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WMD Providers Added To OFAC List

President Bush has issued an Executive Order which designates and adds to OFAC's SDN list eight organizations in North Korea, Iran and Syria responsible for WMD and missile programs. Information regarding the organizations has been posted on the BOL OFAC page.   6/30/05

FACT Act Deadline Approaches

Under the consumer information disposal rules promulgated under the FACT Act, all financial institutions should ensure their information security programs are revised, if necessary, by July 1, 2005 to address the proper disposal of information derived from credit reports.
Final Rule   6/30/05

FFIEC CDR Required Enrollment Begins Soon

The FFIEC Call Report agencies (the FDIC, the FRB and the OCC) have created a secure, shared database for collecting, managing, validating and distributing Call Report data which will be implemented for the third Call Report period of 2005 and will be the only method available for banks to submit their Call Reports. In preparation for the October 2005 implementation of the CDR, financial institutions are required to enroll in the CDR during an eight-week period beginning in July, 2005.
CDR Enrollment;
CRD Information   6/30/05

SEC Charges Individuals In Bank Stock Fraud Scheme

The SEC has announced the filing of civil fraud charges against five individuals in connection with the initial public offering of NewAlliance Bancshares, Inc.
Charges;
Complaint   6/30/05

FOMC 2006 Schedule Announced

The Federal Open Market Committee has announced its tentative meeting schedule for 2006.
Schedule   6/30/05

June Call Report Information

A FIL has been issued by the FDIC which provides information and forms for the June 30, 2005 Call Report.
FIL   6/29/05

Enforcement Orders Issued

The FRB has announced the issuance of an Order of Prohibition and Order to Cease and Desist against a former financial advisor at J.P. Morgan Chase & Co., New York, New York, based on his alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers.
Orders   6/29/05

Counterfeit Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on America California Bank, San Francisco, California, and counterfeit expense checks drawn on First Coweta Bank, Newnan, Georgia. Information concerning the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/29/05

Mutual-to-Stock Conversions Investor Guidance Issued

The FDIC, SEC and OTS have issued an Investor Alert which provides useful information on mutual-to-stock conversions and highlights key concepts that eligible depositors need to be mindful of when participating in the initial public offering of a converting mutual bank or savings association.
Guidance;
FDIC Special Alert   6/29/05

International Reserve Position Updated

Treasury has updated the U. S. International Reserve Position report to include data as of June 24, 2005.
Reserve Position   6/29/05

FRB Cash Infrastructure Changes Announced

The Federal Reserve Banks have announced changes to cash services that are intended to improve operating effectiveness by switching in the next six to twelve months from branch-based cash services to cash depots in Birmingham, Ala.; Oklahoma City, Okla.; and Portland, Ore.
Changes   6/29/05

Structure And Share Data Report Released

The March 2005 Structure and Share Data for U.S. Offices of Foreign Banks report has been released by the FRB.
Structure And Share Data   6/29/05

Spring 2005 Federal Reserve Bulletin Published

The Spring 2005 issue of the Federal Reserve Bulletin has been published and posted online.
Spring 2005 FRB Bulletin   6/29/05

Summer 2005 State Profiles Issued

The FDIC has issued the State Profiles for the Summer of 2005 which provide a quarterly summary of state banking and economic conditions.
State Profiles   6/29/05

FDIC Says New Internet Banking Safeguards Needed

A supplement to an FDIC study issued in December about ways to fight "phishing" scams indicates that new ways are needed to safeguard Internet banking. The FDIC has concluded that the risk assessment financial institutions are required to perform regarding information security also should utilize "multifactor authentication” to verify a customer's identity.
Supplement   6/28/05

Summer Issue Supervisory Insights Released

The FDIC has issued a FIL announcing the release of the Summer 2005 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision, which includes articles on the following topics: "A Changing Rate Environment Challenges Bank Interest Rate Risk Management"; "Fair Lending Implications of Credit Scoring Systems"; and "The Changing Landscape of Indirect Automobile Lending".
FIL;
Supervisory Insights   6/28/05

Financial Holding Company List Update

The FRB has revised the list of bank holding companies that have elected to the treated as financial holding companies as of June 24, 2005.
FHCs   6/28/05

BOS Released

OTS has released the results of its 2005 annual branch office survey.
BOS   6/28/05

Counterfeit Cashier's Check Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Parish National Bank of Covington, Louisiana that are being presented for payment. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  6/27/05

Survey of Terms of Business Lending Results Released

The FRB has released the results of the E.2 Survey of Terms of Business Lending for May 2-6. 2005.
E.2   6/27/05

Derivatives Volume Tops $90 Trillion

The OCC has reported that the derivatives volume for the first quarter 2005 has topped $90 Trillion.
Derivatives   6/27/05

Summer 2005 FDIC Outlook Published

The FDIC has published the Summer 2005 edition of FDIC Outlook which features a series of reports by FDIC analysts addressing several different aspects of expanding global trade and finance.
FDIC Outlook   6/27/05

CRA Evaluations Released

The OCC has released the CRA evaluations for thirty-one national banks examined for CRA compliance that became public during the period of May 15, 2004 through June 14, 2005. CRA  6/24/05

Greenspan Speaks Out On China

In testimony before the Senate Committee on Finance, Chairman Greenspan expressed his views on China's trade and exchange rate regime. He noted that he was aware of no credible evidence that supports the conclusion that a marked increase in the exchange value of the Chinese RMB relative to the U.S. dollar would significantly increase manufacturing activity and jobs in the United States. Testimony  6/24/05

Counterfeit Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit official checks drawn on Gate City Bank, Fargo, North Dakota and counterfeit cashier's checks drawn on Bank of the Pacific, Aberdeen, Washington. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.   6/23/05

Bulletin Issued Regarding TISA Final Rule

The OCC has issued a Bulletin concerning the previously announced Final Rule under the Truth in Savings Act (Reg DD) which addresses bounced check or courtesy overdraft protection and requires institutions to disclose total fees for these services on periodic statements for both the statement period and the calendar year to date. Information about the Final Rule was posted in the BOL Top Stories on May 24, 2005. Bulletin   6/23/05

June 2005 New Electronic Interpretations and Actions Announced

The OCC has announced the New Electronic Interpretations and Actions for June 2005.
Interpretations and Actions   6/23/05

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet to include data as of June 21, 2005.
314(a) Fact Sheet   6/23/05

Alert Issued For Bogus Emails

The FTC has issued a Consumer Alert regarding bogus emails containing false and misleading information about the alleged release of personal information starting July 1, 2005 by the major credit bureaus. Consumer Alert   6/22/05

Regulators Urge New Approach to Consumer Disclosure Requirements

In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams, FDIC Vice Chairman Reich and acting OTS Director Riccobono each spoke in favor of regulatory burden relief legislation to streamline the massive consumer disclosure requirements and improve the quality of information provided to consumers.
Williams Statement;
Williams Testimony;
Riccobono Statement
Reich Testimony;   6/22/05

FRB Issues Assets Reports

The 3.12 U.S. Reserve Assets and 3.13 Foreign Official Assets Held at Federal Reserve Banks reports have been issued by the FRB.
Reports   6/21/05

Minority-Owned Banks Data Released

The FRB has released the list of minority-owned banks and their branches as of March 31, 2005.
Minority-Owned Banks http://www.federalreserve.gov/releases/mob/current/default.htm   6/21/05

Aggregate Exposure Reports Issued

OTS has issued the First Quarter 2005 Interest Rate Exposure Reports for the FHLB 11th District, the Northeast, the Southeast, the Midwest; the West; the State of Ohio; Assets > $1 Billion; Assets $100 Million to $1 Billion; and Assets < $100 Million.
11th District;   
Northeast;   
Southeast;   
Midwest;   
West;   
Ohio;   
Assets > $1 Billion;   
Assets $100 Million to $1 Billion;   
Assets < $ 100 Million   6/21/05

OCC Files Suit Against NY AG

A suit has been filed against the New York Attorney General by the OCC, seeking a declaratory judgment and preliminary injunction to prevent him from interfering in the OCC's fair lending examination and supervision processes at national banks. News Release; Motion for Preliminary Injunction;
Compliant; Memo In Support of Motion  6/20/05

Iraq Insurgency Financial Supporter Added To OFAC List

Treasury has added the name of an individual who is a financial facilitator and instrumental in providing guidance, financial support and coordination of insurgent attacks throughout Iraq to the SDN list. Information regarding the individual has been posted on the BOL OFAC page which also contains the updated BOL OFAC Sanctions Matrix.  6/20/05

Order of Prohibition Issued

The FRB has announced that an Order of Prohibition has been issued against a former branch manager of the former Farmers Bank of Maryland, Annapolis, Maryland, for alleged embezzlement of funds and falsification of the bank's books and records. Order.  6/20/05

New FedFlash Issue Published

The June 17, 2005 issue of FedFlash has been published by FRB Services. The issue features information regarding service fees, the noncash collection service paying agent database, a Check 21 cash letter form, the updated FedACH Security Procedure Agreement and new services available through the FedLine Web. FedFlash.  6/20/05

OFAC Amends Sudanese Sanctions

OFAC has amended its Sudanese Sanctions Regulations pertaining to the transfer of funds from the United States to Sudan, as well as the operation of accounts in U.S. financial institutions for individuals ordinarily resident in Sudan. Information regarding the amendments has been posted on the BOL OFAC page.  6/17/05

July HOEPA Reference Rates Posted

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 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; < href="http://www.federalreserve.gov/releases/h15/Current/">Weekly H. 15  6/17/05

OTS Updates Examination Handbook

The Asset Quality section of the OTS Examination Handbook has been updated with a new section added and others being substantially revised. Handbook  6/17/05

FFIEC Posts Comment Letters

Comment Letters received by the FFIEC regarding the proposed advisory on the limitation of liability provisions in audit engagement letters have been posted on the FFIEC Web site. Comment Letters; Proposal  6/17/05

Call Report Validation Criteria for June 2005 Posted

The FFIEC has posted the June 2005 Call Report Validation Criteria. Criteria (Excel); Criteria (PDF)  6/17/05

First Quarter Household Debt Service Report Released

The FRB has released the Household Debt Service and Financial Obligations Ratios report for the First Quarter 2005. Report  6/17/05

May G.17 Industrial Production Report Issued

The G.17 Industrial Production and Capacity Utilization report for May 2005 has been issued by the FRB. G.17  6/17/05

Reporting Forms Posted Online

The FFIEC has posted the June 2005 FFIEC 031 and FFIEC 041 reporting forms on its Web site.
Forms  6/16/05

TIC Report Released

Treasury has released the Treasury International Capital (TIC) data for April 2005. TIC  6/16/05

CAC Nominations Sought

The FRB has announced that it is seeking nominations for appointments to its Consumer Advisory Council. Ten new members will be appointed to serve three-year terms beginning in January 2006. Nominations  6/16/05

Beige Book Published

The FRB has published a new edition of the Beige Book containing information collected before June 6, 2005 by the Federal Reserve Banks of current economic conditions in their Districts. Summary; Full Report  6/16/05

Cost Of Funds Reports Released

OTS has released the April 2005 and Historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. April; Historical  6/16/05

Enforcement Actions Announced By OCC

The OCC has announced nine new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and five terminations of existing enforcement actions. Enforcement Actions  6/15/05

FDIC Issues OFAC FILs

The FDIC has issued two FILs regarding previously announced changes made by OFAC to the SDN List. Information regarding the changes was posted June 1 and June 9, 2005, on the BOL OFAC page. FIL-49-20005; FIL-50-2005  6/15/05

FinCEN Seeks Comments

FinCEN has requested comments on a proposed extension of a currently approved requirement that futures commission merchants and introducing brokers establish a customer identification program. Comments  6/15/05

SEC Issues C&D To Ford Motor Credit

A Cease and Desist Order was issued by the SEC to Ford Motor Credit regarding solicitation information that did not meet SEC requirements being provided to prospective investors in the Ford Money Market Account. C & D  6/15/05

Five Counterfeit Checks Special Alerts Issued

The FDIC has issued five Special Alerts regarding: a) counterfeit cashier's checks drawn on The Citizens Banking Company, Sandusky, Ohio; Frontier Bank, Everett, Washington; and Sonoma Valley Bank, Sonoma, California; b) counterfeit trust checks drawn on Pacific Capital Bank, National Association, operating as Santa Barbara Bank & Trust, Santa Barbara, California; and c) counterfeit official checks drawn on Community Bank of Southern Indiana, New Albany, Indiana. Information on all of the counterfeit items has been posted on the BOL Alerts & Counterfeits page.  6/14/05

Unauthorized Banking Special Alert

A Special Alert has been issued by the FDIC regarding Gulf International Bank, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, Pennsylvania, that may be conducting unauthorized banking activities. Special Alert  6/14/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position report to include data as of June 10, 2005.
Reserve Position   6/14/05

Paying Agent Database Online

Federal Reserve Financial Services has made its Noncash Collection Service Paying Agent Database available online. Database   6/14/05

OFAC Changes Designations And Removes One

OFAC has announced the removal of one individual from the SDN list and changes to other existing entries. Information regarding the removal and the changes has been posted on the BOL OFAC page.  6/13/05

FRB Consumer Information Brochures Published

Two consumer information brochures have been published by the FRB on the subjects of mortgage lock-ins and mortgage settlement costs. Lock-ins; Settlement Costs.  6/13/05

FACT Act Medical Information Interim Rule Published in FR

The interim final rules create exceptions to the statute's general prohibition on 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 for all creditors. 70FR33957 txt 70FR33957 pdf 6/10/05

Saddam Supporters Added To OFAC List

Treasury has announced the addition to the SDN list with the IRAQ2 designation of a Syrian-based company and two senior officials that acted on behalf of Saddam Hussein's fallen regime. Information regarding the new entries has been posted on the BOL OFAC page. 6/10/05

CMP Assessments For Flood Violations

The assessment of CMPs against the Bank of Pontiac and the First Bank and Trust Company for alleged violations of the National Flood Act and Reg H has been announced by the FRB.
Bank of Pontiac;
First Bank 6/10/05

Regulators Seek Reduction in Regulatory Burdens

In presentations before the House Subcommittee on Financial Institutions and Consumer Credit, Acting Comptroller Williams; FDIC Vice Chairman Reich; and Acting OTS Director Riccobono all urged Congress to reduce unnecessary regulatory burden on financial institutions.
Williams Testimony;
Reich Testimony;
Riccobono Testimony 6/10/05

Prohibition Orders Issued By NCUA

NCUA has issued orders prohibiting eight individuals from participating in any manner in the affairs of federally insured financial institutions.
Orders 6/10/05

Flow Of Funds Report Issued

The FRB has issued the Z.1 Flow of Funds accounts of the United States for the First Quarter 2005.
Z.1 6/10/05

Greenspan Gives Economic Outlook To Congress

Chairman Greenspan discussed his views regarding the economic outlook in a presentation before the Joint Economic Committee of the U.S. Congress. He noted that despite some of risks, the U.S. economy seems to be on a reasonably firm footing, and underlying inflation remains contained.
Speech 6/10/05

First Quarter Interest Rate Measures Published

OTS has published the First Quarter 2005 Interest Rate Measures report.
Interest Rate Measures 6/10/05

FDIC Launches Hispanic Education Media Campaign

FDIC Chairman Powell has announced the launch of a Hispanic media campaign to raise awareness of the importance of financial education in Hispanic communities across the United States.
Campaign;
En Español 6/10/05

OFAC Fraud Alert

Treasury has issued an Alert regarding a scam involving a contract that looks like it originated from OFAC and contains the forged signatures of OFAC officials. Victims of this scam would allegedly receive a substantial sum of money in exchange for a small initial investment.
Fraud Alert 6/9/05

Summary Of Deposits Survey

The FDIC has issued a FIL concerning the annual Summary of Deposits Survey which all FDIC-insured institutions with branch offices must submit by June 30, 2005 unless they are filing electronically. Forms and instructions will not be mailed out automatically for the 2005 survey; however, instructions, contact information, survey facsimiles and electronic filing information can be found on the FDIC's Interactive SOD Survey Web site.
Survey FIL; SOD Web Site 6/9/05

314a Fact Sheet Updated

FinCEN has updated its 314a Fact Sheet to include data as of June 8, 2005.
314a Fact Sheet 6/9/05

FDIC Interim Rule on 529 Plans Published in FR

The FDIC is revising its insurance regulations for accounts of qualified tuition savings programs under section 529 of the Internal Revenue Code. 70FR33689 txt 70FR33689 pdf 6/9/05

CRA Exam Results 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 March 2005.
CRA List 6/8/05

Enforcement Orders Announced

The FRB has announced the issuance of a Final Decision and Cease and Desist Order against eighteen former institution-affiliated parties of First Western Bank, Cooper City, Florida, and an Order of Prohibition against one of the former institution-affiliated parties.
Enforcement Orders 6/8/05

April Consumer Credit Repost Released

The G. 19 Consumer Credit Report for April 2005 has been released by the FRB.
G. 19 6/8/05

OCC Web Site Enhanced

The OCC has “freshened" it's Web site by changing the appearance to include new banners and menus with blue backgrounds in addition to changing the organization of the home page to make it easier to use. A new "Features" section spotlights new or high-priority OCC information and a new "Resource Highlights" column provides quick access to popular information for either consumer or bankers.
OCC Web Site 6/8/05

International Reserve Position Update

Treasury had updated the U.S. International Reserve Position to include data from the week ending June 3, 2005.
International Reserve Position 6/8/05

FACT Act Medical Information Interim Final Rules Issued

The federal financial regulatory agencies have issued interim final rules under the FCRA that create exceptions to the statutory prohibition against obtaining or using medical information in connection with credit eligibility determinations and also address the sharing of medically related information among affiliates.
Interim Final Rules;
FRB NR;
OCC NR;
FDIC PR;
OTS PR;
NCUA PR 6/7/05

Fedwire Funds Service Fees Announced

The Federal Reserve Banks have announced in a letter sent to current customers that Fedwire Funds service fees will be maintained at current levels.
Letter 6/7/05

OCC Publishes Ombudsman Report and Customer Assistance Brochure

The OCC has published the 2004 Report of the Ombudsman along with a customer assistance brochure that outlines how to file a written complaint and what happens when a customer contacts the Customer Assistance Group.
Report;
Brochure 6/7/05

Hispanic Education Program Announced

The FDIC has launched a Hispanic Outreach Financial Education Program intended to reach "unbanked" persons with little or no banking experience.
Hispanic Program;
Extensión hispana del programa de educación financiera 6/7/05

FDIC To Discuss Preemption Petition

In a presentation before the CSBS annual conference in San Antonio, Chairman Powell indicated that the board will discuss the Financial Services Roundtable's preemption petition later this year. The FDIC was asked to issue a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks.
Speech 6/6/05

Enforcement Actions By FDIC Announced

Information regarding thirteen Enforcement Actions taken in April 2005 against banks and individuals has been released by the FDIC. The actions include three cease and desist orders, two removal and prohibition orders, four civil money penalty orders, three terminations of cease and desist orders, and one termination of a suspension and prohibition order.
Enforcement Actions 6/6/05

FinCEN Rules Now Cover Precious Metal Dealers

An interim Final Rule and a FAQ have been issued by FinCEN that requires dealers in precious metals, stones or jewels to establish AML programs.
Final Rule;
FAQ 6/6/05

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Banner Bank, Walla Walla, Washington. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/3/05

FinCEN And State Banking Agencies To Share Information

FinCEN has announced that it has signed Memorandums of Understandings regarding the sharing of information with thirty state banking agencies and Puerto Rico. The agreements will allow FinCEN to better administer the BSA and also assist the state agencies in their roles as financial regulators.
Agreements 6/3/05

Additions Made To OFAC List

OFAC has announced that eight individuals and one entity have been designated as SDNTKs and added to the SDN list. Information regarding the new entries has been posted on the BOL OFAC Page. 6/2/05

OCC CRA Exam Third Quarter Schedule Released

The list of national banks scheduled for CRA compliance examinations during the Third Quarter 2005 has been released by the OCC.
CRA Exam Schedule 6/2/05

CRA Ratings Released By OTS

The CRA ratings for thrifts examined for compliance with CRA in May 2005 have been released by OTS.
CRA Ratings 6/2/05

Guidance Issued Regarding Pre-Employment Screening

The FDIC has issued a FIL that contains guidance regarding developing an effective pre-employment background screening process.
FIL 6/2/05

FACTA Disposal Goes Into Effect

The FTC has issued a Business Alert regarding the FACTA Disposal Rule that requires businesses (including financial institutions) and individuals to take appropriate measures to dispose of sensitive information derived from consumer reports that went into effect June 1, 2005. The Rule requires disposal practices that are reasonable and appropriate to prevent the unauthorized access to or the use of information in a consumer report.
Business Alert 6/2/05

International Reserve Position Updated

Treasury has updated the U.S. International Reserve Position to include data as of May 27, 2005.
Reserve Position 6/2/05

May Foreign Exchange Rates Released

The FRB has released the G.5 Foreign Exchange Rates report for May 2005.
Exchange Rates 6/2/05

FRB Issues First Quarter Fedwire Data

The Fedwire data for the First Quarter 2005 has been issued by the FRB.
Fedwire Data 6/2/05

June Issue FedFlash Published

The June 1, 2005 issue of FedFlash has been published and contains highlights of national and district Federal Reserve Financial Services operational news.
FedFlash pdf;
FedFlash html 6/2/05

Third Quarter CRA Exam Schedule Released

The FDIC has released the schedule of institutions that will be examined for CRA compliance in the Third Quarter 2005.
CRA Exam Schedule 6/1/05

Cashier's Checks Special Alert

A Special Alert has been issued by the FDIC regarding two hundred cashier's checks bearing the name of East West Bank, San Marino, California, that are missing, lost or stolen. Information concerning the cashier's checks has been posted on the BOL Alerts & Counterfeits page. 6/1/05

Asset Size Ranking Report Released

The FRB has released the rankings of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more as of March 31, 2005.
Bank Rankings 6/1/05

FHC List Updated

The list of BHCs that have elected as of May 27, 2005 to be treated as a FHC has been issued by the FRB.
FHC List
6/1/05

OCC Working To Reduce Regulatory Burdens

In a presentation before a Bankers Outreach Meeting, Acting Comptroller Williams indicated that the OCC recognizes the burdens imposed on bankers by government regulations and is working hard to make them more efficient and less burdensome. She noted œShorter, focused consumer disclosures can meaningfully reduce your regulatory burden and œthe time you spend on compliance matters and the money you spend on lawyers and consultants navigating through complicated requirements could be redirected to better serving your customers and improving returns to your stockholders.Speech   5/31/05

New Edition Of Quarterly Journal Online

The OCC has posted online the December 2004 issue of the Quarterly Journal for the 3rd quarter 2004 which contains the condition and performance of commercial banks press briefing; as well as recent licensing decisions; links to speeches, testimony, interpretive letters; mergers; and financial performance data. Quarterly Journal   5/31/05

Insured Institutions Report Record Earnings

The FDIC has reported that commercial banks and savings institutions insured by the agency reported net income for the first quarter of 2005, eclipsing the previous quarterly record set in the third quarter of 2004. Preliminary results for the first quarter are contained in the FDIC's latest Quarterly Banking Profile, which was released May 26, 2005.Earnings; Quarterly Banking Profile   5/31/05

Receivables And Auto Loans Report Released

The FRB has released the G.20 Finance Companies Owned and Managed Receivables and Auto Loans Terms of Credit Report for March 2005.G.20   5/31/05

Prohibition Orders Issued By NCUA

NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. Orders  5/27/05

2004 Fact Book Released

The 2004 Fact Book which contains the annual update to the compilation of statistics concerning the OTS-Regulated thrift industry has been released by OTS. Fact Book  5/27/05

Quarterly Banking Profile Published

The FDIC has published the Quarterly Banking Profile for the first quarter 2005. Quarterly Banking Profile  5/27/05

Entity Added to SDN List

OFAC has added one entity with numerous a/k/as to the SDN list. Information regarding the addition has been posted on the BOL OFAC page.  5/26/05

314a Fact Sheet Updated

FinCEN has updated the 314a Fact Sheet to include data received as of May 25, 2005. 314a  5/26/05

First Quarter Call Report And TFR Data Available

The FDIC has made available online the First Quarter 2005 Call Report and TFR Data. Call Report  5/26/05

FRB Announce Additional 2006 Check Processing Changes

The FRB has announced that it will discontinue check processing at the Federal Reserve Bank of New York's East Rutherford Operations Center. The change is aimed at increasing the efficiency of the Reserve Banks'
check-processing operations. Closing  5/26/05

TFR Industry Aggregate Report Released

OTS has released the First Quarter TFR Industry Aggregate Report. Report  5/26/05

FDIC Issues BIF And SAIF First Quarter Reports

The First Quarter 2005 financial reports for the BIF and SAIF insurance funds have been issued by the FDIC. Funds   5/26/05

Proposal to amend fidelity bond rule

NCUA proposes to amend its fidelity bond rule to increase the maximum allowable deductible, presently $200,000, and change the minimum required coverage. This proposal will discontinue listing approved bonds in the rule, but continue to list and update them on its website. 70FR10348 (txt) 70FR10380 (pdf)  5/25/05

FTC Responses To GLB Preemption Request

The FTC has issued a letter response to Flagstar Bank, which had requested a preemption determination under the GLB Financial Privacy Act concerning California law. Response Letter  5/25/05

International Reserve Position Report

Treasury has released the U.S. International Reserve Position Report for the week ending May 20, 2005.Reserve Report  5/25/05

FOMC Minutes Released

The minutes of the May 3, 2005 meeting of the FOMC have been released by the FRB. Minutes  5/25/05

First Quarter Charge-Off and Delinquency Rates Report Issued

The FRB has issued the Charge-off and Delinquency Rates on Loans and Leases at Commercial Banks Report for the First Quarter 2005. Report  5/25/05

Financial Holding Companies List Updated

The list of bank holding companies that have elected to be treated as financial holding companies has been updated by the FRB to include elections made as of May 20, 2005. FHC List  5/25/05

Concentration and Risk Report Released

The FRB has released the Concentration and Risk in the OTC Markets for U.S. Dollar Interest Rate Options Report for March 2005. Concentration Report  5/25/05

FRB publishes amendment to Final Rule for Truth in Savings (Reg DD)

, which addresses bounced check or courtesty overdraft protection, and requires institutions to disclose total fees for these services on periodic statements, for both the statement period and the calendar year to date. 70FR10348 (txt) 70FR10348 (pdf)  5/24/05

Five Counterfeit Cashier's Checks Alerts Issued

The FDIC has issued five counterfeit cashier's checks regarding checks drawn on the following institutions: Commerce Bank of Arizona, Tucson, Arizona; First Citizens Bank and Trust Company, Inc., Columbia, South Carolina; Downey Savings and Loan Association, F.A., Newport Beach, California; Merchants & Southern Bank, Gainesville, Florida; and Bank of Grandin, Grandin, Missouri. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  5/23/05

Unauthorized Banking Alert

The OCC has issued an Alert regarding Gulf International Bank Group, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, PA. who are falsely representing that they are affiliated with Gulf International Bank, B.S.C., Bahrain, its federal branch in New York City, or with Gulf International Bank (UK) Limited, London, England. Alert  5/23/05

FDIC Issues OFAC Changes FILs

Three FILs have been issued by the FDIC regarding previously announced changes made by OFAC to the SDN list. Information contained in each of the FILs was previously posted in BOL Top Stories and the BOL OFAC page. FIL-42-2005; FIL-43-2005; FIL-44-2005  5/23/05

Greenspan On Energy

Chairman Greenspan expressed his views on current and future energy related topics in a presentation before the Economic Club of New York. He noted that the resolution of current major geopolitical uncertainties will materially affect oil prices in the years ahead and the extraordinary uncertainties about oil prices of late are reminiscent of the early years of oil development. Speech  5/23/05

May Electronic Interpretations And Actions Announced

The OCC has announced its new Electronic Interpretations and Actions for May 2005. Electronic  5/23/05

Reg DD Amendments And Commentary Published

The FRB has published a Final Rule containing amendments to Regulation DD and official staff commentary which address "bounced-check protection" or "courtesy overdraft protection programs and the uniformity and adequacy of information provided to consumers. The final rule is effective July 1, 2006. Final Rule 5/20/05

Greenspan Discusses GSEs

In a presentation made via satellite, Chairman Greenspan expressed his views regarding GSEs to the participants at the Conference on Housing, Mortgage Finance, and the Macroeconomy, hosted by the Federal Reserve Bank of Atlanta. He noted that the GSEs need a regulator with authority on par with that of banking regulators and without the needed restrictions on the size of the GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States. Speech
5/20/05

Williams' Response to Spitzer

Acting Comptroller Williams has issued a statement in response to published reports of comments made by New York Attorney General Spitzer regarding the ability and desire of federal agencies to fulfill their fundamental mandates. Response
5/20/05

Preemption Petition Public Hearing Scheduled

The FDIC will hold a public hearing on May 24, 2005, in the its Washington D.C. headquarters on a petition for rulemaking submitted by the Financial Services Roundtable regarding the issuance of a rule that would preempt the application of certain state laws to the interstate operations and activities of state banks. Public Hearing 5/20/05

International Journal of Central Banking Inaugural Issue

The FRB has announced the publication of the first issue of the International Journal of Central Banking and the launch of a web site hosted by the Bank for International Settlements. The new quarterly publication, features articles on central bank theory and practice, with a special emphasis on research relating to monetary and financial stability. Journal Information; Table of Contents; Web Site 5/20/05

Five FEDS Working Papers Published

Five working papers in the FEDS series have been published by the FRB on the following topics: Growing Old Together: Firm Survival and Employee Turnover; Raising the Bar for Models of Turnover; Gestation Lags for Capital, Cash Flows, and Tobins's Q; Prices, Production, and Inventories over the Automotive Model Year; and From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys.Growing Old; | Raising the Bar; | Gestation Lags; | Prices; | Horse's Mouth 5/20/05

Unauthorized Banking Special Alert

The FDIC has issued a Special Alert regarding information received from the Cayman Islands Monetary Authority (CIMA) concerning thirty-three financial entities that may be conducting unauthorized banking activities in the Cayman Islands. Information regarding the entities has been posted on the Authority's Web site.Special Alert | CIMA 5/19/05

FRB Seeks Comments

The FRB has requested comments on alternative approaches to imputing a private-sector-like return on capital that would be considered in setting fees for certain payment services provided to depository institutions. Comments on the targeted ROE capital measure contained in the PSAF are specifically requested. Comments 5/19/05

Thrift Industy First Quarter Financials Released

OTS has released the First Quarter 2005 earnings and capital reports for the Thrift Industy. Highlights; | Charts; | Selected Indicators 5/19/05

Williams Discusses Credit Card Disclosure Problems

In testimony before the Senate Banking Committee, acting Comptroller of the Currency Williams observed that there has been much criticism of current credit card disclosures and that there is room for improvement. She noted, "quick fixes without consumer input and issue-by-issue "patches" to information gaps are not in the long-term best interest of consumers." Testimony 5/18/05

OCC Announces Enforcement Actions

The OCC has announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 5/18/05

CRA Ratings Released

The OCC has released the CRA performance evaluations given to 23 national banks that became public during the period of April 15, 2005 through May 14, 2005. CRA Ratings 5/18/05

Special Young Adult Issue Of Consumer News Published

The Spring 2005 issue of FDIC Consumer News is a special issue devoted to helping young adults, including those just beginning a career or family and others still in college or high school, learn the right ways to save and manage money right from the start. Spring Consumer News 5/18/05

FDIC CFO Report TO Board Released

The First Quarter 2005 CFO Report, formerly known as the Executive Management Report, has been presented to the FDIC Board. CFO Report 5/18/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Report to include data as of the week ending May 13, 2005. Reserve Position 5/18/05

FOREX Report Presented To Congress

Secretary Snow has presented the FOREX Report to Congress and issued a statement on its contents. Report | Statement 5/18/05

April G.17 Report Issued

The FRB has issued the G.17 Industrial Production and Capacity Utilization Report for April 2005.
G.17 5/18/05

Regulators Issue Home Equity Lending Guidance

The federal financial institution regulators have issued a guidance which outlines the agencies' expectations for sound underwriting standards and effective credit risk management practices for a financial institution's home equity lending activity. Guidance; | FRB SR Letter | FDIC PR | OCC Bulletin | NCUA NR | OTS PR 5/17/05

June HOEPA Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 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 June, you will use the rates posted on May 13th since May 15th fell on the weekend. Rates 5/17/05

FDIC Sets Assessment Rates

The FDIC has announced that the assessment rates charged to insured banks and savings associations will be unchanged for the second half of 2005.Rates 5/17/05

Cost OF Funds Reports Issued

OTS has issued the historical and March 2005 National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions Reports.March; | Historical 5/17/05

2nd Quarter 2005 Quarterly Journal Online

The OCC has posted the 2nd Quarter 2005 issue of the Quarterly Journal on its Web site. Quarterly Journal 5/17/05

eLearning Tools Available From FRFS

Federal Reserve Financial Services has announced that eLearning Tools regarding its services are now available online.Tools 5/17/05

March ITC Data Released

Treasury has released the International Trade Capital data for March 2005. ITC Data 5/17/05

FRB Issues Prohibition Order

The FRB has announced that an Order of Prohibition has been issued against a former Texas banker which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. Order  5/16/05

al Qaida Linked Terrorists Added To OFAC List

Treasury has designated three individuals as SDGTs for their role in Jemaah Islamiyah (JI), a terrorist group in Southeast Asia with links to al Qaida, and made changes to an exiting entry. Information regarding the new additions and changes has been posted on the BOL OFAC page. 5/13/05

Williams Says Consumer Disclosures Aren't Working

In a presentation before the EGRPRA Outreach Meeting in Phoenix, Acting Comptroller of the Currency Williams said consumer protection disclosures are not working well for consumers, and are imposing unnecessary burdens on bankers. Speech 5/13/05

FDIC Trust Examination Manual Online

The FDIC has posted its Trust Examination Manual on its Web site. Manual 5/13/05

Columbian Cartel Entities Added To OFAC List

OFAC has added 32 companies and 31 individuals to its list of SDNTs. Information regarding the additions have been posted on the BOL OFAC page. 5/12/05

FinCEN Files Statement In SAR Disclosure Case

A Statement of Interest has been filed by FinCEN in a U.S. District Court case regarding an attempt by two defendants to compel the FDIC to disclose the contents of a filed SAR. Statement 5/12/05

BSA Direct E-Filing Fact Sheet Published

A fact sheet has been published by FinCEN which contains Q& As regarding the BSA Direct E-Filing system. E-Filing Fact Sheet 5/12/05

Reporting Forms Drafts Released

The FFIEC has released drafts of the June 031 and 041 reporting forms. 031 | 041 5/12/05

Regulators Discusses Basel II

In testimony before two House subcommittees, acting Comptroller of the Currency Williams, acting OTS Director Riccobono and FDIC Director Curry discussed the impact of the recent results of the fourth qualitative impact study on the implementation of the Basel II Framework and the bank regulatory agencies' commitment to modernize the current Basel I capital rules for those banks that will not be governed by the Basel II rules.Williams Testimony; | Riccobono Testimony; | Curry Testimony 5/12/05

314a Fact Sheet Updated

FinCEN has updated its 314a Fact Sheet to include data as of May 11, 2005.314a Fact Sheet 5/12/05

FFIEC Issues External Audit Engagement Letters Interagency Advisory

A proposed Interagency Advisory has been issued by the FFIEC on behalf of the federal financial regulators which alerts financial institutions that agreements limiting an auditor's liability for a financial statement audit present safety and soundness concerns. Comments are sought and due on or before June 9, 2005.Advisory; | OCC Bulletin; | OTS; | FDIC FIL; | NCUA 5/11/05

Comments Sought Regarding Proposed Check 21 Survey

The Federal Reserve is seeking comments on a draft of a survey of the implementation of Check 21 and its impact on various aspects of check processing. The survey is required by the Act and a report must be made to Congress by April 27, 2007. The comment deadline is July 8, 2005. Comment Request; | href="http://www.federalreserve.gov/generalinf...p;date=20050510">Submit Comment 5/11/05

23A Exemption Granted

The FRB has issued a legal interpretation granting an exemption to allow a subsidiary bank to make certain guarantees on behalf of and extensions of credit to an affiliate in connection with the affiliate's securities lending program. | 23A Exemption 5/11/05

SCRA Reminder Consumer Affairs Letter Issued

A Consumer Affair Letter has been issued by the FRB to remind financial organizations of their obligations under SCRA. Letter 5/11/05

Interest Rate Shock in Exposure Reports Reinstated

OTS has issued a CEO Letter regarding the reinstatement of the downward 200 basis point interest rate shock in Exposure Reports. CEO Letter 5/11/05

FDIC Releases 2005 Budget Executive Summary

An executive summary of its 2005 Budget has been released by the FDIC. | Summary: | Budget By Categories 5/11/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position to include data as of the end ending May 6, 2005. | Reserve Position 5/11/05

Four Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following banks: The Necedah Bank, Necedah, Wisconsin; Independent Bank, Memphis, Tennessee; American Bank of Commerce, Wolfforth, Texas; and Keystone Nazareth Bank & Trust Company, Bethlehem, Pennsylvania. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 5/10/05

SEC To Release Comment Letters

The SEC has announced that beginning May 12, 2005; it will begin publicly releasing comment letters and response letters relating to disclosure filings made after Aug. 1, 2004. | Comment Letters 5/10/05

CAMELS Working Paper Published

The OCC has published a working paper on the topic of "A Hazard Model of CAMELS Downgrades of Low-Risk Community Banks" which predicts the probability that a low-risk community bank will be downgraded to high-risk status within two years. | Summary; | Full Paper 5/10/05

Assets Reports Released

The FRB has released the April 2005 3.12 U.S. Reserve Assets and 3.13 Foreign Assets Held at Federal Reserve Banks Reports. | Reports 5/10/05

Financial Holding Companies List Updated

The list of bank holding companies that have elected to be treated as financial holding companies as of May 6, 2005 has been published by the FRB. | FHC List 5/10/05

Senior Office Opinion Survey Released

The FRB has released the results of the April 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices that addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. | Survey Results Summary; | Full Report 5/10/05

FRB Final Rule Published in FR on Extensions of Credit

The FRB 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. 70FR24303 (txt) 70FR24303 (pdf) 5/9/05

Williams Discusses Bank Reputation Risk And Ethics

In a presentation before the Conference on Bank Structure and Competition hosted by the Federal Reserve Bank of Chicago, Acting Comptroller Williams noted that there may be no more feared risk than reputation risk for large banking organizations. She also observed while the OCC can't œregulate corporate ethics, the agency will notice and comment on whether a banking organization has a corporate organizational framework, and policies or practices that support, or undermine, sound corporate values and an ethical climate. Speech 5/9/05

OFAC Releases May CMP Information

The May 2005 list of entities assessed CMPs for violations of various OFAC sanction programs has been released and no financial institutions were cited. | CMP 5/9/05

OCC Announces 2005 Fee Changes

The OCC has issued a Bulletin to inform all national banks, federal branches and agencies of revised fees beginning June 6, 2005. A new fee is being added and one eliminated. Revised Fees 5/9/05

FDIC Amends International Banking Rules

A FIL has been issued by the FDIC regarding various amendments and revisions to its international banking rules, effective July 1, 2005. FIL 5/9/05

Consumer Credit Report Released

The FRB has released the G. 19 Consumer Credit Report for March 2005. G. 19 5/9/05

Greenspan Discusses Derivatives Market Risks

In a presentation before the Federal Reserve Bank of Chicago's Forty-first Annual Conference on Bank Structure, Chairman Greenspan expresses his concern of the risks posed by concentration in certain derivatives markets, the use of credit derivatives and the growing role of hedge funds in bearing risk in derivatives markets and the financial system generally. Speech 5/6/05

FDIC Enforcement Actions Announced

The FDIC has released a list of twenty-one orders of administrative enforcement actions taken against banks and individuals in March 2005. The actions included four cease and desist orders, five removal and prohibition orders, seven civil money penalty orders, two orders terminating insurance, and three terminations of cease-and-desist orders. March Enforcement Actions 5/6/05

CRA Rating Released By FDIC

The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA and the ratings assigned to institutions in February 2005. CRA Ratings 5/6/05

ID Theft Symposium Video Available

The FDIC has made the video of the Identity Theft Symposium: Fighting Back Against Phishing and Account Hijacking available online. The video includes three panel presentations by experts from federal and state government, the banking industry, and consumer organizations, who discuss current efforts to combat phishing, account hijacking and other forms of identity theft. Video 5/6/05

Palestinian Islamic Jihad Charity Added To SDN List

OFAC has designated a charitable front for the Palestinian Islamic Jihad as a SDGT and added it to the SDN list. Information regarding the addition has been posted on the BOL OFAC page. 5/5/05

Regulators Issue Loan Commitment Accounting Guidance

The federal regulators have issued an Interagency Advisory on Accounting and Reporting for Commitments to Originate and Sell Mortgage Loans. The advisory provides guidance on the appropriate accounting and reporting for both derivative loan commitments and forward loan sales commitments. Advisory; | FRB SR; | OCC Bulletin; | FDIC FIL; | OTS CEO Ltr; | NCUA Accounting Bulletin 5/4/05

OTS CRA Ratings Released

OTS has released its CRA Performance Evaluations for thrifts that became publicly available in March and April 2005. | March Ratings; | April Ratings 5/4/05

2005 Thrift Financial Report Form Online

OTS has posted the 2005 Thrift Financial Report Form 1313 online. | Form 1313 5/4/05

FOMC And Board Raise Rates

The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors unanimously approved a 25-basis-point increase in the discount rate. | Rates 5/4/05

Financial Holding Company List Released

The FRB has released the list of bank holding companies that have elected to become or be treated as financial holding companies as of April 29, 2005. List 5/4/05

Two FEDS Working Papers Published

Two new working papers in the FEDS series have been published by the FRB on the topics of: œBranch Banking, Bank Competition, and Financial Stability and œA Review of Backtesting and Backtesting Procedures. Branch Banking; | Backtesting 5/4/05

Fedflash Highlights Operations

The May 2, 2005 issue of Fedflash features national and district operations news regarding FedACH Service enhancements, Board resolutions required prior to FedLine Advantage conversion, and the District restructuring impact on hold periods for consumer checks. FedFlash 5/4/05

International Reserve Position Update

Treasury has posted the U.S. International Reserve Position for the week ending April 29, 2005 | Reserve Position 5/4/05

FinCEN Chief Counsel Issues BSA Safe Harbor Opinion

An opinion has been issued by FinCEN Chief Counsel Starr regarding the applicability of the BSA Safe Harbor provisions following a SAR notification to law enforcement. Opinion 5/3/05

HMDA FAQs Bulletin Issued

The OCC has issued a Bulletin regarding the previously announced the interagency HMDA FAQs that address the new home loan price data. Information concerning the FAQs was posted in the April 1, 2005 BOL Top Stories.
OCC Bulletin 5/3/05

Market Financing Estimates Announced By Treasury

Treasury has announced its marketing finance estimates for the second and third quarters of 2005. Estimates 5/3/05

FYI Home Prices Update

In February 2005, the FDIC released an FYI report containing an article that examined the historical pattern of home price booms and busts for U.S. metropolitan areas. The new issue of FYI updates the home price analysis from the previous article, using recently released 2004 data for the HPI published by OFHEO. FYI 5/3/05

PALS Panelists Discuss Market Initiatives

Credit union leaders from 35 states attended the 10th PALS workshop in St. Louis and shared a wide variety of success stories proving that reaching new markets really is good business. PALS Workshop 5/3/05

April 2005 Foreign Exchange Rates Released

Treasury has released the G.5 Foreign Exchange Rates report for April 2005. G.5 5/3/05

FRB Issues 2004 Annual Report

The FRB has issued its 91st Annual Report which discusses operations of the Board during the year; provides minutes of FOMC meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps of the System's District and Branch boundaries. Full Annual Report; | Report By Section 5/3/05

NCUA Publishes Response Programs Rule

The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005. PDF TXT  4/21/05

Basel II Rule Delayed

The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

Written Agreement Announced With Venezuelan Bank

The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta. Written Agreement  5/02/05

Reg Y Legal Interpretation Issued

A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y. | Interpretation  5/02/05

FDIC to Hold ID Theft Symposiums

The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

Agricultural Finance Databook Published

The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

FEDS Working Paper Released

The FRB has released a working paper in the FEDS series on the topic, œTemporary Partial Expensing in a General-Equilibrium Model. Working Paper  5/02/05

FRB Issues 2005 Annual Budget Review Report

The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

NCUA Schedules Summit

NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

NCUA Publishes Response Programs Rule

The NCUA has published in the Federal Register a final rule requiring federally insured credit unions to include response programs to address instances of unauthorized access to member information in their security programs. The rule is effective June 1, 2005.
PDF TXT  4/21/05

Basel II Rule Delayed

The four federal banking agencies have announced a delay in publication of notice of proposed rulemaking with respect to U. S. implementation of Basel II in order to assess the results of a recently completed quantitative impact study. FRB PR; OCC NR; FDIC NR; OTS NR  5/02/05

Written Agreement Announced With Venezuelan Bank

The FRB has announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency; Banco Industrial de Venezuela, C.A. Miami Agency; the New York State Banking Department; the State of Florida Office of Financial Regulation; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta.
Written Agreement  5/02/05

Reg Y Legal Interpretation Issued

A Legal Interpretation has been issued by the FRB which indicates that a certain package of services to customers would be within the scope of permissible data processing and data transmission activities under Regulation Y.
Interpretation  5/02/05

FDIC to Hold ID Theft Symposiums

The FDIC is sponsoring identity theft symposiums in Atlanta, Los Angeles, and Chicago. The symposiums will focus on fighting back against phishing and account hijacking in addition to exploring ways to further educate consumers about the problem. Symposiums  5/02/05

Agricultural Finance Databook Published

The March 2005 E.15 Agricultural Finance Databook has been published by the FRB. Ag Finance Databook  5/02/05

FEDS Working Paper Released

The FRB has released a working paper in the FEDS series on the topic, “Temporary Partial Expensing in a General-Equilibrium Model”. Working Paper  5/02/05

FRB Issues 2005 Annual Budget Review Report

The FRB has issued its 2005 Annual Budget Review Report that covers budgeted expenses of the Reserve Banks for 2005, the 2005 phase of the Board's current two-year (2004-05) budget, and income and expenses for 2004. Budget Report  5/02/05

NCUA Schedules Summit

NCUA has announced that it will sponsor an Access Across America Economic Empowerment Summit in Los Angeles, CA on Tuesday, June 28, 2005. The free, one-day event will focus on federal resources available to credit unions. Summit  5/02/05

Regulators Issue FAQs On CIP

The federal bank, thrift, and credit union regulators, along with FinCEN and Treasury, have issued a new Interagency Interpretive Guidance on Customer Identification Program Requirements under Section 326 of the USA PATRIOT Act. Read the BOL Special Briefing to see how it might impact your CIP practices and procedures.
Guidance; FDIC FIL; OCC Bulletin; FRB SR Ltr; FinCEN  4/29/05

Two Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit cashier’s checks drawn on the First Bank and Trust, New Orleans, Louisiana and Citizens Community Federal, Eau Claire, Wisconsin. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/28/05

Preliminary Call Report And TFR Data Released

The March 31, 2005 Preliminary Call Report and Thrift Financial Report data has been released by the FDIC.
Reports  4/28/05

Liberian Individuals And Entities Added To SDN List

OFAC has added four individuals and thirty entities linked to Viktor Bout, an international arms dealer and war profiteer, to the SDN List with the Liberia designation. One of the new additions is Daytona Pools, Inc. of Richardson, Texas. Information on all of the listings has been posted on the BOL OFAC page.  4/27/05

Guidance Clarifies Risks Of Providing Service To MSBs

The Federal Banking Agencies have issued an interpretive guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to MSBs. FinCEN also has issued a concurrent advisory to MSBs to emphasize their BSA obligations and to notify them of the types of information that they will be expected to provide to a banking organization in the course of opening or maintaining account relationships. For more information, read the BOL MSB Special Guidance Report. Banking Guidance; FRB SR Ltr; OCC Bulletin; FDIC FIL; OTS CEO Ltr; NCUA NR; MSB Guidance   4/27/05

Williams and Fox Discuss BSA In MSB Context

In testimony before the Senate Banking Committee Acting Comptroller of the Currency Williams and FinCEN Director Fox discussed the implementation of the BSA as it applies to MSBs. Williams Oral Statement; Williams Testimony; Fox Oral Statement; Fox Testimony  4/27/05

FDIC 2004 Annual Report Issued

The FDIC has issued its annual report for 2004. 2004 Annual Report   4/27/05

Money Smart News Spring 2005 Issue Published

The Spring 2005 issue of Money Smart News has been published by the FDIC. Money Smart News    4/27/05

FDIC Sets Performance Targets

The FDIC has released its 2005 Corporate Annual Performance Plan which sets out specific annual performance goals, indicators and targets for each of FDIC’s three major business lines – Insurance, Supervision, and Receivership Management. Performance Plan  4/27/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position to include data as of the week ending April 22, 2005. International Reserve position.   4/27/05

Counterfeit Cashier's Checks Special Alert

A Special Alert has been issued by the FDIC regarding counterfeit cashier’s checks drawn on Greene County Bank, Greenville, Tennessee. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/26/05

OCC Updates Licensing Manual

"A Guide to the National Banking System" in the Comptroller’s Licensing Manual series has been revised and is available on the OCC’s Internet site. Guide  4/26/05

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between the Civitas BankGroup, Inc., Franklin, Tennessee, and the Federal Reserve Bank of Atlanta. Written Agreement  4/26/05

MSB Registration List Updated

FinCEN has updated the MSB Registration List to include all registrants from December 2001 to April 2005.
MSB List   4/26/05

April Issue FedFocus Published

FRB Financial Services has published the April 2005 issue of FedFocus which highlights the challenges posed by risks in an electronic world. April FedFocus  4/26/05>

Technical Amendments to Reg CC published

Amendments to appendix A of Regulation CC were published in the Federal Register. The amendments delete the reference to the Salt Lake City branch office of the Federal Reserve Bank of San Francisco and reassign the Federal Reserve routing symbols currently listed under that office to the Denver branch office of the Federal Reserve Bank of Kansas City. PDF TXT   4/25/05

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks bearing the name of Security First Bank of North Dakota, New Salem, North Dakota. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  4/25/05

Unauthorized Banking Alert

A Special Alert has been issued by the FDIC regarding the Caribbean International Bank, also known as Caribbean International Credit & Trust, an entity that may be conducting unauthorized banking activities. In addition, the OCC has published an updated aggregate list of unauthorized financial institutions.
Caribbean International Bank;
List  4/25/05

New Edition Bank Accounting Advisory Series Published

The OCC has published the April 2005 edition of the Bank Accounting Advisory Series which contains the views of the OCC Office of the Chief Accountant on accounting topics of interest to national banks. Advisory Series  4/25/05

FILs Regarding OFAC SDNs Issued

The FDIC has issued two FILS regarding previously announced changes to the OFAC list concerning SDNs and Blocked Persons. Information regarding the changes was posted April 18, 2005 on the BOL OFAC page. FIL 1; FIL 2  4/25/05

Latvian Banks Designated Primary Money Laundering Concerns

Treasury has utilized powers granted by section 311 of the USA PATRIOT Act to designate two Latvian financial institutions, Multibanka and VEF Bank, as "primary money laundering concerns." FinCEN also issued proposed rules that will prohibit U.S. financial institutions from establishing, maintaining, administering or managing any correspondent account in the U.S. for or on behalf of the two banks.
Treasury Action;
Multibanka NPR;
VEF Bank NPR 4/22/05

Flood Violations Resulting In CMPs

The FRB has issued a $46,050 CMP against The Bank, Warrior, Alabama, and a $22.300 CMP against Irwin Union Bank, Columbus, Indiana for alleged violations of Reg H.
The Bank;
Irwin Union 4/22/05

Greenspan Issues Deficit Warning

In a presentation before the Senate Budget Committee, Chairman Greenspan warned that unless the trend of increasing deficits is reversed, they would cause the U. S. economy to stagnate or worse. He noted, that “crafting a budget strategy that meets the nation's longer-run needs will become ever more difficult the more we delay.”
Speech 4/22/05

More IFDP Working Papers Published

The FRB has published two additional working papers in the IFDP series on the topics of: A Flexible Finite-Horizon Identification of Technology Shocks; and Exchange Rate Pass-through to U.S. Import Prices: Some New Evidence.
Technology Shocks;
Exchange Rate 4/22/05

FDIC

publishes correction to Final Rule first published in Federal Register on April 6, 2005, corrects the final rule by adding the regulations in subpart C of part 347 to the regulatory text. PDF TXT  4/21/05

FRS

published correction to Final Rule which amends a footnote reference in the text of 12 CFR part 225, Appendix A. Published in FR 4/21/05PDF TXT   4/21/05

Regulators Respond To BSA “Zero Tolerance” Questions

The Federal banking regulators have issued a reply to a letter from the ABA and state banking associations regarding the enforcement of BSA and the so-called “zero tolerance” policy. Response; ABA Letter   4/21/05

OTS Issues CRA Ratings

The CRA evaluation ratings for the savings associations became publicly available during March 2004 have been issued by OTS. CRA Ratings  4/21/05

OCC Releases CRA Family Income Data

The OCC has released a Bulletin regarding the U.S. Census and 2005 HUD estimated median family incomes for MSAs, MDs, and nonmetropolitan portions of each state which are used to determine 2005 borrower income levels in CRA performance evaluations. Bulletin; Data  4/21/05

New Electronic Interpretations and Actions Announced

The OCC has announced new Electronic Interpretations and Actions for April 2005. Electronic Interpretations  4/21/05

Beige Book Update Published

The FRB has published new edition of the Beige Book based on information collected on or before April 11, 2005. Beige Book Summary; Beige Book Full Report   4/21/05

IFDP Working Papers Released

The FRB has released two new working papers in the IFDP series on the topics, Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data; and Adjusting Chinese Bilateral Trade Data: How Big is China's Trade Surplus. Order Flow; Adjusting Chinese   4/21/05

NCUA proposes to revise its member business loans (MBL) rule

to clarify the minimum capital requirements a federally insured corporate credit union (Corporate CU) must meet to make unsecured MBLs to
its members other than member credit unions and corporate credit union service organizations (Corporate
CUSOs). PDF TXT  4/20/05

CRA Evaluations Released

The OCC has released the CRA evaluations for thirty-two national banks that became public during the period of March 15, 2004 through April 14, 2005. CRA   4/20/05

OCC Announces Enforcement Actions

Fifteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions have been announced by the OCC. Enforcement Actions   4/20/05

2005 TFR Instruction Manual Published

OTS has published the 2005 TFR Instruction Manual, which contains three hundred and fifty pages. TRF Manual  4/20/05

Fed Districts Continue Check Processing Changes

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 Tenth and Twelfth Districts. Reg CC Amendments   4/20/05

International Reserve Position Update

Treasury has updated the U.S. International Reserve Position for the week ending April 15, 2005. International Reserve position   4/20/05

SDN List Changes Made

OFAC has made changes to an existing listing on the SDN List. Information regarding the changes has been posted on the BOL OFAC page.  4/19/05

HOEPA May 2005 Reference Rate Published

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application. Daily H. 15 Rate; Weekly H. 15 Rate   4/19/05

New Look For Financial Education Web Site

The FRB has redesigned its financial education web site which has material intended for the general public, as well as materials specifically geared toward teachers, high school and college students. The site features include: easier access to free educational materials, a teacher resource search engine, personal financial education, as well as new multilevel games for various ages and knowledge levels. Education Web Site  4/19/05

Five FEDS Papers Published

The FRB has published five working papers in the FEDS series on the following topics: Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry; The Effects of Competition from Large, Multimarket Firms on the Performance of Small, Single-Market Firms: Evidence from the Banking Industry; The Effects of Local Banking Market Structure on the Banking-Lending Channel of Monetary Policy; Are Firms or Workers Behind the Shift Away from DB Pension; and Yesterday's Bad Times are Today's Good Old Times: Retail Price Changes in the 1890s were Smaller, Less Frequent, and More Permanent
Tracking; Competition; Local Banking; Firms; Yesterday’s  4/19/05

Fourth Quarter 2004 Review of Interest Rate Risk Released

OTS has released Volume 9, Issue 4 of The Quarterly Review of Interest Rate Risk for the fourth quarter 2004. Quarterly Review   4/19/05

Asset & Liability Price Tables Issued

The Asset & Liability Price Tables for the first quarter 2005 have been issued by OTS. Tables  4/19/05

IDIG Available On CD-Rom

The FDIC has announced that the Inventory of Deposit Insurance Guidance (IDIG) is available on one CD-ROM and provides bankers all of the resources on the FDIC's rules and requirements for deposit insurance coverage in a categorized, searchable format. IDIG Order Form  4/18/05

New Issue Of SAR Activity Review Published

The eighth issue of the SAR Activity Review Trends, Tips, and Issues has been published. In a new section, “Director’s Forum”, Director Fox addresses the need for greater clarity and consistency in the application of suspicious activity reporting. SAR Review   4/18/05

February International Capital Data Released

Treasury has released the International Capital Data report for February 2005. International Capital  4/18/05

Treasury Issues March G.17

The G.17 Industrial Production and Capacity Utilization Report for March 2005 has been released by Treasury.
G. 17  4/18/05

Inaugural Issue Of FedFlash

The first issue of FedFlash, a new source for the latest Federal Reserve Financial Services operational news, has been published. Each bulletin will report on of issues critical to day-to-day operations, provide national and District updates regarding Fed products and services, processes, technical protocols and contact information.
FedFlash   4/18/05

National Average Cost of Funds Reports Released

OTS has released the historical and current National Average Cost of Funds Ratio to OTS Regulated, SAIF - Insured Institutions reports. Historical; Current  4/18/05

Bulletin Issued Regarding Customer Notification Procedures Interagency Guidance

The OCC has issued a Bulletin regarding the previously announced “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice" that states that financial institutions should develop and implement a response program to address security breaches involving customer information, including customer notification procedures. Information concerning the guidance was posted in the March 29, 2005 BOL Top Stories. Bulletin 4/15/05

Counterfeit Cashier’s Check Alert

An Alert has been issued by the OCC regarding counterfeit cashier’s checks drawn on the Bankers Trust Company, N.A., Des Moines, Iowa. Information regarding the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/14/05

Al-Zarqawi Financier Added To OFAC List

Treasury has announced that an individual has been designated as an SDGT and added to the OFAC SND list for providing financial support to the Zarqawi Network, an al Qaida-affiliated terrorist group active in the insurgency in Iraq. Information regarding the addition has been posted on the BOL OFAC page. 4/14/05

Bulletin Issued Regarding ABCP Programs

The OCC has issued a Bulletin concerning a previously announced Interagency Guidance which allows banks whose internal risk rating systems qualify to use internal ratings applied to their unrated direct credit substitutes extended to ABCP programs when calculating regulatory capital. Information regarding the Guidance was posted in the March 31, 2005 BOL Top Stories. Bulletin 4/14/05

International Reserve Position Update

Treasury has issued an update to the U.S. International Reserve Position for the week ending April 8, 2005.
Update 4/14/05

OTS To Hold Financial Management Seminars

The OTS will hold a series of Financial Management Seminars in various mid-western locations during June 2005.
Invitation;
Meeting Information;
Discussion Topics;
Registration Form 4/14/05

Court Rules On Motion In Unlicensed Money Transmitter Case

A Michigan U.S. District Count has rejected a defendant’s motion to dismiss his indictment for violation of federal law by conducting an unlicensed money transmitting business. The defendant is charged with the transmittal within the U.S. and abroad of at least $4,000,000. Court Ruling 4/14/05

CRA Final Rule Issued

The Federal financial regulating agencies have jointly issued a final rule on CRA. The rule adopts changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas, census tracts designations, and the FRB's Regulation C. It also makes a correction to a cross-reference within the CRA regulations.
Joint Final Rule;
OCC Bulletin 4/13/05

Counterfeit Cashier’s Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier’s checks drawn on the Riverside Bank, Marietta, Georgia. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alert’s & Counterfeits page. 4/13/05

Parent of Converting Bank Retains Rights

The FRB has issued a legal opinion to Leucadia National Corporation opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act.
Opinion 4/13/05

FOMC Minutes Released

The minutes of the FOMC meeting held on March 22, 2005 have been released.
Minutes 4/13/05

Finance Companies Report Issued

The G. 20 report of Finance Companies Owned and Managed Receivables Outstanding for February 2005 has been issued.
G. 20 4/13/05

Counterfeit Cashier’s Checks Alert

The OCC has issued an Alert regarding counterfeit cashier’s checks drawn on the First National Bank & Trust Co. of Ada, Oklahoma, n/k/a Vision Bank, N.A. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/12/05

CRA Assigned Ratings Information

OTS has issued a Bulletin which contains information regarding the previously announced Final Rule which allows savings institutions select a combination of weighted components to that will be utilized to determine its CRA rating. Information concerning the Final Rule was posted on BOL Top Stories on March 1, 2005.
Bulletin
Final Rule 4/12/05

Powell Discusses Minimum Capital Requirements

In a presentation before a derivatives conference co-sponsored by the FDIC, Cornell University and the University of Houston, Chairman Don Powell commented on the relationship between the new Basel capital framework and the leverage capital requirement mandated by FDICIA.
Speech 4/12/05

Basel II White Paper Published

A white paper entitled “An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization” has been published by the FRB.
White Paper 4/12/05

International ACH Funds Availability Time To Improve

The FRB and Banco de Mexico have announced that beginning in July 2005 the funds availability on ACH payments from the U.S. to Mexico will improve from two days to one day at no additional charge to the financial institutions involved in the transaction.
Funds Availability 4/12/05

ACH Risk Management Service Announced

The FRB has announced that it plans to offer to originating banks an ACH risk management service, know as FedACH Risk. The new service will be piloted during the fall of 2005 with plans to be generally available in 2006 and will banks to monitor payments originated by corporate customers in real time.
FedACH Risk 4/12/05

FDIC First Quarter Letter To Stakeholders

The FDIC has issued an FIL announcing the publication of its First Quarter 2005 Letter to stakeholders, which reports on the priorities and activities for the first quarter of 2005.
FIL;
Stakeholder Letter 4/12/05

OCC Revises Investment Booklet

The revised “Investment in Subsidiaries and Equities” booklet of the Comptroller’s Licensing Manual series is available on the OCC’s Internet site. The revisions incorporate many regulatory and policy changes, such as, establishing a financial subsidiary; performing insurance activities pursuant to 12 U.S.C. 92; making a noncontrolling investment; or filing the annual operating subsidiary report.
Investment Booklet 4/11/05

Counterfeit Cashier’s Checks Special Alert

The OCC has issued a Special Alert regarding counterfeit cashier’s checks drawn on First Federal Savings & Loan Association of Charleston, Charleston, South Carolina. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page. 4/11/05

Greenspan Discusses Consumer Finance

In remarks at the FRS’s Fourth Annual Community Affairs Research Conference in Washington, D.C., Chairman Greenspan noted that the consumer finance industry is central to the functioning of a robust consumer sector. He also observed that innovation and structural change in the financial services industry have been critical in providing expanded access to credit for the vast majority of consumers.
Speech 4/11/05

FinCEN Withdrawals AML Advisories

FinCEN has announced the advisories concerning transactions regarding the Philippines and The Cook Islands have both been withdrawn due to the implementation of significant reforms to each country’s counter-money laundering systems.
Philippines;
The Cook Islands 4/11/05

Justice Department Takes Action In SAR Disclosure Case

The U. S. Department of Justice has filed a Statement of Interest in the case of Wuliger vs. OCC, being heard in an Ohio U. S. District Court. The litigation involves an attempt by a private party to compel the OCC to provide him a SAR.
Statement 4/8/05

Unauthorized Banking Alert Issued

The OCC has issued an Alert regarding unauthorized banking activities being conducted by Caribbean International Bank of Bridgetown, Barbados, also known as Caribbean International Credit & Trust, which has not been licensed to operate as a bank in Barbados or the United States.
Alert 4/8/05

February Consumer Credit Report Released

The FRB has released the G.19 Consumer Credit Report of February 2005.
G.19 4/8/05

Assets Reports Issued

The 3.12 U.S. Reserve Assets Report and the 3.13 Foreign Official Assets Held at Federal Reserve Banks Report for February 2005 have been issued by the FRB.
Assets Reports 4/8/05

March Financial Reporting Bulletin Published

OTS has published the March 2005 issue of the Financial Reporting Bulletin which contains a list of filing deadlines, information on new software, and TRF Manual updates.
Bulletin 4/8/05

Bulletin Issued Regarding Amendments Proposed to Regulations CC And J

The OCC has issued a Bulletin regarding the previously announced proposal by the FRB to amend Reg CC and Reg J. Information concerning the amendments was posted in the March 4, 2005 BOL Top Stories.
Bulletin;
Proposal 4/7/05

Overdraft Protection Program Bulletin

A Bulletin has been issued by the OCC concerning the previously announced issuance by the federal financial regulators of a Joint Guidance on Overdraft Protection Programs. The issuance of the Guidance was reported in BOL Top Stories on February 24, 2005.
Bulletin;
Guidance 4/7/05

Greenspan Discusses Role Of GSEs

In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, FDIC Chairman Greenspan discussed the role of housing-related government-sponsored enterprises (GSEs) in our economy. He remarked that a recent study by FRB found no link between the size of the GSE portfolios and mortgages rates. He stated that the GSEs need a regulator with authority on a par with banking regulators.
Speech 4/7/05

Spring 2005 State Profiles Published

The FDIC has published the Spring 2005 State Profiles which provide a quarterly summary of state banking and economic conditions.
State Profiles 4/7/05

April 2005 Issue Financial Connection Available
The FMS has published the April 2005 issue of Financial Connection and posted it online. Topics include: Transaction Reporting System: Changing the face of collection; Direct deposit, e-file popularity grows among federal income tax filers; Debt call center improves service for Spanish-speaking customers; Uncollectible debt: How to be a terminator; and Cash or check won't do? Consider US Debit Card.
Financial Connection 4/7/05

FDIC's International Banking Regs Amended

FDIC has adopted amendments to its international banking regulations in conformity with reg burden reduction efforts under EGRPRA. The changes affect address relocation of U.S. branches of foreign banks, adoption of a risk-based asset pledge requirement, and exam requirements for foreign banks that own branches or subsidiaries seeking FDIC insurance. 70FR17549 (txt) 70FR17549 (pdf) 4/7/05

CRA Ratings Released

The FDIC has released the ratings given to state nonmember banks evaluated in January 2005 for compliance with the CRA.
CRA Ratings 4/6/05

SEC And Connecticut Banking Department Announce Enforcement Actions

The Connecticut Department of Banking and the SEC have announced that they have taken actions against David M. Faubert, of Avon, Connecticut. The Connecticut Department of Banking has issued an order suspending his agent’s license and the SEC has obtained a temporary restraining order and a freeze of his assets. Mr. Faubert allegedly defrauded approximately 15 Connecticut residents of upwards of $4 million.
Actions 4/6/05

Greenspan On Energy

In a presentation before the National Petrochemical and Refiners Association Conference, in San Antonio, Texas, Chairman Greenspan noted that while it is not possible to judge with certainty how technological possibilities will play out in the future, but we can say with some assurance that developments in energy markets will remain central in determining the longer-run health of our nation's economy.Speech 4/6/05

AML Anti-Terrorism Symposium To Be Co-Sponsored By Agencies

FinCEN and the FDIC have announced that they will co-sponsor a half-day symposium on "Anti-Money Laundering and Anti-Terrorist Financing" on April 6 at the Hyatt Hotel in Austin, Texas. Interested participants are directed to contact the FDIC.
Symposium Information 4/5/05

NCUA Sends Risk-Based Reform Proposal To Congress

NCUA has delivered a report entitled “Prompt Corrective Action Proposal for Reform” to Congress which details recommended statutory changes and provides a proposal as to how NCUA would design a new risk-based system for federally insured credit unions.
Summary;
Proposal 4/5/05

International Reserve Position released

Treasury has released the U.S. International Reserve Position for the week ending April 1, 2005.
Reserve Position 4/5/05

Fraudulent and Counterfeit Cashier’s Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding fraudulent checks drawn on The Bankers Bank, Atlanta, Georgia, and counterfeit checks drawn on TCF National Bank, Wayzata, Minnesota. Information concerning the fraudulent checks and the counterfeits cashier’s checks has been posted on the BOL Alert’s & Counterfeits page.
4/4/05

Four FIs Assessed OFAC Penalties

OFAC has released the Civil Penalties Enforcement Actions for April 1, 2005. Four financial institutions were cited for violations of various Sanctions Programs and assessed CMPs ranging from $2,586.44 to $40,423.00.
CMP 4/4/05

March Foreign Exchange Rates Announced

The FRB has issued the G.5 Foreign Exchange Rates release for March 2005.
G.5 4/4/05

Self-Insured Depositors Working Paper Published

The FDIC has published a working paper with the title: “FDIC-Sponsored Self-Insured Depositors: Using Insurance to Broaden Market Discipline and Strengthen Bank Funding”.
Working Paper 4/4/05

FFIEC Annual Report Issued

The FFIEC has issued its 2004 Annual Report.
Annual Report 4/4/05

Agencies Release HMDA FAQs

The federal bank, credit union, and thrift supervisory agencies, along with HUD, have released a set of FAQs that address the new home loan price data disclosed this year for the first time under HMDA. The FAQs will aid users of the data with their evaluation and interpretation of the data, and will be posted on each of the agencies’ websites. FRB; FDIC; OCC; OTS; NCUA; HUD  4/01/05

FDIC Issues Counterfeit Cashier’s Checks Special Alerts

Two Special Alerts have been issued by the FDIC regarding counterfeit cashier’s checks drawn on Silver State Bank, Henderson, Nevada and Community First National Bank, Fargo, North Dakota. Information concerning the counterfeit cashier’s checks has been posted on the BOL Alerts & Counterfeits page.  4/01/05

FDIC Examination Policies Manual Available Online

The FDIC has posted its Manual of Examination Policies on its Web site. Manual  4/01/05

C & D Issued Against Florida BHC

The FDIC has issued a Cease and Desist Order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. Order   4/01/05

Country Exposure Reports Released

The FFIEC has released the E.16 Country Exposure Statistical Release and the Country Exposure Information Report for December 31, 2004. E.16; Information Report  4/01/05

FDIC Publishes Interim Final Rule in Federal Register

regarding non-member insured banks with securities. They are now required to be registered under section 12 of the Securities Exchange Act of 1934 (Exchange Act). The interim final rule reflects amendments to the Securities Exchange Act of 1934 made by the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act), and accommodates certain operational changes within the FDIC. PDF TXT  3/31/05

Regulators Issue MSB Expectations Statement

FinCEN and the federal financial institution regulators have issued a joint statement regarding their expectations regarding banking institutions' obligations under BSA for MSBs. The statement provides that BSA does not require and the regulators do not expect banking institutions to serve as the de facto regulator of the MSB industry. In addition, guidance on relationships with MSBs will be issued shortly that will outline compliance expectations. Statement; Treasury Comments; FRB SL; OCC; FDIC FIL; NCUA NR   3/31/05

Counterfeit Cashier's Checks Special Alerts issued

Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks drawn on Sky Bank, Salineville, Ohio, and Peoples Bank, N.A., Marietta, Ohio. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.   3/31/05

Survey of Terms of Business Lending Report Released

The FRB has released the E.2 Survey of Terms of Business Lending Report for February 7-11, 2005.
E.2   3/31/05

FIDC Brochures Available In Korean And Chinese

The FDIC has announced that two popular FDIC brochures on deposit insurance coverage are now available in Korean and Chinese. FIL; Brochures   3/31/05

FRB Issues ABCP Guidance SL

A SL has been issued by the FRB regarding the previously announced interagency guidance concerning the amendment by the federal banking regulators of the Securitization Capital Rule. The guidance clarified how banking organizations are to use internal ratings that they assign to asset pools purchased by their ABCP programs in order to risk weight appropriately any direct credit substitutes extended to such programs.
Guidance FRB SL   3/31/05

FRS Publishes Final Rule in Federal Register

(Reg. A) extending credit by Federal Reserve Banks adopting final amendments to 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  3/30/05

FDIC Enforcement Actions Announced

Twenty-seven Enforcement Actions taken against banks and individuals in February 2005 have been announced by the FDIC. The actions include two cease and desist orders, one written agreement, thirteen removal and prohibition orders, eight civil money penalty orders, one termination of insurance, and two terminations of cease-and-desist orders. Enforcement Actions  3/30/05

Stock Options FASB Guidance Issued

The SEC's Office of the Chief Accountant and its Division of Corporation Finance have released of a Staff Accounting Bulletin relating to the FASB accounting standard for stock options and other share-based payments. The SEC staff believes the interpretive guidance will assist both public entities, investors and other users of financial statements in analyzing information. Bulletin   3/30/05

International Reserve Position

Treasury has released the U.S. International Reserve Position for the week ending March 25, 2005. Reserve Position  3/30/05

Finance Companies Reports Issued

The January 2005 G.20 Finance Companies Report regarding owned and managed receivables outstanding and auto loans: terms of credits has been issued by the FRB. G.20  3/30/05

HUD Publishes Interim Final Rule in Federal Register

This rule makes available a new adjustable rate mortgage (ARM) product. It enables the Secretary to insure five-year hybrid ARMs with interest rates adjustable up to two percentage points annually (this type of mortgage is known as a 5/1 ARM). The lifetime cap on annual interest rate adjustments for five-year ARMs is set at six percentage points. PDF TXT  3/29/05

OCC, FRS, FDIC, OTC Publishes Final Rule in Federal Register.

This interpretation guidance of the Gramm-Leach-Bliley Act (GLBA)is being published as a supplement to the Security Guidelines in the Code of Federal Regulations in order to make the interpretation more accessible to financial institutions and to the general public. It clarifies the responsibilities of financial institutions under law. OTS is also making a conforming, technical change to its Security Procedures Rule. PDF TXT  3/29/05

Names Removed From OFAC List

OFAC has announced that the names of seven individuals designated as SDNTs have been removed from the SDN list. Information regarding the removed names has been posted on the BOL OFAC page  3/29/05.

Regulators Proposed Changes To Credit Classifications

The federal bank and thrift regulatory agencies have requested comment on proposed changes to the supervisory framework for the classification of commercial credit exposures that would replace the current commercial loan classification system categories: "special mention," "substandard," and "doubtful".
Interagency Proposal; FRB PR; OCC NR; FDIC FIL; OTS PR  3/29/05

OCC, FRB, FDIC, OTC Publishes Interim Final Rule in Federal Regsiter

This joint final rule implements the Community Reinvestment Act (CRA) with changes in: the Standards for Defining Metropolitan
and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget (OMB) in
December 2000; census tracts designated by the U.S. Census Bureau (Census); and the Board's Regulation C,
which implements the Home Mortgage Disclosure Act (HMDA). PDF TXT  3/28/05

Historical List Of Unauthorized Banking Alerts Issued

The OCC has issued an alphabetical list of all Alerts issued regarding unauthorized banking from 1996 to present. Alert List  3/28/05

West Virginia Credit Union Closed

The Randolph County Federal Credit Union of Elkins, West Virginia, has been liquidated by NCUA and checks representing share deposits will be issued within one week to the members. Randolph County  3/28/05

Minority-Owned Banks Report Released

A list, sorted by state, of minority-owned banks as of December 31, 2004, has been released by the FRB.
Minority-Owned  3/28/05

FCRA Prescreen Opt-Out Disclosure Final Rule

The OCC has issued a Bulletin regarding a Final Rule previously published by the FTC which seeks to improve the required notice to consumers regarding their right to opt out of prescreened solicitations for credit or insurance. The rule becomes effective August 1, 2005, and requires that each prescreened offer contain a short notice that provides basic opt-out information, a toll-free number to call to opt out, and a separate long notice that provides additional information. It also establishes criteria relating to location, type size, manner of presentation, and other matters for both notices. Model notices in English and Spanish are provided.
Bulletin;
Final Rule 3/25/05

Counterfeit Cashier's Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit cashier's checks drawn on Alaska Pacific Bank, Juneau, Alaska and First Hawaiian Bank, Honolulu, Hawaii. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/23/05

March Report Form Instructions Posted

The instructions for preparation of FFIEC 031 and FFIEC 041 March 2005 reporting forms have been posted online.
Instructions 3/23/05

Agencies Issue FAQ On Appraisal Regulations

In response to questions from regulated institutions about the agencies' real estate appraisal regulations, the federal banking agencies have issued a FAQ which address common questions on the requirements of the appraisal regulations and the October 2003 Interagency Statement on Independence of Appraisal and Evaluation Functions.
FAQ;
October 2003 Statement;
FRB SL;
OCC Bulletin;
FDIC FIL 3/23/05

CRA Exam Schedule Released

OTS has released its CRA examination schedule for the Second Quarter 2005.
Exam Schedule 3/23/05

International Reserve Position Updated

Treasury has updated the U.S. International Reserve Position for the week ending March 18, 2005.
Reserve Position 3/23/05

FOMC And BOG Raises Rates

The FOMC has announced its decision to raise the target for the federal funds rate by 25 basis points to 2-3/4 percent. In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 3-3/4 percent.
Rates 3/23/05

Helping Hispanic Customers Bridge Homeownership Information Gap

The March 2005 issue of FYI focuses on ways financial institutions can assist their Hispanic customers and other in the Hispanic community by providing information concerning ways to achieve homeownership.
FYI 3/23/05

Bulletin Issued Regarding Proposed CRA Changes

The OCC has issued a Bulletin regarding the previously announced interagency proposal to revise CRA regulations. Information concerning the revisions was posted on the March 11, 2005 BOL Top Stories. Bulletin 3/22/05

Comptroller Urges Bankers To Adjust Ways They Monitor Loan Risk

In a presentation before the BAI National Loan Review Conference, Acting Comptroller Williams noted that retail lending has undergone a dramatic transformation in recent years and urged bankers to respond by altering the way they think about consumer credit and to adopt new approaches to managing it.
Speech 3/22/05

FDIC Issues Ombudsman Report

The FDIC has published the second in a series of periodic reports to financial industry representatives designed to provide current information about the activities of the FDIC Office of the Ombudsman.
Report 3/22/05

Inflation Volatility Working Paper Published

The FRB has published a working paper in the IFDP series on the topic of “Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits”.
Working Paper 3/22/05

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Neffs National Bank, Neffs, Pennsylvania. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/21/05

Interagency Guidance Issued Regarding Notice Of Information Release

The federal financial regulatory agencies have issued an interpretative guidance, “Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice”. The intent of the guidance is to clarify the responsibilities of financial institutions to notify their customers under federal law.
Guidance
FRB PR;
OCC NR;
FDIC PR;
OTS PR 3/21/05

Greenspan Discusses Community Development

In a presentation before the National Community Reinvestment Coalition Conference, Chairman Greenspan discussed empowering communities, attracting development capital, and creating opportunities for economic advancement. His commented on the use of CDCs and the CDIF fund and asset and rating system in community development programs.
Speech 3/21/05

March 2005 Issue Electronic Interpretations and Actions Published

The OCC has published the March 2005 issue of Electronic Interpretations and Actions.
Interpretations and Actions 3/21/05

Columbian Drug Cartel Leader And Associates Added To SDN List

OFAC has designated a Columbian drug cartel leader as a SDNT and added his name to the SDN list along with 11 front companies and individuals operating on his behalf. Information regarding the additions has been posted on the BOL OFAC page.

March 31, 2005 Call Report Information

The FDIC has issued an FIL which contains instructions for completing the March 31, 2005 Call Report.
FIL

Deceptive Claims of FDIC Insurance Coverage

The FDIC has issued a Special Alert regarding Asiacentury Bank that is unlawfully advertising FDIC membership on its Internet Web site.
Special Alert

Counterfeit Cashier's Checks Special Alert

A Special Alert has been issued by the FDIC regarding counterfeit cashier's checks drawn on Fiduciary Trust Company International, New York, New York. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.

Structure And Share Data Report Released

The FRB has released the structure and share data for U.S. offices of foreign banks report for December 2004.
Structure

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.
Reports

FDIC Chairman Discusses Deposit Insurance Reform

In testimony before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services, FDIC Chairman Powell discussed his view on deposit insurance reform.
Speech

FRB Assesses Three CMPs

The FRB has announced the assessment of three separate CMPs against the following institutions for alleged violations of the National Flood Insurance Act: Midwest Bankcentre, St. Louis, Missouri; the HomeFederal Bank, Columbus Ohio; and First Interstate Bank, Billings, Montana. The CMPs ranged from $2,450 to $57,250.
Midwest Bankcentre;
HomeFederal;
First Interestate 3/17/05

Consumer Affairs Letters Released

Two new Consumer Affairs Letters on the following topics have been released by the FRB: “Interagency Guidance on Overdraft Protection Programs”, and “Provisional HMDA Data Sampling Procedures”.
OD Programs;
HMDA Data 3/17/05

HOEPA April 2005 Reference Rate Published

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
Daily H.15 Rates;
Weekly H.15 Rates 3/17/05

OCC Releases CRA Evaluations

The OCC has released the list of CRA performance evaluations that became public during the period of February 15, 2004 through March 14, 2005. Of the 21 evaluations made public, 3 institutions were rated outstanding, 18 were satisfactory, and none were needs to improve or substantial noncompliance.
CRA 3/17/05

Thirty-Four Enforcement Actions Announced

The OCC has announced thirty-four Enforcement Actions taken against national banks and individuals currently and formerly affiliated with national banks. Enforcement Actions 3/17/05

Prohibition Orders Issued

NCUA has announced the issuance of orders prohibiting three individuals from participating in any manner in the affairs of federally insured financial institutions. Orders
3/17/05

Public Hearing To Be Held On Preemption Petition

The FDIC has scheduled a public hearing on May 24, 2005, to seek public comments on a preemption petition from the Financial Services Roundtable, a trade association for integrated financial services companies. The FDIC has been asked by the Roundtable to issue a rule that would provide that a state bank's home state law governs its interstate activities and those of its subsidiaries to the same extent that the National Bank Act governs a national bank's interstate business.
Hearing Notice;
Petition
Submit Comments 3/17/05

Industrial Production And Utilization Report Issued

The FRB has issued the G.17 Industrial Production and Utilization report for February 2005.
G.17 3/17/05

FTC Issues PR on Deposit Insurance

The FDICIA directs the FTC to prescribe the manner and content of certain disclosures that must be used by depository institutions that do not have federal deposit insurance. The Commission seeks comment on these proposed disclosure rules for non-federally
insured depository institutions. 70FR12328 (txt)
70FR12328 (txt) 3/16/05

Counterfeit Postal Money Orders Alert

Federal Reserve Financial Services has issued a letter to alert financial institutions and their customers regarding a fraud scheme that utilizes counterfeit postal money orders.
Letter 3/16/05

BSA/AML Director Named

The OCC has announced that John Wagner is the new Director for BSA and AML Compliance and will direct the development of examination policy and procedures.
Director 3/16/05

FDIC Insurance Video Now On CD-Rom

The FDIC has issued a FIL that announces the Video-Overview on Deposit Insurance Coverage is now available in English or Spanish on CD-ROM to supplement the previously available DVD video.
FIL 3/16/05

Greenspan Discusses Aging and Retirement

In testimony before the Senate Special Committee on Aging, Chairman Greenspan discussed the issues of population aging and retirement. He noted the bottom line in the success of all retirement programs is the availability of real resources at retirement. Due to the fact the Social Security trustees estimate the unfunded liability over the indefinite future to be $10.4 trillion, he stated that a thorough review of Social Security commitments--and at least some adjustment in those commitments--is urgently needed.
Testimony 3/16/05

January International Capital Data Released

Treasury has released the International Capital Data for January 2005.
Data 3/16/05

Cost Of Funds Reports Issued

OTS has issued the current and historical National Average Cost of Funds Ratio to OTS Regulated, SAIF - insured institutions reports.
Current;
Historical 3/16/05

Counterfeit Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alert regarding counterfeit cashier's checks drawn on Central California Bank, Sonora, California and State Bank & Trust of Seguin, Texas. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/15/05

OCC and Basel II

In a presentation before the Institute of International Banking, Acting Comptroller Williams noted that within the next 15 months, regulators must confront a daunting list of Basel II challenges ranging from analyzing data to issuing proposed rules, supervisory guidance and a final rule.
Speech 3/15/05

Chairman Powell Discusses Regulatory Burdens, Basel II and BSA

FDIC Chairman Powell discussed the efforts of the agency to address the problems of regulatory burdens, the challenges of Basel II, and CRA issues in a presentation to the ICBA National Convention in San Antonio, Texas.
Speech 3/15/05

International Reserve Position Update

Treasury has released the U.S. International Reserve Position for the week ending March 11, 2005.
Reserve Position 3/15/05

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding counterfeit cashier's checks drawn on Citrus Bank, Orlando, Florida. The bank is no longer in operation as it was acquired by Mercantile Bank, Orlando, Florida, a subsidiary of The South Financial Group, on July 1, 1999. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page. 3/14/05

Greenspan Presents Views On Regulatory Burdens

In a video presentation before the Independent Community Bankers of America National Convention, Chairman Greenspan expressed his thoughts on regulatory burdens regarding Basel II, HMDA, BSA and SARs. He remarked that when implementing the law, the FRB tries to avoid unintended consequences and excessive burden by conducting intensive initial reviews that include extensive public comment, periodic review, and more-or-less continuous evaluation.
Greenspan 3/14/05

Regulatory Burdens Discussed By Comptroller Williams

Acting OCC Comptroller Williams discussed issued raised by regulatory burdens in a speech before the Independent Community Bankers of America National Convention and noted that compliance requirements represent a serious drain on bank resources and regulatory relief should be a national priority.
Speech 3/14/05

Quarterly Derivatives Report Issued

The OCC has issued the Quarterly Derivatives Report for the Fourth Quarter 2004.
Derivatives Report 3/14/05

Fourth Quarter 2004 Interest Rate Risk Measures Published

OTS has published the final Interest Rate Risk Measures for the Fourth Quarter 2004.
Interest Rate Risk 3/14/05

OCC, Federal Reserve and FDIC issue a PR on CRA

This proposed rule making would revise certain provisions implementing the Community Reinvestment Act (CRA). The current proposal would address regulatory burden imposed on some smaller banks by revising the eligibility requirements for CRA evaluation under the lending, investment, and service tests, and would provide a simplified lending test and flexible new community development including any personal information provided. PDF TXT  
3/11/05

Four Special Alerts Issued

The FDIC has issued four Special Alerts regarding counterfeit cashier's checks drawn on the following institutions: Teachers Credit Union, South Bend, Indiana; Pilgrim Bank, Pittsburg, Texas; New Era Bank, Fredericktown, Missouri; and missing cashier's checks drawn on Inwood National Bank, Dallas, Texas. Information concerning the counterfeit and missing cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/11/05

FDIC Enforcement Actions Announced

The FDIC has announced that eight administrative enforcement actions were taken against banks and individuals in January 2005. The actions included one cease and desist order, one removal and prohibition order, four civil money penalty orders, and two terminations of cease and desist orders.
Enforcement Actions   3/11/05

2004 FinCEN Annual Report Published

FinCEN has published its 2004 Annual Report which contains a list of BSA filing by type. Annual Report  3/11/05

March 2005 FFIEC Reporting Forms Online

The FFIEC has posted the 031 and 041 reporting forms for March 2005 on its Web site.
031; 041  3/11/05

Flow Of Funds Report Released

The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter 2004. Z.1   3/11/05

Household Ratios Published

The Household Debt Service and Financial Obligations Ratios Report for the Fourth Quarter 2004 have been published by the FRB. Ratios  3/11/05

Fourth Quarter Interest Rate Risk And Charge-Off Reports Issued

OTS has issued the Interest Rate Risk Exposure Report and the Charge-Off Rates Report for the Fourth Quarter 2004. Interest Rate Risk; Charge-Off  3/11/05

Interest Rate Challenges Subject Of FDIC Outlook

The Spring 2005 issue of FDIC Outlook features articles on how institutions are managing the challenges from rising interest rates. Topics include: the development of off-site profiles of depository institutions that may be vulnerable to rising interest rates; use of rate/volume analysis to estimate the sensitivity of bank earnings to changes in interest rates; and regional perspectives on alternative methods banks are using to fund asset growth in a rising interest rate environment. Spring Outlook  3/11/05

Federal Reserve Publishes Final Rule for Reg H and Y in Federal Register

This final rule amends risk-based capital stards for bank holding companies and addresses supervisory concerns, competitive equity considerations, and changes in generally accepted accounting principles and to strengthen the definition of regulatory capital. PDF TXT  3/10/05

Counterfeit Postal Money Orders Special Alert

The FDIC has issued a Special Alert regarding counterfeit U.S. postal money orders that have been presented for payment at financial institutions. Information concerning the counterfeit money orders has been posted on the BOL Alerts & Counterfeits page.  3/10/05

Snow's Comments To ABA

Treasury Secretary Snow presented his views on the economy, Social Security, HSAs and BSA in remarks prepared for ABA. Remarks   3/10/05

Beige Book Published

The FRB has published a new edition of the Beige Book based on information collected on or before February 28, 2005. Summary; Full Report  3/10/05

to Comply with Registration Requirements

The SEC has announced the issuance of an order further extending until Sept. 30, 2005, the compliance dates for banks with respect to certain broker registration requirements contained in the GLBA. As a result, banks are not expected to develop compliance systems to meet the terms of the "broker" exceptions until the Commission amends its rules. SEC PR; Order  3/09/05

FinCEN Reports On MSB Fact Finding Meeting

FinCEN has issued a statement regarding the issues discussed at the fact finding meeting held on March 8, 2005 concerning the ability of money services businesses to obtain banking services. The next steps the agency will take to attempt to resolve the complex problem are also listed in the statement.
Statement   3/09/05

341a Fact Sheet Updated

FinCEN has updated its 314a Fact Sheet to include data as of March 1, 2005. Fact Sheet  3/09/05

Federal Credit Union Liquidated

NCUA has announced that the KO-AM Federal Credit Union (KO-AM FCU) of Oakland, California, has been closed and liquidated. Checks representing share deposits will be issued within one week to the approximate 1,200 KO-AM FCU members. NCUA NR  3/09/05

Counterfeit Cashier's Checks Alert

The OCC has issued an Alert regarding counterfeit cashier's checks issued in the name of Peoples Bank National Association, Marietta, Ohio. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/08/05

FDIC Releases CRA Ratings

The FDIC has issued its monthly list of state nonmember banks evaluated for compliance with the CRA in December 2004. CRA  3/08/05

International Reserve Position Update

Treasury has released the U.S. International Reserve Position for the week ending March 4, 2005.
Reserve Position   3/08/05

Statistical Releases Issued By FRB

The FRB has issued the December 31, 2005 Large Commercial Bank and January 2005 G.19 Consumer Credit statistical releases. Large Commercial Bank; G.19  3/08/05

March 2004 Financial Holding Company List Released

The FRB has released the list of bank holding companies that have elected to be treated as financial holding companies as of March 4, 2005. FHC List  3/08/05

Three FEDS Papers Published

Three working papers in the FEDS series with the following titles have been published by the FRB: “Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High Technology Cluster”; “A Nonlinear Look at Trend MFP Growth and the Business Cycle: Result from a Hybrid Kalman/Markov Switching Model”; and “Housing, House Prices, and the Equity Premium Puzzle”.
Job-Hopping; Nonlinear Look; Puzzle  3/08/05

OFAC Cites Bank For Kingpin Program Violation

OFAC has released its Enforcement Information for March 2005 and assessed one bank a CMP of $4,650 for a funds transfer violation under the Kingpin Sanctions Program. CMP   3/07/05

BSA Violations Results In $750,000 CMP

The OCC has announced that a Consent Order has been entered into and a CMP issued of $750,000 has been issued against City National Bank, Beverly Hills, California, for violations of law regarding compliance with BSA. Consent Order; CMP   3/07/05

Federal Reserve - Regulations J and CC

Proposed Rule dealing with the collection and availability of checks and other items by Federal Reserve banks and funds transfers through Fedwire: remotely created checks; definition and presentment warranties transfer and creation, with the purpose of shifting liability for unauthorized checks to the depositary bank. TXT   3/04/05

SDNTKs Added To SDN List

OFAC has added four companies with ties to a Jamaican Kingpin to the SDN list as SDNTKs. Information regarding the additions has been posted on the BOL OFAC page.   3/04/05

OTS Seeks Comments

OTS has solicited comments on the following: Minority Thrift Certification Form; Procedures for Monitoring Bank Secrecy Act; and Special Rules for Adjudicatory Proceedings for Certain Holding Companies. Certification Form; Monitoring BSA; Special Rules   3/04/05

Greenspan On The Tax System

Chairman Greenspan presented his views on the tax system in testimony before the President's Advisory Panel on Federal Tax Reform. He noted that an important principal to consider is predictability in the tax code to allow households and businesses can look into the future and have some reasonable degree of certainty about the future tax implications of decisions made today.
Testimony   3/04/05

Payday Lending Guidance Revised

The FDIC has issued a FIL regarding the revisions of its payday lending guidance to ensure that this high-cost, short-term credit product is not provided repeatedly to customers with longer-term credit needs. FDIC PR; FIL; Guidance  3/03/05

Greenspan Expresses Views On Economic Outlook

In testimony before the House Budget Committee, Chairman Greenspan presented his view on the outlook on the economy and current fiscal issues. He noted that the U.S. economy delivered a solid performance in 2004, and thus far this year, activity appears to be expanding at a reasonably good pace. He also observed that the current budget position is unlikely to improve substantially in the coming years unless major deficit-reducing actions are taken. Testimony  3/03/05

FRB Releases Minutes

The FRB has released the minutes of its discount rate meetings from January 3 through February 2, 2005.
Minutes  3/03/05

Winter Issue Of Federal Reserve Bulletin Published

The Winter 2005 issue of the Federal Reserve Bulletin had been published and includes articles on the following topics: “Indexes of the Foreign Exchange Value of the Dollar”; “Industrial Production and Capacity Utilization: The 2004 Annual Revision”; “Fair Value Accounting”; and “Report on the Condition of the U.S. Banking Industry: Third Quarter, 2004”. Winter Issue   3/03/05

IDAs A Tool For Bankers

The OCC has published an edition of Community Developments Insights addressing Individual Development Accounts, or IDAs which describes how banks can use these matched savings programs as a tool to encourage lower-income persons and families to save money and thus build assets for particular financial goals.
Insights   3/03/05

Three Working Papers Released

The FRB has released International Finance Discussion working papers entitled: “International Risk-Sharing and the Transmission of Productivity Shocks”; ” Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies” and “Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies: Data and Analysis”. Risk-Sharing; Market Developments; Productivity   3/03/05

OTS Publishes Final CRA Rule in Federal Register

OTS has announced the publication of its final CRA rule to provide for additional flexibility to savings associations evaluated under the large retail institution test to determine the combination of lending, investment, and service it will use to meet the credit needs of the local communities in which it is chartered, consistent with safe and sound operations. PDF TXT  3/02/05

OTS Published Interim Final Rule in Federal Register

OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined to provide for expedited processing of certain actions to determine if a company is exercising a controlling influence over the management or policies of a savings association or
savings and loan holding company. Under the new procedure, a company that holds no more than ten percent of the stock of a savings association may be found to control that savings association, thereby
becoming an OTS-regulated entity. PDF TXT  3/02/05

Reg CC Amendment Proposed Regarding Remotely Generated Checks

The FRB has requested public comment on a proposal to amend Regulation CC to set forth rules governing remotely created checks. The proposed amendments would create transfer and presentment warranties under which the depositary bank would warrant that the remotely created check that it is transferring or presenting to the paying bank is authorized by the person on whose account the check is drawn.
Proposed Amendment  3/02/05

Counterfeit Cashier's Checks Special Alert

The FDIC has issued a Special Alert regarding cashier's checks drawn on Flagstar Bank, Troy, Michigan. Information concerning the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.  3/02/05

Trust Preferred Securities Final Rule Announced

The FRB has announced the issuance of a Final Rule regarding trust preferred securities that allows the continued limited inclusion of trust preferred securities in the tier 1 capital of BHCs, in addition to addressing supervisory concerns, competitive equity considerations, and the accounting for trust preferred securities. Final Rule   3/02/05

OCC Second Quarter 2005 CRA Exam Schedule Released

The OCC has released its CRA examination schedule for the second quarter 2005. CRA Exam Schedule   3/02/05

OTS Releases February 2005 CRA Ratings

OTS has released the CRA ratings for savings associations that became publicly available during February 2005. CRA Ratings  3/02/05

2004 FTC Enforcement Actions Report Issued

The FTC has issued its annual report of Enforcement Actions taken in 2004 related to the TILA, CLA, ECOA, and EFTA. Annual Report   3/02/05

Agreements With Ohio Institutions Announced

The FRB has announced the execution of a Written Agreement by and between Huntington Bancshares Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland, which addresses deficiencies relating to the company's corporate governance, internal audit, risk management and internal controls over financial reporting, accounting policies and procedures, and regulatory reporting. In addition, the OCC announced the execution of a formal agreement with Huntington National Bank, Columbus, Ohio, a wholly owned subsidiary of Huntington Bancshares Incorporated.
FRB Written Agreement; OCC Formal  3/02/05

Pennsylvania Banker Issued Prohibition Order

The FRB has announced that an Order of Prohibition has been issued against a former employee of two Pennsylvania banks who stole funds from his employers by inflating the amount of customer deposits and adding the surplus to his personal account. Order  3/02/05

Counterfeit Treasurer's And Cashier's Checks Special Alerts Issued

The FDIC has issued two Special Alerts regarding counterfeit treasurer's checks drawn on Eastern Bank, Boston, Massachusetts, and counterfeit cashier's checks drawn on First American Bank & Trust Company, Athens, Georgia. Information regarding the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.  3/01/05

Chicago Title Pays $7.5 Million CMP For RESPA Violations

The OCC, OTS and HUD have announced that Chicago Title Company has consented to a cease and desist order and a concurrent $5 million civil money penalty as well as a $1.2 million penalty by the Texas Department of Insurance issued as part of joint investigation of the company's settlement practices. The agencies determined that Chicago Title engaged in a pattern of violations of section 4 of RESPA, by providing inaccurate HUD-1 Settlement Statements to federally insured depository institutions and borrowers. The OCC also announced today that two former bank officers involved in the fraudulent scheme have entered into consent prohibition and civil money penalty orders. OCC NR; OTS NR; Chicago Title Consent Order; Prohibition Order 1; Prohibition Order 2  3/01/05

CAMELS Confidentiality Advisory Issued

The federal banking and thrift agencies have issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. The advisory results from insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage. Advisory; FRB SL; OCC Bulletin; FDIC FIL; OTS NR  3/01/05

Final CRA Rule Announced By OTS

OTS has announced the publication of its final CRA rule amending the large retail institution test for savings associations which is intended to reduce regulatory burden and improve the effectiveness of CRA.
CRA Rule  3/01/05

OTS Amends Holding Company Rules

OTS has issued an interim final regulation amending its rules of practice and procedure to provide streamlined procedures to determine whether a company qualifies as a savings and loan holding company, subject to certain aspects of OTS regulatory authority.
Holding Company Rules  3/01/05

FDIC CRA Exam Schedule Released

The FDIC has released its CRA examination schedule for the Second Quarter 2005. CRA Exam Schedule  3/01/05

FinCEN Adjusts Strategic Plan

FinCEN has announced some interim adjustments to its Strategic Plan for 2003-2008 to reflect the agencies growing role detecting terrorist financing and also reflect an organizational realignment. Plan  3/01/05

FRB To Stop Providing Definitive Municipal Securities Services

The FRB has issued notice that it will stop providing services to depository institutions for the collection and processing of definitive municipal securities. The agency will stop accepting deposits of bonds and coupons on September 30, 2005, in addition to the withdrawal from the noncash collection service on December 30, 2005. Notice
  3/01/05

International Reserve Position Update

Treasury has posted the U.S. International Reserve Position for the week ending February 25, 2005.
International Reserve Position  3/01/05

FRB Requests CRA Revision Comments

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

Regulators Enter Written Agreement With Individuals

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

BSA And AML Deficiencies Result In Order

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

FDIC Issues 2004 Annual Report

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

ABA Urges Action On Bankruptcy Legislation

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

Winter Issue Consumer News Published

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

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

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

Bank And Thrift Earnings Set Record

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

Fourth Quarter Edition of Quarterly Banking Profile Published

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

Final Guidance On OD Protection Published in FR

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

Changes To Regs Z And E To Be Discussed By CAC

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

OCC Updates Handbook

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

NCUA Releases Reform Proposal

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

International Reserve Position Released

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

Fourth Quarter 2004 Charge-Off Report Issued

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

December 2005 G. 20 Released

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

Fedwire Forms Available Online

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

Reg CC Technial Amendment Published in FR

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

Agencies Issue Final Guidance On OD Protection Programs

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

CRA Evaluations Released By OCC

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

February Issue New Electronic Interpretations and Actions Posted

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

OTS Regulatory Bulletins Issued

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

Check Processing Changes Announced For Three Fed Districts

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

FRB Website Gets Makeover

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

HOEPA March 2005 Reference Rates Posted

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in March 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
Daily H. 15;
Weekly H. 15    2/17/05

Enforcement Actions Announced

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

Greenspan Presents Money Policy Report To Congress

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

FEDS Working Paper Published

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

G. 17 Report Issued

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

Thrift Industy 2004 Earnings Announced

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

Money Smart Winter 2005 Issue Published

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

al Qaida Leader Added To SDN List

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

IDIG Available On CD-ROM

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

Deputy Comptroller for Large Bank Supervision Named

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

February FedFocus Published

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

FDIC Releases 2005-2010 Strategic Plan

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

December TIC Data Released

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

International Reserve Position Update

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

Cost Of Funds Reports Issued

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

FDIC 2004 Annual Report Submitted

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

Special Alert Counterfeit Cashier’s Checks

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

Unauthorized Banking Special Alert

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

Three Countries Removed From NCCT List

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

FRB Revises Q & A

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

OD Protection Programs Final Guidance Issued

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

New Issue Of The Quarterly Review of Interest Rate Risk Published

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

BIF And SAIF Year End Results Released

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

Reg CC Technial Amendment Published in FR

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

Counterfeit Cashier’s Checks Special Alert

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

Comment Period Extended

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

OCC Updates Licensing Manual

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

Joint Enforcement Actions Issued

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

Prohibition Orders Issued By NCUA

NCUA has issued orders prohibiting six individuals from participating in any manner in the affairs of federally insured financial institutions. NCUA PR; Orders    2/11/05

Regulators Discuss BSA And AML Compliance

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

FYI Focuses On Home Price Cycle

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

B of A Executes Enforcement Agreements and Pays $375 Million

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

Comments Sought Regarding Extension Of Federal Reserve Reports

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

Federal Reserve Final Rule in FR

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

Sixth District Check Processing Restructuring To Start In March

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

Unauthorized Banking Alert

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

International Reserve Position Update

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

OTS Budget Plan Released

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

CRA Ratings Issued By FDIC

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

Loan Officer Opinion Survey Results Published

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

Consumer Credit Report Released

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

Blue Book Released

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

OCC Predatory Lending Guidance Published

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

Seven Banks Pay CMP For OFAC Violations

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

Examiner Borrowing Rule Amended

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

FDIC Announces Enforcement Orders

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

Greenspan Observations On U.S. Trade Deficit

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

Proposed Rule: NCUA

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

Request For Comments Creates Buzz On Treads

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

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

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

OCC Issues Predatory Lending Guidelines

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

C & D And Consent Orders Issued

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

Disposal Of CI FIL Issued

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

FOMC And Board Raise Rates

The FOMC has raised its target for the federal funds rate by 25 basis points and the Board of Governors has approved a 25-basis-point increase in the discount rate. Rates   2/03/05

FEDS Working Paper Published

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

Counterfeit Money Orders Special Alert

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

FDIC Updates Insurance Guide and EDIE

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

Fraudulent FDIC Email Phishing Special Alert

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

CRA Ratings Announced

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

Winter Edition Of Community Developments Investments Published

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

NCUA Issues Examiner Guidance White Paper

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

International Reserve Position

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

January Foreign Exchange Rates Released

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

Two International Finance Discussion Papers Published

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

CEO Letter Regarding OFAC Blocked Transaction And SARs

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

FDIC ID Theft Symposium Information

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

Market Financing Estimates Announced

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

FTO Designation Changes

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

CDR Rollout Schedule Announced

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

AML/BSA Written Agreement Announced

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

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

Winter State Profiles Online

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

SDGT FIL Issued

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

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

Counterfeit Cashier’s Checks Special Alert

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

Regulators Issue Basel II Implementation Guidance

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

C&D Issued Against Riggs

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

Bond Liquidity Working Paper Published

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

NCUA Final Rule in FR on Mergers

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

314a Facts And Feedback

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

Financial Holding Companies List Updated

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

2005 Economic Outlook Roundtable Report

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

Counterfeit Cashier’s Checks Special Alert

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

Terrorist Financier Added To OFAC List

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

International Reserve Position

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

Basel II White Paper Published

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

HMDA Data Collection Exemption Threshold Bulletin Issued

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

Credit Unions Add Over 27 Million Potential New Members

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

NCUA - Final Rule in FR on Mergers

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

International Reserve Position

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

OFAC Cites Three Banks

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

Unauthorized Bank Alert Issued

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

December 2004 Thrift CRA Evaluations Released

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

December Call Report Filing Information Available Online

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

Consumer Advisory Council 2005 Appointments Announced

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

Consumer Credit Report Released

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

Counterfeit Checks Special Alerts Issued

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

Cross-Border Merger Regulations Proposed

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

CRA Ratings Released

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

Written Agreement Announced With Oregon BHC

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

FDIC Updates State Profiles

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

Country Exposure Reports Issued

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

Three Counterfeit Cashier’s Checks Special Alerts Issued

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

Comments Sought Regarding Management Interlocks Reports

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

International Reserve Position Update

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

December 2004 Agricultural Finance Databook Released

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

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

Agency Information Collection Activities Proposals Issued

Foreign Exchange Rates Released

Two FEDS Papers Published

MSB Registration List Updated

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

MSB Registration List

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

Credit Scoring Working Paper Published

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

FDIC To Hold Minority Bankers Roundtables

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

Proper Disposal of Consumer Information Under FACTA

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

Auditor Of Failed Bank To Pay $125 Million

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

Five SDGTs Removed From SDN List

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

FFIEC Posts Country Exposure Forms Online

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

Reg. C, HMDA Final Rule

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

Retail Lending Examination Procedures Issued By OCC

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

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

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

Edward Jones Settles For $75 Million

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

California Trust Company Issued C&D

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

Implementation of Schedule RED Postponed By OTS

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

Third Quarter Survey Of Terms Of Business Lending Released

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

Learn About FRB’s Cash Services Online

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

FRB Revises IP Index

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

OFAC Blocked Account SAR Filing Guidance Published in FR

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

FTC Notice on FCRA Disclosure Fees

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

Agencies Announce Final Rule On Disposal Of Consumer Information

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

HMDA Data Collection Asset-Size Exemption Threshold Increased

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

OFAC Adds al Qaida Associates

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

FDIC Follows SEC Lead Regarding Deadline Extension

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

International Reserve Position Update

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

September 2004 Structure And Share Data Report Released

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

G.20 Finance Companies Receivables Report Issued

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

Inflation Forecast Working Paper Published

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

Derivatives Volume Tops $84 Trillion

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

OCC Issues Supplemental ACH Guidance

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

SDN Changes Subject Of FIL

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

FDICconnect Expansion Announced

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

SDN List Changes

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

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

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

First Quarter 2004 Issue Of Quarterly Journal Now Online

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

Balkan Individuals And Entities Added To OFAC List

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

Shared National Credits Data Collection Changes Proposed

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

Thirty-Six CRA Evaluations Announced

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

December 2004 Electronic Interpretations and Actions Posted Online

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

HOEPA January 2005 Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in January 2005 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
Daily H.15;
Weekly H.15    12/17/04

Winter Issue Supervisory Insights Published

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

Counterfeit Checks And Money Orders Special Alerts Issued

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

NCUA Liquidates CU

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

OFAC Blocked Account SAR Filing Guidance Issued

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

December 2004 Call Report Subject Of FIL

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

OCC Enforcement Actions Announced

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

First Quarter 2004 CRA Exam Schedule Released

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

NCUA Issues Prohibition Orders

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

Interest Rate Risk Exposure Report Issued

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

FRB Publishes Holiday List

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

October TIC Data Released

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

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

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

FDIC ID Theft Study Results Released

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

FRB Raises Rates

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

International Reserve Position Updated

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

G.17 Report Released

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

AML Program Requirements Guidance from FinCEN Published in FR

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

October FDIC Enforcement Actions Announced

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

Unauthorized Internet Banking Special Alert

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

Special Alert Regarding Missing Cashier’s Checks

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

FIL Issued Regarding FACT Act Effective Dates

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

Final Third Quarter Interest Rate Measures Report Released

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

Money Smart CBI Version Now Available

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

HMDA Disclosure Tables Revised

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

Thrift Assessments And Fees Adjusted

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

FinCEN 314a Fact Sheet Updated

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

The FDIC has issued three Special Alerts

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

FinCEN Issues AML Program Requirements Guidance

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

Flow Of Funds And Household Debt Reports Issued

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

Autumn 2004 Issue FR Bulletin Published

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

Cuban Travel Agency Added To SDN List

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

Opt Out Report Submitted To Congress

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

NCUA Announces Free PALS Workshop

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

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

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

Regulators Issue BOLI Guidance

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

Critical Financial Infrastructure Protection Report Released

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

OCC Offers Consumers Holiday Tips On Utilization Of Gift Cards

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

International Reserve Position Updated

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

October Consumer Credit Report Released

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

Comments Sought On Proposal To Continue Utilization Of Certain Forms

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

FR-CA CPS Amended

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

Counterfeit Cashier’s Check Special Alert

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

CRA Ratings Announced

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

E-Payments Exceed Checks

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

FRB Issues SL Regarding FOSS

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

December Financial Holding Companies List Released

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

BHC Rating System Revision SL Issued

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

Acting Comptroller Williams Addresses CFO Roundtable

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

Reg Z ANPR Issued

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

OCC Working Paper Examines Post-Preemption Announcement Effects

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

OFAC Cites Bahaman Bank

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

Fall 2004 Issue FDIC Consumer News Now Online

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

Treasury Delivers International Economic Report To Congress

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

FFIEC Issues Additional Guidance on HMDA Reporting

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

Enforcement Actions Announced Against Affiliated Parties

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

Sample Board Resolutions For Fed Reserve Account Holders

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

OCC First Quarter 2005 CRA Exam Schedule Released

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

OTS Announces CRA Evaluations

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

Bulletin Issued Regarding Annual Operating Subsidiaries Report Final Rule

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

Two FEDS Working Papers Published

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

FDIC Outlook Winter 2004 Issue Published

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

September UBPR Available Online

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

HUD HMDA Data Collection Transferred To FRB

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

FRB BHC Rating System Revised

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

OCC 2005 Fee Schedule Issued

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

Existing FTO/SDGT Designation Changed

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

New Issue Beige Book Published

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

FRB Issues Statistical Releases

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

FDIC FIL Regarding OFAC Changes

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

Supreme Court Decides Reg Z Case

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

FDIC Issues First Quarter 2005 CRA Exam Schedule

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

Sarbanes-Oxley Internal Control Reports Deadline Extended

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

New Iraqi Executive Order Issued

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

Large Banks Ranking Released

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

September 30, 2004 Call Report Data Finalized

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

Loan Delinquency Rates Report Revised

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

NCUA - Fair and accurate Credit Transactions Act implementation

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

OFAC Adds Mexican Cartel Members And WMD Designation

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

PSR Policy Revised

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

Reg T Opinions Released

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

Unauthorized Internet Bank Alert Issued

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

Assessment Certified Statement Rule FIL Issued

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

Third Quarter Preliminary Interest Rate Risk Measure Report Released

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

NCUA Proposed Rule for Credit Unions:

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

OTS - Community Reinvestment Act:

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

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

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

Counterfeit Cashier's Checks Bulletin

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

Three Special Alerts Issued

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

Credit Bureaus Announce How Consumers Can Access Free Credit Reports

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

Executive Officer 004 Report Form

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

314a Fact Sheet Updated

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

Bank And Thrift Third Quarter Income Sets Record

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

FDIC Final Rule published in Federal Register

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

Unauthorized Banking Special Alerts

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

2005 CRA And HMDA Software Available

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

OFAC To Change SDN File Format

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

Bulletin Issued Regarding CMP Inflation Adjustment

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

International Reserve Position Released

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

Three Counterfeit Cashier's Checks Special Alerts Issued

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

FIL Issued Regarding New SDGTs

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

FCRA And FACTA Consumer Notices Issued

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

OTS Announces Final EGRPRA Rule and CRA Streamlining Proposal

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

CU Placed In Conservatorship

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

Greenspan Discusses Globalization

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

FTC Issues Final Regulation on Consumer Information and Records Disposal

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

C&D Issued Against Colorado BHC And Bank

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

Twenty-Four CRA Evaluations Released

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

November 2004 Issue Of Electronic Interpretations and Actions Now Online

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

Schedule RED March 2005 Specifications Issued

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

2005 TIAC New Members And Officers Announced

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

Point-Of-Sale Debit Fees Report Delivered To Congress

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

Three Year Extension For HMDA Loan/Application Register Proposed

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

Guidance Issued Regarding Internal Control Attestation Standards for Independent Auditors

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

OCC Issues Bulletin Regarding Proposed Reg E Amendments

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

Cali Cartel Entities Added To SDNT List

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

G.17 Report Issued

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

Thrift Industry Third Quarter Earnings Released

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

HOEPA December Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in December 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month prior to the month you received the application.
Daily H.15;
Weekly H.15 11/17/04

Software Due Diligence Guidance Issued

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

OTS Issues Legal Opinions

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

FTC Enforces GLB Act's Safeguards Rule Against Mortgage Companies

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

OFAC To Issue Specific Licenses

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

September TIC Data Released

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

U.S. Reserve Assets Supplements Issued

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

Third Quarter BIF and SAIF Financials Released

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

Two Flood CMPs Announced

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

OCC Enforcement Actions Announced

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

FDIC Assessment Rates Unchanged

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

Bank Lending Practices Survey Results

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

Financial Holding Companies List Updated

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

Cost Of Funds Reports Issued

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

Violations Requiring OCC Action Listed

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

FDIC Issues Four Special Alerts

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

Airline Designated SDNTK

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

FRB Raises Fed Funds And Discount Rates

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

Enforcement Guidance Issued For BSA/AML Program Deficiencies

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

Unauthorized Internet Banks Alert

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

FDIC Enforcement Actions Released

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

FDIC Insurance DVD Available

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

OCC Publishes CMP Inflation Adjustment in FR

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

OCC Seeks C&D And CMP Against Bank Auditor

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

Counterfeit Cashier's Checks Special Alert

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

314(a) Facts And Feedback Updates

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

Four Working Papers Published

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

Survey Reports Easing Of Loan And Underwriting Standards

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

November G.20 Released

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

CMP Inflation Adjustment

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

International Reserve Position Update

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

FR Publishes PR on Proposed Fee for Credit Scores

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

OCC Updates Reg CC Examination Procedures

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

OFAC Cites One Bank

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

FDIC CRA Evaluations Released

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

Regulatory Reports Monitoring Program Terminated

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

Legal Opinion Regarding FSAs and State Licensing Requirements

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

OCC 2004 Annual Report Published

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

OCC Telephone Seminar Transcripts Online

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

September 2004 Consumer Credit Report Released

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

OCC- Final Rule published in Federal Register

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

Disclosure Violations Result In $37 Million Penalty

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

FRB 2005 Fee Schedules Released

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

2004 CRA/HMDA Reporter Newsletter Published

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

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

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

Banking Agencies Finalized Basel II Survey Documents

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

FTC Seeks Comments on Proposed Fee for Credit Scores

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

Second Quarter 2004 Quarterly Review Published

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

CRA Ratings Released By OTS

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

Counterfeit Bank Money Orders Special Alert

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

GLBA Bank Broker Registration Deadlines Extended

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

International Reserve Position

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

Check 21 Processing Report

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

314(a) Fact Sheet Published

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

October Foreign Exchange Rates Released

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

Department of Housing and Urban Development

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

Department of Housing and Urban Development

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

Written Agreement With California Bank Announced

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

FTC Issues Final Rules Regarding FACT Act ID Theft Provisions

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

OCC Announces New Electronic Interpretations and Actions

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

FDIC To Host Phishing Teleconference

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

Check 21 and Checks Consumer Guides Published

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

Examination Procedures Links Now Available

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

SDNT Designations Updated

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

Comments Sought Regarding Proposed Credit Risk Guidance

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

Operating Circular 3 Amended

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

October 2004 Beige Book Published

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

Bulletin Issued Regarding FOSS

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

Reg CC Amendments FIL Issued

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

Third Quarter 2004 Asset And Liability Price Tables Released

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

Fall 2004 Issue Money Smart News

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

FR Publishes Reg J Amendments For Check 21

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

Five Special Alerts Issued Regarding Counterfeit and Missing Items

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

International Reserve Position Update

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

Cuban Dot Com Added To OFAC List

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

Deposit Guidelines Issued For Non-Imageable Check Items

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

Regulators Focus On BSA Compliance

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

Reg J Amended For Check 21

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

Thirteen FEDS Working Papers Published

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

FATF Issues New AML Recommendation

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

FRB Announces Written Agreement With Oklahoma Bank

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

FFIEC Issues FOSS Guidance

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

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

Credit Risk Working Paper Published

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

Twenty-seven Banks Receive CRA Ratings

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

FYI Examines The Expansion Of Branching

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

Consumer Reports Study

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

Written Agreement Announced Regarding BSA And AML

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

Twenty-Four Enforcement Actions Announced

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

Sarbanes-Oxley Guidance Issued

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

The Mortgage Market And Consumer Debt From Greenspan's Viewpoint

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

SL Issued Regarding Phishing Brochure

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

International Reserved Position Update

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

Counterfeit Cashier's Checks and Money Orders Special Alerts Issued

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

November HOEPA Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November 2004 will be subject to HOEPA under the APR trigger test. Use the daily or weekly FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. Daily H.15; Weekly H.15 10/19/04

August 2004 TIC Data Released

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

Consumer Information Regarding Choosing A Credit Card

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

Chairman Powell Discusses Accounting And Governance

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

Speech 10/19/04

OFAC Adds Terrorist Entity

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

Unauthorized Banking Special Alert

Cashier's Checks Missing

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

Greenspan On Oil

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

Industrial Production And Capacity Report Released

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

Cost Of Funds Reports Issued

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

FDIC Seeks RE Bids

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

FRB Proposes To Stop Municipal Securities Collection Service

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

Drug Lords And Business Interests Added To OFAC List

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

Anti-OD and Check Bouncing Consumer Brochure Available

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

Financial Education Web Site Launched

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

Williams Now Acting Comptroller

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

IFD Working Papers Published

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

New Check Adjustment Investigation Types Announced

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

Relief Agency And Officials Added To OFAC List

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

FDIC Revises Appeal Processes

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

FDIC Ombudsman Report Released

International Reserve Position Updated

10 Million BSA CMP Assessed

Check 21 InfoBase Announced

Reg D Annual Adjustments Published in FR

Written Agreement With British Bank Announced

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

Regulators Comment On Proposed Bank Broker Rules

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

FIL Regarding FBI's Bank Fraud Initiative

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

FDIC Issues Third Quarter 2004 Stakeholder Letter

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

Updated Spanish Language FDIC Customer Brochures Available

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

FDIC Enforcement Actions Released

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

Two Counterfeit Cashier's Checks Special Alerts Issued

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

October 6, 1979 Twenty-Five Years Later

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

August 2004 Consumer Credit Data Released

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

Reg D Annual Adjustments Announced

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

OTS September 2004 CRA Ratings Released

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

FDIC Chairman Addresses NBA Convention

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

Fall 2004 Edition Of Community Developments Newsletter Published

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

International Reserve Position Released

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

FDIC CRA Evaluations Released

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

Order Of Prohibition Issued

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

OCC Bulletin Regarding Extension Of Lending Limits Program

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

Greenspan At The ABA Convention

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

Assets Reports Released

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

Comptroller Comments To ABA

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

FDIC Chairman Addresses ABA

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

OTS Signs International Info Sharing Agreement

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

Two Banks Cited By OFAC

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

Electronic Disclosures AL Issued

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

BSA MOU Announced By Regulators And FinCEN

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

Interest Rate Risk Report Released By OTS

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

FRB Statistical Releases Issued

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

Savings Bonds Not Covered By Check 21

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

FTC Published PR in FR on FACTA Opt Out Disclosures

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

314(a) Fact Sheet Issued By FinCEN

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

2005 HMDA and CRA File Specifications Online

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

Counterfeit Cashier's Checks Special Alert

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

FinCEN Extends Comment Periods

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

Comments Sought Regarding Information Collection Proposal

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

Final Second Quarter Interest Rate Risk Measures Released

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

FFIEC Releases Country Exposure Data

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

Preemption of State Escrow Laws

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

Treasury Check Security Features

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

Asset & Liability Price Tables

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

Greenspan Comments On Check 21

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

Counterfeit Cashier's Checks Special Alert

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

Regulators ANPR on Basel II

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

FIL Regarding Announced SDGTs

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

California Fire Damage Relief

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

Check 21 Signed

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

Collateral Appraisals Concern Regulators

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

Director's Corporate Governance Aids

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

Illegal Lending Practices Halted

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

International Reserve Position

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

Fed Funds Rate Unchanged

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

Changing Paradigm in Commercial Real Estate

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

Stolen Payroll Checks Alert

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

Fourteen Enforcement Actions Announced

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

FIL Regarding FFIEC IT Guidance

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

New Cash Management Tool

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

Counterfeit Official Checks Special Alerts

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

New SDGTs Added to OFAC List

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

Minority Business Development Advisory Letter

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

FTC To Share ID Theft Data With Canadians

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

Bank Accounting Advisory Series

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

Income Imputing Method Modified

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

FIL Regarding Announced SDNTs

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

Dual Banking System Paper

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

International Reserve Positions

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

New FRB Fees and Consolidations

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

G.20 Finance Companies Report Released

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

FRB Bulletin Featured Article Selected

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

Extraordinary Transaction Rule Withdrawn

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

Thirty-Three CRA Evaluations Released

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

New Electronic Interpretations and Actions

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

FILs Regarding Announced OFAC Additions

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

International Finance Discussion Papers Released

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

Foreign Shell Bank BSA Exam Procedures

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

FY 2003 Federal Budget Results Released

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

OCC Announces Thirteen Enforcement Actions

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

New FDIC BSA Examination Procedures

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

SAR Activity Review - Issue No. 1

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

Cali Cartel Entities Designated SNDTs

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

Counterfeit And Stolen Checks Plus Stop Payment

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

New SDGT Named

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

November HOEPA APR Reference Rates

The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in November will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates    H. 15 Weekly Rates 10/17/03

U.S. International Trade Position

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

September G.17 Statistical Release

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

Summer 2003 Statistics of Income Bulletin Released

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

FRB Written Agreement With Illinois Bank

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

Enforcement Orders Issued Against Bankers

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

FDIC FIL Regarding Iraqi Sanctions

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

The Beige Book Updated

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

FRB Staff Paper Regarding Mortgages and Basel II

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

Cost of Funds Reports Issued

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

OFAC Adds SDGTs

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

Executive Order Adds Aliases to OFAC List

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

Financial Holding Company List Updated

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

Counterfeit Canadian Postal Money Orders

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

Risk-Based Capital Standards OCC Bulletin

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

U.S. International Reserve Position

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

New Leadership for Federal Reserve Banks

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

FDIC Letter To Stakeholders

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

OTS September CRA Evaluations

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

New $20 Bills Released

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

Cash Services Changes Comment Requested

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

Payroll Cards a Resource For New Customers

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

ID Theft Notification Comment Deadline Nears

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

Consumer Predatory Lending Brochure

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

Counterfeit Checks Special Alert

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

CRA Ratings Released

The FDIC has issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in July 2003.CRA List

G.19 Consumer Credit Report Released

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

OTS Affiliate Transactions Final Rule

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

Reserve Requirements of Depository Institutions

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

Special Alert Unauthorized Banking

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

Counterfeit Cashier's Checks Special Alert

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

Credit Card Scammers Must Pay Up

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

Fall 2003 FDIC State Profiles

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

E-Mail Delivery of TIP & PATAX Statements

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

4 Banks Hit With OFAC Penalties

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

Written Agreement Involving BSA and AML

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

FR Bulletin To Be Published Quarterly

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

FATF Suggestions On Freezing Terrorist Assets

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

Board and Bankers Subject of FDIC Actions

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

September 2003 Treasury Bulletin Online

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

OCC Alert For Bogus Loan Pay-Off Documents

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

FDIC Enforcement Actions Announced

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

NCUA Prohibition Orders Issued

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

General License Issued Regarding Iraq

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

Annual Adjustments to Reserve Calculations

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

Interim Rule and NPR Issued By Regulators

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

Special Alerts Issued by FDIC

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

2003 CRA/HMDA Newsletter and Quick Tips

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

E.2 Survey of Terms of Business Lending

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

September Foreign Exchange Rates

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

FedACH Information Services To Be Expanded

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

FFIEC 030 Form Available Online

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

E-Banking, IT Audit and FedLine Guidances

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

FTC Says No Constitutional Right For Calls

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

E. 15 Agricultural Finance Databook Updated

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

G. 20 Finance Companies Statistical Release

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

2003 Survey of Credit Underwriting Practices

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

The Quarterly Review of Interest Rate Risk

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

Country Exposure Data Released

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