Previous Document IconPrevious Info Memo

Next Document IconNext Info MemoExam Manual Table of Contents IconList of Info Memos

Informational Memorandum
Subject:Unauthorized Banking Entitites & Counterfeit Checks
Date of Memorandum:07/28/1997
Expiration Date:
Office:OE
Signed By:Smith, Roland
FCA Contact Person:Holland, Tom
Contact Phone:703-883-4484
List of Attachments:OCC Alerts 97-11
97-13
97-14
& 97-15

INFORMATIONAL MEMORANDUM



July 28, 1997


To: The Chief Executive Officer
All Farm Credit System Institutions

From: Roland E. Smith, Director /s/
Office of Examination

Subject: Memorandum Advising of Unauthorized Banking Entities and Counterfeit Cashier's Checks


The Farm Credit Administration (FCA) is distributing copies of four recent OCC Alerts issued by the Office of the Comptroller of the Currency (OCC). These documents contain information that may prevent you or your institution from suffering a financial loss.

OCC Alerts 97-11, 97-13, and 97-14 provide information regarding various entities that may be operating banking businesses without proper authorization. OCC Alert 97-11 and 97-14 identify entities without proper banking authorization that have solicited deposits on the Internet offering high interest rates. The OCC Alerts remind readers that deposits with these entities do not have the protection of the Federal Deposit Insurance Corporation. OCC Alert 97-13 is an alphabetical list of unauthorized banking entities named in current OCC Alerts and should be helpful in identifying suspect businesses. OCC Alert 97-15 advises that a substantial number of counterfeit cashier's checks on Seattle-First National Bank, Seattle, Washington, have been found in circulation. The OCC Alerts include contact telephone numbers and addresses should you have any information regarding the counterfeit cashier's checks or the unauthorized banking entities.

This memorandum complements similar OCC Alerts and other information previously distributed by the FCA to Farm Credit System institutions and should be retained for reference. If you have questions regarding this document or similar previous documents, please call Jerry Erickson in the Office of Examination at (703) 883-4483.

Attachments