Top Story Technology Related

• Ways To Reduce Fraud Losses Detailed In Report

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

• Counterfeit State Warrants Special Alert

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

• OFAC Issues Interim Final Rule Regarding Zimbabwe

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

• International Reserve Position

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

• Owned And Managed Receivables Report Released

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

• OCC Bulletin Regarding FACT Act Model Notices

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

• CIP Exam Procedures Issued

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

• FinCEN Updates Zip Code List

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

• Beige Book Updates

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

• A & L Price Tables Released

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

• OFAC FIL Issued

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

• Regulators Publish Risk-Based Capital Guidelines in FR

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

• Currency Fitness For Circulation Guidelines Revised

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

• Counterfeit Cashier's Checks Special Alerts Issued

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

• July Issue Of FedFocus Posted Online

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

• Check 21 Final Rule Issued

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

• Counterfeit Cashier's Checks Alert

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

• HMDA and CRA Data Released By FFIEC

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

• OTS To Conduct Financial Management Seminars

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

• Regulators Enter Written Agreement With Dutch Bank

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

• New International Banking Journal Gains FRB Support

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

• President Issues OFAC Executive Order

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

• Revisions To BHC Rating System Proposed

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

• Reduction Of Regulatory Burdens Suggestions Sought

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

• NCUA Proposes Additional Conversion Disclosures

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

• Preliminary June 30 Call Reports

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

• Agencies Delay CDR Rollout

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

• Counterfeit Warrants Alert

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

• International Banking FIL Issued

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

• Electronic Record Systems AL Issued

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

• Risks Of Instant Messaging Guidance Issued

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

• Self Assessment Guides Available Online

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

• International Reserve Position Update

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

• Minority-Owned Banks Report

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

• FACTA Affiliated Marketing Comment Deadline Extended

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

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

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

• Risk-Based Capital Standards Final Rule Issued

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

• Thrift CRA Evaluations Released

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

• OCC Issues Bulletin Regarding CRA JIR

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

• Household Debt Service and Financial Obligation Ratios Released

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

• New Working Papers Published

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

• Regulators To Withdraw Proposed CRA Amendments

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

• August HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in August 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates;
  H. 15 Weekly Rates 7/19/04

• May 2004 International Capital Data Released

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

• FTC Publishes Rights and Notices under FCRA in FR

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

• President Signs ID Theft Act

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

• FIL Regarding Affiliate Marketing Opt Out NPR

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

• OCC Enforcement Actions Announced

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

• CRA Exam Results Released

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

• Counterfeit Money Orders Alert

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

• IT Guidance Issued

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

• Money Laundering Challenges Outlined By OCC

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

• Stakeholder Letter Revised

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

• Cost of Funds Reports Issued

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

• G. 17 Report Released

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

• FDIC Revises Insurance Reserve Ratios

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

• Asset Securitization Featured in Quarterly Review

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

• Regulators' Affiliate Marketing Proposal Published

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

• FRB To Discontinue Large Dollar Adjustment Courtesy Calls

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

• OCC Issues Bulletin Regarding SEC Reg B

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

• July 9th International Reserve Position

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

• SDGT Changed By OFAC

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

• 2004 Credit Union Directory Available Online

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

• FRB Announces Written Agreement With Illinois Bank

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

• Community Developments Newsletter Now Online

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

• International Reserve Position Update

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

• FDIC Issues Second Quarter Stakeholder Letter

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

• Branch Banking Trends Featured In FYI

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

• Survey Of Terms Report Released

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

• May Consumer Credit Report Issued

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

• Comments Due on Disposal Of Consumer Information

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

• CRA JIR Published in FR

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

• July CRA Examination List Released

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

• MSB Registration List Updated

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

• Third Quarter Edition Quarterly Journal Now Online

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

• SDN FIL Issued

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

• FMS Web Site Service Interruption Scheduled

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

• FIL Regarding Securities Transactions NPR

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

• State Profiles Updated

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

  State Profiles 7/7/04

• Affiliate Marketing Opt Out NPR Issued

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

• Fraudulent OCC Online Banking Web Site

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

• Bank Assessed $24 Thousand Dollar OFAC Penalty

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

• FRB Enters Written Agreement With Texas BHC

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

• Guatemala Removed From NCCT List

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

• OCC Issues Long Term Interest Rate Guidance

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

• Operating Circulars Revised

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

• Special Alert - Counterfeit Official Checks

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

• International Remittances and CRA

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

• June Foreign Exchange Rates Released

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

• Credit Card Profitability Report Delivered To Congress

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

• Ag Finance Databook Published

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

• ATMs Ahoy

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

• FOC Raises Fed Funds Rate

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

• Travel Rule CIF Exception Expires

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

• Recommended Practices Issued For Supervision Of State-Chartered Banks

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

• FDIC Announces Twenty-Seven Enforcement Actions

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

• EDS Awarded BSA Direct Contract

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

• Circulation Date For New $50 Set

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

• Balkan Entries Added To SDN List

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

• Supervisory Insights Journal Launched

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

• Unauthorized Banking Special Alerts Issued

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

• International Reserve Position Published

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

• Basel II White Paper Released

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

• FDIC Proposes Changes To Assessment Certified Statement Rule

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

• Agencies Announce Basel II Implementation Plans

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

• IFDP Working Paper Published

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

• SDN FIL Issued

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

• Affiliate Marketing Notice and Opt Out NPR To Be Issued

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

• Thirty-Four OCC CRA Evaluations Released

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

• OTS CRA Ratings Announced

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

• More SBA Lending For Credit Unions Proposed

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

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

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

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

  : Clear and conspicuous disclosures; withdrawn.

  Proposed Rule PDF   TEXT 6/25/04

• Synthetic CDOs Working Paper Published

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

  Synthetic CDOs 6/25/04

• June Electronic Interpretations and Actions Posted

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

  Electronic Interpretations 6/25/04

• Italian al Qaida Members Added To OFAC List

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

• Happy Birthday To Do Not Call

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

• Free Annual Credit Reports Rule Published in FR

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

• Former Bank Executives Indicted

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

• Regulators To Form BSA/AML Working Group

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

• FRB Withdraws Proposed Revisions

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

• Reg CC Amendments Announced

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

• Regulatory Burdens Impact Financial Institutions and Their Customers

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

• Electric Record Keeping AL Issued

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

• Counterfeit Cashier's Checks Special Alert

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

• Greenspan Takes Oath

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

• Comment Period Extended

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

• SCRA AL Issued

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

• Derivative Volume Exceeds $76 Trillion

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

• Order Of Prohibition Issued

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

• Proposed Amendments to Reg J Published in FR

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

• Bulletin and FIL Issued Regarding Disposal Of Consumer Information NPRM

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

• CAC Nominations Sought

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

• Guidance Issued On Acceptance Of Foreign Accounts

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

• Fraudulent Information Requests Special Alert

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

• July HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in July 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates;
  H. 15 Weekly Rates 6/17/04

• OCC Enforcement Actions Announced

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

• Beige Book Updated

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

• OFAC Overview And Mission

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

• Final Interest Rate Risk Measures Published

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

• OFAC Changes Cuban Assets Control Regs

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

• FRB Announces Payment System Evolution Strategy

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

• May G.17 Report Issued

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

• Foreign Bank Structure And Share Data Released

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

• Classification Of Bank Assets Revised

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

• HMDA Data Collection Rules Reference Materials

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

• FTC to Conduct Credit Score Study

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

• International Reserve Position and TIC Data Released

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

• Bank Merger Study Published

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

• Four FEDS Papers Released

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

• Cost Of Funds Ratios Issued

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

• Reg V Final Rule adds Model Notices

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

• Morgan And Bank One Merger Approved

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

• SDN FIL Issued

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

• Changes To Call Report Instructions Proposed

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

• Supervisory Decisions Appeals Process Updated

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

• FRB Small Business Finance Survey Underway

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

• FIL Issued Regarding SAR Safe Harbor Status

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

• OFAC Adds SDGTs

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

• Flow of Funds Report Released

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

• OCC Extends Lending Limits Pilot Program

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

• OTS Closed Friday

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

• FFIEC Posts June Reporting Forms

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

• Spring 2004 Federal Reserve Bulletin Published

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

• Some National Banks May Close Friday

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

• Counterfeit Cashier's Checks Special Alert



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

• Disposal Of Consumer Information NPR

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

• Reg V Amendments Issued

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

• Third Quarter CRA Exam Schedule Announced

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

• C & D Issued Against Arkansas CU

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

• FTC Seeks Comments Regarding Providing Credit Reports To Consumers

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

• 2003 Corporate Medium-Term Notes Report Released

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

• FCRA Proposal on Disposal of Consumer Information

  The proposal would require each financial institution to develop, implement, and maintain appropriate measures to properly dispose of consumer information derived from consumer reports to address the risks associated with identity theft. 69FR31913 (pdf) 69FR31913 (txt) 6/8/04

• FDIC Issued PR on Deposit Insurance Assessment

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

• Regional Reserve Banks To Be Open Friday

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

• Computer Virus Protection Guidance Issued

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

• "Offshoring" Risks Examined

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

• FIL Regarding Overdraft Protection Guidance

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

• CRA Ratings Announced

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

• Failed Bank Data Available Online

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

• June FHC List Released

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

• April Consumer Credit Report Issued

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

• Truth in Savings Reg. DD - Proposed Rule

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

• Privacy Act Implementation - Proposed Rule

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

• Interagency Guidance on Overdraft Protection Services

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

• Free Annual Credit Reports Final Rule

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

• Reg J Amendment Proposed

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

• AML Guidance On MSB Customers

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

• Charge-Off And Delinquency Rate Data Released

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

• Privacy Act Amendment Regarding Disclosure of Medical Information

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

• First Quarter Preliminary IRR Measures Released

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

• Spring 2004 Issue FDIC Consumer News Published

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

• Large Bank Ranking Released

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

• May Issue FedFocus Published

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

• FRB Announces Written Agreement With Utah BHC And Bank

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

• OCC Review Own Actions Regarding Riggs

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

• International Reserve Position Update

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

• OFAC Adds SDGT

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

• Lessons Learned From Regulatory Failures

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

• SEC Proposes New Bank Broker Regulation

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

• Challenges Of Combating ML

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

• It's SOD Time Again

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

• Mortgage Broker Tricked Customers

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

• Nine FEDS Papers Published

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

• Branches Of Islamic Foundation Added To OFAC List

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

• Steps to Improve Information Security

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

• June HOEPA Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in June 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. For June, you will use the rates posted on May 14th since May 15th fell on the weekend.
  H. 15 Daily Rates; H. 15 Weekly Rates 6/2/04

• Written Agreement With Wisconsin BHC

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

• Bogus Mortgage Brokers Charged By FTC

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

• Third Quarter CRA Exam Schedule Issued

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

• IRS ID Theft Scheme Warning

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

• May Foreign Exchange Rates Released

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

• 2003 Fact Book Published By OTS

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

• March UBPR Available

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

• Narcotics Kingpins Added To OFAC List

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

• Reg DD Amendments Proposed

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

• FinCEN al Qaeda Special Alert

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

• OCC Fraudulent Emails

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

• FTC Comments On FACT Act Proposals

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

• Assessments And Fees Final Rule

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

• Changes To OFAC SDN Data Files

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

• March G. 20 Released

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

• OCC Exclusive Visitorial Powers Upheld

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

• $70 Million CMP Assessed Against Citigroup

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

• May Electronic Interpretations And Actions Announced

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

• OTS Issues Final Rule

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

• Participation in Group Mortgage Guaranty Reinsurance Program Authorized

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

• Structure Note Holdings Examiner Guidance Issued

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

• Information Systems Guidance Issued

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

• First Quarter Record Earnings Reported

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

• QBP For First Quarter Released

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

• FDIC Enforcement Actions Announced

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

• Phishing Report Released By Treasury

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

• Online Subscriptions Offered By FDIC

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

• NCUA Announces Express Emails

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

• Thrift Industry First Quarter Results

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

• Changes Made To UPBR

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

• Outlook Examines Bank Earning

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

• Federal Court Reaffirms SAR Safe Harbor

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

• Twelve Enforcement Actions Announced

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

• Counterfeit FDIC Expense Checks Special Alert

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

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

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

• Greenspan Urges Participation in Consumer Study

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

• Storm Relief FIL Issued

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

• International Reserve Position Released

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

• $10 Million In Restitution Ordered

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

• 62 CRA Ratings Released

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

• Counterfeit Cashier's Checks Special Alert

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

• Is Inflation Targeting Best-Practice Monetary Policy?

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

• 23A Exemption Granted

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

• Check 21 FIL Issued

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

• OTS Issues Electronic Initiatives CEO Letter

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

• Registration For FDICconnect Encouraged

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

• FDIC Insurance Funds First Quarter Results

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

• FDIC SDN FIL

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

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

• Bulletin Issued On Fact Act NPR

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

• Effects Of Interest Rates on MMMFs

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

• Check 21 Services Introduced By FRB

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

• NPR Concerning BSA And Syrian Bank

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

• Amendments to Reg CC

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

• Comments Sought For Prescreened Study

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

• Greenspan Accepts Nomination

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

• Trends In Community Banking Subject Of FYI

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

• Uday's Business Partners Added To OFAC List

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

• FRB To Study Debit Card Fees

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

• International Reserve Position Released

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

• FinCEN Issues Special Measure for Syria Bank

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

• Cash Letters Delayed By Plan Crash

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

• Amendments To Reg CC Continue

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

• Fedwire Hours Extended

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

• Hawke Reviews OCC And Banking History

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

• Regulators Seek Comments Regarding Structured Financial Activities

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

• Counterfeit Cashier's Check Special Alert

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

• FRB Enters Written Agreement With Georgia Institutions

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

• Payroll Card System Advisory Issued

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

• FATF Mandate Renewed

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

• Cost Of Funds Reports Released

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

• Riggs Assessed $25 Million CMP

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

• Largest FCRA Penalty Imposed

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

• Prohibition Orders Issued Against Former CU Officials

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

• Financial Holding Company Elections Released

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

• FDIC Votes On Assessment Rates

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

• Community Banks Survival Threatened

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

• APRWIN And APY Software Available

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

• International Reserve Position Updated

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

• Managing Risks Of New Products

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

• $100 Million CMP Assessed

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

• C & D Against BHC and Sole Shareholder

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

• SDGTs FIL

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

• Reg CC Appendix Amended

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

• Six FIs Penalized By OFAC

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

• SAR Report Published

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

• Senior Loan Officer Opinion Survey Results

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

• CU Closed

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

• G.19 Consumer Credit Report Issued

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

• Household Debt Service Burden Announced

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

• OCC Bulletin Regarding Reg. Z

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

• OFAC Additions FIL Issued

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

• Credit Card Fee Income Guidance Issued

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

• NPR Regarding Trust Preferred Securities and Tier 1

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

• Greenspan On Globalization

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

• Terrorist Financing Report Published

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

• New SDGTs Added to OFAC List

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

• CRA Exam Results Announced

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

• OCC Licensing Manual Revised

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

• International Reserve Position Updated

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

• Quarterly Refunding Statement Issued

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

• FRB Publishes Eleven Working Papers

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

• Burmese Banks Bulletin Issued By OCC

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

• Reg CC Appendix Amended

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

• Fed Funds Target Rate Announced

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

• UBPR User's Guide Updated

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

• Special Measures Imposed Against Burmese Banks

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

• Evaluating Retail Payment Systems Guidance FIL Issued

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

• Marketing Financing Estimates Announced

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

• FRB Issues 90th Annual Report To Congress

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

• FDICSales.com Utilizes Outcry Auction

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

• FRB And Utah BHC Execute Written Agreement

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

• Twenty Enforcement Actions Announced By FDIC

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

• April 2004 Issue of Interpretations And Actions Published

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

• OFAC Adds Four SDGTs

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

• Disciplinary Action Taken Against Bankers

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

• International Reserve Position Data Released

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

• Premises Investment Report Extension Proposed

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

• February 2004 G. 20 Issued

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

• Libyan Restrictions Relaxed

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

• OCC Enforcement Actions Announced

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

• Identifying Risks In Secured Credit Card Programs

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

• NCUA Issues Prohibition Orders

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

• FIL Regarding Medical Privacy NPR

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

• OTC Enforcement Actions

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

• Greenspan On Energy

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

• FRB Working Papers Published

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

• Loan Portfolio Quality Working Paper

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

• New Web Site For NCUA

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

• ABCP Interim Final Rule Extended

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

• One Certificate Only

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

• Grant Gets An Extreme Makeover

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

• First Quarter Asset & Liability Price Tables

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

• Use of Medical Info NPR Issued

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

• Risk-Based Capital Guidelines Extended

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

• Counterfeit Cashier's Checks Special Alert

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

• FTC To Refer Complaints To Credit Bureaus

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

• International Finance Discussion Paper Released

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

• NPR Regarding Lending Limits

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

• 52 CRA Ratings Released

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

• Another FDIC Email Scam

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

• FDIC Publishes New Brochures For Customers

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

• OFAC FIL

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

• FTC NPR ID Theft Proposals

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

• NPR Regarding FRB PRS

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

• Greenspan - Fed Funds Rates To Rise

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

• Beige Book Updated

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

• Supervisory Agreement Regarding RESPA, FDCPA and FCRA

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

• FinCEN Warns Of Unauthorized Disclosure of SAR

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

• The State of Banking By Greenspan

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

• Hawke Says National Banking System Strong

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

• May HOEPA APR Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in May will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates; H.15 Weekly Rates 4/20/04

• Consumer Report Disposal Proposal Published

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

• FRB MICR File Delivery Update

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

• FRB Annual Report To Congress

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

• Consumer Records Disposal NPR Issued

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

• Mandatory Electronic Filing

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

• Stolen or Missing Money Orders

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

• Credit Card Telemarketers To Pay $11.8 Million

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

• March G. 17 Report Issued

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

• OCC Licensing Manual Updated

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

• OCC Bulletin Regarding Op Sub NPR

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

• FDIC Issues Proposed Rule on Store Value Cards

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

• February TIC Data Released

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

• Exchange Rate Report Made to Congress

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

• Quarterly Journal for 2nd Quarter 2003 Online

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

• February Cost of Funds Reports Issued

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

• April Money Smart News Published

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

• Iraqi Names Added To OFAC List

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

• Sharing Medical Information FCRA Exception Proposed

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

• Reg CC Appendix A Technical Amendment

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

• HMDA Exam Procedures Bulletin Issued

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

• Consumer PL Brochure Now In Spanish

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

• International Reserve Position Released

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

• Counterfeit Cashier's Checks Special Alerts

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

• FDIC Issues Interim Rule on Electronic Filing

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

• FRB Proposed Changes to Reg V

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

• FinCEN Issues Special Measures Against Burma

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

• FinCEN Issues Special Measures Against Two Financial Institutions

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

• Reg CC Appendix A Amended

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

• FIL Regarding Weapons Of Mass Destruction

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

• CMIR Form Changes Proposed

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

• Minority-Owned Banks

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

• FDIC Issues Stakeholders Letter

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

• FACT ACT Negative Information Form

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

• Hawke Discusses Preemption With Senators

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

• Fraudulent FDIC Emails Virus Warning

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

• Special Alert - Unauthorized Banking

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

• Extension of FRB Reports Proposed

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

• International Reserve Position Data Released

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

• G. 19 Consumer Credit Report Issued

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

• FDIC CRA Ratings Released

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

• Treasury Check Claims Final Rule Issued

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

• FinCEN Withdraws Advisories

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

• FFIEC Updates CRA/HMDA Software

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

• Fourth Quarter Interest Rate Risk Review

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

• FDIC Updates State Profiles

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

• Mark Levonian Named Deputy Comptroller for Modeling and Analysis

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

• OTS Proposes New Form for Collecting Risk Exposure Data

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

• OTS Issues Supplemental Guidance on the BSA and AML Programs

  RB 18-6 4/6/04

• OFAC Penalizes One Institution

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

• Federal Reserve Working Papers

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

• FFIEC Makes HMDA Revisions and Updates

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

• Foreign Exchange Rates Report Released

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

• National Banks In Excellent Health

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

• FDIC Enforcement Actions Announced

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

• Retail Payments IT Exam Booklet Issued

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

• Line Item Guidance Issued for Oakars

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

• Custodial Inventory Program Applications

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

• OTS Risk Management CEO Letter

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

• Standard Forms Now Available Online

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

• NCUA Chairman To Retire

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

• International Reserve Position Released

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

• FRB Releases Agricultural Databook

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

• Reg Z Changes Published

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

• Austrian Bank Not Authorized

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

• Enforcement Orders Against Former Bankers

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

• March Report Forms Online

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

• January G.20 Finance Companies Report Issued

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

• MSA Guidance Issued

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

• 031 and 041 Instructions Online

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

• Country Exposure Reports Released

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

• Reg Z Final Rule Issued

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

• April Fools Plus

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

• BHC Fleet Management Authorized

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

• OCC Updates Publications

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

• Counterfeit Cashier's Checks Special Alerts

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

• FIL Regarding Modifications to SDNs

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

• ACH Procecessor to Pay $3.9 Million

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

• Proposal to Identify Op Subs Published in FR

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

• Greenspan Addresses Rural Economic Issues

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

• Future Of Banking Series Paper Released

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

• HMDA Comments Sought

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

• Three Written Agreements Announced

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

• Counterfeit Cashier's Checks Special Alert

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

• $300,000 For FDCPA Violations

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

• Fed ACH Participation Final Rule

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

• Tying Questions - Who To Contact

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

• Enforcement Orders Against Former Bankers

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

• FDIC FIL Regarding Iraqi SDNs

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

• Counterfeit Cashier's Checks Special Alerts

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

• Privacy Notice Comment Deadline Nears

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

• Special Alerts - Unauthorized Banking

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

• Business Lending Terms Report Released

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

• Cuban SDN FIL

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

• First Quarter Call Report FIL

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

• SDGT Entry Modified

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

• New York Bank's Deposits Assumed

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

• FACT Act Free Annual File Disclosures

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

• 2004 Geocoding System Available

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

• Changes Proposed To HMDA Tables

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

• CDR FIL Issued

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

• International Reserve Position Released

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

• Assets Of Iraqi Parastatals and New SDNs

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

• Reg W To Apply To State Nonmember Banks

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

• Greenspan - Banking Today and Future Trends

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

• Cuban SDN Announced

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

• CDFI Fund Discussed With House Committee

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

• Free Annual Credit Reports Proposed

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

• April HOEPA APR Reference Rates

  The Federal Reserve has posted the new reference rates which lenders must use to determine if loans for which applications are received in April will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H. 15 Daily Rates;
  H.15 Weekly Rates 3/17/04

• March Interpretations And Actions Published

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

• CTR Form FIL

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

• What Happens When Interest Rates Rise?

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

• Fed Funds Rate Set

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

• Eighteen Enforcement Actions Announced

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

• OCC Releases CRA Ratings

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

• International Capital Data Released

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

• G. 17 Report Issued

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

• March FEDS Papers Published

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

• Final 4th Quarter Interest Rate Risk Data

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

• National Cost of Funds Reports Issued

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

• OCC Closes Florida Bank

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

• Unlicensed Bank Alert

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

• Preliminary Exam Response Kit

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

• Winter Issue Consumer News Issued

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

• Internet Related Fraud Guidance

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

• Derivative Volume Tops $71 Trillion Dollars

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

• Interest Rate Risk Exposure Report

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

• ID Theft Spam Scam Alert

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

• Guidance On Unfair and Deceptive Practices

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

• Foreign Bank Offices Data Released

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

• March FHC List Issued

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

• Thirteen Million Dollar CMP Assessed

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

• BHC Subsidiary Pays SEC $10 Million

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

• FDIC Enforcement Actions Released

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

• Missing Money Orders Special Alert

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

• March Report Forms Online

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

• MSB Registration List Updated

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

• December 2003 G.20 Released

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

• Deadline Reminder

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

• Snow Comments On New GSA Regulator

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

• OCC Says Preemption Rule Misunderstood

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

• March Financial Reporting Bulletin

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

• Phishing and E-Mail Scams

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

• Financial Terrorism Office Created

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

• Check 21 Comment Deadline Nears

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

• Grant Thornton Assessed $300,000 CMP

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

• 66 CRA Exams Scheduled For 2nd Quarter

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

• FDIC CRA Ratings Released

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

• Unauthorized Banking Special Alert

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

• B of A - Fleet Merger Approved

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

• OFAC Penalizes Five Institutions

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

• Reg CC Changes Published

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

• March 31 002 Form Released

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

• Internet Banks Subject of Special Alerts

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

• Thrift Financial Report Instruction Manual

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

• Assets Ranking Released

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

• January Consumer Credit Report Issued

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

• C & D Issued Against Wyoming Bank

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

• OTS February CRA Ratings Revealed

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

• Extension of FFIEC 04 Report Proposed

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

• Special Alert - Counterfeit Checks

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

• FBI Releases Workplace Violence Monograph

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

• Fourth Quarter Flow of Funds Report Released

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

• FIL Regarding Announced OFAC Action

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

• ML and Financial Crimes Report Issued

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

• Fourth Quarter Interest Rate Risk Data Issued

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

• All Stocks Removed From Margin Stock List

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

• FIN 46 Legal Interpretation Issued

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

• Counterfeit Cashier's Checks SAs Issued

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

• Internet Bank Not Member FDIC

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

• Updated Beige Book Released

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

• Real Estate Retrieval System Online

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

314a Automated Distribution List

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

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• Reg CC Amended By FRB

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

• SARs Legal Decisions Posted

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

• Technology Regs and Publications Online

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

• Greenspan On Foreign Exchange Rates

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

• FDIC Releases Spring 2004 Outlook

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

• Basel II White Papers Released

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

• FEDS Working Papers Issued

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

• OFAC Adds Zimbabwe SDNs

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

• FACT Act Study on Biometrics

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

• Loan Loss Accounting Guidance Issued

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

• Unauthorized Banking Alert

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

• OCC Customer Complaint Guidance

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

• OCC 2nd Quarter CRA Exam Schedule

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

• IRS "Dirty Dozen" Scams List Updated

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

• FinCEN MSB Registration List Online

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

• FYI Examines Exposure to GSE Guaranties

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

• December 2003 UBPR Available

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

• February Foreign Exchange Rates Released

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

• FTC Releases RESPA Reform Report

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

• FATF Removes Two From NCCT List

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

• FRB Issues Proposals For Comment

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

• U. S. FY 2003 Financial Report Released

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

• Community Banking Issues - A Regulator's View

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

• Winter 2004 Federal Reserve Bulletin Issued

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

• Quarterly Loan Charge-Off Rates

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

• Household Debt Burden Report Released

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

• FIL Issued Regarding Announced SDN Change

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

• Prohibition Orders Issued By NCUA

  NCUA has issued prohibition orders against three individuals following the embezzlement of funds.
  Release;
  Order 1;
  Order 2;
  Order 3 2/27/04

• Preliminary Interest Rate Risk Measures

  OTS has released the preliminary Thrift Interest Rate Measures Risk Measures for the Fourth Quarter 2003.
  Risk Measures 2/27/04

• FDIC Issues Quarterly Banking Profile

  The Quarterly Banking Profile for the Fourth Quarter 2003 has been issued by the FDIC.
  Quarterly Profile 2/27/04

• OFAC Removes Address And Grants License

  The address of a SDGT has been removed from the OFAC SDN list and a General License has been granted regarding the lifting of the travel ban to Libya. Information concerning the removal and the license has been posted on the BOL OFAC page. 2/27/04

• Living Trust Interim Rule for CUs

  The amendment changes the existing rules concerning coverage for beneficial interests in living trust accounts. The rules are amended by eliminating the provisions that would limit insurance coverage where the interest of the beneficiary is subject to a defeating contingency in a living trust agreement. With the amendment, share insurance coverage of up to $100,000 is provided per qualifying beneficiary who, as of the date of an insured credit union's failure, would become the owner of assets in the living trust upon the account owner's death. 69FR8798 (txt) 69FR8798 (pdf) 2/26/04

• Greenspan Suggests Changes in SS Benefits

  In testimony before the House Budget Committee, Chairman Greenspan expressed concern over the impact the payment of Social Security benefits to the baby boom generation will have on the long term federal budget. He proposed that Congress consider replacing the current "cost of living" adjustments with the chained consumer price index (CPI) introduced by the Bureau of Labor Statistics in 2002 and raising the age at which benefits will be provided. Testimony 2/26/04

• International Reserve Position

  Treasury has released the U.S. International Reserve Position as of the week ending February 20, 2004.
  Reserve Position 2/26/04

• Greenspan - Freddie & Fannie Need Regulator

  In testimony before the Senate Banking, Housing and Urban Affairs Committee, Chairman Greenspan expressed concern regarding growth and scale of the Freddie Mac and Fannie Mae mortgage portfolios and of their leverage policies. He indicated that Congress needs to create a regulator for the government sponsored enterprises with authority on a par with that of banking regulators. Speech 2/25/04

• OFAC Adds bin Laden Loyalist

  The name of a bin Laden loyalist and al-Qaeda supporter has been added as a new SDGT entry to the OFAC SDN List. Information regarding the addition has been posted on the BOL OFAC page. 2/25/04

• Written Agreement With Ohio Bank

  The FRB has announced the execution of a Written Agreement by and among The Custar State Bank, Custar, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank of Cleveland. The Agreement includes a provision which requires the bank to retain an independent consultant to conduct a comprehensive review of the bank's AML compliance.
  Written Agreement 2/25/04

• Regulator's Accounting and Capital Standards

  The federal financial institution regulators have issued their annual joint report to Congressional committees regarding difference in the accounting and capital standards among the agencies. Report 2/25/04

• PALS Best Practices Web Site Launched

  NCUA has unveiled a new web site designed to help credit unions share innovative programs to help attract new members. Over 300 ideas are organized into more than 50 program areas. Best Practices 2/25/04

• Comments Requested on Fair Credit Reporting Provisions

  The recently enacted FACT Act requires the FTC to adopt rules to prevent consumer reporting agencies from avoiding treatment as
  nationwide consumer reporting agencies. In this action, the FTC is adopting, and seeking comment on, an interim final rule that prohibits consumer reporting agencies from avoiding these obligations through any means, including corporate structuring or technological methods. 69FR8531 (txt) 69FR8531 (pdf) 2/24/04

• Evaluation Of Household Debt By Greenspan

  In a presentation before the Credit Union National Association 2004 Governmental Affairs Conference, Chairman Greenspan gave his views on understanding household debt burdens and the changes in the debt service and financial obligation ratios over time.
  Speech 2/24/04

• Special Alert Counterfeit Cashier's Checks

  A Special Alert has been issued by the FDIC concerning counterfeit cashier's checks drawn on Valrico State Bank, Valrico, Florida and 1st Mariner Bank, Baltimore, Maryland. Information regarding the counterfeit items has been posted on the BOL Alerts & Counterfeits page. 2/24/04

• Unauthorized Banking Special Alert

  The FDIC has issued a Special Alert regarding three entities that may be conducting unauthorized banking activities in the United States and/or Canada. Special Alert 2/24/04

• Electronic Interpretations and Actions

  The OCC has announced the February 2004 issue of Electronic Interpretations and Actions which includes five Interpretative Letters and four Corporate Decisions along with Approvals with Conditions, Final Enforcement Actions and CRA Evaluations.
  February Issue 2/24/04

• Working Papers Released

  The FRB has released new working papers in both the FEDS and the International Finance Discussion Papers series.
  FEDS;
  International 2/24/04

• FIL Regarding Announced SDNTKs

  The FDIC has issued FIL-20-2004 regarding previously announced additions to the OFAC list regarding SDNTKs and the blocking of the assets of one organization. Information regarding the additions was posted on February 18, 2004 on the BOL OFAC page. 2/24/04

• Earnings Credits Calculation Changed

  The Federal Reserve System has changed the rate used to calculate earnings credits on clearing balances. Earnings credits are now calculated based on 90 percent of a three-month T-bill rate in order to align our practices with those of the marketplace. Detailed information regarding clearing balances and earnings credits are found in Section IV of the FRB Services Account Management Guide.
  Guide 2/23/04

• February Bank Accounting Advisory Series

  The OCC has released the February 2004 edition of the Bank Account Advisory Series which expresses the Office of the Chief Accountant's current views on accounting topics of interest to bankers.
  Accounting Advisory Series 2/23/04

• Greenspan On Education and The Economy

  Learn the views of Chairman Greenspan on the critical effect of education on the economy from his remarks before the Annual Meeting of the Greater Omaha Chamber of Commerce.
  Speech 2/23/04

• 2003 Thrift Charge-Off Rates

  The OTS has released the Thrift Industry charge-off rates by asset types for 2003.
  Charge-Off Rates 2/23/04

• OTS Charges Officials Of Closed Bank

  The OTS has announced charges regarding alleged violations of federal banking laws against the former president and a former institution affiliated party of Dollar Savings Bank, Newark, New Jersey which was recently closed by OTS. The former president was ordered to post security in excess of $4 million, representing the amount of questionable withdrawals from the bank which occurred in a one week period prior to closing. Charges 2/20/04

• Five OCC Enforcement Actions Announced

  OCC has announced Enforcement Actions against three national banks and two individuals.
  Enforcement Actions 2/20/04

• OCC CRA Ratings Issued for Forty-Two Banks

  Forty-two CRA ratings for national banks have been made public by the OCC. Six institutions were rated outstanding, thirty-six were satisfactory and none were rated either needs to improve or substantial noncompliance. CRA Ratings 2/20/04

• FDIC Publishes CRA Guide

  The FDIC released a new publication, the "FDIC Community Development Investment Guide", designed to assist banks that are considering community development investments. The Guide explains how to determine if an investment is permissible and how investments can be structured to achieve a community development purpose. CRA Guide 2/20/04

• FR-CA CPS Revised

  FRB Financial Services has announced the revision of CPS to incorporate new certificate issuance and revocation processes for certificates used to access the FedImage Gateway Retrieval Service. CPS Revisions 2/20/04

• OFAC Adds Forty SDNTKs and One BPI-PA

  OFAC has added three entities and thirty-seven individuals as SDNTKs to the OFAC List in addition to blocking all the financial assets and real property of an Islamic foundation which has be integraded into the SDN list with the descriptor, BPI-PA. Information regarding these additions and designation has been added to the BOL OFAC page. 2/20/04

• 2004 HMDA Preliminary Census Data Online

  The FFIEC has posted the 2004 HMDA Preliminary Census Data online. The census tracts have been drastically changed due to the 2000 census and the OMB's new geographic classifications that significantly changed the way metropolitan areas are defined.
  2004 HMDA Census Data 2/19/04

• Final 2004 TFR Form Available

  The Final 2004 TFR Form and Schedules have been posted online by OTS.
  TFR Form 2/19/04

• Second Edition of FedFocus Released

  The Federal Reserve Financial Services has released the Second Edition of FedFocus which contains a special supplement on Check 21.
  FedFocus 2/19/04

• Thrifts 2003 Earnings Set Records

  OTS has announced that the thrift industy reported record net income and profitability in 2003.
  Highlights;
  Charts;
  Selected Indicators 2/19/04

• Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding cashier's checks that are missing from California Bank & Trust, San Diego, California and counterfeit cashier's checks drawn on RBC Centura Bank, Rocky Mount, North Carolina. Information regarding the missing and counterfeit items has been posted on the BOL Alerts & Counterfeits page. 2/18/04

• Cumulative Unauthorized Banking List

  The OCC has updated its cumulative list of entities that may be conducting unauthorized banking activities. The OCC list does not contain the names of entities furnished by state or foreign governments. Beginning in 2003, unauthorized bank lists have been issued as Special Alerts by the FDIC. They were previously issued as Financial Institution Letters.
  List
  FDIC Special Alerts 2/18/04

• OTS CRA Evaluations Released

  OTS has released the CRA ratings for savings associations that were made public during December 2003 and January 2004.
  December January 2/18/04

• December 2003 TIC Data Released

  Treasury has released the International Capital data for December 2003.
  TIC 2/18/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as February 13, 2004 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB. FHC List 2/18/04

• G. 17 Industrial Production Report

  The FRB has issued the G.17 Industrial Production and Capacity Utilization report for January 2004.
  G. 17 2/18/04

• December 2003 Cost of Funds Reports Released

  The OTS has released the historical and current reports as December 2003 regarding the cost of funds for OTS regulated SAIF insured institutions. Historical; Current 2/18/04

• FIL Regarding Announced SDNs

  The FDIC has issued FIL-18-2004 concerning additions to the Cuban and Balkans SDN designations that were made to the OFAC list on February 9, 2004. Information regarding the additions was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 2/18/04

• FDIC Insurance Funds Year-End Reports

  The FDIC has released the 2003 Year-End Reports for the FDIC and SAIF insurance funds.
  Reports 2/18/04

• FRB Grants 23A Exemption Request

  The FRB has released a legal interpretation which grants a request for an exemption from the quantitative limits of section 23A of the Federal Reserve Act and the Regulation W to allow a financial institution to acquire all the capital stock of an affiliate.
  Legal Interpretation 2/17/04

• OTS Closes Dollar Savings Bank

  The OTS has announced the closing of Dollar Savings Bank, Newark, New Jersey and the appointment of the FDIC as receiver.
  Closing 2/17/04

• OCC Issues Bulletin on Reg. CC Proposal

  The OCC has issued Bulletin 2004-11 regarding the previously announced proposal by the FRB to add a new subpart D to Reg. CC to implement the Check 21 Act. Information regarding the proposal and request for comment was included in the January 8, 2004 BOL Top Stories. 2/17/04

• 2003 FDIC Annual Report Posted

  The FDIC has posted on its web site its 2003 Annual Report which provides an overview of FDIC activities and operations during the year.
  Full Report;
  Index 2/17/04

• FIND Call Report Web Site Launched

  The federal bank regulators have jointly announced the launch of a web site that provides information on the FFIEC's Call Report Modernization initiative. The FIND (Financial INstitutions Data - Bank Call Reports) web site provides details on the development and implementation of a central data repository (CDR) for collection, processing, and distribution of bank financial data.
  FIND Web Site;   
  FRB PR;   
  OCC NR;   
  FDIC 2/13/04

• OCC Preemption Rule Discussed

  OCC Chief Counsel and First Senior Deputy Comptroller Williams discussed the OCC's new Preemption Rule and position on visitorial powers in a presentation before the Annual Legal Conference of the Independent Bankers Association of Texas and the Texas Savings and Community Bankers Association. She emphasized the importance of continuing cooperation between the States and the OCC in furthering consumer protection with respect to the institutions they regulate. Speech 2/13/04

• Tax Shelter Schemes Information Online

  The IRS has launched a new section on its web site containing important information about abusive schemes involving employee retirement plans. The site is intended to warn promoters and plan professionals about the consequences of participating in such schemes.
  Tax Shelter Schemes 2/13/04

• Regulators Issue Interagency Advisory

  An Interagency Advisory was issued by the federal financial regulators regarding accounting for deferred compensation agreements and bank-owned life insurance. Advisory;   
  OCC Bulletin;   
  OTS CEO Letter;   
  FDIC FIL    FRB SR 2/12/04

• Unauthorized Banking Activities Special Alert

  The FDIC has issued a Special Alert regarding entities that may be may be operating in the Cayman Islands, offering banking or other financial services to individuals, businesses or financial institutions located in the United States. The Cayman Islands Monetary Authority (CIMA) has published a list of financial entities whose Web sites note a Cayman Islands address, but the entities are neither registered nor licensed to carry on activities regulated by the CIMA.
  SA-9-2004;
  CIMA List 2/12/04

• FRB Reassigns Routing Numbers

  The FRB is amending appendix A of Regulation CC to delete the reference to the head office of the Federal Reserve Bank of Richmond and reassign the Federal Reserve routing symbols currently listed under that office to the Federal Reserve Bank of Richmond's Baltimore office and delete the reference to the Omaha check processing office of the Federal Reserve Bank of Kansas City and reassign the
  Federal Reserve routing symbols currently listed under that office to the Des Moines office of the Federal Reserve Bank of Chicago. 69FR6917 (txt) 69FR6917 (pdf) 2/12/04

• OFAC Issues Iraqi Intellectual Property IR

  An Interpretative Ruling regarding protection and transfer of intellectual property rights in Iraq has been issued by OFAC.
  OFAC IR 2/12/04

• Greenspan - Economic Prospects Good

  Chairman Greenspan presented the FRB's semiannual Monetary Policy Report to Congress. He indicated that the GDP is now expected to grow at a faster rate than was forecast in July 2003 and prospects are good for sustained expansion of the U.S. economy. In addition, a Federal Reserve survey indicates that banks had continued to tighten lending conditions early in the year, but by the second half, terms and standards were being eased noticeably. Testimony;
  Report 2/12/04

• FTC Issues Charity Scams Publication

  The FTC has issued a new consumer publication, “Charitable Donations: Give or Take?”, advising consumers on how to avoid potential charity scams. The agency indicates that more than 700,000 federally recognized charities are soliciting for charitable contributors. It contains very good information regarding questions your customers may be, or should be, asking prior to making a contribution.
  Scam Information 2/12/04

• Legal Interpretations Issued By FRB

  The FRB has issued legal interpretations regarding the grant of an exemption from the quantitative limits of Section 23A of the Federal Reserve Act and clarification of Section 106 of the Bank Holding Company Act which allows banks to require borrowers that obtain securities-based credit from the bank to keep the securities collateral in an account at a broker-dealer affiliate of the bank.
  23A;   
  106 2/11/04

• Features Added To FRB Web Site

  The FRB has announced a number of improvements to its web site, including the capability to view and submit comments on regulatory proposals. You can now submit your comments by email, view comments, review updates regarding the proposed Basel II Capital Accord and access personal finance educational tools. Email;   
  View Comments;   
  Basel II;   
  Tools 2/11/04

• FACT Act Effective Date Published

  The final rule establishing the effective date for various provisions of the FACT Act has been published in the Federal Register. This was previously announced on 2/6/04 on Top Stories.
  68FR6526 (txt) 68FR6526 (pdf)2/11/04

• FRB Working Papers Released

  The FRB has released working papers in its International Finance Discussion and FEDS series.
  International Finance;    FEDS 2/11/04

• Flood Violations Cost Ohio Bank

  The FRB has announced the issuance of a CMP in the amount of $9,500 against the Hocking Valley Bank, Athens, Ohio as the result of alleged violations Reg H and the National Flood Insurance Act. Violations Plan to attend the March 30th Webinar - Flood: What Your Lenders Need to Know 2/10/04

• Bulletin Regarding Announced Reg C Changes

  The OCC has issued Bulletin 2004-9 regarding two previously announced changes to Reg C involving the raising of the asset size exemption threshold for reporting HMDA data and the standards for defining MSAs. Information regarding the changes and the publication in the Federal Register was included in BOL Top Stories on December 29, 2003.
  2/10/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Coastal Federal Bank, Myrtle Beach, South Carolina and First Minnetonka City Bank, Minnetonka, Minnesota. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 2/10/04

• OFAC Adds CUBA and BALKANS SDNs

  Ten entities have been designated CUBA SDNs and added to the OFAC List along with thirteen individuals who have identified as BALKANS SDNs. Information regarding the additions has been posted on the BOL OFAC page. 2/10/04

• OFAC Cites Twelve Institutions

  The February 2004 OFAC Civil Penalties Enforcement Information cites twelve financial institutions for fifteen violations of various sanctions programs. The penalties imposed ranged from $1,000 to over $34,000. Information regarding the violations and penalties are found on the BOL OFAC page. 2/9/04

• Regulators Issue NPR Updating CRA

  The federal banking and thrift regulators have issued a NPR regarding proposed upates to CRA. An ANPR issued by the regulators on July 21, 2001 resulted in about 400 comments which were considered in the drafting of the proposed rule.
  FRB;   
  OCC;   
  FDIC;   
  FIL;  
  OTS 2/9/04

• 2003 G.19 Report Released

  The FRB has released the G.19 report for 2003.
  G.19 2/9/04

• FACT Act Effective Dates Final Rules Issued

  The FRB and FTC have announced approval of joint final rules to establish effective dates for all provisions of the FACT Act that do not have a statutorily prescribed effective date. Final Rules;
  FRB PR;
  FTC NR 2/6/04

• FDIC CRA Examination Ratings Issued

  The FDIC 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 November 2003. CRA Ratings 2/6/04

• CRA Changes Published

  The proposed CRA changes have now been published in the Federal Register. Comments are due April 6, 2004. 68FR5729 (txt) 68FR5729 (pdf) 2/6/04

• FRB Proposes Changes To PRS Policy

  The FRB has announced that it intends, beginning in July 2006, to require Reserve Banks to release interest and redemption payments on securities issued by government-sponsored enterprises and international organizations only when the issuer's Federal Reserve account contains sufficient funds to cover these payments. Comments are requested by April 16, 2004 on how best to promote a smooth market adjustment while implementing this change in the Policy. PRS 2/6/04

• International Reserve Position Report Released

  Treasury has issued the U.S. International Reserve Position report for the the week ending January 30, 2004.
  International Reserve 2/6/04

• C & D Against Former Credit Lyonnais Official

  The FRB has issued a Consent Order to Cease and Desist against Dominique Bazy, a former executive with Credit Lyonnais, S.A., Paris, France. He is prohibited from participating in the conduct of the affairs of domestic insured depository institutions without the FDIC's approval. C & D 2/5/04

• FDIC Issues Living Trust Fact Sheet

  The FDIC has issued an FIL regarding the previously announced changes to FDIC insurance coverage of living trust accounts and a fact sheet which provides examples of how the new coverage rules will work in most common situations.
  FIL-14-2004; Fact Sheet 2/5/04

• Unauthorized Banking Special Alert

  A Special Alert has been issued by the FDIC regarding four Canadian entities that may be conducting unauthorized banking activities in the U.S. or Canada. SA-7-2004 2/5/04

• HOEPA Points and Fee Trigger For 2004

  The HOEPA points and fee trigger for 2004 have been posted on the HOEPA section of HMDA Help Web site.
  HOEPA Trigger 2/5/04

• MERIT Examination Program Expanded

  The FDIC has issued a FIL announcing the expansion of the MERIT examination program to eligible, well-rated banks with total assets of $1 billion or less. FIL-13-2004 2/5/04

• Corporate Activities Final Rule

  The OCC has published a final rule in the Federal Register amending 12 CFR 5.2 regarding electronic filings and procedures for filings under exceptional circumstances or for unusual transactions.
  Corporate Activities 2/4/04

• World Banking Systems Examined

  The OCC has issued a working paper, "Comparative International Characteristics of Banking", which compares the key characteristics of the world's banking systems.
  Characteristics 2/4/04

• FOIA 2003 Annual Report Released

  The FRB has released the Freedom of Information Act Annual Report for fiscal year 2003.
  FOIA Report 2/4/04

• Senior Loan Officer Opinion Survey

  The FRB has issued the results of the January 2004 Senior Loan Officer Opinion Survey regarding changes in the supply of, and demand for, bank loans to businesses and households over the past three months. Survey 2/4/04

• New Savings Accounts Proposed

  Treasury has announced that the President’s FY 2005 Budget includes the following new savings initiatives: Retirement Savings Accounts, Lifetime Savings Accounts, Employer Retirement Savings Accounts, and Individual Development Accounts.
  New Accounts 2/3/04

• Market Financing Estimates Announced

  Treasury has announced the estimates of net borrowing of marketable debt for the first two Quarters of 2004.
  Borrowing Estimates 2/3/04

• January Foreign Exchange Rates Released

  The FRB has issued the January 2004 monthly G.5 Foreign Exchange Rates Statistical Release.
  G.5 2/3/04

• November 2003 G.20 Report Released

  The FRB has released the G.20 Finance Companies report for November 2003.
  G.20 2/3/04

• December Enforcement Actions Released

  The FDIC has released the administrative enforcement actions taken against banks and individuals in December. A total of 18 orders in December, included two cease-and-desist orders, one removal-and-prohibition order, three civil money penalty orders, five terminations of cease-and-desist orders, six terminations of insurance, and one adjudicated decision.
  Enforcement Actions 2/2/04

• Formation of Dormant Bank To Be Studied

  The FRB has established a private-sector Working Group on New Bank Implementation to further develop the concept of a dormant bank that would be available for activation, if necessary, to clear and settle U.S. government securities.
  Dormant Bank 2/2/04

• IFDP Covers China and Deflation

  The FRB has posted a new International Finance Discussion Paper on its Web site, Is China "Exporting Deflation"?.
  China 2/2/04

Treasury has announced the signing of a Memorandum of Understanding (MOU) between the Commodity Futures Trading Commission (CFTC) and the Treasury Office of Financial Research (OFR). The CFTC and OFR will begin a joint project to enhance the quality, types and formats of data collected from registered swap data repositories.

Treasury has announced the signing of a Memorandum of Understanding (MOU) between the Commodity Futures Trading Commission (CFTC) and the Treasury Office of Financial Research (OFR). The CFTC and OFR will begin a joint project to enhance the quality, types and formats of data collected from registered swap data repositories.

• FinCEN's PACS Reaches One Million Filings

  In a presentation before The Financial Enforcement Network, FinCEN Director Fox noted that the number of filings made utilizing PACS had reached one million, but that accounts for only 4% of the total filings. He observed that one of FinCEN's toughest challenges is to streamline the CTR system to weed out unnecessary filings. He also stated that compliance is not a "check-the-box" exercise, but rather requires financial institutions to exercise their judgment, as informed by FinCEN's guidance and assistance. Speech 1/30/04

• Interpretations and Actions - January Issue

  The OCC has posted the January 2004 issue of Interpretations and Actions on its Web site.
  Electronic Interpretations and Actions 1/30/04

• January FEDS Papers Released

  The FRB has released three new working papers in the finance and economics discussion series on the topics of: Monetary Policy in Deflation: The Liquidity Trap in History and Practice; Market Structure and Market Definition: The Case of Small Market Banks and Thrifts; and Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach.
  Monetary Policy;
  Market Structure;
  Measuring 1/30/04

• International Reserve Positions Issued

  Treasury has issued the U.S. International Reserve Positions for the weeks ending January 9 and 16.
  International Reserve Positions 1/30/04

• OTS 2004 Performance Plan Released

  The OTS has release its budget/performance plan for 2004. 2004 Plan
  1/30/04

• Thirty-three CRA Evaluations Released

  The OCC has released the CRA evaluations for thirty-three national banks. Nine banks were rated were outstanding and twenty-four received a satisfactory designation. None were reported as improve or substantial noncompliance.
  CRA 1/29/04

• OCC Defends Preemption Rule

  Julie L. Williams, First Senior Deputy Comptroller and Chief Counsel for the OCC, indicated in testimony before the House Financial Services Subcommittee on Oversight and Investigations that new regulations regarding preemption and the OCC’s exclusive visitorial powers to regulate and supervise national banks are firmly grounded in Federal law, judicial precedent and the U.S. Constitution. She stated that the OCC has zero tolerance for lending that is unfair, abusive, deceptive or predatory.
  Testimony
  Oral Statement 1/29/04

• Debt Elimination Scams SR Letter Issued

  The FRB has issued a Supervisory Letter regarding various illegal schemes being offered to the public that purport to eliminate outstanding debt through the use of specially prepared documents which are presented to the borrower's creditor's in an attempt to satisfy the debt. The scams are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s.
  SR 04-3 1/29/04

• 2003 Terrorist Asset Report Issued By OFAC

  OFAC has released the calendar year 2003 Annual Report on Assets in the United States of Terrorist Countries and International Terrorist Program Designees. Approximately $6 million in assets of designees have been blocked and almost $2 billion in assets of terrorist countries are under U.S. jurisdiction.
  Terrorist Asset Report 1/29/04

• Stolen Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding cashier's checks stolen from the Citizens Savings Bank and Trust Company, Nashville, Tennessee. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/29/04

• Financial Literacy Meeting To Be Webcast

  The inaugural meeting of the Financial Literacy and Education Commission will be held on Thursday, January 29 and will be available for viewing on a live Webcast starting at 10:30 am EST.
  Treasury PR:
  Webcast 1/29/04

• FOMC Announces Fed Funds Target Rate

  The FOMC has announced its target for the Federal funds rate. The Committee believes that an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity.
  Target Rate 1/29/04

• FIL Regarding Announced SDNs

  The FDIC has issued FIL-12-2004 concerning three SDNs that were added to the OFAC list on January 22, 2004. Information regarding the additions was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 1/29/04

• Comments Sought on Call Report Revisions

  The OCC, FRB and FDIC have issued and published in the Federal Register a Notice and Request for Comments regarding proposed revisions of Call Report Forms FFIEC 031 and FFIEC 041. Notice
  1/28/04
  
  

• Greenspan On Economic Flexibility

  In a presentation before the HM Treasury Enterprise Conference in London, Chairman Greenspan noted deregulation and the newer information technologies have joined to advance financial flexibility which may be the most important contributor to the significant gains in economic stability over the past two decades. He also observed that the United States have not engaged in significant and widespread protectionism for more than five decades and the consequences of moving in that direction could be unexpectedly destabilizing. Speech 1/27/04
  
  

• Mad Cow Guidance Issued

  The OCC has issued the first AL of 2004 which offers guidance to national banks on compliance with legal lending limits related to declines in the collateral value of cattle as a result of public perception of the recent Mad Cow disease issue in the U.S. OCC examiners will treat noncompliance as an "extraordinary circumstance" for the next 180 days.
  OCC AL 2004-1 1/26/04

• FTC To File Amicus Brief in FCRA Case

  The FTC will file an amicus brief in the appeal of court decision involving FCRA and adverse action notices. The plaintiffs allege that Hartford Financial Services used information in credit reports to set the initial rate for the insurance it offers consumers. The plaintiffs claim that Hartford violated the FCRA by failing to provide customers with adverse action notices if a high rate was offered due to unfavorable credit information. The decision of the district court held that the FCRA’s definition of adverse action does not encompass setting a higher initial price for insurance.
  FTC Brief 1/26/04
  
  

• FDIC Insurance Fictitious Emails

  The OCC and FDIC have issued alerts to financial institutions and consumers regarding fraudulent e-mails that have the appearance of being sent from the agencies and informs recipients that their FDIC insurance has been suspended for alleged violations of the USA PATRIOT Act. The fake emails are the subject of a new BOL Blog which contains the text of the scam.
  BOL Blog
  OCC AL 2004-5
  FDIC SR-5-2004 1/26/04
  
  

• FinCEN Director Makes First Public Address

  In a presentation before the South Carolina Bar Association, FinCEN Director Fox discussed FinCEN’s implementation of anti-money laundering and anti-terrorism financing provisions of the USA PATRIOT Act.
  Speech 1/26/04
  
  

• Credit Union 2003 Highlights Detailed

  Chairman Dollar reviewed the highlights of credit union accomplishments during 2003 and the challenges of 2004 in a presentation at the winter meeting of the American Association of Credit Union Leagues.
  Speech 1/26/04

• Online Financial Education Newsletter Released

  The Treasury's Office of Financial Education (OFE) has released the first issue of its on-line, quarterly newsletter, The Treasury Financial Education Messenger. A featured article lists the eight elements of a successful financial education program and offers guidance to financial education organizations as they develop programs and strategies to achieve the greatest impact in their communities. Messenger 1/23/04

• ID Theft Tops FTC Complaint List

  The FTC has released its annual report listing the top 10 fraud complaint categories reported by consumers in 2003. The report indicates over 516,000 complaints were received in 2003 and also identifies the metropolitan areas that experienced the highest per capita rates of consumer fraud and identify theft. FTC Report 1/23/04

• Bank Strategies to Assist Small Businesses

  The OCC has published the Winter 2003 issue of the Community Developments Newsletter focusing on bank support for small businesses through innovative investments, loans, and technical assistance. Newsletter 1/23/04

• U.S. and Saudis Fight Terrorist Financing

  The United States has joined with Saudi Arabia to designate four branches of the Al-Haramain charitable organization in Kenya, Tanzania, Indonesia, and Pakistan for providing financial, material, or logistical support to terrorist organizations like al-Qaida. As a result, OFAC has added four new SDGTs, each with numerous a.k.a.s, to the SDN list. Information regarding the additions was included in a BOL OFAC Alert and has been posted on the BOL OFAC page. Joint Action 1/23/04

• Managing Through a Rising Rate Scenario

  OTS Director Gilleran examined the condition of the thrift industry and commented on how to manage through a rising rate scenario in a presentation before the Exchequer Club of Washington, D.C. Speech 1/22/04

• OCC Enforcement Actions Announced

  The OCC has announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks in Texas, Florida, Illinois, Oklahoma, Arizona, Colorado, California, and Ohio.
  Enforcement Actions 1/21/04

• FDIC Amends Insurance Coverage for Living Trust Accounts

  The FDIC is amending its regulations to clarify and simplify the deposit insurance coverage rules for living trust accounts. The
  rules are amended to provide coverage up to $100,000 per qualifying beneficiary who, as of the date of an insured depository institution
  failure, would become the owner of the living trust assets upon the account owner's death. 68FR2825 (txt) 68FR2825 (pdf) 1/21/04

• Regulators Announce CRA NPR

  The FDIC has announced approval of a joint interagency NPR regarding CRA. The FRB, OCC, and OTS are expected to announce their approval shortly. The NPR proposes to amend the CRA regulations definition of "small bank"; to expand and clarify the provision that an institution's CRA evaluation is adversely affected when the institution has engaged in specified discriminatory, illegal, or abusive credit practices in connection with certain loans; and to revise the regulations to provide that the CRA disclosure statement would contain the number and amount of the institution's small business and small farm loans by census tract. FDIC PR 1/21/04

• OTS Issues SCRA CEO Letter

  OTS has issued a CEO Letter that highlights the differences between the SCRA and the SSCRA.
  CEO Letter

• OTS Interest Rate Projections

  The Interest Rate Projections for Capital Plans for the Fourth Quarter 2003 have been released by OTS.
  Projections 1/21/04

• FIL Regarding Announced OFAC Changes

  The FDIC has Issued FIL-9-2004 regarding previously announced changes to the OFAC List involving FTO and SDN entries. Information concerning the changes was the subject of a BOL OFAC Alert on January 12 and has been posted on the BOL OFAC page. 1/21/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as January 16, 2004 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB.
  FHC 1/21/04

• OCC Updates Licensing Manual

  The "Business Combinations" booklet of the Comptroller's Licensing Manual has been revised to incorporate recent regulatory and policy changes, such as a bank’s combination with a nonbank subsidiary or affiliate, transactions with affiliates, and anti-money laundering effectiveness. Update 1/20/04

• Transcript Regarding B of A/Fleet Application

  The transcript of the public meeting held regarding the application of Bank of America to acquire FleetBoston Financial Corporation has been released by the FRB.

  Transcript 1/20/04

• Budget Increase Proposed For FinCEN

  The Bush Administration has announced that it will propose a 12.7% increase in the budget of FinCEN to allow the continued acquisition and upgrading of technology and resources utilized in the fight against terrorism and financial crimes.

  Treasury JS-1100 1/20/04

• G. 17 Industrial Production Report

  The FRB has release the G. 17 Industrial Production and Capacity Utilization report for December 2003.
  G.17 1/20/04

• OFAC Adds SDGT

  A SDGT entry has been added to OFAC's SDN list. Information regarding the addition was the subject of a BOL OFAC Alert and has been posted on the BOL OFAC page. 1/20/04

• FDIC Expands Fair Lending Exam Program

  The FDIC has announced that it has expanded its fair lending examination program nationwide by appointing examination specialists in each of its six regions. FDIC PR 04-2004 1/16/04

• FRB Issues Business Continuity Guide

  The National Business Continuity Guide provides continuity information for all Federal Reserve products and services in the unlikely event of a business disruption. The guide provides specific product and service information on steps to take to prepare for and actions to be taken if a Federal Reserve business disruption occurs. Guide 1/16/04

• FTC Obtains $23.5 Million Settlement

  The FTC has accepted $23.5 million to settle charges that Certified Merchant Services violated the FTC Act while providing merchants with credit-card payment services. The payment to the FTC came from a forced sale of CMS’s assets, and the parties agree that it will provide full redress to merchants. Settlement 1/16/04

• Third Quarter 2003 Z. 1 Flow of Funds

  The FRB has released the Z. 1 Flow of Funds Accounts of the United States report for the Third Quarter 2003.
  Flow 1/16/04

• Securities Disclosures Final Rule

  The OCC has issued a Bulletin regarding the previously announced Final Rule regarding reporting and disclosure requirements for National Banks with securities registered under the Securities Exchange Act of 1934. Information regarding the Final Rule was posted in the December 10, 2003 BOL Top Stories. 1/16/04

• Credit Rating and Scoring Conference

  The OCC has posted the program and registration information online for a Credit Rating and Scoring Conference to be held on May 17-19 in Alexandria, Virginia. The conference will bring together technical experts from financial institutions, regulatory authorities, academia, and the model vendor community which specialize in retail or commercial risk rating model design, data collection, use and performance evaluation to discuss areas of common interest. Program 1/16/04

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by Saehan Bank, Los Angeles, California and Coastal Community Bank, Everett, Washington. Details regarding the counterfeit cashier’s checks and contact information have been placed on the BOL Alerts & Counterfeits page. 1/16/04

• November 2003 Cost of Funds Reports Released

  The OTS has released the historical and current reports as November 2003 regarding the cost of funds for OTS regulated SAIF insured institutions. Historical Report Current Report 1/16/04

• March 2004 TFR Instructions

  OTS has issued revised instructions for the March 2004 TFR regarding only new, modified, or renumbered lines. The instructions for any line listed on the 2004 form that is not listed in the revision remain unchanged.
  TFR 1/15/04

• SEC Proposes Securities Law Reforms

  The SEC has proposed three regulatory initiatives designed to better protect the 95 million investors in mutual funds. These initiatives represent the next in a series of securities law reforms pursued by the Commission to address problems identified with the management and sale of mutual funds.
  Initiatives 1/15/04

• Beige Book Updated

  The FRB has released a new edition of the Beige Book based on information collected before January 6, 2004.
  Beige Book 1/15/04

• FDIC Letter To Stakeholders

  The FDIC has issued a Letter to Stakeholders which contains highlights of 4th Quarter 2003 activities and year-end financial statistics.
  Letter 1/15/04

• Fall 2003 Statistics of Income Bulletin

  The IRS has issued the Statistics of Income Bulletin for the Fall 2003 which contains a detailed look at 130.3 million individual returns for Tax Year 2001.
  Income Bulletin 1/15/04

• Reg B Spousal Signatures Guidance Issued

  The FDIC has issued a guidance to assist banks in complying with the spousal signature provisions of ECOA and Regulation B, 12 CFR Part 202.
  FIL-6-2004 Guidance 1/14/04

• Living Trust FDIC Insurance Rules Simplified

  The FDIC has decided to simplify the insurance rules for deposits held in connection with a living trust. The new rules will become effective April 1, 2004, but the FDIC will apply the new rules to living trust deposits at any insured institution that fails between now and April 1 if doing so would benefit the affected depositors.
  Living Trust Insurance 1/14/04

• OCC Bulletin Regarding Preemption

  The OCC has issued Bulletin 2004-6 regarding the previously announced Final Rules concerning Preemption and Visitorial Powers. The Final Rules were the subject a BOL Special Briefing on January 7. 1/14/04

• Greenspan On Globalization

  Chairman Greenspan expressed his opinion on the globalization of the economic framework of various nations during a presentation in Berlin. He noted the question of whether globalization will be allowed to proceed rests largely on the judgment of whether greater economic freedom is deemed by leaders in societies to enhance the interests of their populations.
  Speech 1/14/04

• FYI: Bull Market and Defined Benefit Plans

  The FDIC posted a FYI article entitled, "Could a Bull Market Be a Panacea for Defined Benefit Pension Plans?".
  FYI 1/14/04

• Quarterly Journal Online

  The June 2003 issue of the OCC Quarterly Journal, Vol. 22, No. 2 for the first quarter calendar year 2003, is now available on-line in PDF and in print.
  Quarterly Journal 1/14/04

• Bank Examiners Going to Iraq

  The OCC has announced that a team of bank examiners is going to Iraq to assist in the establishment of a Iraqi bank supervision department.
  Examiners 1/14/04

• Community Development Aids Introduced

  The FRB has announced the availability of three new products to promote community development activities. The Fiscal Impact Tool (FIT) is an automated system that analyzes the potential impact of economic development projects, Lessons Learned: Community and Economic Development Case Studies is a database that profiles the practices and programs used in various communities to finance economic development, and the Community Development Investments web site is a source for information about Federal Reserve policies and guidelines that promote investment by bank holding companies and state-member banks in community development activities.
  FRB PR;   Web Site 1/13/04

• FinCEN Updates Web Page

  FinCEN has added a link to subscribe to FinCEN QuickNews and a new section, Comments on Regulatory Proposals, to its Web Page.
  QuickNews;    Comments 1/13/04

• FFIEC 002 December Report Form

  The December 2003 FFIEC 002 Report Form has been posted on the FFIEC Web Site. 002 Report Form 1/13/04

• January Financial Holding Company Elections

  The list of bank holding companies that have elected as January 9, 2003 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB. Financial Holding Companies 1/13/04

• OFAC Updates SDGTs

  As noted in Monday's BOL OFAC Alert, OFAC some "[FTO][SDGT]" entries have been changed on OFAC's SDN list. Information regarding the changes has been added to the BOL OFAC page. 1/13/04

• Federal Register Publishes OCC Preemption and Visitorial Rules

  The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers. First announced in a special briefing from BOL on 1/7/04. 69FR1904 txt 69FR1904 pdf 69FR1895 txt 69FR1895 pdf 1/13/04

• FDIC Summarizes Reg B Changes

  The FDIC has issued a FIL that summarizes the FRB amendments to Regulation B and the Official Staff Interpretations of the regulation. Compliance becomes mandatory on April 15, 2004.
  FDIC FIL-5-2004 1/12/04

• OCC Licensing Manual Updated

  The revised "Branches and Relocations" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. The revisions incorporate recent policy and procedure changes regarding the bank's ability to file a branch or relocation application or notice electronically using e-Corp and include a modified discussion about opening temporary branches in disaster areas.
  Branches and Relocations 1/12/04

• EOs Issued Against Virginia Banker

  The FRB has issued an Order of Prohibition and Order to Cease and Desist against a former vice president of the James Monroe Bank, Arlington, Virginia based on his alleged participation in violations of law and unsafe or unsound practices regarding identity theft, falsification of bank records, misapplication of bank funds, self-dealing and violations of institutional internal controls that resulted in losses and other damage to the bank and personal gain.
  Orders 1/12/04

• FRB Makes Change to Processing Office

  The FRB is amending appendix A of Regulation CC to delete the reference to the Miami check processing office of the
  Federal Reserve Bank of Atlanta and reassign the Federal Reserve routing symbols currently listed under that office to the Jacksonville
  office of the Federal Reserve Bank of Atlanta. 69FR1655 (txt) 69FR1655 (pdf) 1/12/04

• 2004 CAC Members and Officers Named

  The FRB has named nine new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2004.
  CAC 1/12/04

• December 2003 Agricultural Finance Databook

  The FRB has issued the December 2003 edition of the E.15 Agricultural Finance Databook which contains sections listing: Amount and Characteristics of Farm Loans Made by Commercial Banks; Selected Statistics from the Quarterly Reports of Condition of Commercial Banks; and Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.
  E.15 1/12/04

• FRB Enforcement Action Against French Bank

  The FRB and Commission Bancaire, the regulator of French banks, have announced the issuance of a consent enforcement action against Credit Lyonnais, S.A. and its parent company. This action results from Credit Lyonnais's participation in the rehabilitation of the Executive Life Insurance Co. of California.
  Enforcement Action 1/9/04

• 18 Entities Conducting Unauthorized Banking

  The FDIC has issued a Special Alert regarding 18 Canadian entities that may be conducting unauthorized banking activities in the U.S. and Canada. SA-3-2004 1/9/04

• Internet Con Artists Also ID Thieves

  A federal district court has pulled the plug on two defendants who used stolen identities to sell nonexistent goods in online auctions making it appear that innocent third parties were guilty of fraud. The defendants opened numerous accounts on Internet auction Web sites, sold merchandise, accepted payment from consumers, and then failed to deliver the promised merchandise. The defendants set up bank accounts and post office boxes in other people’s names and directing that payment be sent to them. As a result, consumers and law enforcers believed that the identity theft victims were responsible for the auction fraud. Case Information 1/9/04

• 2003 Reserve Bank Income

  The Reserve Bank income and expense data and transfers to the Treasury for 2003 have been released by the FRB. Income 1/9/04

• Four FEDS Papers Released

  The FRB has released four new FEDS papers entitled: The Responses of Wages and Prices to Technology Shocks, A Utility-Based Welfare Criterion in a Model with Endogenous Capital Accumulation, Optimal Monetary Policy in a Micro-founded Model with Parameter Uncertainty, and Testing Conflicts of Interest at Bond Rating Agencies with Market Anticipation: Evidence that Reputation Incentives Dominate.
  Responses;   
  Welfare Criterion;   
  Monetary Policy;   
  Testing Conflicts
  1/9/04

• November G. 19 Report Issued

  The FRB has issued the G.19 Consumer Report for November 2003. G. 19
  1/9/04

• FILs Regarding Recent OFAC Changes

  The FDIC has issued FIL-2-2004 and FIL-2004 regarding changes to the OFAC list and a general license issued under the Iranian Sanctions Program. Information regarding the changes and the license were previously posted on the BOL OFAC page. 1/9/04

• CIP FAQs

  The regulatory agencies have jointly released FAQs regarding CIP. While the agencies recognize that every question hasn't been ansewered, the list of Q&As contains a wealth of useful information.
  FINCEN CIP FAQ 1/8/04

• Court Lowers Boom On Credit Card Scam

  A federal district court has entered a temporary restraining order enjoining the owners of a nationwide telemarketing operation from making misrepresentations to consumers in addition to freezing the owners’ assets. The FTC filed an action against the defendants alleging that they violated the FTC Act by misrepresenting that consumers were likely to receive an unsecured major credit card and violated the GLBA by using false or fictitious statements to obtain consumers’ bank account information. Court Order 1/8/04

• Clearing Bank Interruption Recommendations

  The FRB has released the report of the private-sector Working Group on Government Securities Clearance and Settlement and endorsed its recommendations. The Working Group, formed by the Board following September 11, 2001, recommended nine steps to mitigate risks to the financial system from the interruption or termination of the services of a clearing bank as the result of either operational or non-operational problems. Report
  1/8/04

• Federal Register Publishes Reg CC Proposal

  The FRB is publishing for comment proposed amendments to Regulation CC that would add a new subpart D, with commentary, to implement the recently-enacted Check Clearing for the 21st Century Act. These proposed amendments (1) would set forth the requirements of the Act that apply to banks, (2) provide a model disclosure and model notices relating to substitute checks, and (3) set forth indorsement requirements and truncating bank and reconverting bank identification requirements for substitute checks. The proposed amendments also would clarify some existing provisions of the rule and commentary. 69FR1469 (txt) 69FR1469 (pdf) 1/8/04

• OCC Issues Preemption and Visitorial Rules

  The OCC issued two regulations, one which clarifies what types of state laws apply to national banks, and a second which clarifies issues related to the OCC's exclusive visitorial powers over national banks. In addition, the OCC has published a number of documents explaining the rulemakings on national bank preemption and the OCC's visitorial powers.
  Statement from the Comptroller;
  Press Release 2004-03; Final Rule: Preemption; Final Rule: Visitorial Powers;
  Questions and Answers on the Preemption Rulemaking; Questions and Answers on the Visitorial Powers Rule; A chart comparing OCC's preemption rule with those of the Office of Thrift Supervision and the National Credit Union Administration.

• SSCRA Rewritten

  A new federal law called the Servicemembers Civil Relief Act rewrites the Soldiers' and Sailors' Civil Relief Act of 1940. It clarifies various limitations on creditors and other parties who do business with service members, adds certain new protections for those in military service, and requires a servicemember to provide written notice and a copy of the military orders in order to invoke the interest cap provision. Servicemembers Civil Relief Act Webinar 1/7/04

• OTS CEO Letter Regarding HMDA

  OTS has issued a CEO Letter which summarizes the significant changes affecting the way thrifts report 2004 HMDA data as a result of the implementation of amendments to Reg C. CEO Letter 1/7/04

• OCC Proposed Change in Asset Composition of a Bank

  The OCC is proposing to amend its regulations to require a national bank to obtain the approval of the OCC before two types of fundamental changes in the composition of the bank's assets: (1) Changing the composition of all, or substantially all, of its assets through sales or other dispositions or, (2) after having sold or disposed of all or substantially all of its assets, subsequently purchasing or otherwise acquiring assets. The proposal also provides that, in the second case, the OCC will apply, among other factors,
  the same factors as it applies to the establishment of a de novo bank. 69FR892 (txt) 69FR892 (pdf) 1/7/04
  
  

• FTC Issues Enforcement Report To FRB

  The FTC has issued a report to the FRB regarding enforcement activities conducted during 2003 regarding violations of TILA, CLA, ECOA, and EFTA. The information will be incorporated into the FRB’s annual report to Congress. FTC Report 1/7/04

• International Reserve Position Issued

  Treasury has released the U. S. International Reserve Position for the week ending January 2. Reserve Position 1/7/04

• Providing Financial Support To Funds Alert

  Federal regulators have issued an interagency policy statement alerting financial institutions to the safety and soundness and legal issues involved in providing financial support to investment funds advised by the institution or its subsidiaries or affiliates.
  FRB PR;   
  FRB Statement;   
  OCC Bulletin 2004-2;   
  OCC Statement;   
  FDIC FIL-1-2004 ;   
  FDIC Statement;   
  OTS PR 1/6/04

• FDIC CRA Evaluations

  The January 2003 list of state nonmember banks recently evaluated for CRA compliance has issued by the FDIC. The list covers evaluation ratings that the FDIC assigned to the institutions in October 2003.
  FDIC CRA 1/6/04

• October 2003 G.20 Report Released

  The FRB has released the G.20 Finance Companies report for October 2003.
  G.20 1/6/04

• 314(a) Contact Information To Be Automated

  The OCC has issued an alert to provide notice to all national banks and federal branches that during the first quarter of 2004 an automated process will be implemented to create and maintain FinCEN’s electronic 314(a) distribution list utilizing the information provided on Call Reports.
  OCC Alert 2004-1 1/6/04
  
  

• FDIC Consumer News 10th Anniversary

  The FDIC has released a special 10th anniversary edition of the Consumer News containing articles on the following topics: Tips You Can Bank On; An FDIC Guide to Being a Smarter, Safer Financial Consumer; You and Your Bank; Deposits and Deposit Insurance; Loans and Credit Cards; Fighting Fraud; and Family Matters.
  Consumer News 1/6/04
  
  

• Electronic Filing Final Rule Published

  The OCC has published a final rule that permits national banks to file any class of corporate applications electronically. The final rule, which is effective February 2, 2004, adopts without change the interim rule which is currently in effect.
  Final Rule 1/5/04

• OCC Bulletin Regarding BSA Travel Rule

  The OCC has issued Bulletin 2003-1 regarding the notice issued by FinCEN of the permanent expiration of the conditional exception to the BSA Travel Rule which was previously reported in BOL Top Stories on December 2, 2003.
  Top Stories
  1/5/04

• Five Financial Institutions Penalized By OFAC

  The January 2004 OFAC Civil Penalties Enforcement Information cites five financial institutions for violations of various sanctions programs. The penalties imposed ranged from $4,000 to over $73,000. Information regarding the violations and penalties are found on the BOL OFAC Page.
  1/5/04

• Greenspan Reviews Monetary Policy

  The key developments of the past decade and a half of monetary policy were analyzed by Chairman Greenspan in a presentation before the American Economic Association. He observed that perhaps the greatest irony of the past decade is that the gradually unfolding success against inflation may well have contributed to the stock price bubble of the latter part of the 1990s.
  Speech
  1/5/04

• 2003 Foreign Exchange Rates Released

  The FRB has issued the 2003 annual and December monthly G.5 Foreign Exchange Rates Statistical Releases.
  G.5 Monthly;
  G.5A Annual
  1/5/04
  
  

• November FDIC Enforcement Actions

  The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in November which included three cease-and-desist orders, three civil money penalty orders, two removal-and-prohibition orders, one modification of a prohibition order, and one termination of a previously issued cease-and-desist order.
  Enforcement Actions 01/02/04

• Removal, Prohibition and CMP Issued

  The FDIC has issued a removal and prohibition order and imposed a $5,000 civil money penalty against a former executive vice president of Heartland Community Bank, Franklin, IN.
  Orders CMP 01/02/04

• FinCEN Terrorist Information Number

  FinCEN has added to the top of its Web page the telephone number that financial institutions should call to report suspicious activity that may relate to terrorist activity.
  FinCEN 01/02/04

• California Earthquake Relief Guidelines

  FDIC has issued an FIL encouraging banks to work constructively with borrowers who were adversely affected by the California earthquakes. The FDIC has prepared guidelines, which state that extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the health of the community and serve the long-term interests of the lending institution.
  FIL-100-2003 Guidelines 01/02/04

• OFAC Issues Iranian Relief License

  OFAC has issued a General License authorizing cash donations to nongovernmental entities engaged in humanitarian relief activities in response to the earthquake in Bam, Iran. Information regarding the license has been placed on the BOL OFAC page. 01/02/04

• E16 Country Exposure Data Released

  The FFIEC has issued the September 30, 2003 E16 Country Exposure Statistical Release and the Country Exposure Information Report. Release; Report. 01/02/04

• International Reserve Position Released

  The U. S. International Reserve Position for the week ending December 26 has been released by Treasury. Reserve Position 01/02/04

• OTS Quarterly Review of Interest Rate Risk

  OTS has released the Third Quarter 2003 Review of Interest Rate Risk which reports an increase in median interest rate sensitivity. Quarterly Review 12/31/03

• CU Share Insurance Rules Changed

  The Federal Register publication of final changes to NCUA's share insurance rules has been made. The final rules simplify and clarify the rules and provide parity with the deposit insurance rules of the Federal Deposit Insurance Corporation (FDIC).   68fr75111.txt (text) 68fr75111.pdf (pdf)12/30/03

• NCUA Loan Participation Rule Finalized

  The NCUA's final rule, which clarifies loan participation rules for credit unions, has been published in the Federal Register. It is effective January 29, 2004.    68fr75110.txt (text) 68fr75110.pdf (pdf)12/30/03

• Interagency Privacy Proposals Published

  Want more options when it comes to providing GLB privacy notices? The regulators are considering giving you some alternatives, as evidenced by this Interagency proposed to consider alternative forms of privacy notices published in the Federal Register. 68fr75164.txt (text) 68fr75164.pdf (pdf)12/30/03

• Assessing Consumer Compliance Risk

  The FRB has issued a SR regarding the development of an enhanced framework for the supervision of consumer compliance risk at LCBOs and LBOs that are subject to the regulator's continuous supervision program.   SR 03-22;   Framework 12/30/03

• Three New IFDPs Available Online

  The FRB has posted three new International Finance Discussion Papers on its Web site. The titles of the new items are: The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology; China and Emerging Asia: Comrades or Competitors?; and How Does the Border Affect Productivity? Evidence from American and Canadian Manufacturing Industries.  Response;   China;   How Does 12/30/03

• OTS Publishes Technical Corrections

  The OTS is amending its regulations to incorporate a number of technical and conforming amendments. They include clarifications, updated statutory and other references, and corrections of typographical errors.   68fr75108.txt (text) 68fr75108.pdf (pdf)12/30/03

• Reg C Asset Size and MSA/MA Info Published

  The FRB has published in the Federal Register a final rule amending Regulation C (Home Mortgage Disclosure) and the staff commentary to increase the asset-size exemption threshold to conform the rule and commentary to changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas published by the U.S. Office of Management and Budget. Depository institutions with assets of $33 million or less as of December 31, 2003, are exempt from data collection in 2004. 68fr74829.txt (text) 68fr74829.pdf (pdf)12/29/03

• FACT Act Interim Final Rules Published

  The Interim Final Rules establishing December 31, 2003 as the effective date of certain provisions under the FACT Act have been published in the Federal Register. December 31, 2003 will be the effective date forprovisions of the Act that determine the relationship between the Fair Credit Reporting Act (FCRA) and state laws and provisions that authorize rulemakings or other implementing action by various agencies. 68fr74467a.txt (text) 12/29/03

• FACT Act Proposed Rules Published

  A rule proposing effective dates for provisions of the FACT Act that do not contain specific effective dates has now been published in the Federal Register. 68fr74529.txt (text) 68fr74529.pdf (pdf)12/29/03

• OCC Publishes Technical Correction

  The OCC previously published in the Federal Register a final rule implementing authority provided to national banks by sections 1204, 1205, and 1206 of the American Homeownership and Economic Opportunity Act of 2000 (AHEOA). Now, the OCC has published in the Federal Register technical corrections to that final rule. 68fr74467.txt (text) 12/29/03

• Regulators Issue GLB Privacy Notices ANPR

  Federal financial institution regulators have issued an ANPR requesting public comment on ways to improve the privacy notices financial institutions provide to consumers under the GLB Act.   FRB PR;   FRB ANPR;   OCC NR;   OCC ANPR;   OTS NR;   OTS ANPR;   FDIC PR;   NCUA PR;;   SEC PR;   FTC PR; 12/26/03

• FRB Written Agreement with Ohio Bank

  The FRB has announced the execution of a Written Agreement by and among Combanc, Delphos, Ohio; The Commercial Bank, Delphos, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio; and the Federal Reserve Bank of Cleveland.  Written Agreement 12/26/03

• BSA Policy Advisor Named By FinCEN

  FinCEN has announced the appointment of a Senior Policy Advisor regarding the strategic development and administration of regulations concerning BSA.  FinCEN PR 12/26/03

• Developments in Business Lending by Commercial Banks

  The December issue of the FRB Bulletin contains an article regarding recent developments in business lending which indicates that the real value of C&I loans at domestic commercial banks and at U.S. branches and agencies of foreign banks has fallen 19 percent since the beginning of 2001.  Article 12/26/03

• HSA Guidance Issued By Treasury

  Treasury has issued a guidance regarding the establishment of HSAs which are designed to help individuals save for qualified medical and retiree health expenses on a tax-free basis. Like MSAs, banks may serve as HSA custodians.Guidance 12/23/03

• Reg CC Check 21 Amendment Proposed

  The FRB has approved a proposed rule to amend Regulation CC and its commentary to implement the Check 21 Act.Proposed Amendment 12/23/03

• Counterfeit Cashier's Checks Special Alert

  The FDIC has issued a Special Alert regarding counterfeit cashier's checks issued by The Bank of Inverness, Inverness, Florida. Details regarding the counterfeit cashier's checks and contact information have been placed on the BOL Alerts & Counterfeits page. 12/23/03

• Public Meetings Regarding Bank Merger

  The FRB has announced that public meetings will be held regarding the application of Bank of America Corporation to merge with FleetBoston Financial Corporation. Public Meetings 12/23/03

• TFR Instruction Manual Updated

  OTS has updated the TFR Instruction Manual. Updates 12/23/03

• US and Canada Reach Enron Agreement

  The FRB and the OSFI Canada have announced they have reached an agreement to coordinated actions between OSFI and U.S. regulatory and enforcement authorities related to the involvement of the Canadian Imperial Bank of Commerce in certain structured finance transactions with the Enron Corporation.  Agreement 12/23/03

• New FEDS Paper Released

  The FRB has released a new FEDS paper entitled, The GSE Implicit Subsidy and Value of Government Ambiguity.  FEDS Paper 12/23/03

• Third Quarter Fedwire Data Published

  Checks services data for the Third Quarter 2003 has been published by the FRB.  Fedwire Data 12/23/03

• Foreign Bank Structure and Share Information

  The FRB has released the September 2003 structure and share data for U.S. offices of foreign banks.Data 12/23/03

• December Financial Holding Company Elections

  The list of bank holding companies that have elected as December 19, 2003 to become or be treated as financial holding companies under the Bank Holding Company Act has been issued by the FRB.
  Financial Holding Companies 12/23/03

• Enhanced Functionality for Check Adjustments

  FRB Financial Services has announced beginning December 21, 2003, new Check Adjustments via FedLine Web enhancements will provide customers with increased flexibility, ability to customize their inbox and outbox as well as additional selection options. Check Adjustments 12/23/03

• OFAC Designates SDGT and SDNT Changes

  A SDGT was added and changes were made to existing SDGT and SDNT entries on the SDN list. Information regarding the new entry and the changes has posted on the BOL OFAC page. 12/23/03

• 2004 Reg C Asset-Size Exemption Announced

  The FRB has announced its annual notice of the asset-size exemption threshold for depository institutions under Regulation C along with technical amendments to Regulation C and the staff commentary to conform them to changes in the standards for defining MSA boundaries made by the OMB. FRB PR   Reg C Final Rule 12/22/03

• Branches and Agencies Final Rule Issued

  The OCC has published a final rule to streamline and simplify regulations that apply to federal branches and agencies of foreign banks. The final rule reduces unnecessary regulatory burdens on national banks engaging in international activities, consistent with safety and soundness. Final Rule    68FR70691 (txt) 68FR70691 (pdf) 12/22/03

• Counterfeit and Missing Checks Special Alerts

  The FDIC has issued a Special Alerts regarding counterfeit cashier's checks issued by Republic Bank, St. Petersburg, Florida and Rockville Bank, Rockville, Connecticut plus cashier's checks missing in transit drawn on Industrial Bank of Korea, New York, New York. Details regarding the counterfeit and missing cashier's checks along with contact information have been placed on the BOL Alerts & Counterfeits page. 12/22/03

• FFIEC Site Adds Call Report Forms

  The FFIEC has posted the 031 and 041 Report Forms for December 2003 on its Web site along with a FIL containing the Call Report for Fourth Quarter 2003 and the December 2003 Quarterly Call Report Supplemental Instructions.  031 Report Forms    041 Report Forms    Call Report    Supp. Information    12/22/03

• FTC Announces FCRA Fee Disclosure Ceiling

  The FTC has approved a notice regarding the 2004 ceiling on allowable charges for certain disclosures under FCRA.   FCRA Ceiling 12/22/03

• One and a Half Million Dollars in CMPs Issued

  The FRB has announced the issuance of several enforcement actions involving Credit Lyonnais, S.A., a large French bank with several U.S. offices. The actions include a CMP of $1,000,000 against the bank and a CMP of $500,000 against the former CEO.$1 Million    $0.5 Million    Written Agreement 12/19/03

• OCC Bulletin Regarding New CTR Form

  The OCC has issued a bulletin regarding the new CTR Form 104 which was previously announced by FinCEN.OCC Bulletin 2003-48 12/19/03

• Fourth Quarter Financial Reporting Bulletin

  OTS has published the December 2003 Fourth Quarter Financial Reporting Bulletin and the Filing Schedule for 2004 Regulatory Reports.  Financial Reporting Bulletin    Filing Schedule 12/19/03

• File FDIC Branch Applications Online

  The FDIC has announced beginning December 19, 2003, the agency will accept online applications for branch openings, branch relocations, and main office relocations from FDIC-supervised institutions using the Electronic Branch Application (EBA).FIL-96-2003 12/19/03

• FDIC Orders Issued and CMP Assessed

  The FDIC has announced the issuance of Removal and Prohibition Orders against former bankers from Illinois, Louisiana and a Removal and Prohibition Order plus a CMP against a former Kentucky banker. Illinois Order    Louisiana Order    Kentucky Order    Kentucky CMP 12/19/03

• Organizational Changes Final Rule Issued

  The OCC has issued a Final Rule implementing sections of the American Homeownership and Economic Opportunity Act of 2000 (AHEOA) which will allow national banks to make some organizational changes more efficiently. The changes permit a national bank, subject to OCC approval, to: become a subsidiary of a holding company; increase the maximum term for directors; allow staggered terms for directors; have more than 25 directors; and merge with a nonbank affiliate. Final Rule     Federal Register Notice 68FR70122 12/18/03

• OCC Preemption Positions Explained

  In a letter responding to concerns raised by Senator Sarbanes, Comptroller Hawke clarifies the positions taken by the OCC regarding the federal preemption of state laws and the ability of state law enforcement officials to exercise visitorial powers with respect to national banks. Preemption Letter 12/18/03

• 314(a) Reports Produce Valuable Leads

  FinCEN has issued a report that indicates the information provided by financial institutions responding to 314(a) requests have resulted in numerous leads in both terrorist financing and money laundering investigations. FinCEN Report 12/18/03

• Getting A ITIN Made More Difficult

  The IRS has announced, effective immediately, it has imposed more controls over the issuance of ITINs to help insure that they are being obtained for their intended tax administration purpose and not for other reasons, such as a providing personal identification. IRS ITIN 12/18/03

• Minority-Owned Banks Report

  The FRB has released list sorted by state containing one hundred thirteen minority-owned banks. Minority-Owned Banks 12/18/03

• FACT Act Effective Date Interim Rules

  The FRB and FTC have requested comments on interim final rules and proposed rules to establish effective dates for certain provisions of the FACT Act including provisions that preempt state laws that regulate areas governed by the FCRA.  Preemptive Rules   Other Rules    FTC FYI 12/17/03

• OCC CRA Ratings Released

  The OCC has issued the CRA evaluations for forty national banks. Five banks were rated outstanding, thirty-four were satisfactory, one was needs to improve, and none were substantial noncompliance. CRA
  12/17/03

• OCC Enforcement Actions Announced

  The OCC has announced fifteen new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks located in eight states. Enforcement Actions 12/17/03

• January 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 January 2004 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, you use the yield in effect on the 15th of the month that precedes the month you received the application. H.15 Daily Rates    H.15 Weekly Rates
  12/17/03

• OFAC Issues Iranian Regulations IRs

  OFAC has issued interpretive rulings of limited application dealing with the payment of court costs or money judgments relating to litigation with an Iranian entity and the posting of information from Iran on Web sites.Court Costs    Posting 12/17/03

• Counterfeit Canadian Money Orders

  FinCEN has issued an Advisory concerning counterfeit Canadian Money Orders that are sent as payment for Internet purchases or are a part of the Nigerian or other scams. Victims are instructed to cash the items and send part of the proceeds to the scam artist. FinCEN Advisory 12/17/03

• December 2003 019 Report Form

  The FFIEC has posted the December 2003 019 Report Form with instructions on its Web page. 019 Report Form 12/17/03

• Deceptive Claims of FDIC Insurance

  The FDIC has issued a Special Alert regarding a New York City entity, which may be using multiple names, is falsely representing on its Web site that it is a member of the FDIC. Special Alert 80-03 12/17/03

• G.17 Industrial Production Report

  The FRB has released the G.17 Industrial Production statistical release for November 2003.G.17 12/17/03

• Final Third Quarter IRR Measures

  OTS has released the final Thrift Industry Interest Rate Risk Measures for the third quarter 2003.  Final Interest Risk Measures 12/17/03

• International Reserve Position Issued

  Treasury has released the U. S. International Reserve Position for the week ending December 12. Reserve Position 12/17/03

• Fed Offers Free Online Check Imaging Seminar

  The Fed is taking registrations for a free online seminar to be held on January 22, 2004, regarding how checking imaging can be implemented as part of a strategy to reduce costs, retain customers and enhance revenue streams. Check Imaging Seminar 12/16/03

• Basel II Issues Remain For U.S.

  Comptroller Hawke indicated in a presentation before the American Academy in Berlin that while the U.S. remains committed to completing work on the Basel II capital accord by mid-2004, many complex issues must still be worked out before the agreement can be implemented.
  Speech 12/16/03

• October 2003 Cost of Funds Reports Released

  The OTS has released the historical and current reports as of October 2003 regarding the cost of funds for OTS regulated SAIF insured institutions. Historical Report    Current Report 12/16/03

• 2004 HMDA Guide and New FAQs

  The FFIEC has issued the 2004 version of A Guide to HMDA Reporting and new regulatory and interpretative FAQs.
  2004 HMDA Guide      HMDA FAQs 12/15/03

• OTS Releases CRA Ratings

  OTS has released the November 2003 CRA performance evaluations for savings associations. CRA Ratings 12/15/03

• Prohibitions - Removals - Civil Money Penalties

  The FDIC has issued enforcement orders against former bankers from Iowa, Georgia, Missouri, Minnesota and California.  Iowa Banker 1    Iowa Banker 2    Georgia Banker   Missouri Banker    Minnesota Banker    California Banker 12/15/03

• Special Alert - Claims of FDIC Insurance

  The FDIC has learned that Banco Athlantic, Madrid, Spain, is falsely representing to potential customers on its Web site that it is a member of the FDIC. FDIC SA 79-2003 12/15/03

• Derivatives Volume Tops $67 Trillion

  OCC has issued the Bank Derivatives Report for the third quarter 2003. OCC NR    Derivates Report 12/15/03

• OCC Updates Licensing Booklets

  The OCC has revised the "Subordinated Debt" and "General Policies and Procedures" booklets in its Comptroller's Licensing Manual series and posted the updated items on the OCC's Web site. The revisions incorporate recent policy and procedure changes, among which were the bank's ability to file applications and notices electronically using e-Corp. Licensing Manuals    Subordinated Debt    General Policies 12/12/03

• 2004 HMDA and CRA Data Entry Software

  The FFIEC has announced that 2004 HMDA and CRA Data Entry Software is now available for download free of charge. The 2004 software will automatically install into a separate directory from previous versions of the software to ensure access to prior years' data.  Software Downloads 12/12/03

• Community Development Investments Guidance

  FRB has posted an update to the regulatory guidance and resource information found on its Community Development Investments Web page. Web Page 12/12/03

• Greenspan On Capitalism

  Read the comments of the Chairman regarding capitalism and the role of globalization in a presentation before the World Affairs Council of Greater Dallas. Speech 12/12/03

• Risk Management of Wireless Networks

  The OCC has issued an Advisory Letter that highlights risks associated with wireless networks and provides guidance for managing those risks.   Advisory Letter 2003-10 12/11/03

• FRB's Working Papers Released

  The FRB has released two new working papers in the finance and economics discussion series on the topics of Calculating and Using Second Order Accurate Solutions of Discrete Time Dynamic Equilibrium Models; and Asset Prices and Rents in a GE Model with Imperfect Competition.  Calculating; Asset Prices 12/11/03

• OCC Bulletin Announces FFIEC Actions

  The OCC has issued Bulletin 2003-46 that announces that the country of Burma has been designated as a jurisdiction of primary money laundering concern under the USA PATRIOT Act. The FFIEC had previously issued proposed regulations which would impose special measures against Burma. Information regarding the FFIEC proposal was previously posted on November 20, 2003 in BOL Top Stories. Final Rule 12/11/03

• OCC Issues Final Rule

  The OCC has revised its regulations to reflect amendments to the Exchange Act made by the Sarbanes-Oxley Act which give
  the OCC the authority to administer and enforce a number of new reporting, disclosure, and corporate governance requirements with respect to national banks that have a class of securities registered under the Exchange Act. The OCC also revised the securities offering disclosure rules for national banks that issue securities that are not subject to the registration requirements of Securities Act. Final Rule 12/10/03

• Outlook Discusses Interest Rate Volatility

  The FDIC has indicated that several related factors have contributed to an upward trend in the volatility of long-term U.S. interest rates, and that these factors could cause continued volatility going forward. According to a report released in the Winter 2003 FDIC Outlook, concerns about deflation, mortgage-related hedging activity, dependence on foreign capital and a rising federal budget deficit have all played a role in recent interest rate movements. FDIC Outlook 12/10/03

• Internet Mortgage Scam Settlement

  An Internet operation that advertised “3.95% 30 Year Mortgages” to obtain sensitive financial information from consumers has been barred from violating federal lending and privacy laws. The operation's principals have agreed to settle FTC charges that the scheme violated federal law and post $1 million bonds before sending unsolicited commercial e-mail - spam - in the future.Settlement Order 12/10/03

• Liquidity Management Handbook Update

  OTS has updated the Liquidity Management section of the Thrift Activities Regulatory Handbook.Update 12/10/03

• Consolidated Asset National Ranking Released

  The FRB has released the national ranking of commercial banks that have consolidated assets of $300 million or more.  National Ranking 12/10/03

• FIL Regarding Announced SDGT

  The FDIC has issued FIL 94-2003 concerning a SDGT that was added to the OFAC list on December 5, 2003. Information regarding the change was previously announced in a BOL Special OFAC Alert and placed on the BOL OFAC page. 12/10/03

• International Reserve Position

  Treasury has released the U. S. International Reserve Position for the week ending December 5. Reserve Position 12/10/03

• Fed Funds Target Rate Set

  The Federal Open Market Committee has set its target for the federal funds rate. Target Rate   12/10/03

• Federal Register Publishes Proposed Rules to Regs B, E, M, Z and DD

  The FRB has published proposed rules to establish more uniform standards for providing disclosures under five consumer protection regulations: B; E; M; Z; and DD . Comment on the proposed rules is requested by January 30, 2004. M,    E,    B,    Z and    DD 12/10/03

• EAs Issued Against Former Bankers

  The FDIC has issued Enforcement Actions including Civil Money Penalties ranging from $5,000 to $75,000 against former bankers from Illinois, Texas, Kentucky and South Carolina.  Illinois 1   Illinois 2    Illinois 3    Illinois 4    Texas 1    Texas 2    South Carolina    Kentucky 12/9/03

• December Fed Focus and Check 21

  The December 2003 edition of Fed Focus has been placed online by the FRB and contains a discussion on Check 21. Fed Focus 12/9/03

• HOLTA Investment Limitations Discussed

  OTS has issued a TB regarding the investment limitations of HOLTA which clarifies the flexibility a savings association may have in computing total assets. OTS TB-78a 12/9/03

• OTS Legal Opinions Issued

  The OTS has issued two legal opinions regarding the treatment of closed-end mortgages under the Alternative Mortgage Transaction Parity Act and applicability of SEC Rule 144A to securities offerings by regulated savings associations.AMTPA    Rule 144A 12/9/03

• Secure Web Site Announced By FDIC

  The FDIC has announced the nationwide availability of FDICconnect, a secure Web site developed to facilitate electronic communication with FDIC. A number of transactions, including the summary of deposits collection, the filing electronic branch applications, and online access to deposit insurance assessment invoices can be conducted online. Institutions are encouraged to register for FDICconnect beginning immediately. FDICconnect    List of Transactions 12/9/03

• December 2003 Treasury Bulletin Issued

  Treasury has posted the December 2003 issue of the Treasury Bulletin on the FMS Web Page. Dec Treasury Bulletin 12/9/03

• Federal Register Publishes Reg Y Changes

  The FRB has issued a final rule amending Regulation Y which expands the abilities of all bank holding companies to process, store and transmit nonfinancial data in connection with financial data activities. The rule which increases the revenue limit to forty-nine percent will be effective January 8, 2004. This was previously announced on BOL on December 5th.   68FR68493 (txt)   68FR68493 (pdf) 12/9/03

• FDIC Enforcement Orders Released

  The FDIC has released thirty orders of administrative enforcement actions taken against banks and individuals in October 2003 including four cease-and-desist orders, eleven removal-and-prohibition orders, five civil money penalty orders, four terminations of insurance, five terminations of cease-and-desist orders, and one adjudicated decision.
  October Enforcement Orders 12/8/03

• Deposit Broker Alert Issued By FDIC

  The FDIC has issued a Special Alert regarding the identification of potential concerns with brokered deposit arrangements that federally insured financial institutions have entered into with an unregistered financial services broker.FDIC SA-78-2003 12/8/03

• OFAC Penalty Against Bank

  In the December OFAC Civil Penalties Enforcement Information, one bank was listed for violations of sanctions and a penalty of $5,500 was imposed. BOL OFAC Page 12/8/03

• Unauthorized Banking Alert

  The OCC has issued an Alert regarding an Internet entity using the names Effex Bank NA; Effex Bank Ltd.; Effexbank Bank, Ltd.; or Effexbank International Bank Limited that may be operating a banking business without authorization. Financial institutions are asked to send any information they may have about this business to the OCC. OCC Alert 12/8/03

• FDIC Establishes Center For Financial Research

  The FDIC has announced the formation of the Center for Financial Research. The Center will sponsor research on key issues and developments affecting the banking industry. Six prominent economists will serve as Senior Fellows who will assist in guiding the activities of the Center.   FDIC Center 12/8/03

• OFAC Change Adds SDGT

  As noted in Friday's BOL OFAC Alert, OFAC has added an entry as a Specially Designated Global Terrorist. Information regarding the entry and AKAs has been added to the BOL OFAC Page. 12/8/03

• FFIEC Web Site Additions

  The FFIEC has posted online the following information for the FFIEC 002 form: the initial Federal Register notice, the draft instructions for March 31, 2004, and the draft reporting form for May 31, 2004.  Notice    Draft Instructions    Draft Form 12/8/03

• October G. 19 Report Issued

  The FRB has issued the G.19 Consumer Report for October 2003.G. 19 12/8/03

• Final Rule Amends Reg Y

  The FRB has issued a final rule amending Regulation Y which expands the abilities of all bank holding companies to process, store and transmit nonfinancial data in connection with financial data activities. The rule which increases the revenue limit to forty-nine percent will be effective January 8, 2004. Final Rule 12/5/03

• FFIEC Nixes Cartridge Tapes

  FFIEC has announced that cartridge tape submissions will not be accepted for calendar year 2004 HMDA and CRA data.2004 HMDA    2004 CRA 12/5/03

• CTR Form Revised

  FinCEN has revised the CTR form. Two lines have been added - one to enable the reporting of foreign cash in, the other for foreign cash out. Although the new form became effective December 1, 2003 and is available for use by financial institutions, FinCEN wants to assure that during this transition the prior form, IRS Form 4789, is still valid and can be used through August 31, 2004. Revised CTR 12/4/03

• Eighty-One CRA Exams Scheduled By OTS

  OTS has announced that 81 savings associations are scheduled for CRA examinations during the first quarter of 2004.  CRA Exam Schedule 12/4/03

• 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 September 2003.CRA Ratings 12/4/03

• Thrift Activities Regulatory Handbook Updated

  OTS has updated the liquidity management section of the thrift activities regulatory handbook.RB 32-32 12/4/03

• Third Quarter QBP Issued

  The FDIC has issued the Quarterly Banking Profile for the Third Quarter 2003 which provides a comprehensive summary of financial results for all FDIC-insured institutions in addition to written analyses, graphs and statistical tables.
  QBP 12/4/03

• Record Earning In Third Quarter

  Commercial banks and savings institutions insured by the FDIC reported record earnings in the third quarter of 2003, marking the third quarter in a row that earnings set a new high.  Record Earnings 12/4/03

• International Reserve Position

  Treasury has released the U. S. International Reserve Position for the week ending November 28.International Reserve   12/4/03

• September UBPR Available Online

  The FFIEC has placed the September 30, 2003 issue of the Uniform Bank Performance Report on line. It contains 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. A User's Guide is also available online for technical explanations of UBPR data. UBPR 12/3/03

• Travel Rule Exception to Expire

  FinCEN has published notice in the Federal Register that the conditional exception to the BSA Travel Rule will permanently expire 7/1/04. 68FR66708 (txt)   68FR66708 (pdf) 12/2/03

• FRB Written Agreement With W. Virginia Bank

  The FRB has announced the execution of a Written Agreement by and among the Putnam County Bank, Hurricane, West Virginia; the West Virginia Division of Banking, Charlestown, West Virginia; and the Federal Reserve Bank of Richmond. The bank is required to take corrective measures to comply with BSA and the AML provisions of Reg H. Written Agreement 12/2/03

• First Quarter 2004 CRA Exam Schedule

  The OCC has issued the CRA examination schedule for the First Quarter 2004. CRA Exam Schedule 12/2/03

• New TIAC Members Named

  The FRB has announced the names of four new members of the Thrift Institutions Advisory Council and the designation of a new President and Vice President of the Council for 2004. TIAC Members 12/2/03

• November G. 5 Exchange Rates

  The FRB has released the G. 5 (405) Foreign Exchange Rates report for the month of November 2003. G.5 Release 12/2/03

• Securities Subsidiaries Listed

  The FRB has issued a listing of securities underwriting and dealing subsidiaries in the categories of Section 20 subsidiaries, Section (4)(k)(4)(E) securities subsidiaries, and financial subsidiaries of state member banks as of September 30, 2003.
  Securities Subsidiaries 12/2/03

• New FEDS Papers Released

  The FRB has released five new papers in the Finance and Economic Discussion Series on the following topics: Central Bank Talk: Does It Matter and Why?; The Effect of Restructuring on Unemployment; What If Welfare had no Work Requirements? The Age of Youngest Child Exemption and the Rise in Employment of Single Mothers; Getting Bad News Out Early: Does it Really Help Stock Prices?; and Forecasting Exogenous Fiscal Variables in the United States.  Central Bank   Effect of Restructuring    What If    Getting Bad News   Forecasting    12/2/03

• Disclosure Standards - Regs B, E, M, Z and DD

  The FRB has published proposed rules to establish more uniform standards for providing disclosures under five consumer protection regulations: B; E; M; Z; and DD . Comment on the proposed rules is requested by January 30, 2004.
  Reg B    Reg E    Reg M    Reg Z    Reg DD 12/1/03

• CMPs Assessed for Flood Violations

  The FRB has announced the assessment of a $34,100 civil money penalty against Provident Bank, Cincinnati, Ohio and a $16,000 civil money penalty against The Bank of Currituck, Moyock, North Carolina for alleged violations of the National Flood Insurance Act . Provident Bank    Bank of Currituck 12/1/03

• November Beige Book Released

  The November update to The Beige Book was prepared at the Federal Reserve Bank of Atlanta and based on information collected before November 17, 2003. Beige Book 12/1/03

• OCC 2004 Fee Schedule Announced

  The OCC issued a Bulletin that announces the OCC fees and assessments for 2004. OCC Bulletin 2003-45 12/1/03

• Assessment Risk Classifications

  The FDIC has issued a FIL which indicates a streamlined internal process for evaluating an insured institution's request for a review of its assessment risk classification will be utilized for the semiannual assessment period beginning January 1, 2004, and subsequent assessment periods. FIL-90-2003 12/1/03

• Third Quarter Charge-Off and Delinquency Rates

  The charge-off and delinquency rates on loans and leases at commercial banks for the Third Quarter 2003 have been released by the FRB. Charge-Off Rates 12/1/03

• G. 20 For November 2003

  The G. 20 statistical release for finance companies has been placed online by the FRB. G. 20 12/1/03

• Changes Made To UBPR Peer Group

  The FFIEC Task Force on Surveillance Systems has announced changes to the peer group structure and to the way income and expense are annualized in the UBPR. Peer Group Changes    Income and Expense 12/1/03

• Credit Union Loan Growth Expansion Reported

  NCUA has released preliminary call report data submitted by federally insured credit unions that indicates the most significant expansion in loan growth since 2001. The largest increases were shown in the categories of first mortgage real estate loans and used auto loans. Loan Growth 12/1/03