All U.S. citizens and residents who have foreign accounts and foreign assets must be aware of another filing requirement Form 8938 besides Form Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts and many other forms. The form is currently in draft stage and non filing penalities are as harsh as for Form TD F 90-22.1.
A specified U.S. person must file Form 8939 if foreign assets increase the threshold amount ($50,000). A specified person includes (1) a U.S. citizen, (2) a resident alien, (3) a nonresident alien who elects to be treated as a resident alien for purposes of filing a joint income tax return, and 4) a nonresident alien who’s a bona fide resident of American Samoa or Puerto Rico.

You can read the IRS release on this form at the link below:

http://www.irs.gov/irb/2011-29_IRB/ar06.html