Bankers Compliance Task Force Current News Archive - November 2006

November 16, 2006 -FinCEN has issued an updated MSB Registration List. The list, which is current as of November 1, 2006, contains data on 32,081 registered MSBs. FinCEN is initiating a process to update this list on a monthly basis.http://www.fincen.gov/msb_registration_list.pdf

November 16, 2006 -The FDIC has published the Fall 2006 issue of FDIC Consumer News. This issues focuses on avoiding costly banking mistakes; clues to preventing expensive errors with your checking account, credit card or other financial services. http://www.fdic.gov/consumers/consumer/news/cnfall06/index.html

November 15, 2006 - The Office of the Comptroller of the Currency (OCC) has released a new Community Developments Insights report, "Reaching Minority Markets: Community Bank Strategies," examining a variety of methods that banks are using to target specific minority markets in the United States. http://www.occ.treas.gov/toolkit/newsrelease.aspx?&Doc=2MK9VOR7.xml

November 15, 2006 - The Federal Reserve Bank has approved and issued the 2007 fee schedules for payment services for depository institutions. http://www.federalreserve.gov/paymentsystems/pricing/2007repricingfedreg.pdf

November 13, 2006 - The FDIC has issued FIL-98-2006 containing updated guidelines for an Environmental Risk Program to reflect changes to the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) related to the Environmental Protection Agency's (EPA) All Appropriate Inquiry Rule. In November 2005, the EPA promulgated its All Appropriate Inquiry Rule, which establishes the standards and practices that are necessary to meet the requirements for an all appropriate inquiry into the prior ownership and uses of a property. The All Appropriate Inquiry Rule became effective on November 1, 2006. As part of its environmental risk analysis of any particular extension of credit, a lender should evaluate whether it is appropriate or necessary to require the borrower to perform an evaluation that meets the standards and practices of the EPA All Appropriate Inquiry Rule. http://www.fdic.gov/news/news/financial/2006/fil06098.html

November 13, 2006 - The FDIC published a final rule revising its regulation governing official FDIC signs and advertising of FDIC membership. The final rule replaces the separate signs used by Bank Insurance Fund (BIF) and Savings Association Insurance Fund (SAIF) members with a new sign, or insurance logo, to be used by all insured depository institutions. http://frwebgate1.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=70073862401+0+0+0&WAISaction=retrieve

November 10, 2006 - Comptroller of the Currency John C. Dugan said said in a speech to the New York Bankers Association’s annual convention that ensuring effective management of the large credit risks that have accumulated in the derivatives portfolios of the major trading banks is a matter of concern for all banks, even those not active in derivatives markets. http://www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=HI14R11T.xml

November 10, 2006 - Federal Reserve Financial Services has posed the November 2006 issue of FedFlash online. Featured articles include information regarding: FedCash cross-shipping reports; a new name for FRB Cash Services; the 2007 pricing schedule; FedACH International Canada Service; a change in fees for Treasury check reclamations; and changing the paper stock for substitute checks. http://www.frbservices.org/FedFlash/2006/110906/FedFlash110906.pdf

November 10, 2006 - Social Security has issued a warning about a phishing email scam with the subject "Cost-of-Living for 2007 update" that purports to be from the agency. The recipients are directed to a fake SSA web site and instructed to enter personal information, including financial data, or their SS benefits will be terminated.

http://www.ssa.gov/pressoffice/pr/colaPhishingScam-pr.htm

November 9, 2006 - The FinCEN has issued an advisory to U.S. financial institutions on identifying, assessing and managing the potential risks associated with accounts maintained for shell companies. Today's advisory is being released along with an assessment that shows that shell companies can be exploited by money launderers and other perpetrators of financial crime because of the lack of transparency in the formation process and the inability to identify beneficial owners. http://www.fincen.gov/ShellCompaniesRelease.html

November 9, 2006 - The FDIC Board of Directors has approved the attached final rule to implement the Late Assessment Penalties provisions of the Federal Deposit Insurance Reform Act of 2005. The final rule takes effect on January 1, 2007. http://www.fdic.gov/news/news/financial/2006/fil06097.html

November 7, 2006 - The joint federal regulatory agencies are requesting comment on proposed revisions to the Consolidated Reports of Condition and Income (Call Report) and the Thrift Financial Report (TFR). http://www.fdic.gov/news/news/financial/2006/fil06095.html

November 3, 2006 - An assessment released by FinCEN reveals that suspected mortgage loan fraud in the United States continues to rise, and has risen 35 percent in the past year. FinCEN conducted the assessment, which was based on an analysis of Suspicious Activity Reports regarding suspected mortgage loan fraud, to identify trends and patterns that may be useful to law enforcement, regulatory authorities, and financial institutions offering mortgage loan products. http://www.fincen.gov/mortage_fraud.html

November 2, 2006 - The FDIC has adopted final regulations that implement the Federal Deposit Insurance Reform Act of 2005 passed by Congress earlier this year to create a stronger and more stable insurance system. Among the final regulations is a new rule on the risk-based assessment system that will enable the FDIC to more closely tie each bank's premiums to the risk it poses to the deposit insurance fund. In addition, the FDIC has new flexibility to manage the deposit insurance fund's reserve ratio within a range, which in turn will help prevent sharp swings in assessment rates that were possible under the design of the former system.  http://www.fdic.gov/news/news/press/2006/pr06101.html

November 2, 2006 - The OTS has released ratings received by savings associations that were recently evaluated for compliance with the CRA.  http://www.ots.treas.gov/docs/2/203055.html

November 2, 2006 - The FDIC Board of Directors has approved the establishment of an FDIC Advisory Committee on Economic Inclusion, a committee to provide the FDIC with advice and recommendations on important initiatives focused on expanding access to banking services by underserved populations. This may include reviewing basic retail financial services such as check cashing, money orders, remittances, stored value cards, short-term loans, savings accounts, and other services that promote asset accumulation by individuals and financial stability.  http://www.fdic.gov/news/news/press/2006/pr06100.html

November 1, 2006 - The FDIC has released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearing is scheduled for November.  The FDIC processed a total of 17 orders in September. These included seven removal and prohibition orders, seven civil money penalty orders, one cease and desist order, one written agreement, and one termination of insurance order.  http://www.fdic.gov/news/news/press/2006/pr06099.html