proclamation authorizing national banks affected by Hurricane Ophelia to close. Proclamation  9/15/05

• Enforcement Actions Released

  The FDIC has released a list of twenty-three orders of administrative enforcement actions taken against banks and individuals in July. Enforcement Actions  9/15/05

• 314a Fact Sheet Update

  FinCEN has update the 314a Fact Sheet to include data as of September 13, 2005. 314a  9/15/05

• FEDS Working Papers Published

  Two working papers in the FEDS series have been published by the FRB on the topics of "Large Investors: Implications for Equilibrium Asset, Returns, Shock Absorption, and Liquidity" and "A Computationally Efficient Characterization of Pure Strategy Nash Equilibria in Large Entry Games". Large Investors Abstract;
  Large Investors Full Paper; Characterization Abstract; Characterization Full Paper  9/15/05

• Structure And Share Data Report Issued

  The FRB has issued the Structure and Share Data for U.S. Offices of Foreign Banks Report for June 2005.
  Report  9/15/05

• Industrial Production Report Released

  The August 2005 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.
  G.17  9/15/05

• U.S. Reserve Assets Report Published

  The FRB has published the 3.12 U.S. Reserve Assets and Foreign Official Assets held at Federal Reserve Banks report for July 2005. 3.12  9/15/05

• 2004 HMDA Data Available

  The FFIEC has announced the availability of data for the year 2004 regarding mortgage lending transactions at 8,853 financial institutions covered by HMDA in metropolitan statistical areas throughout the nation. 2004 HMDA Data; Order Form  9/14/05

• Fourth Quarter CRA Exam Schedule Released

  OTS has released the schedule of savings associations that are scheduled for CRA examinations during the fourth quarter of 2005. Schedule  9/14/05

• HMDA And Its Application in Fair Lending Enforcement

  The FRB has released early an article that will be included in the forthcoming Summer 2005 issue of the Federal Reserve Bulletin that analyzes new data that mortgage lenders were required to report for the first time in 2004 under revisions to Regulation C. Article  9/14/05

• FDIC Insurance of Living Trust Accounts Seminars Announced

  The FDIC has announced the scheduling of three nationwide one-hour seminars to demonstrate how an institution can use the FDIC’s many deposit insurance tools and resources to help employees explain FDIC insurance coverage to depositors. Seminar Information  9/14/05

• Fair Lending Exam Preparation Working Paper Published

  The OCC has published a working paper on the topic of "Searching for an Optimal Strategy for Identifying Files to Review for Fair Lending Exams". The author of the paper used Monte Carlo simulation to compare how well six outlier identification strategies identify disadvantaged mortgage applicants. Working Paper  9/14/05

• OCC Issues Katrina FAQ

  A FAQ has been issued by the OCC regarding national banks and Katrina related issues including space and employee sharing, temporary banking facilities and branches, branch closings, and minimum payments. Information concerning the FAQ has been posted in the OCC section on the BOL Disaster Recovery Center page.   9/13/05

• Early Redemption Of Savings Bonds Authorized

  To assist those impacted by Hurricane Katrina, FRB Financial Services has announced that the Bureau of Public Debt has authorized savings bonds paying agents to redeem Series EE and I savings bonds that are less than one year old. Early Redemption  9/13/05

• U.S. International Position Update

  Treasury has updated the U.S. International Reserve Position to include data as of September 9, 2005. Reserve Position   9/13/05

• BSA Katrina Related FAQ Issued

  The FRB, in consultation with the other federal banking agencies and FinCEN, have issued the attached responses to questions frequently asked by financial institutions regarding the applicability of certain provisions of the BSA in providing services to victims of Hurricane Katrina. The FAQ has been posted on the BOL Regulatory Disaster Issuances page.   9/12/05

• NO Zone Availability and Louisiana Armored Car Service

  FRB Financial Services has announced modifications to the availability of New Orleans zone items and the establishment of special armored car runs. Details of the availability modifications and the armored car routes have been posted on the BOL Regulatory Disaster Issuances page.  9/12/05

• SEC Extends Time for Banks to Comply with GLBA Broker Registration Requirements

  The SEC has announced that the compliance date for banks with respect to certain broker registration requirements contained in GLBA have been extended until September 30, 2006. Compliance Date  9/12/05

• ATM Fee Waivers Requested For Katrina FEMA Debit Cards

  Treasury has requested that financial institutions refrain from imposing ATM fees on the MasterCard-branded debit cards being issued by FEMA to Katrina victims. Information regarding the request has been posted on the BOL Disaster Recovery Center page.  9/09/05

• Residential Tract Development Lending FAQs Issued

  The Federal financial institution regulators have jointly issued FAQs to assist institutions in complying with the agencies' appraisal and real estate lending requirements for financing residential tract developments. FAQs; OCC Bulletin; FDIC FIL; OTS CEO LT.  9/09/05

• Fourth Quarter CRA Exams Scheduled

  OTS has released the list of thrifts that will be examined for CRA compliance during the fourth quarter 2005. CRA Exam List  9/09/05

• September 2005 FFIEC Reporting Forms Online

  The FFIEC has posted the September 2005 031 and 041 reporting forms on its Web page. 031; 041  9/09/05

• Consumer Credit Report Issued

  The FRB has issued the July 2005 G.19 Consumer Credit Report. G.19  9/09/05

• Counterfeit Checks And Missing Money Orders Special Alerts Issued

  The FDIC has issued five Special Alerts regarding counterfeit cashier’s checks drawn on Banner Bank, Walla Walla, Washington, and Stafford Savings Bank, Stafford Springs, Connecticut; counterfeit official checks drawn on The Bank of Delmarva, Seaford, Delaware and Melrose Co-operative Bank, Melrose, Massachusetts; and missing money orders drawn on Bayonne Community Bank, Bayonne, New Jersey. Information concerning the counterfeit checks and the missing money orders has been posted on the BOL Alerts & Counterfeits page.  9/08/05

• Treasury Provides Guidance on Government Benefit Checks and the Use of Third Party Drafts

  Guidance has been issued by Treasury regarding the verification of the identity of individuals cashing government benefit checks and third party drafts. Information concerning the Guidance has been posted on the BOL Disaster Recovery Center.  9/08/05

• Expansion Of Definition Of Small BHC Proposed

  The FRB has proposed expanding the definition of a small BHC under the Board's policy and risk-based and leverage capital guidelines. The proposal raises the small BHC asset size threshold and amends the related qualitative criteria for determining eligibility as a small BHC. Proposal  9/08/05

• Beige Book Updated

  The Beige Book has been updated by the FRB based on information collected before August 29, 2005 and, thus, before Hurricane Katrina made landfall on the Gulf Coast. Summary; Full Report  9/08/05

• CRA Exam List Released

  The FDIC has released the September 2005 list of banks examined for CRA compliance and the ratings they received. CRA Exam List   9/07/05

• Magnetic Media Filing Of CTRs

  FinCEN has published the requirements for magnetic media filing of CTRs and the Designation of Exempt Person forms. Requirements  9/07/05

• International Reserve Position Update

  Treasury has updated the U.S. International Reserve Position report to include data as of September 2, 2005. International Reserve Position  9/07/05

• Second Quarter Interest Rate Risk Matters

  OTS has released the preliminary Interest Rate Risk Measures for the Second Quarter 2005. Interest Rate Risk   9/07/05

• FRB Discount Rate Minutes Released
  The FRB has released the minutes of its discount rate meetings from July 18 through August 9, 2005. Minutes  9/07/05

• Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

  Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. FRB PR; OCC NR; FDIC FIL; OTS PR; NCUA PR  9/06/05

• Regulatory Disaster-Related Issuances

  BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.  9/06/05

• Relaxation Of SS Check ID Procedures For Hurricane Victims

  Treasury has issued a statement that encourages financial institutions to ease ID requirements for hurricane victims without normal government issued identification who attempt to cash SS and SSI checks. The FDIC has issued an FIL that indicates that certain Social Security Administration offices are issuing handwritten, typewritten, and laser Social Security checks. An 800 number for institutions to call to verify the identity of a presenter has been established. Treasury Statement; FDIC FIL  9/06/05

• NCUA Issues Katrina FAQ

  FAQs for CU members regarding additional information that those affected by Hurricane Katrina can use to obtain information on accessing their accounts has been issued by NCUA. Katrina FAQs  9/06/05

• FinCEN Responds Question Regarding Non-English AML Program

  Guidance has been issued by FinCEN which answers that question of whether or not an AML program and records can be maintained in a language other than English. AML Guidance  9/06/05

• OFAC Releases September CP List

  The September 2005 list of entities cited for violations of OFAC Sanctions Programs has been released and contains no financial institutions. OFAC CP  9/06/05

• Designation of Exempt Person Form Revised

  FinCEN Form 110, Designation of Exempt Person, has been issued to replace form TD F 90-22.53. Previous editions of old form will not be accepted after January 2006. Form 110  9/06/05

• Fourth Quarter CRA Exam Schedule Released

  The OCC has released the CRA Examination schedule for the fourth quarter 2005. CRA Exam Schedule  9/06/05  9/06/05

• TIL Home Mortgage Trigger Annual Adjustment

  The OCC has issued a Bulletin regarding the previously announced adjustment of the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. Information concerning the adjustment was posted in the August 9, 2005, BOL Top Stories. Bulletin  9/06/05

• FIL Issued Regarding Proposed Call Report Changes

  The FDIC has a FIL regarding the previously announced changes to the Call Report proposed by the Federal Banking regulators. Information concerning the changes was posted in the August 24, 2005 BOL Top Stories. FIL  9/06/05

• September FedFlash Published

  The September 1, 2005, issue of FedFlash has been published by the FRB Financial Services and contains article on the application of the midnight deadline to image items and substitute checks; access solutions for FIRD files; FedPayments Manager training; FedACH enhancements; and the handling of Treasury ACH reclamations over 60 business days old. FedFlash PDF; FedFlash HTML  9/06/05

• Foreign Exchange Rates Report Released

  The FRB has released the G.5 Foreign Exchange Rates Report for August 2005. G.5  9/06/05

• Five Working Papers Published

  The FRB has published five working papers in the FEDS series on the following topics: Has Output Become More Predictable? Changes in Greenbook Forecast Accuracy; The Household Spending Response to the 2003 Tax Cut: Evidence from Survey; An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates; and Optimal Policy Projections. Output Abstract Output Full Paper; Household Abstract; Household Full Paper; Arbitrage Abstract; Arbitrage Full Paper; Optimal Abstract; Optimal Full Paper  9/06/05

• Agencies Encourage Insured Depository Institutions to Assist Displaced Customers

  Agencies are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina. The agencies are working with state regulatory agencies, financial industry trade groups, and affected financial institutions to identify customer needs and monitor institutions' restoration of services. Press Release BOL Disaster Recovery 9/2/05

• Regulatory Disaster-Related Issuances

  BankersOnline has compiled links to all of the recent regulatory issuances which deal with financial institution obligations in the wake of Hurricane Katrina. On this new page within BOL's Disaster Recovery Center, you'll find the bulletins, guidance, and press release organized by regulatory agency.
  9/2/05

• Counterfeit Cashier’s Checks Special Alerts Issued

  The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on The Wilton Bank, Wilton, Connecticut, and The Jackson State Bank, Jackson, Wyoming. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page. 9/1/05

• NCUA Establishes Katrina Taskforce

  NCUA has announced that a taskforce has been assembled to address the consequences of Hurricane Katrina on CUs and their members in the states of Alabama, Louisiana and Mississippi. A toll-free number and e-mail addresses have been established to provide information to CUs, their members and vendors.
  Taskforce 9/1/05

• 314(a) Fact Sheet Update

  FinCEN has updated the 314(a) Fact Sheet to included information as of August 30, 2005.
  Fact Sheet 9/1/05

• Final Regulatory Burden Reduction Rule Announced

  OTS has announced that it has finalized a rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act, that will reduce regulatory burden on savings associations by updating and revising various application and reporting requirements.
  Summary;
  Final Rule 9/1/05

• Conversion Cases Settled By NCUA

  NCUA has announced that the agency had settled the lawsuit against it involving Community Credit Union and OmniAmerican Credit Union. Settlement 9/1/05

• Additional Consumers Can Receive Free Credit Reports

  Starting September 1, consumers in 14 East Coast states qualify for a free annual credit report from each of the three nationwide consumer reporting companies.
  Credit Reports 9/1/05

• FRB Issues Corporate Notes Report

  The 2004 Corporate Medium-Term Notes Report has been issued by the FRB.
  Summary; http://www.federalreserve.gov/releases/medterm/default.htm
  Full Report 9/1/05