Bankers Compliance Task Force Current News Archive - FEBruary 2006
February 24, 2006 The federal bank and thrift regulatory agencies today announced the publication of the Summary Findings of the Fourth Quantitative Impact Study. The document is available online at http://www.occ.treas.gov/.
February 24, 2006 The Federal Reserve Banks have announced that they are moving their Computer Interface access solution from a Systems Network Architecture (SNA) solution to an Internet Protocol (IP) solution. The new solution, called FedLine Direct, was designed especially for financial institutions that conduct a high volume of FR transactions and require a highly-secure, unattended computer-to-computer interface. http://www.frbservices.org/
February 23, 2006 The Office of the Comptroller of the Currency (OCC) today released a new Community Developments Insights report, "SBA 504 Loan Program: Small Businesses' Window to Wall Street," which highlights the Small Business Administration’s 504 loan program and how banks may team up with certified development companies (CDCs) to make loans for long-term assets and promote economic development. http://www.occ.treas.gov/
February 23, 2006 The OCC has issued a final rule on the risk-based capital treatment of securities borrowing transactions in which the borrower of the security posts cash collateral. This rule applies only to banks that have implemented the market risk amendment to the risk-based capital rules (12 CFR 3, appendix B). The final rule was published in the Federal Register on February 22, 2006. http://www.occ.treas.gov/
February 22, 2006 FinCEN and the federal banking supervisory agencies are seeking comments on the proposed revision and reformatting of SARs to support joint filing for suspicious activities that do not involve insider abuse. http://www.fincen.gov/
February 22, 2006 The FDIC has issued FYI: An Update on Emerging Issues in Banking - What the Yield Curve Does (and Doesn't) Tell Us. http://www.fdic.gov/
February 22, 2006; The Treasury Department recently published it's analysis of money laundering in the United States - U.S. Money Laundering Threat Assessment. This publication outlines ways money launderers exploit payment networks and the Internet. http://www.occ.treas.gov/
February 21, 2006 The FDIC has published a final rule which clarifies and simplifies the procedures for deposit liabilities of an insured depository institution assumed by another insured depository institution. www.fdic.gov
February 18, 2006 The Federal Financial Institution Examinations Council (FFIEC) Task Force on Consumer Compliance has approved revised Fair Credit Reporting Act (FCRA) examination procedures, which incorporate the new requirements created by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The new procedures are effective upon issuance. http://www.fdic.gov/
February 17, 2006 FinCEN has updated the 314a Fact Sheet to include data as of February 15, 2006. http://www.fincen.gov/
February 17, 2006 The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for which applications are received in March 2006 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 to find applicable release that 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/ and http://www.federalreserve.gov/
February 14, 2006 The FDIC has issued the Winter 2005/2006 issue of Consumer News: Fires, Floods and Other Misfortunes: Are You Prepared Financially? http://www.fdic.gov/
February 14, 2006 FinCEN has issued frequently asked questions regarding customer identification programs for futures commission merchants and introducing brokers. http://www.fincen.gov/
February 13, 2005 FinCEN has issued the fifth SAR Activity Review - By the Numbers. This issue is a compilation of statistical data gathered from SAR forms submitted by depository institutions since April 1996, casinos and card clubs since August 1996, certain MSBs since January 2002, and certain segments of the securities and futures industries since January 2003. http://www.fincen.gov/
February 13, 2006 The OCC has released the December 2005 issue of its Quarterly Journal. This issue includes analysis of payment option adjustable rate mortgages and automated clearing house payments; third quarter 2005 condition and performance of banks; and other policy and data. http://www.occ.treas.gov/
February 9, 2006 The federal financial regulators have announced that the 2006 National Community Reinvestment Conference will be held March 19-22, 2006, at the Green Valley Ranch in Las Vegas, Nevada. Deadline for registration is March 3, 2006. http://www.frbsf.org/
February 9, 2006 Effective today, financial institutions are advised to not enter into external audit arrangements that include certain limitation-of-liability provisions that the agencies consider unsafe and unsound. http://www.occ.treas.gov/
February 9, 2006 With respect to Hurricanes Katrina and Rita, the Office of the Comptroller of the Agency (OCC) issued a bulletin allowing national banks located outside the disaster area to receive positive Community Reinvestment Act (CRA) consideration for activities that support the revitalization and stabilization of affected areas. http://www.occ.treas.gov/
February 8, 2006 A former Florida banker who intentionally failed to file over two thousand CTRs is the subject of an Order of Prohibition issued by the FRB. http://www.federalreserve.gov/
February 7, 2006 The OCC has announced the 2006 workshop schedule for national community bank directors. The workshops provide practical information that expands bank directors' skills and understanding of issues facing their banks and cover risk assessment, credit risk, and compliance risk. http://www.occ.gov/
February 3, 2006 The federal bank and thrift regulatory agencies have announced that they will be hosting a forum in New Orleans for banks and thrifts on March 2 and 3, 2006. The forum, titled "The Future of Banking on the Gulf Coast: Helping Banks and Thrifts Rebuild Communities," will focus on the short-term and long-term challenges facing banks and thrifts operating in the areas affected by Hurricanes Katrina and Rita and on ways of helping meet the needs of the local communities. Principals from each of the four federal banking agencies will participate in the forum, which will convene at the New Orleans Marriott, 555 Canal Street, New Orleans, Louisiana, at 8:00 a.m. CST on Thursday, March 2, 2006, and close at noon on Friday, March 3, 2006. The FDIC and NeighborWorks of New Orleans will conduct optional bus tours of devastated areas nearby on the afternoons of Wednesday, March 1, and Friday, March 3. http://www.occ.treas.gov/
February 3, 2006 The federal financial institutions regulatory agencies and the state supervisory authorities in Alabama, Louisiana, and Mississippi have issued guidance to their respective examiners regarding supervisory practices to be followed in assessing the financial condition of financial institutions directly affected by Hurricane Katrina. http://www.occ.treas.gov/
February 3, 2006 The federal financial regulatory agencies have announced the issuance of a final advisory that addresses safety and soundness concerns that may arise when financial institutions agree to limit their external auditors' liability. The agencies' primary concern is that limiting the liability of external auditors in engagement letters may reduce the reliability of audits. http://www.occ.treas.gov/
February 3, 2006 The U.S. Treasury is issuing redesigned $10 notes in an effort to stay ahead of counterfeiting. Beginning March 2, 2006, all Federal Reserve offices will begin distribution of the new $10 notes. http://www.moneyfactory.gov/
February 3, 2006 FinCEN has issued guidance to clarify the date on which certain U.S. financial institutions must complete recertifications to comply with regulations relating to correspondent accounts established, maintained, administered, or managed in the U.S. for or on behalf of foreign financial institutions. http://www.fincen.gov/
February 3, 2006 FinCEN has issued guidance to financial institutions warning about the potential for fraudulent transactions involving hurricane relief monies. To assist law enforcement, financial institutions are requested to include key terms in the narrative portions of all Suspicious Activity Reports filed relating to possible hurricane relief fraud schemes. http://www.fincen.gov/
February 3, 2006 Guidance concerning BSA requirements for the initial registration, and registration renewal, of money services businesses has been issued by FinCEN. It describes policies regarding de-registration and ceasing to be a money services business. http://www.fincen.gov/
February 3, 2006 The OCC, Board, FDIC and OTS have published a correction to the final rule published in the Federal Register on March 29, 2005 on interpretive guidance on the Gramm-Leach-Bliley Act (GLBA) and the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). http://frwebgate3.access.gpo.gov/
February 2, 2006 The House has approved a budget reconciliation bill that includes deposit insurance reform measures that will merge the Bank Insurance Fund and the Savings Association Insurance Fund into the new Deposit Insurance Fund and increase deposit insurance coverage for individual retirement accounts to $250,000. The House action clears the way for President Bush to sign the bill into law. For arecap of the bill's main provisions, go to http://financialservices.house.gov/.
February 2, 2006 The Federal Reserve Banks will implement new due diligence procedures for certain Cash Services requests by using information collected through the Board Resolution and Official Authorization List (OAL) (PDF 448 KB 8/05) process. Beginning February 21, 2006, these new due diligence procedures will be implemented on a pilot basis. http://www.frbservices.org/
February 2, 2006 The St. Louis Fed has it's Reg. C (HMDA) Amendments site to include information regarding asset threshold size and triggers relating to points and fees. http://www.stlouisfed.org/
