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Proposed guidance on stress tests for medium-size financial companies

A press release has been issued by the FRB, OCC, and FDIC requesting comments on proposed guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion. Comments are due by September 25, 2013.(7/31/2013)

Assistance for WV storm victims

HUD has announced assistance for West Virginia homeowners and low-income renters forced from their homes due to severe storms and flooding.(7/31/2013)

HUD offices closed Friday

All HUD offices nationwide will be closed on Friday, August 2, 2013, according to an agency notice. Normal operations will resume on Monday, August 5, 2013.(7/31/2013)

OFAC list additions, updates and removals

Treasury has announced its designation of three individuals and three entities linked to Ismael Zambada Garcia, one of the principal leaders of the Sinaloa Cartel. In additions, numerous SDN listings changes and deletions were made. Information has been posted in yesterday's BOL OFAC Update.(7/31/2013)

NMLS 2013 Q1 reports

The first quarter 2013 Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly Report have been released.(7/31/2013)

FHFA Index shows June mortgage interest rates up

A Federal Housing Finance Agency news release shows interest rates on mortgages continued their upward trend in June 2013, up 0.50 percent from May.(7/31/2013)

Written Agreement executed

The Federal Reserve Board has announced the execution of a Written Agreement with Port Byron State Bank, Port Byron, Illinois, and the Illinois Department of Financial and Professional Regulation, Division of Banking.(7/31/2013)

FTC charges card payment processor

The FTC has announced it has filed a Complaint for Permanent Injunction and Other Equitable Relief against an operation that sells credit and debit card payment processing services to small businesses, for violations of federal law. The defendants allegedly made false and unsubstantiated claims and failed to disclose material facts to storefront businesses and sole proprietorships before they applied for services and equipment to process credit and debit card payments.(7/31/2013)

Court rules against payday lender

A federal judge has ruled, in a case filed by the FTC, against an online operation that illegally debited consumers' bank accounts when they visited the defendants' websites seeking payday loans. A permanent injunction was issued to stop the illegal practices, and consumers are entitled to the return of more than $9.5 million.(7/31/2013)

Treasury to offer new marketable security

Treasury's Fiscal Service has published [78 FR 46425] a final rule that amends Treasury's marketable securities auction rules to accommodate the public offering of a new type of marketable security with a floating rate interest payment.(7/31/2013)

Suspension of flood insurance eligibility

FEMA has published lists of communities that are scheduled to be suspended from eligibility for the sale of flood insurance because of noncompliance with the floodplain management requirements of the National Flood Insurance Program. The suspensions are scheduled for August 5, 2013, (communities in Connecticut) and August 19, 2013 (communities in Alaska, Iowa, Ohio, South Carolina and Virginia).(7/30/2013)

FTC files case against free gift cards scammers

In a complaint filed in federal court, the FTC has alleged that scammers sentunwanted text messages to consumers, many of whom had to pay for receiving the texts. The messages promised consumers free gifts or prizes, including gift cards worth $1,000 to major retailers such as Best Buy, Walmart and Target.(7/30/2013)

Marketable borrowing estimates

Treasury has announced its current estimates of marketable borrowing for the 3rd and 4th quarters of 2013.(7/30/2013)

Presidential $1 coin program report to Congress

The Federal Reserve Board and the U. S. Mint have issued their annual report to Congress on collaborative efforts to develop the Presidential $1 Coin Program and improve the distribution and circulation of $1 coins. (7/30/2013)

Daylight Overdrafts report

The First Quarter 2013 peak and average daylight overdrafts reports have been released by the FRB.(7/30/2013)

New FBAR form

FinCEN has introduced a new Form 114a, Record of Authorization to Electronically File FBARs, for filers who submit Reports of Foreign Bank and Financial Accounts (FBARs) jointly with spouses, or wish to submit them via third-party preparers. A copy of this form would be maintained by the filer and the account owner, but not submitted to FinCEN. The form would be made available upon request by FinCEN or the IRS.(7/30/2013)

NCUA Economic Update

The July 2013 NCUA Economic Update has been posted on the agency's YouTube channel.(7/30/2013)

FDIC Flood CMPs

The FDIC has announced civil money penalties for violations of the Flood Disaster Protection Act have been assessed against PremierBank, Fort Atkinson, Wisconsin ($5,020), and First Bank Upper Michigan, Gladstone, Michigan ($5,790). Information regarding the violations has been posted on the BOL Flood Penalties Watch Page.(7/29/2013)

FDIC June enforcement actions

The Flood Act penalties were part of the list released by the FDIC of administrative enforcement actions taken against banks and individuals in June 2013.(7/29/2013)

GMAC Mortgage to pay $200 million

The Federal Reserve Board has announced an amendment to the enforcement action against GMAC Mortgage requiring approximately $230 million in cash payments to mortgage borrowers. The amendment is similar to those announced in early 2013 between 13 mortgage servicing companies and the OCC and the FRB for deficient practices in mortgage loan servicing and foreclosure processing.(7/29/2013)

Reserve Bank $1 coin inventories

The second quarter 2013 report of reserve bank $1 coin inventories, payments, and receipts has been issued by the FRB.(7/29/2013)

2013 CRA/HMDA data entry software updated

The FFIEC has posted Release 2 of the 2013 CRA/HMDA data entry software and Data Entry Software FAQs. (7/29/2013)

FHFA settles with UBS for $885M

The Federal Housing Finance Agency (FHFA) has announced a settlement with UBS Americas, Inc. for $885 million, to cover claims of alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities purchased by Fannie Mae and Freddie Mac. FHFA has reached settlements in three of the 18 similar suits it filed in 2011.(7/26/2013)

More CPP TARP auctions scheduled

Addition auctions have been announced by Treasury, which intends to sell its preferred stock and subordinated debt Capital Purchase Program (CPP) investments under the Troubled Asset Relief Program (TARP) in six financial institutions. The auctions will begin on or about July 29, and are expected to close at 6:00 pm, Eastern time, on August 1, 2013.(7/26/2013)

Lenders encouraged to work with student loan customers

The federal bank regulatory agencies have issued a joint statement encouraging financial institutions to work constructively with private student loan borrowers experiencing financial difficulties.(7/26/2013)

NCUA Board meeting bulletin

A Bulletin has been issued on the actions of the NCUA Board at its July 25, 2013, meeting.(7/26/2013)

Bureau proposes new complaint collection system

The CFPB has published in the Federal Register [78 FR 44931] a thirty-day Paperwork Reduction Act (PRA) notice for clearance of a new generic consumer complaint and information collection system. Comments are due August 26, 2013.(7/26/2013)

OFAC adds to list again

Treasury has announced its designation of five members of the Italian Camorra, including the mob boss Marco Di Lauro and the fugitive Mario Riccio, as well as two businesses linked to individuals acting on behalf of a key member of the Brothers' Circle, a large multi-ethnic Eurasian criminal network. These Transnational Criminal Organizations (TCOs) continue to use various methods to conceal the proceeds earned from their illicit activities and maintain access to the international financial system. Details are posted in yesterday's BOL OFAC Update.(7/25/2013)

Fake OCC correspondence alert

OCC Alert 2013-14 has been issued concerning fictitious correspondence, purporting to have been issued by the OCC, regarding funds purportedly under the control of the OCC, FDIC, FRB, and foreign financial institutions. The fraudulent correspondence may be distributed via e-mail, fax, or postal mail, and may indicate that an "Exchange Control Approval Payment Order" valued at $7,500,000.00 is being held until a "Currency Capital Control Clearance ITP Fee" is secured. The recipient of this correspondence is instructed to wire funds, which are purportedly used to pay taxes. Samples of the fraudulent documents are provided.(7/25/2013)

New Residential Sales report

HUD and the Census Bureau have announced that the sales of new single-family houses in June 2013 were at a seasonally adjusted annual rate of 497,000, 8.3 percent above the revised May rate of 459,000 and 38.1 percent above the June 2012 estimate of 360,000.(7/25/2013)

Kingpin Act names added to OFAC list

Treasury has announced the OFAC designation of two Mexican nationals under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their ties to Mexico's violent Los Zetas drug trafficking organization. Yesterday's BOL OFAC Update has details.(7/24/2013)

CFPB files complaint for mortgage steering bonuses

The Consumer Financial Protection Bureau has announced it has filed a complaint in federal district court against a Utah-based mortgage company, Castle & Cooke Mortgage LLC, and two of its officers for illegally giving bonuses to loan officers who steered consumers into mortgages with higher interest rates. Castle & Cooke operates in 22 states. The Bureau is seeking an end to the firm's practice of bonus payments, restitution for those consumers who were "upsold," and civil money penalties.(7/24/2013)

Treasury posts Garnishment Rule summary

Treasury has posted for use by financial institutions a summary of the revised federal rule affecting garnishment orders that can be provided to state or federal law enforcement or courts, state agencies, municipalities, and municipal corporations. The summary explains that a financial institution has up to two business days to review accounts in order to protect federal benefit payments from garnishment and seizure orders, and that the only exception to these requirements is for state child support enforcement agencies and certain federal garnishment orders where a "Notice of Right to Garnish Federal Benefits" has been attached to the order.(7/24/2013)

Amendments to Regs X and Z published

The Bureau's previously announced amendments to clarify the Ability-to-Repay and Mortgage servicing rules in Regulations X and Z have been published [78 FR 44685] in today's Federal Register. BankersOnline's Alphabet Soup pages for those regulations have been updated with the publication information and links.(7/24/2013)

May FHFA house price index

The Federal Housing Finance Agency (FHFA) has released the May 2013 House Price Index, which rose 0.7 percent over April 2013.(7/24/2013)

The NCUA Report

The July 2013 issue of The NCUA Report has been published. It features articles on a lengthening of foreclosure timelines, the loan participation rule, early withdrawal of CDs, loan generation, and web-ready graphics.(7/24/2013)

Amex TRS pays OFAC $5.2 million

OFAC has announced that American Express Travel Related Services Company, Inc. ("TRS"), New York, NY, has agreed to pay $5,226,120 to settle potential civil liability for apparent violations of the Cuban Assets Control Regulations (CACR). TRS was investigated by OFAC in 1995 and 1996 for similar apparent violations of the CACR. Under the Cuba Penalty Schedule, the base penalty for the apparent violations is $3,629,250. OFAC noted 12 specific reasons for the CMP exceeding the base, and said "a substantial civil monetary penalty in this case is warranted to clearly communicate to participants in OFAC's Cuba TSP program the seriousness with which OFAC takes compliance with the CACR." Addition details are available on BankersOnline's OFAC Update for July 22, 2013.(7/23/2013)

FDIC Advisory Committee meeting announced

The FDIC has issued a press release announcing an open meeting of the Advisory Committee on Community Banking to be held at the FDIC headquarters in Washington, D.C. on July 25, 2013. Agenda topics include an update from staff on the FDIC's community bank initiatives, discussions about payment system developments and implications, and information technology examination issues. There will be a webcast of the meeting.(7/23/2013)

Tribal affiliates covered by FTC, TIL, and EFT Acts

A Federal Trade Commission news release has announced a ruling by a U.S. Magistrate Judge that payday lenders who are affiliated with American Indian Tribes are subject to federal law. The FTC has sued a number of payday lenders for engaging in unfair and deceptive practices against consumers. The Magistrate Judge found that the payday lenders cannot avoid three key federal consumer protection statutes — the FTC Act, the Truth in Lending Act, and the Electronic Fund Transfer Act — simply by aligning themselves with American Indian tribes. The ruling is now subject to review by a U.S. District Court Judge.(7/23/2013)

CFPB celebrates second birthday

The CFPB gave itself several pats on the back on its Blog yesterday, on its second anniversary.(7/23/2013)

HUD proposes new Fair Housing rule

HUD has published in the Federal Register a new proposed rule to Affirmatively Further Fair Housing (AFFH). Background materials and a prototype geospatial tool were also released. Under the proposed new rule, HUD would provide program participants with: style="margin-top:0px; margin-bottom:0px; list-style-type:circle;">

OFAC enforcement action

OFAC has announced that a non-financial corporation will pay a civil money penalty of $84,240 to settle alleged violations of the Iranian Transaction Regulations. The matter was not voluntarily disclosed to OFAC and the alleged violations constituted a non-egregious case. The base penalty amount for the alleged violations was $156,000.(7/22/2013)

OCC enforcement actions

The OCC has released a new list of enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. The list includes a Cease and Desist Order requiring several BSA/AML program improvements against a bank that had experience a recent 236% growth in total assets. That Order has been summarized in BankersOnline's BSA/AML Penalties page.(7/22/2013)

Rates of exchange

The Financial Management Service has released the Treasury Reporting Rates of Exchange as of June 30, 2013.(7/22/2013)

SEC and European regulators MOUs

The SEC has announced the execution of memorandums of understanding (MOUs) establishing supervisory arrangements with financial regulators of the member states of the European Union (EU) and the European Economic Area (EEA) as part of long-term strategy to improve the oversight of certain entities in the asset management industry that operate across national borders.(7/22/2013)

Bureau launches Consumer Education and Financial Literacy Program

The CFPC has announced its launch of a consumer education and financial literacy program to be funded by the Civil Penalty Fund and aimed at providing direct financial coaching services to transitioning veterans and economically vulnerable consumers. A draft solicitation for financial coaching providers or vendors with experience managing nationwide federal contracts and programs was released. A conference for interested vendors and potential subcontractors will be held on August 28, 2013.(7/22/2013)

HUD offices closed Monday

A HUD press release has announced the nationwide closing of all HUD offices on Monday, July 22, 2013. Normal operations will resume on July 23, 2013.(7/19/2013)

FRB Flood Act enforcement action

The Federal Reserve Board has imposed a CMP for Flood Act violations on Minster Bank, Minster, Ohio. The Fed's Order has been posted on BankersOnline's Flood Penalties Watch page.(7/19/2013)

Fed launches updated VPN Solution initiative

Federal Reserve Financial Services has announced its launch of the Next Generation Virtual Private Network (VPN) Solution Initiative. This multi-year effort requires all FedLine Advantage® and FedLine Command® customers to replace their current VPN device(s), a key security component of FedLine® access solutions, with a more contemporary solution. More information is available at the Next Generation VPN Solution Online Resource Center.(7/19/2013)

Unauthorized banking alert

OCC Alert 2013-13 cautions banks and the public concerning an entity claiming to be associated with a national bank named Hudson National Bank which is not authorized by the OCC pursuant to federal law to conduct business as a national bank. This entity claims to be physically located at 295 Princeton-Hightstown Road, Suite 301, West Windsor, NJ 08550. The entity uses a telephone number of (609) 228-6786 and a fax number of (609) 228-6051. Individual names associated with this entity may include Tom Blaine and Susan Smith.(7/19/2013)

NCUA regional realignment announced

The NCUA has announced a realignment of the agency regional supervision of federally insured credit unions in nine states, effective January 1, 2014. (7/19/2013)

CFPB Financial Literacy Report to Congress

The Bureau has announced that it has delivered its first financial literacy report to Congress. The document discusses the CFPB's approach to financial literacy and what the agency has done to help consumers make better informed choices about their personal finances and achieve financial goals.(7/19/2013)

Lew on financial reform

Treasury Secretary Lew spoke at the 2013 Delivering Alpha Conference hosted by CNBC and Institutional Investor, discussing financial reform, what made it imperative, what has been accomplished and where it is headed.(7/18/2013)

Financial experiences of older adults

A forum briefing paper, "Insights into the Financial Experiences of Older Adults," has been published by the Federal Reserve Board. The report highlights key findings from a survey of older adults on their use of financial products, their financial decisionmaking, and their main sources of financial stress.(7/18/2013)

Bernanke delivers Monetary Policy Report and testimony

Chairman Bernanke has delivered the semiannual Monetary Policy Report and testimony to Congress. The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress with discussions of "the conduct of monetary policy and economic developments and prospects for the future."(7/18/2013)

June Residential Construction Activity report

HUD and the Census Bureau have issued a joint press release announcing the June 2013 new residential construction statistics on building permits, housing starts and completions, and explanatory notes.(7/18/2013)

Beige Book

The July 17, 2013 issue of the Beige Book has been released.(7/18/2013)

OCC Oversight of debt collection and debt sales

The OCC has submitted a statement to the Subcommittee on Financial Institutions and Consumer Protection of the Senate Committee on Banking, Housing, and Urban Affairs, describing the OCC's oversight of debt collection and debt sales activities by the national banks and federal savings associations it supervises.(7/18/2013)

NCUA Board meeting agenda

The agenda for the July 24, 2013, meeting of the NCUA Board has been posted.(7/18/2013)

Military Consumer Protection Day

The Bureau posted an article on activities on the first Military Consumer Protection Day, July 17, 2013, and ways servicemembers can strengthen their consumer defenses.(7/18/2013)

Cordray confirmed

Bloomberg and other news outlets have reported yesterday's U.S. Senate confirmation of Richard Cordray as director of the CFPB. The 34 vote, which lifted a cloud over the legitimacy of rulemaking by the agency, came only after hours of negotiations among political leadership over significant procedural rules of the Senate. Republican lawmakers stated that Cordray's confirmation won't end their efforts to reform the structure of the Bureau.(7/17/2013)

August 2013 HOEPA rates set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in August 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.(7/17/2013)

Term deposit offering results

The FRB has released the results of its July 15, 2013, fixed-rate offering of term deposits through its Term Deposit Facility.(7/17/2013)

Discount rate meeting minutes

The minutes of the Federal Reserve Board's discount rate meetings from May 13 through June 17, 2013, have been released.(7/17/2013)

Training materials for new $100 note

Federal Reserve Bank Services has posted training materials including a presentation to educate tellers and staff on the new security features of the redesigned $100 note. Circulation of the new note will begin on October 8, 2013.(7/17/2013)

Town hall webinar reminder

The NCUA has posted a reminder of the subjects NCUA Board Chairman Debbie Matz will cover during her free town hall webinar, open to the entire credit union industry and others interested, on Thursday, July 18, beginning at 3 p.m. ET. Online registration for the webinar is still open.(7/17/2013)

Action against credit card scheme operators

The FTC has announced that the defendants behind National Card Monitor LLC, operators of an alleged fraudulent credit card interest rate reduction scam, will be permanently barred from the telemarketing business, and must turn over all of their remaining funds, in order to settle FTC charges.(7/17/2013)

July FedFlash

The July 15, 2013, issue of FedFlash has been posted by Federal Reserve Financial Services. This issue includes articles on additional changes for Paid Item (PAID) adjustments, new FedReceipt RTNs, FedGlobal ACH payments Dodd-Frank update, revisions to Operating Circular 10, and self-service information tools.(7/16/2013)

Bureau announces new senior staff

The CFPB has announced the appointment of several individuals to senior positions within the Bureau, including the Chief Operating Officer, the Chief of Staff, the Assistant Director for the Office of Older Americans, and the Program Manager for Servicing and Securitization Markets.(7/16/2013)

Fair lending auto finance webinar

Outlook Live, the Federal Reserve System's audio conference series on consumer compliance issues, has announced a joint FRB, CFPB and Justice Department webcast on "Indirect Auto Lending”Fair Lending Considerations." The event will be held Tuesday, August 6, from 11:30am–12:30pm Eastern time. Registration and other information on the free event can be found on the Outlook Live website.(7/16/2013)

Ohio CU liquidated

An NCUA news release has announced that the Ohio Division of Financial Institutions has liquidated the Taupa Lithuanian Credit Union of Cleveland, Ohio, and appointed the NCUA as liquidating agent. Taupa was the 11th federally insured credit union to be liquidated this year.(7/16/2013)

FinCEN grants 'exceptive relief' from armored car ruling

FinCEN has issued ruling FIN-2013-R001 to provide "exceptive relief" from its 2009 armored car ruling, after four years of complaints from both bankers and armored car employees. The ruling was accompanied by a 41-page Appendix with several currency transaction scenarios involving armored car services, each with an illustration of a properly completed CTR. The ruling supersedes FIN-2009-R002 immediately, but FinCEN stated it understands the new ruling may require systems changes. Compliance is expected by September 30, 2013.(7/15/2013)

FTC extends TSR comment period

The Federal Trade Commission has announced that it has voted to extend the public comment period on its proposed changes to the Commission's Telemarketing Sales Rule (TSR) through August 8, 2013. When the proposal was published last week, the comment deadline was set for July 29.(7/15/2013)

June Housing Scorecard

HUD and Treasury have released the June 2013 edition of Housing Scorecard, a comprehensive report on the nation's housing market. The data show signs that the housing market is strengthening, with home prices continuing to rise and new and existing home sales remaining strong, although officials caution that there is regional variation and the overall economic recovery remains fragile.(7/15/2013)

FTC settles 'Rachel' credit card robocall case

The FTC has announced a settlement with a set of defendants associated with the A+ Financial Center scheme. They were charged in last year's joint law enforcement sweep against five companies that made millions of illegal pre-recorded robocalls claiming to be from "Rachel" and "Cardholder Services," pitching credit card interest rate reduction services scams.(715//2013)

OCC to hold workshops in North Dakota

The OCC has issued a news release to announce two workshops for directors of national community banks and federal savings associations to be held in Fargo, North Dakota, August 13–14, 2013. The "Compliance Risk: What Directors Need to Know" and "Credit Risk: A Director's Focus" workshops are designed exclusively for directors of institutions supervised by the OCC. The registration fee for each workshop is $99 and each session is limited to the first 35 registrants.(7/15/2013)

Payments exceed $3.4 billion

The OCC has announced that nearly 3.9 million checks totaling over $3.4 billion have been issued as part of the Independent Foreclosure Review Payment Agreement.(7/15/2013)

SDN List updates

Treasury has announced the update of two Syria designations currently on the SDN List. Details are available on BOL's OFAC Update Page.(7/12/2013)

NMLS system to be offline

The NMLS and NMLS Consumer Access will be unavailable on Saturday, July 13th from 7:00 a.m. to 9:00 a.m. ET, due to system maintenance.(7/12/2013)

Duke leaving Board of Governors

The Federal Reserve Board announced that Governor Elizabeth A. Duke has submitted her resignation from the Board, to be effective August 31, 2013. Governor Duke joined the Board in August 2008, and served as Chairman of both the Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.(7/12/2013)

Curry and Gruenberg testify on Dodd-Frank

At a hearing before the Senate Committee on Banking, Housing, and Urban Affairs, OCC Comptroller Curry presented oral and written testimony, and FDIC Chairman Gruenberg issued a statement on the status of actions taken by their respective agencies to implement the Dodd-Frank Act.(7/12/2013)

NCUA video reviews new websites

The NCUA has released a new video in its consumer series that reviews the resources available on its website, MyCreditUnion.gov; its financial literacy microsite, Pocket Cents; and Hit the Road, an interactive personal finance game for young people.(7/12/2013)

NCUA to host secondary capital webinar

The NCUA has announced a free webinar, "Will Secondary Capital Work for You?" to be presented on Wednesday, July 31, 2013, at 2 p.m. ET. Registration is required and is now open.(7/12/2013)

Cordray discusses CFPB relationship with CUs

CFPB Director Cordray addressed participants at the NAFCU Annual Conference in Boston on the relationship between the Bureau, credit unions and their members.(7/12/2013)

Proposal to exempt some HPMLs from DFA appraisal rule

Six federal financial regulatory agencies have announced a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans (HPMLs). The proposed rule would provide an exemption from the Dodd-Frank appraisal requirements in Regulation Z's section 1026.35(c) for loans of $25,000 or less, certain "streamlined" refinancings, and certain loans secured by existing manufactured housing without a security interest in land. Comments on the proposal are due by September 9, 2013.(7/11/2013)

CFPB finalizes ATR and mortgage servicing tweaks

The CFPB has announced the finalized corrections, clarifications, and amendments to its Ability-to-Repay and Mortgage Servicing rules. The clarifications were first proposed in April 2013 and reflect the Bureau's commitment to facilitating implementation in order to better protect consumers. The final rule”

• Clarifies methods for determining a consumer's debt-to-income ratio
• Explains that the RESPA servicing rules don't preempt the field of servicing regulation by states
• Establishes which mortgage loans to consider in determining small servicer status
• Clarifies the eligibility standards for the temporary QM provision

These changes will be effective with the rest of the ATR and servicing rules, on January 10, 2014.(7/11/2013)

FFIEC geocoding system updated

The Federal Financial Institutions Examination Council (FFIEC) geocoding system has been updated with 2013 census data.(7/11/2013)

Debt collection bulletins and tools for consumers

The Bureau has announced it has issued two bulletins putting companies on notice about harmful debt collection practices [Bulletin 2013-07; Bulletin 2013-08], and released five downloadable action letters for consumers when corresponding with debt collectors and debt collection complaints. The CFPB is also now taking consumer complaints about debt collection problems, in addition to complaints about credit cards, mortgages, bank accounts and services, private student loans, consumer loans, credit reporting, and money transfers.(7/11/2013)

FRB term deposit offering

The Federal Reserve Board has issued a press release to announce it will conduct a fixed-rate offering of 28-day term deposits with an interest rate of 0.26 percent and a maximum tender amount of $1,250,000,000 with full allotment of tenders through its Term Deposit Facility (TDF). The offering will be available on Monday, July 15, 2013, starting at 10 a.m ET.(7/11/2013)

FOMC minutes

The minutes of the June 18–19, 2013, meeting of the Federal Open Market Committee (FOMC) have released by the Federal Reserve Board.(7/11/2013)

Bernanke reviews the Federal Reserve's first 100 years

In a presentation at a conference sponsored by the National Bureau of Economic Research, Chairman Bernanke discussed the evolution over the past 100 years of three key aspects of Federal Reserve policymaking: the goals of policy, the policy framework, and accountability and communication.(7/11/2013)

Labor Department overtime ruling vacated

On July 2, 2013, the United States Court of Appeals for the District of Columbia Circuit, in an appeal by the Mortgage Bankers Association (MBA) from the U. S. District Court for the District of Columbia, found for the appellant, reversed the District Court's order dismissing the MBA's motion for summary judgment, and directed the lower court to vacate a 2010 Department of Labor (DOL) Administrator's Interpretation. The Appeals Court action reinstated a 2006 DOL Opinion Letter concluding that mortgage loan officers (MLOs) with typical job duties fell within the "administrative employee" exemption to the Fair Labor Standards Act requirement for overtime pay for employees working more than 40 hours per week. The Appeals Court ruling was issued because DOL failed to issue its 2010 Interpretation using required Administrative Procedures Act (APA) proposal and comment steps, so DOL may re-adopt the 2010 Interpretation following the APA requirements. A summary of the decision is posted on the BOL Court Watch page.(7/10/2013)

Kingpin Act designations

Treasury has announced the designation of Colombian nationals Isaac Perez Guberek Ravinovicz and his son, Henry Guberek Grimberg, as well as 29 other individuals and entities, including companies located in Colombia, Panama, and Israel, as Specially Designated Narcotics Traffickers (SDNTs). In a separate action, the U.S. Attorney's Office for the Southern District of Florida and the Drug Enforcement Administration's (DEA) Miami Field Division announced the filing of criminal charges against four of Treasury's designees, all Colombian nationals, for their participation in an international money laundering conspiracy. Yesterday's BOL OFAC Update has details.(7/10/2013)

Debt collector to pay $3.2 million CMP

The largest civil money penalty (CMP) ever obtained by the Federal Trade Commission, $3.2 million, has been assessed against a third-party debt collector. The collector and its subsidiaries used tactics such as calling consumers multiple times per day, calling even after being asked to stop, calling early in the morning or late at night, calling consumers' workplaces despite knowing that their employers prohibited such calls, and leaving phone messages that disclosed the debtor's name, and the existence of the debt, to third parties.(7/10/2013)

FSOC designates nonbank financial companies

The Financial Stability Oversight Council (FSOC) has announced its designation of two nonbank financial companies, American International Group, Inc. (AIG) and General Electric Capital Corporation, Inc. (GECC), to address potential threats to financial stability. This is the Council's first use of its authority under Title I of the Dodd-Frank Act to subject a nonbank financial company to consolidated supervision and enhanced prudential standards.(7/10/2013)

Supplementary leverage ratio proposal

A Joint Notice of Proposed Rulemaking has been announced by the FRB, FDIC, and OCC to strengthen the leverage ratio standards for the largest, most systemically significant U.S. banking organizations. Under the proposed rule, bank holding companies with more than $700 billion in consolidated total assets or $10 trillion in assets under custody (covered BHCs) would be required to maintain a tier 1 capital leverage buffer of at least 2 percent above the minimum supplementary leverage ratio requirement of 3 percent, for a total of 5 percent. The agencies are proposing a substantial phase-in period for the rule with an effective date of January 1, 2018. (7/10/2013)

Survey of Terms of Business Lending released

The May 10, 2013, E.2 Survey of Terms of Business Lending has been released by the Federal Reserve Board.(7/10/2013)

Revisions to Operating Circular 10

Federal Reserve Financial Services has announced that the Federal Reserve Banks are amending Operating Circular 10 (OC 10), Lending, with the addition of Appendix 6: "Prohibition Against Federal Assistance to Any Swaps Entity." The revised Circular will be in effect starting July 18, 2013.(7/10/2013)

FDIC approves Basel III final rule

A press release, FIL-31-2013, and FIL-32-2013 have been issued by the FDIC announcing the approval of an interim final rule that adopts with revisions the three notices of proposed rulemaking (NPRs) that the banking agencies proposed last year regarding Basel III NPR, the Basel III advanced approaches NPR, and the so-called Standardized Approach NPR.(7/10/2013)

Financial scam warning

FinCEN has issued a financial scam warning to remind the public to be wary of fraudulent correspondence and phone calls that attempt to solicit funds by a caller who purports to be an employee of FinCEN and asks for the victim by name, either at the victim's home or work number.(7/10/2013)

Bureau releases Readiness Guide

The CFPB has announced the release of the first version of its 2013 Dodd-Frank Mortgage Rules Readiness Guide. The guide's purpose is to:

• Assist regulated entities in achieving compliance with the mortgage rules
• Highlight key issue areas that may be closely examined during a review
• Focus the industry and examiners on key elements of a compliance management system that may warrant review, modification, or other enhancement
  The Guide is subject to revision as rule clarifications and amendments are made final and issues are identified during the months leading to implementation.(7/9/2013)

• FTC proposes Telemarketing Sales Rule changes

  The Federal Trade Commission (FTC) has published a notice of proposed rulemaking and request for public comment [78 FR 41199] in today's Federal Register. The proposal would amend the FTC's Telemarketing Sales Rule (TSR) to bar sellers and telemarketers from accepting remotely created checks, remotely created payment orders, cash-to-cash money transfers, and cash reload mechanisms as payment in inbound or outbound telemarketing transactions; expand the scope of the advance fee bank on "recovery" services; and make certain other clarifications of the TSR. Comments on the proposal are due by July 29, 2013.(7/9/2013)

• TARP auctions ongoing

  Treasury has announced the start of auctions for all of its Troubled Asset Relief Program's Capital Purchase Program preferred stock and subordinated debt positions in eight institutions. The auctions began at 9:00 a.m. Eastern time yesterday, and will close at 6:00 p.m. Eastern time on Thursday, July 11, 2013.(7/9/2013)

• NMLS Ombudsman Meeting Announced

  An open meeting with the NMLS Ombudsman will be held on Tuesday, August 6, 9:00–11:30 a.m., prior to the American Association of Residential Mortgage Regulators Annual Regulatory Conference in Denver, Colorado. Conference registration is not required to attend the meeting. The NMLS Ombudsman page has more information.(7/9/2013)

• FHFA April 2013 refinance report

  The Federal Housing Finance Agency has issued its April Refinance Report, which indicates refinance volumes remained high due to a slight dip in mortgage rates.(7/9/2013)

• Reg II institution users lists

  The Federal Reserve Board has published exempt and not-exempt lists of institutions to help payment card networks and others determine which issuers qualify for the statutory exemption from the interchange fee standards in Regulation II. The regulation implements section 920 of the Electronic Fund Transfer Act.(7/9/2013)

• Market Risk Capital Rule NPR

  The Federal Reserve Board has issued a notice of proposed rulemaking (NPR) that would amend Regs H, Q, and Y to revise the market risk capital rule (market risk rule) to address recent changes to the Country Risk Classifications (CRCs) published by the Organization for Economic Cooperation and Development (OECD), which are referenced in the Board's market risk rule; to clarify the treatment of certain traded securitization positions; to make a technical amendment to the definition of covered position; and to clarify the timing of the required market risk disclosures. The closing date for comments is September 3, 2013.(7/9/2013)

• Second Quarter 2013 SCOOS

  The FRB has released the Senior Credit Officer Opinion Survey on Dealer Financing Terms (SCOOS) for the second quarter 2013. (7/9/2013)

• OFAC updates email notifications

  OFAC has announced an update of its automated email notification system. Emails announcing OFAC actions (e.g. SDN List updates, the release of new guidance and/or general licenses) will change in appearance and the number of duplicate notification messages should decrease. Current subscribers do not need to take any action to obtain the benefits of these changes.(7/8/2013)

• Comments due on civil penalties fund proposal

  Today is the final day for comments on possible revisions, adjustments or refinements to the CFPB's rule implementing the Civil Penalty Fund provisions of the Dodd-Frank Act.(7/8/2013)

• CFPB updates rulemaking agenda

  The Bureau has announced the posting of a semi-annual update of its rulemaking agenda in conjunction with a broader initiative led by the Office of Management and Budget (OMB) to publish a Unified Agenda of federal regulatory and deregulatory actions across the federal government. Portions of the Unified Agenda are published in the Federal Register, and the full set of materials is available online.(7/5/2013)

• GAO reports on flood insurance and internal controls

  The U.S. Government Accountability Office (GAO) has released reports on the following topics:

  • GAO-13-568”Flood Insurance: Implications of Changing Coverage Limits and Expanding Coverage
  • GAO-13-607”Flood Insurance: More Information Needed on Subsidized Properties
  • GAO-13-582”Internal Controls: SEC Should Consider Requiring Companies to Disclose Whether They Obtained an Auditor Attestation(7/5/2013)

  • July FedFocus

    The July 2013 issue of FedFocus has been posted and features articles entitled "The Time is Now" (on the benefits available with same-day ACH clearing), and "Are You the Weakest Link?" There is also an article describing how a credit union set a SMART goal to fully experience the benefits of a FEDucation.(7/5/2013)

  • NCUA loan participation rule date revised

    The NCUA Board has announced its decision to extend the effective date of the agency's new loan participation rule (Parts 701 and 741) from July 25 to September 23, 2013.(7/5/2013)

  • FDIC posts CRA ratings

    The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in April 2013. Among the 68 banks listed, three received "outstanding" ratings and one was deemed "needs to improve."(7/5/2013)

  • CFPB student loan consumer advisory

    The CFPB reminds student loan borrowers of free information and tools available from the Bureau. (7/5/2013)

  • TARP auctions announced

    Treasury has announced its intention to sell preferred stock and subordinated debt CPP investments in eight institutions under the under the Troubled Asset Relief Program (TARP). The auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, are expected to begin on or about July 8, 2013. (7/5/2013)

  • Final Basel III rule to increases capital requirements

    The Federal Reserve Board has announced its approval of a final rule to help ensure banks maintain strong capital positions that will enable them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns. The Board coordinated the final rule with the FDIC and OCC, which are expected act on the rule on July 9. The rule will implement in the United States the Basel III regulatory capital reforms and certain changes required by the Dodd-Frank Act. Under the final rule, minimum requirements will increase for both the quantity and quality of capital held by banking organizations. The final rule is significantly different from the proposal in terms of risk weighting for residential mortgages and the regulatory capital treatment of certain unrealized gains and losses and trust preferred securities for community banking organizations. A Community Bank Guide table explaining the Final Rule was also released. The OCC released comments on the rule from Comptroller Curry.(7/3/2013)

  • SDN updates and Burma designation

    OFAC has added the phrase "Additional Sanctions Information - Subject to Secondary Sanctions" to SDN listings of persons on the list with whom a foreign financial institution may face exposure to sanctions on their U.S. correspondent or payable-through accounts. Also, the Treasury Department has announced the designation of Lt. General Thein Htay, the head of Burma's Directorate of Defense Industries (DDI), pursuant to Executive Order (E.O.) 13619, which targets those involved in arms trading between North Korea and Burma. Additional information is available in BankersOnline's July 2 OFAC Update. (7/3/2013)

  • Rural and underserved counties for 2014

    The CFPB has announced it has posted a final list of rural and underserved counties for use in 2014. The Blog article also discusses the mortgage rules with provisions that relate to mortgage loans made by creditors operating predominantly in rural or underserved counties, or those made in rural counties.(7/3/2013)

  • Mortgage relief scam lawsuit filed

    The Federal Trade Commission has announced the filing of a lawsuit to halt a mortgage relief scheme that allegedly deceived and preyed on distressed homeowners by charging them $2,000 to $4,000 based on bogus foreclosure rescue claims. The defendants allegedly falsely claimed they would provide legal help to save consumers' homes from foreclosure and lower their mortgage payments, then charged them up-front fees in violation of federal law, delivering little or no help, and driving them deeper into debt.(7/3/2013)

  • Call Report instructions

    FIL-30-2013 has been issued by the FDIC, with instructions for the June 30, 2013, Call Report.(7/3/2013)

  • FDIC Board meeting notice

    The notice of the July 9, 2013, open meeting of the FDIC Board has been posted.(7/3/2013)

  • Bureau publishes proposed Mortgage Rules amendments

    The CFPB's previously-announced second wave of revisions to its final mortgage regulations has been published [78 FR 39901] in today's Federal Register.(7/2/2013)

  • Q2 Consumer Compliance Outlook

    The second quarter 2013 issue of Consumer Compliance Outlook has been posted to the Philadelphia Fed's website. This issue includes a conversation on consumer protection with Federal Reserve Governor Elizabeth Duke, Q&As from the Fed's October 2012 Fair Lending webinar, and a review of adverse action notice requirements under ECOA and FCRA.(7/2/2013)

  • HUD offices closed Friday

    HUD has announced that all its offices nationwide will be closed on Friday, July 5, 2013.(7/2/2013)

  • Bureau contact center closed today

    The CFPB has posted a notice on its Blog that its contact center, which handles consumer calls over its (855) 411-2372 number, will be closed for a system update today, July 2, 2013.(7/2/2013)

  • Q1 Foreclosure Prevention Report

    The Federal Housing Finance Agency (FHFA) has released its first quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager's Report. The quarterly report has information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties.(7/2/2013)

  • OCC announces changed submission requirement

    OCC Bulletin 2013-16 announces a change in the method for submitting assessment account designation forms effective July 31, 2013. Banks will no longer be able to submit the forms by fax. Instead, the forms will be processed through BankNet, the OCC's secure electronic system for national banks and federal savings associations.(7/2/2013)

  • FDIC technical assistance videos

    The FDIC has announced the release of the second installment in a series of technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. The videos, a virtual version of the FDIC's Directors' College Program, discuss interest rate risk, third-party risk, corporate governance, the Community Reinvestment Act, information technology, and the Bank Secrecy Act.(7/2/2013)

  • Advisory on North Korea illicit financial threat

    FinCEN has issued Advisory FIN-2013-A005 to supplement information previously provided in 2009 on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Democratic People's Republic of Korea, and to provide guidance to financial institutions regarding United Nations Security Council Resolution (UNSCR) 2087, adopted on January 22, 2013, and UNSCR 2094, adopted on March 7, 2013.(7/2/2013)

  • Foreign Exchange Rates report

    The June 2013 G.5 Foreign Exchange Rate report has been issued by the Federal Reserve Board.(7/2/2013)

  • Host state loan-to-deposit ratios

    The FRB, FDIC, and OCC have issued a joint press release of the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on June 29, 2012.(7/2/2013)

  • 2013 census data products

    The FFIEC has released 2013 Census Data products, including a census data windows application, an estimated metropolitan area median family income listing, and a listing of counties located in non-metro areas.(7/2/2013)

  • Ohio CU closes

    The NCUA has announced the liquidation of PEF Federal Credit Union of Highland Heights, Ohio, and the immediate assumption of certain members, shares, assets and liabilities by Best Reward Credit Union of Brook Park, Ohio.(7/2/2013)

  • Disclosures and FedGlobal ACH payments

    Federal Reserve Financial Services has posted an article containing a table explaining the impact of the most recent amendment to the Remittance Transfer Rule under Section 1073 of the Dodd-Frank Act. The rule, which amends Regulation E, focuses primarily on disclosure, error resolution, and cancellation requirements for remittance transfer providers facilitating outbound cross-border consumer-initiated electronic transfers of funds. The table outlines some of the key requirements of the rule and the services the FedGlobal service provides to assist its customers in complying with the requirements.(7/1/2013)

  • $2.9 Million OFAC CMP

    OFAC has announced a non-financial entity has agreed to remit $2,949,030 to settle potential civil liability for apparent violations of the Cuban Assets Control, Sudanese Sanctions, and Iranian Transactions regulations. It was determined that the business did not voluntarily self-disclose the apparent violations, but the apparent violations constituted a non-egregious case.(7/1/2013)

  • FDIC May enforcement actions

    A list of the orders of administrative enforcement actions taken by the FDIC against banks and individuals in May 2013 has been released. The orders include three flood CMPs totaling $18,460. While the Flood orders are not specific, it does not appear the CMPs are anywhere close to the maximum amount now allowed. See the BOL Flood Penalties Watch page for more information.(7/1/2013)

  • Second Quarter Call Report information

    FDIC FIL-29-2013 has been issued relating to the June 30, 2013, Call Report. Report forms and an instruction book update for June 2013 are available on the FFIEC's and the FDIC's websites.(7/1/2013)

  • G.20 Finance Companies report

    The Federal Reserve Board has published the April 2013 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report.(7/1/2013)

  • Fed products and pricing modifications

    Federal Reserve Financial Services has announced that, effective August 1, 2013, the Federal Reserve Banks will introduce pricing and product modifications to the following services: FedACH Origination, FedACH Premium Receiver, FedForward Select Mixed, and FedReceipt Premium Delivery.(7/1/2013)

  • NCUA Prohibition Orders

    The NCUA has released a list of eleven orders issued in June 2013 prohibiting the named individuals from participating in the affairs of any federally insured financial institution.(7/1/2013)

  • New Orleans credit union closed

    The NCUA has announced the liquidation of Ochsner Clinic Federal Credit Union of New Orleans, Louisiana. ASI Federal Credit Union of Harahan, Louisiana, immediately assumed Ochsner's members, deposits and loans. Ochsner is the tenth federally insured credit union liquidated in 2013.(7/1/2013)

  • Country Exposure Lending Survey

    The March 31, 2013, E16 Country Exposure Lending Survey has been posted on the FFIEC web page.(7/1/2013)

SDGT Added to OFAC List

OFAC has designated an individual as a Specially Designated Global Terrorist (SDGT) and added his name to the SDN List. Information regarding the addition has been posted on the OFAC page.  6/30/10

Interstate Deposit Production OCC Bulletin

The OCC has issued a Bulletin regarding the prohibition against interstate deposit production and the annual loan to deposit ratios. Bulletin; Ratios  6/30/10

New Electronic Interpretations and Actions

The OCC has announced the June 2010 New Electronic Interpretations and Actions. New  6/30/10

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of June 25, 2010. Report  6/30/10

Term Deposits Auction Results

The results of the June 28, 2010, auction of $2 billion in 28-day term deposits has been announced by the Federal Reserve. Auction  6/30/10

Minority Owned Financial Institutions

The FRB has released the list of minority owned financial institutions and their branches as of March 31, 2010. List  6/30/10

FRB Publishes Final Rule in FR for Truth in Lending

The Board is amending Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the final rule requires that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The final rule also requires credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009, and requires that notices of rate increases for credit card accounts disclose the principal reasons for the increase. TXT  6/29/10

PSR Change Schedule Announced

The FRB has announced that it will implement changes to its Payment System Risk (PSR) policy in early 2011, to implement the revisions adopted in December 2008, to explicitly recognizes the role of the central bank in providing intraday credit to healthy depository institutions predominantly through collateralized daylight overdrafts. PSR  6/29/10

Reg Z CA Letter

The FRB has issued a Consumer Affairs (CA) Letter regarding the previously announced revised interagency examination procedures for Regulation Z - Truth in Lending which will become effective on July 1, 2010. Information regarding the revised procedures was posted in the February 22, 2010, Top Stories. CA Letter  6/29/10

New FRB Customer Support Toll Free Number

Effective Monday, June 28, 2010, the number for the Check 21 Customer Support Center and Check and Check Adjustments Customer Support is (877) FRB-CHKS or (877) 372-2457. Number  6/29/10

Supervisory Insights Summer Issue FIL

The FDIC has issued a FIL announcing the publication of the Summer 2010 issue of Supervisory Insights which focuses on articles regarding loss-sharing agreements in resolving failed banks. FIL; Insights  6/29/10

International Bogus Credit Card Charges Scheme Stopped

A federal court order requested by the FTC, has halted an elaborate international scheme that used identity theft to place more than $10 million in bogus charges of $10 or less on more than a million consumers' credit and debit cards. Summary; Order  6/29/10

CU and Financial Crisis History CD

The NCUA has posted the second of three corporate CDs online to help credit unions better understand the history and prevailing situation involving the nation's corporate credit union system. Summary; CD  6/29/10

FDIC Publishes Final Rules in FR for Amendment of the Temporary Liquidity
Guarantee Program To Extend the Transaction Account Guarantee Program

The FDIC is issuing a Final Rule extending the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP) through December 31, 2010, for insured depository institutions (IDIs) currently participating in the TAG program, with the possibility of an additional extension of up to 12 months without additional rulemaking, upon a determination by the FDIC's Board of Directors (Board) that continuing economic difficulties warrant further extension. TXT; PDF  6/28/10

Treasury Publishes Final Rule in FR for Office of the Special Inspector General for the Troubled Asset Relief Program; Privacy Act of 1974; Implementation

In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury amends this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF  6/28/10

FinCEN Proposes Rulemaking for Amendment to the Bank Secrecy Act Regulations--Definitions and Other Regulations Relating to Prepaid Access

FinCEN is proposing to revise the Bank Secrecy Act regulations applicable to Money Services Businesses with regard to stored value or prepaid access. More specifically, the proposed changes include the following: renaming "stored value" as "prepaid access" and defining that term; deleting the terms "issuer and redeemer" of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access and, additionally, imposing a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. TXT; PDF  6/28/10

$171,970 Flood CMPs

The FDIC has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $171,970 in total, against nine different banks in connection with alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMPs have been posted on the Flood Penalties Watch page.  6/28/10

$7,500 HMDA CMPs

The FDIC has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $7,500 in total against two different banks in connection with alleged violations of the Board's regulations implementing the Home Mortgage Disclosure Act. Information regarding the CMPs have been posted on the HMDA Heaven page.  6/28/10

Enforcement Actions Released

A list of 62 orders of administrative enforcement actions taken against banks and individuals in May 2010 has been released by the FDIC. Orders  6/28/10

Three Banks Closed; Deposits Assumed

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

1. Peninsula Bank, Englewood, FL, by the Florida Division of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Premier American Bank, Miami, FL;
2. First National Bank, Savannah, GA, by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with The Savannah Bank, National Association, Savannah, GA;
3. High Desert State Bank, Albuquerque, NM, by the New Mexico Financial Institutions Division; FDIC as receiver entered into a purchase and assumption agreement with First American Bank, Artesia, NM.

Peninsula; First National; High Desert  6/28/10

California CU in Conservatorship

The NCUA has placed Arrowhead Central Credit Union of San Bernardino, CA, into conservatorship and service to members will be continued. Arrowhead  6/28/10

West Virginia and Puerto Rico Severe Weather Relief Guidance

The FDIC has issued two FILs regarding guidance to help financial institutions and facilitate recovery in areas of West Virginia and Puerto Rico affected by severe weather. West Virginia FIL; Puerto Rico FIL  6/28/10

Credit Card Profitability Report to Congress

The FRB has issued the June 2010 Profitability of Credit Card Operations of Depository Institutions Report to Congress, which analyzes the profitability over time of depository institutions' credit card activities and reviews trends in credit card pricing, including changes in interest rates. Report  6/28/10

First Quarter 2010 Trading and Derivatives Report

The OCC has issued its Quarterly Report on Bank Trading and Derivatives Activity for the First Quarter 2010. Summary; Full Report  6/28/10

Migrant Labor Impact on Remittances IFDP Working Paper

A working paper in the International Finance Discussion Paper (IFDP) series on the topic of "Immigration, Remittances and Business Cycles" has been published by the FRB. Abstract; Full Paper  6/28/10

Industrial Production and Capacity Utilization Annual Revision

The FRB has released annual revision of the G.17 Industrial Production and Capacity Utilization Report. G.17  6/28/10

DRCONGO Designate Added to OFAC List

The name of an individual from the Democratic Republic of the Congo has been added by OFAC to the SDN List with the DRCONGO designation. Information regarding the new entry has been posted on the OFAC page.  6/25/10

Written Agreement with California Bank

The FRB has announced the execution of a Written Agreement by and between Mission Oaks Bancorp, Temecula, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  6/25/10

Host State Loan-to-Deposit Ratios Updated

The federal bank regulatory agencies have issued an update to the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Ratios; FRB PR; OCC NR; FDIC PR  6/25/10

$2 Billion Term Deposit Auction Scheduled

The Federal Reserve will offer $2 billion in 28-day term deposits through its Term Deposit Facility on Monday, June 28, 2010. Auction  6/25/10

Small-Dollar Loan Pilot Program FIL

The FDIC has issued a FIL regarding a report which highlights final results of the FDIC's small-dollar loan pilot program, a two-year case study designed to illustrate how banks can profitably offer affordable small-dollar loans as an alternative to high-cost credit products, such as payday loans and fee-based overdraft programs. FIL; Summary; Full Report  6/25/10

NCUA Publishes Final Rule in FR for Chartering and Field of Membership for Federal Credit Unions

NCUA is amending its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDF  6/25/10

Joint Agencies Propose Rulemaking for Community Reinvestment Act Regulations

The OCC, the Board, the FDIC, and the OTS are issuing this proposed rule to revise provisions of our rules implementing the Community Reinvestment Act (CRA). The agencies propose to revise the term "community development" to include loans, investments, and services by financial institutions that support, enable, or facilitate projects or activities that meet the criteria described in Section 2301(c)(3) of the Housing and Economic Recovery Act of 2008 (HERA) and are conducted in designated target areas identified in plans approved by the United States Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program, established pursuant to the HERA and the American Recovery and Reinvestment Act of 2009. TXT; PDF  6/24/10

Fed Funds Rate Unchanged

The Federal Open Market Committee has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Rate  6/24/10

Prompt Corrective Action Directive Announced

The FRB has announced the issuance of a Prompt Corrective Action Directive against Thunder Bank, Sylvan Grove, KS, a state-chartered member bank. Directive  6/24/10

Mortgage Metrics Report Released

The OCC and OTS have released the First Quarter 2010 Mortgage Metrics Report. Report; Joint Release  6/24/10

SAR Activity Review-By the Numbers

The FinCEN has published the 14th edition of the SAR Activity Review-By the Numbers, which covers SARs filed in 2009. Summary; Review  6/24/10

Joint Agencies Propose Rulemaking for Community Reinvestment Act Regulation Hearings

The OCC, Board, FDIC, and OTS will hold a series of joint public hearings in four cities across the country to receive public comments on the agencies' regulations governing procedures for assessing a financial institution's performance under the Community Reinvestment Act (CRA). The purpose of the hearings is to seek a wide range of views on whether and how the agencies should revise their regulations to better serve the goals of the Community Reinvestment Act. TXT; PDF  6/23/10

Names Removed from OFAC List

OFAC has announced that the names of five individuals have been removed from the SDN List. Information regarding the removals has been posted on the OFAC page.  6/23/10

Geithner on TARP

In testimony before the Congressional Oversight Panel, Secretary Geithner discussed government policies to address the financial crisis the role of the Troubled Asset Relief Program (TARP) and other government policies addressing the financial crisis. His comments concerned the impact of government financial policies on the financial system, exiting emergency financial programs and repaying taxpayers, broadening the scope of the financial recovery, and the end of TARP. Testimony  6/23/10

Written Agreements Announced

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

1. by and among Waccamaw Bankshares, Inc., Whiteville, NC, a registered bank holding company, its subsidiary bank, Waccamaw Bank, Whiteville, NC, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the State of North Carolina, Office of the Commissioner of Banks;
2. by and between First Capital West Bankshares, Inc., Laramie, WY, a registered bank holding company, and the Federal Reserve Bank of Kansas City.

Waccamaw; First Capital  6/23/10

TAG Program Extended

The FDIC has adopted a final rule extending the Transaction Account Guarantee (TAG) program for six months, from July 1, 2010 through December 31, 2010. Final Rule; Deposit Insurance Fund Restoration Plan  6/23/10

FinCEN Updates Iranian Financial Threat Advisory

An advisory has been issued by FinCEN to supplement information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran. Advisory  6/23/10

MMDA Transfer Limits Revised

The OTS has issued a CEO Letter and a Regulatory Bulletin regarding revised limits on Money Market Deposit Account (MMDA) transfers and examination handbook changes. CEO Letter; Bulletin  6/23/10

G.20 Released

The April 2010 G.20 Finance Companies Report has been released by the FRB. G.20  6/23/10

Incentive Compensation Guidance

The federal financial institution regulators have issued final guidance on incentative compensation. Guidance; FRB PR; OCC NR; FDIC PR; OTS PR  6/22/10

Prompt Corrective Action Directive Issued

The FRB has issued a Prompt Corrective Action Directive against Metro Bank of Dade County, Miami, FL. Directive  6/22/10

Same-Day ACH Rules

The FRB has announced rules for same-day ACH service. Rules  6/22/10

US Cash Restrictions For Mexican Banks

The FinCEN has issued an Advisory for U.S. financial institutions regarding a recent change in Mexican financial regulations applying to Mexican banks that could affect the operations of U.S. financial institutions. New Mexican AML regulations restrict the amounts of physical cash (banknotes and coins) denominated in U.S. dollars that Mexican banks may receive. Advisory  6/22/10

FinCEN Proposes Rules for Prepaid Access

The FinCEN also released a Notice of Proposed Rulemaking (NPRM) entitled Amendment to the Bank Secrecy Act Regulations Definitions and Other Regulations Relating to Prepaid Access. The proposed new rules would establish a more comprehensive regulatory framework for non-bank prepaid access. The proposed rule, which focuses on prepaid programs that pose the greatest potential risks of money laundering and terrorist financing, was developed in close cooperation with law enforcement and regulatory authorities. Release  6/22/10

CRA Median Family Income Data Released

The U.S. Census and 2010 HUD estimated median family incomes for MSAs, MDs, and non-metropolitan portions of each state that are used to determine income levels of geographies in CRA performance evaluations have been released. Data  6/22/10

IFDP Working Paper Published

A working paper in the International Finance Discussion Papers (IFDP) series on the topic of "News and Sovereign Default Risk in Small Open Economics", has been published by the FRB. Abstrac; Full Paper  6/22/10

$8,250 Flood CMPs

The OCC has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $5,250 against the City National Bank, Los Angeles, CA in connection with alleged violations of the Board's regulations implementing the National Flood Insurance Act. Similar action against Great Plains National Bank, Elk City, OK in the amount of $3,000. Information regarding the CMPs have been posted on the Flood Penalties Watch page.  6/21/10

Enforcement Actions Released

The enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks have been released by the OCC. Actions  6/21/10

Nevada Bank Closed: Deposits Assumed

Nevada Security Bank, Reno, NV, has been closed by the Nevada Financial Institutions Division; the FDIC as receiver entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, OR, to assume all of the deposits. Nevada Security  6/21/10

CRA CEO Letters Issued

The OTS has issued two CEO Letters regarding the previously announced Joint Agency Proposed CRA Rulemaking and Notice of Public Hearings. Rulemaking Letter; Hearings Letter  6/21/10

Bair on Government Policies

In a presentation the Wharton School, University of Pennsylvania International Housing Finance Program, Secretary Bair discussed going back to underwriting basics, the role of captal markets, flaws in private securitization structures, restoring confidence in U.S. Morgage finance, reforming the GSEs, and restoring balance to the economy and housing policy. Speech  6/21/10

Reserve Position Report

The Treasury has issued the U.S. International Reserve Position Report for June 11, 2010. Report   6/21/10

OFAC Targets FARC

OFAC has designated five individuals and three entities affiliated with the Fuerzas Armadas Revolucionarias de Colombia (FARC), located along the border of Colombia and Ecuador and Peru, as Specially Designated Narcotics Traffickers (SDNTKs) and added their names to the SDN List. Information regarding two previously designated SDTKS was also modified. Details concerning the additions and changes has been posted on the OFAC page.  6/18/10

Written Agreements Announced

The execution of the following Written Agreements have been announced by the FRB:

1. by and among Hampton Roads Bankshares, Inc., Norfolk, VA, a registered bank holding company, its subsidiary bank, Bank of Hampton Roads, Norfolk, VA, a state-chartered member bank, the Federal Reserve Bank of Richmond, and the Virginia Bureau of Financial Institutions;
2. by and between Beach Community Bancshares, Inc., Fort Walton Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

Hampton; Beach  6/18/10

Expansion of CRA Scope Proposed - Public Hearings Scheduled

A proposed change to the CRA regulations to support stabilization of communities affected by high foreclosure levels and encourage depository institutions to support the Neighborhood Stabilization Program administered by HUD has been announced by the federal bank and thrift regulatory agencies. A series of four public hearings have been scheduled to allow interested parties to provide testimony and written comments. Proposed Rule; Hearings; Hearings Q&A; FRB PR; OCC NR; OTS PR; FDIC PR  6/18/10

HMDA Hearings Discussion Topics

The discussion topics for public hearings on potential revisions to Regulation C, which implements the HMDA have announced by the FRB. Members of the Consumer Advisory Council, who represent consumer and community organizations, the financial services industry, academic institutions, and state agencies, will join FRB officials in presiding at the hearings. Hearings  6/18/10

Consumer Compliance Handbook Updated

The OCC has published the June 2010 update to the Consumer Compliance Handbook. Update  6/18/10

SARs Indicate Foreclosure Rescue Scams Increasing

The FinCEN has released its first analysis of SARs containing information about potential foreclosure rescue scams. The report, Loan Modification and Foreclosure Rescue Scams Evolving Trends and Patterns in Bank Secrecy Act Reporting, covers more than 3,500 SARs filed from 2004-2009, of which 3,000 were filed last year. An updated Guidance concerning new scam techniques to watch for was also issued. Report; Guidance  6/18/10

ComE-IN Meeting to Discuss Small Dollar Loan Program

The results of the FDIC's small-dollar loan pilot program will be discussed by Advisory Committee on Economic Inclusion (ComE-IN) at a meeting on Thursday, June 24, 2010. The meeting, which is open to the public and also available via Webcast, will be held from 8:45 a.m. - 4:00 p.m. in the FDIC headquarters, 550 17th Street, N.W., Washington, D.C. Meeting; Agenda; Webcast  6/18/10

FTC Bans Mortgage Relief Servicers - $11.4 Million Contempt Citation

The FTC has announced legal actions against more than a dozen marketers accused of pitching bogus mortgage modification or foreclosure relief services. A repeat offender was ordered to pay $11.4 million for ignoring a previous court order. Action  6/18/10

Household Debt Service and Financial Obligations Ratios

The First Quarter 2010 Household Debt Service and Financial Obligations Ratios Report has been released by the FRB. Ratios  6/18/10

$1.9 Billion Fraud Scheme - Former Mortgage Company Chairman Charged

The former chairman of a private mortgage lending company, Taylor, Bean & Whitaker (TBW), has been arrested and charged in a 16-count indictment for his alleged role in a more than $1.9 billion fraud scheme that contributed to the failures of Colonial Bank, Ocala, FL, and TBW. Charged  6/17/10

$36,475 Flood CMPs

The FRB has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $7,215 against the Monarch Bank, Chesapeake, VA, in connection with alleged violations of the Board's regulations implementing the National Flood Insurance Act. The OTS took similar action against Home Loan Investment Bank, FSB, Warwick, RI, in the amount of $29,260. Information regarding the CMPs have been posted on the Flood Penalties Watch page.  6/17/10

CRA Ratings Released

The OCC has released the ratings received by 22 national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  6/17/10

Iran's Nuclear and Missile Programs OFAC Designations

The Treasury has announced designations targeting Iran's nuclear and missile programs pursuant to the United States implementation of United Nations Security Council Resolution 1929. The designations include the Post Bank of Iran, entities and individuals of the Islamic Revolutionary Guard Corps, five front companies for the Islamic Republic of Iran Shipping Lines and blocking 98 of its vessels. Information regarding the designations has been posted on the OFAC page.  6/17/10

July HOEPA Rates Set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in July 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  6/17/10

Bernanke Discusses Financial Reforms Proposed in Squam Lake Report

In a presentation at the Squam Lake Conference, Chairman discussed the various financial reforms proposed in the Squam Lake Report authored by Squam Lake Group on Financial Reform, a group of 15 academics. Speech; Report  6/17/10

G.17 Industrial Production Report

The May 2010 G.17 Industrial Production and Capacity Utilities Report has been released by the FRB. G.17  6/17/10

Counterfeit Checks Special Alerts

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

1. Greenfield Banking Company, Greenfield, IN(Counterfeit Cashier’s Checks);
2. Security Bank of Kansas City, Kansas City, KS(Counterfeit Official Checks).

Information concerning the counterfeit checks has been posted on the ALerts & Counterfeits page.  6/16/10

Reg Z Credit Card Final Rule

The FRB has approved a final rule amending Reg Z to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year. Final Rule  6/16/10

Corrective Action Directives Announced

Two prompt corrective action directives have been announced by the FRB against Sterling Bank, Lantana, FL and Pierce Commercial Bank, Tacoma, WA. Sterling;
Pierce  6/16/10

FedFlash Online

The June 15, 2010 issue of FedFlash has been posted online, and contains articles regarding term deposits, the Customer Contact Center, free FedGlobal ACH Payments, check adjustments webinar, and FedReceipt RTNs. FedFlash  6/16/10

OCC Bulletin - Revised BSA/AML Examination Manual

A Bulletin has been issued by the OCC regarding the previously announced revision of the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. Information concerning the Manual was posted in the April 30, 2010 Top Stories. Bulletin  6/16/10

314(a) Fact Sheet

FinCEN has updated the 314(a) Fact Sheet with data current as of June 15, 2010. 314(a)  6/16/10

Term Deposits Auction Results

The FRB has announced the results of the auction of $1 billion in 14-day term deposits held on June 14, 2010. Auction  6/16/10

Cost of Funds Reports

The OTS has released the current and historical Cost of Funds Reports. Current; Historical  6/16/10

TIC Data Released

The Treasury has released the Treasury International Capital (TIC) data for April 2010. TIC  6/16/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among Castle Rock Bank, Castle Rock, CO, a state member bank, the Federal Reserve Bank of Kansas City, and the State of Colorado Division of Banking. Agreement  6/15/10

HMDA and MSA Update Notice

The FFIEC has issued a notice which provides information about changes to the Home Mortgage Disclosure Act (HMDA) Institution Disclosure Statements and Metropolitan Statistical Area (MSA) Aggregate and National Aggregate Reports that have been made for presentation of the 2009 HMDA data. Notice  6/15/10

2010 HUD MFI Data

The 2010 estimated Metropolitan Area Median Family Income Listing (MFI) data has been released by the FFIEC. MFI

Large Commercial Bank Data

The First Quarter 2010 data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more has been released by the FRB. Data  6/15/10

FEDS Working Papers

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

1. Consumption Responses to Permanent and Transitory Shocks to House Appreciation;
2. The Role of Specific Subjects in Education Production Functions: Evidence from Morning Classes in Chicago Public High Schools;
3. Effects of the 2003 Dividend Tax Cut: Evidence from Real Estate Investment Trusts

Consumption Abstract;
Consumption Full Paper; Role Abstract; Role Full Paper; Effects Abstract; Effects Full Paper  6/15/10

Seattle Bank Closed: Deposits Assumed

The FDIC has announced that the Washington First International Bank, Seattle, WA, has been closed by the Washington Department of Financial Institutions, and the FDIC as Receiver entered into a purchase and assumption agreement with East West Bank, Pasadena, CA, to assume all of the deposits. Washington First  6/14/10

LUA Published

A Letter of Understanding and Agreement (LUA), entered into with the officials of Sperry Associates Federal Credit Union, Garden City Park, NY, has been published by the NCUA. LUA  6/14/10

OTS Publishes Final Rule in FR for Definitions for Regulations Affecting All Savings Associations: Money Market Deposit Accounts

The Office of Thrift Supervision is amending its regulations to eliminate restrictions on certain kinds of transfers from money market deposit accounts for savings associations. The Board of Governors of the Federal Reserve System (the FRB) has already amended
its regulations ("Regulation D") to eliminate these restrictions for member banks. Because this change is ministerial, the OTS has determined for good cause that public notice and comment is unnecessary under the Administrative Procedure Act (APA) and is implementing this change by means of a final rule without notice and comment. TXT; PDF  6/14/10

$1 Billion Term Deposit Auction

The FR will offer $1 billion in 14-day term deposits through its Term Deposit Facility on Monday, June 14, 2010. Auction  6/14/10

OFAC Deletions Announced

The Treasury has announced the removal from the SDN List of nine individuals previously designated as SDNTs or SDNTKs. Information regarding the deletions has been posted on the OFAC page.  6/11/10

CU CLosed

The NCUA has been appointed liquidating agent of Orange County Employees Credit Union (Orange County Employees) of Orange, TX, by the Texas Credit Union Department and has signed an agreement with Sabine Federal Credit Union (Sabine) of Orange, TX, to assume its assets and liabilities. Orange County  6/11/10

Written Agreements

Two Written Agreements have been announced by the FRB by and between:

1. Village Bancorp, St. George, UT, a registered bank holding company, and the Federal Reserve Bank of San Francisco:
2. Patriot National Bancorp, Inc., Stamford, CT, a registered bank holding company, and the Federal Reserve Bank of New York.

Village; Patriot  6/11/10

MSB List Update

The Fincen has updated the MBN List with data current as of May 18, 2010. List  6/11/10

Z.1 Released

The June 10, 2010 Z.1 Flow of Funds Report has been released by the FRB. Z.1  6/11/10

Geithner Discusses China

In testimony before the Senate Finance Committee, Secretary Geithner discussed the Administration's policy regarding China, including the promotion of a level playing field, economic reforms to reduce export reliance, promotion of more balanced growth, and exchange rate reform. Testimony  6/11/10

SDNTKs Added to OFAC List

The Treasury has designated two individuals and two entities linked to the international drug trafficking organization La Familia Michoacana as Specially Designated Narcotics Traffickers (SDNTKs) and added their names to the SDN List. information regarding the additions has been posted on the OFAC page. La Familia  6/10/10

Written Agreements Announced

Two Written Agreements have been announced by the FRB:

1. by and among PremierWest Bancorp, Medford, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities;
2. by and between SouthwestUSA Corporation, Las Vegas, NV, a registered bank holding company, and the Federal Reserve Bank of San Francisco

. PremierWest; Southwest  6/10/10

Beige Book Published

The June 9, 2010 issue of the Beige Book has been published by the FRB. Beige Book HTML; Beige Book PDF  6/10/10

Flood Insurance Guidance

The OCC has issued a Bulletin concerning a Guidance from FEMA regarding the lapse and extension of FEMA's authority to issued flood insurance contracts. Bulletin; Guidance  6/10/10

Bernanke on Current Economic and Financial Conditions

In a presentation before the House Budget Committee, Chairman Bernanke discussed the economic outlook, European developments, and fiscal sustainability. He concluded, "Achieving long-term fiscal sustainability will be difficult, but unless we, as a nation, make a strong commitment to fiscal responsibility, in the longer run, we will have neither financial stability nor healthy economic growth". Speech  6/10/10

Reserve Position Update

The U.S. International Reserve Position Report has been updated by the Treasury with data current as of June 4, 2010. Report  6/10/10

Kingpin and SDNTK Designations Announced

Treasury has announced the identification of a Mozambican drug kingpin pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and the designation of three businesses in his narcotic trafficking network as Specially Designated Narcotics Traffickers (SDNTKs). Information regarding the entities has been posted on the OFAC page.  6/09/10

Prohibition Orders Issued

The NCUA has issued orders prohibiting four individuals from participating in the affairs of any federally insured financial institution. Orders  6/09/10

Section 311 Rulings Issued

The FinCEN has issued rulings regarding the application of Section 311 Special Measures to the payment of current and future obligations of a US customer and to Payments under a Stand-By Letter of Credit. Obligations; Letter of Credit  6/09/10

Remittance Offered to Latin America

A new international payments service has been announced by the Federal Reserve Banks, that allows funds from accounts at a U.S. depository financial institution to be sent to unbanked receivers for retrieval at either a bank location or at a trusted, third-party provider in eleven Latin American countries. Remittance  6/09/10

State Profiles Released

The First Quarter 2010 FDIC State Profiles have been released. Profiles  6/09/10

Counterfeit Checks Special Alerts

Six Special Alerts have been Issued by the FDIC regarding counterfeit checks bearing name of the following institutions:

1. Cambridge State Bank, Cambridge, MN (Counterfeit Checks);
2. Mariner's Bank, Edgewater, NJ (Counterfeit Cashiers Checks);
3. First Savings Bank of Hegewisch, Chicago, IL (Counterfeit Official Checks);
4. Franklin Bank, Pilesgrove, NJ (Counterfeit Official Checks);
5. Citizens and Farmers Bank, West Point, VA (Counterfeit Cashiers Checks); and
6. Union State Bank of West Salem, West Salem, WI (Counterfeit Cashiers Checks)

.
Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  6/08/10

Bargain Purchases and Assisted Acquisitions Guidance

An Interagency Supervisory Guidance on Bargain Purchases and FDIC- and NCUA-Assisted Acquisitions has been issued by the federal financial institution regulatory agencies to address supervisory considerations related to business combinations that result in bargain purchase gains and the impact such gains have on the acquisition approval process. Guidance; FDIC FIL; OCC Bulletin; OTS CEO Ltr  6/08/10

CRA Ratings Released

The OTS has released the rating received by savings associations that were recently evaluated for compliance with the CRA. Ratings  6/08/10

Deposit Placement and Collection Activities FIL

The FDIC has issued a FIL regarding the issuance of a guidance on deposit placement and collection activities at FDIC-insured institutions and their affiliates. Guidance; FIL  6/08/10

Countrywide Settlement

The FTC has announced that two Countrywide mortgage servicing companies will pay $108 million to settle charges that they collected excessive fees from borrowers. Settlement  6/08/10

Former Bank President Issued Prohibition Order

The FRB has announced the issuance of a Consent Order of Prohibition against Gregory L. Fankhauser, a former President, Chief Executive Officer, and an institution-affiliated party of Heritage Bank in Topeka, KS. Order  6/08/10

Consumer Credit Report

The FRB has released the G.19 Consumer Credit Report for April 2010. G. 19  6/08/10

Banks Closed

The following banks have been closed by their primary regulator:

1. First National Bank, Rosedale, MS, by the OCC; FDIC as receiver entered into a purchase and assumption agreement with The Jefferson Bank, Fayette, MS;
2. Arcola Homestead Savings Bank, Arcola, IL, by the Illinois Department of Financial Professional Regulation Division of Banking; the FDIC as receiver unable to find another financial institution to take over the banking operations approved the payout of the insured deposits;
3. TierOne Bank, Lincoln, NE, by the OTS: the FDIC) as receiver entered into a purchase and assumption agreement with Great Western Bank, Sioux Falls, SD.

First National; Arcola; TierOne  6/07/10

CRA Ratings Released

The ratings received by state non-member banks recently evaluated by the FDIC for compliance with the Community Reinvestment Act (CRA) have been released. Ratings  6/07/10

OFAC CMPs Announced

The civil money penalties (CMPs) recently assessed by OFAC against entities for violations of various Sanction Programs have been released. No financial institutions were cited. CMP  6/07/10

SOD FIL

A FIL has been issued regarding the annual Summary of Deposits (SOD) of branch office deposits as of June 30, for all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks. FIL  6/07/10

$1 Million CMP - BSA Violations

The assessment of a civil money penalty (CMP) of $1 million against Pamrapo Savings Bank, S.L.A., of Bayonne, NJ for violating requirements under the Bank Secrecy Act (BSA) has been announced by FinCEN. CMP  6/04/10

SDGTs Added to OFAC List

The names of two individuals have been added to the SDN List with the Specially Designated Global Terrorist (SDGT) designation. Information regarding the additions has been added to the OFAC page.  6/04/10

FRB Publishes Final Rule in FR for Electronic Fund Transfers

On November 17, 2009, the Board published a final rule amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation (Regulation E final rule). The Regulation E final rule limited the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions. The Board is amending Regulation E and the official staff commentary to clarify certain aspects of the Regulation E final rule.TXT; PDF  6/04/10

FRB Also Publishes Final Rule in FR for Truth in Savings

On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule addressed depository institutions' disclosure practices related to overdraft services, including balances disclosed to consumers through automated systems. The Board is amending Regulation DD and the official staff commentary to address the application of the rule to retail sweep programs and the terminology for overdraft fee disclosures, and to make amendments that conform to the Board's final Regulation E amendments addressing overdraft services, adopted in November 2009.TXT; PDF  6/04/10

FedFocus

The June 2010 issued of FedFocus features an article regarding the authorization of Federal Reserve Banks to offer term deposits. FedFocus  6/04/10

Section 19 Letters Released

Twelve Section 19 Letters, which prohibit the addressee from becoming or continuing as an institution-affiliated party with respect to any insured banking organizations or credit unions, have been released by the FRB. Ltr 1; Ltr 2; Ltr 3; Ltr 4; Ltr 5; Ltr 6; Ltr 7; Ltr 8; Ltr 9; Ltr 10; Ltr 11; Ltr 12  6/04/10

Community Bank Directors Workshops

The OCC will host workshops in Peoria, IL, on July 27-28, 2010, for community bank directors. Online registration is available. Workshops; Registration  6/04/10

Build America Bonds Data Released

The Treasury has released the May 2010 comprehensive update on Build America Bonds issuances, including state-by-state data, regarding bonds issued through May 31, 2010. Data  6/04/10

CAC Meeting Scheduled

The FRB Consumer Advisory Council (CAC) will hold a meeting on Thursday, June 17, 2010, in the Board's Martin Building, Washington, D.C. The session, which will begin at 9:00 a.m., is open to the public, registration is required. Meeting; Registration  6/04/10

G.20 Receivables Report

The March 2010 G. 20 Owned and Managed Receivables Outstanding Report has been issued by the FRB. G.20  6/04/10

HUD Proposes Rulemaking for Real Estate Settlement Procedures Act (RESPA): Strengthening and Clarifying RESPA's "Required Use" Prohibition

HUD has received complaints that some homebuyers are committing to use a builder's affiliated mortgage lender in exchange for construction discounts or discounted upgrades, without sufficient time to research their contracts or to comparison shop. The purpose of this ANPR is to solicit information that can be used to inform any future revision or clarification of the regulatory definition of the "required use" of affiliated settlement service providers in residential mortgage transactions.TXT; PDF  6/03/10

Thrift Industry Charge-Off Rate

The OTS has released the First Quarter 2010 Thrift Industry Charge-Off Rates. Rates  6/03/10

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position with data current as of May 28, 2010. Position  6/03/10

CRA Exam Schedule

The Third Quarter CRA examination schedule has been released by the OCC. Schedule  6/02/10

SDNTKs Added to OFAC List

OFAC has designated five individuals and three entities as Specially Designated Narcotic Traffickers Kingpins (SDNTKs) and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  6/02/10

Written Agreements Announced

The FRB has announced the execution of the following written agreements by and between:

• Northeast Securities Corporation, Minneapolis, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis
• Bank of Little Rock, Little Rock, AR, a state-chartered member bank, and the Federal Reserve Bank of Saint Louis.

Northeast Securities; Bank of Little Rock  6/02/10

Distressed or Underserved Nonmetropolitan Middle-Income Geographies

The availability of the 2010 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development", has been announced by the federal bank and thrift regulatory agencies. List; FRB PR; OCC NR; FDIC PR  6/02/10

314(a) Fact Sheet

FinCEN has updated the 314(a) Fact Sheet with data current as of June 1, 2010. 314(a)  6/02/10

Foreign Exchange Rates

The G.5 Foreign Exchange Rates Report for May, 2010, have been issued by the FRB. G.5  6/02/10

FHC List Updated

The FRB has updated the list of companies whose election to become or be treated as financial holding companies (FHC) was effective June 1, 2010. List  6/02/10

Red Flags FTC Enforcement Deadline Extended

The FTC has extended the deadline for it's enforcement of the Identity Theft Red Flags Rule through December 31, 2010. NOTE: The FTC's action does not affect other federal agencies' enforcement of the original November 1, 2008, deadline for institutions subject to their oversight to be in compliance. Red Flags  6/01/10

Five Banks Closed: Deposits Assumed

The FDIC has announced that the following banks have been closed by their respective primary regulator and their deposits have been assumed:

1. Bank of Florida – Southeast, Fort Lauderdale, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with EverBank, Jacksonville, FL;
2. Bank of Florida – Southwest, Naples, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with EverBank, Jacksonville, FL;
3. Bank of Florida – Tampa Bay, Tampa, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with EverBank, Jacksonville, FL;
4. Granite Community Bank, N.A., Granite Bay, CA, by the Office of the Comptroller of the Currency, the FDIC as receiver entered into a purchase and assumption agreement with Tri Counties Bank, Chico, CA;
5. Sun West Bank, Las Vegas, NV, by the Nevada Financial Institutions Division; the FDIC as receiver entered into a purchase and assumption agreement with City National Bank, Los Angeles, CA.

Bank of Florida SE; Bank of Florida SW; Tampa Bay; Granite Community; Sun West  6/01/10

Enforcement Actions Released

The FDIC has released a list of 76 orders of administrative enforcement actions taken against banks and individuals in April, 2010. Actions  6/01/10

$16,285 Flood CMPs

The FDIC has announced the issuance of a consent Order of Assessment of a Civil Money Penalty (CMP) in the amount of $16,285 against the Summit Bank, Burlington, WA, and the State Bank of Speer, Speer, IL in connection with alleged violations of the Board's regulations implementing the National Flood Insurance Act. Information regarding the CMPs have been posted on the Flood Penalties Watch page.  6/01/10

Examination Manual Updated

The FRB Commercial Bank Examination Manual has been updated. Manual  6/01/10

FFIEC Form Changes

The FFIEC has posted the validation criteria for Form 101 and the September 2010 changes for Forms 002, 002S, 031 and 041. 101; 102; 102s; 1031; 1041  6/01/10

OD Services Clarifications - Regs E and DD

The FRB has announced final clarifications to aspects of its November, 2009, final rule under Regulation E (Electronic Fund Transfers) and its December, 2008, final rule under Regulation DD (Truth in Savings) pertaining to overdraft (OD)services. Reg E; Reg DD  6/01/10

Term Deposits Auction Schedule

The Federal Reserve has released the schedule for three small-value auctions of term deposits through its Term Deposit Facility (TDF). Schedule  6/01/10

2011 FOMC Meetings Announced

The FRB has announced the tentative dates of the 2011 meetings of the Federal Open Market Committee (FOMC). Meetings  6/01/10

FRB Reports to Congress

The following reports have been delivered to Congress by the FRB;

• Reductions of Consumer Credit Limits Based on Certain Information as to Experience or Transactions of the Consumer
• Use of Credit Cards by Small Businesses and the Credit Card Market for Small Businesses.

Credit Limits; Credit Cards  6/01/10

Bank and business partner to refund $6.5 million

The CFPB has announced Consent Orders requiring U.S. Bank and its nonbank partner, Dealers' Financial Services, to refund $6.5 million to servicemembers who participated in their Military Installment Loans and Educational Services (MILES) auto loan program. The bank and Dealers' were found to have failed to properly disclose an allotment fee charged to participants, as well as the timing of the allotment payments. The Bureau said the companies also misrepresented the true cost and coverage of add-on products financed along with the auto loans. The CFPB also posted a companion Blog article regarding the military discretionary allotment system, which servicemembers were required to use to pay for cars bought through the MILES program. The Bureau stated that the companies' "responsible conduct" [see our June 26 Top Stories] was one of the factors considered when the Bureau decided not to impose civil penalties for the violations.(06/28/2013)

Wells to pay OFAC CMP

OFAC has announced an agreement with Wells Fargo Bank, N.A. under which the bank will remit $23,937 to settle potential civil liability for 804 apparent violations of the Foreign Narcotics Kingpin Sanctions Regulations. OFAC determined that Wells Fargo voluntarily self-disclosed the apparent violations, which constituted a non-egregious case.(06/28/2013)

NMLS background check fee reduced

The NMLS has announced its processing fee for criminal background checks will be reduced to $36.25 beginning July 1, 2013. This new fee will apply to all criminal background checks authorized in NMLS on or after July 1. Any criminal background checks authorized prior to that date will continue to generate a processing fee of $39.(06/28/2013)

OFAC additions and removals

Treasury has announced it has taken further steps to disrupt financing related to North Korea's ballistic missile and weapons of mass destruction (WMD) programs and proliferation activities. Daedong Credit Bank (DCB), its front company, DCB Finance Limited, and DCB Finance Limited's representative, Kim Chol Sam, were designated under Executive Order (E.O.) 13382, which targets proliferators of WMD and their supporters. Also designated was Son Mun San, the External Affairs Bureau Chief of North Korea's General Bureau of Atomic Energy. Several listings were also removed from the SDN List. See the BankersOnline June 27, 2013, OFAC Update for details.(06/28/2013)

Fed announces changes for PAID adjustments

Federal Reserve Financial Services previously announced changes to the requirements and edits associated with the Paid Item (PAID) investigation type will not be effective until the late third or early fourth quarter 2013. Additional changes affecting the PAID adjustment requests have been announced. For more information see the PAID section of the Check Adjustments Quick Reference Guide.(06/28/2013)

Mortgage broker to pay $7.5 million

The Federal Trade Commission has announced Mortgage Investors Corporation, one of the nation's leading refinancers of veterans' home loans, will pay a $7.5 million civil penalty, the largest fine the FTC has ever collected for allegedly violating Do Not Call provisions of the agency's Telemarketing Sales Rule. This case also represents the first action brought by the Commission to enforce the Mortgage Acts and Practices “ Advertising Rule, which allows the FTC to collect civil penalties for deceptive mortgage ads.(06/28/2013)

May mortgage interest rates declined

The May 2013 Federal Housing Finance Agency (FHFA) Index has been released and shows interest rates on mortgages decreased from April to May. Contract mortgage interest rates decreased 0.15 percent, according to an index of new mortgage contracts.(06/28/2013)

Mortgage performance improves

The OCC Mortgage Metrics Report for the First Quarter 2013 has been released and shows evidence that strengthening economic conditions, servicing transfers, home retention efforts, and home forfeiture actions have contributed to improving the performance of home mortgages in the first quarter of 2013. (06/28/2013)

Bureau nonbank supervision procedural rule

The CFPB has announced a final rule that establishes procedures to bring under its supervisory authority certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers. Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter. [Update: Published in Federal Register (78 FR 40351) on 7/3/13] (06/27/2013)

CFPB sets Maine debt collection field hearing

The Bureau Blog has announced a field hearing on debt collection will be held on July 10, 2013, at 11 a.m. ET in Portland, Maine. The event is open to the public.(06/27/2013)

OFAC amends Counter-Terrorism Sanctions regs

OFAC has published a final rule amending its Global Terrorism Sanctions Regulations and the Terrorism Sanctions Regulations (31 CFR Parts 594, 595, and 597) to clarify the scope of prohibitions on the making of donations and that a person whose property and interests in property are blocked pursuant to those programs has an interest in all property and interests in property of an entity in which it owns, directly or indirectly, a 50 percent or greater interest. The amendments make certain other changes, and set at 180 days the maximum term of maturity for instruments in which funds may be invested or held within a blocked interest-bearing account.(06/27/2013)

CFPB issues 'Responsible Conduct' Bulletin

The Bureau Blog has announced the issuance of Bulletin 2013-06, on what kind of "responsible conduct" the CFPB generally looks for from those subject to its enforcement investigations. The Bureau said that when "providers of financial products and services show significant responsible conduct in our enforcement investigations, we will take that into account when deciding which cases to pursue and how to resolve the ones we do pursue."(06/26/2013)

New Money Market data collection proposed

The Federal Reserve Board has proposed new data collection requirements related to money market instruments. The proposal would require insured depository institutions with total assets of $26 billion or more, and U.S. branches and agencies of foreign banks with third party assets of $900 million or more, to report daily to the Federal Reserve on their federal funds transactions, Eurodollar transactions, and certificates of deposit. Comments will be due 60 days after the proposal is published in the Federal Register.(06/26/2013)

Enhanced FEMA GIS services

FEMA has announced the deployment of new Geographic and Information System services for the FEMA Map Service Center (MSC) and the FEMA Mapping Information Platform (MIP). These services include updates and enhancements which provide

• Easier use of the Map Product Search
• Replacement of the outdated MapViewer-Web with an updated National Flood Hazard Layer (NFHL) service for viewing in Google Earth and display in the FEMA GeoPlatform
• Improvement in the usability of the NFHL WMS service and its implementation in Google Earth
• Updating of the NFHL to the 2012 FIRM Database schema

In addition, access to the National Flood Hazard Layer (NFHL) through REST and WFS services is now available. Additional information is available via email to outreach@riskmapcds.com.(06/26/2013)

Single-family new home sales increase

A joint report from HUD and the Census Bureau indicate May 2013 sales of new single-family houses were at a seasonally adjusted annual rate of 476,000. This was a 2.1 percent above the revised April 2013 rate of 466,000 and is 29.0 percent above the May 2012 estimate of 369,000. The median sales price of new houses was $263,900 and the average sales price was $307,800.(06/26/2013)

FHFA HPI increases

The Federal Housing Finance Agency (FHFA) has announced a 0.7% rise in its April 2013 House Price index (HPI) over March figures.(06/26/2013)

Money laundering and legal professionals

The Financial Action Task Force (FATF) has conducted research that confirms criminals seek the advice or services of legal professionals to help in laundering criminal assets. Supported by case studies, the study examines the vulnerabilities of the legal profession for witting/unwitting involvement in money laundering and terrorist financing and identifies "red flag indicators" that will help raise awareness within the legal profession. [Summary; Full Report] (06/26/2013)

Minority-owned banks

The Federal Reserve has update the list of minority-owned financial institutions and their branched with data current as of March 31, 2013.(06/26/2013)

Large commercial banks

The March 31, 2013 update of the Large Commercial Banks report has also been released by the Fed.(06/26/2013)

CFPB posts second wave of revisions

The CFPB has announced the second bundle of proposed clarifications and some narrow revisions to its January 2013 mortgage rules on ECOA (Regulation B), RESPA (Regulation X) and TILA (Regulation Z). The Bureau indicates its proposal [171-page PDF] would resolve questions that have been identified during the implementation process and would help the rules deliver their intended value for consumers. The proposal”

• outlines procedures for obtaining follow-up information on loss-mitigation applications
• facilitates servicers' offering of short-term forbearance plans
• facilitates lending in rural or underserved areas
• clarifies provisions about financing of credit insurance premiums
• clarifies the definition of a loan originator
• clarifies the points and fees thresholds for manufactured housing employees
• revises effective dates of Loan Originator rule and ban on financing of credit insurance, asking whether their January 10, 2014, effective date should be advanced to January 1, 2014.

Comments on the proposal must be received on or before July 22, 2013.(06/25/2013)

New FinCEN guidance on e-filing problems

FinCEN has posted new guidance, FIN-2013-G002, for those who have problems submitting timely BSA and/or FBAR reports due to natural disasters, emergency situations, or other systemic issues, and for filers in remote areas without Internet access.(06/25/2013)

FinCEN reorganizes

FinCEN has also announced a reorganization of its divisions. Employees will now be organized by job function rather than the stakeholder that they currently serve.(06/25/2013)

Communities suspended from Flood Program

FEMA has published in the Federal Register a list of Massachusetts communities that are scheduled for suspension from participation in the National Flood Insurance Program on July 16, 2013, because of noncompliance with the floodplain management requirements of the program.(06/25/2013)

NCUA posts new economic videos

A new two-segment video featuring the June 2013 overview of key economic indicators and a discussion of the proposed rule on derivatives has been posted by NCUA on its YouTube channel.(06/25/2013)

OCC Flood CMPs

The OCC has announced two civil money penalties totaling $22,490 for violations of the Flood Disaster Protection Act. The details are posted on the BannkersOnline Flood Penalties Watch page.(06/24/2013)

Other enforcement actions

The Flood Act penalties were part of a list of enforcement actions recently taken by the OCC against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations, released on Friday.(06/24/2013)

FATF updates AML/CFT statements

The Financial Action Task Force (FATF) Plenary updated its statements identifying high-risk and non-cooperative jurisdictions. The updates included the discussion of a risk-base approach to prepaid cards, mobile payments and Internet-based payment services. The FATF also reviewed the impact of new voluntary tax compliance programs of Argentina and Turkey on anti-money laundering and countering the financing of terrorism (AML/CFT) measures.(06/24/2013)

Ohio CU placed into conservatorship

The NCUA has announced it has assumed control of service and operations at PEF Federal Credit Union of Highland Heights, Ohio. Additional information on the conservatorship of the Ohio institution was released in an FAQ document.(06/24/2013)

FTC expands credit card scam case

The FTC has announced the filing of an amended complaint adding eight additional defendants, including a payments processor, to a case filed in 2012. The initial case was brought against defendants behind the firm Treasure Your Success, which allegedly made deceptive "cardholder services" robocalls, promising to lower consumers' credit card rates in exchange for an up-front fee as high as $1,593.93.(06/24/2013)

CFPB Q&A on student loan rates

An article on the Bureau Blog addresses some of the questions submitted by consumers about the changes in federal student loan interest that are scheduled to take effect on July 1, 2013.(06/24/2013)

Financial Holding Companies report

The report of bank holding companies that have elected to become or be treated as financial holding companies as of June 20, 2013, has been posted by the Federal Reserve Board.(06/24/2013)

Trading Revenues report

The OCC has released its report on bank trading revenues and derivatives activities for the first quarter 2013. Insured U.S. commercial banks and savings institutions reported trading revenue of $7.5 billion in the first quarter of 2013, up $3.1 billion (72 percent) from $4.4 billion in the fourth quarter of 2012, and $466 million higher (7 percent) than in the first quarter of 2012.(06/24/2013)

Final rule on lending limits

The OCC has issued a final rule implementing section 610 of the Dodd-Frank Act, which applies the lending limit statute to credit exposures arising from derivative transactions and securities financing transactions, and makes other changes. Compliance will not be required until October 1, 2013. [Update: This rule was published in the Federal Register on June 25, 2013, at 78 FR 37930.](06/21/2013)

Treasury Small Business Lending Fund survey

The results of the First Annual Small Business Lending Fund (SBLF) Lending Survey indicate that over 90 percent of the participating community banks reported stronger small business lending with SBFL funding. (06/21/2013)

Cordray on rules implementation

In his recent presentation to the Exchequer Club in Washington, CFPB Director provided background on the Bureau's mission and commented on the challenge of regulatory implementation. He said that the Bureau expects to issue another set of changes to "ensure the effectiveness of [the] rules by making compliance easier." He added that he does not believe the implementation process should be slowed down, and that the Bureau expects all institutions to be in compliance by January 2014.(06/21/2013)

Servicers allegedly missing mark on Settlement

HUD has released a report received from the Monitor of the National Mortgage Settlement that some of the nation's largest mortgage servicers have failed to meet the standards established by the Settlement.(06/20/2013)

FOMC statement and economic projections

The Federal Open Market Committee (FOMC) has released the committee's statement from its June 18-19, 2013 meeting. In addition, the FRB has released tables and charts summarizing the economic projections and the target federal funds rate projections made by FRB members and Federal Reserve Bank presidents.(06/20/2013)

Bank fraud laundering scheme busted

U.S. Immigration and Customs Enforcement (ICE) has announced the arrest and charging of four individuals with various counts of bank fraud, money laundering and wire fraud. The defendants allegedly used straw buyers as loan applicants to obtain boat loans from financial institutions using false financial information and documentation.(06/20/2013)

CFPB posts new articles

The Bureau Blog has new articles discussing starting a small business when you have student debt and providing an update on the CFPB's proposed policy to encourage trial disclosure programs.(06/20/2013)

FRB BSA/AML Written Agreement

The Federal Reserve Board has announced the execution of a Written Agreement with M&T Bank Corporation and Manufactures & Traders Trust Company (Bank), both of Buffalo, New York. M&T is a registered banking holding company that owns and controls the Bank. The Agreement calls for improvements in the holding company's enterprise-wide BSA/AML compliance program. A summary is available on BOL's BSA/AML Penalties page.(06/19/2013)

SR Letter on Communication of Supervisory Findings

The Fed has issued SR 13-13 to update and clarify existing examiner guidance concerning the communication of supervisory findings to banking organizations and institutions supervised by the Federal Reserve.(06/19/2013)

Distressed or Underserved list released

A joint press release has been issued by federal bank and thrift regulatory agencies announcing the availability of the 2013 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."(06/19/2013)

OCC Chicago workshops for directors

The OCC will host two workshops, "Risk Assessment for Directors" and "Credit Risk: A Director's Focus," in Chicago on July 30–31, for directors of national community banks and federal savings associations. There is a fee of $99 for each workshop, and attendance is limited to the first 35 registrants for each session. (06/19/2013)

OCC Semiannual Risk Perspective

The Spring 2013 issue of the OCC's Semiannual Risk Perspective has been released. This issue discusses strategic risk, cyber threats, the increased competition for limited commercial and industrial lending opportunities, the low interest rate environment, and BSA/AML risks.(06/19/2013)

NCUA Board agenda revised

The agenda for the June 20, 2013, meeting of the NCUA Board has been revised.(06/19/2013)

Bureau issues two new notices with requests for comments

The CFPB has issued a Paperwork Reduction Act (PRA) notice of a policy to encourage trial disclosure programs with a comment period closing July 18, 2013. The Bureau also issued a 60-day PRA notice regarding a telephone survey exploring consumer awareness of and perceptions regarding dispute resolution provisions in credit card agreements with, the comment period closing August 6, 2013.(06/19/2013)

Deloitte suspended and will pay $10 million

New York Governor Cuomo has announced an agreement with Deloitte Financial Advisory Services regarding the company's misconduct, violations of law, and lack of autonomy during its consulting work at Standard Chartered on anti-money laundering issues. Under the agreement, Deloitte agreed to a one-year, voluntary suspension from consulting work at financial institutions regulated by the New York State Department of Financial Services, will make a $10 million payment, and will implement a set of reforms designed to help address conflicts of interest in the consulting industry.(06/19/2013)

July 2013 HOEPA rates set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in July 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Because June 15, 2013, was a Saturday, use the rate on June 14, 2013, the preceding business day.(06/18/2013)

NMLS system unavailable during upgrade

The NMLS will undergo system maintenance on Friday, June 21, starting at 9:00 pm ET. The system will be unavailable until the upgrade is complete, which is expected to be Saturday afternoon. The majority of changes are to accommodate the implementation of Advance Change Notice functionality, updated NMLS Education reporting and compliance tools, and the adoption of a new Education Management System.(06/18/2013)

Household debt report

The Federal Reserve Board has released the household debt and financial obligations ratio report for the first quarter 2013.(06/18/2013)

FHC report

The report of bank holding companies that have elected to become or be treated as financial holding companies as of June 14, 2013, has been posted by the FRB.(06/18/2013)

Reserves Administration application available

Federal Reserve Financial Services has announced the launch of Reserves Central–Reserve Account Administration, a new application that supports the administration of reserves accounts. The Fed has been working over the past year to implement changes to the policies, internal processes, and technologies that support the administration of reserve requirements. On June 27, 2013, the final changes will be effective. Further information on the data financial institutions will need to prepare for the changes, and on application features and functionality, is available on the Reserves Administration Enhancements Resource Center webpage.(06/18/2013)

FDIC BEA program application

FDIC FIL-28-2013 has been issued on the announcement by the U.S. Treasury Community Development Financial Institutions Fund (CDFI Fund) that it will award $17 million in financial incentives in fiscal year 2013 through its Bank Enterprise Award Program (BEA Program) to eligible FDIC-insured depository institutions. The deadline for submitting an application is July 12, 2013. (06/18/2013)

NCUA Report

The June 2013 issue of The NCUA Report has been published. It includes articles on the NCUA Board proposal limiting derivatives authority to manage interest-rate risk; a surprising success story; Board approval of amendments to agency regulations; and hurricane and disaster preparedness for credit unions.(06/18/2013)

Bureau participates in Civic Hacking Day

The participants at the Washington, D.C. event for the National Day of Civic Hacking, were asked to analyze the CFPB's Consumer Complaint Database and challenged to come up with ways to empower consumers by building tools and visualizations using complaint data. Details of the Bureau's involvement in the event are included in a CFPB Blog article.(06/18/2013)

Looking back on community bank failures

The Government Accounting Office (GAO) has released the testimony delivered on June 13, 2013, before the Senate Committee on Banking, Housing, and Urban Affairs on a study of the factors that contributed to the failures of banks of less than $1 billion in assets from 2008-2011. The study looked at the factors in states with 10 or more failures, including the extent to which losses related to fair value accounting treatment affected the regulatory capital positions of failed banks; market factors that affected the FDIC's choice of resolution method and the costs that the Deposit Insurance Fund incurred as a result of these methods; and the effect of recent small bank failures on local communities.
[Highlights; Full Testimony](06/17/2013)

FedFlash

The June 2013 issue of FedFlash has been posted by Federal Reserve Bank Services. It features articles regarding the redesigned $100 note, a price change for FedLine Advantage; enhancements to AMI services; and a reminder of changes to Check Adjustment requirements and edits.(06/17/2013)

NCUA town hall webinar

Chairman Matz will host a free town hall webinar, open to the entire credit union industry and others interested, on Thursday, July 18, beginning at 3 p.m. ET. The webinar will discuss updates of various topics including CU industry performance, the regulatory modernization initiative, the proposed rule on derivatives and guidance on credit ratings and risk management.(06/17/2013)

NCUA LUA

The NCUA has announced a Letter of Understanding and Agreement (LUA) with Valley Pride Federal Credit Union, Plains, Pennsylvania.(06/17/2013)

Cordray on restoring consumer confidence

In prepared remarks for the Clinton Global Initiative Conference in Chicago, Chairman Cordray discussed the recent financial crisis, the deep recession that followed, and the need to restore consumer confidence in the financial markets for lending and savings products.(06/17/2013)

Bureau launches mortgage rule implementation page

The CFPB has announced the launch of a new Regulatory Implementation Page that consolidates all of its new 2013 mortgage rules and related implementation materials. The page provides easy access to the mortgage rules, compliance guides, videos, quick reference charts, and the 2013 rural or underserved counties list.(06/14/2013)

Fannie and Freddie exams released

The Federal Housing Finance Agency (FHFA) has released its fifth annual report to Congress, which contains details of the agency's 2012 examinations of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks [SUMMARY; FULL REPORT]. Critical concerns were noted, but all three generated positive annual returns for the first time since 2006.(06/14/2013)

OCC best practices booklet

The OCC has announced it has posted a new booklet, A Common Sense Approach to Community Banking, on its website. The booklet shares the agency's perspective on the best practices that distinguish high-performing community banks. The booklet was previously distributed to national banks and federally chartered thrifts.(06/14/2013)

Calvery discusses the virtual economy

In remarks at the United States Institute of Peace in Washington, D.C., FinCEN Director Calvery discussed the potential, perplexities and promises of the virtual economy. (06/14/2013)

CU collaboration webinar announced

The NCUA has announced it will host a free webinar, "Credit Union Collaboration," on Tuesday, June 25, at 2 p.m. ET. The webinar is open to credit unions of all asset sizes. (06/14/2013)

CFPB spotlight on scams targeting older adults

The Bureau Blog features an article examining a grandparent scam and a pension advance scam that are used to defraud older adults. (06/14/2013)

NCUA board meeting agenda

The agenda has been posted for the June 20, 2013, meeting of the NCUA Board.(06/14/2013)

Mexican drug trafficker connections designated

Treasury has announced the designation of 18 individuals and 15 entities linked to Rafael Caro Quintero, a Mexican drug trafficker. In separate actions, OFAC has removed several counter narcotics listings from the SDN List. Information regarding these changes has been posted in a BOL OFAC Update.(06/13/2013)

Deposit insurance agencies to cooperate

The FDIC has announced it has signed a memorandum of understanding with the Canada Deposit Insurance Corporation (CDIC) that formalizes and strengthens cross-border cooperation in the event of the failure of a large, complex financial institution operating in both countries.(06/13/2013)

SOD filing reminder

FDIC FIL-27-2013 reminds insured institutions of the required filing of the June 30, 2013, Summary of Deposits (SOD) survey. All survey responses are required by July 31, 2013. No filing extensions will be granted.(06/13/2013)

Red Flags ID theft rule business guide revised

The FTC has announced the availability of a revised guide designed to help businesses comply with the requirements of the Red Flags Rule, which protects consumers by requiring businesses to watch for and respond to warning signs or "red flags" of identity theft.(06/13/2013)

OFAC CMP issued

OFAC has announced the payment of $48,600 by a Florida non-financial entity to settle potential civil liability for alleged violations of the Iranian Transactions Regulations.(06/13/2013)

Home refinance volume remains high

The Federal Housing Finance Agency has released the March 2013 Refinance Report. Volumes remained high as mortgage rates rose slightly but stayed near historic low levels.(06/13/2013)

FDIC and CFPB launch new tool for older adults

The FDIC and CFPB have issued a joint press release to announce the launch of a new financial resource tool, Money Smart for Older Adults, to help older adults and their caregivers prevent elder financial exploitation. The new stand-alone training module developed by the agencies provides information to raise awareness among older adults and their caregivers on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions. A scripted instructor guide, participant/resource guide, and power point slides are available on the FDIC website. (06/13/2013)

Lebanese Hizballah operatives designated

Treasury has announced the designation of four Lebanese supporters of Hizballah who are responsible for aiding the organization's attempts to extend its influence throughout West Africa. Information on the designations has been posted in a June 11, 2013, BankersOnline OFAC Update.(06/12/2013)

NMLS Ombudsman meeting scheduled

An open meeting with the NMLS Ombudsman will be held on Tuesday, August 6, 2013, 9:00–11:30 a.m., prior to the AARMR Annual Regulatory Conference in Denver, Colorado. Conference registration is not required to attend the meeting. The meeting will be in-person only; there will be no dial-in available. See the Ombudsman's webpage for more information.(06/12/2013)

Reserve requirements changes

The Fed is implementing changes to the policies, internal processes, and technologies that support the administration of reserve requirements. Effective June 27, 2013, all depository institutions will move to a common two-week maintenance period, and carryover and routine penalty waivers will be replaced by a penalty-free band around reserve balance requirements. The Reserves Administration Enhancements Resource Center provides details.(06/12/2013)

Curry: OCC rules make it easier for MDIs to raise capital

In remarks at the 2013 Interagency Minority Depository Institutions and CDFI Bank Conference in Arlington, Virginia, Comptroller Curry noted the OCC has revised its policy statement on minority depository institutions (MDIs) to make it easier for those banks and thrifts to raise capital. The OCC's new policy statement adds discretionary language that allows the agency to continue to treat an existing minority institution as an MDI even if it no longer meets the 51 percent ownership criteria provided that it primarily serves the credit and economic needs of the community in which it is chartered and that the community is a predominantly minority community.(06/12/2013)

Written Agreement with Michigan holding company

The Federal Reserve Board has announced the execution of a Written Agreement with Northwestern Bancorp, Traverse City, Michigan.(06/12/2013)

Bureau ATR/QM amendments published

The CFPB's amendments to the Regulation Z Ability-to-Repay (ATR) and Qualified Mortgage (QM) standards, announced on May 29, 2013, have been published in this morning's Federal Register.(06/12/2013)

FRB GPRA annual performance plan

The 2013 Government Performance and Results Act (GPRA) Annual Performance Plan has been released by the Federal Reserve System.(06/12/2013)

OCC Announces Wisconsin workshops

The OCC will host two workshops in Milwaukee, Wisconsin, at the Crowne Plaza Milwaukee Airport, July 16–17, for directors of national community banks and federal savings associations. The fee is $99 for each workshop. Participants receive a pre-workshop reading package, course materials, and assorted supervisory publications. Each workshop is limited to the first 35 registrants.(06/12/2013)

Bureau releases overdrafts study

In a news release this morning, the Consumer Financial Protection Bureau announced the release of an initial report on bank and credit union overdraft practices, saying that the report "raises concerns about whether the overdraft costs on consumer checking accounts can be anticipated and avoided." The Bureau reported that—

• Consumers who opt in to overdraft coverage for ATM and debit card transactions end up with more costs
• Consumers who opt in to overdraft coverage are more likely to have their accounts involuntarily closed
• Complex transaction posting practices make it difficult for consumers to anticipate overdraft costs
• Overdraft coverage limits depend on multiple factors and can vary greatly between institutions
• Non-standard, complex fee structures also vary among institutions

The data for the report released today comes principally from the large institutions subject to the Bureau's direct oversight for consumer compliance issues, augmented by information from a Bureau consumer survey. The CFPB also posted a factsheet on overdraft practices.(06/11/2013)

HUD to close offices Friday

HUD has issued a notice it will close its offices nationwide this Friday, June 14, as a result of government-wide automatic spending cuts that took effect on March 1, 2013. Normal operations will resume on Monday, June 17.(06/11/2013)

FRB manuals updated

The FRB has published the April 2013 update of the Commercial Bank Examination Manual and the June 2013 update of the Reserve Maintenance Manual.(06/11/2013)

FDIC publishes final 'predominately engaged' rule

The FDIC has published in the Federal Register a final rule establishing criteria for determining if a company is predominantly engaged in "activities that are financial in nature or incidental thereto" for purposes of Title II of the Dodd-Frank Act.(06/11/2013)

Call Report changes

FDIC FIL-26-2013 has been issued announcing the June 30, 2013, implementation of two revisions to the Call Report that were issued by the FFIEC for comment in February 2013. The revisions regard (1) the scope of an existing item for certain capital transactions with stockholders; (2) data reported by large institutions and highly complex institutions (generally, institutions with $10 billion or more in total assets) on certain higher-risk assets, real estate loans and commitments, and U.S. government-guaranteed assets; and (3) a new table of consumer loans by loan type and probability of default.(06/11/2013)

Operating Circulars amended and retired

Federal Reserve Financial Services has posted information on the amendment of Operating Circular 9, Federal Tax Payments and the Treasury Tax & Loan Depositaries, and the retirement of Operating Circular 8, Collateral.(06/11/2013)

CFPB advice to servicemembers with older family members

The Bureau Blog features an article suggesting basic approaches for servicemembers who are planning for the long-term personal and financial care of an ill or older loved one.(06/11/2013)

Treasury CPP securities auctions

Treasury has announced the start of auctions for all of its Troubled Asset Relief Program's Capital Purchase Program preferred stock and subordinated debt positions in six institutions. The auctions began yesterday, June 10, and will close at 6:00 p.m., Eastern time, on June 13, 2013.(06/11/2013)

Revised Reg Z Exam Procedures

Consumer Affairs Letter CA 13-9 has been released by the Federal Reserve Board. It announces revised examination procedures for Regulation Z, which replace the current Regulation Z/TIL interagency examination procedures. The revisions primarily reflect recent amendments to the regulation issued by the CFPB, including the restriction of mandatory arbitration agreements in mortgage loans; revisions to existing escrow requirements on first-lien higher-priced mortgage loans; annual adjustments to the threshold for exempt consumer credit transactions and to the points and fees coverage trigger under HOEPA; limits to certain credit card fees; and removal of an "independent" ability to repay requirement for credit card applicants who are 21 or older.(06/10/2013)

CFTC swap clearing rules

The Board has issued SR Letter 13-12 on the Commodity Futures Trading Commission (CFTC) swap clearing rules. This letter reminds supervised institutions that they need to consider the new CFTC rules. The Dodd-Frank Act added a section to the Commodity Exchange Act (CEA), which establishes a clearing requirement for swaps. It is unlawful for any person, including a financial institution, to engage in a swap, if the CFTC determines that swap is required to be cleared, unless the person submits the swap for clearing to a registered derivatives clearing organization (DCO). The FDIC has issued FIL-25-2013 on the same topic. The CFTC requirements become effective today.(06/10/2013)

OCC appeals policy revised

OCC Bulletin 2013-15 provides guidance for bankers on the OCC's revised policy under which banks may appeal agency decisions and actions. The revisions were made to provide additional guidance on appealable matters. The new bulletin replaces OCC Bulletin 2011-44, dated November 1, 2011.(06/10/2013)

Tennessee bank closed

The FDIC has announced the closing of Mountain National Bank, Sevierville, Tennessee, and the assumption of all deposits (other than Cede & Co. deposits), by First Tennessee Bank, National Association, Memphis, Tennessee. Mountain National is the 16th FDIC-insured institution to fail this year.(06/10/2013)

FDIC state profiles

The First Quarter 2013 FDIC State Profiles have been published.(06/10/2013)

Bureau Blog

The CFPB has two new articles on its Blog. The first is a request that interested parties assist the Bureau in designing a consumer survey on mandatory pre-dispute arbitration. The second is a discussion of whether it's wise to use a home equity loan to refinance student loan debt. (06/10/2013)

Consumer Credit report

The G.19 Consumer Credit report for April 2013 has been released by the FRB.(06/10/2013)

HUD settles claim with B of A and Fannie Mae

A HUD press release has announced a Conciliation Agreement with Bank of America and Fannie Mae, settling allegations that they violated the Fair Housing Act by denying a borrower's application to modify her mortgage because she did not provide sufficient information about the nature of her disability. She was applying for a loan modification through the Home Affordable Modification Program (HAMP).(06/7/2013)

REO issues with Wells Fargo resolved

HUD has also announced the execution of an agreement with Wells Fargo Bank N.A., the National Fair Housing Alliance, and 13 private fair housing organizations. Wells Fargo committed to ongoing enhancements in its best practices regarding the maintenance and marketing of Real Estate Owned (REO) properties after foreclosure. Wells will also invest $39 million in 45 communities across the country through various programs to support homeownership, neighborhood stabilization, property rehabilitation and housing development.(06/7/2013)

Senior Al-Qa'ida bomb maker designated

Treasury has announced the designation of a key improvised explosive device (IED) facilitator, 'Abd-al-Hamid al-Masli, for acting for or on behalf of al-Qa'ida (AQ). This is the latest in a series of Treasury designations under Executive Order (E.O.) 13224 targeting terrorist IED facilitators tied to al-Qa'ida, the Taliban, and Tehrik-e Taliban Pakistan (TTP) and their financial networks. The E.O. targets terrorists and their supporters. Information regarding the designation has been posted in an BOL OFAC Update.(06/7/2013)

FedFocus

Federal Reserve Bank Services has posted the June 2013 issue of FedFocus, which features an article, "Summer storm season is upon us. Is your institution prepared to weather the storm?" Other articles discuss FedLine User Enhancements migration, security features in the redesigned $100 note, and compliance risk and management support.(06/7/2013)

Western community and agricultural banks stronger

The OCC has reported community banks and thrifts in the western part of the United States are growing stronger as housing, commercial real estate, agriculture and other key business sectors in that region continue to improve.(06/7/2013)

OCC Bulletin on CFTC swap clearing rules

OCC Bulletin 2013-14 has been issued to remind OCC-supervised institutions to be aware of U.S. Commodity Futures Trading Commission (CFTC) swap clearing rules. The new rules make it unlawful for any person (including financial institutions) to engage in a swap that the CFTC has determined requires clearing unless the person submits the swap for clearing to a derivatives clearing organization (DCO) or an exception applies.(06/7/2013)

Status of proposed revisions to Call Report

The FDIC has issued FIL-24-2013 on the status of the proposed revisions to the Consolidated Reports of Condition and Income (Call Report) for 2013.(06/7/2013)

FDIC Supervisory Insights

FDIC FIL-22-2013 has been issued to announce the publication of the Summer 2013 issue of Supervisory Insights, which features articles of critical interest to examiners, bankers, and supervisors. One article details supervisory expectations for credit risk due diligence of the investment portfolio, provides examples of how to conduct due diligence, and lists questions examiners may consider when assessing an institution's credit risk management practices. Other articles regard mergers and acquisitions and the evolution of bank information technology examinations.(06/7/2013)

Nevada bank closed

The FDIC has announced the closing of 1st Commerce Bank, North Las Vegas, Nevada, and the assumption of all deposits by Plaza Bank, Irvine, California. This is the 15th FDIC-insured institution to fail this year, and the first to fail in Nevada since April 2011.(06/7/2013)

Leveraged lending guidance teleconference

FDIC FIL-23-2013 announces that a free 90-minute banker teleconference on leveraged lending guidance will be co-sponsored by the FDIC, FRB and OCC at 12:30 pm ET on June 19.(06/7/2013)

FFIEC infrastructure and cybersecurity working group

The FFIEC has announced the formation of a working group to further promote coordination across federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues.(06/7/2013)

CFPB Blog item for graduates

The Bureau's Blog features a guide for recent graduates on what to expect during the first day and weeks of their first job.(06/7/2013)

FTC sues payment processor for scam involvement

The Federal Trade Commission has announced the agency has sued a payment processing business that allegedly assisted and facilitated a telemarketing credit card interest rate reduction scam. The complaint alleges the processor knew or should have known key facts regarding the scam, including "alarmingly high chargeback rates," yet continued to profit from processing the credit card transactions.
(06/6/2013)

MS-13 gang members designated

Treasury has announced the designation of six members of the notorious El Salvadoran gang Mara Salvatrucha (MS-13) under Executive Order (E.O.) 13581, which targets transnational criminal organizations (TCOs) and their supporters. Information regarding the Treasury action has been posted in a BankersOnline OFAC Update
(06/6/2013)

FinCEN reminder of e-filing mandate

FinCEN has issued a notice reminding financial institutions and MSBs that they must adopt the electronic filing formats required since April 1, 2013, for submission of Suspicious Activity Reports (SARs), Currency Transaction Reports (CTRs), Registration of Money Services Business (RMSBs), and Designations of Exempt Persons (DOEPs). Paper reports will be rejected and may result in the assessment of civil money penalties.(06/6/2013)

Treasury to sell more GM common stock

A Treasury press release reports the agency's intention, subject to market conditions, to sell 30 million additional shares of General Motors Company (GM) common stock in an underwritten public offering.(06/6/2013)

NMLS annual report

The NMLS fifth annual report is now available.(06/6/2013)

Beige Book

The Federal Reserve Board has published the June 5, 2013, issue of the Beige Book. It can be read on the FRB website or downloaded in PDF format.(06/6/2013)

FRB approves interim final Reg KK

The Federal Reserve Board has announced announcing the approval of an interim final rule (Regulation KK) implementing the prohibition against federal assistance to swaps entities under section 716 of the Dodd-Frank Act. The interim final rule is effective as of June 5, 2013. Comments will be accepted through August 4, 2013, and the interim final rule will be revised by the Board if necessary in light of the comments received.(06/6/2013)

FinCEN special measure proposal published

FinCEN's previously-announced proposal that would impose a special measure against Liberty Reserve S.A. as a financial institution of primary money laundering concern, has been published in this morning's Federal Register. Comments on the proposal are due by August 5, 2013.(06/6/2013)

FedACH courtesy calls to end

The Federal Reserve Financial Services has announced that the current practice of the Federal Reserve Banks to contact customers by telephone in cases of rejected FedACH files and batches will end on August 5, 2013, in order to streamline operations. The announcement said the calls duplicate the information already available via FedLine® access solutions.(06/6/2013)

Communities to be suspended from NFIP

FEMA has published an announcement of the suspension, effective July 8, 2013, of specified communities from participation in the National Flood Insurance Program (NFIP) for their compliance with floodplain management requirements of the program. (06/6/2013)

OCC to hold Oklahoma workshop

The OCC will host a workshop, "Mastering the Basics: A Director's Challenge," in Tulsa, Oklahoma on July 8–10, for directors of national community banks and federal savings associations. Attendance is limited to the first 35 registrants.(06/6/2013)

CFPB small business fair

The Bureau has announced that it will host a small business fair on June 25, 2013, at its office in Washington, D.C.

CFPB interim exam procedures

The CFPB is sharing with the industry what it will be looking for in its examinations under the new mortgage rules by updating the applicable sections of the exam procedure manuals with new interim procedures for two laws — the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). These documents are intended for use by CFPB examiners and the financial institutions and mortgage companies subject to the new regulations. The Bureau's press release says the new procedures "are the first round of updates for what will likely be multiple updates."(06/5/2013)

Iran OFAC designations

Treasury has issued a press release announcing the designation of a major network of front companies controlled by Iran's leadership. The network, Execution of Imam Khomeini's Order (EIKO), and 37 companies it oversees, were deemed subject to sanctions under Executive Order 13599, which blocks the property of the Government of Iran. Additional information is available in BOL's June 4, 2013, OFAC Update.(06/5/2013)

NACHA launches Dodd Frank 1073 Solutions Center

A NACHA press release has announced the launch of a 1073 Solutions Center to provide information, tools and resources to improve understanding of the Dodd-Frank Act section requiring consumer protections for international remittances (implemented in subpart B of the CFPB's Regulation E). The Center will also identify available solutions to help financial institutions meet compliance and business needs related to section 1073. (06/5/2013)

CRA ratings released

The FDIC has released a list of the ratings received by state nonmembers banks recently examined for compliance with CRA.(06/5/2013)

Security features in new $100 note

Federal Reserve Bank Services has posted a reminder of two new security features and three effective ones utilized in previous designs that are included in the design of the new $100 Federal Reserve note to be released for circulation starting October 8, 2013.(06/5/2013)

NCUA annual and first quarter reports

The NCUA has released its First Quarter 2013 state data report and announced the online posting of its annual reports from 2012 back to 1944.(06/5/2013)

FINRA fines Wells and Merrill Lynch

The Financial Industry Regulatory Authority (FINRA) announced that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. Wells Fargo Advisors, LLC (successor to Wells Fargo Investments, LLC) was ordered to pay a fine of $1.25 million and make restitution of above $2 million in customer losses. Merrill Lynch, Pierce, Fenner and Smith Incorporated (successor to Banc of America Investment Services, Inc.) was fined $900,000 and directed to reimburse 214 customers a total of about $1.1 million.(06/5/2013)

Guidance on new Iran Executive Order

OFAC has announced that the President has signed an Executive Order, "Authorizing the Implementation of Certain Sanctions Set Forth in the Iran Freedom and Counter-Proliferation Act of 2012 and Additional Sanctions With Respect to Iran (IFCA)." OFAC also posted a series of FAQs relating to implementation of IFCA and the Executive Order. IFCA is Subtitle D of the National Defense Authorization Act for Fiscal Year 2013.(06/4/2013)

Private auction of Treasury warrant positions

A Treasury press release has announced the start of private auctions for its warrant positions in 16 financial institutions. The auctions began at 4 p.m. Eastern Time yesterday, and will close at 6:30 p.m. Eastern Time tomorrow. During the auction period, appropriately qualified bidders will be able to submit bids at prices at or above the minimum bid price specified to them for each warrant position.(06/4/2013)

FRB legal interpretations

The FRB has released two legal interpretation letters—one to H&R Block, Inc., granting in part temporary relief from the Board's regulatory reporting requirements for savings and loan holding companies (SLHCs), and the other to General Electric Company granting in part and denying in part temporary relief and other modifications related to the SLHC reporting requirements. The letters address specific issues relating to each company's application only.(06/4/2013)

Last-minute update to rural/underserved lists

The CFPB on Friday announced it had updated key guidance in connection with the new Escrow Rule that became effective on Saturday, June 1. The updated final list of rural and underserved counties was announced. Additions to that list will primarily affect lenders making mortgage loans in selected U.S. territories. The Escrow Rule affects transactions for which applications are received on or after June 1, 2013.(06/3/2013)

FDIC enforcement actions

The FDIC has released a list of the administrative enforcement actions taken against banks and individuals in April 2013. Included were five civil money penalties totaling $38,350 for violations of the Flood Act, details of which have been posted on the BankersOnline Flood Penalties Watch page.(06/3/2013)

FDIC imposes over $1.7 million in restitution and CMPs

The FDIC has issued a press release to announce settlements with First California Bank, Westlake Village, California (FCB), and Achieve Financial Services, LLP, Austin, Texas (Achieve), for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act and violations of the Treasury Rule, 31 C.F.R. Part 210, governing the use of the Automated Clearing House system to deliver federal benefit payments to prepaid debit cards. The two firms will provide restitution of approximately $1.1 million to over 64,000 cardholders. In addition, the FDIC has assessed civil money penalties of $600,000 against FCB and $110,000 against Achieve.(06/3/2013)

Treasury adds to SDN List

Treasury has announced actions to thwart efforts to evade Iran Sanctions. Six individuals, eighteen entities and thirteen aircraft have been added to the SDN List. See the May 31, 2013, BOL OFAC Update page for further information.(06/3/2013)

OCC CRA exam schedule

The OCC CRA examination schedule for the third quarter 2013 has been released.(06/3/2013)

Housing funds available from HUD

HUD has announced the availability of $109 million in grants to revitalize public and HUD-assisted housing and transform communities through the agency's Choice Neighborhoods Program.(06/3/2013)

G.20 Finance Companies report

The Federal Reserve Board has released the March 2013 G.20 Finance Companies report.(06/3/2013)

FAC minutes

The FRB also released the minutes of the February 8 and May 17, 2013, meetings of the Federal Advisory Council (FAC).(06/3/2013)

Wisconsin bank closed

The FDIC has announced the closing of Banks of Wisconsin, Kenosha, Wisconsin dba Bank of Kenosha and the assumption of all deposits by North Shore Bank, FSB, Brookfield, Wisconsin.(06/3/2013)

Two CUs liquidated

The NCUA has announced the liquidation of First Kingdom Community Credit Union, Selma, Alabama (members' shares assumed by the new Riverdale Credit Union of Selma, Alabama). Also announced was the liquidation of NCP Community Development Federal Credit Union, Norfolk, Virginia (members' shares assumed by the new Chartway Federal Credit Union of Virginia Beach, Virginia).(06/3/2013)

NCUA Prohibition Orders

An NCUA press release has announced the issuance of orders prohibiting six individuals from participating in the affairs of any federally insured financial institution. The individuals had been ordered to make restitution totaling over $656,000.(06/3/2013)

CFPB releases complaints

The Bureau has announced on its Blog the availability of data on complaints the Bureau has received about credit reports and money transfers. The Consumer Complaint Database is now searchable by state, reports the Bureau.(06/3/2013)

CRA Exam Schedule

The FDIC has released the list of institutions that are scheduled for a Community Reinvestment Act (CRA) examination during the third quarter of 2010. Schedule  5/28/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between FirsTier Bancorp, Broomfield, CO, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  5/28/10

Oklahoma Severe Weather Guidance

A FIL has been issued by the FDIC which announces a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe storms, tornadoes and straight-line winds. FIL; Guidance  5/28/10

Counterfeit Checks Special Alerts

Five Special Alerts have been issued by the FDIC regarding counterfeit cashier's and official checks bearing the name of the following institutions:

1. Great Western Bank, Watertown, SD, Watertown, South Dakota (Counterfeit Cashier's Checks);
2. Bank of Santa Clarita, Santa Clarita, CA (Counterfeit Cashier's Checks);
3. Anchor Bank, National Association, St. Paul, MN (Counterfeit Cashier's Checks);
4. EverBank, Jacksonville, FL (Counterfeit Official Checks);
5. Citizens Bank & Trust, Inc., Trenton, GA (Counterfeit Cashier's Checks)

Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/27/10

OD and Related Fees Data

The FRB has issued the peak and average daylight overdrafts and related fees data through the First Quarter, 2010. Data  5/27/10

Reserve Position Report

The Treasury has released the U.S. International Reserve Report for May 21, 2010. Report  5/27/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among Farmers Bank, Ault, CO, a state-chartered member bank, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking. Agreement  5/26/10

Discount Rate Meeting Minutes

The minutes the discount rate meetings on April 5 and April 26, 2010, have been released by the FRB. Minutes  5/26/10

Community Bank Directors Workshops

Two workshops for directors of nationally chartered community banks will be hosted by the OCC in Tulsa, OK, at the Hilton Tulsa Southern Hills, on July 20-21, 2010. The workshops will cover risk assessment and credit risk. Online registration is available. Workshops; Registration  5/26/10

FDIC Consumer News

The Spring, 2010, issue of FDIC Consumer News features articles on money saving-tips in the new world of credit cards, depositing money through an agent, and understanding the risks and costs of a reverse mortgage. Consumer News  5/26/10

Bernanke - Role of a Central Bank

In a presentation at the Institute for Monetary and Economic Studies International Conference hosted by the Bank of Japan, in Tokyo, Japan, Chairman Bernanke discussed the independence, transparency, and accountability of a central bank. Speech  5/26/10

Counterfeits Checks and Money Orders Special Alerts

Nine Special Alerts have been issued by the FDIC regarding counterfeit checks and money orders bearing the name of the following institutions:

1. Valley Bank and Trust Company, Scottsbluff, NE (Counterfeit Cashier's Checks);
2. The Ohio State Bank, Marion, OH (Counterfeit Cashier's Checks);
3. Town and Country Bank, Stephenville, TX (Counterfeit Cashier's Checks);
4. Fidelity Bank, Fuquay-Varina, NC (Counterfeit Cashier's Checks);
5. Cecil Bank, Elkton, MD (Counterfeit Personal Money Orders);
6. Rainier Pacific Bank, Tacoma, WA (Counterfeit Official Checks);
7. Bank of Morton, Morton, MS (Counterfeit Checks);
8. Farmers and Merchants Bank, Rudolph, WI (Counterfeit Cashier's Checks);
9. 1st United Bank, Faribault, MN(Counterfeit Cashier's Checks)

Information concerning the counterfeit checks and money orders has been posted on the Alerts & Counterfeits page.  5/25/10

Consumer Credit Card Agreements Online Database

The Federal Reserve has announced the creation of an online database for consumer credit card agreements. Database  5/25/10

Order of Prohibition Issued

The issuance of a Consent Order of Prohibition against a former foreign exchange options trader and an institution-affiliated party of the New York, NY branch of Skandinaviska Enskilda Banken, Stockholm, Sweden, has been announced by the Federal Reserve. Order  5/25/10

2009 Commercial Banks Profits and Balance Sheets

The May 24, 2010, issue of the Federal Reserve Bulletin features an article, "Profits and Balance Sheet Developments at U.S. Commercial Banks in 2009", which discusses how developments in the U.S. banking industry in 2009 and early 2010 were related to changes in financial markets and in the broader economy. Article  5/25/10

Minnesota Bank Closed: Deposits Assumed

Pinehurst Bank, St. Paul, MN, was closed by the Minnesota Department of Commerce and the FDIC as receiver entered into a purchase and assumption agreement with Coulee Bank, La Crosse, WI, to assume all of the deposits. Pinehurst  5/24/10

Enforcement Actions Announced

The OCC has announced new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. Actions  5/24/10

OFAC Deletions and Changes

The names of six individuals have been deleted from the SDN list and changes have been made to four current designations. Information regarding the deletions and changes has been posted on the OFAC page.  5/24/10

CRA Ratings Released

The OCC has released the ratings received by thirty national banks that were recently evaluated for compliance with the CRA. Ratings  5/24/10

Wells Fargo Warrant Pricing Announced

The Treasury has announced the price established for a secondary public offering of warrants to purchase common stock of Wells Fargo & Company. Pricing  5/24/10

UIGEA Exam Procedures

The FRB has issued a SR Letter, the OCC a Bulletin, and the OTS a CEO Letter regarding interagency guidance for reviewing compliance by supervised financial institutions with the final rule implementing the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). SR Letter; Bulletin; CEO Letter; Guidance  5/21/10

TRO Issued Regarding Credit Card Telemarketers

A Temporary Restraining Order (TRO) has been issued by a Federal District Court, which stops three companies' allegedly deceptive telemarketing calls that promised to reduce consumers' credit card interest rates; freeze their assets; and appoint a receiver to take control of the business. TRO  5/21/10

Insured Institutions' First Quarter Earnings

The FDIC has issued Quarterly Banking Profile for the First Quarter 2010, which contains the earnings report for insured commercial banks and savings institutions. Report; Full Profile  5/21/10

Reserve Position Updates

The FRB has released the U.S. International Reserve Position Reports for April 30, May 7 and May 14, 2010. April 30; May 7; May 14  5/21/10

Written Agreement Announced

The execution of a Written Agreement by and DBT Holding Company, Vidalia, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia has been announced by the FRB. Agreement  5/20/10

FOMC Minutes Released

The FRB has released the minutes of the April 27-28, 2010, meeting of the Federal Open Market Committee (FOMC). Minutes  5/20/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Gulf State Bancorp, Carrabelle, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  5/19/10

Fraud and Insider Abuse Bulletin

The OTS has issued a Regulatory Bulletin about fraud and insider abuse. Bulletin  5/19/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of May 18, 2010. 314(a)  5/19/10

Written Agreements Executed

The FRB has announced the execution of Written Agreements by and between Pacific Capital Bancorp, Santa Barbara, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and by and among Cowboy State Bank, Ranchester, WY, a state-chartered member bank, the Federal Reserve Bank of Kansas City, and the Wyoming Department of Audit, Division of Banking. Pacific Capital; Cowboy  5/18/10

Order of Prohibition Issued

The issuance of a Consent Order of Prohibition against a former private banking relationship manager and institution-affiliated party of Standard Chartered Bank International (Americas) Limited ("SCBI"), Miami, FL, has been announced by the FRB. Order  5/18/10

CU Closed

The NCUA has placed Convent Federal Credit Union, located in New York, N.Y., into liquidation. Convent FCU  5/18/10

June HOEPA Rates Set

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2009, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury Security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. Since May 15, 2010 was a Saturday, use the rate on May 14, 2010, the business day immediately preceding the 15th. H.15  5/18/10

New Routing Numbers Announced

The FRB Financial Services has announced additional Check 21-related FedReceipt routing numbers. Numbers  5/18/10

OCC Licensing Manual Updated

A revised Conversions booklet has been posted online. Booklet  5/18/10

Small Business Health Care Tax Credit Guidance

The IRS has released "Guidance on the Small Business Care Tax Credit", regarding state and federal tax credits, dental and vision coverage. Guidance  5/18/10

TIC Data Updated

The Treasury has released the Treasury International Capital (TIC) data for March, 2010. TIC  5/18/10

May FedFlash

The FRB Financial Services has posted the May, 2010, issue of FedFlash online. The issue contains articles regarding using Microsoft Internet Explorer 8 to access FRB Financial Services; using Confirmation.com to facilitate the electronic processing of confirmation requests for Treasury Tax & Loan (TT&L) and Discount Window Loan or Collateral information; and the availability of a daily Check Adjustments Automated Status Report. FedFlash  5/17/10

FDIC Proposes Rulemaking for: Special Reporting, Analysis and Contingent Resolution Plans at Certain Large Insured Depository Institutions

The FDIC is seeking comment on a proposed rule that would require certain identified insured depository institutions (IDI's) that are subsidiaries of large and complex financial parent companies to submit to the FDIC analysis, information, and contingent resolution plans that address and demonstrate the IDI's ability to be separated from its parent structure, and to be wound down or resolved in an orderly fashion. The IDI's plan would include a gap analysis that would identify impediments to the orderly stand-alone resolution of the IDI, and identify reasonable steps that are or will be taken to eliminate or mitigate such impediments. TXT; PDF  5/17/10

Treatment by Federal Deposit Insurance Corp. as Conservator or Receiver of Financial Assets

The FDIC proposes to adopt amendments to the rule regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after September 30, 2010. The Proposed Rule would continue the safe harbor for transferred financial assets in connection with securitizations in which the financial assets were transferred under the existing regulations. The Proposed Rule would clarify the conditions for a safe harbor for securitizations or participations issued after September 30,2010. The Proposed Rule also sets forth safe harbor protections for securitizations that do not comply with the new accounting standards for off balance sheet treatment by providing for expedited access to the financial assets that are securitized if they meet the conditions defined in the Proposed Rule. TXT; PDF  5/17/10

Cost of Funds Reports

The OTS has released the Current and Historical Cost of Funds Reports Current; Historical  5/17/10

OCC Legal Updates

The OCC Law Department has released its calendar year 2009 updates to "Activities Permissible for a National Bank, Cumulative," and "Significant Legal, Licensing, and Community Development Precedents for National Banks, Annual". Activities; Significant  5/14/10

Town Hall Webinar Scheduled

The NCUA will host a free Town Hall Webinar on Monday, June 28, 2010, from 3-4:30 p.m. (EDT). Chairman Matz will discuss current issues, and answer questions from participants. Town Hall  5/14/10

SDGTs Added to OFAC List

Three individuals have been designated by OFAC as Specially Designated Global Terrorists (SDGTs) and their names added to the SDN List. Information concerning the additions has been posted on the OFAC page.  5/13/10

Written Agreement with Ohio Bank

The FRB has announced the execution of a Written Agreement by and among North Valley Bank, Zanesville, OH, a state chartered member bank, the Federal Reserve Bank of Cleveland, and the Ohio Division of Financial Institutions. North Valley  5/13/10

FR Banks to Offer Term Deposits

Reg D has been amended by the FRB to authorize Reserve Banks to offer term deposits effective June 4, 2010. Term Deposits  5/13/10

Kentucky Storm and Flooding Guidance FIL

The FDIC has issued an FIL announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky affected by severe storms, flooding, mudslides and tornadoes. FIL  5/13/10

SAR Activity Review Issue Seventeen

The seventeenth issue of the "SAR Activity Review Trends Tops & Issues" has been published. Review  5/13/10

CRA Ratings Released

The OTS has released the ratings received by savings associations recently evaluated for compliance with the provisions of the CRA. Ratings  5/12/10

Written Agreements Executed

The FRB has announced the execution of two Written Agreements by and between NCB Financial, Las Vegas, NV, a registered bank holding company, and the Federal Reserve Bank of San Francisco; and by and between HNB Corporation, Arkansas City, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City. NCB; HNB  5/12/10

FDIC Proposes Rulemaking for Assessments: Clarification

The FDIC proposes to amend 12 CFR part 327 to revise the assessment system applicable to large institutions to better differentiate institutions by taking a more forward-looking view of risk; to better take into account the losses that the FDIC will incur if an institution fails; to revise the initial base assessment rates for all insured depository institutions; and to make technical and other changes to the rules governing the risk-based assessment system. TXT; PDF  5/12/10

FRB Price and Service Changes Announced

FRB Financial Services has announced that the Federal Reserve Banks will implement enhancements to some of their Check 21-enabled Services and price increases for paper-based check services effective July 1, 2010. Changes  5/12/10

NPRs Approved

The FDIC has approved two Notices of Proposed Rulemaking (NPR). One to clarify the safe harbor protection in a conservatorship or receivership for financial assets transferred by an insured depository institution (IDI) in connection with a securitization or participation, and the other a proposed rule that would require certain identified insured depository institutions ("IDIs") that are subsidiaries of large and complex financial parent companies, to submit to the FDIC analysis, information, and contingent resolution plans that address and demonstrate the IDIs ability to be separated from its parent structure, and to be wound down or resolved in an orderly fashion. Securitization NPR; Plans NPR  5/12/10

Dollar Swap Facilities Agreements Released

The agreements with foreign central banks to reestablish temporary dollar swap facilities have been released by the FRB. Agreements  5/12/10

Dugan Comments on Securitization

At a meeting of the FDIC's Board of Directors, Comptroller Dugan issued a statement supporting the proposed rule on bank securitizations. Statement  5/12/10

TDF Small Deposit Offerings Authorized

The FRB has authorized up to five small-value offerings of term deposits under the Term Deposit Facility (TDF). Offerings  5/11/10

Written Agreements Announced

Two Written Agreements have been announced by the FRB by and between Advantage Bancorp, Inc., Loveland, CO, a registered bank holding company, and the Federal Reserve Bank of Kansas City; and Farmers Bancorporation, Inc., Buhl, ID, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Advantage; Farmers  5/11/10

Alert Deceptive Correspondence Concerning Predatory Lending

The OCC has issued an Alert regarding false notices received by bank customers indicating that the customer's bank is being investigated for predatory lending. Alert  5/11/10

Dollar Liquidity Swap with Bank of Japan

The re-establishment of a temporary U.S. dollar liquidity swap arrangement with the Bank of Japan has been authorized by the Federal Open Market Committee (FOMC). Swap; FAQs  5/11/10

Deepwater Horizon Oil Spill Guidance Issued

A FIL has been issued by the FDIC announcing a series of steps for financial institutions working with customers affected by a Spill of National Significance (SONS). FIL  5/10/10

Early Savings Bonds Redemptions Authorized

Savings bonds agents located in specified areas of Tennessee, Alabama, and Mississippi recently affected by severe weather, have been authorized by Federal Reserve Financial Services to redeem EE and I savings bonds less than one year old presented during the months of May and June 2010. Early Redemptions  5/10/10

CRA Ratings Released

The list of state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received have been released by the FDIC. Ratings  5/10/10

Prohibition Orders Issued

The NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders  5/10/10

ATM Emergency Devices Report

The FTC has issued a report required by the Credit CARD Act of 2009 regarding "emergency PIN" and "alarm button" devices that would allow users of ATMs to electronically alert police about crimes at ATMs. Report  5/10/10

FIL Regarding FEMA Lapse of Authority Issuance of Flood Insurance

The FDIC has issued a FIL containing Guidance for institutions regarding the recent lapse of authority for FEMA to issue flood insurance policies. FIL  5/10/10

UDAPs Examination Procedures CEO Letter and Regulatory Bulletin

The OTS has issued a CEO Letter and a Regulatory Bulletin regarding the development of a new Examination Handbook Section 1354, Unfair or Deceptive Acts or Practices (UDAPs). CEO Letter; Bulletin  5/10/10

Written Agreements Announced

The execution of the following two Written Agreements has been announced by the FRB:

1. by and between The South Financial Group, Greenville, SC, a registered bank holding company, and the Federal Reserve Bank of Richmond;
2. by and between, Bank of Commerce Holdings, Inc., Sarasota, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

The South; Bank of Commerce  5/10/10

Savings Accounts for LMI Consumers Templates Comments Sought

The FDIC is seeking public comment on templates describing potential features for safe, low-cost transactional and basic savings account products for low and moderate income (LMI) consumers. Templates; Comments  5/10/10

MSB List Updated

The FinCEN has updated the MSB Registration List with data current as of April 20, 2010, on 42,202 MSBs. List  5/10/10

G.19 Consumer Credit Report

The FRB has released the March, 2010 G.19 Consumer Credit Report. G.19  5/10/10

U.S. Dollar Liquidity Swap Facilities Re-established

The FRB along with the Bank of Canada, the Bank of England, the European Central Bank, and the Swiss National Bank have announced the re-establishment of temporary U.S. dollar liquidity swap facilities which are designed to help improve liquidity conditions in U.S. dollar funding markets and to prevent the spread of strains to other markets and financial centers. FRB; Bank of Canada; Bank of England; European Central Bank; Swiss National Bank  5/10/10

OFAC Additions, Deletions and Changes

Two Columbian money launderers, seventeen of their associates, and twelve related entities have designated by OFAC as Specially Designated Narcotics Traffickers (SDNTs) and their names have been added to the SDN List. In a unrelated action, the names of forty-four individuals and three entities previously designated were removed from the SDN List and the names of two previously listed individuals were changed. Information regarding the additions, deletions, and changes has been posted on the OFAC page.  5/07/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among AliKat Investments, Inc., Gurnee, IL, a registered bank holding company, Northside Community Bank, Gurnee, IL, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. Agreement  5/07/10

Severe Storms, Tornadoes and Flooding Guidance Issued

Three FILs have been issued by the FDIC containing Guidance to help financial institutions and facilitate recovery in areas of Tennessee, Alabama, and North Dakota affected by serve storms, tornadoes and flooding. Tennessee; Alabama; North Dakota  5/07/10

Treasury Goes Green

An article in the recently published issue of Fedfocus details a broad new initiative that is expected to save the Treasury more than $400 million and 12 million pounds of paper in the first five years alone. Fedfocus  5/07/10

Bernanke on the Bank Stress Test

In a presentation at the Federal Reserve Bank of Chicago 46th Annual Conference on Bank Structure and Competition, Chairman Bernanke discussed the results of one year under the Supervisory Capital Assessment Program (SCAP) aka the bank stress test. He noted, "we are incorporating key lessons from the financial crisis and the stress assessment into our day-to-day supervisory processes". Speech  5/07/10

Geithner on Financial Crisis and Reform

In testimony before the Financial Crisis Inquiry Commission, Secretary Geithner discussed the causes of the financial crisis and presented a case for reform of the current financial system. He stated, "The lesson of this crisis, and of the parallel financial system, is that we cannot make the economy safe by taking functions central to the business of banking, functions necessary to help raise capital for businesses and help businesses hedge risk, and move them outside banks, and outside the reach of strong regulation". Testimony  5/07/10

FEDS Working Papers Published

Two working papers in the Finance and Economics Discussion Series (FEDS) on the topics of "How Has the Monetary Transmission Mechanism Evolved Over Time?" and "Output Gap", have been published by the FRB. How Abstract; How Full Paper;
Output Abstract; Output Full Paper  5/07/10

FDIC and FinCEN issue CMP orders on Closed Banks

On 5/4/10, FinCEN and the FDIC jointly announced their issuance of concurrent Civil Money Penalty Orders of $25,000 against Eurobank, San Juan, PR, on 4/22/10, for violations of the Bank Secrecy Act and similar rules under Title 12 of the United States Code. Eurobank was closed by the Office of the Commissioner of Financial Institutions for the Commonwealth of Puerto Rico on 4/30/10. The FDIC was named receiver, and its deposits were assumed by Oriental Bank and Trust, also of San Juan. Joint PR; FDIC CMP; FinCEN CMP  5/05/10

Geithner on the Financial Crisis Responsibility Fee

In testimony before the Senate Committee on Finance, Secretary Geithner presented his views on the Financial Crisis Responsibility Fee. He stated: "Enacting this fee now will make it clear to the American people that they will not have to shoulder the direct costs of protecting the economy from future financial failures." Testimony  5/05/10

FRB Publishes Final Rule in FR for Reserve Requirements of Depository Institutions Policy on Payment System Risk

The Board is amending Regulation D to authorize Reserve Banks to offer term deposits to facilitate the conduct of monetary policy by providing a tool for managing the aggregate quantity of reserve balances. Institutions eligible to receive earnings on their balances in accounts at Federal Reserve Banks may hold term deposits and receive earnings at a rate that does not exceed the general level of short-term interest rates. The Board is also making minor amendments to the posting rules for intraday debits and credits to master accounts as set forth in the Board's Policy on Payment System Risk to address transactions associated with term deposits.TXT; PDF  5/05/10

NCUA Proposes Rulemaking for Short-Term, Small Amount Loans

NCUA proposes to amend its general lending rule to enable federal credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The proposed amendment would permit FCUs to charge a higher interest rate
for an STS loan than is permitted under the general lending rule, but the proposal will impose limitations on the permissible term, amount, and fees associated with an STS loan. TXT; PDF  5/5/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among The Northwestern Bank, Chippewa Falls, WIn, a state chartered member bank, the Federal Reserve Bank of Minneapolis, and the State of Wisconsin Department of Financial Institutions. Agreement  5/05/10

Concentration Guidance Bulletin and CEO Letter Issued

The OCC has issued a Bulletin and the OTS, a CEO Letter regarding the recently issued Interagency Guidance on Correspondent Concentration Risks. Information regarding the guidance was posted in the May 3. Bulletin; CEO  5/05/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of May 4, 2010. 314(a)  5/05/10

Winning Bidder SFG Bank Assets Announced

The FDIC has announced the winning bidder of the sale of a 40 percent equity interest in a LLC created to hold the assets of SFG Bank. Winner  5/05/10

Counterfeit Checks Special Alerts

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

1. Pinnacle Bank of South Carolina, Greenville, SC (Counterfeit Cashier's Checks);
2. Pacific Crest Savings Bank, Lynnwood, WA (Counterfeit Official Checks)
3. First Security Bank and Trust Company, Oklahoma City, OK (Counterfeit Cashier's Checks);
4. Liberty National Bank, Ada, OH (Counterfeit Cashier's Checks);
5. Keesler Federal Credit Union, Biloxi, MS(Counterfeit Cashier's Checks);
6. West Plains Bank and Trust Company, West Plains, MO (Counterfeit Cashier's Checks);
7. Bank of Hindman, Hindman, KY (Counterfeit Cashier's Checks);
8. Central Bank, Savannah, TN (Counterfeit Cashier's Checks).

Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  5/04/10

OTS Publishes Amendment to Final Rule in FR

The OTS is amending its regulations at 12 CFR part 535 titled "Prohibited Consumer Credit Practices", to avoid duplication and inconsistency with the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the rules of the Board of Governors of the Federal Reserve implementing that statute. TXT; PDF  5/04/10

Credit Union Closes

The NCUA has liquidated St. Paul's Croatian Federal Credit Union of Eastlake, OH, which was placed into conservatorship on April 23, 2010. St. Paul's  5/04/10

Storm and Flood Relief FIL

The FDIC has issued a FIL announcing a series of steps to provide regulatory relief to financial institutions and facilitate recovery in areas of Mississippi affected by severe storms, tornadoes and flooding. FIL  5/04/10

Community Bank Directors Workshops Scheduled

The OCC will host Community Bank Directors Workshops in Boston on June 15-16, 2010. Workshops  5/04/10

Check Adjustments Automated Status Report Online

The Federal Reserve Financial Services has announced the Check Adjustments Automated Status Report is available via the FedLine Web Access Solution. Report  5/04/10

Foreign Exchange Rates Report

The April, 2010, G.5 Foreign Exchange Rates Report has been issued by the FRB. G.5  5/04/10

Senior Loan Officer Opinion Survey

The FRB has released the results of the April, 2010, Senior Loan Officer Opinion Survey. Survey  5/04/10

Correspondent Concentration Guidance Issued

Federal financial regulatory agencies issue final guidance on correspondent concentration risks which highlights the need for institutions to identify, monitor, and manage correspondent concentration risk on a standalone and organization-wide basis. Guidance; FRB SR Letter; OCC NR; FDIC FIL; OTS PR  5/03/10

Seven Financial Institutions Closed

The FDIC has announced that the following financial institutions have been closed by their primary regulator and all deposits assumed:

1. Eurobank, San Juan, PR, by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico; the FDIC as receiver entered into a purchase and assumption agreement with Oriental Bank and Trust, San Juan, PR, to assume all of the deposits;
2. R-G Premier Bank of Puerto Rico, Hato Rey, PR, by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico; the FDIC as receiver entered into a purchase and assumption agreement with Scotiabank de Puerto Rico, San Juan, PR, to assume all of the deposits;
3. Westernbank Puerto Rico, Mayaguez, PR, by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico; the FDIC as receiver entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, San Juan, PR, to assume all of the deposits;
4. CF Bancorp, Port Huron, MI, by the Michigan Office of Financial and Insurance Regulation; the FDIC as receiver entered into a purchase and assumption agreement with First Michigan Bank, Troy, MI, to assume all of the deposits;
5. Champion Bank, Creve Coeur, MO, by the Missouri Division of Finance; the FDIC as receiver entered into a purchase and assumption agreement with BankLiberty, Liberty, MO, to assume all of the deposits;
6. BC National Banks, Butler, MO, by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Community First Bank, Butler, MO, to assume all of the deposits;
7. Frontier Bank, Everett, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, CA, to assume all of the deposits.

Eurobank; R-G; WesternBank; CF; Champion; BC; Frontier  5/03/10

FDIC Proposed Rulemaking for Assessments

The FDIC proposes to amend our regulations to revise the assessment system applicable to large institutions to better differentiate institutions by taking a more forward-looking view of risk; to better take into account the losses that the FDIC will incur if an institution fails; to revise the initial base assessment rates for all insured depository institutions; and to make technical and other changes to the rules governing the risk-based assessment system. TXT, PDF .   5/03/10

NOI Requirements and Changes

The FRB Financial Services has announced "Not Our Item (NOI) Cash/Return Letter and Adjustments" requirements and procedural changes, which will be effective June 1, 2010, and July 1, 2010. NOI  5/03/10

Fraudulent Email Consumer Alert

The FDIC has issued a Consumer Alert regarding fraudulent emails that have the appearance of being sent from the FDIC and entice the recipients to take a survey to have $50 credited to their account. Alert  5/03/10

Reserve Banks to Offer Term Deposits

A Final Rule has been issued by the FRB which amends Regulation D (Reserve Requirements of Depository Institutions) by authorizing the Reserve Banks to offer term deposits to institutions that are eligible to receive earnings on their balances at Reserve Banks. Final Rule  5/03/10

Enforcement Actions Announced

The FDIC has released a list of 104 orders of administrative enforcement actions taken against banks and individuals in March, 2010. List  5/03/10

LOA Issued

The NCUA and the Commonwealth of Massachusetts Division of Banks have jointly issued a Letter of Understanding and Agreement (LOA) to the officials of Tremont Credit Union, Braintree, MA. LOA  5/03/10

FOMC Transcripts

The transcripts and other historical presentation materials of the meetings of the Federal Open Market Committee held in 2004 have released. Transcripts  5/03/10

SDN list additions

Treasury has announced the designation of an individual and two entities in Iran for contributing to serious human rights abuses committed by the Iranian regime, including through the use of communications technology to silence and intimidate the Iranian people. Their names have been added to the SDN List. See yesterday's BOL OFAC Update for details.(5/31/2013)

HAMP extended

A news release has been issued by the Federal Housing Finance Agency (FHFA) announcing direction to Fannie Mae and Freddie Mac to extend the Home Affordable Modification Program (HAMP) and the streamlined modification initiative through the end of 2015.(5/31/2013)

Written Agreements executed

The Federal Reserve Board has announced the execution of Written Agreements with Commerce Bank and Trust Holding Company Employee Stock Ownership Plan and Commerce Bank and Trust Holding Company, Topeka, Kansas, and Riverview Bancorp, Inc., Vancouver, Washington.(5/31/2013)

CFPB takes court action against illegal debt-relief practices

The CFPB has announced the filing of a complaint in a federal district court against a Florida debt-relief company that misled consumers across the country and charged illegal fees for their services. The Bureau plans to submit a proposed consent order that, if approved by the court, would halt the company's operation, prevent the company and owner from providing debt-relief services in the future, and impose a $15,000 civil penalty fine. The proposed order also calls for a judgment of $500,000 against the company, which would be suspended based on the company's inability to pay.(5/31/2013)

CRA exam schedule

The FDIC has issued its third quarter 2013 CRA examination schedule.(5/31/2013)

Community Development Opportunities webinar

FDIC FIL-21-2013 has announced a webinar, "Finding Community Development Opportunities," to be held on June 27, 2013, from 3–4 p.m. ET. Registration is required by June 21.(5/31/2013)

Video for small and low-income CUs

NCUA has released a new free video showcasing the programs of the Office of Small Credit Union Initiatives (OSCUI) that assist small and low-income designated credit unions in meeting the evolving financial needs of their members and communities.(5/31/2013)

CU delinquencies and charge-offs fall

The NCUA has announced that federally insured credit unions experienced a decline in delinquencies and charge-offs in the first quarter of 2013.(5/31/2013)

CFATF Public Statement regarding AML/CFT

The Caribbean Financial Action Task Force (CFATF) has issued a public statement identifying jurisdictions with strategic AML/CFT deficiencies that pose a risk to the international financial system.(5/31/2013)

Final Amendments to Ability-to-Repay Rule announced

The Consumer Financial Protection Bureau has announced finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB's Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes. The final rule amends the Bureau's Ability-to-Repay rule, which was finalized in January of this year. The amendments, which will be effective with the rest of the Ability-to-Repay rule on January 10, 2014, have been posted to BankersOnline's Alphabet Soup pages for Regulation Z. (5/30/2013)

Prohibition on financing credit insurance postponed

In the same release, the Bureau announced a final rule postponing to January 10, 2014, the effective date of Regulation Z section 1026.36(i), which will prohibit creditors from financing certain credit insurance premiums in connection with certain mortgage loans. The Bureau said it plans to seek comment on the appropriate effective date for this provision when it issues proposed credit insurance clarifications for public comment. The changed effective date is reflected in BankersOnline's Alphabet Soup pages for Regulation Z. (5/30/2013)

NCUA proposes rule for limited derivatives use

The NCUA has published a proposed rule that would permit federal and some state-chartered credit unions to engage in limited derivatives activities for the purpose of mitigating interest rate risk. Comments on the proposal are due by July 29, 2013. (5/30/2013)

Treasury CPP securities auction scheduled

Treasury has announced the auction of warrant positions in 16 institutions. Treasury expects to commence the auctions, which will be offered principally to qualified institutional buyers and certain institutional accredited investors, at 4:00 p.m. ET on June 3, 2013, and close them at 6:30 p.m. ET on June 5, 2013.(5/30/2013)

FHC list updated

The Federal Reserve Board has released the list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs), updated through May 28, 2013.(5/30/2013)

New Court Watch HAMP case

A new article involving breach of contract has been posted to BankersOnline's Court Watch page. The case of Young v. Wells Fargo involves a Home Affordable Modification Program (HAMP) mortgage workout that appears to be misunderstood by both the bank and the borrower. The message in this case, as we read it, is that communication and understanding can prevent years of litigation.(5/30/2013)

Insured institutions report increase in profits

An FDIC press release indicates insured institutions earned $40.3 billion in the first quarter 2013, a 15.8 percent increase over the first quarter 2012. For more details see the Quarterly Banking Profile for the first quarter 2013.(5/30/2013)

Online CU marketing webinar video

NCUA has posted "Driving the Bottom Line: Results through Marketing," a video that discusses marketing strategies to help credit unions improve outreach to current and potential members.(5/30/2013)

FTC and CFPB to co-host Debt Collection Roundtable

The FTC has issued a press release announcing it will co-host with the CFPB a roundtable on June 6, 2013, to examine the flow of consumer data throughout the debt collection process. The event is open to the public and will also be streamed live online. (5/30/2013)

Garnishment regulation changes

The Treasury's Fiscal Service, with the agreement of the Social Security Administration, Department of Veterans Affairs, Railroad Retirement Board and Office of Personnel Management (Agencies), is adopting as final (with amendments) its February 1991 interim final rule, Garnishment of Accounts Containing Federal Benefit Payments (31 CFR Part 212). The new final rule, published in today's Federal Register, will be effective June 28, 2013. BankersOnline has updated its Alphabet Soup pages for this regulation to reflect the changes. (5/29/2013)

OFAC 2012 Terrorist Assets Report

The Calendar Year 2012 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees has been released by OFAC. (5/29/2013)

Virtual currency provider targeted

Treasury has announced its identification of Liberty Reserve S.A., a web-based money transfer system of "virtual currency," as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. The action was taken in coordination with an indictment in Federal District Court charging Liberty and seven of its principals for their alleged roles in running a $6 billion money laundering scheme and operating an unlicensed money transmitting business. FinCEN has announced a proposed rulemaking that would impose a special measure against Liberty Reserve, with a comment period to end 60 days after publication in the Federal Register. (5/29/2013)

[Note: FinCEN withdrew its Finding and Notice of Proposed Rulemaking on 2/19/2016.]

FRB Discount Rate Meeting minutes

The minutes of the Federal Reserve Board's discount rate meetings of April 8 and April 29, 2013, have been released. (5/29/2013)

June FDIC Board Meeting notice

The notice of the June 4, 2013, open meeting of the FDIC has been posted. (5/29/2013)

Credit Liquidity and Balance Sheet reports

The Federal Reserve Board has posted an update to recent balance sheet trends and weekly chart data; the First Quarter 2013 Federal Reserve Banks' combined quarterly financial report; and the May 2013 quarterly report on Federal Reserve balance sheet developments. (5/28/2013)

California CU emerges from conservatorship

An NCUA news release has announced the return of control of Arrowhead Central Credit Union, San Bernardino, California, to its members. It is the first CU since 2007 to emerge from conservatorship. (5/28/2013)

Small Debit Card Issuers Exemption

The FRB has issued a Press Release announcing the exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended. (5/24/2013)

OFAC new listings, designations and sanctions regulations identifications

Treasury has announced new government of Iran listings, non-proliferation designations and Iranian financial sanctions regulations identifications. Information regarding the additions has been posted on the BOL OFAC Update page. (5/24/2013)

HUD Home Sales Report

HUD and the Census Bureau have issued a Press Release announcing the sales of new single -family houses in April 2013 increased 2.3 per cent above the March 2013 rate and 29.0 per cent above April 2012. (5/24/2013)

FRB Reports

The FRB has released its 99th Annual Report (2012) and the 2013 Annual Report: Budget Review.(5/24/2013)

NCUA Economic Update

The May 2013 Economic Update YouTube video has been posted by NCUA. (5/24/2013)

Texas CU Liquidated

NCUA has announced the liquidation of Electrical Workers #527 Federal Credit Union, Texas City, TX. (5/24/2013)

FinCEN SAR and CTR FAQs

FinCEN has issued SAR and CTR frequently asked questions (FAQs). (5/23/2013)

Bernanke before Congress

In testimony before the Congressional Joint Economic Committee, Chairman Bernanke discussed the economic outlook and economic policy. His topics included current economic conditions, fiscal policy, and monetary policy.(5/23/2013)

FOMC Minutes

The FRB has released the minutes of the April 30-May 1, 2013, meeting of the Federal Open Market Committee (FOMC). (5/23/2013)

Saving Bond Early Redemptions

Federal Reserve Bank Services has announced the authorization of saving bond agents serving Oklahoma counties recently affected by severe weather to redeem EE and I savings bonds less than one year old presented during the months of May, June, and July 2013. This authorization pertains not only to bond owners still residing in affected areas, but also to those who evacuated from those areas.(5/23/2013)

OCC Oklahoma Victim Guidance

The OCC has issued a News Release reminding national banks and federal savings associations of Bulletin 2012-28 providing guidance to assist financial institutions and their customers affected by extreme weather, such as the recent tornadoes in Oklahoma.(5/23/2013)

FMS Temporary Procedures for OKC Government Deposits

Financial Management Service (FMS) is providing temporary procedures for making federal deposits in / and around the Oklahoma City area. Federal government agencies that currently make deposits at designated Treasury General Account (TGA) depositaries should follow the procedures until your financial institution returns to normal operations.(5/23/2013)

Reg E Amendments - Final Rule

This final rule revises the amendments to Reg E published on February 7, 2012 (77 FR 6194) and August 20, 2012 (77 FR 50244). The 2013 Final Rule requires providers to include disclaimers on the disclosure forms provided to senders of remittance transfers indicating that the recipient may receive less than the disclosed total due to certain fees and taxes. It also permits the reasonable estimate of these. The 2013 Final Rule also creates an exception if the sender provides an incorrect account number or recipient institution identifier and streamlines error resolution. The effective date is October 28, 2013.(5/22/2013

FDIC Consumer News

The Spring 2013 issue of the FDIC Consumer News has been published. Articles include an important update in changes to FDIC insurance coverage, protecting plastic from high-tech criminals, how to improve credit history, and what to do if your bank is merging with another institution. (5/22/2013)

CFPB to coordinate with CSBS

A Press Release has been issued by the Bureau and the Conference of State Bank Supervisors (CSBS), acting on behalf of state financial regulatory authorities, announced a framework which establishes a process for coordination on supervision and enforcement matters.(5/22/2013)

Foreclosure protection for Oklahoma storm victims

HUD has issued a Press Release announcing that HUD will speed federal disaster assistance to the State of Oklahoma in addition to resources being provided by Federal Emergency Management Agency (FEMA) and other federal partners. HUD has granted homeowners with FHA-insured mortgages a 90-day moratorium on foreclosures and forbearance on foreclosures of Federal Housing Administration (FHA) insured home mortgages. A FHA policy provides that mortgage lenders should release insurance payments to homeowners rather than applying these funds toward outstanding mortgage debt.(5/22/2013)

FIL regarding relief for Oklahoma financial institutions

FIL-20-2013 has been issued by the FDIC announcing a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by severe storms and tornadoes. (5/22/2013)

NCUA activates Disaster Relief policy and hotline

A News Release has been issued by NCUA announcing the activation of its disaster relief policy, including opening the agency's toll-free consumer assistance hotline to answer financial questions related to the emergency resulting from the tornados and severe weather which struck Oklahoma. (5/22/2013)

Lew testifies on FSOC annual report

Treasury Secretary Lew testified before the Senate Banking, Housing and Urban Affairs Committee, regarding the 2013 Annual Report of the Financial Stability Oversight Council (FOSC). He reviewed the conclusions and recommendations made by the FOSC.(5/22/2013)

FRB Payment Services First Quarter Reports

The FRB has released the Fedwire Funds Service, Securities Service, and National Settlement Service reports for the first quarter 2013. (5/22/2013)

NCUA provides CDRLF grants to CUs

A Press Release has been issued by NCUA announcing $1.18 million in grants to low-income credit unions as part of the 2013 Community Development Revolving Loan Fund (CDRLF) Grant Initiative.(5/22/2013)

OFAC SDN Designations

The Treasury Department's OFAC published two additions to the Specially Designated Nationals and Blocked Persons (SDN List). Al Fida International General Trading and Al Hilal Exchange are the additions and were previously denoted on May 17, 2013 press releases. Information concerning the designations has been posted on the BOL OFAC Update Page. (5/22/2013)

SR Letter - FDIC Annual Audits and Reports Filing Procedures

The FRB has issued SR 13-11 regarding the filing procedures for annual independent audits and reports required under FDIC rules.(5/21/2013)

CFPB Obtains RESPA Disgorgement

A Press Release has been issued by the CFPB regarding a Consent Order obtained by the Bureau requiring a Texas homebuilder to surrender $118,194.20 that he received in kickbacks for referring mortgage origination business to bank and a mortgage company.(5/20/2013)

Fair Lending Exam Guidance

Consumer Affairs Letter, CA 13-8, has been issued by the FRB to provide information about the Federal Reserve's use of 2010 census data when conducting fair lending examinations. (5/20/2013)

OCC enforcement actions

The OCC has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. One flood insurance violation civil money penalties (CMPs) totaling $770 was included. Details on those penalties are found on BankersOnline's Flood Penalties Watch page. (5/20/2013)

FRB Enforcement Actions

The FRB has announced the execution of a Written Agreement with Bank of Montreal, Montreal Canada, BMO Financial Corp., Wilmington, DE, and Bank of Montreal Chicago Branch, Chicago, IL. In addition, the Section 19 Letters issued from November 8- December 18, 2012, and from January 3-April17, 2013, have been posted.(5/20/2013)

Commercial Banks Loan and Leases Charge-off and Delinquency Rates

The FRB has issued the May 17, 2013, update of the charge-off and delinquency rates on loans and leases at commercial banks. (5/20/2013)

OCC Check Alerts

Three alerts have been issued by the OCC regarding counterfeit checks bearing the name of
Sadadell United Bank, N.A., Miami, FL and
Central National Bank, Junction City, KS and fictitious checks drawn on Capitol National Bank, Lansing, MI.(5/20/2013)

Iraqi Bank Removed from OFAC 561 List

A Press Release has been issued by Treasury announcing the lifting of sanctions against the Elaf Islamic Bank in Iraq following the bank's significant and demonstrated change in behavior. The sanctions had been imposed by Treasury on July 31, 2012 under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), for knowingly facilitating significant transactions and providing significant financial services for the U.S. and EU-designated Export Development Bank of Iran (EDBI). (5/20/2013)

Alabama CU in Conservatorship

NCUA has assumed control of First Kingdom Community Federal Credit Union of Selma, AL and placed the credit union into conservatorship. (5/20/2013)

Bernanke on economic prospects for the long run

In a speech to the graduates at Bard College at Simon's Rock, Great Barrington, MA shared his thoughts on the economic prospects for the long run.(5/19/2013)

CFPB clarifies Escrows Final Rule

The Bureau has issued a Final Rule clarifying and making amendments to its previously issued 2013 Escrows Final Rule. The new final rule will be final unless a later final rule is issued. The new final rule establishes a temporary provision to ensure existing protections remain in place for higher-priced mortgage loans until the expanded provisions take effect in January 2014 and clarifies how to determine whether or not a county is considered "rural" or "underserved" for purposes of applying an exemption.
(5/19/2013)

2013 Final List of rural and underserved counties

The CFPB has issued a final list determining both rural and underserved county status regarding the Escrows Rule based on the proposed rule posted by the Bureau on March 12, 2013. Because the methods for determining rural and underserved status have not changed from the proposed rule, this final list is identical to the preliminary list posted on March 12. Some counties' status as rural or non-rural may change from the 2013 list to the 2014 list because of updated information from the 2010 Census.(5/19/2013)

June 2013 HOEPA rates established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.(5/19/2013)

More OFAC SDN Designations

Treasury has announced the designation of four senior officials of the Syrian government; one airline responsible for transporting weaponry to the Assad regime; and one privately owned television station for providing services to the Syrian government. To date, the United States has imposed sanctions on the Government of Syria, including its Central Bank and oil companies, and more than 100 individuals and entities under a number of our authorities. Information concerning the designations has been posted on the BOL OFAC Update Page. (5/19/2013)

NCUA Board Action Bulletin

A Bulletin has been issued by NCUA regarding the actions of its Board at the May 16, 2013 meeting. The Board approved a rule giving well-managed federally insured credit unions with more than $250 million in assets limited authority to purchase specified derivatives to manage interest-rate risk upon agency approval and a series of technical amendments, including the transfer of authority under the Dodd-Frank for rulemaking for certain consumer protection laws to the CFPB.(5/19/2013)

CFPB Posts Mortgage Rule Training Videos

The Consumer Financial Protection Bureau yesterday posted seven training videos on YouTube. There is one video about an hour long which is an overview, and separate short videos on the Ability-to-Repay and Qualified Mortgage Rule, 2013 HOEPA Rule, ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules, Loan Originator Compensation Rule, Mortgage Servicing Rules, and the TILA Escrow Rule. Videos are available on the CFPB YouTube channel. (5/16/2013)

CFPB publishes Credit Card Plans Terms notice

The Bureau published in the Federal Register a notice and request for comment on a proposal to the approval for an existing information collection, titled, Report of Terms of Credit Card Plans. The comment period will end on June 7, 2013.(5/16/2013)

Bureau adds tools in Spanish

The Bureau has announced a new web site for Spanish speaking consumers, consumerfinance.gov/es,where Spanish speaking consumers can find answers, in plain-language, to consumers' most common questions.(5/16/2013)

CFPB Consumer Advisory Board Meeting

Director Cordray and the members of the Consumer Advisory Board discussed the challenges and opportunities faced by new Americans in the consumer marketplace at its May 15, 2013 meeting in Los Angeles. Links are provided for Cordray's Remarks and the Agenda. (5/16/2013)

Should you refinance your student loan?

If this a question, your customer asks, an article on the CFPB Blog provides some answers to common questions received by the CFPB from consumers. (5/16/2013)

FRB Annual Performance Report to Congress

The FRB has delivered to Congress its 2012 Annual Performance Report.(5/16/2013)

SDN List Additions

Treasury has announced the non-proliferation (NPWMD) and Iranian financial sanctions regulations (IFSR) designations of an exchange house and a trading company for aiding Iranian attempts to circumvent international economic sanctions and the addition of their names to the SDN List. See the BOL OFAC Update Page for the details.(5/16/2013)

TIC Data

The Treasury International Capital (TIC) data report for March 2013 has been released by Treasury. FRB TDF offering scheduled
A Press Release has been issued by the FRB announcing the scheduling on May 20, 2013, of a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF).(5/16/2013)

Gruenberg on the state of the banking industry

In remarks to the Exchequer Club in Washington, D.C., FDIC Chairman Gruenberg commented on the state of the banking industry, the FDIC community banking and supervisory initiatives, and international coordination on resolution authority. (5/16/2013)

May FedFlash

The May 2013 issue of FedFlash has been posted by FR Bank Services. The issue features articles regarding the Next Generation VPN Solution initiative, new FedReceipts RTNs, updated Computer Interface Protocol Specifications (CIPS), and processing location change for all Fed ACH reclamations. (5/16/2013)

Illinois Storm Relief FIL

FIL-19-2013 has been issued by the FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms, straight-line winds, and flooding.(5/16/2013)

Kingpin Act Designation

Treasury has announced the designation of Mexican national Alfredo Andrade Parra under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for international narcotics trafficking and for his links to Los Zetas drug trafficking organization. His name has been added to the SDN List. Check out the BOL OFAC Update Page for the details.(5/15/2013)

FTC Annual Financial Acts Enforcement Letter

The FTC has issued a Press Release announcing the issuance of its annual letter to the CFPB on the agency's enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Electronic Fund Transfer Act (EFTA), and Equal Credit Opportunity Act (ECOA).(5/15/2013)

NCUA Annual Report

NCUA has issued its 2012 Annual report which highlights the agency’s activities and accomplishments in 2012.
The Summary will link to the full report. (5/15/2013)

Cordray's Remarks to Realtors

In prepared remarks to the National Association of Realtors, CFPB Director Cordray, discussed foreclosure crisis, the actions of the Bureau, and requested realtors to contact the agency regarding problems they see in the marketplace. (5/15/2013)

Arizona Bank Closed

The FDIC has announced the closing of Central Arizona Bank, Scottsdale, AZ and the assumption of all of the deposits by Western State Bank, Devils Lake, ND. Central Arizona Bank is the 13th FDIC-insured institution to fail in the nation this year, and the second in Arizona.(5/15/2013)

Large BHC stress test deadline reminder

The Federal Reserve Board has issued a reminder that the eighteen large U.S. bank holding companies are required to submit the results of their company-run, mid-year stress tests to the Federal Reserve on July 5, 2013. Stress test summary instructions were attached to the Fed's press release.(5/14/2013)

FDIC ComE-IN meeting agenda

An FDIC press release has listed a link to the agenda and webcast of the May 16, 2013, meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN). The meeting, which is open to the general public, is scheduled to run from 9:00 a.m. to 3:15 p.m. in the FDIC Board Room, on the sixth floor of the FDIC headquarters building at 550 17th Street NW, Washington, DC.(5/14/2013)

OFAC non-proliferation designations

Treasury has designated a Taiwan entity and an individual under Executive Order (E.O.) 13382, an authority aimed at freezing the assets of proliferators of weapons of mass destruction (WMD) and their supporters. Details can be found in BankersOnline's May 10, 2013, OFAC Update.(5/13/2013)

Two banks closed

The FDIC has announced the closing of Sunrise Bank, Valdosta, Georgia (deposits assumed by Synovus Bank, Columbus, Georgia), and Pisgah Community Bank, Asheville, North Carolina (deposits assumed by Capital Bank, N.A., Rockville, Maryland). The two banks are the 11th and 12th FDIC-insured institutions to fail in 2013. (5/13/2013)

FDIC to host FASB ASU teleconference

FDIC FIL-18-2013 announces a free 90-minute teleconference for interested bankers at 1:00 p.m. ET, May 16, 2013, to discuss the proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The proposal would change recognition and measurement of credit losses for financial and regulatory reporting purposes. Employees of all FDIC-supervised institutions are invited to participate.(5/13/2013)

April Housing Scorecard

Treasury and HUD have announced the release of the April 2013 Housing Scorecard, a comprehensive report on the nation's housing market. The latest data show important progress across many key indicators as home values continue to rise and home sales remained strong in April although officials caution that the overall recovery remains fragile.(5/13/2013)

Bernanke on monitoring the financial system

In a speech at the 49th Annual Conference on Bank Structure and Competition, Chairman Bernanke discussed the step-up of the Federal Reserve Board's efforts to monitor the financial system after the financial crisis. His comments included the focus on vulnerabilities and a review of the agency's financial stability monitoring program. He noted four components of the financial system that are closely followed are systemically important financial institutions (SIFIs), shadow banking, asset markets, and the nonfinancial sector.(5/13/2013)

OCC notice on cashing IFRPA checks

The OCC has issued a news release updating the volume of checks cashed or deposited under the Independent Foreclosure Review Payment Agreement (IFRPA). Financial institutions were reminded that, to help prevent fraud, the checks require positive identification for negotiation. (5/13/2013)

OCC clarifies Market Risk Capital rule

OCC Bulletin 2013-12 has been issued to clarify certain provisions of the Market Risk Capital rule. The focus of the Bulletin was on foreign exposures and the measurement of a parameter used in the simplified supervisory formula approach (SSFA) for securitization exposures.(5/13/2013)

May NCUA Report

The NCUA has posted the May 2013 issue of The NCUA Report.(5/13/2013)

OFAC issues $348K CMP

OFAC has announced the payment of a $348,000 civil money penalty (CMP) by a non-profit international marine mutual insurance association of merchant ship owners and charterers, to settle potential liability for 55 apparent violations of the Cuban Assets Control Regulations, the Sudanese Sanctions Regulations, and the Iranian Transactions Regulations.(5/10/2013)

SDN additions and updates

Treasury has announced the taking of a number of actions to identify a front company and vessels that have attempted to obscure Iranian oil deals using ship-to-ship transfers, and to designate an Iranian bank. OFAC also seized the opportunity to update its list of Specially Designated Nationals and Blocked Persons (SDN List) entries today for eight vessels blocked due to the interest of the National Iranian Tanker Company in the vessels. Details can be found in yesterday's BankersOnline OFAC Update.(5/10/2013)

Bureau focuses on student loan debt challenges

The CFPB has posted three articles concerning student loan debt on its Blog and Newsroom pages:

• A report highlighting student debt as a roadblock to opportunity for consumers
• Director Cordray's remarks at a field hearing on student loan debt
• An Op-ed piece, "Student debit domino effect?"

(5/10/2013)

Reg delay proposal published

The CFPB has published in today's Federal Register [78 FR 27308] its previously announced proposal to temporarily delay the effective date of section 1026.36(i) of Regulation Z. As noted earlier, comments on the proposal close on May 25, 2013.(5/10/2013)

May FedFocus articles

Federal Reserve Financial Services has posted the May issue of FedFocus, with articles on expanded FedACH SameDay Service, which permits same-day clearing of domestic ACH transactions; the advantages of using the service's FedTransaction Analyzer® tool; and the October circulation date for the newest iteration of the $100 note.(5/10/2013)

Bureau to delay Reg Z prohibition on financing credit insurance

The CFPB has announced a proposal seeking comment on a delay in the June 1, 2013, effective date of § 1026.36(i) of Regulation Z, prohibiting the financing of credit insurance premiums in connection with certain consumer credit transactions secured by a dwelling. The proposal will be published in tomorrow's Federal Register. Comments will be accepted through May 25, 2013.(5/09/2013)

Some IFR borrowers to receive additional funds

A Federal Reserve Board press release has announced that borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley who have received a check pursuant to the Independent Foreclosure Review payment agreement will receive an additional payment. The payments are being made to correct another in a series of missteps by the paying agent when payments were sent last week.(5/09/2013)

Another maternity leave discrimination settlement

HUD has announced it has reached two Conciliation Agreements with SunTrust Mortgage, Inc., settling allegations that the Richmond, Virginia, lender violated the Fair Housing Act by denying mortgage loans to couples in Port St. Lucie, Florida, and Ashland, Virginia, because the women were on maternity leave.(5/09/2013)

FINRA penalizes firms for weak AML programs

The Financial Industry Regulatory Authority (FINRA) has announced it has fined three firms a total of $900,000 for failing to establish and implement adequate anti-money laundering programs and other supervisory systems to detect suspicious transactions. FINRA also fined and suspended four executives involved.(5/09/2013)

Counterfeit cashier's checks alerts

The OCC has issued two Alerts on counterfeit cashier's checks bearing the names of Atlantic Coast Bank, Waycross, Georgia, and First Federal Bank of Florida, Lake City, Florida. The alerts have been added to the BankersOnline Alerts & Counterfeits page.(5/09/2013)

GAO faults SSA on Death Master File

The Government Accountability Office has issued a report that the Social Security Administration's procedures for handling and verifying death reports may allow for erroneous death information in the Death Master File (DMF) because SSA does not verify certain death reports or record others. Institutions, government agencies, and services that rely on the DMF for detecting the fraudulent use of decedents' SSNs may be obtaining inaccurate or incomplete information.(5/09/2013)

CRA ratings released

The OCC has released the ratings received by twenty-five national banks and federal savings associations that were recently evaluated for CRA compliance. Of the institutions evaluated, six were rated outstanding, 19 satisfactory, none needs to improve, and none in substantial noncompliance.(5/09/2013)

SAR Activity Reviews released

FinCEN has released the 23rd issue of SAR Activity ReviewTrends, Tips & Issues and the 18th issue of SAR Activity ReviewBy the Numbers.(5/09/2013)

NCUA grant initiatives webinar

The NCUA has announced it will host a free webinar, "Multi-Initiative Grants for Low Income Credit Unions," on Wednesday, May 22, at 2 p.m. ET.(5/09/2013)

CFPB Twitter chat

The Bureau has announced it will host a Twitter chat on Older Americans and Money today, May 9, from 3–4 p.m. ET.(5/09/2013)

Bureau files against debt-relief providers

The CFPB announced that it has filed a complaint in federal district court against two debt-relief service providers that allegedly charged illegal advance fees for debt-settlement services. The suit asks for a halt to the two operations and the imposition of penalties and financial relief for their consumer victims. (5/08/2013)

OFAC Kingpin designations

The designation of eight Mexican nationals as Specially Designated Narcotics Traffickers (SDNT) under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) has been announced by OFAC. The eight individuals operate as Sinaloa Cartel leaders within their specific area of operation along the Sonora-Arizona corridor of the U.S.-Mexico International Boundary. Details are available in BankersOnline's May 7, 2013, OFAC Update. (5/08/2013)

February Refinance Report

The Federal Housing Finance Authority (FHFA) has released its February 2013 Refinance Report, which shows that refinance volumes remained high as mortgage rates hovered near historic low levels. (5/08/2013)

G.19 Consumer Credit report

The March 2013 G.19 Consumer Credit Outstanding and Terms of Credit Report has been released by the Federal Reserve Board. (5/08/2013)

Today's trivia: FRB quarterly processing volume

The Check Services division of the Federal Reserve Banks has published its First Quarter 2013 reports of processing volumes for postal money orders, government checks, commercial checks returned, and commercial checks collected. (5/08/2013)

New York AG threatens action against BofA and Wells

New York's Attorney General Eric Schneiderman has announced his intention to sue Bank of America and Wells Fargo for repeat violations of the National Mortgage Settlement. The AG has informed the Monitoring Committee that oversees the Settlement that he intends to sue the banks for a total of 339 violations of four of the Settlement's servicing standards. (5/07/2013)

FDIC releases February CRA ratings

The FDIC has released a list of 88 CRA evaluations assigned to institutions in February 2013. The list includes 1 needs improvement, 3 outstanding, and 84 satisfactory ratings. (5/07/2013)

Fannie and Freddie to buy only qualified mortgages

Fannie Mae and Freddie Mac have been directed by the Federal Housing Finance Agency (FHFA) to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage, including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the "ability to repay" requirements under Regulation Z. Fannie and Freddie are issuing letters to lenders regarding the new limitations, which will be effective January 10, 2014. (5/07/2013)

SLOOS on bank lending practices

The Federal Reserve Board has released the April 2013 Senior Loan Officer Opinion Survey (SLOOS) on bank lending practices. Domestic banks, on balance, reported having eased their lending standards and having experienced stronger demand in several loan categories over the past three months. (5/07/2013)

Submit online questions for Senior ID Theft workshop

The Federal Trade Commission is soliciting online questions for today's Senior ID Theft Workshop. Participants watching the free webcast can submit questions to the panelists via Twitter, Facebook, or email. The link for the webcast will activate at 8:45 (Eastern) this morning, May 7, 2013. (5/07/2013)

Bureau CMP Fund rule and proposal published

The CFPB's previously announced Civil Penalty Fund Rule and proposed revisions to the rule were published in today's Federal Register. The comment period on the proposal ends on July 8, 2013. (5/07/2013)

FTC won't change COPPA Rule date

The Federal Trade Commission has announced that it will not delay the scheduled July 1, 2013, effective date for its updated Children's Online Privacy Protection Rule (COPPA Rule, 16 CFR Part 312), which was published January 17, 2013. (5/07/2013)

HUD to sell delinquent loans

HUD plans two auction sales of approximately 20,000 FHA-insured severely delinquent mortgage loans to be held on June 26 and July 10. HUD expects to sell more than 40,000 distressed loans this year through quarterly sales that reduce FHA's total claims costs and increase recovery on losses to FHA's Mutual Mortgage Insurance (MMI) Fund. (5/06/2013)

Federal ACH reclamations processing change

Treasury has announced that, effective June 3, 2013, the processing of all Federal government Automated Clearing House (ACH) reclamations for Treasury-disbursed payments (non-DFAS) will be handled by the Department of the Treasury, Bureau of the Fiscal Service's Philadelphia Financial Center. (5/06/2013)

Virginia CU liquidated

The NCUA has issued a release on the May 3, 2013, liquidation of Lynrocten Federal Credit Union, Lynchburg, Virginia, the sixth federally insured credit union liquidation of the year. (5/06/2013)

IFRP disbursements report

The OCC has provided another in its series of status messages on the Independent Foreclosure Review Payment program (IFRP) to announce the sending of over 233,000 checks in the fourth wave of disbursements, bringing the number of payments thus far to more than 3.9 million worth $3.4 billion. More than 1.8 million of the checksnearly $1.7 billion in paymentshad been cashed or deposited through May 2, 2013. (5/06/2013)

CFPB CARD Act amendment published

The Bureau has published in today's Federal Register its previously announced final rule amending the CARD Act provisions to remove the requirement that issuers consider the consumer's independent ability to pay for applicants who are 21 or older, and permit issuers to consider income and assets to which such consumers have a reasonable expectation of access. The amendments are effective today, May 3, 2013; compliance is required by November 4, 2013. (5/03/2013)

OFAC SDN List removals

OFAC has announced the removal of the names of one entity and eight individuals with the ZIMBABWE designation from the SDN List. See BankersOnline's May 2, 2013, OFAC Update for further information. (5/03/2013)

Written Agreement executed

The Federal Reserve Board has announced the execution of a Written Agreement with The Baraboo Bancorporation, Inc., Baraboo, Wisconsin. (5/03/2013)

FRB Basel Coordination Committee bulletins

Four Bulletins have been issued by the FRB Basel Coordination Committee (BBC):

• BCC 13-3 Guidance for Independent Verification of a Banking Organization's Advanced Approaches Systems
• BCC 13-4 Guidance Statement on Implied Support
• BCC 13-5 Applying the Requirement for Conservatism to the Parameters in the Advanced Approaches
• BCC 13-6 Guidance for Internal Audit under the Advanced Approaches Rule

(5/03/2013)

OCC schedules South Dakota workshops

The OCC will host two workshops in Sioux Falls, South Dakota, on June 11–15, for directors of national community banks and federal savings associations. The workshops are among 37 being offered nationwide to enhance and expand the skills of community bank directors. (5/03/2013)

CFPB publishes more Compliance Guides

The Consumer Financial Protection Bureau has announced the publication of three more Small Entity Compliance Guides for the

• 2013 HOEPA Rule
• ECOA Valuations Rule
• TILA Higher-Priced Mortgage Loans (HPML) Appraisal Rule

(5/03/2013)

Bureau publishes rules proposal

The CFPB has published in today's Federal Register its previously announced proposal to amend some of the final mortgage rules it issued in January 2013. The amendments clarify or correct provisions on the relation to State law of Regulation X's servicing provisions; the small servicer exemption from certain servicing rules; the use of government-sponsored enterprise and Federal agency purchase, guarantee or insurance eligibility for determining qualified mortgage status; and the determination of debt and income for purposes of originating qualified mortgages. Comments are due by June 3, 2013. (5/03/2013

Community suspension lists published

FEMA has published three lists of communities to be suspended from eligibility for participation in the National Flood Insurance Program due to noncompliance with floodplain management requirements. The communities will be suspended effective May 16, 2013, June 3, 2013, or June 18, 2013, depending on the list in which they appear. (5/03/2013

FOMC statement

Treasury has released the statement of the Federal Open Market Committee (FOMC) after its May 1 meeting. The Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. They also decided to keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6½ percent. (5/03/2013

OCC schedules Dallas workshop for directors

The OCC will host a workshop in Dallas at the Wyndham Dallas–Park Central, June 3–5, for directors of national community banks and federal savings associations. The fee is $90 and attendance is limited to the first 35 registrants. (5/03/2013

Bureau report on complaints from servicemembers

The CFPB Office of Servicemember Affairs has published its semi-annual Report on complaints it has received from servicemembers, veterans, and their families. The Bureau Blog also discusses two of the complaints and how the Bureau handled them. (5/03/2013

Fair Housing design and construction guidance

HUD and the Department of Justice have announced the release of new Guidance reinforcing the Fair Housing Act requirement that multifamily housing be designed and constructed to be accessible to those with disabilities. (5/01/2013

Maternity leave discrimination claim settled

The settlement of allegations a lender denied a woman a mortgage loan because she was pregnant and on maternity leave has been announced by HUD. Refusing to approve a mortgage loan or to provide refinancing because a woman is pregnant or on maternity leave violated the Fair Housing Act's prohibitions against sex and familial status discrimination. Under the terms of the agreement, the lender will pay the woman $13,000 and adopt a parental leave policy with respect to loan applications to ensure compliance. In addition, its loan officers, processors, underwriters and decision makers will be trained on the Act and the new policy. (5/01/2013

Prohibition Orders issued

The NCUA has announced orders prohibiting five individuals from participating in the affairs of any federally insured financial institution. In separate legal action, the five individuals had been found guilty of various crimes and ordered to make restitution payments totaling over $3.6 million. (5/01/2013

Flooded offices may close

The OCC issued a proclamation allowing national banks and federal savings associations to close offices affected by the flooding along the Red River at their discretion. (5/01/2013

Mortgage-backed securities

A progress report has been issued by the FHFA on the establishment of a common securitization infrastructure for residential mortgage-backed securities. [Summary    Full Report] (5/01/2013

FDIC updates sponsored events

The FDIC has posted an updated list of agency-sponsored conferences and events. (5/01/2013

OFAC removes names from SDN List

Twenty-nine listings have been removed from OFAC's SDN List. See BOL's April 30, 2013, OFAC Update for the deleted entries. (5/01/2013

G.20 Finance Companies report

The Federal Reserve Board has released the February 2013 G.20 Finance Companies Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report. (5/01/2013

Bureau finalizes Foreign Remittances Rule

The CFPB has announced its approval of final changes to the Foreign Remittances Rule (subpart B of Regulation E) to make two significant changes—

• The disclosure of foreign taxes, and of and fees imposed by a recipient institution (unless that institution is an agent of the provider), has been made optional, if a disclaimer that such fees and taxes may apply is disclosed
• When funds are deposited to the wrong account because of incorrect routing or account number information supplied by the sending consumer, the provider will have to attempt to recover the funds but would not be accountable for funds that cannot be recovered

The revised rule will now be effective on October 28, 2013.4/30/13

Citizens Bank units to pay CMPs

RBS Citizens, N.A., and Citizens Bank of Pennsylvania (CPBA), affiliates that both operate under the name Citizens Bank, have each been assessed a $5 million civil money penalty by their respective federal regulators, the OCC and the FDIC. The regulators' orders said the banks were in violation of the UDAP provisions in Section 5 of the FTC Act, with regard to inaccurate or misleading disclosures of the banks' overdraft protection programs, an aspect of their checking rewards programs, and their handling of stop payments of preauthorized electronic fund transfers. The OCC also ordered RBS Citizens, N.A., to pay approximately $2.5 million in restitution to affected consumers. The FDIC ordered CBPA to make similar payments of approximately $1.4 million.4/30/13

• OCC Consent Order against RBS Citizens, N.A.
• OCC Order for Civil Money Penalty against CBPA
• FDIC Order for Restitution and Civil Money Penalty

Bureau amends CARD Act ability to pay rule

The CFPB has announced approval of an amendment to Regulation Z intended to make it easier for stay-at-home spouses and partners to get credit card accounts. The change allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. The amendment, which will be effective upon publication in the Federal Register, with compliance optional for 6 months thereafter, has been posted to BankersOnline's Alphabet Soup (see section 1026.51 and its Commentary). 4/30/13

Counterfeit cashier's checks alerts

The OCC has issued two Alerts on counterfeit cashier's checks bearing the name of Broadway National Bank, San Antonio, Texas, and First National Bank and Trust of Junction City, Kansas. These alerts have been added to the BankersOnline Alerts & Counterfeits page, where you can find details. [Editor's Note: These are the first counterfeit alerts from federal regulators since June 26, 2012.]

Goldman Sachs and Morgan Stanley borrower payments

The Federal Reserve Board has announced that payments are scheduled to begin on this Friday (May 3, 2013) to borrowers covered by the Independent Foreclosure Review agreement whose mortgages were serviced by Goldman Sachs and Morgan Stanley. 4/30/13

Building and keeping good credit

An article on the CFPB Blog provides tips for consumers for building and maintaining a good credit history. 4/30/13

Guidance proposals published

The recently-announced proposals from the FDIC and OCC for Guidance on Deposit Advance Products have been published in today's Federal Register. The OCC proposal announces withdrawal of its June 8, 2011, proposal on a related subject. 4/30/13

• OCC: Proposed Guidance on Deposit Advance Products; Withdrawal of Proposed Guidance on Deposit-Related Consumer Credit Products
• FDIC: Proposed Guidance on Deposit Advance Products

Comments on the proposals close on May 30, 2013. 4/30/13

Marketable borrowing estimates

Treasury has announced its current estimates of net marketable borrowing for the second and third quarters 2013. 4/30/13

FDIC enforcement actions

The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/29/13

Two banks closed

The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia.4/29/13

Recap of Bureau's Twitter chat on talking with kids

The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money.4/29/13

Allocation of civil penalties by CFPB

The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication.4/29/13

FRB TDF fixed-rate offerings

A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013.4/29/13

FRB Foreign Remittance Transfers report to Congress

The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries.

IFRP payments top $1 billion

The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP).4/29/13

OCC participates in Literacy Day

At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes.4/29/13

Agencies respond on deposit advance lending

The FDIC and OCC have proposed for public comment supervisory guidance to the financial institutions they supervise that offer or may consider offering deposit advance products. The proposals are intended to ensure that banks are aware of a variety of safety and soundness, compliance, and consumer protection risks posed by deposit advance loans. The Proposed Guidance on Deposit Advance Products would include supervisory expectations with regard to an institution's involvement in these products. The OCC's June 8, 2011, proposal for Guidance on Deposit-Related Consumer Credit Products was withdrawn. The FRB also weighed in with Community Affairs Letter CA 13-7 to issue a Statement on Deposit Advance Products, to emphasize to state member banks the significant consumer risks associated with deposit advance products. The proposals and policy statement come on the heels of this week's CFPB whitepaper on payday and deposit advance loans. 4/26/13

• FDIC proposed guidance
• OCC proposed guidance
• FRB policy statement

Comments on the FDIC and OCC proposals will be accepted for 30 days following their publication in the Federal Register.

Bureau comments on agency statements

The CFPB posted a statement in support of the supervisory statements of the FDIC, OCC and FRB concerning consumer risks associated with deposit advance products. In its comments, the Bureau said it expects to use its authorities to provide protections to consumers once further analysis of the short-term, high-cost loan market is complete. 4/26/13

OFAC issues $23,400 CMP

OFAC has announced the payment of a $23,400 civil money penalty (CMP) by Toyota Motor Credit Corporation to settle potential liability for 26 apparent violations of the Foreign Narcotics Kingpin Sanctions Regulation. The violations occurred when an account was maintained for, and transactions were processed instead of being blocked for, an individual who was designated by OFAC as a Specially Designated Narcotics Trafficker (SDNT).4/26/13

FSOC Annual Report to Congress

Treasury has announced the release by the Financial Stability Oversight Council (FSOC) of its third annual report to Congress as required by the Dodd-Frank Act.4/26/13

FHFA mortgage interest rates report

The March 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report has been released by the Federal Housing Finance Agency (FHFA). The rate for loans closed in March was 3.54 percent, an increase of 0.11 percent from February.4/26/13

FRB Written Agreements

The Federal Reserve Board has announced the execution of separate Written agreements with Freedom Bank of Oklahoma, Tulsa, Oklahoma, and Freedom Bancorporation, Inc., Lindstrom, Minnesota.4/26/13

Report of examination format

The FRB has issued SR 13-10 to announce the format for safety-and-soundness reports of examination and inspection for community state member banks and holding companies with composite "4" or "5" ratings.4/26/13

FTC issues COPPA FAQs

The Federal Trade Commission has announced the issuance of "Complying With COPPA: Frequently Asked Questions," an updated set of frequently asked questions designed to help website operators, mobile application developers, plug-ins and advertising networks operating on child-directed websites and online services prepare for upcoming changes to the Children's Online Privacy Protection Rule (COPPA).4/26/13

Senior ID theft workshop agenda

The agenda for the May 7, 2013, FTC workshop, "Senior Identity Theft: a Problem in this Day and Age," has been released. The session will be free and open to the public, at the FTC Conference Center in Washington, D.C. 4/26/13

HUD restructures some field offices

HUD has issued a press release announcing major changes within its Office of Multifamily Housing Programs and the Office of Field Policy and Management (FPM). Hub offices will be combined and sixteen offices closed nationwide. The changes will affect approximately 10% of the Department's employees.4/25/13

$100 note issue date

The Federal Reserve Board has announced October 8, 2013, as the issue date of the redesigned $100 note. The design of the note was disclosed in 2010, but the introduction was delayed due to production problems. 4/25/13

Second Quarter 2013 FRB interest rates

The interest rate paid by the FRB for the second quarter 2013 on required reserve balances (balances held at Reserve Banks to satisfy reserve requirements) and on excess balances (balances held in excess of required reserve balances) has been released.4/25/13

AML and counter-terrorist financing risk guidance

FinCEN has issued two advisories regarding guidance to financial institutions based on the Financial Action Task Force public statement on anti-money laundering and counter-terrorist financing risks. Advisory FIN-2013-A003 concerns risks posed by one list of countries and Advisory FIN-2013-A004 addresses a second list.4/25/13

Treasury CDFI announces $3.5 billion in awards

A press release has been issued by Treasury's Community Development Financial Institutions (CDFI) Fund to announce $3.5 billion in New Markets Tax Credit (NMTC) awards to 85 organizations. The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in Community Development Entities.4/25/13

FCA posts CMP inflation adjustments

The Farm Credit Administration (FCA) has published a Final Rule to implement inflation adjustments to civil money penalties (CMPs) that the FCA may impose pursuant to the Farm Credit Act and the Flood Disaster Protection Act of 1973, as amended.4/25/13

Bureau releases payday and deposit advance loan report

In prepared remarks for a press call on April 23, CFPB Director Richard Cordray announced the release of a white paper on payday and deposit advance loans. The white paper, said Cordray, serves two purposes: It provides information that may facilitate discussion around a shared set of facts, and provides market participants with a clear statement of the concerns that the Bureau's analysis raises. The Director said that the CFPB will be determining how to exercise its authorities to best protect consumers who use payday and deposit advance loans, while preserving access to responsible credit. The Bureau also provided a factsheet and updated its Ask CFPB web tool to provide information on payday and deposit advance lending. 4/24/13

Lebanese exchange houses targeted

Treasury has identified two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange (Kassem), and Halawi Exchange Co. (Halawi), as financial institutions of "primary money laundering concern" under section 311 of the USA PATRIOT Act. An imposition of special measures, notice of filing, and order imposing recordkeeping obligations and reporting obligations were issued against each entity. 4/24/13

• Kassem Proposed Rule of Imposition; Notice of Finding; Temporary Order
• Halawi Proposed Rule of Imposition; Notice of Finding; Temporary Order

The Temporary Orders, which impose recordkeeping and reporting requirements on affected U.S. banks, are effective from April 23 through August 21, 2013. Links to those orders have been posted to the Table of Contents page for 31 CFR Part 1010, the General Provisions portion of FinCEN's Title X regulations, in BankersOnline's Alphabet Soup pages. Comments on the proposed amendments to Part 1010 are due by June 24, 2013.

Housing prices rise

The Federal Housing Finance Authority (FHFA) has issued the February 2013 Housing Price Index, which indicates that prices rose 0.7 percent from January 2013 and 7.1 percent from February 2012. 4/24/13

Residential mortgage servicing guidance

Federal Reserve Board SR Letter-13-9 has been issued to provide guidance on sound business practices for residential mortgage servicing that Federal Reserve-supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. The guidance confirms the minimum standards that all regulated institutions are expected to adopt in prioritizing and handling the files of borrowers at imminent risk of foreclosure.4/24/13

Bureau announces consultation policy

The CFPB has announced a new "Tribal Consultation Policy" to address the needs and concerns of Native Americans and tribal governments. 4/24/13

Teach Children to Save Day

The CFPB Blog includes an article on "Teaching your kids to save," in response to designation of April 23 as "Teach Children to Save" Day. 4/24/13

HUD takes control of housing authority

A HUD press release has been issued on the agency's takeover of the Housing Authority of the City of Cocoa, Florida. HUD cited violations of federal law and the Authority's default on the Public Housing Annual Contributions Contract as the reasons for the takeover. 4/24/13

FTC supports proposed SSA policy change

The FTC has announced its support of a Social Security Administration (SSA) proposal designed to protect children from identity theft. Under the proposal, a new policy would allow the Social Security number of a child under 13 to be changed in the event the child's Social Security card was stolen in transit, incorrectly disclosed through SSA's Death Master File, or misused by a third party. The FTC staff recommended that children age 17 and under be covered by the policy. 4/23/13

ICE announces ID theft and bank fraud conviction

A news release has been issued by U.S. Immigration and Customs Enforcement (ICE) announcing the sentencing of a New Mexico business receptionist to 42 months in federal prison on bank fraud and aggravated identity theft charges. She was also ordered to pay her victims $14,022.27 for altering the payee information on checks payable to her employer, and depositing the altered checks into her personal bank account; using the names, addresses, telephone numbers and bank account numbers of her employer's clients to commit criminal offenses; and making fraudulent online purchases by using the credit card information belonging to her employer's clients. 4/23/13

Cordray discusses CFPB Semi-Annual Report

In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, CFPB Director Cordray discussed the agency's Semi-Annual Report covering the last six months of 2012. 4/23/13

FDIC Quarterly

The first quarter 2013 issue of the FDIC Quarterly includes articles on the Quarterly Banking Profile for the quarter ending 12/31/2012 and highlights from the 2012 Summary of Deposits. 4/23/13

Bureau announces personnel changes

The CFPB has announced several changes and additions to its leadership. 4/22/13

Bureau proposes more changes to final rules

The CFPB has posted on its Blog a proposed rule to address questions that have been received since its January 2013 issuance of the Ability to Repay/QM and Mortgage Servicing Rules. The proposal addresses clarifications of the following topics— 4/22/13

• debt-to-income ratio
• contract variances and the temporary QM provision
• purchase, guarantee or insurability status and the temporary QM
• the fact that Regulation X does not preempt the field of mortgage servicing regulation by states
• the small servicer exemption<

OCC enforcement actions

The OCC has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Four flood insurance violation civil money penalties (CMPs) totaling $15,810 were included. Details on those penalties are found on BankersOnline's Flood Penalties Watch page. 4/22/13

IFRPA checks update

A news release from the OCC updates the status of the planned payments to eligible borrowers under the Independent Foreclosure Review Payment Agreement (IFRPA). 4/22/13

Three banks closed

The FDIC has announced the closing of three banks—

• First Federal Bank, Lexington, Kentucky
• Heritage Bank of North Florida, Orange Park, Florida
• Chipola Community Bank, Marianna, Florida

4/22/13

FTC fraud survey

The Federal Trade Commission has issued a press release announcing the release of a statistical survey of fraud in the United States during 2011, which reports an estimated 25.6 million adults, 10.8 percent of the adult population, were fraud victims. The top ten categories of fraud include scams involving credit repair, debt relief, credit card insurance, and mortgage relief. 4/22/13

FTC alert regarding Boston bombing aid scams

A list of tips on how to avoid scams has been issued by the FTC for those who may want to donate money to the victims and families of the Boston bombings. 4/22/13

Bureau addresses Maine and Tennessee gift card laws

The CFPB has announced the issuance of final determinations clarifying potential conflicts between federal gift card law and unclaimed property laws of Maine and Tennessee. Federal law generally prohibits the sale of a gift card that expires sooner than five years after the date when funds were last loaded onto the card. The unclaimed property laws in Maine and Tennessee consider some gift cards abandoned property as early as two years after purchase. 4/19/13

LATE-BREAKING: Bureau posts escrow compliance guide

The CFPB sent email subscribers a notice today that it has posted the TILA Escrow Rule Small Entity Compliance Guide. The Guide is an attempt to describe the final rule amending Regulation Z's section 35 in plain English, and is designed primarily to assist smaller creditors understand the requirements that will be effective on June 1, 2013. 4/19/13

HMDA reporting guide updated

The FFIEC has posted an updated edition of A Guide to HMDA Reporting: Getting It Right. The 2013 edition, to be used with 2013 HMDA data due March 1, 2014, covers the transfer of authority from the FRB to the CFPB and the updates to the asset-size threshold exemption. 4/19/13

Individual dropped from OFAC list

OFAC has deleted an individual with eight entries with the SYRIA designation from its SDN List. See the April 18, 2013, BankersOnline OFAC Update for details. 4/19/13

Cease and Desist Order issued

The Federal Reserve Board has issued a consent cease and desist order against Metropolitan Bank Group, Inc., Chicago, Illinois, relating to safety and soundness deficiencies of the holding company and its bank subsidiaries. 4/19/13

Bureau field hearing on student loans

A field hearing on student loan borrowing will be held by the CFPB on May 8, 2013, in Miami-Dade County, Florida. It is open to the public but requires an RSVP. Details are available in English and Spanish on the CFPB Blog. 4/19/13

NCUA April board action

A bulletin has been issued by the NCUA on actions taken at the April 18, 2013, meeting of the NCUA Board. 4/19/13

CFPB report on seniors and financial advisers

The CFPB has issued a news release to announce the publication of a report highlighting problems with so-called "senior designation" credentials that many financial advisers use to market their services to older Americans. Bureau Director Cordray said the report "underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation." 4/19/13

Tips for seniors on financial advisors

The Bureau also posted a related Blog article with suggestions for evaluating an adviser's "senior" designation, and sources available for verification of a financial adviser's credentials. 4/19/13

Bureau Twitter chat planned

The Bureau plans a Twitter chat on talking with kids about money on April 24. Information about the plan is posted on the CFPB Blog. 4/19/13

Escrows rule amendments proposal published

The CFPB's previously announced proposal to amend the January 2013 Escrow Rule (to leave in place consumer protections that the January rule inadvertently would have removed on June 1, 2013) has been published in today's Federal Register. Comments on the proposal are due by May 3, 2013. 4/18/13

FRB publishes Reg TT proposal

The Federal Reserve Board has published in today's Federal Register its previously announced proposed rule (Regulation TT, 12 CFR Part 246) that would implement section 318 of the Dodd-Frank Act, which directs the Board to collect assessments, fees, or other charges equal to the total expenses the Board estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Board for bank holding companies and savings and loan holding companies with total consolidated assets of $50 billion or more and non bank financial companies designated for Board supervision by the Financial Stability Oversight Council. Comments are due by June 15, 2013. 4/18/13

HUD proposal on reporting requirements

HUD has published a proposed rule that would relax certain FHA financial statement reporting requirements for lenders and mortgagees. Comments are due by June 17, 2013. 4/18/13

Cordray on financial literacy and education

CFPB Director Cordray spoke yesterday at the Federal Reserve Bank of Chicago on the importance of consumer financial literacy and education. 4/18/13

Beige Book update

The April 17, 2013, update to the Beige Book has been published by the FRB. 4/18/13

Director workshops

The OCC will host two workshops in Columbia, South Carolina, on May 21–22, for directors of national community banks and federal savings associations. The "Risk Assessment for Directors" and "Compliance Risk: What Directors Need to Know" workshops are designed exclusively for directors of institutions supervised by the OCC. 4/18/13

May 2013 HOEPA rates established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 4/17/13

Foreclosure Review payments

The OCC has posted a news release reminding institutions that a first "wave" of checks was sent to consumers on April 12 as part of the expected $3.6 billion in payments under the Independent Foreclosure Review process. Positive ID is required for cashing the checks, and check verification instructions are printed on the back of each check. Nearly 50,000 of the checks had already been cashed or deposited as of Monday, April 15. Update (9:20 ET): The Federal Reserve Board announced that early problems with some checks in the first wave of payments have been corrected. Some early recipients had reported they were unable to cash their checks. Rust Consulting, Inc., the paying agent, corrected the problem that had led to the early rejections. 4/17/13

Discount rate meeting minutes

The Federal Reserve Board has released the minutes of the discount rate meetings held February 11 through March 18, 2013. 4/17/13

Curry remarks at 2013 Hope Forum

Comptroller Curry discussed the importance of financial literacy, economic empowerment, and CRA at the 2013 Hope Forum, sponsored by Operation Hope in Atlanta. 4/17/13

Calvery on emerging payment systems and related vulnerabilities

In remarks at the CyFin 2013 Conference hosted by the National Cyber-Forensics Training Alliance in Pittsburgh, FinCEN Director Calvery discussed the financial flows and vulnerabilities related to emerging payment systems. Topics included virtual currencies, uncovering cyber trends and patterns, account takeovers, third party payment processors, and advanced analytics. The agency's Delta Team initiative was also discussed. 4/17/13

NCUA grant

The NCUA has announced its award of a $50,000 grant to a group of South Carolina credit unions that are collaborating on a groundbreaking project to improve talent management. 4/17/13

NCUA marketing webinar

A free credit union marketing webinar, "Driving the Bottom Line: Results through Marketing," will by hosted by the NCUA on April 23, 2013, at 2 p.m. ET. 4/17/13

Fair Housing claim settled

HUD has announced a $90,000 conciliation agreement with Coldwell Banker Residential Brokerage and the seller of a home, settling allegations they violated the Fair Housing Act by preventing the sale of a house to be used as a group home for persons with disabilities. 4/16/13

Annual Assessments comments requested

The FRB has issued a press release inviting comment on a proposal to establish an annual assessment of bank holding companies and savings and loan holding companies with $50 billion or more in total consolidated assets and for nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve. Comments must be submitted by June 15, 2013. 4/16/13

Additional resolution plans guidance

The Federal Reserve Board and the FDIC have announced the release of additional guidance, clarification and direction for the first group of institutions, both domestic and foreign-based, for filing their resolution plans pursuant to the Dodd-Frank Act. 4/16/13

SDN list removals

OFAC has removed three Iran Sanctions Act names from the SDN List. Details are available in BankersOnline's April 15, 2013, OFAC Update. 4/16/13

OCC schedules California workshops

The OCC will host two workshops in San Jose, California, on May 14–15, for directors of national community banks and federal savings associations. 4/16/13

Calvery discusses mortgage fraud prevention programs

In prepared remarks for the Mortgage Bankers Association Fraud Issues Conference, FinCEN Director Calvery discussed the Distressed Homeowners Initiative, third party payment processors, advanced analysis, and the universal SAR, and gave a regulatory update. 4/16/13

FinCEN Syrian advisory update

An updated FinCEN advisory to financial institutions on recent events in Syria has been issued. 4/16/13

TIC data

Treasury has issued the Treasury International Capital (TIC) data for February 2013. 4/16/13

Proposed Clarification of 2013 Escrows Rule

The CFPB Blog has announced a proposed rule clarifying and making technical amendments to the original 2013 Escrows Final Rule that it issued in January 2013. The proposal would temporarily reestablish certain consumer protections that the January escrow rules eliminate when they become effective on June 1, 2013, until they are replaced by expanded protections in January 2014. A short 15-day comment period will begin with publication of the proposal in the Federal Register. 4/15/13

Designations under new OFAC sanctions program

Treasury has announced the designation of 18 individuals under the Sergei Magnitsky Rule of Law Accountability Act of 2012, which calls for the freezing of assets of and prohibition of transactions with persons identified by the President as responsible for the detention, abuse, and death in the Russian Federation of Sergei Magnitsky and other gross abuses of human rights. OFAC has established a new Magnitsky Sanctions Program, under which SDN listings will carry the tag of [MAGNIT]. See BOL's April 12, 2013, OFAC Update for details. 4/15/13

HUD expands options for Sandy victims

HUD has announced additional measures to allow families to get back on their feet after Hurricane Sandy without having to face the prospect of foreclosure. 4/15/13

OFAC issues CMP

A non-financial corporation has paid a $22,500 CMP to OFAC in settlement of civil liability for an alleged violation of the Iranian Transactions and Sanctions Regulations. 4/15/13

Fed statistical releases

The Federal Reserve Board has released the list of insured U.S chartered commercial banks that have consolidated assets of $300 million or more, and the list of minority-owned financial institutions and their branches as of December 31, 2012. 4/15/13

Bernanke on creating resilient communities

In a speech at the "Resilience and Rebuilding for Low-Income Communities: Research to Inform Policy and Practice" Federal Reserve System Community Affairs Research Conference in Washington, D.C., Chairman Bernanke discussed the evolution of community development, accelerating transformation development in communities, and developing local leaders. 4/15/13

Virginia CU liquidated

The NCUA has announced the liquidation of Shiloh of Alexandria Federal Credit Union, Alexandria, Virginia. Shiloh of Alexandria, which had 624 members and assets of under $2.5 million, was the fifth federally insured credit union liquidated this year. 4/15/13

The NCUA Report

The April 2013 issue of The NCUA Report has been published. 4/15/13

OFAC designations

Treasury has announced the designation of an Iranian businessman, along with a Malaysian bank and an international network of front companies, for moving billions of dollars on behalf of the Iranian regime. Also designated was a Swiss-based Iranian oil trading company owned or controlled by the previously designated National Iranian Oil Company. Additional details are included in BankersOnline's April 11, 2013, OFAC Update. 4/12/13

Treasury schedules TARP CPP stock auction

Treasury also announced it will sell preferred stock and subordinated debt CPP investments in eight institutions. The auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, are expected to commence on or about April 15, 2013. 4/12/13

HARP extended

The Federal Housing Finance Agency (FHFA) has issued a news release announcing the extension of the Home Affordable Refinance Program (HARP) by two years to December 21, 2015.

Fed to continue using RFI

Supervision and Regulation Letter SR 13-8 has been issued by the Federal Reserve Board to announce the extension of the use of the rating system referred to as RFI to assign "indicative ratings" to savings and loan holding companies. 4/12/13

NCUA Board meeting agenda

The agenda for the April 18, 2013, NCUA Board meeting has been posted. 4/12/13

CFPB financial aid tips

A Bureau Blog article provides tips for comparing college financial aid offers and features an updated tool for students that allows them to compare financial aid packages and college costs. 4/12/13

Bureau ATR/QM Compliance Guide

The Consumer Financial Protection Bureau has posted the first in a series of compliance guides to its recently finalized mortgage lending rules. The Ability-to-Repay and Qualified Mortgage Rule Small Entity Compliance Guide is now available on the Bureau's Regulations page for the Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule, along with a quick-reference chart comparing the general ATR requirements with those for QMs. 4/11/13

ACH volume tops 21 billion

NACHA has announced that ACH transaction volume exceeded 21 billion in 2012, an increase of more than 4 percent over the 2011 count. The data reported shows an increase of 6.38 percent in electronically-originated payments and a decline of 6.75 percent in check conversions, reflecting a further shift away from paper checks for initiating payments. ACH network dollar volume increased by 8.8% to about $37 trillion. 4/11/13

FOMC minutes

The Federal Reserve Board has posted the minutes, statement, and materials from the March 19–20, 2013, meeting of the Federal Open Market Committee (FOMC). 4/11/13

SEC adopts ID theft rules

The SEC and Commodity Futures Trading Commission have jointly adopted final rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agencies to adopt programs to detect identity theft red flags and prevent incidents of ID theft. 4/11/13

Honduran drug traffickers added to OFAC list

OFAC has announced the designation of a Honduran national as a Specially Designated Narcotics Trafficker ("SDNT") pursuant to the Foreign Narcotics Kingpin Designation Act ("Kingpin Act"). His wife, father, and several of his companies including a general merchandise and auto parts store, a motorcycle brand, and a clothing store were also designated. See the April 9, 2013, BOL OFAC Update for details. 4/10/13

Bureau publishes complaint disclosure policy

The CFPB has published in today's Federal Register its final policy statement on how it plans to publicly disclose certain consumer complaint data without personally identifiable information. The policy became effective March 25, and the Bureau provided access to the data beginning March 28, 2013.

Foreclosure agreement payments begin

A joint press release has been issued by the FRB and OCC to announce an agreement with 13 mortgage servicers to begin making payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the signatory companies. A website has been created to provide information to the borrowers. 4/10/13

January 2013 Refinance Report

The Federal Housing Finance Agency (FHFA) has released its January 2013 Refinance Report. Refinance volume remained high with nearly 470,000 reported, 97,600 of which took advantage of the Home Affordable Refinance Program (HARP). 4/9/13

Bernanke on stress tests

In a speech at the "Maintaining Financial Stability: Holding a Tiger by the Tail" financial markets conference sponsored by the Federal Reserve Bank of Atlanta, Chairman Bernanke discussed what has been learned from the 2009 Supervisory Capital Assessment Program (SCAP) popularly known as the bank stress tests. 4/9/13

FDIC banker teleconferences on mortgage lending rules

FDIC FIL-17-2013 has been issued to announce three nationwide banker teleconferences on May 2, May 15, and June 6 that will focus on significant mortgage-related final rules issued by the Consumer Financial Protection Bureau (CFPB). 4/9/13

Consumer Credit report

The Federal Reserve Board has released the G.19 Consumer Credit Outstanding and Terms of Credit Report. 4/9/13

ID theft victims video

The Federal Trade Commission has posted a video, Guide to Assisting Identity Theft Victims, designed to help those who assist the victims of ID theft in repairing their identity. 4/9/13

ForEx currency exchange rule published

The Federal Reserve Board's previously-announced final Retail Foreign Exchange Transactions rule, which will be effective May 13, 2013, has been published in today's Federal Register. 4/9/13

GAO pension plan report

The Government Accountability Office (GAO) has released a report on funding problems of multiemployer private pension plans. The report suggests that Congress address comprehensive reforms to reinforce and stabilize the multiemployer system. 4/9/13

Arizona bank closed

The FDIC has announced the closing of Gold Canyon Bank, Gold Canyon, Arizona. All of the closed bank's deposits have been assumed by First Scottsdale Bank, N.A., Scottsdale, Arizona. Gold Canyon is the fifth FDIC-insured bank to fail this year. 4/8/13

FTC sends refunds to scam victims

A Federal Trade Commission press release has announced that the Commission has mailed refund checks to Spanish-speaking consumers who lost money to fraudsters in a foreclosure relief scam. 4/8/13

Policy on branch applications clarified

Federal Reserve Board SR-Letter 13-7 has been issued to clarify the agency's policy concerning the application process for a de novo branch by a state member bank in less-than-satisfactory condition. 4/8/13

FOMC meeting schedule

The Federal Reserve Board has announced a tentative 2014 meeting schedule for the Federal Open Market Committee (FOMC). 4/8/13

FDIC Board April 2013 meeting

The notice and agenda of the April 11, 2013, meeting of the FDIC Board has been posted. 4/8/13

LATE-BREAKING: Bureau notice on compliance guides

The CFPB has distributed an email notice that it plans to release plain language compliance guides next week as part of its implementation support plan on its recently-finalized new mortgage rules. It also encouraged those who are part of the mortgage industry to sign up on its Regulations page for email updates about regulations and compliance. 4/5/13

GAO report on Foreclosure Review

The Government Accountability Office (GAO) has released "Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders," a critique of the foreclosure review process required by consent orders entered into by 14 mortgage servicers in April 2011. The GAO review addressed 4/5/13

• challenges to the achievement of the goals of the foreclosure review
• transparency of the process
• lessons that could be useful for carrying out activities under amended consent orders and continuing reviews

[Full Report (74 pages, PDF); Highlights (1 page, PDF)] 4/5/13

Soccer team off OFAC List

Treasury has announced the removal of the Colombian professional soccer team from the SDN List. The team was designated in 1999 because it was then under the ownership or control of leaders of the Cali Cartel. Because that is no longer the case, the team is being delisted, and U.S. persons are now allowed to enter into financial transactions with the ownership of the team and may unblock any assets the team may have had in the U.S. Details are in a BankersOnline OFAC Update. 4/5/13

Bernanke on economic and financial knowledge

In prerecorded video remarks to the 13th Annual Redefining Investment Strategy Forum in Dayton, OH, Chairman Bernanke discussed the mission of the Federal Reserve to promote economic and financial knowledge among people of all ages and walks of life. 4/5/13

FRB enforcement action

The execution of a Written Agreement with HSH Nordbank AG (Hamburg, Germany) and its New York branch regarding its BSA/AML Compliance Program has been announced by the Federal Reserve Board. 4/5/13

CFPB attacks insurer kickbacks

The CFPB has announced four enforcement actions to end alleged improper kickbacks by mortgage insurers to lenders in exchange for business. Complaints and proposed consent orders have been filed with the U.S. District Court for the Southern District of Florida against Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation. The four companies have agreed to end the practice, pay collectively more than $15 million in penalties, and to be monitored by and report to the CFPB to ensure ongoing compliance. 4/5/13

Final rule on retail foreign exchange transactions

The FRB has announced the adoption of a final rule (Regulation NN) to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The rule, which will be effective May 13, 2013, also describes various requirements with which banking organizations must comply to conduct such transactions. [Update: Published in Federal Register 4/9/2013, at 78 FR 21019.] 4/5/13

FDIC CRA ratings

The FDIC has posted its April 2013 list of banks examined for CRA compliance. Of the 94 banks listed, three received outstanding ratings, two were said to need improvement, and one was found to be substantially non-compliant. The remainder obtained satisfactory ratings. 4/5/13

Fedfocus

The April 2013 edition of Fedfocus has been released, featuring articles on FRB Services "Risk Radar" resource, a history of U.S. paper currency from 1690, and a look at ongoing education tools and online learning available from Federal Reserve Financial Services. 4/5/13

Bureau takes money transfer complaints

The Bureau has announced on its Blog that consumers with money transfer complaints can now submit them to the Bureau. 4/5/13

Building financial capabilities

The CFPB has requested suggestions on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. Comments may be submitted until 4 p.m. ET on Friday, April 12, 2013. 4/5/13

Essay on cash

The 2012 Annual Report of the San Francisco Federal Reserve Bank includes an essay by President and CEO John C. Williams, on Cash is Dead! Long Live Cash! Williams explains why currency in circulation is soaring at the same time Americans are turning away from it to pay for purchases. 4/5/13

NMLS maintenance scheduled

The NMLS will undergo system maintenance on Saturday morning, April 6th from 7:00 a.m. to 9:00 a.m. ET. NMLS and NMLS Consumer Access will be unavailable during this time. 4/5/13

SCOOS report

The March 13 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms report has been released by the FRB. 4/5/13

FRB 'predominantly engaged' rule

The Federal Reserve Board has issued a press release announcing the approval of a final rule (new Regulation PP) that establishes the requirements for determining when a company is "predominantly engaged in financial activities." The term is used by the Financial Stability Oversight Council (FSOC) when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve. The rule will be effective May 6, 2013. [Update: The final rule was published at 78 FR 20755 on April 5, 2013.] 4/4/13

Commercial real estate concentration study

The FRB and OCC have published a white paper on the findings from their study of bank performance in the context of the 2006 interagency guidance, "Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices." [Summary; Full Paper] 4/4/13

FDIC technical assistance videos

The FDIC has announced its release of the first in a series of technical assistance videos to provide useful information to bank directors, officers, and employees on areas of supervisory focus and proposed regulatory changes. 4/4/13

CFPB assistance to older Americans

The Bureau's Blog features an article on the accomplishments of the CFPB in providing assistance to older Americans. Summaries of additional programs scheduled in upcoming months are also listed. 4/4/13

Bureau on financial literacy

The results of a survey of Bureau personnel on the meaning of financial literacy and what can be done to promote April as Financial Literacy Month are also discussed in the CFPB's Blog. 4/4/13

Liberian SDN List removals

OFAC has removed from the SDN List 31 listings of individuals and their aliases involved with the former Liberian regime of Charles Taylor. Information on the removals has been posted in a BankersOnline OFAC Update. 4/3/13

Custodian Inventory Program manual

Federal Reserve Financial Services has announced the revision of its Custodial Inventory Manual of Procedures, which will be effective June 3, 2013. [Manual; Summary of Changes]. 4/3/13

First Quarter Call Report

FDIC FIL-15-2013 has been issued with instructions for the completion of the First Quarter 2013 Call Report. 4/3/13

NCUA settles with BofA

The NCUA has announced a $165 million settlement with Bank of America for losses related to purchases of residential mortgage-backed securities by failed corporate credit unions. The settlement brings the total of recoveries by NCUA for CU loses to $335 million. 4/3/13

New financial education game

The NCUA has added a new financial education tool to Pocket Cents, its financial literacy microsite. The tool, "Hit the Road," teaches financial basics in an engaging and easy-to-play format that simulates a familiar, real-life situation. Credit unions can link to this educational resource from their websites to further financial literacy. 4/3/13

CRA ratings

The OCC has released the ratings assigned to 37 national banks and federal savings associations that were recently evaluated for compliance with CRA. Three are rated outstanding, and 34 received a satisfactory rating. 4/2/13

FDIC enforcement actions

The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/2/13

Two banks closed

The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia. 4/2/13

Recap of Bureau's Twitter chat on talking with kids

The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money. 4/2/13

Allocation of civil penalties by CFPB

The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication. 4/2/13

FRB TDF fixed-rate offerings

A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013. 4/2/13

FRB Foreign Remittance Transfers report to Congress

The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries. 4/2/13

IFRP payments top $1 billion

The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP). 4/2/13

OCC participates in Literacy Day

At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes. 4/2/13

Interagency statement on Biggert-Waters

The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

FDIC enforcement actions

The FDIC has released its list of 46 administrative enforcement actions taken against banks and individuals in February 2013. Among those actions were three orders for civil money penalties (CMPs) totaling $167,340 for violations of the Flood Disaster Protection Act (details on BankersOnline's Flood Penalties Watch page) and one $7,000 CMP for a HMDA violation (see BankersOnline's HMDA Heaven page).ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

OFAC electronic documents update

OFAC has announced the update and republication of its Enforcement Data Delivery Standards, which are the technical requirements for the preferred format in which to submit electronic document productions to the OFAC Office of Enforcement, including self-disclosures, administrative subpoena responses, and other documents or reports.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

FRB emergency powers

The Federal Reserve Board has issued SR Letter 13-6 on the supervisory practices that the Federal Reserve can employ when banking organizations and their borrowers and other customers are affected by a major disaster or emergency.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

NCUA prohibition orders

The NCUA has announced its issuance of orders prohibiting four former credit union employees from participating in the affairs of any federally insured financial institution. One individual had been sentenced to 45 months in prison and five years of supervised release, and ordered to pay restitution in the amount of $633,998.56.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

Consumer Compliance Outlook published

The first quarter 2013 issue of Consumer Compliance Outlook has been posted by the Philadelphia Federal Reserve Bank. Included are the Q&As from the Fed's September 2012 "Servicemember Financial Protection" webinar; an article on the gift card requirements found in Regulation E; and other information. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

FRB inclusion report to Congress

The Board has released its 2012 Report to Congress on the Office of Diversity and Inclusion. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

Lending terms report

The February 4–8, 2013 E.2 Survey of Terms of Business Lending report has been released by the Federal Reserve Board. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

Country Exposure Lending Survey

The FFIEC has published the December 31, 2012, E.16 Country Exposure Lending Survey.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

BSA/AML Examination Manual Revised

The FFIEC has issued the revised 2010 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual which has been updated to further clarify supervisory expectations and incorporate regulatory changes since the manual's 2007 revision. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent risk-based guidance for banking organizations to comply with the BSA and safeguard operations from money laundering and terrorist financing. Interagency Statement; Manual; FRB SR Letter; FDIC FIL; FFIEC PR  4/30/10

Geithner "On Too Big To Fail"

In written and oral testimony before the Senate Subcommittee on Financial Services and General Government, Secretary Geithner discussed the proposed legislation and the concept of "too big to fail". Written Testimony; Oral Testimony  4/30/10

FEDS Working Papers Published

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

1. Credit Where None Is Due? Authorized User Account Status and "Piggybacking Credit";
2. The Credit Market Consequences of Job Displacement;
3. Implications of Behavioral Research for the Use and Regulation of Consumer Credit Products.

Credit Abstract; Credit Full Paper; Credit Market Abstract; Credit Market Full Paper; Implications Abstract; Implications Full Paper  4/30/10

Working Paper Revised

The OCC has issued a revised working paper on the topic of "Management Turnover, Regulatory Oversight, and Performance: Evidence From Community Bank". Revised Paper  4/30/10

OFAC Additions

The names of five individuals have been added to the SDN List with the (DRCONGO) designation. Information regarding the additions has been posted on the OFAC page.  4/29/10

Fed Funds Rate Unchanged

The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. FOMC  4/29/10

FR Bulletin Features HMDA Article

Volume 96 of the Federal Reserve Bulletin has been released and features the following article: "The 2008 HMDA Data: The Mortgage Market during a Turbulent Year", which revises a 2009 draft release, and includes revised data. Bulletin  4/29/10

FDIC Schedules Corporate Account Takeovers Symposium

A day-long symposium on May 11, 2010, will be hosted by the FDIC in Arlington, VA. The subject will be combating the threats posed by cyber criminals targeting small and midsize businesses, also known as "corporate account takeovers". Online registration for limited seating is available. Symposium; Program; Registration  4/29/10

MoneyGram Victims to Receive Checks

The FTC will mail more than 34,000 checks totaling almost $18 million to consumers identified as victims of a series of cross-border fraud schemes involving payments via MoneyGram International, Inc. Most of the victims made money transfers within the U.S. or Canada after they were falsely told they had won a lottery, were hired for a secret shopper program, or were guaranteed loans. MoneyGram  4/29/10

Reserve Position Report Update

The Treasury has updated the U.S. international Reserve Position Report with data current as of April 23, 2010. Report  4/29/10

Counterfeit Cashier's Checks Special Alerts

Five Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the name of the following financial institutions:

1. Mertz Banking Company, Mertz, MO;
2. Farmers State Bank, Marion, IA;
3. The Farmers Bank of Appomattox, Appomattox, VA;
4. Carolina Federal Savings Bank, Charleston, SC;
5. West Plains Bank and Trust Company, West Plains, MO.

Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/28/10

OFAC List Adds Drug Lord and Sons

A Guatemalan drug trafficker and his three sons have each been designated by OFAC as a Specially Designated Narcotics Trafficker (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) and their names added to the SDN List. Information regarding the additions has been posted on the OFAC page.  4/28/10

Revision of Unauthorized Cayman Entities List Special Alert

The FDIC has issued a Special Alert by the Cayman Islands Monetary Authority, regarding the revision of the list of entities that utilize Cayman Islands addresses, but are not registered nor licensed to conduct business by the Authority. Special Alert; List  4/28/10

Proposed Supplemental Overdraft Guidance CEO Letter

A CEO Letter has been issued by the OTS regarding proposing a Supplemental Guidance to clarify the OTS's supervisory expectations and the application of relevant laws and regulations concerning overdrafts. CEO Letter; Proposed Guidance  4/28/10

SAR SR Letter Issued

The FRB has issued a replacement SR Letter regarding the "Suspicious Activity Report Filing Requirements for Banking Organizations Supervised by the Federal Reserve", which provides clarification on compliance with filing requirements. SR Letter  4/28/10

HECM Fraud SAR Filing Guidance Released

The FinCEN has issued released new guidance, "Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Home Equity Conversion Mortgage Fraud Schemes", to assist financial institutions in guarding against fraud schemes perpetrated against senior citizens who use the Federal Housing Administration's (FHA's) Home Equity Conversion Mortgage (HECM) program. Advisory  4/28/10

Treasury Encourages Electronic Transactions

A three-pronged initiative, to dramatically reduce the number of transactions conducted on paper, by moving them to electronic systems, has been announced by the Treasury:

1. Individuals will be required to receive Social Security, Supplemental Security Income, Veterans, Railroad Retirement and Office of Personnel Management benefits electronically either through direct deposit into a bank account or the Treasury's Direct Express debit card.
2. Most businesses currently permitted to use paper Federal Tax Deposit coupons will have to make those deposits electronically beginning in 2011;
3. The option to purchase paper savings bonds through payroll deductions for federal employees on September 30, 2010, and for the private sector will be eliminated by January 1, 2011.

Electronic  4/28/10

Bernanke on Achieving Fiscal Sustainability

In a presentation at the first meeting of the National Commission on Fiscal Responsibility and Reform, Chairman Bernanke reviewed the long-term challenges and the path to fiscal sustainability. He stated: "The path forward contains many difficult tradeoffs and choices, but postponing those choices, and failing to put the nation's finances on a sustainable long-run trajectory, would ultimately do great damage to our economy". Speech  4/28/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among East Dubuque Bancshares, Inc., East Dubuque, IL, a registered bank holding company, East Dubuque Savings Bank, Dubuque, IA, a state chartered member bank, and the Federal Reserve Bank of Chicago. Agreement  4/27/10

Funds Service and CHIPS Message Format Implementation Changed

The FRB Financial Services has announced the fourth quarter 2010 implementation of an enhanced message format to support extended character business remittance information on Fedwire Funds Service and CHIPS has been changed to November 19, 2011. Implementation  4/27/10

Seven Banks Closed: Deposits Assumed

The FDIC has announced that the seven following institutions have been closed by their primary regulator and all deposits have been assumed:

1. Amcore Bank, National Association, Rockford, IL, by the Office of the Comptroller of the Currency; the FDIC as receiver entered into a purchase and assumption agreement with Harris National Association, Chicago, IL;
2. Broadway Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, IL;
3. Citizens Bank &Trust Company of Chicago, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, IL;
4. New Century Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation - Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois;
5. Lincoln Park Savings Bank, Chicago, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Northbrook Bank and Trust Company, Northbrook, IL;
6. Peotone Bank and Trust Company, Peotone, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with First Midwest Bank, Itasca, IL;
7. Wheatland Bank, Naperville, IL, by the Illinois Department of Financial and Professional Regulation Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Wheaton Bank & Trust, Wheaton, IL.

Amcore; Broadway; Citizens; New Century; Lincoln Park; Peotone; Wheatland  4/26/10

CU in Receivership

The NCUA has assumed control of the operations of St. Paul Croatian Federal Credit Union, a federally chartered and federally insured credit union headquartered in Eastlake, OH. Receivership  4/26/10

OFAC CMPs Announced

The civil money penalties recently assessed against entities and individuals for violations of various sanctions programs has been announced by OFAC. No financial institutions were cited. CMPs  4/26/10

Abusive OD Program C&D and CMP

The OTS has issued a cease-and-desist order and an order assessing the civil money penalty of $400,000 against Woodforest Bank, Refugio, TX. The bank has also agreed to refund more than $12 million to consumers who were charged excessive fees for overdraft protection on bank accounts. C&D; CMP  4/26/10

Reg C HMDA Hearings Scheduled

Four public hearings on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA) will be held by the FRB at the Federal Reserve Bank of Atlanta on July 15, the Federal Reserve Bank of San Francisco on August 5, the Federal Reserve Bank of Chicago on September 16, and the Federal Reserve Board in Washington, D.C. on September 24. Hearings  4/26/10

Community Developments Investments Spring 2010 Edition Posted

The OCC has posted the Spring, 2010, edition of its online newsletter which features highlights some of the programs and incentives created or expanded by the Recovery Act to promote small business financing and to stimulate housing and economic development. Community Developments  4/26/10

Reserve Position Update

The Treasury has updated the U.S. International Reserve Position Report with data current as of April 16, 2010. Report  4/26/10

C&D Order Issued

The FRB has announced the execution of a consent Cease and Desist Order by and among PB Financial Group, Inc., Denver, CO, a registered bank holding company, Premier Bank, Denver, CO, a state chartered member bank, the Federal Reserve Board, and the Colorado Division of Banking. Order  4/23/10

Written Agreement Executed

The execution of a Written Agreement by and among The Bank of Currituck, Moyock, NC, a state chartered member bank, the Federal Reserve Bank of Richmond, and the North Carolina Office of the Commissioner of Banks has been announced by the FRB. Agreement  4/23/10

New Version of EDIE Available

The FDIC has issued a FIL announcing a new version of its Electronic Deposit Insurance Estimator (EDIE) which provides increased functionality and allows FDIC-insured institutions to customize and integrate EDIE into their web sites is now available. FIL; Overview; Technical Info  4/23/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of April 20, 2010. 314(a)  4/23/10

FedACH News Online

FRB Financial Services has posted online the First Quarter 2010 FedACH News. News  4/23/10

New Electronic Interpretations and Actions Published

The OCC has published the April, 2010, New Electronic Interpretations and Actions. New  4/23/10

Closed Board Meeting Scheduled

The NCUA has scheduled a special closed meeting for April 23, 2010. Agenda  4/23/10

$100 Bill Unveiled

The Treasury, the FRB, and the Secret Service have released the new design for the $100 bill which will be issued on February 10, 2011. The design incorporates new technology to combat counterfeiting including a 3-D security ribbon that contains images of bells and 100s that move and change from one to the other, and a bell in an inkwell that changes color when the bill is tilted. A new web page has been created that explains these and other security features. $100 Bill; Web Site  4/22/10

FR Financial Statements Released

The 2009 annual comparative financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, and the limited liability companies that were created to respond to strains in financial markets have been released. Statements  4/22/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Ameri-National Corporation, Overland Park, KS, a registered bank holding company, and the Federal Reserve Bank of Kansas City. Agreement  4/21/10

LUA Published

The NCUA has published a Letter of Understanding and Agreement (LUA) previously entered into with the officials of Kappa Alpha Psi Federal Credit Union, Dallas, TX. LUA  4/21/10

Geithner on Lehman Brothers

In written and oral testimony before the House Committee on Financial Services, Secretary Geithner reviewed the failure of Lehman Brothers, the events that led to its demise and the reforms needed to prevent future problems. Written; Oral  4/21/10

Dugan Discusses CRA

In a presentation before the Federal Economic Development Forum, Comptroller Dugan discussed the role of the Community Reinvestment Act. Speech  4/21/10

CRA Ratings Released

The OCC has released the ratings received by thirty-five national banks that were recently evaluated for compliance with the provisions of the CRA. Ratings  4/20/10

The Treasury Proposes Rulemaking for Garnishment of Accounts Containing Federal Benefit Payments

The Treasury, SSA, VA, RRB and OPM (Agencies) are publishing a proposed rule for comment, to implement statutory restrictions on the garnishment of Federal benefit payments. The Agencies are taking this action in response to recent developments in technology and debt collection practices that have led to an increase in the freezing of accounts containing Federal benefit payments. The proposed rule would establish procedures that financial institutions must follow when a garnishment order is received for an account into which Federal benefit payments have been directly deposited. It would also require financial institutions that receive a garnishment order for an account to determine whether any Federal benefit payments were deposited to the account within 60 calendar days prior to receipt of the order, and would require them to ensure that the account holder has access to an amount equal to the sum of such payments in the account or to the current balance of the account, whichever is lower. TXT; PDF  4/20/10

T Bank To Pay Consumers $5.1M

The OCC and T Bank, N. A., Dallas, TX (Bank) have entered into a settlement agreement that directs the Bank to make $5.1 million in restitution to over 60,000 consumers adversely affected by its relationships with a third party payment processor and several telemarketers and internet merchants. In addition,the Bank is also required to pay a $100,000 civil money penalty (CMP) to the U.S. Treasury. Agreement; CMP  4/20/10

Lehman Brothers - Lessons Learned

In testimony before the House Committee on Financial Services, Chairman Bernanke discussed the failure of Lehman Brothers and the lessons learned. Testimony  4/20/10

Counterfeit Cashier's Checks Alert

An alert has been issued by the OCC regarding counterfeit cashier's checks issued in the name of Peoples Community National Bank, Bremen, GA, which are being presented for payment nationwide in connection with a secret shopping scam. Information regarding the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/19/10

FDIC Publishes Interim Rule in FR for Amendment of Temporary Liquidity Guarantee Program: Extend Transaction Account Guarantee Program with Opportunity to Opt-Out

The FDIC is issuing this Interim Rule to amend the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP) by providing an 6-month extension of the TAG program for insured depository institutions (IDIs) currently participating in the TAG program, with the possibility of an additional 12-month extension of the program without further rulemaking, upon a determination by the FDIC's Board of Directors (Board) that continuing economic difficulties warrant a continued extension. By virtue of this Interim Rule, the TAG program will be extended through December 31, 2010, with the possibility of an additional 12-month extension through December 31, 2011. TXT; PDF  4/19/10

Fraudulent Correspondence OCC Alert

The OCC has issued an alert regarding a variety of fictitious correspondence, allegedly issued by the OCC regarding funds purportedly under the control of the OCC and other government entities. Samples of the fraudulent correspondence, which is being sent to United States bank customers in an attempt to elicit funds from them and to gather personal information to be used in possible future identity theft, are attached. Alert; Sample 1; Sample 2; Sample 3  4/19/10

May HOEPA Rates Established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May, 2010, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury securities with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15   4/19/10

OFAC Deletes Names

The names of fourteen Columbian individuals previously designated as SDNTs have deleted from the OFAC SDN List. Information regarding the deletions has ben posted on the OFAC page.  4/19/10

Eight Banks Closed

The following banks have been closed by their primary regulator;

1. Lakeside Community Bank, Sterling Heights, MI,by the Michigan Office of Financial and Insurance Regulation; the FDIC as receiver entered into a purchase and assumption agreement with First Michigan Bank, Troy, MI, to accept the failed bank's direct deposits from the federal government. The FDIC was unable to find another financial institution to take over the banking operations. Checks will be mailed to depositors for their insured funds;
2. AmericanFirst Bank, Clermont, FL, by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits;
3. First Federal Bank of North Florida, Palatka, FL, by the OTS; the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits;
4. Riverside National Bank of Florida, Fort Pierce, FL, by the OCC, the FDIC as receiver entered into a purchase and assumption agreement with TD Bank, National Association (N.A.), Wilmington, DE, to assume all of the deposits.
5. Butler Bank, Lowell, MA, by the Massachusetts Division of Banks; the FDIC as receiver entered into a purchase and assumption agreement with People's United Bank, Bridgeport, CT, to assume all of the deposits;
6. Innovative Bank, Oakland, CA, by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Center Bank, Los Angeles, CA, to assume all of the deposits;
7. Tamalpais Bank, San Rafael, CA, by the California Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, CA, to assume all of the deposits.
8. City Bank, Lynnwood, WA, by the Washington Department of Financial Institutions; the FDIC as receiver entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, CA, to assume all of the deposits.

Lakeside; American First; First Federal; Riverside; Butler; Innovative; Tamalpais; City  4/19/10

Enforcement Actions Released

The OCC has released the enforcement actions recently taken against national banks and individuals, currently and formerly affiliated with national banks. Actions  4/19/10

BSA E-Filing Brochure

The FinCEN has issued a brochure that highlights the benefits of using the Bank Secrecy Act Electronic Filing System. Information; Brochure  4/19/10

Risk Weighting Of Early Default Provisions

A CEO letter has been issued by the OTS regarding the risk weighting of early default provisions. CEO Letter  4/19/10

Quarterly Review of Interest Rate Risk Published

The Fourth Quarter, 2009 issue of The Quarterly Review of Interest Rate Risk has been published by the OTS. Quarterly Review  4/19/10

Charities' Leadership Added to OFAC List

The Treasury has targeted the financial and support networks of al-Qai'da and the Taliban by designating two individuals who are the heads of charities who provide support to terrorists or acts of terrorism. Information regarding the designations has been posted on the OFAC page.  4/16/10

Dugan Says Stress Tests Successful

In a presentation before the 2010 Credit Markets Symposium hosted by the Federal Reserve Bank of Richmond, Comptroller Dugan said that the 2009 that stress tests played a crucial role in restoring market confidence in the nation's large banks. Speech  4/16/10

FedFlash Posted

The April, 2010, issue of FedFlash has been posted online by the Federal Reserve Financial Services. FedFlash  4/16/10

Cost of Funds Reports Issued

The OTS has issued the Current and Historical Cost of Funds Reports. Current; Historical  4/16/10

Industrial Production Report Released

The G.17 Industrial Production and Capacity Utilization Report for March, 2010, has been released by the FRB. G.17  4/16/10

TIC Data Released

The Treasury has released the Treasury International Capital (TIC) data for February, 2010. TIC  4/16/10

OFAC Additions and Change

Eleven individuals have been added to the OFAC SDN List with the Somalia designation and one existing entry has been changed. Information regarding the additions and the change have been posted on the OFAC page.  4/15/10

Home Financing Reform Comments Sought

Questions for public comment on the future of the housing finance system, including Fannie Mae and Freddie Mac, and the overall role of the federal government in housing policy have been released by the Administration. Questions  4/15/10

OD Opt-In Bulletin Issued

The OCC has issued a bulletin to provide guidance on implementation of the previously announced final rule for ATM, and one-time debit card transactions overdraft opt-in requirements, and a reminder to national banks that materials associated with the opt-in procedures must comply with FTC standards. Information regarding the Final Rule was posted in the November 17, 2009, Top Stories. Bulletin  4/15/10

MSB List Updated

The FinCEN has updated with data current as of March 23, 2010, the MSB Registration List which contains 41,681 registered MSBs. List  4/15/10

Bernanke's Economic Outlook

In testimony before the Congressional Joint Economic Committee, Chairman Bernanke discussed the economic outlook, financial market developments and fiscal policy. Testimony  4/15/10

Beige Book Updated

The FRB has updated the Beige Book with information collected before April 5, 2010. Summary; Full Report  4/15/10

HAMP Report Released

The Treasury has released the Home Affordable Modification Program (HAMP) report for March, 2010.HAMP  4/15/10

FEDS Working Papers Published

Two working papers in the Finance and Economic Discussion Series (FEDS) have been published by the FRB on the topics of "Using a Projection Method to Analyze Inflation Bias in a Micro-Founded Model", and "Tips from TIPS: the informational content of Treasury Inflation-Protected Security prices." Using Abstract; Using Full Paper; Tips Abstract; Tips Full Paper  4/15/10

FinCEN Publishes Final Rule in FR for Amendment to the Bank Secrecy Act Regulations; Defining Mutual Funds as Financial Institutions

FinCEN is issuing this final rule to include mutual funds within the general definition of "financial institution" in regulations implementing the Bank Secrecy Act ("BSA"). The final rule subjects mutual funds to rules under the BSA on the filing of Currency Transaction Reports ("CTRs") and on the creation, retention, and transmittal of records or information for transmittals of funds. Additionally, the final rule amends the definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering ("AML") programs. The amendment harmonizes the definition of mutual fund in the AML program rule with the definitions found in the other BSA rules to which mutual funds are subject. Finally, the final rule amends the rule that delegates authority to examine institutions for compliance with the BSA. The amendment makes it clear that FinCEN has not delegated to the Internal Revenue Service the authority to examine mutual funds for compliance with the BSA, but rather to the U.S. Securities and Exchange Commission ("SEC") as the federal functional regulator of mutual funds. TXT; PDF  4/14/10

TARP Extended

A FIL has been issued by the FDIC regarding the approval of an interim rule to extend the Transaction Account Guarantee (TAG) program to December 31, 2010, with discretion to extend the program to the end of 2011, without additional rulemaking, if it determines that economic conditions warrant such an extension. FIL; Memorandum; Rule  4/14/10

Large Institution Deposit Insurance Assessment Revised

A Notice of Proposed Rulemaking (NPR) to revise the deposit insurance assessment system for large institutions which pose unique and concentrated risks to the Deposit Insurance Fund, has been approved by the FDIC. FIL; Memorandum; NPR; Assessment Calculator  4/14/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Access Bancshares, Inc., Champlin, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/14/10

Geithner Says Urgent Need for Financial Reform

In a published article, Secretary Geithner urged the enactment of reforms to repair basic flaws in the financial system. He stated, "the American people have suffered through too much to enact reform that does too little". Article  4/14/10

FRB Board Minutes Released

The discount rate minutes from February 17, through March 15, 2010, meetings of the Federal Reserve Board have been released. Minutes  4/14/10

Reserve Position Updates

The Treasury has updated the U.S. International Reserve position Report with data current as of April 9, 2010. Reserve Position  4/14/10

Mutual Funds CTR Filing Requirements

The FinCEN has submitted a final rule for publication that replaces a mutual fund requirement to file IRS/FinCEN Form 8300 with a requirement to file FinCEN Form 104, Currency Transaction Report (CTR), which is standard for financial institutions. Final Rule  4/13/10

Supplemental Capital White Paper Released

The NCUA has released a white paper on supplemental capital. White Paper  4/13/10

Bair Discusses Long Term Outlook

In a presentation to the Council of Institutional Investors-Spring Meeting, Chairman Bair reviewed the steps that need to be taken to avert the next financial crisis. She stated "we must never again ask taxpayers to bail out a large, failing financial firm". Other steps include plugging gaps in regulation, rethinking consumer protection, realigning compensation incentives and paying attention to mortgage deal structures. Speech  4/13/10

South Carolina Bank Closed; Deposits Assumed

Beach First National Bank, Myrtle Beach, SC, was closed by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, NC, to assume all of the deposits. Myrtle Beach  4/12/10

2009 Fact Book Released

The OTS has released the 2009 Fact Book, a statistical review of the thrift industry. Fact Book  4/12/10

West African Narcotics Traffickers Added to OFAC List

OFAC has designated two Guinea-Bissau based individuals as drug kingpins (SDNTKs) due to their significant roles in international narcotics trafficking and added their names to the SDN List. Information regarding the additions has been posted on the OFAC page.  4/09/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Rosemount Financial Services, Inc., Rosemount, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/09/10

Bernanke Discusses Lessons Learned from Economic Policy History

At the 43rd Annual Alexander Hamilton Awards Dinner, Chairman Bernanke discussed the parallels, differences, and lessons learned between the Great Depression and the recent economic crisis, particularly regarding the responses of policymakers. Speech  4/09/10

Finance Companies Report Issued

The February, 2010, G.20 Finance Companies Owned and Managed Receivables Report has been issued by the FRB. G.20  4/09/10

April 2010 FedFocus Published

The Federal Reserve Financial Services has published and posted online the April, 2010, issue of FedFocus which features an article regarding the comments of the staff of a bank that is moving to paperless check processing. FedFocus  4/09/10

Dugan Identifies Poor Credit Underwriting as Financial Crisis Factor

In testimony before the Financial Crisis Inquiry Commission, Comptroller Dugan noted that a key factor in the financial crisis was poor credit underwriting, particularly by non-bank lenders that were subject to little or no regulation. He stated, "I believe the government should establish minimum, common sense underwriting standards for mortgages that can be effectively applied and enforced for all mortgage lenders, whether they are regulated banks or unregulated mortgage companies." Oral Statement; Written Testimony; Appendix A; ; Appendix B; Appendix C; Appendix D; Appendix E  4/09/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among FCB Florida Bancorporation, Inc., Orlando, FL, a registered bank holding company, First Commercial Bank of Florida, Orlando, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. Agreement  4/08/10

Consumer Alert - Deposits by Agents

The FDIC has issued a Consumer Alert for consumers who utilize an agent to place deposits at FDIC insured banks. Alert  4/08/10

OCC Publishes Final Rule in FR for Freedom of Information Act

The Office of the Comptroller of the Currency (OCC) is amending its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect changes to the FOIA made by the Openness Promotes Effectiveness in Our National Government Act of 2007 (OPEN Government Act) and to make other changes that update the OCC's FOIA regulations. TXT; PDF  4/08/10

Bernanke Discusses Economic Challenges

In a presentation at a meeting of the Dallas Regional Chamber of Commerce, Chairman Bernanke discussed national and global past, present, and future economic challenges. He reviewed the origins of the current financial crisis and economic downturn, with a particular focus on the policy response of the Federal Reserve, along with near-term and longer-term challenges facing the country. Speech  4/08/10

Bair on Financial Literacy and Meeting Economic Challenges

At the Operation HOPE Financial Forum: Financial Literacy in the Backdrop of the Global Economic Crisis hosted by the Federal Reserve Bank of Atlanta, Chairman Bair discussed the vital role financial literacy will play in meeting the challenges for consumers as they cope with protecting their money, hanging on to their homes, and trying to decide what to do next with their hard-earned cash. Speech  4/08/10

Consumer Credit Report Issued

The February, 2010, G.19 Consumer Credit Report has been issued by the FRB. G.19  4/08/10

Open Government Plan Released

The FRB has released the agency's Open Government Plan. Plan  4/08/10

CRA Rating Released

The OTS has released the ratings received by savings associations that were recently examined for compliance with the provisions of the CRA. Ratings  4/07/10

Written Agreement Executed

The FRB has announced the execution of a Written Agreement by and among Atlantic Southern Financial Group, Inc., Macon, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. Agreement  4/07/10

314(a) Fact Sheet Updated

FinCEN has updated the 314(a) Fact Sheet with data current as April 6, 2010. 314(a)  4/07/10

FTC Issues Consumer Credit Card Debt Relief Tips

Settling Your Credit Card Debts, a new consumer publication from the FTC warns that there is no guarantee that debt settlement companies can persuade a credit card company to accept partial payment of a legitimate debt. Other tips include red flags to watch out for from companies that promise to settle credit card debt, and discusses practical no-cost and low-cost options for help, including dealing with creditors directly and contacting a credit counselor. Tips  4/07/10

New RESPA Rule FAQs Revised

HUD has revised its previously issued New RESPA Rule FAQs. FAQs  4/06/10

HUD Publishes Final Rule in FR for Section 108 Community Development Loan Guarantee Program

This final rule follows publication of a July 22, 2009, interim rule that implemented section 222 in Division I of the Omnibus Appropriations Act, 2009. Section 222 authorizes HUD, to the extent of its Fiscal Year (FY) 2009 loan guarantee authority, to provide community development loan guarantees, under section 108 of the Housing and Community Development Act of 1974, to States borrowing on behalf of local governments in nonentitlement areas (governments that do not receive annual Community Development Block Grants (CDBGs) from HUD). Section 108 authorizes HUD to guarantee notes issued by such nonentitlement local governments or their designated public agencies supported by the respective State's pledge of its CDBG funds. Prior to the enactment of section 222, HUD lacked authority to guarantee notes issued by States on behalf of local governments in nonentitlement areas. HUD received a single public comment on the July 22, 2009, interim rule, which expressed support for the interim regulatory amendments. HUD is adopting the interim rule without change. TXT; PDF  4/06/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Citizens Bancshares of Woodville, Inc., Hudson, WI, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. Agreement  4/06/10

Risk Management FIL

A FIL has been issued by the FDIC regarding the previously announced federal banking interagency guidance to provide sound practices for managing funding and liquidity risk and strengthening liquidity risk management practices. Information concerning the guidance was posted in the March 18, Top Stories. FIL  4/06/10

Reserve Position Update

The U.S. International Reserve Position Report has been updated by the Treasury with data current as of April 2, 2010. Report  4/06/10

Counterfeit Cashier's Checks Special Alerts

Two Special Alerts have been issued by the FDIC regarding counterfeit cashier's checks bearing the names of The Highlands Bank, Jackson, LA, and Horizon Community Bank, Lake Havasu City, AR. Information concerning the counterfeit cashier's checks has been posted on the Alerts & Counterfeits page.  4/05/10

CRA Ratings Released

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  4/05/10

TIL Regulatory Bulletin and CEO Letter

The OTS has issued a CEO Letter regarding the transmittal of a Regulatory Bulletin concerning changes to examination procedures as a result of amendments to the provisions of Truth in Lending Act for open-end credit, primarily credit cards, and closed-end private student loans and mortgage transfers. CEO Letter; Bulletin  4/05/10

NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions: Mergers and Conversions of Insured Credit Unions

This document corrects the preamble to a proposed rule published in the Federal Register of March 29, 2010, regarding fiduciary duties at Federal credit unions and mergers and conversions of insured credit unions. The proposed rule as published included an incorrect address for Web site comments and an incorrect subject line for e-mail comments in the ADDRESSES section of the preamble. TXT; PDF  4/05/10

Reserve Position Reports Released

The Treasury has released the U. S. International Reserve Position Reports for March 19 and 26, 2010. March 19; March 26  4/05/10

FEDS Working Papers Published

Two working papers in the Finance and Economics Discussion Series (FEDS) have been published by the FRB on the topics of "Commercial and Residential Land Prices Across the United States" and "General-Equilibrium Effects of Investment Tax Incentives". Commercial Abstract; Commercial Full Paper; General-Equilibrium Abstract; General-Equilibrium Full Paper  4/05/10

Two Added to OFAC List

The Treasury has designating two European-based individuals as Specially Designated Global Terrorists (SDGTs) for providing support to terrorists or acts of terrorism by providing financial, material, or technological support and for involvement in an plot to target U.S. military personnel stationed in Germany. Information regarding the individuals has been posted on the OFAC page.  4/02/10

Written Agreements Announced

The FRB has announced the execution of the following written agreements:

1. by and among First Banks, Inc., St. Louis, MO, The San Francisco Company, Clayton, MO, both registered bank holding companies, their subsidiary bank, First Bank, Creve Coeur, MO, a state chartered member bank, and the Federal Reserve Bank of St. Louis;
2. by and between Independent Bancshares, Inc., Ocala, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta.

First
; Independent  4/02/10

Severe Storm and Flooding Recovery Guidance

A FIL has been issued by the FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in the areas of Rhode Island and Massachusetts affected by severe storms and flooding. FIL  4/02/10

Mobile Finance Forum Files and Transcripts Online

The FRB has made the audio files and transcripts of the "Cash, Check, or Cell Phone?" Protecting Consumers in a Mobile Finance World, forum which was held in Washington, D.C. on February 23, 2010. Summary; Welcome; Conference Materials; Speaker Biographies  4/02/10

National Banks Directors Workshop Scheduled

The OCC will host a will host a workshop for directors of nationally chartered community banks in Chicago, at the InterContinental Chicago Hotel, May 17-19, 2010. Online registration is available. Workshop; Registration  4/02/10

FDIC Announces Winner Bidder

The winner bidder has been announced by the FDIC of the sale of an equity interest in a limited liability company (LLC) created to hold certain assets transferred from nineteen failed bank receiverships. Sale  4/02/10

Financial Reporting Bulletin Released

The March, 2010, Financial Reporting Bulletin has been released by the OTS. Bulletin  4/02/10

Foreign Exchange Rates Report Released

The March 2010 G. 5 Foreign Exchange Rates Report has been released by the FRB. G.5  4/02/10

Minority-Owned Banks Report Updated

The FRB has updated the Minority-Owned Banks Report with data current as of December 31, 2010. Report  4/02/10

FRB Publishes Final Rule in FR for Electronic Fund Transfers

The Board is amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule restricts a person's ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. The final rule also generally prohibits the sale or issuance of such products if they have an expiration date of less than five years. The amendments implement statutory requirements set forth in the Credit Card Accountability Responsibility and Disclosure Act of 2009.TXT; PDF  4/01/10

Fed Publishes Consumer Compliance Outlook

The Federal Reserve announced its publication of the First Quarter 2010 issue of Consumer Compliance Outlook, available on its Outlook website. Website  4/01/10

Written Agreement Executed

The FRB has announced the execution of a Written Agreement by and between Atlantic BancGroup, Inc., Jacksonville Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. Agreement  4/01/10

Prompt Corrective Action Directive Issued

The issuance of a Prompt Corrective Action Directive against Midwest Bank and Trust Company, Elmwood Park, IL, a state chartered member bank, has been announced by the FRB. Directive  4/01/10

OTS Announces Mortgage Loan Consumer Brochure

A brochure, "What to Expect When You Apply For A Mortgage Loan", which describes key changes in the mortgage loan process and conveys information about the importance of credit scores in the lending process, is available for consumers from the OTS. Brochure  4/01/10

Bureau finalizes Foreign Remittances Rule

The CFPB has announced its approval of final changes to the Foreign Remittances Rule (subpart B of Regulation E) to make two significant changes—

• The disclosure of foreign taxes, and of and fees imposed by a recipient institution (unless that institution is an agent of the provider), has been made optional, if a disclaimer that such fees and taxes may apply is disclosed
• When funds are deposited to the wrong account because of incorrect routing or account number information supplied by the sending consumer, the provider will have to attempt to recover the funds but would not be accountable for funds that cannot be recovered

The revised rule will now be effective on October 28, 2013.4/30/13

Citizens Bank units to pay CMPs

RBS Citizens, N.A., and Citizens Bank of Pennsylvania (CPBA), affiliates that both operate under the name Citizens Bank, have each been assessed a $5 million civil money penalty by their respective federal regulators, the OCC and the FDIC. The regulators' orders said the banks were in violation of the UDAP provisions in Section 5 of the FTC Act, with regard to inaccurate or misleading disclosures of the banks' overdraft protection programs, an aspect of their checking rewards programs, and their handling of stop payments of preauthorized electronic fund transfers. The OCC also ordered RBS Citizens, N.A., to pay approximately $2.5 million in restitution to affected consumers. The FDIC ordered CBPA to make similar payments of approximately $1.4 million.4/30/13

• OCC Consent Order against RBS Citizens, N.A.
• OCC Order for Civil Money Penalty against CBPA
• FDIC Order for Restitution and Civil Money Penalty

Bureau amends CARD Act ability to pay rule

The CFPB has announced approval of an amendment to Regulation Z intended to make it easier for stay-at-home spouses and partners to get credit card accounts. The change allows card issuers to consider third-party income if the applicant has a reasonable expectation of access to it. The amendment, which will be effective upon publication in the Federal Register, with compliance optional for 6 months thereafter, has been posted to BankersOnline's Alphabet Soup (see section 1026.51 and its Commentary). 4/30/13

Counterfeit cashier's checks alerts

The OCC has issued two Alerts on counterfeit cashier's checks bearing the name of Broadway National Bank, San Antonio, Texas, and First National Bank and Trust of Junction City, Kansas. These alerts have been added to the BankersOnline Alerts & Counterfeits page, where you can find details. [Editor's Note: These are the first counterfeit alerts from federal regulators since June 26, 2012.]

Goldman Sachs and Morgan Stanley borrower payments

The Federal Reserve Board has announced that payments are scheduled to begin on this Friday (May 3, 2013) to borrowers covered by the Independent Foreclosure Review agreement whose mortgages were serviced by Goldman Sachs and Morgan Stanley. 4/30/13

Building and keeping good credit

An article on the CFPB Blog provides tips for consumers for building and maintaining a good credit history. 4/30/13

Guidance proposals published

The recently-announced proposals from the FDIC and OCC for Guidance on Deposit Advance Products have been published in today's Federal Register. The OCC proposal announces withdrawal of its June 8, 2011, proposal on a related subject. 4/30/13

• OCC: Proposed Guidance on Deposit Advance Products; Withdrawal of Proposed Guidance on Deposit-Related Consumer Credit Products
• FDIC: Proposed Guidance on Deposit Advance Products

Comments on the proposals close on May 30, 2013. 4/30/13

Marketable borrowing estimates

Treasury has announced its current estimates of net marketable borrowing for the second and third quarters 2013. 4/30/13

FDIC enforcement actions

The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/29/13

Two banks closed

The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia.4/29/13

Recap of Bureau's Twitter chat on talking with kids

The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money.4/29/13

Allocation of civil penalties by CFPB

The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication.4/29/13

FRB TDF fixed-rate offerings

A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013.4/29/13

FRB Foreign Remittance Transfers report to Congress

The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries.

IFRP payments top $1 billion

The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP).4/29/13

OCC participates in Literacy Day

At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes.4/29/13

Agencies respond on deposit advance lending

The FDIC and OCC have proposed for public comment supervisory guidance to the financial institutions they supervise that offer or may consider offering deposit advance products. The proposals are intended to ensure that banks are aware of a variety of safety and soundness, compliance, and consumer protection risks posed by deposit advance loans. The Proposed Guidance on Deposit Advance Products would include supervisory expectations with regard to an institution's involvement in these products. The OCC's June 8, 2011, proposal for Guidance on Deposit-Related Consumer Credit Products was withdrawn. The FRB also weighed in with Community Affairs Letter CA 13-7 to issue a Statement on Deposit Advance Products, to emphasize to state member banks the significant consumer risks associated with deposit advance products. The proposals and policy statement come on the heels of this week's CFPB whitepaper on payday and deposit advance loans. 4/26/13

• FDIC proposed guidance
• OCC proposed guidance
• FRB policy statement

Comments on the FDIC and OCC proposals will be accepted for 30 days following their publication in the Federal Register.

Bureau comments on agency statements

The CFPB posted a statement in support of the supervisory statements of the FDIC, OCC and FRB concerning consumer risks associated with deposit advance products. In its comments, the Bureau said it expects to use its authorities to provide protections to consumers once further analysis of the short-term, high-cost loan market is complete. 4/26/13

OFAC issues $23,400 CMP

OFAC has announced the payment of a $23,400 civil money penalty (CMP) by Toyota Motor Credit Corporation to settle potential liability for 26 apparent violations of the Foreign Narcotics Kingpin Sanctions Regulation. The violations occurred when an account was maintained for, and transactions were processed instead of being blocked for, an individual who was designated by OFAC as a Specially Designated Narcotics Trafficker (SDNT).4/26/13

FSOC Annual Report to Congress

Treasury has announced the release by the Financial Stability Oversight Council (FSOC) of its third annual report to Congress as required by the Dodd-Frank Act.4/26/13

FHFA mortgage interest rates report

The March 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report has been released by the Federal Housing Finance Agency (FHFA). The rate for loans closed in March was 3.54 percent, an increase of 0.11 percent from February.4/26/13

FRB Written Agreements

The Federal Reserve Board has announced the execution of separate Written agreements with Freedom Bank of Oklahoma, Tulsa, Oklahoma, and Freedom Bancorporation, Inc., Lindstrom, Minnesota.4/26/13

Report of examination format

The FRB has issued SR 13-10 to announce the format for safety-and-soundness reports of examination and inspection for community state member banks and holding companies with composite "4" or "5" ratings.4/26/13

FTC issues COPPA FAQs

The Federal Trade Commission has announced the issuance of "Complying With COPPA: Frequently Asked Questions," an updated set of frequently asked questions designed to help website operators, mobile application developers, plug-ins and advertising networks operating on child-directed websites and online services prepare for upcoming changes to the Children's Online Privacy Protection Rule (COPPA).4/26/13

Senior ID theft workshop agenda

The agenda for the May 7, 2013, FTC workshop, "Senior Identity Theft: a Problem in this Day and Age," has been released. The session will be free and open to the public, at the FTC Conference Center in Washington, D.C. 4/26/13

HUD restructures some field offices

HUD has issued a press release announcing major changes within its Office of Multifamily Housing Programs and the Office of Field Policy and Management (FPM). Hub offices will be combined and sixteen offices closed nationwide. The changes will affect approximately 10% of the Department's employees.4/25/13

$100 note issue date

The Federal Reserve Board has announced October 8, 2013, as the issue date of the redesigned $100 note. The design of the note was disclosed in 2010, but the introduction was delayed due to production problems. 4/25/13

Second Quarter 2013 FRB interest rates

The interest rate paid by the FRB for the second quarter 2013 on required reserve balances (balances held at Reserve Banks to satisfy reserve requirements) and on excess balances (balances held in excess of required reserve balances) has been released.4/25/13

AML and counter-terrorist financing risk guidance

FinCEN has issued two advisories regarding guidance to financial institutions based on the Financial Action Task Force public statement on anti-money laundering and counter-terrorist financing risks. Advisory FIN-2013-A003 concerns risks posed by one list of countries and Advisory FIN-2013-A004 addresses a second list.4/25/13

Treasury CDFI announces $3.5 billion in awards

A press release has been issued by Treasury's Community Development Financial Institutions (CDFI) Fund to announce $3.5 billion in New Markets Tax Credit (NMTC) awards to 85 organizations. The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in Community Development Entities.4/25/13

FCA posts CMP inflation adjustments

The Farm Credit Administration (FCA) has published a Final Rule to implement inflation adjustments to civil money penalties (CMPs) that the FCA may impose pursuant to the Farm Credit Act and the Flood Disaster Protection Act of 1973, as amended.4/25/13

Bureau releases payday and deposit advance loan report

In prepared remarks for a press call on April 23, CFPB Director Richard Cordray announced the release of a white paper on payday and deposit advance loans. The white paper, said Cordray, serves two purposes: It provides information that may facilitate discussion around a shared set of facts, and provides market participants with a clear statement of the concerns that the Bureau's analysis raises. The Director said that the CFPB will be determining how to exercise its authorities to best protect consumers who use payday and deposit advance loans, while preserving access to responsible credit. The Bureau also provided a factsheet and updated its Ask CFPB web tool to provide information on payday and deposit advance lending. 4/24/13

Lebanese exchange houses targeted

Treasury has identified two Lebanese exchange houses, Kassem Rmeiti & Co. For Exchange (Kassem), and Halawi Exchange Co. (Halawi), as financial institutions of "primary money laundering concern" under section 311 of the USA PATRIOT Act. An imposition of special measures, notice of filing, and order imposing recordkeeping obligations and reporting obligations were issued against each entity. 4/24/13

• Kassem Proposed Rule of Imposition; Notice of Finding; Temporary Order
• Halawi Proposed Rule of Imposition; Notice of Finding; Temporary Order

The Temporary Orders, which impose recordkeeping and reporting requirements on affected U.S. banks, are effective from April 23 through August 21, 2013. Links to those orders have been posted to the Table of Contents page for 31 CFR Part 1010, the General Provisions portion of FinCEN's Title X regulations, in BankersOnline's Alphabet Soup pages. Comments on the proposed amendments to Part 1010 are due by June 24, 2013.

Housing prices rise

The Federal Housing Finance Authority (FHFA) has issued the February 2013 Housing Price Index, which indicates that prices rose 0.7 percent from January 2013 and 7.1 percent from February 2012. 4/24/13

Residential mortgage servicing guidance

Federal Reserve Board SR Letter-13-9 has been issued to provide guidance on sound business practices for residential mortgage servicing that Federal Reserve-supervised financial institutions are expected to address in their collections, loss mitigation, and foreclosure processing functions. The guidance confirms the minimum standards that all regulated institutions are expected to adopt in prioritizing and handling the files of borrowers at imminent risk of foreclosure.4/24/13

Bureau announces consultation policy

The CFPB has announced a new "Tribal Consultation Policy" to address the needs and concerns of Native Americans and tribal governments. 4/24/13

Teach Children to Save Day

The CFPB Blog includes an article on "Teaching your kids to save," in response to designation of April 23 as "Teach Children to Save" Day. 4/24/13

HUD takes control of housing authority

A HUD press release has been issued on the agency's takeover of the Housing Authority of the City of Cocoa, Florida. HUD cited violations of federal law and the Authority's default on the Public Housing Annual Contributions Contract as the reasons for the takeover. 4/24/13

FTC supports proposed SSA policy change

The FTC has announced its support of a Social Security Administration (SSA) proposal designed to protect children from identity theft. Under the proposal, a new policy would allow the Social Security number of a child under 13 to be changed in the event the child's Social Security card was stolen in transit, incorrectly disclosed through SSA's Death Master File, or misused by a third party. The FTC staff recommended that children age 17 and under be covered by the policy. 4/23/13

ICE announces ID theft and bank fraud conviction

A news release has been issued by U.S. Immigration and Customs Enforcement (ICE) announcing the sentencing of a New Mexico business receptionist to 42 months in federal prison on bank fraud and aggravated identity theft charges. She was also ordered to pay her victims $14,022.27 for altering the payee information on checks payable to her employer, and depositing the altered checks into her personal bank account; using the names, addresses, telephone numbers and bank account numbers of her employer's clients to commit criminal offenses; and making fraudulent online purchases by using the credit card information belonging to her employer's clients. 4/23/13

Cordray discusses CFPB Semi-Annual Report

In testimony before the Senate Committee on Banking, Housing, and Urban Affairs, CFPB Director Cordray discussed the agency's Semi-Annual Report covering the last six months of 2012. 4/23/13

FDIC Quarterly

The first quarter 2013 issue of the FDIC Quarterly includes articles on the Quarterly Banking Profile for the quarter ending 12/31/2012 and highlights from the 2012 Summary of Deposits. 4/23/13

Bureau announces personnel changes

The CFPB has announced several changes and additions to its leadership. 4/22/13

Bureau proposes more changes to final rules

The CFPB has posted on its Blog a proposed rule to address questions that have been received since its January 2013 issuance of the Ability to Repay/QM and Mortgage Servicing Rules. The proposal addresses clarifications of the following topics— 4/22/13

• debt-to-income ratio
• contract variances and the temporary QM provision
• purchase, guarantee or insurability status and the temporary QM
• the fact that Regulation X does not preempt the field of mortgage servicing regulation by states
• the small servicer exemption<

OCC enforcement actions

The OCC has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Four flood insurance violation civil money penalties (CMPs) totaling $15,810 were included. Details on those penalties are found on BankersOnline's Flood Penalties Watch page. 4/22/13

IFRPA checks update

A news release from the OCC updates the status of the planned payments to eligible borrowers under the Independent Foreclosure Review Payment Agreement (IFRPA). 4/22/13

• Three banks closed

  The FDIC has announced the closing of three banks—

  • First Federal Bank, Lexington, Kentucky
  • Heritage Bank of North Florida, Orange Park, Florida
  • Chipola Community Bank, Marianna, Florida

• FTC fraud survey

  The Federal Trade Commission has issued a press release announcing the release of a statistical survey of fraud in the United States during 2011, which reports an estimated 25.6 million adults, 10.8 percent of the adult population, were fraud victims. The top ten categories of fraud include scams involving credit repair, debt relief, credit card insurance, and mortgage relief. 4/22/13

• FTC alert regarding Boston bombing aid scams

  A list of tips on how to avoid scams has been issued by the FTC for those who may want to donate money to the victims and families of the Boston bombings. 4/22/13

• Bureau addresses Maine and Tennessee gift card laws

  The CFPB has announced the issuance of final determinations clarifying potential conflicts between federal gift card law and unclaimed property laws of Maine and Tennessee. Federal law generally prohibits the sale of a gift card that expires sooner than five years after the date when funds were last loaded onto the card. The unclaimed property laws in Maine and Tennessee consider some gift cards abandoned property as early as two years after purchase. 4/19/13

• LATE-BREAKING: Bureau posts escrow compliance guide

  The CFPB sent email subscribers a notice today that it has posted the TILA Escrow Rule Small Entity Compliance Guide. The Guide is an attempt to describe the final rule amending Regulation Z's section 35 in plain English, and is designed primarily to assist smaller creditors understand the requirements that will be effective on June 1, 2013. 4/19/13

• HMDA reporting guide updated

  The FFIEC has posted an updated edition of A Guide to HMDA Reporting: Getting It Right. The 2013 edition, to be used with 2013 HMDA data due March 1, 2014, covers the transfer of authority from the FRB to the CFPB and the updates to the asset-size threshold exemption. 4/19/13

• Individual dropped from OFAC list

  OFAC has deleted an individual with eight entries with the SYRIA designation from its SDN List. See the April 18, 2013, BankersOnline OFAC Update for details. 4/19/13

• Cease and Desist Order issued

  The Federal Reserve Board has issued a consent cease and desist order against Metropolitan Bank Group, Inc., Chicago, Illinois, relating to safety and soundness deficiencies of the holding company and its bank subsidiaries. 4/19/13

• Bureau field hearing on student loans

  A field hearing on student loan borrowing will be held by the CFPB on May 8, 2013, in Miami-Dade County, Florida. It is open to the public but requires an RSVP. Details are available in English and Spanish on the CFPB Blog. 4/19/13

• NCUA April board action

  A bulletin has been issued by the NCUA on actions taken at the April 18, 2013, meeting of the NCUA Board. 4/19/13

• CFPB report on seniors and financial advisers

  The CFPB has issued a news release to announce the publication of a report highlighting problems with so-called "senior designation" credentials that many financial advisers use to market their services to older Americans. Bureau Director Cordray said the report "underscores the need for consistent high-level standards of training and conduct for those advisers who want to acquire a bona fide senior designation." 4/19/13

• Tips for seniors on financial advisors

  The Bureau also posted a related Blog article with suggestions for evaluating an adviser's "senior" designation, and sources available for verification of a financial adviser's credentials. 4/19/13

• Bureau Twitter chat planned

  The Bureau plans a Twitter chat on talking with kids about money on April 24. Information about the plan is posted on the CFPB Blog. 4/19/13

• Escrows rule amendments proposal published

  The CFPB's previously announced proposal to amend the January 2013 Escrow Rule (to leave in place consumer protections that the January rule inadvertently would have removed on June 1, 2013) has been published in today's Federal Register. Comments on the proposal are due by May 3, 2013. 4/18/13

• FRB publishes Reg TT proposal

  The Federal Reserve Board has published in today's Federal Register its previously announced proposed rule (Regulation TT, 12 CFR Part 246) that would implement section 318 of the Dodd-Frank Act, which directs the Board to collect assessments, fees, or other charges equal to the total expenses the Board estimates are necessary or appropriate to carry out the supervisory and regulatory responsibilities of the Board for bank holding companies and savings and loan holding companies with total consolidated assets of $50 billion or more and non bank financial companies designated for Board supervision by the Financial Stability Oversight Council. Comments are due by June 15, 2013. 4/18/13

• HUD proposal on reporting requirements

  HUD has published a proposed rule that would relax certain FHA financial statement reporting requirements for lenders and mortgagees. Comments are due by June 17, 2013. 4/18/13

• Cordray on financial literacy and education

  CFPB Director Cordray spoke yesterday at the Federal Reserve Bank of Chicago on the importance of consumer financial literacy and education. 4/18/13

• Beige Book update

  The April 17, 2013, update to the Beige Book has been published by the FRB. 4/18/13

• Director workshops

  The OCC will host two workshops in Columbia, South Carolina, on May 21–22, for directors of national community banks and federal savings associations. The "Risk Assessment for Directors" and "Compliance Risk: What Directors Need to Know" workshops are designed exclusively for directors of institutions supervised by the OCC. 4/18/13

• May 2013 HOEPA rates established

  The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in May 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. 4/17/13

• Foreclosure Review payments

  The OCC has posted a news release reminding institutions that a first "wave" of checks was sent to consumers on April 12 as part of the expected $3.6 billion in payments under the Independent Foreclosure Review process. Positive ID is required for cashing the checks, and check verification instructions are printed on the back of each check. Nearly 50,000 of the checks had already been cashed or deposited as of Monday, April 15. Update (9:20 ET): The Federal Reserve Board announced that early problems with some checks in the first wave of payments have been corrected. Some early recipients had reported they were unable to cash their checks. Rust Consulting, Inc., the paying agent, corrected the problem that had led to the early rejections. 4/17/13

• Discount rate meeting minutes

  The Federal Reserve Board has released the minutes of the discount rate meetings held February 11 through March 18, 2013. 4/17/13

• Curry remarks at 2013 Hope Forum

  Comptroller Curry discussed the importance of financial literacy, economic empowerment, and CRA at the 2013 Hope Forum, sponsored by Operation Hope in Atlanta. 4/17/13

• Calvery on emerging payment systems and related vulnerabilities

  In remarks at the CyFin 2013 Conference hosted by the National Cyber-Forensics Training Alliance in Pittsburgh, FinCEN Director Calvery discussed the financial flows and vulnerabilities related to emerging payment systems. Topics included virtual currencies, uncovering cyber trends and patterns, account takeovers, third party payment processors, and advanced analytics. The agency's Delta Team initiative was also discussed. 4/17/13

• NCUA grant

  The NCUA has announced its award of a $50,000 grant to a group of South Carolina credit unions that are collaborating on a groundbreaking project to improve talent management. 4/17/13

• NCUA marketing webinar

  A free credit union marketing webinar, "Driving the Bottom Line: Results through Marketing," will by hosted by the NCUA on April 23, 2013, at 2 p.m. ET. 4/17/13

• Fair Housing claim settled

  HUD has announced a $90,000 conciliation agreement with Coldwell Banker Residential Brokerage and the seller of a home, settling allegations they violated the Fair Housing Act by preventing the sale of a house to be used as a group home for persons with disabilities. 4/16/13

• Annual Assessments comments requested

  The FRB has issued a press release inviting comment on a proposal to establish an annual assessment of bank holding companies and savings and loan holding companies with $50 billion or more in total consolidated assets and for nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve. Comments must be submitted by June 15, 2013. 4/16/13

• Additional resolution plans guidance

  The Federal Reserve Board and the FDIC have announced the release of additional guidance, clarification and direction for the first group of institutions, both domestic and foreign-based, for filing their resolution plans pursuant to the Dodd-Frank Act. 4/16/13

• SDN list removals

  OFAC has removed three Iran Sanctions Act names from the SDN List. Details are available in BankersOnline's April 15, 2013, OFAC Update. 4/16/13

• OCC schedules California workshops

  The OCC will host two workshops in San Jose, California, on May 14–15, for directors of national community banks and federal savings associations. 4/16/13

• Calvery discusses mortgage fraud prevention programs

  In prepared remarks for the Mortgage Bankers Association Fraud Issues Conference, FinCEN Director Calvery discussed the Distressed Homeowners Initiative, third party payment processors, advanced analysis, and the universal SAR, and gave a regulatory update. 4/16/13

• FinCEN Syrian advisory update

  An updated FinCEN advisory to financial institutions on recent events in Syria has been issued. 4/16/13

• TIC data

  Treasury has issued the Treasury International Capital (TIC) data for February 2013. 4/16/13

• Proposed Clarification of 2013 Escrows Rule

  The CFPB Blog has announced a proposed rule clarifying and making technical amendments to the original 2013 Escrows Final Rule that it issued in January 2013. The proposal would temporarily reestablish certain consumer protections that the January escrow rules eliminate when they become effective on June 1, 2013, until they are replaced by expanded protections in January 2014. A short 15-day comment period will begin with publication of the proposal in the Federal Register. 4/15/13

• Designations under new OFAC sanctions program

  Treasury has announced the designation of 18 individuals under the Sergei Magnitsky Rule of Law Accountability Act of 2012, which calls for the freezing of assets of and prohibition of transactions with persons identified by the President as responsible for the detention, abuse, and death in the Russian Federation of Sergei Magnitsky and other gross abuses of human rights. OFAC has established a new Magnitsky Sanctions Program, under which SDN listings will carry the tag of [MAGNIT]. See BOL's April 12, 2013, OFAC Update for details. 4/15/13

• HUD expands options for Sandy victims

  HUD has announced additional measures to allow families to get back on their feet after Hurricane Sandy without having to face the prospect of foreclosure. 4/15/13

• OFAC issues CMP

  A non-financial corporation has paid a $22,500 CMP to OFAC in settlement of civil liability for an alleged violation of the Iranian Transactions and Sanctions Regulations. 4/15/13

• Fed statistical releases

  The Federal Reserve Board has released the list of insured U.S chartered commercial banks that have consolidated assets of $300 million or more, and the list of minority-owned financial institutions and their branches as of December 31, 2012. 4/15/13

• Bernanke on creating resilient communities

  In a speech at the "Resilience and Rebuilding for Low-Income Communities: Research to Inform Policy and Practice" Federal Reserve System Community Affairs Research Conference in Washington, D.C., Chairman Bernanke discussed the evolution of community development, accelerating transformation development in communities, and developing local leaders. 4/15/13

• Virginia CU liquidated

  The NCUA has announced the liquidation of Shiloh of Alexandria Federal Credit Union, Alexandria, Virginia. Shiloh of Alexandria, which had 624 members and assets of under $2.5 million, was the fifth federally insured credit union liquidated this year. 4/15/13

• The NCUA Report

  The April 2013 issue of The NCUA Report has been published. 4/15/13

• OFAC designations

  Treasury has announced the designation of an Iranian businessman, along with a Malaysian bank and an international network of front companies, for moving billions of dollars on behalf of the Iranian regime. Also designated was a Swiss-based Iranian oil trading company owned or controlled by the previously designated National Iranian Oil Company. Additional details are included in BankersOnline's April 11, 2013, OFAC Update. 4/12/13

• Treasury schedules TARP CPP stock auction

  Treasury also announced it will sell preferred stock and subordinated debt CPP investments in eight institutions. The auctions, which will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors, are expected to commence on or about April 15, 2013. 4/12/13

• HARP extended

  The Federal Housing Finance Agency (FHFA) has issued a news release announcing the extension of the Home Affordable Refinance Program (HARP) by two years to December 21, 2015.

• Fed to continue using RFI

  Supervision and Regulation Letter SR 13-8 has been issued by the Federal Reserve Board to announce the extension of the use of the rating system referred to as RFI to assign "indicative ratings" to savings and loan holding companies. 4/12/13

• NCUA Board meeting agenda

  The agenda for the April 18, 2013, NCUA Board meeting has been posted. 4/12/13

• CFPB financial aid tips

  A Bureau Blog article provides tips for comparing college financial aid offers and features an updated tool for students that allows them to compare financial aid packages and college costs. 4/12/13

• Bureau ATR/QM Compliance Guide

  The Consumer Financial Protection Bureau has posted the first in a series of compliance guides to its recently finalized mortgage lending rules. The Ability-to-Repay and Qualified Mortgage Rule Small Entity Compliance Guide is now available on the Bureau's Regulations page for the Ability-to-Repay (ATR) and Qualified Mortgage (QM) rule, along with a quick-reference chart comparing the general ATR requirements with those for QMs. 4/11/13

• ACH volume tops 21 billion

  NACHA has announced that ACH transaction volume exceeded 21 billion in 2012, an increase of more than 4 percent over the 2011 count. The data reported shows an increase of 6.38 percent in electronically-originated payments and a decline of 6.75 percent in check conversions, reflecting a further shift away from paper checks for initiating payments. ACH network dollar volume increased by 8.8% to about $37 trillion. 4/11/13

• FOMC minutes

  The Federal Reserve Board has posted the minutes, statement, and materials from the March 19–20, 2013, meeting of the Federal Open Market Committee (FOMC). 4/11/13

• SEC adopts ID theft rules

  The SEC and Commodity Futures Trading Commission have jointly adopted final rules requiring broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the agencies to adopt programs to detect identity theft red flags and prevent incidents of ID theft. 4/11/13

• Honduran drug traffickers added to OFAC list

  OFAC has announced the designation of a Honduran national as a Specially Designated Narcotics Trafficker ("SDNT") pursuant to the Foreign Narcotics Kingpin Designation Act ("Kingpin Act"). His wife, father, and several of his companies including a general merchandise and auto parts store, a motorcycle brand, and a clothing store were also designated. See the April 9, 2013, BOL OFAC Update for details. 4/10/13

• Bureau publishes complaint disclosure policy

  The CFPB has published in today's Federal Register its final policy statement on how it plans to publicly disclose certain consumer complaint data without personally identifiable information. The policy became effective March 25, and the Bureau provided access to the data beginning March 28, 2013.

• Foreclosure agreement payments begin

  A joint press release has been issued by the FRB and OCC to announce an agreement with 13 mortgage servicers to begin making payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the signatory companies. A website has been created to provide information to the borrowers. 4/10/13

• January 2013 Refinance Report

  The Federal Housing Finance Agency (FHFA) has released its January 2013 Refinance Report. Refinance volume remained high with nearly 470,000 reported, 97,600 of which took advantage of the Home Affordable Refinance Program (HARP). 4/9/13

• Bernanke on stress tests

  In a speech at the "Maintaining Financial Stability: Holding a Tiger by the Tail" financial markets conference sponsored by the Federal Reserve Bank of Atlanta, Chairman Bernanke discussed what has been learned from the 2009 Supervisory Capital Assessment Program (SCAP) popularly known as the bank stress tests. 4/9/13

• FDIC banker teleconferences on mortgage lending rules

  FDIC FIL-17-2013 has been issued to announce three nationwide banker teleconferences on May 2, May 15, and June 6 that will focus on significant mortgage-related final rules issued by the Consumer Financial Protection Bureau (CFPB). 4/9/13

• Consumer Credit report

  The Federal Reserve Board has released the G.19 Consumer Credit Outstanding and Terms of Credit Report. 4/9/13

• ID theft victims video

  The Federal Trade Commission has posted a video, Guide to Assisting Identity Theft Victims, designed to help those who assist the victims of ID theft in repairing their identity. 4/9/13

• ForEx currency exchange rule published

  The Federal Reserve Board's previously-announced final Retail Foreign Exchange Transactions rule, which will be effective May 13, 2013, has been published in today's Federal Register. 4/9/13

• GAO pension plan report

  The Government Accountability Office (GAO) has released a report on funding problems of multiemployer private pension plans. The report suggests that Congress address comprehensive reforms to reinforce and stabilize the multiemployer system. 4/9/13

• Arizona bank closed

  The FDIC has announced the closing of Gold Canyon Bank, Gold Canyon, Arizona. All of the closed bank's deposits have been assumed by First Scottsdale Bank, N.A., Scottsdale, Arizona. Gold Canyon is the fifth FDIC-insured bank to fail this year. 4/8/13

• FTC sends refunds to scam victims

  A Federal Trade Commission press release has announced that the Commission has mailed refund checks to Spanish-speaking consumers who lost money to fraudsters in a foreclosure relief scam. 4/8/13

• Policy on branch applications clarified

  Federal Reserve Board SR-Letter 13-7 has been issued to clarify the agency's policy concerning the application process for a de novo branch by a state member bank in less-than-satisfactory condition. 4/8/13

• FOMC meeting schedule

  The Federal Reserve Board has announced a tentative 2014 meeting schedule for the Federal Open Market Committee (FOMC). 4/8/13

• FDIC Board April 2013 meeting

  The notice and agenda of the April 11, 2013, meeting of the FDIC Board has been posted. 4/8/13

• LATE-BREAKING: Bureau notice on compliance guides

  The CFPB has distributed an email notice that it plans to release plain language compliance guides next week as part of its implementation support plan on its recently-finalized new mortgage rules. It also encouraged those who are part of the mortgage industry to sign up on its Regulations page for email updates about regulations and compliance. 4/5/13

• GAO report on Foreclosure Review

  The Government Accountability Office (GAO) has released "Foreclosure Review: Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders," a critique of the foreclosure review process required by consent orders entered into by 14 mortgage servicers in April 2011. The GAO review addressed 4/5/13

  • challenges to the achievement of the goals of the foreclosure review
  • transparency of the process
  • lessons that could be useful for carrying out activities under amended consent orders and continuing reviews

  [Full Report (74 pages, PDF); Highlights (1 page, PDF)] 4/5/13

• Soccer team off OFAC List

  Treasury has announced the removal of the Colombian professional soccer team from the SDN List. The team was designated in 1999 because it was then under the ownership or control of leaders of the Cali Cartel. Because that is no longer the case, the team is being delisted, and U.S. persons are now allowed to enter into financial transactions with the ownership of the team and may unblock any assets the team may have had in the U.S. Details are in a BankersOnline OFAC Update. 4/5/13

• Bernanke on economic and financial knowledge

  In prerecorded video remarks to the 13th Annual Redefining Investment Strategy Forum in Dayton, OH, Chairman Bernanke discussed the mission of the Federal Reserve to promote economic and financial knowledge among people of all ages and walks of life. 4/5/13

• FRB enforcement action

  The execution of a Written Agreement with HSH Nordbank AG (Hamburg, Germany) and its New York branch regarding its BSA/AML Compliance Program has been announced by the Federal Reserve Board. 4/5/13

• CFPB attacks insurer kickbacks

  The CFPB has announced four enforcement actions to end alleged improper kickbacks by mortgage insurers to lenders in exchange for business. Complaints and proposed consent orders have been filed with the U.S. District Court for the Southern District of Florida against Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation. The four companies have agreed to end the practice, pay collectively more than $15 million in penalties, and to be monitored by and report to the CFPB to ensure ongoing compliance. 4/5/13

• Final rule on retail foreign exchange transactions

  The FRB has announced the adoption of a final rule (Regulation NN) to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The rule, which will be effective May 13, 2013, also describes various requirements with which banking organizations must comply to conduct such transactions. [Update: Published in Federal Register 4/9/2013, at 78 FR 21019.] 4/5/13

• FDIC CRA ratings

  The FDIC has posted its April 2013 list of banks examined for CRA compliance. Of the 94 banks listed, three received outstanding ratings, two were said to need improvement, and one was found to be substantially non-compliant. The remainder obtained satisfactory ratings. 4/5/13

• Fedfocus

  The April 2013 edition of Fedfocus has been released, featuring articles on FRB Services "Risk Radar" resource, a history of U.S. paper currency from 1690, and a look at ongoing education tools and online learning available from Federal Reserve Financial Services. 4/5/13

• Bureau takes money transfer complaints

  The Bureau has announced on its Blog that consumers with money transfer complaints can now submit them to the Bureau. 4/5/13

• Building financial capabilities

  The CFPB has requested suggestions on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. Comments may be submitted until 4 p.m. ET on Friday, April 12, 2013. 4/5/13

• Essay on cash

  The 2012 Annual Report of the San Francisco Federal Reserve Bank includes an essay by President and CEO John C. Williams, on Cash is Dead! Long Live Cash! Williams explains why currency in circulation is soaring at the same time Americans are turning away from it to pay for purchases. 4/5/13

• NMLS maintenance scheduled

  The NMLS will undergo system maintenance on Saturday morning, April 6th from 7:00 a.m. to 9:00 a.m. ET. NMLS and NMLS Consumer Access will be unavailable during this time. 4/5/13

• SCOOS report

  The March 13 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms report has been released by the FRB. 4/5/13

• FRB 'predominantly engaged' rule

  The Federal Reserve Board has issued a press release announcing the approval of a final rule (new Regulation PP) that establishes the requirements for determining when a company is "predominantly engaged in financial activities." The term is used by the Financial Stability Oversight Council (FSOC) when it considers the potential designation of a nonbank financial company for consolidated supervision by the Federal Reserve. The rule will be effective May 6, 2013. [Update: The final rule was published at 78 FR 20755 on April 5, 2013.] 4/4/13

• Commercial real estate concentration study

  The FRB and OCC have published a white paper on the findings from their study of bank performance in the context of the 2006 interagency guidance, "Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices." [Summary; Full Paper] 4/4/13

• FDIC technical assistance videos

  The FDIC has announced its release of the first in a series of technical assistance videos to provide useful information to bank directors, officers, and employees on areas of supervisory focus and proposed regulatory changes. 4/4/13

• CFPB assistance to older Americans

  The Bureau's Blog features an article on the accomplishments of the CFPB in providing assistance to older Americans. Summaries of additional programs scheduled in upcoming months are also listed. 4/4/13

• Bureau on financial literacy

  The results of a survey of Bureau personnel on the meaning of financial literacy and what can be done to promote April as Financial Literacy Month are also discussed in the CFPB's Blog. 4/4/13

• Liberian SDN List removals

  OFAC has removed from the SDN List 31 listings of individuals and their aliases involved with the former Liberian regime of Charles Taylor. Information on the removals has been posted in a BankersOnline OFAC Update. 4/3/13

• Custodian Inventory Program manual

  Federal Reserve Financial Services has announced the revision of its Custodial Inventory Manual of Procedures, which will be effective June 3, 2013. [Manual; Summary of Changes]. 4/3/13

• First Quarter Call Report

  FDIC FIL-15-2013 has been issued with instructions for the completion of the First Quarter 2013 Call Report. 4/3/13

• NCUA settles with BofA

  The NCUA has announced a $165 million settlement with Bank of America for losses related to purchases of residential mortgage-backed securities by failed corporate credit unions. The settlement brings the total of recoveries by NCUA for CU loses to $335 million. 4/3/13

• New financial education game

  The NCUA has added a new financial education tool to Pocket Cents, its financial literacy microsite. The tool, "Hit the Road," teaches financial basics in an engaging and easy-to-play format that simulates a familiar, real-life situation. Credit unions can link to this educational resource from their websites to further financial literacy. 4/3/13

• CRA ratings

  The OCC has released the ratings assigned to 37 national banks and federal savings associations that were recently evaluated for compliance with CRA. Three are rated outstanding, and 34 received a satisfactory rating. 4/2/13

• FDIC enforcement actions

  The FDIC has released a list of 55 administrative enforcement actions taken against banks and individuals in March 2013. The list includes 4 civil money penalties (CMPs) totaling $50,800 for Flood Act violations. Information regarding those four penalties has been posted on the BOL Flood Penalties Watch page. 4/2/13

• Two banks closed

  The FDIC has announced the closing and assumption of deposits of Parkway Bank, Lenoir, North Carolina, and Douglas County Bank, Douglasville, Georgia. 4/2/13

• Recap of Bureau's Twitter chat on talking with kids

  The CFPB has posted an article with a recap of the Bureau and Kids.gov #MoneyTalk Twitter chat on talking to kids about money. 4/2/13

• Allocation of civil penalties by CFPB

  The CFPB has announced the issuance of a Civil Penalty Fund Rule which outlines the way the agency will allocate the funds it collects for violations of a federal consumer financial protection law. The Bureau also announced a proposal and request for comment that could revise, adjust or refine the rule. The Civil Penalties Fund Rule will become effective upon publication in the Federal Register, and the comment period on the proposal will run for 60 days after its publication. 4/2/13

• FRB TDF fixed-rate offerings

  A Federal Reserve Board press release announces the agency's plans to conduct fixed-rate offerings of term deposits with full allotment of tenders under the Term Deposit Facility (TDF) as part of the ongoing program of small-value offerings. A fixed-rate, full-allotment format will offer 28-day term deposits on May 20, 2013, with settlement on May 23, 2013. 4/2/13

• FRB Foreign Remittance Transfers report to Congress

  The FRB has issued a Report to Congress on the use of the ACH system and other payment mechanisms for remittance transfers to foreign countries. 4/2/13

• IFRP payments top $1 billion

  The OCC has announced that as of April 25, 2013, more than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement (IFRP). 4/2/13

• OCC participates in Literacy Day

  At the Capitol Hill Literacy Day celebration on April 25, 2013, the OCC's staff distributed its financial capability materials, including the Financial Literacy Update and OCC's Consumer Advisories. They also promoted the OCC's HelpWithMyBank.gov website, which provides answers to 250 common banking questions covering such topics as credit cards, bank accounts, mortgages, consumer loans, insurance, identity theft, and safe deposit boxes. 4/2/13

• Interagency statement on Biggert-Waters

  The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FDIC enforcement actions

  The FDIC has released its list of 46 administrative enforcement actions taken against banks and individuals in February 2013. Among those actions were three orders for civil money penalties (CMPs) totaling $167,340 for violations of the Flood Disaster Protection Act (details on BankersOnline's Flood Penalties Watch page) and one $7,000 CMP for a HMDA violation (see BankersOnline's HMDA Heaven page).ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• OFAC electronic documents update

  OFAC has announced the update and republication of its Enforcement Data Delivery Standards, which are the technical requirements for the preferred format in which to submit electronic document productions to the OFAC Office of Enforcement, including self-disclosures, administrative subpoena responses, and other documents or reports.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FRB emergency powers

  The Federal Reserve Board has issued SR Letter 13-6 on the supervisory practices that the Federal Reserve can employ when banking organizations and their borrowers and other customers are affected by a major disaster or emergency.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• NCUA prohibition orders

  The NCUA has announced its issuance of orders prohibiting four former credit union employees from participating in the affairs of any federally insured financial institution. One individual had been sentenced to 45 months in prison and five years of supervised release, and ordered to pay restitution in the amount of $633,998.56.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Consumer Compliance Outlook published

  The first quarter 2013 issue of Consumer Compliance Outlook has been posted by the Philadelphia Federal Reserve Bank. Included are the Q&As from the Fed's September 2012 "Servicemember Financial Protection" webinar; an article on the gift card requirements found in Regulation E; and other information. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• FRB inclusion report to Congress

  The Board has released its 2012 Report to Congress on the Office of Diversity and Inclusion. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Lending terms report

  The February 4–8, 2013 E.2 Survey of Terms of Business Lending report has been released by the Federal Reserve Board. ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

• Country Exposure Lending Survey

  The FFIEC has published the December 31, 2012, E.16 Country Exposure Lending Survey.ection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued. 4/1/13

FEMA Flood Insurance Authority Lapses

A Consumer Affairs (CA) Letter has been issued by the FRB to provide Informal Guidance regarding the lapse of the authority of the Federal Emergency Management Agency (FEMA) to issue flood insurance contracts under the National Flood Insurance Program (NFIP). CA Letter; Guidance  3/31/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and among BankTennessee Bancshares, Inc., Collierville, TN, a registered bank holding company, BankTennessee, Collierville, TN, a state chartered member bank, and the Federal Reserve Bank of St. Louis. Agreement  3/31/10

Consumer Credit Cards CA Letter Issued

The FRB has issued a Consumer Affairs (CA) Letter regarding the Reg. Z (Truth In Lending) requirements concerning the submission of consumer credit card agreements. CA Letter  3/31/10

FHC List Updated

The FRB has updated the list of bank holding companies (BHCs) with the addition of those that have become or elected to be treated as financial holding companies (FHCs) as of March 29, 2010. List  3/31/10

Exam Procedures Regarding Reporting of Consumer Information

A Consumer Affairs (CA) Letter has been issued by the FRB the development of an examination module regarding the duties of furnishers of consumer information to a consumer reporting agency. CA Letter; Exam Procedures  3/31/10

G. 20 Report Released

The January, 2010, G. 20 Finance Companies Report has been released by the FRB. G.20  3/310/10

$5M BSA CMP

The OTS has the assessed a civil money penalty of $5 million against Pamrapo Savings Bank, SLA, of Bayonne, NJ for violations of the Bank Secrecy Act. The CMP will be satisfied through an asset forfeiture payment to the Justice Department. CMP  3/30/10

FinCEN Withdraws AML/CFT Advisory

The Advisory previously issued regarding Uzbekistans anti-money laundering and countering the financing of terrorism (AML/CFT) regime has been withdrawn and Uzbekistan is no longer subject to the Financial Action Task Force (FATF) enhanced monitoring process. Advisory  3/30/10

UBPR Available Online

The FFIEC has announced that the Uniform Bank Performance Report (UBPR) is available to the public through the interagency Central Data Repository (CDR) Public Data Distribution (PDD) web site. Web Site; FFIEC PR  3/30/10

Counterfeit Checks Alerts

The OCC has issued two alerts regarding counterfeit cashier's checks isued in the name of the following banks: Valley National Bank, Wayne, NJ, and First National Bank of Darlington, Darlington, WI. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  3/29/10

CMPs Announced

The FDIC has released a list of sixty-four orders of administrative enforcement actions taken against banks and individuals in February, 2010. The actions include four civil money penalties (CMPs) totaling $40,450 for flood violations and six totaling $24,000 for HMDA violations. Information regarding the violations and CMPs have been posted on the Flood Penalties Watch page and the HMDA Civil Money Penalties page. Enforcement Actions  3/29/10

HAMP and FHA Programs Modified

The Treasury has announced adjustments to the Home Affordable Modification Program (HAMP) and to the Federal Housing Administration (FHA) programs. The modifications expand flexibility for mortgage servicers and originators to assist more unemployed homeowners and to help more people who owe more on their mortgage than their home is worth. HAMP; FHA; FAQs; Examples  3/29/10

NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions

The proposal documents and clarifies the fiduciary duties and responsibilities of Federal credit union directors, and adds new provisions establishing the procedures for insured credit unions merging into banks. It also amends some of the existing regulatory
procedures applicable to insured credit union mergers with other credit unions and conversions to banks. TXT; PDF  3/29/10

OFAC Designates al-Qai'da Financial Supporter

The support network of al-Qai'da in Iraq (AQI) has been targeted by OFAC with the designation of a key supporter for providing financial, material, or technological support and financial or other services and adding his name to the SDN List. Information regarding the addition has been posted on the OFAC page.  3/26/10

Written Agreements Announced

The FRB has announced the execution of the following written agreements:

1. by and among Coconut Grove Bank, Miami, FL, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation;
2. by and among United Security Bancshares, Inc., a registered bank holding company, United Security Bank, a state chartered member bank, both of Fresno, CA, and the Federal Reserve Bank of San Francisco;
3. by and between Royal Bancshares of Pennsylvania, Inc., Narberth, PA, a registered bank holding company, and the Federal Reserve Bank of Philadelphia.

United Security; Coconut Grove; Royal Bancshares  3/26/10

Mortgage Metrics Report Released

The Fourth Quarter, 2009, Mortgage Metrics Report has been released. Report  3/26/10

Geithner Hosts Military Family Roundtable

A roundtable was hosted by Secretary Geithner for military advocacy groups and Department of Defense personnel to discuss the core consumer protection issues facing service members and their families. Roundtable; Geithner's Remarks  3/26/10

Bernanke Discusses Exit Strategy

In testimony before the House Financial Services Committee, Chairman Bernanke discussed the Federal Reserve's strategy for exiting from the extraordinary lending and monetary policies that it implemented to combat the financial crisis and support economic activity. Testimony  3/26/10

Mexican Cartel Members added to OFAC List

OFAC has designated 54 principal lieutenants and enforcers for two drug trafficking cartels that are responsible for much of the current bloodshed in Mexico as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Information regarding the additions has been posted on the OFAC page.  3/25/10

FDIC Publishes Final Rule Correction in FR for Transitional Safe Harbor Protection

The FDIC is correcting a final rule that appeared in the Federal Register of March 18, 2010 (75 FR 12962). This rule added a new provision in order to continue for a limited time the safe harbor provision for securitizations that would be affected by recent changes to generally accepted accounting principles. It permanently "grandfathered all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied with the preexisting requirements under generally accepted accounting principles in effect prior to November 15, 2009. TXT; PDF  3/25/10

NCUA Proposed Rulemaking for Fixed Assets, Member Business Loans, and Regulatory Flexibility Program

NCUA proposes to revise certain provisions of its Regulatory Flexibility Program (RegFlex) to enhance safety and soundness for credit unions. Those provisions pertain to fixed assets, member business loans (MBL), stress testing of investments, and discretionary control of investments. Some of these revisions will require conforming amendments to NCUA's fixed assets and MBL rules. TXT; PDF  3/25/10

New Electronic Interpretations and Actions

The OCC has announced the March, 2010, New Electronic Interpretations and Actions. New  3/25/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of March 23, 2010. 314(a)  3/25/10

Survey of Terms of Business Lending Released

The Federal Reserve has released the February 1-5, 2010, E.2 Survey of Terms of Business Lending statistical release. E.2  3/25/10

Agricultural Finance Databook Released

The March, 2010, E.15 Agricultural finance Databook has been released by the FRB. E.15  3/25/10

NCUA on Twitter

To follow NCUA on Twitter, log on and select TheNCUA. Twitter  3/25/10

Student Loans may be Discharged in Bankruptcy

The U. S. Supreme Court has issued a 9-0 opinion that a debtor in a Chapter 13 bankruptcy proceeding may obtain a discharge of government-sponsored student loan debts if failure to discharge that debt would impose an "undue hardship" on the debtor and his dependents. Opinion  3/24/10

Gift Cards Final Rule

The FRB has announced a final rule which will be effective August 22, 2010, to restrict fees and expiration dates on gift cards. Highlights; Final Rule  3/24/10

Private Investors of Failing Banks Roundtable

The FDIC held a roundtable discussion with a wide variety of interested groups, including public interest organizations, pension funds, private investors, investment managers, and others, to discuss the application of the FDIC Statement of Policy on the Acquisition of Failed Insured Institutions. Roundtable; Statement  3/24/10

Large Commercial Banks Data Released

The FRB has released the Fourth Quarter, 2009, data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more. Data  3/24/10

Geithner on the Housing Crisis

In written testimony to the House Committee on Financial Services, Secretary Geithner discussed the functions of the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac, and the actions by the Treasury and the Federal Reserve to restore stability in the housing market and to maintaining the availability of mortgage credit. Testimony  3/24/10

TARP Executive Compensation Ruling Issued

The Special Master for TARP Executive Compensation has issued his rulings on 2010 executive pay packages for the 'Top 25' executives at the five firms that received exceptional assistance from taxpayers and have not repaid the assistance. Ruling  3/24/10

Counterfeit Checks Special Alerts

The FDIC has issued two Special Alerts regarding counterfeit cashier's and official checks bearing the name of Beal Bank, SSB, Plano, TX, and First Bank & Trust, Sioux Falls, SD. Information concerning the counterfeit checks has been posted on the Alerts & Counterfeits page.  3/23/10

Written Agreement Announced

The FRB has announced the execution of a written Agreement by and among Belvedere Capital Partners II LLC, San Francisco, CA; Belvedere Capital Fund II LP, San Francisco, CA; Socal Bancorporation, San Francisco, CA, registered bank holding companies, and the Federal Reserve Bank of San Francisco. Agreement  3/23/10

Interagency Policy Statement Bulletin

The OCC has issued a bulletin regarding the previously announced Interagency Policy Statement on Funding and Liquidity Risk Management. Information concerning the Statement was posted in March 18, 2010 Top Stories. Bulletin  3/23/10

FEDS Working Paper

A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty" has been published by the FRB. Abstract; Full Paper  3/23/10

Seven Banks Closed

The FDIC has announced that the following seven financial institutions have been closed by their primary regulator and the actions taken:

1. American National Bank, Parma, OH, by the OCC; the FDIC as receiver entered into a purchase and assumption agreement with The National Bank and Trust Company, Wilmington, OH, to assume all of the deposits;
2. Century Security Bank, Duluth, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Bank of Upson, Thomaston, GA, to assume all of the deposits;
3. Advanta Bank Corp., Draper, UT, by the Utah Department of Financial Institutions; the FDIC as receiver approved the payout of the insured deposits;
4. Appalachian Community Bank, Ellijay, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, GA, to assume all of the deposits;
5. Bank of Hiawassee, Hiawassee, GA, by the Georgia Department of Banking and Finance; the FDIC as receiver entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, NC, to assume all of the deposits;
6. First Lowndes Bank, Fort Deposit, AL, by the Alabama Banking Department; the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank, Luverne, AL, to assume all of the deposits;
7. State Bank of Aurora, Aurora, MN, by the Minnesota Department of Commerce; the FDIC as receiver entered into a purchase and assumption agreement with Northern State Bank, Ashland, WI, to assume all of the deposits.

American; Century; Advanta; Appalachian; Bank of Hiawassee; First Lowndes; State Bank  3/22/10

CU in Conservatorship

The Tracy Federal Credit Union of Tracy, CA, has been placed in conservatorship by the NCUA and as authorized by Federal Credit Union Act the NCUA Board was appointed as conservator. Tracy Federal  3/22/10

Enforcement Actions Announced

The OCC has announced the enforcement actions recently taken against national banks and individuals currently and formerly affiliated with national banks. Actions  3/22/10

OFAC CMPs Announced

The civil money penalties (CMPs) recently assessed by OFAC against individuals and entities for violations of various Sanctions Programs have been announced. No financial institutions were cited. CMPs  3/22/10

Regulators on Community Banking

In presentations at the Independent Community Bankers of America National Convention, FRB Chairman Bernanke, FDIC Chairman Bair, Comptroller Dugan and OTS Acting Director Bowman discussed the challenges faced by and the role for community banking to provide credit and services supporting small businesses, home purchases, and commercial development. Bernanke Speech; Bair Speech; Dugan Speech; Bowman Speech  3/22/10

Quarterly Bank Trading and Derivatives Report

The OCC has released the Quarterly Report on Bank Trading and Derivatives Activities for the Fourth Quarter, 2009, which indicates the credit exposure from derivatives activities declined 18 percent in the fourth quarter and by 50 percent during 2009. Report  3/22/10

FDIC Consumer News

The Winter 2009/2010 issue of the FDIC Consumer News has been posted online and contains articles regarding ways to protect online banking, the deposit of paper checks online, internet commerce, new federal rules concerning ODs, and tips for managing medical debt. News  3/22/10

OFAC Adds SDNTs and SDGTs

OFAC has designated and added to the SDN List the names of fifteen individuals and eight companies as Specially Designated Narcotics Traffickers (SDNTs) for their ties to a Colombian narcotics trafficker and also designated the Islamic National Bank of Gaza for being controlled by Hamas, a Specially Designated Global Terrorist (SDGT), and Al-Aqsa Television, a television station in Gaza financed and controlled by Hamas. Information regarding the additions has been posted on the OFAC page.  3/19/10

CRA Ratings Released

The OCC has released the ratings received by national banks recently evaluated for compliance with the provisions of the CRA. Ratings  3/19/10

Prohibition Orders Issued

The NCUA has issued orders prohibiting three individuals from participating in the affairs of any federally insured financial institution. Orders  3/19/10

FinCEN AML/Counter-Terrorist Financing Risks Guidance

Two guidances have been issued by FinCEN regarding statements issued by the Financial Action Task Force concerning anti-money laundering (AML) and counter-terrorist financing risks. Guidance 1; Guidance 2  3/19/10

Wachovia to Pay $160 CMP and Forfeiture

The OCC has announced a $50 million Civil Money Penalty (CMP) and a Cease and Desist Order against Wachovia Bank, N.A. for violations of the BSA as part of a coordinated action with the Department of Justice, Financial Crimes Enforcement Center and other federal agencies. Wachovia also entered into a deferred prosecution agreement with the U.S. Attorneys Office in the Southern District of Florida and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice and agreed to forfeit $110 million to the United States. CMP; Consent Order; OCC NR; Justice PR  3/18/10

Funding and Liquidity Risk Management Interagency Policy Statement

The Federal banking agencies have issued a joint interagency policy statement on funding and liquidity risk management. Statement; FRB PR; FDIC PR; OTS CEO Ltr; OCC NR; NCUA NR  3/18/10

FDIC Publishes Final Rule in FR for Transitional Safe Harbor Protection for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets

This amendment adds a new provision in order to continue for a limited time the safe harbor provision for securitizations that would be affected by recent changes to generally accepted accounting principles. This Final Rule permanently "grandfathers" all securitizations for which financial assets were transferred or, for revolving trusts, for which securities were issued prior to September 30, 2010 so long as those securitizations complied with the preexisting requirements under generally accepted accounting principles in effect prior to November 15, 2009. The transitional safe harbor will apply irrespective of whether or not the securitization satisfies all of the conditions for sale accounting treatment under generally accepted accounting principles as effective for reporting periods after November 15, 2009. TXT; PDF  3/18/10

Community Bank Directors Workshops Schedules

The OCC will host workshops in Philadelphia and Shreveport for community bank directors.
Philadelphia; Shreveport  3/18/10

Bernanke Discusses Federal Reserve's Role in Bank Supervision

In testimony before the House Committee on Financial Service Services, Chairman Bernanke discussed the Federal Reserve's role in bank supervision and the actions taken to strengthen its supervisory oversight. He noted the Federal Reserve's wide range of expertise makes it uniquely suited to supervise large, complex financial institutions and to help identify risks to the financial system as a whole. Testimony  3/18/10

DSR and FOR Ratios Released

The FRB has released the Fourth Quarter household debt service ratio (DSR) and the financial obligations ratio (FOR). Ratios  3/18/10

Reserve Position Updates

The Treasury has released the U.S. International Reserve Position Reports for March 5 and 12, 2010. March 5; March 12  3/18/10

FEDS Working Paper Published

A working paper in the Finance and Economics Discussion Series (FEDS) on the topic of "A Reliable and Computationally Efficient Algorithm for Imposing the Saddle Point Property in Dynamic Models" has been published by the FRB. Abstract; Full Paper  3/18/10

April HOEPA Rates Established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in April, 2010, will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release which lists the Treasury seecurities with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application. H.15  3/17/10

Fed Funds Rate Unchanged

The Federal Open Market Committee (FOMC) has announced that it will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic condition, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. FOMC  3/17/10

FedFlash Online

The March 15, 2010, issue of FedFlash has been posted online. FedFlash  3/16/10

FDIC Safe Online Banking

The Winter 2009/2010 issue of FDIC Consumer News, published by the FDIC contains ten ways to protect against theft and errors online regarding online banking, bill paying and shopping. Summary; Consumer News  3/16/10

TIC Data Released

The Treasury has released the Treasury International Capital (TIC) data for January, 2010. TIC  3/16/10

Cost of Funds Reports Issued

The OTS has issued the Current and Historical Cost of Funds to OTS Insured Institutions Reports. Current; Historical  3/16/10

February G.17 Released

The G.17 Industrial Production and Capacity Utilization Report for February, 2010, has been released by the FRB. G. 17  3/16/10

FRB Proposes Rulemaking for Truth in Lending

The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the proposed rule would require that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The proposed rule would also require credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. TXT; PDF  3/15/10

Order Of Prohibition

The FRB has announced the issuance of a Final Decision and Order of Prohibition against Adam L. Benarroch, a former employee of Midwest Bank and Trust of Elmwood Park, IL, which prohibits him from participating in the conduct of the affairs of any financial institution or holding company. The Order is the result of allegations that he fabricated documents, forged signatures, and altered loan agreements. Order  3/15/10

Revised Interagency Questions and Answers on Community Reinvestment

A Consumer Affairs (CA) letter has been issued by the FRB regarding the previously announced new and revised Interagency Questions and Answers Regarding Community Reinvestment. Information concerning the Q&A were posted in the March 12, 2010, Top Stories. CA Letter   3/15/10

Fourth Quarter 2009 State Profiles

The FDIC has released the FDIC State State Profiles for the Fourth Quarter 2009 which contain a quarterly data sheet summation of banking and economic conditions in each state. Profiles  3/15/10

RBMS Notes Sale

The FDIC has closed on a sale of notes backed by residential mortgage backed securities (RMBS) from seven failed bank receiverships. Summary; Diagram  3/15/10

Warrants Pricing Announced

The Treasury has announced the pricing of a secondary public offering of 758,086 warrants to purchase common stock of Texas Capital Bancshares, Inc. Warrants  3/15/10

CRA Interagency Q&A

The federal financial institution regulatory agencies recently updated the Interagency Questions and Answers Regarding Community Reinvestment that provide additional guidance regarding the CRA regulations. The update supersedes all previously published Interagency Questions and Answers. Q&A; OCC Bulletin; FDIC FIL; FFIEC  3/12/10

Bank Closed

LibertyPointe Bank, New York, NY, was closed by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, NJ, to assume all of the deposits of LibertyPointe Bank. LibertyPointe Bank  3/12/10

Written Agreements Announced

The FRB has announced the execution of Written Agreements:by and among NW Services Corporation, Ringgold, GA, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia; and by and between Florida First City Banks, Fort Walton Beach, FL, a registered bank holding company, and the Federal Reserve Bank of Atlanta. NW; Florida  3/12/10

CRA Ratings Released

The OTS has released the ratings received by savings associations that were recently evaluated for compliance with the provisions of the CRA. Ratings  3/12/10

Signature Bank Warrants Priced

The Treasury has announced the pricing of a secondary public offering of 595,829 warrants to purchase common stock of Signature Bank. Warrants  3/12/10

Flow Of Funds Report

The FRB has released the Z.1 Flow of Funds Report for the Fourth Quarter, 2010. Z.1  3/12/10

S.A.F.E. Act FAQs

The FFIEC has posted frequently asked questions (FAQs) online concerning the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). FAQs  3/11/10

Written Agreements Executed

The FRB has announced the execution of two Written Agreements: by and between Olmsted Holding Corporation, Rochester, MN, a registered bank holding company, and the Federal Reserve Bank of Minneapolis; and by and among Idaho Bancorp, a registered bank holding company, Idaho Banking Company, a state chartered member bank, both of Boise, ID, the Federal Reserve Bank of San Francisco and the State of Idaho Department of Finance. Olmsted; Idaho  3/11/10

OFAC CMPs Released

The civil money penalties (CMPs) recently assessed against individuals and entities for violations of the various Sanctions Programs have been released by OFAC. No financial institutions were cited. CMP 1; CMP 2  3/11/10

Pricing of Warrants Announced

The Treasury has announced the pricing of a secondary public offering of 1,707,456 warrants to purchase common stock of Washington Federal, Inc. Pricing  3/11/10

Geithner on the Budget

In written testimony to the General Government and Financial Services Subcommittee of the House Committee on Appropriations, Secretary Geithner discussed the Treasury FY 2011 Budget. He noted that it focuses on repairing and reforming the financial system to make it safer, and help assure that its benefits are broadly shared, boosting voluntary compliance with our tax code to pay for vital government functions, advancing our global economic interests and national security, and rebuilding the Treasury's professional staff. Testimony  3/11/10

Economics Working Paper Published

The OCC has published an Economics Working Paper on the topic "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover". Full Paper  3/11/10

Written Agreement Announced

The execution of a Written Agreement has been announced by the FRB by and among Ravalli County Bankshares, Inc., a registered bank holding company, Ravalli County Bank, a state chartered member bank, both of Hamilton, MT, the Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions. Agreement  3/10/10

Prompt Corrective Action Directive Issued

The issuance of a Prompt Corrective Action Directive against Horizon Bank, Bradenton, FL, a state chartered member bank, has been announced by the FRB. Directive  3/10/10

314(a) Fact Sheet Updated

The FinCEN has updated the 314(a) Fact Sheet with data current as of March 9, 2010. 314(a)  3/10/10

FFIEC Web Site Changes

The E.16 Country Exposure Lending Survey and Country Exposure Information Report for June 26, September 25 and December 28, 2009, were revised to reflect corrections to data submitted by financial institutions. E.16  3/10/10

Credit Auction Results

The FRB has announced the results of the auction of $25 billion in 28-day credit held on March 8, 2010. Auction  3/10/10

Written Agreement Announced

The FRB has announced the execution of a Written Agreement by and between Heritage Oaks Bancorp, Paso Robles, CA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  3/09/10

FDIC Consumer Tips Online

The FDIC has announced that consumers can receive quick tips online. FDIC PR; Tip of the Week  3/09/10

Public Offering of Warrants

The Treasury has announced the commencement of secondary public offerings of warrants to purchase the common stock of Washington Federal, Inc., Signature Bank, and Texas Capital Bancshares, Inc. Warrants  3/09/10

Bair Discusses The Economic Crisis

In a presentation to the National Association for Business Economics Washington Policy Conference, Chairman Bair discussed the extraordinary policy actions taken by the FDIC and other government agencies. She noted the initial crisis has receded, but various problems remain including persistent high unemployment, impaired household balance sheets, and high levels of problem loans and troubled financial institutions. Speech  3/09/10

Reserve Position Report Updated

The U.S. International Reserve Position Report has been updated by the Treasury with data current as of March 5, 2010. Report  3/09/10

Banks Closed

The following three banks have been closed by their primary regulator and the FDIC, as the appointed Receiver, has taken the listed actions:

1. Sun American Bank, Boca Raton, FL by the Florida Office of Financial Regulation; the FDIC as receiver entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, NC, to assume all of the deposits;
2. Bank of Illinois, Normal, ILs, by the Illinois Department of Financial Professional Regulation – Division of Banking; the FDIC as receiver entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, IL, to assume all of the deposits;
3. Waterfield Bank, Germantown, MD, by the OTS; FDIC as receiver created Waterfield Bank, FA, a new depository institution chartered by the OTS and insured by the FDIC to take over the operations.

Sun; Bank of Illinois; Waterfield  3/08/10

CU Liquidated Accounts Assumed

NCUA has liquidated Lawrence County School Employees Federal Credit Union of New Castle, PA, and accepted New Castle, PA, based First Choice Federal Credit Union's offer to purchase and assume the credit union. Lawrence County  3/08/10

CRA Ratings Released

The FDIC has released a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Ratings  3/08/10

Beneficial Ownership Interagency Guidance

The federal financial institution regulators and the SEC, in consultation with the Commodity Futures Trading Commission, have issued an interagency Guidance on Obtaining and Retaining Beneficial Ownership Information clarifies and consolidates existing regulatory expectations for financial institutions obtaining beneficial ownership information for certain accounts and customer relationships. Guidance; FRB SR Letter; FinCEN NR; FDIC FIL; OCC Bulletin; OTS CEO Letter  3/08/10

G.19 Report Released

The FRB has released the January, 2010, G.19 Consumer Credit Report. G.19  3/08/10

BHC Supervision Manual Updated

The FRB has issued the January, 2010, update of the Bank Holding Company (BHC) Supervision Manual. By Section; Entire Manual  3/05/10

Bair on Housing and Mortgages

In a presentation at the 2010 Multicultural Real Estate and Policy Conference, Chairman Bair stated "Restoring stability to our real estate markets will be essential to our economic recovery." She noted that as the policy challenges of today are being addressed, the groundwork needs to be laid for a fairer, more stable, and more inclusive financial system. Speech  3/05/10

Reverse Mortgage Fraud Case

The FinCEN has announced that it is assisting the U.S. Attorney's Office in the prosecution of a case against the individuals indicted by a federal grand jury on charges of conspiracy to commit financial institution fraud involving so-called "reverse" mortgages. Case  3/05/10

FEDS Working Papers Published

Two working papers in the Finance and Economic Discussion Series (FEDS) have been published on the topics of "Managing Beliefs about Monetary Policy under Discretion" and "Mergers and Sequential Innovation: Evidence from Patent Citations". Managing Abstract; Managing Full Paper; Mergers Abstract; Mergers Full Paper  3/05/10

FedFocus March 2010

The March, 2010, issue of FedFocus has been published by Federal Reserve Financial Services. FedFocus  3/05/10

Reg Z Credit Card Rules Proposed

A rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates has been proposed by the FRB. Rule  3/04/10

C & D Order Issued

The NCUA Board has issued an Order to Cease and Desist which addresses various regulatory and safety and soundness concerns related to a credit union0308s plans to build a new main office. Order  3/04/10

Beige Book

The FRB has updated the Beige Book with information collected on or before February 22, 2010. Summary; Full Report  3/04/10

FRB Legal Developments Report

The FRB has published the Fourth Quarter 2009 Legal Developments Report. Report  3/04/10

IFDP Working Papers Published

The FRB has published two working papers in the International Finance Discussion Paper (IFDP) series on the topic of "Heterogeneous Firms and Import Quality: Evidence from Transaction-Level Prices" and "Technology Shocks: Novel Implications for International Business Cycles". Heterogeneous Abstract; Heterogeneous Full Paper; Technology Abstract; Technology Full Paper  3/04/10

78 Drug Traffickers Added to OFAC List

OFAC has designated two of Colombia's most wanted drug traffickers, as Specially Designated Narcotics Traffickers (SDNTs), due to their significant roles in international narcotics trafficking and also today designated 29 other individuals and 47 entities as SDNTs. The names of the designated individuals and entities were added to the SDN List. Five names were also deleted from the List and two entries were changed. Information regarding the additions, deletions and changes has been posted on the OFAC page.  3/03/10

Check Processing Changes Completed

The FRB has announced that they have completed the reduction in paper check processing infrastructure that was begun in late 2003. Check Processing  3/03/10

New Electronic Interpretations and Actions

The OCC has released the February, 2010, New Electronic interpretations and Actions. New  3/03/10

CRA Exam Schedule Released

The OCC has released its Second Quarter 2010 CRA exemption schedule. Schedule  3/02/10

Written Agreement Executed

The FRB has announced the execution of a Written Agreement by and between Northwest Community Bancorp, Inc., Shoreline, WA, a registered bank holding company, and the Federal Reserve Bank of San Francisco. Agreement  3/02/10

Dugan Discusses Basel Proposals

In a presentation to the Institute for International Bankers, Comptroller Dugan noted that the Basel Committee is focusing on the quality of capital, as well as the amount of capital banks must hold. It is utilizing a calibration exercise that will help regulators squarely confront the tension between capital and liquidity on the one hand and credit availability on the other. Speech  3/02/10

MSB Registration List Updated

The FinCEN has updated the MSB Registration list with data current as of February 10, 2010. Lis  3/02/10

OFAC Annual Report Released

The Calendar Year 2009 Annual report on Assets in the United States of Terrorist countries and International Terrorism Program Designees has been released by OFAC. Report

Reserve Position Report

The Treasury has released the U.S. International Reserve Position Report for February 26, 2010. Report  3/02/10

Public Offerings of BOA Warrants Announced

The Treasury has announced commencement of secondary public offerings of warrants to purchase the common stock of Bank of America Corporation (BOA). Offerings  3/02/10

Foreign Exchange Rates Report

The G.5 Foreign Exchange Rates Report for February, 2010, has been released by the FRB. G.5  3/02/10

Enforcement Actions Released

The FDIC has released a list of 67 orders of administrative enforcement actions taken against banks and individuals in January, 2010. Actions  3/01/10

Retail Payments Booklet SR Letter

The FRB has issued a SR Letter regarding the previously announced update of the FFIEC Retail Payment System Booklet. Information concerning the update was posted in the February 26, 2010, Top Stories. SR Letter  3/01/10

Clarification of FDIC Loss-Sharing Agreements

The federal banking agencies have issued a statement in response to questions received regarding the treatment of loss-sharing agreements entered into with the FDIC as conditional guarantees for risk-based capital purposes. Statement; FRB SR Letter; FDIC FIL; OTS CEO Letter  3/01/10

FBAR Changes Proposed

The FinCEN has issued a Notice of Proposed Rulemaking (NPRM) proposing to amend the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR). NPRM  3/01/10

FRB Publishes Final/Proposed Rules in FR:Final Rule for Extensions of Credit by Federal Reserve Banks

The Board of Governors of the Federal Reserve System has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the primary credit rate at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action. TXT; PDF  3/01/10

Proposed Rule for Electronic Fund Transfers

On November 17, 2009, the Board published final rules amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final rule limited the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions. The Board proposes to amend Regulation E and the official staff commentary to clarify certain aspects of the final rule. TXT; PDF  3/01/10

Proposed Rule for Truth in Savings

On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule addressed depository institutions' disclosure practices related to overdraft services, including balances disclosed to consumers through automated systems. The Board proposes to amend Regulation DD and the official staff commentary to clarify the application of the rule to retail sweep programs and the terminology for overdraft fee disclosures, and to make amendments that conform to the Board's final Regulation E amendments addressing overdraft services, adopted in November 2009. TXT; PDF  3/01/10

Dugan Warns of Loan Growth Challenges

In testimony before the House Committees on Financial Service and Small Business, Comptroller Dugan warned that lower demand, distressed banks, and tighter underwriting presented ongoing challenges to loan growth. Written Statement; Oral Testimony  3/01/10

IFDP Working Paper

The FRB has issued a working paper in the International Finance Discussion Papers (IFDP) service on the topic of Firm-Specific Capital, Nominal Rigidities and the Business Cycle. Abstract; Full Paper  3/01/10

LATE-BREAKING: Agencies issue Biggert-Waters guidance

The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued.(3/29/2013)

FHFA Community Financial Institution asset cap

The Federal Housing Finance Agency (FHFA) has published a notice of the revised cap on average total assets for a "Community Financial Institution," which went into effect January 1, 2013. The cap was increased from $1.076 billion to $1.095 billion.(3/29/2013)

Proposed Fannie and Freddie forced placement restrictions

The FHFA has published a notice and request for input on a possible approach that would direct Fannie Mae and Freddie Mac to restrict certain lender-placed insurance practices. The FHFA proposal would restrict certain sales commissions paid to sellers or servicers and prohibit sellers and servicers from receiving remuneration associated with an insurance provider ceding premiums to a reinsurer owned by, affiliated with or controlled by the seller or servicer. Comments will be received through May 28, 2013.(3/29/2013)

HUD allocates over $513M in disaster relief

HUD has announced the release of over $513 million in disaster relief to nine states to assist in recovery from natural disasters in 2011 and 2012.(3/29/2013)

OFAC SDN List removals

The names of one entity and eleven individuals have been removed from the OFAC SDN list. Details on the removals have been posted in a BankersOnline OFAC Update.(3/29/2013)

Contract mortgage rate report

The FHFA has released the February 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report. The rate, used as an index in some adjustable-rate mortgage (ARM) contracts, was 3.43 percent, an increase of 0.08% from January 2013.(3/29/2013)

Corporate system resolution costs updated

The NCUA has issued its semi-annual update of costs and estimates of the losses associated with the Corporate System Resolution, the performance of the NCUA Guaranteed Notes Program, and the total anticipated assessments that credit unions will pay during the life of the Stabilization Fund.(3/29/2013)

Bureau publishes proposed student loan servicer rule

The CFPB has published in the Federal Register a previously-announced proposed rule that would establish the Bureau's supervisory authority over certain nonbank covered persons participating in the market for student loan servicing. Comments are requested by May 28, 2013.(3/29/2013)

Complaint data released

The CFPB has announced the release of its collection of consumer financial complaint data, which has been increased from 19,000 to 90,000 cases. The database contains information on complaints received by the Bureau about credit cards, mortgages, student loans, bank accounts, services and other consumer loans.(3/29/2013)

CFPB card fee limit rule published

The final rule amending § 1026.52 of Regulation Z to restrict application of the 25 percent fee limit in that section to fees imposed during the first year after account opening has been published in the Federal Register. The amendment, which is effective immediately, has been posted to Regulation Z in BankersOnline's Alphabet Soup.(3/28/2013)

Call Center closed tomorrow

The NMLS Call Center announced that it will be closed on Friday, March 29, for Good Friday.(3/28/2013)

Fannie and Freddie foreclosure prevention

The FHFA has released its Fourth Quarter 2012 Foreclosure Prevention Report (also known as the Federal Property Manager's Report). The data indicates Fannie Mae and Freddie Mac completed over 540,000 foreclosure prevention actions during 2012. The agency also announced a new simplified loan modification initiative to further assist troubled borrowers, which will be operational on July 1.(3/28/2013)

FRB to conduct household finances study

A Federal Reserve Board press release has announced the commencement in April 2013 of the FRB's Survey of Consumer Finances. The study is conducted every three years to provide policymakers with important insight into the economic condition of all types of American families.(3/28/2013)

Consumers and Mobile Financial Services report

The Consumer and Mobile Financial Services 2013 report has been released by the Federal Reserve Board. The report details consumers' use of mobile financial services and indicates the utilization of mobile phones to access bank services significantly increased.(3/28/2013)

Mortgage quality improves

The fourth quarter 2012 Mortgage Metrics Report has been published by the Office of the Comptroller of the Currency. The report indicates the overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the third quarter and from the same period of 2011.(3/28/2013)

Citigroup Consent Order

The Federal Reserve Board has announced the execution of a Consent Order with Citigroup, Inc., regarding the development and submission of an acceptable written plan to remedy deficiencies in its BSA/AML compliance program and those of its subsidiaries.(3/27/2013)

Telephone debt collection fee scam

The Federal Trade Commission has announced a settlement and order issued in an action filed against debt collectors who allegedly misled consumers into paying unnecessary fees and falsely threatening them with lawsuits. The collectors violated the FTC Act and the Fair Debt Collection Practices Act by deceptively charging consumers an additional $18.95 fee for payments authorized by telephone made by electronic checks or credit or debit card payments. Restitution of $799,958 will be paid to the victims.(3/27/2013)

FRB balance sheet

The FRB has released the March 2013 quarterly report on Federal Reserve balance sheet developments.(3/27/2013)

Community bank directors workshop

The OCC will host a workshop in Syracuse, New York, on May 6–8, 2013, for directors of national community banks and federal savings associations.(3/27/2013)

ATM notice rule published

The Bureau's final rule amending Regulation E's § 1005.16 to eliminate the "at or on" surcharge notice requirement, has been published in the Federal Register. Regulation E in BankersOnline's Alphabet Soup has been updated with the change.(3/26/2013)

Bernanke on monetary policy and global economy

In a speech at a conference hosted by the Bank of England and London School of Economics, Chairman Bernanke discussed the lessons learned from the international banking crisis. He noted "that the recent crisis, despite its many exotic features, was in fact a classic financial panic."(3/26/2013)

Seattle workshop for community bank directors

The OCC has announced that a workshop, "Mastering the Basics: A Director's Challenge," designed exclusively for directors of institutions supervised by the OCC, will be held in Seattle on April 29 – May 1, 2013. (3/26/2013)

Bureau financial education program

The CFPB Blog features an article on the progress of the Bureau's financial education program.(3/26/2013)

FDIC State Profiles

The FDIC has posted the Fourth Quarter 2012 State Profiles, a quarterly data sheet report of banking and economic conditions in individual states.(3/26/2013)

Bureau announces final Reg Z card rule

The CFPB has announced a Regulation Z final rule revising a 2011 Federal Reserve rule limiting certain credit card fees. The revision was made in response to a federal court decision that blocked implementation of a provision of the Fed's rule on the 25% limitation on the fees that an issuer may require a consumer to pay. The revisions will be effective on publication in the Federal Register.(3/25/2013)

OCC Flood CMP

A $26,950 civil money penalty (CMP) has been imposed by the OCC for violations of the Flood Disaster Protection Act. Details are posted on the BOL Flood Penalties Watch page.(3/25/2013)

Regulators increase ILDR loan data fields

A joint press release has been issued by federal and state bank regulators announcing an increase in the number of required loan data fields in the Interagency Loan Data Request (ILDR). The FDIC has also issued FIL-12-2013 regarding the announcement.(3/25/2013)

Gruenberg and Cordray at NCRC conference

FDIC Chairman Gruenberg and CFPB Director Cordray offered remarks at the National Community Reinvestment Coalition 2013 Annual Conference on Friday in Washington.(3/25/2013)

FDIC Board meeting notice

The notice of the March 19, 2013, meeting of the FDIC Board has been published in the Federal Register.(3/25/2013)

New feature for Info Tech Exam Handbook

The FFIEC has announced the addition of a new feature to the Information Technology Examination Handbook InfoBase. Users may now register to receive notifications of additions, changes, and deletions to the InfoBase.(3/25/2013)

Response to CFPB Student Loan Affordability Initiative

The Bureau has reported that over 500 responses have been received in its Student Loan Affordability Initiative, and reminded the public that the deadline for further responses is April 8, 2013.(3/25/2013)

Bureau updates Reg E to drop ATM notice

The CFPB Blog has announced the agency's issuance of a final rule amending Regulation E to eliminate the "at or on" ATM fee notice requirement, implementing an amendment to the Electronic Fund Transfer Act enacted in December 2012. The rule will be effective on publication in the Federal Register, but ATM owners should check for any state law requirements before removing any of these notices.(3/22/2013)

SDGT added to OFAC List

Treasury has announced the designation of an entity as a Specially Designated Global Terrorist. Details are available in a BankersOnline OFAC Update.(3/22/2013)

OFAC CMP

OFAC has released information on the payment of a $20,800 civil money penalty (CMP) by a non-financial corporation to settle potential civil liability for alleged violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations.(3/22/2013)

FHFA index rises

The Federal Housing Finance Agency (FHFA) has issued the January 2013 House Price Index (HPI), which rose 0.6 % from the previous month.(3/22/2013)

Updated leveraged lending guidance

A joint OCC, FRB and FDIC press release has been issued to announce updated supervisory guidance on leveraged lending. The update replaces guidance issued in April 2001 and covers transactions characterized by a borrower with a degree of financial leverage that significantly exceeds industry norms.(3/22/2013)

G.20 Finance Companies report

The Federal Reserve Board has released the January 2013 G.20 Financing Companies owned and managed outstanding and auto loans: terms of credit report.(3/22/2013)

OCC Central District risk analysis report

The OCC has issued a news release and fact sheet announcing the results of its fourth quarter 2012 risk analysis covering the nine states in the agency's central district. The report indicates the financial performance of community banks is improving and the number of problem banks has declined.(3/22/2013)

CFBP indirect auto lending guidance

The Bureau has issued Bulletin 2013-02 and a news release on new guidance for indirect auto lenders for compliance with the Equal Credit Opportunity Act (ECOA). The agency also posted a Blog article for consumers on shopping for automobile financing.(3/22/2013)

Community bank failures: FDIC and GAO testify

In testimony before the Subcommittee on Financial Institutions and Consumer Credit, House Committee on Financial Services, FDIC Directors Eberley and Edwards and Chief Economist Brown testified on the state of community banking and the findings of the FDIC Community Banking Study, a comprehensive review based on 27 years of data on community banks. In addition, GAO Director Evans discussed the results of a GAO study on the causes and consequences of recent failures of community banks.(3/21/2013)

HUD proposes change to Direct Endorsement program

HUD has published a request for comments on a proposed rule that would move the timing for FHA's pre-endorsement review of loans originated by Direct Endorsement lenders from before closing to post-closing. HUD requests comments, due by April 22, 2013, on whether the shift in time would reduce the processing time before closing.(3/21/2013)

Curry on CRA

In remarks before the National Community Reinvestment Coalition, Comptroller Curry discussed the CRA and its impact on encouraging financial institutions to lend to local small businesses and participate in community development.(3/21/2013)

FOMC statement and economic projections

The Federal Reserve Board has issued the statement, economic projections, and materials from the Federal Open Market Committee March 19–20, 2013, meeting. The Committee decided to keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6½ percent.(3/21/2013)

Fourth quarter trading revenue report

The OCC has announced that insured U.S. commercial banks and savings institutions reported trading revenue of $4.4 billion in the fourth quarter of 2012, down $908 million, or 17 percent, from $5.3 billion in the third quarter, but $1.8 billion, or 73 percent, higher than in the fourth quarter of 2011. Full quarterly report.(3/21/2013)

Bureau presents FDCPA report to Congress

The CFPB Blog has announced the presentation to Congress of its annual report of the agency's activities relating to the Fair Debt Collections Practices Act (FDCPA).(3/21/2013)

FIL on HPML appraisal requirements

The FDIC has issued FIL-11-2013 on the previously announced interagency final rule establishing new appraisal requirements for higher-priced mortgage loans (HPMLs). See the January 18, 2013, BOL Top Stories for the more on the regulators' action.(3/20/2013)

Calvery on FinCEN's anti-money laundering efforts

In her presentation at the 18th Annual International AML and Financial Crime Conference, FinCEN Director Calvery reviewed where cutting-edge analytical efforts are taking the agency as it seeks to remain out in front of emerging payment systems, identify and track third-party money launderers, and uncover trends and patterns in the BSA data.(3/20/2013)

FEMA community suspensions

FEMA has published two notices of Suspension of Community Eligibility from participation in the Federal flood insurance program for noncompliance with floodplain management requirements. The suspensions will be effective April 16 and May 2, 2013.(3/20/2013)

Fair lending webinar announced

The NCUA has issued a news release announcing the hosting of "Fair Lending Examination Program and Compliance Assistance," a free webinar, on April 4, 2013.(3/20/2013)

Economic Update on YouTube

The March 2013 Economic Update video has been posted on the NCUA's YouTube channel.(3/20/2013)

NCUA updating fixed assets regulation

The NCUA has published a proposal to amend its regulation on federal credit union ownership of fixed assets to make the rule easier to work with. Comments are due by May 20, 2013.(3/20/2013)

April 2013 HOEPA rates established

The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in April 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.(3/19/2013)

FinCEN posts virtual currencies guidance

FinCEN has announced its most recent guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them.(3/19/2013)

OFAC Burma FAQs

OFAC has issued frequently asked questions (FAQ) regarding recent steps the United States has taken to ease economic and trade sanctions against Burma.(3/19/2013)

Agency releases on CRA FAQ proposal

A joint press release has been issued by the OCC, FRB and FDIC requesting comment on the proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment," published in Monday's Federal Register.(3/19/2013)

FTC settles Equifax charges

The FTC has announced a final order settling charges that Equifax Information Services LLC had violated the Fair Credit Report Act by selling lists of consumers who were late on their mortgages.(3/18/2013)

Stress test reporting requirements proposed

The OCC has issued a news release announcing proposed reporting requirements for annual stress tests for institutions with covered assets of $10-80 billion.(3/18/2013)

CRA Q&A update proposed

The OCC, FRB and FDIC have published a proposal to clarify the Interagency Questions and Answers Regarding Community Reinvestment to address several community development issues. Five of the Q&A pairs would be updated, and two would be added. Comments on the proposed changes are due by May 17, 2013.(3/18/2013)

TIC data

The January 2013 Treasury International Capital (TIC) data report has been released.(3/18/2013)

FRB annual financials

The Federal Reserve Board has released the 2012 combined annual financial statements for the Federal Reserve Banks, and for the individual Reserve Banks.(3/18/2013)

FedFlash

The March 2013 issue of FedFlash has been published by Federal Reserve Bank Services. This edition features articles on FedLine User authentication enhancements, changes to check adjustment requirements, new FedReceipt RTNs, processing of Canadian items, and FedACH SameDay Service.(3/18/2013)

Two CA CUs closed and liquidated

The NCUA has announced the closing and liquidation of I.C.E. Federal Credit Union, Inglewood, and Pepsi Cola Federal Credit Union, Buena Park, both in California. There have been four federally insured credit union liquidations in 2013.(3/18/2013)

Bureau proposes oversight of student loan servicers

The Consumer Financial Protection Bureau has announced a proposed rule that would allow it to federally supervise large student loan servicers. The proposal would define as a "larger participant" any nonbank student loan servicer that handles more than 1 million borrower accounts, thereby bringing it under CFPB supervision. A factsheet on the proposed rule was also posted.(3/15/2013)

Greek businessman added to OFAC list

Treasury has announced the designation of a Greek businessman for his participation in a scheme to aid Iran in evading international oil sanctions. His related companies and vessels were also designated and added to the SDN List. For more information see the BankersOnline March 14, 2013, OFAC Update.(3/15/2013)

CCAR results

The Federal Reserve Board released the results of the Comprehensive Capital Analysis and Review (CCAR), which evaluates the capital planning processes and capital adequacy of the largest bank holding companies. The capital plans of 14 financial institutions were approved, two conditionally approved, and two rejected.(3/15/2013)

Curry discusses community bank supervision

In a presentation at the independent Community Bankers of America Annual Convention in Las Vegas, Comptroller Curry discussed the impact community banks have on their communities, and supervision activities of the OCC.(3/15/2013)

FDIC Consumer Newsletter

The Winter 2013 issue of the FDIC Consumer Newsletter has been published. This edition features tips on way consumers can protect their money, with articles on key things to know about resolving common financial problems, avoiding scams, safely conducting mobile banking, and understanding federal deposit insurance coverage.(3/15/2013)

Community Affairs webinar

FDIC FIL-10-2013 announces a webinar, Opportunities for Community Banks — Federal Guarantee Programs that Support Export Lending to Small Business, to be held on April 18, 2013. (3/15/2013)

NCUA Board meeting

The NCUA has posted a report of actions taken by its Board at its March 14, 2013, meeting.(3/15/2013)

OFAC launches new SDN search tool

Treasury announced OFAC's launch of a new version of its SDN search tool, and posted an FAQ on its use.(3/14/2013)

BHC Supervision Manual

The Federal Reserve Board has published the January 2013 update of the Bank Holding Company Supervision Manual, available as a single PDF file or separate topic sections.(3/14/2013)

DSR and FOR reports

The FRB has released the 2012 third quarter household debt service ratio (DSR) and financial obligations ratio (FOR) reports.(3/14/2013)

Reg II Debit Card FAQs updated

The frequently asked questions (FAQs) regarding Reg II (Debt Card Interchange Fees and Routing) previously published by the FRB have been updated.(3/14/2013)

MSA revisions to affect 2014 data

The FFIEC has announced that Bulletin 13-01 from the Office of Management and Budget (OMB) on revised delineations of Metropolitan Statistical Areas, although effective immediately, will not affect HMDA data collection until January 1, 2014.(3/14/2013)

NCUA 2013 Exam Focus webinar

The NCUA will host a free webinar, "Examination Issues for 2013," on Wednesday, March 27, 2013, at 2 p.m. ET. Questions may be submitted in advance.(3/14/2013)

Electronic payment processor banned

The FTC has announced that, under the terms of a court settlement, a payment processor and two principals are banned from processing electronic payments. The defendants were charged with debiting, or attempting to debit, millions of dollars from tens of thousands of consumers' bank accounts without their consent. The settlement order also requires the defendants to pay $950,000 to be distributed to consumers defrauded by the scheme(3/14/2013).

Bureau recruiting examiners

The CFPB has posted a "help wanted" ad on its Blog to recruit examiners of large banks and nonbank companies. Applications will be accepted through March 22, 2013.(3/14/2013)

Escrow Rule small creditors exemption

The Bureau has posted an article explaining the exception for small creditors in rural or underserved counties applicable to its new Escrow Rule, which requires the creation of escrow accounts for HPMLs (higher priced mortgage loans). Other new rules relating to the Ability to Repay, HOEPA Counseling, and HPML Appraisals are also discussed.(3/13/2013)

FTC updates "dot.com" advertising guide

The Federal Trade Commission has released new guidance for mobile and other online advertisers that explains how to make disclosures clear and conspicuous to avoid deception. The updated FTC staff guidance, .com Disclosures: How to Make Effective Disclosures in Digital Advertising, takes into account the expanding use of smartphones with small screens and the rise of social media marketing. It also contains mock ads that illustrate the updated principles.(3/13/2013)

Term deposits auction results

The Federal Reserve Board has released the results of its auction of 28-day term deposits held on March 11, 2013.(3/13/2013)

New Call Report provisions

FDIC FIL-9-2013
reminds reporting institutions of the proposed new and revised provisions for the June 30, 2013, Call Report. The changes include new and revised items for consumer deposit account balances, certain types of service charges on consumer deposit accounts, types of international remittance transfers offered, trade names on websites, certain high-risk loans, and certain capital transactions with stockholders.(3/13/2013)

FHFA Refinance Report

The Federal Housing Finance Agency has announced that its December 2012 Refinance Report has been released, showing that 2012 HARP refinances exceeded earlier estimates for the program.(3/13/2013)

North Korean bank and chairman designated

Treasury has announced the designation of Foreign Trade Bank, North Korea's primary foreign exchange bank, and its chairman, along with the chairman of the Second Economic Council as supporters of proliferators of weapons of mass destruction (WMD). Their names and those of two other individuals were added to the SDN List. Further information is available in a BOL OFAC Update.(3/12/2013)

Fake OCC correspondence

OCC Alert 2013-2 has been issued concerning fake letters, faxes and emails that appear to have been sent by the OCC about funds purportedly being held for the benefit of the recipient. A sample letter is attached to the Alert.(3/12/2013)

NCUA Report

The March 2013 issue of The NCUA Report has been published. The issue features important NCUA Board actions and key issues for credit union volunteers and management.(3/12/2013)

NCUA town meeting online

The recording of the February 5, 2013, NCUA town meeting/webinar is available online. The session features discussions on current initiatives by the NCUA and the CFPB.(3/12/2013)

The Bureau in Des Moines

The CFPB Blog has announced a field hearing will be held on the Bureau's Consumer Complaint Database in Des Moines, Iowa, on March 28, 2013. The event is free and open to the public but a RSVP is required.(3/12/2013)

Georgia bank closed

The FDIC has announced the closing of Frontier Bank, LaGrange, Georgia. The bank's deposits were assumed by HeritageBank, South Albany, Georgia.(3/11/2013)

Elder financial abuse

In its final Blog entry for National Consumer Protection Week, the Bureau has posted an article on "Recognizing elder financial abuse."(3/11/2013)

Call Report revisions proposed

FDIC FIL-8-2013 has been issued with a request for comment on proposed revisions to the Call Report that generally would take effect in June 2013. Comments must be submitted by April 22, 2013.(3/11/2013)

Housing Scorecard

HUD and Treasury have issued a joint press release announcing the February 2013 Housing Scorecard, a comprehensive report on the U.S. housing market.(3/11/2013)

FTC staff report on mobile payments

The FTC has released a staff report, "Paper, Plastic — or Mobile?," based on a 2012 workshop which examined payment options available to consumers.(3/11/2013)

Currency in circulation update

The FRB has released the 2012 annual update of its Currency and Coin data, which includes everything you could ever want to know about the Fed's currency and coin operations last year, and more.(3/11/2013)

OCC workshops in Philly

The OCC has announced the hosting of two workshops, "Risk Assessment for Directors" and "Credit Risk: A Director's Focus," in Philadelphia on April 16–17, 2013.(3/11/2013)

NCUA workshops schedule

The schedule for fifteen free training workshops has been announced by NCUA. The first workshop will be held in Richmond, Virginia, on March 22, 2013.(3/11/2013)

North Koreans added to SDN list

Treasury has announced its addition of three individuals to its SDN List under the asset freeze provisions of United Nations Security Council Resolution 2094, passed on March 7, 2013. See BOL's OFAC Update for details.(3/8/2013)

FinCEN reminder

FinCEN has issued a reminder to financial institutions that they can no longer use "legacy" filing formats after March 31, 2013, and that any financial institutions that continue to file reports in paper format may be subject to civil money penalties.(3/8/2013)

Treasury to shed more CPP assets

A Treasury press release has announced the agency's intent to sell several preferred stock and subordinated debt Capital Purchase Program (CPP) investments. The auctions are expected to commence on or about March 11, 2013.(3/8/2013)

Bank stress test results

The Federal Reserve Board has released the summary results of the most recent round of bank stress tests. The results indicate the nation's largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis.(3/8/2013)

FRB reports

The FRB has issued the March 2013 Z.1 Flow of Funds and the G.19 Consumer Credit reports.(3/8/2013)

FedFocus

The March 2013 issue of FedFocus has been posted featuring the 2013 Payments Study, which will examine the nation's aggregate volume and composition of payments. The triennial study was first conducted in 2001.(3/8/2013)

Curry on BSA/AML compliance

In an oral statement and written testimony before the Senate committee on Banking, Housing, & Urban Affairs, Comptroller Curry discussed the BSA/AML compliance programs at U.S. financial institutions and the OCC's role in conducting compliance examinations.(3/8/2013)

NCUA Board agenda posted

The agenda for the March 14, 2013, meeting of the NCUA Board has been posted.(3/8/2013)

FTC shuts down loan scams

Due to FTC action, a federal court has banned marketers of a California-based company from providing modification services for auto loans and for any other type of debt; and marketers of mortgage relief services scams have agreed to surrender assets and halt operations.(3/8/2013)

Bureau says tax time is time to save

In another of its series of articles observing National Consumer Protection Week, the CFPB has suggested that tax time is the perfect time for consumers to think about starting a savings program.(3/8/2013)

FRB term deposits auction

The Federal Reserve Board has issued a news release announcing the offering on March 11, 2013 of $3 billion in 28-day term deposits.(3/7/2013)

Beige Book update

The Beige Book has been updated by the FRB with data current as of March 6, 2013.(3/7/2013)

Mortgage relief scam victims to receive $1 million

The Federal Trade Commission has announced the mailing of 17, 213 refund checks totaling over $1 million to consumers who were deceived by an operation that charged an up-front fee for bogus mortgage relief services and posed as a government mortgage assistance program.(3/7/2013)

What can a student do?

The latest article in the CFPB Blog series for National Consumer Protection Week provides tips on ways students can protect themselves from excessive student loan debt.(3/7/2013)

ID theft tops FTC complaint list

The Federal Trade Commission has released its annual Consumer Sentinel Network Data Book, which details and analyzes consumer complaints filed with the agency during 2012. Identity theft topped the list for the 13th straight year, at 18% of complaints filed. This is the first year in which complaints about payday loans were separately reported as a subcategory of the Banks and Lenders complaint group.(3/6/2013)

Self-disclosure reduces OFAC CMP

OFAC has announced a non-financial entity has paid a $139,650 civil money penalty (CMP) to settle two alleged violations of the Cuban and Iranian sanctions regulations. The base penalty for both violations of $206,889 was reduced due to the voluntary self-disclosure by EGL, Inc., of one of the violations.(3/6/2013)

FRB 2011 Debit Card report

The Federal Reserve Board has issued a press release announcing the publication of a report on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses related to debit card transactions in 2011. The report, required by the Electronic Fund Transfer Act (EFTA), is the second in a series published every two years.(3/6/2013)

OCC announces directors workshop

"Mastering the Basics: A Director's Challenge," a workshop for directors of national community banks and federal savings associations, will be hosted by the OCC in Chicago on April 8–9,2013.(3/6/2013)

OCC Bulletin on STIF reporting requirement

OCC Bulletin 2013-8 provides guidance to banks that offer short-term collective investment funds (STIF). The guidance describes the process for making electronic disclosures to the OCC. To facilitate the reporting requirement, which becomes effective July 1, 2013, the OCC has established a secure file transfer protocol (FTP) website and created a standardized data collection template.(3/6/2013)

CRA ratings released

The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Three of the 75 listed banks received an outstanding rating, and three were listed as needing improvement.(3/6/2013)

CU Quarterly U.S. Map Review

The NCUA has announced the publication of its fourth quarter 2012 U.S. Map Review, a report of key state-level indicators for federally insured credit unions, including employment rates and home price changes.(3/6/2013)

FATF issues new country-wide risk assessment guidance

The Financial Action Task Force (FATF) has adopted a new guidance document intended to assist in the conduct of money laundering and terrorist financing risk assessments at the country or national level.(3/6/2013)

FinCEN proposes FBAR changes

FinCEN has published a proposal to update the current Report of Foreign Bank and Financial Accounts (FBAR) to standardize it with other BSA electronically filed reports and add the capability for a third party preparer to file the report. Comments on the proposal are due by May 6, 2013.(3/5/2013)

Goals for Fannie and Freddie released

The Federal Housing Finance Agency (FHFA) has released the 2013 Conservatorship Scorecard for Fannie Mae and Freddie Mac.(3/5/2013)

Curry discusses operational risk

In a speech at the annual conference of the Institute of International Bankers held in Washington, D.C., Comptroller Curry stressed the importance of operational risk. He noted that it is at the top of the OCC's safety and soundness concerns for the large banks it supervises.(3/5/2013)

Gruenberg on resolution of international SIFIs

In remarks before the annual Washington Conference of the Institute of International Bankers, FDIC Chairman Gruenberg addressed the challenges in developing the capability to manage the orderly resolution of a systemically important financial institution (SIFI) with extensive cross-border operations.(3/5/2013)

NCUA tips to avoid financial traps

Chairman Matz has reminded CU members and consumers to visit the agency's websites for tips on avoiding scams and protecting financial well-being.(3/5/2013)

2012 Financial Report of U.S. Government

Treasury's Financial Management Service has released the 2012 Financial Report of the U.S. Government. [Index; Summary; Full Report](3/5/2013)

Bureau tips to avoid buyer's remorse

As part of a series for National Consumer Protection Week, the CFPB Blog features an article with tips for servicemembers to protect against buyer's remorse when making big financial decisions.(3/5/2013)

CRA ratings and exam schedule

The OCC has released the ratings received by thirty-four national banks and federal savings associations that were recently evaluated for compliance with CRA and the second quarter 2013 CRA examination schedule. Six of the institutions receiving CRA ratings in February were listed as "outstanding."(3/4/2013)

FDIC Consumer News hot tips

In observance of National Consumer Protection Week, the FDIC has released a list of the most popular articles recently published in the FDIC Consumer News, the regulator's quarterly newsletter.(3/4/2013)

Bernanke on long-term interest rates

In a speech at the annual Monetary/Macroeconomics Conference, Chairman Bernanke discussed why long-term interest rates are so low in the United States and in other major industrial countries.(3/4/2013)

FSA interim rule on maximum farm loan rates

The Farm Service Agency (FSA) has published an interim rule amending its regulations that specify interest rates on guaranteed farm loans. The rule becomes effective May 3, 2013, and comments are due by June 3, 2013.(3/4/2013)

Board proposes Reg HH amendments

The Federal Reserve Board has published a proposal to amend its Regulation HH ("Designated Financial Market Utilities") to authorize a Federal Reserve Bank to open interest-bearing accounts and provide certain financial services for financial market utilities that are designated as systematically important, as permitted under section 806(a) of the Dodd-Frank Act. Comments are due by May 3, 2013.(3/4/2013)

CU earnings set record

The NCUA has announced that based on December 31, 2012, call report data, credit unions earned $8.5 billion in 2012, the most ever reported.(3/4/2013)

Foreign Exchange Rates report

The February G.5 Foreign Exchange Rates report has been released by the Federal Reserve Board.(3/4/2013)

Project Catalyst update

An article in the CFPB Blog updates the activities of its Project Catalyst, a program to support the creation and growth of innovative consumer financial products and services.(3/4/2013)

HUD launches Fair Housing app

HUD has announced its release of a housing discrimination mobile application (app) for iPhone and iPad. The app uses the latest technology to provide a quick and easy way to learn about housing rights, file housing discrimination complaints, and inform the housing industry about its responsibilities under the Fair Housing Act.(3/1/2013)

$9.3 billion foreclosure agreements amended

A joint OCC/FRB press release has announced amendments to the agencies' enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The servicers are required to provide a total of $9.3 billion in payments and other assistance to borrowers.(3/1/2013)

CRA exam schedule

The FDIC has posted its CRA examination schedule for the second quarter 2013.(3/1/2013)

Prohibition orders

The NCUA has issued orders prohibiting two former employees of Texas and Oklahoma federal credit unions from participating in the affairs of any federally insured financial institution.(3/1/2013)

OCC promotes consumer protection awareness

In activities promoting National Consumer Protection Week (NCPW), the OCC distributed educational materials on Capitol Hill about a variety of consumer protection and financial services issues.(3/1/2013)

Foreign holdings of U.S. securities report

Treasury has posted information on the issuance of a preliminary report of the foreign portfolio holdings of U.S. securities as of June 30, 2012.