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National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood participated in a Small Credit Union Workshop hosted by the National Credit Union Administration’s Office of Small Credit Union Initiatives in Charlotte, NC. This forum served as an opportunity for a frank discussion about current issues and challenges facing small credit unions and the impact of credit unions on the communities they serve.
The Office of Thrift Supervision (OTS) today urged thrifts in areas affected by Southern California wildfires to consider all reasonable steps to meet customers’ financial needs. OTS will work with thrifts to identify ways to assist in the recovery efforts of their customers and communities. To facilitate recovery efforts while maintaining standards of safety and soundness, OTS encourages all thrifts in affected areas
The federal financial regulatory agencies issued final rules today that provide consumers with an opportunity to "opt out" before a financial institution uses information provided by an affiliated company to market its products and services to the consumer. The final rules on affiliate marketing implement section 214 of the Fair and Accurate Credit Transactions Act of 2003, which amends the Fair Credit Reporting Act (FCRA).
The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by the wildfires in southern California to close at their discretion.
Interfaces for Personal Identity Verification (4 parts): 1- Card Application Namespace, Data Model & Representation 2- Card Appl. Card Command Interface 3- Client Appl. Programming Interface 4- Transitional Interfaces & Data Model NIST Special Publication 800-73-2, Interfaces for Personal Identity Verification , is now available for a 30 day public comment period.
DRAFT NIST IR 7328: Security Assessment Provider Requirements and Customer Responsibilities: Building a Security Assessment Credentialing Program for Federal Information Systems NIST announces the release of draft NIST Interagency Report 7328, Security Assessment Provider Requirements and Customer Responsibilities: Building a Security Assessment Credentialing Program for Federal Information Systems.
What GAO Found The inherent problems of measuring the costs and benefits of regulation make it difficult to assess the extent to which regulations may be unduly burdensome to U.S. financial services firms, particularly in comparison to firms in other countries.
NIST announces the release of five publications: Draft SP 800-110, Information System Security Reference Model, Special Publication (SP) 800-44 version 2, Guidelines on Securing Public Web Servers, Draft SP 800-55 Revision 1, Performance Measurement Guide for Information Security, Draft SP 800-61 Revision 1, Computer Security Incident Handling Guide, and Draft SP 800-82, Guide to Industrial Control Systems (ICS) Security.
NIST announces the release of five publications: Draft SP 800-82, Guide to Industrial Control Systems (ICS) Security,Special Publication (SP) 800-44 version 2, Guidelines on Securing Public Web Servers, Draft SP 800-55 Revision 1, Performance Measurement Guide for Information Security, Draft SP 800-61 Revision 1, Computer Security Incident Handling Guide, and Draft SP 800-110, Information System Security Reference Model.
NIST announces the release of five publications: Computer Security Incident Handling Guide, Draft SP 800-82,Special Publication (SP) 800-44 version 2, Guidelines on Securing Public Web Servers, Draft SP 800-55 Revision 1, Performance Measurement Guide for Information Security, Draft SP 800-61 Revision 1, Guide to Industrial Control Systems (ICS) Security, and Draft SP 800-110, Information System Security Reference Model.
NIST announces the release of five publications: Draft SP 800-55 Revision 1, Performance Measurement Guide for Information Security, Draft SP 800-61 Revision 1, Computer Security Incident Handling Guide, Draft SP 800-82, Guide to Industrial Control Systems (ICS) Security, Draft SP 800-110, Information System Security Reference Model, and Special Publication (SP) 800-44 version 2, Guidelines on Securing Public Web Servers.
NIST announced the release of five publications: Special Publication (SP) 800-44 version 2, Guidelines on Securing Public Web Servers, Draft SP 800-55 Revision 1, Performance Measurement Guide for Information Security, Draft SP 800-61 Revision 1, Computer Security Incident Handling Guide, Draft SP 800-82, Guide to Industrial Control Systems (ICS) Security, and Draft SP 800-110, Information System Security Reference Model.
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.
Summary: The Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Illinois that suffered major damage from storms and flooding.
Summary: In an update to FIL-75-2007, the Federal Deposit Insurance Corporation (FDIC) has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Ohio and Wisconsin that are suffering from storms and flooding.
National Credit Union Administration (NCUA) Board Member Gigi Hyland participated in a podcast this week to address the latest best practices credit unions may consider in order to protect their members from data breaches and security risks.
NIST announces that the following draft Special Publications (SP) are now available for public comment: SP 800-113, Guide to SSL VPNs.
NIST announces that the following draft Special Publications (SP) are now available for public comment: SP 800-48 Revision 1, Wireless Network Security for IEEE 802.11a/b/g and Bluetooth.
NIST is pleased to announce the release of Special Publication 800-78-1, Cryptographic Algorithms and Key Sizes for Personal Identity Verification. The document has been modified to enhance interoperability, simplify the development of relying party applications, and enhance alignment with the National Security Agency's Suite B Cryptography.
The U.S. Treasury will sponsor a test of the financial services sector's ability to withstand a bird flu outbreak or other pandemic. The online exercise aims to bring together large and small credit unions and banks, brokers, insurers and other financial services firms to examine contingency plans for a number of areas, including continuity of operations, transportation, telecommunications, human resources and energy.
Computer interconnectivity has produced enormous benefits but has also enabled criminal activity that exploits this interconnectivity for financial gain and other malicious purposes, such as Internet fraud, child exploitation, identity theft, and terrorism. Efforts to address cybercrime include activities associated with protecting networks and information, detecting criminal activity, investigating crime, and prosecuting criminals.
The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation reached an agreement today regarding the implementation of Basel II in the United States. The agreement resolves major outstanding issues and will now lead to finalization of a rule implementing the advanced approaches for computing large banks' risk-based capital requirements.
DHS has issued a national plan aimed at providing a consistent approach to critical infrastructure protection, ensured that all 17 sectors have organized to collaborate on protection efforts, and worked with government and private sector partners to complete all 17 sector-specific plans.Nevertheless, our work has shown that sectors vary in terms of how complete and comprehensive their plans are. Furthermore, DHS recognizes that the sectors, their councils, and their plans must continue to evolve. As they do, and as the plans are updated and annual implementation reports are provided that begin to show the level of protection achieved, it will be important that the plans and reports add value, both to the sectors themselves and to the government as a whole. This is critical because DHS is dependent on these plans and reports to meet its mandate to evaluate whether gaps exist in the protection of the nation’s most critical infrastructure and key resources and, if gaps exist, to work with the sectors to address them.
National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced today the availability of a financial education library on the NCUA website.
This letter transmits an exposure draft of Volume III of the Government Accountability Office (GAO) and the President’s Council on Integrity and Efficiency (PCIE) Financial Audit Manual (FAM)
National Credit Union Administration (NCUA) Chairman JoAnn Johnson today emphasized NCUA’s proactivity and interest in working closely with the U.S. Department of Treasury to help credit unions improve Bank Secrecy Act rules and requirements for credit unions and other financial service providers.
The National Institute of Standards and Technology (NIST) announces the release of Draft Federal Information Processing Standard (FIPS) 180-3 Publication, Secure Hash Standard (SHS)
The National Institute of Standards and Technology (NIST) announces the release of Draft Federal Information Processing Standard (FIPS) 198-1 Publication, The Keyed-Hash Message Authentication Code (HMAC).
The Financial Crimes Enforcement Network issued today the latest edition of the SAR Activity Review – By The Numbers that introduces a number of visual enhancements aimed at providing financial institutions with more information on the geographical dispersion of the Suspicious Activity Report filings.
The Financial Crimes Enforcement Network (FinCEN) has updated two Bank Secrecy Act guidance. Financial institutions are recommended to read these guidance for the latest information on maintaining accounts and Suspicious Activity Report (SAR) supporting documentation.
National Credit Union Administration (NCUA) Chairman JoAnn Johnson testified on June 7 at a hearing before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit. Chairman Johnson was invited to share insights regarding the Federal Reserve Board’s proposed revisions to Regulation Z,
Highlights of GAO-07-368, a report to F. James Sensenbrenner Jr., House of Representatives
The Federal Bureau of Investigation (FBI) relies on a critical network to electronically communicate, capture, exchange, and access law enforcement and investigative information. Misuse or interruption of this critical network, or disclosure of the information traversing it, would impair FBI’s ability to fulfill its missions. Effective information security controls are essential for ensuring that information technology resources and information are adequately protected from inadvertent or deliberate misuse, fraudulent use, disclosure, modification, or destruction.
GAO was asked to assess information security controls for one of FBI’s critical networks. To assess controls, GAO conducted a vulnerability assessment of the internal network and evaluated the bureau’s information security program associated with the network operating environment. This report summarizes weaknesses in information security controls in one of FBI’s critical networks.
President Bush has declared May 20 through May 26 as National Hurricane Preparedness Week. This week is an opportunity to raise awareness of measures Americans can take to protect their families and finances in the event of these weather related emergencies.
NCUA is continually making strides to strengthen its readiness in the event of a hurricane. Recently, the agency improved its contingency processes for information reporting and communication based upon lessons learned from government-wide exercises, contingency operations, and cross-agency working groups. Additionally, the agency will continue to train its staff to ensure they are prepared, knowledgeable, and ready. NCUA updated its examination program last year to ensure all credit unions are prepared for potential emergencies.
FinCEN has issued a SAR Activity Review report for financial institutions to use. Click to read the ”“SAR Activity Review: Trends, Tips and Issues Update.”
United States Department of the Treasury Financial Crimes Enforcement Network FinCEN Advisory
Subject:Transactions Involving Nigeria
This Advisory is being issued to inform banks and other financial institutions operating in the United States that Financial Crimes Enforcement Network (FinCEN) Advisory Issue 32, regarding the Federal Republic of Nigeria, is hereby withdrawn.
Since the issuance of Advisory 32, and as reflected in its June 23, 2006 decision, the Financial Action Task Force on Money Laundering has removed Nigeria from its list of countries that are non-cooperative in the fight against money laundering, recognizing the progress Nigeria has made in implementing anti-money laundering reforms. Nigeria has enacted significant reforms to its counter-money laundering system, addressing the deficiencies listed in Advisory 32, and has taken concrete steps to bring these reforms into effect. Because of the enactment of new laws and the beginning of effective implementation, the enhanced scrutiny called for in Advisory 32 with respect to transactions invol
FINANCIAL MARKET PREPAREDNESS Significant Progress Has Been Made, but Pandemic Planning and Other Challenges Remain Highlights of GAO-07-399, a report to congressional requesters This is GAO’s third report since the September 11 terrorist attacks that assesses progress that market participants and regulators have made to ensure the security and resiliency of our securities markets. This report examined (1) actions taken to improve the markets’ capabilities to prevent and recover from attacks; (2) actions taken to improve disaster response and increase telecommunications resiliency; and (3) financial regulators’ efforts to ensure market resiliency. GAO inspected physical and electronic security measures and business continuity capabilities using regulatory, government, and industry-established criteria and discussed improvement efforts with broker dealers, banks, regulators, telecommunications carriers, and trade associations. What GAO Recommends To improve the readiness of the securities markets to withstand potential disease pandemics, securities and banking regulators should consider taking additional actions, including providing formal expectations that market participants’ plans address even severe pandemic outbreaks and setting a date by which such plans should be completed. Banking and securities regulators indicated they believe organizations are adequately addressing this risk, but will consider taking the recommended actions if progress lags. GAO believes that giving greater consideration now would better assure market readiness.
The Honorable William M. Thomas Chairman, Committee on Ways and Means House of Representatives Dear Mr. Chairman: During recent congressional hearings and in public speeches, statements made by the National Credit Union Administration's (NCUA) Chairman and another board member raised congressional interest in the ability of NCUA to collect and objectively analyze data on credit union membership and executive compensation. More generally, these statements also raised issues about the agency's overall vigilance as a regulator and the independence and objectivity of NCUA's board and senior staff from the industry being regulated.
National Credit Union Administration (NCUA) Executive Director J. Leonard Skiles has selected John E. Kutchey as Director of Risk Management. As Director of Risk Management, Kutchey is responsible for overseeing NCUA's credit union problem resolution program. Kutchey graduated Magna Cum Laude from the University of Baltimore in 1990 with a Bachelor's Degree in Business Administration with an Accounting Concentration. Kutchey joined NCUA in 1990 as an Examiner in Baltimore, MD. During his career with NCUA, Kutchey has served as an Examiner; Problem Case Officer; Supervisory Examiner; and most recently the Director of Supervision in Region II.
The Federal Reserve Board announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2007. Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as chairman and a second as deputy chairman.
Minority banks can play an important role in serving the financial needs of historically underserved communities and growing populations of minorities. For this reason, the Financial Institutions, Reform, Recovery, and Enforcement Act of 1989 (FIRREA) established goals that the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) must work toward to preserve and promote such institutions (support efforts). To evaluate their efforts, as well as those of the Office of the Comptroller of the Currency (OCC) and the Federal Reserve, GAO (1) reviewed the profitability of minority banks, (2) identified the regulators' support and assessment efforts, and (3) obtained the views of minority banks on the regulators' efforts.
Why GAO Did This Study The Internet protocol (IP) provides the addressing mechanism that defines how and where information such as text, voice, music, and video move across interconnected networks. IP version 4 (IPv4), which is widely used today, may not be able to accommodate the increasing number of global users and devices that are connecting to the Internet. As a result, Internet version 6 (IPv6) was developed to increase the amount of available address space. In August 2005, the Office of Management and Budget (OMB) issued a memorandum specifying activities and time frames for federal agencies to transition to IPv6. GAO was asked to determine (1) the status of federal agencies' efforts to transition to IPv6; (2) what emerging applications are being planned or implemented that take advantage of IPv6 features; and (3) key challenges industry and government agencies face as they transition to the new protocol.
Why GAO Did This Study Federal regulation is one of the basic tools of government used to implement public policy. In 1980, the Regulatory Flexibility Act (RFA) was enacted in response to concerns about the effect that regulations can have on small entities, including small businesses, small governmental jurisdictions, and certain small not-for-profit organizations. Congress amended RFA in 1996, and the President issued Executive Order 13272 in 2002, to strengthen requirements for agencies to consider the impact of their proposed rules on small entities. However, concerns about the regulatory burden on small entities persist, prompting legislative proposals such as H.R. 682, the Regulatory Flexibility Improvements Act, which would amend RFA. At the request of Congress, GAO has prepared many reports and testimonies reviewing the implementation of RFA and related policies. On the basis of that body of work, this testimony (1) provides an overview of the basic purpose and requirements of RFA, (2) highlights the main impediments to the Act’s implementation that GAO's reports identified, and (3) suggests elements of RFA that Congress might consider amending to improve the effectiveness of the Act. GAO's prior reports and testimonies contain recommendations to improve the implementation of RFA and related regulatory process requirements.
The Homeland Security Presidential Directive (HSPD) 12 mandated the creation of new standards for interoperable identity credentials for physical and logical access to Federal government locations and systems. Federal Information Processing Standard 201 (FIPS 201), Personal Identity Verification (PIV) of Federal Employees and Contractors, was developed to establish standards for identity credentials [FIPS201-1]. This document, Special Publication 800-78-1, specifies the cryptographic algorithms and key sizes for PIV systems and is a companion document to FIPS 201. 1.1 Authority This document has been developed by the National Institute of Standards and Technology (NIST) in furtherance of its statutory responsibilities under the Federal Information Security Management Act (FISMA) of 2002, Public Law 107-347.
Inspectors General In our role as principal auditor of the consolidated financial statements of the U.S. government (CFS), we plan to use the work of the inspectors general and contracted independent public accountants who audit the agency-level financial statements. The development of the joint PCIE/GAO Financial Audit Manual (FAM) has provided a common framework and methodology for federal financial statement auditing. Adherence to the FAM will enable us to readily review the work of other auditors as a basis for using that work under auditing standards. We want to all be on the same page so that we are in the position to use your work. Certain CFS line items that will be subject to our concurrent review because of their significance, such as the federal employee and veteran benefits payable line item, involve federal agencies’ significant actuarial estimations. Statement on Auditing Standards (SAS) No. 57, Auditing Accounting Estimates applies to such estimations. In addition, Statement of Federal Financial Accounting Standard (SFFAS) No. 5 requires that federal agencies disclose specific information in their financial statements for pensions, other retirement benefits, and other postemployment benefits.
Treasury Secretary John W. Snow today designated George S. Hender as Sector Coordinator and Chairman of the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC). The FSSCC works closely with the Treasury and other federal financial
regulators to coordinate the private sector's preparation for events
including natural disasters and terrorist attacks, which could disrupt
the normal business of the financial services industry. Hender,
Management Vice Chairman of The Options Clearing Corporation, served
as FSSCC Vice Chairman since September 2004.
Why GAO Did This Study Since 1979, Egypt has received about $80 billion in military and economic assistance with about $34 billion in the form of foreign military financing (FMF) grants that enable Egypt to purchase U.S.-manufactured military goods and services. In this report, GAO (1) describes the types and amounts of FMF assistance provided to Egypt; (2) assesses the financing arrangements used to provide FMF assistance to Egypt; and (3) evaluates how the U.S. assesses the program's contribution to U.S. foreign policy and security goals. What GAO Recommends
We recommend that the Secretaries of State and Defence conduct: (1) an assessment of the impact of potential shifts in appropriations on the Egypt FMF program; and (2) periodic program-level evaluations of the program. Specifically, the agencies should define the current and desired levels of modernization and interoperability the U.S. would like to achieve.
Regulators, public companies, audit firms, and investors generally agree that the Sarbanes-Oxley Act of 2002 has had a positive and significant impact on investor protection and confidence. However, for smaller public companies (defined in this report as $700 million or less in market capitalization), the cost of compliance has been disproportionately higher (as a percentage of revenues) than for large public companies, particularly with respect to the internal control reporting provisions in section 404 and related audit fees. Smaller public companies noted that resource limitations and questions regarding the application of existing internal control over financial reporting guidance to smaller public companies contributed to challenges they face in implementing section 404. The costs associated with complying with the act, along with other market factors, may be encouraging some companies to become private. The companies going private were small by any measure and represented 2 percent of public companies in 2004. The full impact of the act on smaller public companies remains unclear because the majority of smaller public companies have not fully implemented section 404.
National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood joined fifty credit union CEOs in Boston for a roundtable dialogue during which he outlined his regulatory focus for 2006. "Regulatory flexibility will be a top priority of mine in 2006," said Vice Chairman Hood. He discussed the recent final rule empowering an additional 413 federal credit unions with RegFlex eligibility by allowing well-managed, well-capitalized credit unions with a qualifying net worth requirement of 7% rather than 9% for earned regulatory flexibility. "This rule demonstrates the Board’s belief that the agency should not micro-manage, well-managed institutions," said Vice Chairman Hood. "This year, I will look for ways to reduce unnecessary regulatory burdens on credit unions."
National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced the extension of the application deadline for the Community Development Revolving Loan Fund’s (CDRLF) disaster relief grants from March 31, 2006 to September 30, 2006. Qualifying credit unions in areas affected by the Gulf Coast hurricanes may apply for up to $2,500 for assistance in resuming operations.
The NCUA’s Community Development Revolving Loan Fund (CDRLF) was established by Congress to support credit unions that serve low-income communities by providing loans and technical assistance grants (TAGs) to qualifying institutions. The programs are designed to further the safety and soundness of low income credit unions while stimulating economic growth. Qualifying credit unions may also apply for CDRLF loans of up to $300,000. Loans have a maturity of 5 years and an interest rate of 1 percent.
The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services. Today's action is part of FinCEN's ongoing efforts to address continued concerns about the ability of money services businesses to open and maintain accounts and obtain other services at banks and depository institutions as well as the caution of the banking industry in dealing with money services businesses. "Money services businesses play an important role in America's economy by providing valuable financial services to many Americans who do not, or cannot yet, take advantage of typical savings or checking accounts," said Robert W. Werner, FinCEN's Director. "It is critical for the health and safety of the U.S. financial system that MSBs obtain and maintain banking services and not be driven underground."
For many years, GAO has reported that ineffective information security is a widespread problem that has potentially devastating consequences. in its reports to COngress since 1997, GAO has identified information security as a governmentwide high-risk issue - most recently in January 2005.
Concerned with accounts of attacks on commercial systems via the Internet and reports of significant weaknesses in federal computer systems that make them vulnerable to attack, Congress passed the Federal Information Security Management Act of 2002 (FISMA), which permanently authorized and strengthened the federal information security program, evaluation, and reporting requirements established for federal agencies.
National Credit Union Administration (NCUA) Vice Chairman Rodney E. Hood joined Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin Gruenberg today for an update to consumer organizations and financial services associations regarding the impending changes to federal deposit insurance coverage. “I was pleased that the NCUA and FDIC joined together for such an important forum to discuss the implementation of deposit insurance changes recently signed into law by President Bush,” said Vice Chairman Hood. “It is vital that credit unions have accurate information available for members. We look forward to the assistance of those within the credit union system and consumer affairs in outreach efforts concerning enhancements to deposit insurance.”
"The President's signature today on the renewal of the U.S.A. Patriot Act enables us to continue to fight the war on terror with the tools necessary to do the job. "At the Treasury Department, the Patriot Act has significantly advanced the financial war on terror. While hatred fuels the terrorist agenda, it is money that makes it possible for them to carry out their ruthless acts. "The Patriot Act has greatly advanced the ability of the Treasury, working with businesses and the people of this great nation, to restrict the flow of terrorist blood money. Its renewal is good news for Americans, bad news for those who seek to harm us."
The Treasury Department this week launched the first meeting of the newly created Consumer Financial Protection Forum which was established to focus exclusively on financial consumer concerns and to provide a permanent forum for communication between federal and state regulators on these issues. The Forum is chaired by the Treasury Department and participants include the federal banking and credit union regulators, the Federal Trade Commission, and representatives from state supervisory organizations. "The strength of our economy and financial services sector depends on confidence in the system on the part of consumers," said Assistant Secretary for Financial Institutions Emil Henry, Jr. "The goal of the Forum is straightforward - bring federal and state regulators together to share information and discuss ways to address evidence of consumer financial abuse by financial institutions."
As Director of the Financial Crimes Enforcement Network, this nation’s financial intelligence unit, I am proud that our skilled professionals are at the forefront of this country’s efforts to protect our financial system from abuse by criminals and terrorist financiers. Under authorities granted to us by the Bank Secrecy Act and the USA PATRIOT Act, our role is to prevent and detect terrorist financing, money laundering, and other financial crime. These are times of rapid change in the financial arena. Internet-based financial activity, changing methodologies for money laundering and terrorist financing, and the sheer number and variety of worldwide financial transactions make tracking illicit financial activity increasingly challenging. In the face of these developments, the Financial Crimes Enforcement Network needs to become more sophisticated, agile, and creative in assessing and responding to financial system risks. Approaches that addressed the needs of the past must give way to policies, processes, and analytical techniques that meet present and future realities.
This guidance concerns Bank Secrecy Act requirements under current regulations for the initial registration, and registration renewal, of money services businesses. It also describes policies regarding de-registration and ceasing to be a money services business. Concurrent with the issuance of this guidance, the Financial Crimes Enforcement Network is undertaking a broader review of the regulatory framework for money services businesses. This review likely will result in further changes and additional regulatory guidance being issued, as appropriate. In the meantime, pending review of the registration regulations, the following guidance is offered to provide clarity concerning registration and de-registration of money services businesses.
Over the past two decades, systematic misappropriation of intellectual property has become a major concern to American businesses, artists, and authors. As the modern economy grows increasingly reliant on intellectual property, the proliferation of computers and computer networks has made the illegal reproduction and distribution of protected material much easier to accomplish. Congress has enacted workable criminal laws prohibiting such misappropriation. This manual begins in Chapter I with an overview of the legal protection of intellectual property. It first provides general background on intellectual property and the legal regimes employed to encourage its creation. It then explains the criminal law's role in addressing intellectual property misappropriation with a special focus on the recent Intellectual Property Rights Initiative.
In the last decade, computers and the Internet have entered the mainstream of American life. Millions of Americans spend several hours every day in front of computers, where they send and receive e-mail, surf the Web, maintain databases, and participate in countless other activities. Unfortunately, those who commit crime have not missed the computer revolution. An increasing number of criminals use pagers, cellular phones, laptop computers and network servers in the course of committing their crimes. In some cases, computers provide the means of committing crime. For example, the Internet can be used to deliver a death threat via e-mail; to launch hacker attacks against a vulnerable computer network; to disseminate computer viruses; or to transmit images of child pornography. In other cases, computers merely serve as convenient storage devices for evidence of crime. For example, a drug kingpin might keep a list of who owes him money in a file stored in his desktop computer at home, or a money laundering operation might retain false financial records in a file on a network server.
The Federal Reserve Board on Monday announced the approval of a final rule that expands the definition of a small bank holding company (BHC) under the Board's Small Bank Holding Company Policy Statement and the Board's risk-based and leverage capital guidelines for bank holding companies. The policy statement facilitates the transfer of ownership of small community banks by permitting debt levels at small BHCs that are higher than what would typically be permitted for larger BHCs. Because small BHCs may, consistent with the policy statement, operate at a level of leverage that generally is inconsistent with the capital guidelines, the capital guidelines provide an exemption for small BHCs.
I meet and work with financial leaders every day, but I can easily say that Credit Unions have the most heart. Your motto rings true to your culture: "not for charity, not for profit, but for service." You do good work: loans to small business, home mortgages, financial education and working in partnership with the government to fight the financial war on terror. You were wonderful in your response to hurricane Katrina, in a time when American's helping each other meant so very much. Each one of these efforts is critical to our country's economic health and strength, and I applaud you for doing good while you do business.
The nation’s federally insured credit unions reported strong loan growth as delinquencies remained low according to fourth quarter 2005 Call Report data submitted by the nation’s 8,695 federally insured credit unions. During 2005, the loan to share ratio climbed to 79.4 percent as loans grew nearly $44 billion, delinquencies remained well below 1 percent. “The strong pace of loan growth is an excellent indication that credit unions are fulfilling their mission of being the source of affordable loans for their members,” said Chairman JoAnn Johnson. “What’s more, net worth continues to grow at a consistent, healthy level, which indicates credit unions are effectively managing their balance sheets.”
The National Credit Union Administration (NCUA) requests public comment on whether and how to modify its Supervisory Committee audit rules to require credit unions to obtain an “attestation on internal controls” in connection with their annual audits; to identify and impose assessment and attestation standards for such engagements; to impose minimum qualifications for Supervisory Committee members; and to identify and impose a standard for the independence required of State-licensed, compensated auditors. In 1998, the Credit Union Membership Access Act (“CUMMA”), Pub. L. No. 105¬219, 112 Stat. 913 (1998), amended the Federal Credit Union Act to require credit unions having assets of $10 million or more to follow generally accepted accounting principles (“GAAP”) in all reports and statements filed with the NCUA Board. 12 U.S.C. 1782(a)(6)(C). CUMMA further required credit unions having assets of $500 million or more to obtain an annual independent audit of its financial statements (“financial statement audit”) performed in accordance with generally accepted auditing standards (“GAAS”) by an independent certified public accountant or public accountant licensed by the appropriate State or jurisdiction. 12 U.S.C. 1782(a)(6)(D).
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