December 18, 2006 The U.S. Government Accountability Office released a report on the Bank Secrecy Act entitled FinCEN and IRS Need to Improve and Better Coordinate Compliance and Data Management Efforts. According to the report, the Treasury's Financial Crimes Enforcement Network and the Internal Revenue Service need to improve and better coordinate their Bank Secrecy Act compliance and data management efforts. http://www.gao.gov/new.items/d07212.pdf
December 18, 2006 The SEC and Board of Governors of the Federal Reserve System have announced the release of joint proposed rules to implement the “broker” exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934. These exceptions were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20061218/default.htm
December 15, 2006 HUD has posted revised HUD-1 and HUD 1-A settlement statements on its Web site reflecting the new OMB expiration date of November 30, 2009.
http://hudclips.org/sub_nonhud/cgi/pdfforms/1.pdf and http://hudclips.org/sub_nonhud/cgi/pdfforms/1a.pdf
December 15, 2006 Insured U.S. commercial banks generated revenues of $4.5 billion from trading cash instruments and derivative products in the third quarter of 2006, the Office of the Comptroller of the Currency reported today in its Quarterly Report on Bank Derivatives Activities. http://www.occ.treas.gov/ftp/release/2006-137.htm
December 14, 2006 FinCEN has announced the assessment of a $2,000,000 civil money penalties against The Foster Bank for violations of the Bank Secrecy Act. http://www.fincen.gov/foster.pdf
December 14, 2006 HUD has issued a Mortgagee Letter providing information regarding a new legal requirement to notify homeowners in default of the mortgage and foreclosure rights of servicemembers and their dependents under the Servicemembers Civil Relief Act (SCRA). It also provides guidance regarding the implementation of SCRA requirements in servicing FHA-insured mortgages. www.hud.gov
December 14, 2006 The federal bank and thrift regulatory agencies announced Thursday an interim decision that the Statement of Financial Accounting Standards No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158), will not affect banking organizations’ regulatory capital. http://www.occ.treas.gov/ftp/release/2006-136.htm
December 14, 2006 The OCC has released its Annual Report, Fiscal Year 2006. Highlights include the viewpoint of Comptroller Dugan, a look ahead to 2007, a review of strategic goal support, and a report on financial management. http://www.occ.treas.gov/annrpt/annual.htm
December 13, 2006 Homeland Security, Immigration and Customs Enforcement (ICE) and the FTC announced that approximately 1,282 persons have been arrested as part of an ongoing worksite enforcement investigation into immigration violations and a massive identity theft scheme that has victimized large numbers of U.S. citizens and lawful U.S. residents. http://www.ice.gov/pi/news/newsreleases/articles/061213dc.htm
December 13, 2006 The federal financial regulatory agencies announced today the issuance of a new interagency policy statement on the Allowance for Loan and Lease Losses (ALLL) and supplemental Frequently Asked Questions (FAQs). The policy statement revises and replaces a 1993 policy statement on the ALLL. http://www.occ.treas.gov/ftp/release/2006-134.htm
December 12, 2006 FinCEN and the joint Federal Regulatory Agencies have issued Frequently Asked Questions (FAQs) concerning customer identification programs and banks serving as insurance agents. http://www.fincen.gov/final_bank_insurance_agent_faq_12122006.html
December 12, 2006 Comptroller of the Currency John C. Dugan recently spoke to National Public Radio's Michele Norris on the risks of nontraditional mortgage and the recent guidance to require greater disclosure and more sound underwriting of these products. http://www.npr.org/templates/story/story.php?storyId=6615458
December 11, 2006 The free FFIEC CRA and HMDA Data Entry Software, version 3.30 for calendar year 2007 is available for downloading from the FFIEC web site. http://www.ffiec.gov/software/default.aspx
December 8, 2006 The Office of the Comptroller of the Currency announced today that the agency has imposed a $300,000 civil money penalty and a cease and desist order against Grant Thornton LLP for reckless conduct in performing its audit of First National Bank of Keystone’s 1998 financial statements. http://www.occ.treas.gov/ftp/release/2006-132.htm
December 7, 2006 FinCEN has updated the 314a Fact Sheet with the addition of data current as of December 5, 2006. http://www.fincen.gov/314afactsheet.pdf
December 6, 2006 Please be advised that correspondence in the form of e-mails, faxes, and postal mail allegedly issued by the OCC regarding restricted funds supposedly under its control continue to circulate. Any documents claiming that the OCC is holding or has placed a hold on any funds for the benefit of any individual or entity are fraudulent. http://www.occ.treas.gov/ftp/alert/2006-68.html
December 6, 2006 The joint Federal Regulatory Agencies have issued Interagency Guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices (guidance). The guidance sets forth sound risk management practices that an institution should employ when it has CRE concentration risk. The guidance does not establish specific limits on CRE lending; rather, it describes sound risk management practices that will enable institutions to pursue CRE lending in a safe and sound manner. http://www.occ.treas.gov/ftp/bulletin/2006-46.html
December 6, 2006 The Federal Reserve Board has announced the approval of, and invited public comment on, an interim rule that would implement section 601 of the Financial Services Regulatory Relief Act of 2006, which eliminated several statutory reporting and disclosure requirements relating to insider lending by insured depository institutions. The Board proposed and supported eliminating these statutory reporting and disclosure provisions because the federal banking agencies have not found them particularly useful in monitoring insider lending or preventing insider abuse. http://www.federalreserve.gov/boarddocs/press/bcreg/2006/200612062/default.htm
December 5, 2006 FinCEN issued a reminder to Banks and MSBs of the registration renewal deadline for certain money services businesses of December 31, 2006. http://www.fincen.gov/MSBRegistrationDeadline2006.html
December 5, 2006 The Board of Directors of the FDIC has approved an interagency proposed rule that would provide a new option for how most banks and thrifts in the U.S. calculate their minimum risk-based capital requirements. The capital framework is commonly referred to as Basel 1-A, and would be available to all banks except the largest and most complex. Those banks will be covered by the international capital accord known as Basel II, which was issued for comment by U.S. regulators in September. http://www.fdic.gov/news/news/press/2006/pr06112.html
December 5, 2006 The Financial Crimes Enforcement Network (FinCEN) has released an assessment showing considerable growth in money laundering-related suspicious activity reporting associated with the commercial real estate industry. An examination of a sampling of Suspicious Activity Reports (SARs) filed over a 10-year period found that the growth in filings began to accelerate in the 2003-2004 period. This increase correlates with an expansion of the real estate market and closely tracks similar trends seen in FinCEN’s recently-issued Mortgage Loan Fraud study. http://www.fincen.gov/LaunderingCRE.html
December 5, 2006 The Board of Directors of the FDIC is soliciting comments on proposed improvements to the process of determining the insurance status of depositors of larger institutions in the event of a failure. http://www.fdic.gov/news/news/press/2006/pr06111.html
December 5, 2006 The FDIC has issued reports for third quarter 2006 financial results for the Deposit Insurance Fund. http://www.fdic.gov/news/news/press/2006/pr06109.html
December 4, 2006 The Financial Crimes Enforcement Network (FinCEN) today announced the launch of FinCEN Updates – a new, free e-mail subscription management service designed to keep the financial industry, the media and the public informed of news, rulemakings, advisories and other developments at FinCEN. This new secure e-mail subscription management service permits users to customize their updates, which enables them to receive e-mails related to the topics to which they have subscribed. http://www.fincen.gov/FincenUpdatesRelease.html
December 4, 2006 The FDIC has issued for comment guidelines to state non-member banks to encourage them to offer small-dollar loan products that are affordable. FDIC-supervised institutions that offer these products in a responsible, safe and sound manner may receive favorable consideration under the Community Reinvestment Act (CRA). http://www.fdic.gov/news/news/press/2006/pr06107.html
December 4, 2006 The Office of the Comptroller of the Currency (OCC) will host a teleseminar for those interested in taking advantage of the Small Business Administration 504 Certified Development Company (CDC) Loan Program. The seminar will be held from 2:00 to 3:30 p.m. (EST) on January 31, 2007. Intended for bankers and CDC partners, the seminar, entitled “Small Businesses’ Window to Wall Street,” will help participants understand how the 504 program provides multiple financial, regulatory, and business development benefits to banks, CDCs, and small businesses. http://www.occ.treas.gov/ftp/release/2006-130.htm
December 1, 2006 The December 1, 2006 issue of FedFlash has been published and features articles on new FedLine Customer Access Services, new FedReceipt routing numbers, special ordering procedures for the $1 Presidential coins, date for non-acceptance of contaminated coin, and changes in procedures for access solutions and FedCash Services requests. http://www.frbservices.org/FedFlash/2006/120106/FedFlash120106.pdf
December 1, 2006 The OCC has issued its 1st quarter CRA exam schedule. http://www.occ.treas.gov/cra/craq107.pdf
December 1, 2006 The FDIC has issued its 1st quarter CRA exam schedule. http://www.fdic.gov/regulations/community/exam/q1cra07.html
December 1, 2006 The OCC has issued notice of its fee structure for 2007. http://www.occ.treas.gov/ftp/bulletin/2006-45.txt
