September 28, 2007 - The OCC has announced new Electronic Interpretations and Actions. http://www.occ.treas.gov/interp/sep07/intsep07.htm
September 27, 2007 - FinCEN has announced the availability of MSB outreach brochures in seven (7) foreign languages. These free materials are intended to help MSBs understand & comply with federal laws & regulations. http://www.msb.gov/materials/orderform.php
September 27, 2007 - OFAC has issued an update to the SDN list. http://www.ustreas.gov/offices/enforcement/ofac/actions/20070927.shtml
September 27, 2007 - FinCEN has announced the availability of a MSB registration renewal calculator. http://www.msb.gov/guidance/msb_calculator.php
September 26, 2007 - FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Sharing with the Financial Industry Report as of September 25, 2007. http://www.fincen.gov/314afactsheet.pdf and http://www.fincen.gov/leinfosharing.pdf
September 26, 2007 - The OCC has issued an updated version of the "Bank Supervision Process" booklet in the Comptroller's Handbook. This booklet, which replaces the 1996 version, incorporates the "Examination Planning and Control" booklet, communications standards, all uniform rating systems, and guidance on functional regulation. http://www.occ.treas.gov/handbook/banksup.pdf
September 26, 2007 - The FDIC Board of Directors has approved Advance Notice of Proposed Rulemaking (ANPR) seeking comments on alternative methods for allocating dividends as part of a final rule to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act). The final rule will replace the existing FDIC regulation on dividends, which will expire on December 31, 2008. Comments are due by November 19, 2007. http://www.fdic.gov/news/news/financial/2007/fil07085.html
September 26, 2007 - The Federal Reserve Board has announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2008. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2008. http://www.federalreserve.gov/newsevents/press/bcreg/20070926a.htm
September 25, 2007 - The IRS has announced that taxpayers can now request an Employer Identification Number (EIN) through a Web-based system that instantly processes requests and generates identification numbers in real time. http://www.irs.gov/newsroom/article/0,,id=174316,00.html
September 25, 2007 - The FDIC will host two identical series of telephone seminars for bankers on the FDIC’s rules for deposit insurance coverage – one series in October and one in November. Each series will consist of four one-hour sessions on these topics: Basic Concepts of Deposit Insurance Coverage, Coverage for Retirement and Employee Benefit Plan Accounts, Trust Account Coverage, and Coverage for Business and Government Accounts. These series are designed to provide bankers who participate in all four sessions with a comprehensive review of the FDIC’s rules for deposit insurance coverage. These free seminars are open to employees of all FDIC-insured banks and savings associations. http://www.fdic.gov/news/news/financial/2007/fil07084.html
September 25, 2007 - The volume of Shared National Credits (SNC) rose by 21% in 2006, the fastest pace since 1998, reflecting, in part, significant merger and acquisition lending, according to the SNC review results released today by federal bank and thrift regulators. http://www.federalreserve.gov/newsevents/press/bcreg/20070925a.htm
September 24, 2007 - The Department of Defense (DoD) has adopted the final rule implementing § 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007, known as the Talent Amendment. The final rule regulates the terms of certain credit extensions to active duty service members and their dependents. The law and rules take effect October 1, 2007. http://www.fdic.gov/news/news/financial/2007/fil07083.html
September 24, 2007 - The Securities and Exchange Commission (SEC) and Board of Governors of the Federal Reserve System (Board) on Monday announced the adoption of final joint 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). The SEC and the Board approved the final rules at separate open meetings held on September 19, 2007, and September 24, 2007, respectively. http://www.federalreserve.gov/newsevents/press/bcreg/20070924a.htm
September 21, 2007 - The OCC has released CRA evaluations for 30 national banks. http://www.occ.treas.gov/cra/sep07.htm
September 21, 2007 - The federal bank and thrift agencies issued final rules on Friday expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. The final rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle. http://www.federalreserve.gov/newsevents/press/bcreg/20070921a.htm
September 20, 2007 - The U.S. government digitally unveiled a new, more secure design for the $5 bill that will be issued and enter circulation in early 2008. A new $100 bill will follow. This is the first time in history that U.S. paper money has ever been unveiled entirely online. http://www.federalreserve.gov/newsevents/press/other/20070920a.htm
September 20, 2007 - FRB Financial Services has announced that a roadmap is now available to aid institutions in taking control of their FedCash Services. The FedCash Access Manager allows an institution manage FedCash Services via FedLine Web and assign staff to one of three roles: Administrator, Subscriber or Read-only. http://www.frbservices.org/Cash/fedcashaccessmanager.html
September 19, 2007 - Ending eight years of stalled negotiations and impasse, the SEC voted to adopt, jointly with the Board of Governors of the Federal Reserve System, new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision. http://www.sec.gov/news/press/2007/2007-190.htm
September 19, 2007 - The federal financial regulatory agencies have requested public comment on a proposed statement encouraging federally regulated financial institutions to follow best practices to protect federal benefit payments - such as Social Security benefits, Supplemental Security Income benefits, Veterans' benefits, Federal Civil Service retirement benefits, and Federal Railroad benefits-from garnishment orders and the claims of judgment creditors subject to certain exceptions, such as garnishment orders relating to alimony or child support payments. The proposed statement lists best practices followed by financial institutions in this area, invites suggestions on other practices the agencies should consider, and encourages financial institutions to stay apprised of any future guidance issued by the Social Security Administration or Veterans Affairs regarding garnishment practices and of developments in the courts in their jurisdiction regarding garnishment practices.
http://www.federalreserve.gov/newsevents/press/bcreg/20070919a.htm
September 18, 2007 - FEMA has updated the Mandatory Purchase of Flood Insurance Guidelines booklet which provides guidance to the federally regulated lending industry for implementing the mandatory purchase provisions of the National Flood Insurance Reform Act of 1994 and other key legislation that governs the National Flood Insurance Program (NFIP). This 2007 edition of the guidelines clarifies some of the complex issues that have arisen since the 1999 edition and incorporates industry best practices and lessons learned for implementing statutory requirements. http://www.fema.gov/library/viewRecord.do?id=2954
September 18, 2007 - The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in October, 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, use the yield in effect on the 15th of the month that precedes the month you received the application. Since September 15 was a Saturday, use the rate on September 14, the business day immediately preceding the 15th. http://www.federalreserve.gov/releases/h15/Current/
September 18, 2007 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4-3/4 percent. http://www.federalreserve.gov/newsevents/press/monetary/20070918a.htm
September 18, 2007 - The OCC, the Federal Reserve Board, and the FDIC are requesting comment on several proposed revisions to the Call Report. The proposed reporting changes, which have been approved by the FFIEC, would take effect as of March 31, 2008. The agencies encourage you to review the proposal and comment on those aspects that are of interest to you. http://www.fdic.gov/news/news/financial/2007/fil07082.html
September 17, 2007 - FinCEN and the OCC have announced the assessment of concurrent civil money penalties, each $10 million, against Union Bank of California, N.A. (Union Bank) of San Francisco, California, for violations of the Bank Secrecy Act. http://www.occ.treas.gov/ftp/release/2007-95.htm
September 17, 2007 - The September 15, 2007 issue of FedFlash has been issued. http://www.frbservices.org/FedFlash/2007/091507/index.html
September 13, 2007 - OFAC has released the 2006 Annual Report on Assets in the United States of Terrorist Countries and International Terrorism Program Designees. http://www.treas.gov/offices/enforcement/ofac/reports/tar2006.pdf
September 12, 2007 - OFAC has updated the SDN list effective today. http://www.ustreas.gov/offices/enforcement/ofac/bulletin.txt
September 12, 2007 - The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of 2006 data on mortgage lending transactions at 8,886 financial institutions covered by the Home Mortgage Disclosure Act (HMDA) in metropolitan statistical areas (MSAs) throughout the nation. Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies. The HMDA data made available today cover lending activity--applications for loans, loan originations, and purchases of loans--from 2006. http://www.ffiec.gov/hmcrpr/hm091207.htm
September 11, 2007 - The Federal Trade Commission is warning mortgage brokers and lenders, and media outlets that carry their advertisements for home mortgages, that some of the advertising claims currently appearing in Web sites, newspapers, magazines, direct mail, and unsolicited e-mail and faxes may violate federal law. http://www.ftc.gov/opa/2007/09/mortsurf.shtm
September 11, 2007 - FinCEN has updated the 314(a) Fact Sheet and the Law Enforcement Information Sharing with the Financial Industry Report. http://www.fincen.gov/314afactsheet.pdf and http://www.fincen.gov/leinfosharing.pdf
September 11 2007 - New enforcement action information has been released by OFAC. http://www.ustreas.gov/offices/enforcement/ofac/civpen/penalties/09072007.pdf
September 11, 2007 - The Department of the Treasury's Office of Foreign Assets Control has added new entries to its Specially Designated Nationals and Blocked Persons list. http://www.fdic.gov/news/news/financial/2007/fil07079.html
September 11, 2007 - The Federal Deposit Insurance Corporation (FDIC) today announced that the Deposit Insurance Fund (DIF) earned $1.06 billion in comprehensive income for the first six months of 2007, increasing the fund balance to $51.2 billion as of June 30, 2007. http://www.fdic.gov/news/news/press/2007/pr07077.html
September 10, 2007 - The Bank Holding Company (BHC) Supervision Manual has been updated by the FRB. http://www.federalreserve.gov/boarddocs/supmanual/supervision_bhc.htm
September 10, 2007 - Treasury has issued its economic update for August 2007. http://www.treas.gov/press/releases/hp549.htm
September 7, 2007 - The Office of the Comptroller of the Currency will host a credit risk workshop for national community bank directors at the Gaylord Texan, Grapevine, Texas, October 10. The workshop entitled, "Credit Risk: A Director's Focus," provides practical information that expands bank directors' skills and understanding of issues facing their banks. http://www.occ.treas.gov/ftp/release/2007-94.htm
September 7, 2007 - The FDIC has released second quarter banking and economic conditions for each state. http://www.fdic.gov/bank/analytical/stateprofile/index.html
September 5, 2007 - FDICconnect has been upgraded to allow two-way communication with the FDIC for electronic submissions of branch applications, including those to establish or relocate a domestic branch or office. FDIC-supervised institutions are encouraged to use the system to quickly and securely transmit application information to the agency.
September 5, 2007 - The Office of the Comptroller of the Currency (OCC) is aware that the volume and variety of fraudulent schemes supposedly designed to "eliminate" debt is increasing. These schemes are being promoted via the Internet and in seminars throughout the United States. http://www.occ.treas.gov/ftp/alert/2007-55.html
September 5, 2007 - The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). http://www.fdic.gov/news/news/press/2007/pr07076.html
September 5, 2007 - The current issue of FDIC Quarterly released the results of two studies - one on the feasibility and consequences of privatizing deposit insurance and the other on the effectiveness of the FDIC's Money Smart financial education program. http://www.fdic.gov/news/news/press/2007/pr07075.html
September 5, 2007 - The FDIC Quarterly has been published for seconded quarter 2007 and provides a comprehensive summary of the most current financial results for the banking industry. http://www.fdic.gov/bank/analytical/quarterly/index.html
September 4, 2007 - The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) examinations to be conducted in the fourth quarter of 2007. http://www.occ.treas.gov/ftp/release/2007-92.htm
September 4, 2007 - The Federal Deposit Insurance Corporation (FDIC), the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are cautioning their supervised institutions about DTI ratios above 50 percent when applying loss mitigation techniques intended to achieve long-term sustainable obligations to provide stability to borrowers, investors, and the marketplace. http://www.fdic.gov/news/news/press/2007/pr07074.html
September 4, 2007 - The federal financial regulatory agencies and the Conference of State Bank Supervisors (CSBS) on Tuesday issued a statement encouraging federally regulated financial institutions and state-supervised entities that service securitized residential mortgages to review to determine the full extent of their authority under pooling and servicing agreements to identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve homeownership. http://www.federalreserve.gov/newsevents/press/bcreg/20070904a.htm
September 4, 2007 - The FDIC has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter of 2007. http://www.fdic.gov/regulations/community/exam/q4cra07.html
September 4, 2007 - The Federal Reserve has published the September 1, 2007 issue of FedFlash. http://www.frbservices.org/FedFlash/2007/090107/FedFlash090107.pdf
September 1, 2007 - President Bush has announced steps at the federal level to help homeowners in need of assistance to avoid foreclosure. These steps will help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. http://www.whitehouse.gov/news/releases/2007/08/20070831-5.html
September 1, 2007 - The OCC has announced new Electronic Interpretations and Actions. http://www.occ.treas.gov/interp/aug07/intaug07.htm
