Top Stories

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has posted a notice announcing a new Executive Order, "Blocking Property of Certain Persons with Respect to South Sudan." Property and interests in property of such persons in the U.S. (or within the possession or control of any U.S. person) are blocked. Individuals subject to the Order have not yet been identified.

• Disciplinary Action Taken Against Bankers

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

• International Reserve Position Data Released

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

• Premises Investment Report Extension Proposed

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

• February 2004 G. 20 Issued

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

• Libyan Restrictions Relaxed

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

• OCC Enforcement Actions Announced

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

• Identifying Risks In Secured Credit Card Programs

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

• NCUA Issues Prohibition Orders

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

• FIL Regarding Medical Privacy NPR

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

• OTC Enforcement Actions

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

• Greenspan On Energy

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

• FRB Working Papers Published

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

• Loan Portfolio Quality Working Paper

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

• New Web Site For NCUA

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

• ABCP Interim Final Rule Extended

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

• One Certificate Only

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

• Grant Gets An Extreme Makeover

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

• First Quarter Asset & Liability Price Tables

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

• Use of Medical Info NPR Issued

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

• Risk-Based Capital Guidelines Extended

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

• Counterfeit Cashier's Checks Special Alert

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

• FTC To Refer Complaints To Credit Bureaus

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

• International Finance Discussion Paper Released

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

• NPR Regarding Lending Limits

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

• 52 CRA Ratings Released

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

• Another FDIC Email Scam

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

• FDIC Publishes New Brochures For Customers

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

• OFAC FIL

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

• FTC NPR ID Theft Proposals

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

• NPR Regarding FRB PRS

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

• Greenspan - Fed Funds Rates To Rise

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

• Beige Book Updated

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

• Supervisory Agreement Regarding RESPA, FDCPA and FCRA

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

• FinCEN Warns Of Unauthorized Disclosure of SAR

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

• The State of Banking By Greenspan

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

• Hawke Says National Banking System Strong

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

• May HOEPA APR Reference Rates

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

• Consumer Report Disposal Proposal Published

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

• FRB MICR File Delivery Update

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

• FRB Annual Report To Congress

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

• Consumer Records Disposal NPR Issued

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

• Mandatory Electronic Filing

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

• Stolen or Missing Money Orders

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

• Credit Card Telemarketers To Pay $11.8 Million

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

• March G. 17 Report Issued

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

• OCC Licensing Manual Updated

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

• OCC Bulletin Regarding Op Sub NPR

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

• FDIC Issues Proposed Rule on Store Value Cards

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

• February TIC Data Released

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

• Exchange Rate Report Made to Congress

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

• Quarterly Journal for 2nd Quarter 2003 Online

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

• February Cost of Funds Reports Issued

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

• April Money Smart News Published

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

• Iraqi Names Added To OFAC List

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

• Sharing Medical Information FCRA Exception Proposed

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

• Reg CC Appendix A Technical Amendment

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

• HMDA Exam Procedures Bulletin Issued

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

• Consumer PL Brochure Now In Spanish

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

• International Reserve Position Released

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

• Counterfeit Cashier's Checks Special Alerts

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

• FDIC Issues Interim Rule on Electronic Filing

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

• FRB Proposed Changes to Reg V

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

• FinCEN Issues Special Measures Against Burma

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

• FinCEN Issues Special Measures Against Two Financial Institutions

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

• Reg CC Appendix A Amended

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

• FIL Regarding Weapons Of Mass Destruction

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

• CMIR Form Changes Proposed

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

• Minority-Owned Banks

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

• FDIC Issues Stakeholders Letter

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

• FACT ACT Negative Information Form

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

• Hawke Discusses Preemption With Senators

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

• Fraudulent FDIC Emails Virus Warning

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

• Special Alert - Unauthorized Banking

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

• Extension of FRB Reports Proposed

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

• International Reserve Position Data Released

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

• G. 19 Consumer Credit Report Issued

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

• FDIC CRA Ratings Released

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

• Treasury Check Claims Final Rule Issued

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

• FinCEN Withdraws Advisories

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

• FFIEC Updates CRA/HMDA Software

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

• Fourth Quarter Interest Rate Risk Review

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

• FDIC Updates State Profiles

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

• Mark Levonian Named Deputy Comptroller for Modeling and Analysis

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

• OTS Proposes New Form for Collecting Risk Exposure Data

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

• OTS Issues Supplemental Guidance on the BSA and AML Programs

  RB 18-6 4/6/04

• OFAC Penalizes One Institution

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

• Federal Reserve Working Papers

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

• FFIEC Makes HMDA Revisions and Updates

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

• Foreign Exchange Rates Report Released

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

• National Banks In Excellent Health

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

• FDIC Enforcement Actions Announced

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

• Retail Payments IT Exam Booklet Issued

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

• Line Item Guidance Issued for Oakars

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

• Custodial Inventory Program Applications

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

• OTS Risk Management CEO Letter

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

• Standard Forms Now Available Online

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

• NCUA Chairman To Retire

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

• International Reserve Position Released

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

• FRB Releases Agricultural Databook

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

Treasury and the IRS have separately announced that jurisdictions that have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having agreements in effect until the end of 2014. To date, the United States has signed 26 IGAs. The announcement provides that 19 additional jurisdictions will be treated as having IGAs in effect, bringing the total number of jurisdictions that are treated as having IGAs in effect to 45. This list is expected to continue to grow in the coming weeks as additional countries provide consent to having the status of their IGAs disclosed and additional agreements in substance are reached.

The Federal Reserve has posted the notice of its April 8, 2014,

Board of Governors meeting. The meeting may be attended in person or online.

OFAC has announced that Sea Tel, Inc. has agreed to pay $85,113 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. The apparent violations by Sea Tel occurred when it invoiced and exported marine antenna systems to a South Korean distributor, with knowledge or reason to know that they were intended specifically for re-exportation, directly or indirectly, to Iran.

The OCC has announced it will host a public meeting of the Mutual

Savings Association Advisory Committee (MSAAC) on Tuesday, April 29, 2014. The meeting will begin at 8 a.m. (Eastern Daylight Time) at the OCC's

offices at 400 7th Street, SW, Washington, D.C., and will be open to the public.

Treasury and the IRS have separately announced that jurisdictions that have reached agreements in substance with the United States on the terms of intergovernmental agreements (IGAs) under the Foreign Account Tax Compliance Act (FATCA) can be treated as having agreements in effect until the end of 2014. To date, the United States has signed 26 IGAs. The announcement provides that 19 additional jurisdictions will be treated as having IGAs in effect, bringing the total number of jurisdictions that are treated as having IGAs in effect to 45. This list is expected to continue to grow in the coming weeks as additional countries provide consent to having the status of their IGAs disclosed and additional agreements in substance are reached.

The Federal Reserve has posted the notice of its April 8, 2014,

Board of Governors meeting. The meeting may be attended in person or online.

OFAC has announced that Sea Tel, Inc. has agreed to pay $85,113 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. The apparent violations by Sea Tel occurred when it invoiced and exported marine antenna systems to a South Korean distributor, with knowledge or reason to know that they were intended specifically for re-exportation, directly or indirectly, to Iran.

The OCC has announced it will host a public meeting of the Mutual

Savings Association Advisory Committee (MSAAC) on Tuesday, April 29, 2014. The meeting will begin at 8 a.m. (Eastern Daylight Time) at the OCC's

offices at 400 7th Street, SW, Washington, D.C., and will be open to the public.

• Reg Z Changes Published

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

• Austrian Bank Not Authorized

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

• Enforcement Orders Against Former Bankers

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

• March Report Forms Online

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

• January G.20 Finance Companies Report Issued

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

• MSA Guidance Issued

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

• 031 and 041 Instructions Online

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

• Country Exposure Reports Released

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

• Reg Z Final Rule Issued

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

• April Fools Plus

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

• BHC Fleet Management Authorized

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

• OCC Updates Publications

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

• Counterfeit Cashier's Checks Special Alerts

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

• FIL Regarding Modifications to SDNs

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

• ACH Procecessor to Pay $3.9 Million

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

• Proposal to Identify Op Subs Published in FR

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

• Greenspan Addresses Rural Economic Issues

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

• Future Of Banking Series Paper Released

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

• HMDA Comments Sought

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

• Three Written Agreements Announced

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

• Counterfeit Cashier's Checks Special Alert

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

• $300,000 For FDCPA Violations

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

• Fed ACH Participation Final Rule

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

• Tying Questions - Who To Contact

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

• Enforcement Orders Against Former Bankers

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

• FDIC FIL Regarding Iraqi SDNs

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

• Counterfeit Cashier's Checks Special Alerts

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

• Privacy Notice Comment Deadline Nears

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

• Special Alerts - Unauthorized Banking

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

• Business Lending Terms Report Released

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

• Cuban SDN FIL

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

• First Quarter Call Report FIL

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

• SDGT Entry Modified

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

• New York Bank's Deposits Assumed

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

• FACT Act Free Annual File Disclosures

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

• 2004 Geocoding System Available

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

• Changes Proposed To HMDA Tables

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

• CDR FIL Issued

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

• International Reserve Position Released

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

• Assets Of Iraqi Parastatals and New SDNs

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

• Reg W To Apply To State Nonmember Banks

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

• Greenspan - Banking Today and Future Trends

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

• Cuban SDN Announced

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

• CDFI Fund Discussed With House Committee

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

• Free Annual Credit Reports Proposed

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

• April HOEPA APR Reference Rates

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

• March Interpretations And Actions Published

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

• CTR Form FIL

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

• What Happens When Interest Rates Rise?

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

• Fed Funds Rate Set

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

• Eighteen Enforcement Actions Announced

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

• OCC Releases CRA Ratings

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

• International Capital Data Released

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

• G. 17 Report Issued

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

• March FEDS Papers Published

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

• Final 4th Quarter Interest Rate Risk Data

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

• National Cost of Funds Reports Issued

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

• OCC Closes Florida Bank

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

• Unlicensed Bank Alert

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

• Preliminary Exam Response Kit

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

• Winter Issue Consumer News Issued

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

• Internet Related Fraud Guidance

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

• Derivative Volume Tops $71 Trillion Dollars

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

• Interest Rate Risk Exposure Report

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

• ID Theft Spam Scam Alert

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

• Guidance On Unfair and Deceptive Practices

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

• Foreign Bank Offices Data Released

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

• March FHC List Issued

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

• Thirteen Million Dollar CMP Assessed

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

• BHC Subsidiary Pays SEC $10 Million

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

• FDIC Enforcement Actions Released

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

• Missing Money Orders Special Alert

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

• March Report Forms Online

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

• MSB Registration List Updated

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

• December 2003 G.20 Released

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

• Deadline Reminder

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

• Snow Comments On New GSA Regulator

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

• OCC Says Preemption Rule Misunderstood

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

• March Financial Reporting Bulletin

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

• Phishing and E-Mail Scams

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

• Financial Terrorism Office Created

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

• Check 21 Comment Deadline Nears

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

• Grant Thornton Assessed $300,000 CMP

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

• 66 CRA Exams Scheduled For 2nd Quarter

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

• FDIC CRA Ratings Released

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

• Unauthorized Banking Special Alert

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

• B of A - Fleet Merger Approved

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

• OFAC Penalizes Five Institutions

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

• Reg CC Changes Published

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

• March 31 002 Form Released

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

• Internet Banks Subject of Special Alerts

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

• Thrift Financial Report Instruction Manual

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

• Assets Ranking Released

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

• January Consumer Credit Report Issued

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

• C & D Issued Against Wyoming Bank

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

• OTS February CRA Ratings Revealed

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

• Extension of FFIEC 04 Report Proposed

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

• Special Alert - Counterfeit Checks

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

• FBI Releases Workplace Violence Monograph

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

• Fourth Quarter Flow of Funds Report Released

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

• FIL Regarding Announced OFAC Action

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

• ML and Financial Crimes Report Issued

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

• Fourth Quarter Interest Rate Risk Data Issued

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

• All Stocks Removed From Margin Stock List

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

• FIN 46 Legal Interpretation Issued

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

• Counterfeit Cashier's Checks SAs Issued

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

• Internet Bank Not Member FDIC

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

• Updated Beige Book Released

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

• Real Estate Retrieval System Online

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

314a Automated Distribution List

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

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• Reg CC Amended By FRB

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

• SARs Legal Decisions Posted

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

• Technology Regs and Publications Online

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

• Greenspan On Foreign Exchange Rates

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

• FDIC Releases Spring 2004 Outlook

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

• Basel II White Papers Released

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

• FEDS Working Papers Issued

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

• OFAC Adds Zimbabwe SDNs

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

• FACT Act Study on Biometrics

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

• Loan Loss Accounting Guidance Issued

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

• Unauthorized Banking Alert

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

• OCC Customer Complaint Guidance

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

• OCC 2nd Quarter CRA Exam Schedule

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

• IRS "Dirty Dozen" Scams List Updated

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

• FinCEN MSB Registration List Online

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

• FYI Examines Exposure to GSE Guaranties

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

• December 2003 UBPR Available

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

• February Foreign Exchange Rates Released

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

• FTC Releases RESPA Reform Report

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

• FATF Removes Two From NCCT List

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

• FRB Issues Proposals For Comment

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

• U. S. FY 2003 Financial Report Released

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

• Community Banking Issues - A Regulator's View

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

• Winter 2004 Federal Reserve Bulletin Issued

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

• Quarterly Loan Charge-Off Rates

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

• Household Debt Burden Report Released

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

• FIL Issued Regarding Announced SDN Change

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

The CFPB has announced the publication of the agency's 2013 Consumer Response Annual Report. The agency reported that the volume of consumer complaints filed with the agency in 2013 increased by 80% over 2012 volumes. That increase reflects both the CFPB's gradual additions to the types of complaints it accepts and the public's growing awareness of the new agency's role in accepting and following up on consumer complaints concerning financial services and products.

OFAC has issued updated frequently asked questions (FAQs) on

its Burma Sanctions program.

The OCC has released the ratings received by twenty-eight national banks and federal savings associations recently evaluated for compliance with CRA. Three were rated outstanding and 25 received satisfactory ratings.

In remarks at the 2014 National Interagency Community Reinvestment Conference, Comptroller Curry discussed the interagency effort to align the agencies' approaches to CRA evaluations, improve the evaluation procedures and provide effective training to CRA examiners. He stated "one of the most critical goals at the OCC is to develop and maintain the expertise of our examiners," to deal with the complexities of compliance and CRA requirements.

The FDIC has issued two Financial Institution Letters to distribute joint statements by the members of the FFIEC relating to the risks of cyber-attacks.

• FIL-10-2014 includes an FFIEC statement describing risks related to recent cyber-attacks on ATMs and card authorization systems that have resulted in large dollar frauds, often called Unlimited Operations.
• FIL-11-2014 transmits a statement notifying institutions of the risks associated with the continued distributed denial of service (DDoS) attacks on public-facing Web sites and the steps institutions are expected to take to address the risks posed by such attacks.

The Federal Housing Finance Agency (FHFA) has announced the publication of the Fourth Quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager's Report. The report indicates more than 3.1 million foreclosure prevention actions taken by Fannie Mae and Freddie have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications.

The G.5 Foreign Exchange Rates Report for March 2014 has been released by the Federal Reserve Board.

A free webinar, "Small Dollar Lending," will be offered by the NCUA on April 16, 2014, at 2 p.m. EDT. The webinar will discuss how some credit unions have created short-term lending programs that work for their members and factors to consider before starting such a program, including:

• The benefits short-term, small-dollar loans can bring to a credit union's portfolio mix
• Regulatory concerns governing this type of product offering
• The costs associated with developing or initiating short-term loans

Online registration is currently available for the webinar.

The OCC's Bulletin 2014-12 has announced the addition of a "Garnishment of Accounts Containing Federal Benefit Payments" booklet to the Comptroller's Handbook. The new booklet addresses requirements of the Treasury Department's Fiscal Service regulations, which—

• establish procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit and
• require financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.

OFAC has announced a deletion from its SDN List. Details are included in a BOL OFAC

Update.

The Federal Reserve Board has delivered the April 2014 report to Congress on the Office of Minority and Women Inclusion.

The Department of Justice has reported that seven individuals have been indicted for alleged participation in a mortgage fraud scheme that operated in the Miami, Florida area. Five of those charged owned or controlled properties in the area, and allegedly enlisted brokers and others to recruit straw buyers to fraudulently purchase condos in those properties, using documents with false statements and representations.

The February 3–7, 2014, E.2 Survey of Terms of Business Lending report

has been released by the Federal Reserve System.

The OCC has released the ratings received by twenty-eight national banks and federal savings associations recently evaluated for compliance with CRA. Three were rated outstanding and 25 received satisfactory ratings.

In remarks at the 2014 National Interagency Community Reinvestment Conference, Comptroller Curry discussed the interagency effort to align the agencies' approaches to CRA evaluations, improve the evaluation procedures and provide effective training to CRA examiners. He stated "one of the most critical goals at the OCC is to develop and maintain the expertise of our examiners," to deal with the complexities of compliance and CRA requirements.

The FDIC has issued two Financial Institution Letters to distribute joint statements by the members of the FFIEC relating to the risks of cyber-attacks.

• FIL-10-2014 includes an FFIEC statement describing risks related to recent cyber-attacks on ATMs and card authorization systems that have resulted in large dollar frauds, often called Unlimited Operations.
• FIL-11-2014 transmits a statement notifying institutions of the risks associated with the continued distributed denial of service (DDoS) attacks on public-facing Web sites and the steps institutions are expected to take to address the risks posed by such attacks.

The Federal Housing Finance Agency (FHFA) has announced the publication of the Fourth Quarter 2013 Foreclosure Prevention Report, also known as the Federal Property Manager's Report. The report indicates more than 3.1 million foreclosure prevention actions taken by Fannie Mae and Freddie have helped more than 2.5 million borrowers stay in their homes, including nearly 1.6 million who received permanent loan modifications.

The G.5 Foreign Exchange Rates Report for March 2014 has been released by the Federal Reserve Board.

A free webinar, "Small Dollar Lending," will be offered by the NCUA on April 16, 2014, at 2 p.m. EDT. The webinar will discuss how some credit unions have created short-term lending programs that work for their members and factors to consider before starting such a program, including:

• The benefits short-term, small-dollar loans can bring to a credit union's portfolio mix
• Regulatory concerns governing this type of product offering
• The costs associated with developing or initiating short-term loans

Online registration is currently available for the webinar.

The OCC's Bulletin 2014-12 has announced the addition of a "Garnishment of Accounts Containing Federal Benefit Payments" booklet to the Comptroller's Handbook. The new booklet addresses requirements of the Treasury Department's Fiscal Service regulations, which—

• establish procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit and
• require financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.

OFAC has announced a deletion from its SDN List. Details are included in a BOL OFAC

Update.

The Federal Reserve Board has delivered the April 2014 report to Congress on the Office of Minority and Women Inclusion.

The Department of Justice has reported that seven individuals have been indicted for alleged participation in a mortgage fraud scheme that operated in the Miami, Florida area. Five of those charged owned or controlled properties in the area, and allegedly enlisted brokers and others to recruit straw buyers to fraudulently purchase condos in those properties, using documents with false statements and representations.

The February 3–7, 2014, E.2 Survey of Terms of Business Lending report

has been released by the Federal Reserve System.

• Prohibition Orders Issued By NCUA

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

• Preliminary Interest Rate Risk Measures

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

• FDIC Issues Quarterly Banking Profile

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

• OFAC Removes Address And Grants License

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

• Living Trust Interim Rule for CUs

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

• Greenspan Suggests Changes in SS Benefits

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

• International Reserve Position

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

• Greenspan - Freddie & Fannie Need Regulator

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

• OFAC Adds bin Laden Loyalist

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

• Written Agreement With Ohio Bank

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

• Regulator's Accounting and Capital Standards

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

• PALS Best Practices Web Site Launched

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

• Comments Requested on Fair Credit Reporting Provisions

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

• Evaluation Of Household Debt By Greenspan

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

• Special Alert Counterfeit Cashier's Checks

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

• Unauthorized Banking Special Alert

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

• Electronic Interpretations and Actions

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

• Working Papers Released

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

• FIL Regarding Announced SDNTKs

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

• Earnings Credits Calculation Changed

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

• February Bank Accounting Advisory Series

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

• Greenspan On Education and The Economy

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

• 2003 Thrift Charge-Off Rates

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

• OTS Charges Officials Of Closed Bank

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

• Five OCC Enforcement Actions Announced

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

• OCC CRA Ratings Issued for Forty-Two Banks

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

• FDIC Publishes CRA Guide

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

• FR-CA CPS Revised

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

• OFAC Adds Forty SDNTKs and One BPI-PA

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

• 2004 HMDA Preliminary Census Data Online

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

• Final 2004 TFR Form Available

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

• Second Edition of FedFocus Released

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

• Thrifts 2003 Earnings Set Records

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

• Cashier's Checks Special Alert

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

• Cumulative Unauthorized Banking List

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

• OTS CRA Evaluations Released

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

• December 2003 TIC Data Released

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

• January Financial Holding Company Elections

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

• G. 17 Industrial Production Report

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

• December 2003 Cost of Funds Reports Released

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

• FIL Regarding Announced SDNs

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

• FDIC Insurance Funds Year-End Reports

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

• FRB Grants 23A Exemption Request

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

• OTS Closes Dollar Savings Bank

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

• OCC Issues Bulletin on Reg. CC Proposal

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

• 2003 FDIC Annual Report Posted

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

• FIND Call Report Web Site Launched

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

• OCC Preemption Rule Discussed

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

• Tax Shelter Schemes Information Online

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

• Regulators Issue Interagency Advisory

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

• Unauthorized Banking Activities Special Alert

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

• FRB Reassigns Routing Numbers

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

• OFAC Issues Iraqi Intellectual Property IR

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

• Greenspan - Economic Prospects Good

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

• FTC Issues Charity Scams Publication

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

• Legal Interpretations Issued By FRB

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

• Features Added To FRB Web Site

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

• FACT Act Effective Date Published

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

• FRB Working Papers Released

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

• Flood Violations Cost Ohio Bank

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

• Bulletin Regarding Announced Reg C Changes

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

• Counterfeit Cashier's Checks Special Alert

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

• OFAC Adds CUBA and BALKANS SDNs

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

• OFAC Cites Twelve Institutions

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

• Regulators Issue NPR Updating CRA

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

• 2003 G.19 Report Released

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

• FACT Act Effective Dates Final Rules Issued

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

• FDIC CRA Examination Ratings Issued

  The FDIC issued its monthly list of state nonmember banks recently evaluated for compliance with the CRA. The list covers evaluation ratings that the FDIC assigned to institutions in November 2003. CRA Ratings 2/6/04

• CRA Changes Published

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

• FRB Proposes Changes To PRS Policy

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

• International Reserve Position Report Released

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

• C & D Against Former Credit Lyonnais Official

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

• FDIC Issues Living Trust Fact Sheet

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

• Unauthorized Banking Special Alert

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

• HOEPA Points and Fee Trigger For 2004

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

• MERIT Examination Program Expanded

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

• Corporate Activities Final Rule

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

• World Banking Systems Examined

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

• FOIA 2003 Annual Report Released

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

• Senior Loan Officer Opinion Survey

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

• New Savings Accounts Proposed

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

• Market Financing Estimates Announced

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

• January Foreign Exchange Rates Released

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

• November 2003 G.20 Report Released

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

• December Enforcement Actions Released

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

• Formation of Dormant Bank To Be Studied

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

• IFDP Covers China and Deflation

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

The CFPB has released its Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The guide highlights issues that financial institutions might find helpful to consider when implementing the rule. It may also be helpful to settlement service providers, software providers, secondary market participants, and other firms that serve as business partners to creditors. The Bureau also posted links to several other resources—including sample forms annotated with rule citations—designed to assist lenders and others in their compliance efforts.

An NCUA order has been issued prohibiting the former employee of a California credit union from participating in the affairs of any federally insured financial institution. He had been sentenced to five years of probation, with the first year served in county jail; ordered to stay away from the credit union; enter into a gambling addiction treatment program and pay restitution in the amount of $606,541.33.

A symposium commemorating the 150th anniversary of the OCC was opened by remarks from Comptroller Curry, who stressed the role that examiner "boots on the ground" supervision has played since its founding. The conference, jointly sponsored by the OCC and the Boston University Center for Finance, Law & Policy, featured prominent public and private sector leaders discussing the current state of domestic and international banking in the context of recent and historical events.

OFAC has reported a payment of $157,500 from a private shipping and fuel supply company to settle potential civil liability for violations of sanction programs.

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

In a speech at the 2014 National Interagency Community Reinvestment Conference in Chicago, Chairman Yellen discussed the actions taken by the Federal Reserve to help the recovery from the financial crisis and the Great Recession. She indicated the U.S. economy is still considerably short of the two goals assigned to the Federal Reserve by the Congress—maximum sustainable employment and stable prices—and "that there remains considerable slack in the economy and the labor market." She also said, "Earlier this month, the Fed reiterated its overall commitment to maintain extraordinary support for the recovery for some time to come."

An article on the CFPB Blog reports on the recent field hearing in Atlanta of the Financial Literacy and Education Commission to talk about workplace financial education. Director Cordray discussed why the workplace is an ideal location for financial education and suggested it can be good business for employers to help relieve employees' financial stress.

The CFPB has released its Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The guide highlights issues that financial institutions might find helpful to consider when implementing the rule. It may also be helpful to settlement service providers, software providers, secondary market participants, and other firms that serve as business partners to creditors. The Bureau also posted links to several other resources—including sample forms annotated with rule citations—designed to assist lenders and others in their compliance efforts.

A federal court judge has issued a temporary order halting a scam by the defendants who targeted and called senior citizens, lied to them to get their bank account information, and used this information to withdraw money from their bank accounts. The FTC alleges that the defendants' conduct violated the FTC Act and the FTC's Telemarketing Sales Rule, and that the telemarketing scheme drew in over $20 million between May 2011 and December 2013. The defendants used a telemarketing boiler room in Canada to cold-call seniors claiming to sell fraud protection, legal protection, and pharmaceutical benefit services.

An NCUA order has been issued prohibiting the former employee of a California credit union from participating in the affairs of any federally insured financial institution. He had been sentenced to five years of probation, with the first year served in county jail; ordered to stay away from the credit union; enter into a gambling addiction treatment program and pay restitution in the amount of $606,541.33.

A symposium commemorating the 150th anniversary of the OCC was opened by remarks from Comptroller Curry, who stressed the role that examiner "boots on the ground" supervision has played since its founding. The conference, jointly sponsored by the OCC and the Boston University Center for Finance, Law & Policy, featured prominent public and private sector leaders discussing the current state of domestic and international banking in the context of recent and historical events.

OFAC has reported a payment of $157,500 from a private shipping and fuel supply company to settle potential civil liability for violations of sanction programs.

The NCUA has announced the closing of Mayfair Federal Credit Union of Philadelphia, Pennsylvania, and the immediate assumption of its members and deposits as well as a portion of the loan portfolio and other assets by Freedom Credit Union of Warminster, Pennsylvania.

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