August 31, 2007 - Beginning October 1, 2007, creditors must provide a copy of the revised Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklet, or a suitable substitute, to consumers with every application for an adjustable rate mortgage loan. http://www.federalreserve.gov/newsevents/press/bcreg/20061226a.htm
August 28, 2007 - The OCC has released the August issue of the Community Developments Insights report. http://www.occ.treas.gov/cdd/2007-88a.pdf
August 28, 2007 - The OCC has issued a Bulletin that describes and emphasizes the prohibitions on political contributions or expenditures by national banks pursuant to the Federal Election Campaign Act of 1971.http://www.occ.treas.gov/ftp/bulletin/2007-31.html
August 27, 2007 - The Federal Financial Institutions Examination Council (FFIEC) has issued the 2007 Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. http://www.federalreserve.gov/boarddocs/srletters/2007/SR0715a1.pdf
August 27, 2007 - The OCC has issued a Bulletin that announces the examination procedures for compliance with the provisions of the Telephone Consumer Protection Act and Junk Fax Prevention Act have been revised. http://www.occ.treas.gov/ftp/bulletin/2007-30.html
August 27, 2007 - The FDIC has issued a FIL regarding the distribution of "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography," a brochure prepared by the Financial Coalition Against Child Pornography. http://www.fdic.gov/news/news/financial/2007/fil07072.html
August 23, 2007 - The FDIC has released the earnings at FDIC insured banks for the second quarter 2007. http://www2.fdic.gov/qbp/2007jun/qbpall.html
August 23, 2007 - The FRB has created a Web page that contains links to regulatory information for consumers having difficulty making mortgage payments. http://www.federalreserve.gov/pubs/foreclosure/default.htm
August 23, 2007 - The Financial Action Task Force (FATF) has issued its Annual Report which provides an overview of the achievements of the FATF against its mandate over the course of 2006-2007. http://www.fatf-gafi.org/dataoecd/46/1/39162982.pdf
August 22, 2007 - The OCC will hold a compliance risk workshop for community bank directors on September 25, 2007 in Lexington, Kentucky. https://secure.dynamicmediasolutions.net/cmp-occ/
August 22, 2007 - FRB Financial Services have published information regarding the distribution of the Wyoming State quarter. http://www.frbservices.org/Cash/commemcoin.html
August 21, 2007 - FinCEN has announced the launch of a new search engine which will allow users to search through more than 220 file types, including forms and regulations. http://www.fincen.gov/search_engine.html
August 20, 2007 - The FRB has announced a 50 basis point reduction in the primary credit rate to 5-3/4 percent which narrows the spread between the primary credit rate and the Federal Open Market Committee (FMOC) target federal funds rate to 50 basis points. Additionally, the FRB will allow the provision of term financing for as long as 30 days, renewable by the borrower. http://www.federalreserve.gov/newsevents/press/monetary/20070817a.htm
August 20, 2007 - FinCEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of August 15, 2007. http://www.fincen.gov/314afactsheet.pdf and http://www.fincen.gov/leinfosharing.pdf
August 20, 2007 - The FDIC has published the Summer 2007 issue of the FDIC Consumer News. http://www.fdic.gov/consumers/consumer/news/cnsum07/summer07color.pdf
August 17, 2007 - The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in September 2007 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. http://www.federalreserve.gov/releases/h15/update/ and http://www.federalreserve.gov/releases/h15/
August 16, 2007 - The FRB has issued a consumer credit score tips brochure containing five tips for ways to improve a credit score. http://www.federalreserve.gov/Pubs/creditscore/default.htm
August 16, 2007 - FRB Financial Services has published the August 2007 issue of FedFlash. http://www.frbservices.org/FedFlash/2007/081507/FedFlash081507.pdf
August 16, 2007 - The FRB and the FTC have delivered a report to Congress regarding the effects of credit scoring on credit and insurance markets as required by the Fair and Accurate Credit Transactions Act of 2003. http://www.federalreserve.gov/boarddocs/RptCongress/creditscore/creditscore.pdf
August 13, 2007 - The Federal Financial Institutions Examination Council (FFIEC) is inviting financial institutions to participate in a Treasury sponsored business continuity exercise for members of the financial services sector. The purpose of the exercise is to test the financial sector's ability to respond to a pandemic like crisis, such as an influenza pandemic. The exercise is scheduled to begin September 24, 2007, and conclude on October 10, 2007. http://www.ffiec.gov/press/pr081307.htm
August 13, 2007 - The OCC will host a Compliance Risk Workshop entitled"Compliance Rist: What Directors Need to Know" for community bank directors on September 11, 2007 in Little Rock, Arkansas. http://www.occ.gov/conference.htm
August 9, 2007 - FinCEN has issued a Final Rule which implements provisions of Section 312 of the USA PATRIOT Act by clarifying the risk-based procedures that U.S. financial institutions should use in tailoring their enhanced due diligence to assess the risks of some foreign banking relationships. http://www.fincen.gov/31_CFR_Part_103_312_EDD_Rule.pdf
August 8, 2007 - The Federal Open Market Committee has announced that it has decided to keep the target for the federal funds rate at 5-1/4 percent. http://www.federalreserve.gov/newsevents/press/monetary/20070807a.htm
August 8, 2007 - The FRB has published two legal interpretations regarding whether or not certain proposed investments, proposed business relationships and director interlocks between investors and a financial institution would cause the investors to be deemed in control of the financial institution for purposes of the Bank Holding Company Act. http://www.federalreserve.gov/boarddocs/legalint/
BHC_ChangeInControl/2007/20070718.pdf and http://www.federalreserve.gov/boarddocs/legalint/
BHC_ChangeInControl/2007/200707182.pdf
August 6, 2007 - President Bush has issued an Executive Order blocking the property and interests in property of persons determined by the Secretary of the Treasury to have taken, or to pose a significant risk of taking, actions, including acts of violence, that have the purpose or effect of (1) undermining Lebanon's democratic processes or institutions; (2) contributing to the breakdown of the rule of law in Lebanon; (3) supporting the reassertion of Syrian control or contributing to Syrian interference in Lebanon; or (4) infringing upon or undermining Lebanese sovereignty. Since no determinations have been made at the present time, no new entries have been added to the OFAC SDN List. http://www.treas.gov/offices/enforcement/ofac/legal/eo/13441.pdf
August 6, 2007 - Treasury has issued an U.S. economic update as of August 3, 2007. http://www.treas.gov/press/releases/hp529.htm
August 3, 2007 - The OCC has announced the July 2007 New Electronic Interpretations and Actions. http://www.occ.treas.gov/interp/jul07/intjul07.htm
August 2, 2007 - The FRB has published the amendment to Reg Z regarding the annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. The adjustments are effective January 1, 2008. http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070801/attachment.pdf
August 2, 2007 - The Federal Reserve Banks have announced that in limited circumstances they will waive the cross-shipping fees that went into effect on July 2, 2007 for customers who experience special circumstances. http://www.frbservices.org/Cash/index.html#waiver
August 2, 2007 - Fin CEN has updated the 314a Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report with data current as of July 31, 2007. http://www.fincen.gov/314afactsheet.pdf and http://www.fincen.gov/leinfosharing.pdf
August 2, 2007 - FRB Financial Services has published the August 1, 2007 issue of FedFlash. http://www.frbservices.org/FedFlash/2007/080107/FedFlash080107.pdf
