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Bank Regulatory News

April 2005

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April 29, 2005 - NCUA - Testimony of Chairman Johnson submitted to a House Appropriations Subcommittee on NCUA's Request for FY 2006 Community Development Revolving Loan Fund and CLF.  www.ncua.gov/news/speeches/2005/Johnson/FY2006BudgetRequest.pdf 

April 29, 2005 - Statement of NCUA Chairman JoAnn Johnson Regarding The President's Intention To Nominate Rodney E. Hood To NCUA Board.   www.ncua.gov/news/press_releases/2005/ST05-0429.htm 

April 29, 2005 - NCUA to Host Access Across America Economic Empowerment Summit in Los Angeles, California June 28. www.ncua.gov/news/press_releases/2005/NR05-0429.htm 

April 29, 2005 - FRB Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/releases/e15/default_2005.htm 

April 29 2005 - Temporary Partial Expensing in a General-Equilibrium Model - Rochelle M. Edge and Jeremy B. Rudd 2005-19 - This paper uses a dynamic general-equilibrium model with a nominal tax system to consider the effects of temporary partial expensing allowances on investment and other macroeconomic aggregates. www.federalreserve.gov/pubs/feds/2005/200519/200519abs.html 

April 29, 2005 - Legal Interpretation - Letter to Stanley F. Farrar, indicating that a package of services that Zions Bancorporation proposes to provide to customers would be within the scope of permissible data processing and data transmission activities under section 225.28(b)(14) of Regulation Y.  www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2001/20010605/default.htm 

April 29, 2005 - FRB reports to the Congress Board's Annual Report: Budget Review, 1995.  www.federalreserve.gov/boarddocs/rptcongress/#arbr 

April 29, 2005 - Banking Agencies To Perform Additional Analysis Before Issuing Notice of Proposed Rulemaking Related To Basel II - The four federal banking agencies today agreed that additional analysis is needed before publishing a notice of proposed rulemaking with respect to the U.S. implementation of the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework," generally known as the Basel II Framework. Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050429/default.htm 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=KLDCDKRC.xml  
Press Release: www.ots.treas.gov/docs/7/77516.html 

April 29, 2005 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Banco Industrial de Venezuela, C.A., Caracas, Venezuela; Banco Industrial de Venezuela, C.A. New York Agency, New York, N.Y.; Banco Industrial de Venezuela, C.A. Miami Agency, Miami, Fla.; the New York State Banking Department, New York, N.Y.; the State of Florida Office of Financial Regulation, Tallahassee, Fla.; the Federal Reserve Bank of New York and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050429/default.htm 

April 29, 2005 - Richard M. Riccobono to Serve as OTS Acting Director - James E. Gilleran, Director of the Office of Thrift Supervision, announced that Richard M. Riccobono, the OTS Deputy Director, will serve as OTS Acting Director upon Director Gilleran's departure from OTS. http://www.ots.treas.gov/docs/7/77515.html

April 28, 2005 - Frequently Asked Questions Relating to Customer Identification Program Rules - To assist the public, the banking industry and examiners, the staffs of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Office of Thrift Supervision, National Credit Union Administration, and the U.S. Department of the Treasury's Financial Crime Enforcement Network have released an expanded frequently asked questions document to provide additional guidance on the customer identification program rules issued under section 326 of the USA PATRIOT Act
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0509.htm 
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0509.htm 
Press Release: www.fdic.gov/news/news/financial/2005/fil3405.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=LO0MTQT4.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-42a.pdf 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-16.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2005-16a.pdf 

April 28 2005 - The Federal Reserve Board on Thursday announced its approval of the applications under section 3 of the Bank Holding Company Act, the Bank Merger Act, and section 9 of the Federal Reserve Act for Capital City Bank Group, Inc., Tallahassee, Florida, to acquire First Alachua Banking Corporation, and thereby indirectly acquire First National Bank of Alachua, both of Alachua, Florida. www.federalreserve.gov/boarddocs/press/orders/2005/20050428/default.htm 

April 27, 2005 - NCUA - Enhancing Member Services Initiative and the Volunteer Income Tax Assistance Initiative documents are available www.ncua.gov/CreditUnionDevelopment/Programs/programs.html 

April 27, 2005 - Vice Chairman Roger W. Ferguson, Jr. - The Evolution of Central Banking in the United States At a European Central Bank Colloquium in Honor of Tommaso Padoa-Schioppa, The European Central Bank, Frankfurt, Germany www.federalreserve.gov/boarddocs/speeches/2005/20050427/default.htm 

April 26, 2005 - NCUA - Revised FAQ: Section 326 of USA Patriot Act is available.   www.ncua.gov/RegulationsOpinionsLaws/BankSecrecy/BankSerecy.htm 

April 26, 2005 - NCUA Newsletter for May 2005 is available.  www.ncua.gov/news/newsletter/NCUA/05May.pdf 

April 26, 2005 - Legal Interpretation - Letter to H. Rodgin Cohen, Esq., stating that the Board would not find that a proposed investment by The Goldman Sachs Group, Inc., in Sumitomo Mitsui Financial Group, Inc., and proposed business relationships between the two companies would cause Goldman Sachs to control Sumitomo Mitsui for purposes of the Bank Holding Company Act. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2003/20030206/default.htm 

April 26, 2005 - Legal Interpretation - Letter to Citigroup Inc., granting an exemption from the quantitative limits of section 23A of the Federal Reserve Act so that various subsidiary banks of Citigroup may acquire assets of Associates First Capital Corporation. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2001/20010828/default.htm 

April 26, 2005 - SR Letter05-08 - Interagency Interpretive Guidance on the Provision of Banking Services to Money Services Businesses Operating in the United States.   www.federalreserve.gov/boarddocs/srletters/2005/sr0508.htm 

April 26, 2005 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by C-B-G, Inc., West Liberty, Iowa, to acquire up to 24.35 percent of the voting shares of Washington Bancorp and thereby indirectly acquire an interest in Federation Bank, both of Washington, Iowa. www.federalreserve.gov/boarddocs/press/orders/2005/200504263/default.htm 

April 26, 2005 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, to acquire Riggs National Corporation, Washington, D.C., and its subsidiary bank, Riggs Bank National Association, McLean, Virginia.  www.federalreserve.gov/boarddocs/press/orders/2005/200504262/default.htm 

April 26, 2005 - The Federal Reserve Board on Tuesday announced its approval of the application filed by Republic Bancorp, Inc., Munden, Kansas, to become a bank holding company and acquire 99.7 percent of the voting shares of National Family Bank, Munden, Kansas. www.federalreserve.gov/boarddocs/press/orders/2005/20050426/default.htm 

April 26, 2005 - Acting Comptroller of the Currency Julie L. Williams Testifies before Senate Committee On Implementation of Bank Secrecy Act in the Context of Money Services Businesses - In testimony before the Senate Banking Committee today, acting Comptroller of the Currency Julie L. Williams discussed the implementation of the Bank Secrecy Act as it applies to Money Services Businesses.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=J7SO5MTX.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-41a.pdf 
Attachment: www.occ.treas.gov/ftp/release/2005-41b.pdf 

April 26, 2005 - Guidance and Advisory Issued on Banking Services for Money Services Businesses Operating in the United States - The Financial Crimes Enforcement Network, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision (collectively, the "Federal Banking Agencies"), today issued interpretive guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to money services businesses.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050426/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr3605.html 
Press Release: www.ncua.gov/news/press_releases/2005/JR05-0426.pdf 
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0508.htm 
Press Release: www.ots.treas.gov/docs/7/77514.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=D4298OQD.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-40a.pdf 

April 26, 2005 - Anti-Money Laundering Guidance Interpretive Guidance on Providing Banking Services to Money Services Businesses Operating in the United States - The federal banking, thrift and credit union regulatory agencies and the Financial Crimes Enforcement Network have jointly issued the attached interpretive guidance on "Providing Banking Services to Money Services Businesses Operating in the United States. www.fdic.gov/news/news/financial/2005/fil3205.html

April 25, 2005 - Licensing Manual Update - "A Guide to the National Banking System" of the Comptroller's Licensing Manual series is available on the OCC's Internet site. www.occ.treas.gov/nb/nbguide.pdf 

April 25, 2005 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between the Civitas BankGroup, Inc., Franklin, Tennessee, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050425/default.htm 

April 22, 2005 - Governor Donald L. Kohn - Imbalances in the U.S. Economy - At the 15th Annual Hyman P. Minsky Conference, The Levy Economics Institute of Bard College, Annandale-on-Hudson, New York www.federalreserve.gov/boarddocs/speeches/2005/20050422/default.htm 

April 22, 2005 - NCUA - Matz Affirms that Kids Count - Encourages Montana Credit Unions to Invest in their Future - Building on the theme of the Montana Credit Union Network's Annual Convention, "Kids Count - Investing in Our Future," NCUA Board Member Debbie Matz encouraged credit unions to invest in their future by reaching new members from all age groups and all walks of life. www.ncua.gov/news/press_releases/2005/NR05-0422.htm 

April 22, 2005 - Bank Accounting Advisory Series, April 2005 - In these accounting advisories, either the OCC's Office of the Chief Accountant interprets generally accepted accounting principles or the OCC interprets regulatory capital requirements. www.occ.treas.gov/BA042005.pdf  _____________________

April 21, 2005 - Governor Edward M. Gramlich - A First Step in Dealing with Growing Retirement Costs At the Spring 2005 Banking and Finance Lecture, Widener University, Chester, Pennsylvania.  www.federalreserve.gov/boarddocs/speeches/2005/20050421/default.htm 

April 21, 2005 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action listed below. www.federalreserve.gov/boarddocs/press/Enforcement/2005/200504213/default.htm 

April 21, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against the Irwin Union Bank, Columbus, Indiana, a state member bank. Irwin Union Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act www.federalreserve.gov/boarddocs/press/Enforcement/2005/200504212/default.htm 

April 21, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against The Bank, Warrior, Alabama, a state member bank. The Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050421/default.htm 

April 21, 2005 - Chairman Alan Greenspan - Budget process reforms Before the Budget Committee, U.S. Senate.  www.federalreserve.gov/boarddocs/testimony/2005/20050421/default.htm 

April 20, 2005 - Community Reinvestment Act: Income Level, Median Family Income - This bulletin announces the publication of data from the U.S. Census and HUD that are used to determine 2005 income levels of geographies and borrowers in CRA performance evaluations. 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-14.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2005-14a.pdf 

April 20, 2005 - Adjusting Chinese Bilateral Trade Data: How Big is China's Trade Surplus - John W. Schindler; Dustin Beckett - Hong Kong plays a prominent role as a re-exporter of a large percentage of trade bound for or coming from China. Current reporting practices in China and its trading partners do not fully reflect this role and therefore provide a misleading picture of the origin or ultimate destination of Chinese exports and imports. www.federalreserve.gov/pubs/ifdp/2005/831/ifdp831.pdf 

April 20, 2005 - Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data - David W. Berger; Alain P. Chaboud; Sergey V. Chernenko; Edward Howorka; Raj S. Iyer; David Liu;Jonathan H. Wright - We study the association between order flow and exchange rate returns in five years of high-frequency intraday data from the leading interdealer electronic broking system, EBS. www.federalreserve.gov/pubs/ifdp/2005/830/ifdp830.pdf 

April 20, 2005 - NCUA - Chairman Johnson Focuses NCUA's Agenda Toward Regulatory Flexibility. www.ncua.gov/news/press_releases/2005/NR05-0420.htm 

April 20, 2005 - NCUA - Chairman Johnson Welcomes Russian Visitors to NCUA.  www.ncua.gov/news/press_releases/2005/NR05-0419.htm 

April 20, 2005 - OCC Announces New Electronic Interpretations and Actions - April 2005.  www.occ.treas.gov/interp/apr05/intapr05.htm 

April 20, 2005 -Community Reinvestment Act Final Technical Amendments to CRA Regulations - The banking and thrift regulatory agencies have adopted in final form, without any changes, the joint interim rule making technical changes to the Community Reinvestment Act regulations published for comment in the Federal Register on July 8, 2004. www.fdic.gov/news/news/financial/2005/fil2905.html 

April 20, 2005 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2005/20050420/default.htm 

April 20, 2005 - The Federal Reserve Board on Wednesday announced the approval of the application of Banco Financiera Comercial Hondureña, S.A., Tegucigalpa, Honduras, to establish a representative office in Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2005/20050420/default.htm 

April 20, 2005 - Vice Chairman Roger W. Ferguson, Jr. - U.S. Current Account Deficit: Causes and Consequences - To the Economics Club of the University of North Carolina at Chapel Hill, Chapel Hill, North Carolina.  www.federalreserve.gov/boarddocs/speeches/2005/20050420/default.htm 

April 20, 2005 - Louise L. Roseman Director, Division of Reserve Bank Operations and Payment Systems - Recent developments in the payments system Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2005/20050420/default.htm 

April 19, 2005 - OCC Releases CRA Evaluations For 32 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of March 15, 2004 through April 14, 2005. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=XILZI3PX.xml 

April 19, 2005 - OCC Announces 15 Enforcement Actions and Two Terminations - The Office of the Comptroller of the Currency today announced 15 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and two terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-38.htm 

April 19, 2005 - The Board has requested public comment on the proposals listed below. Comments can be submitted through this web site using the "Submit comment" links. Comments may also be submitted in writing or by electronic mail.   www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

April 19, 2005 - The Federal Reserve Board has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Tenth and Twelfth Districts. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050419/default.htm 

April 19, 2005 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from February 7 through March 22, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20050419/default.htm 

April 19, 2005 - Chicago Fed 2004 Annual Report Now Available - As the population of community banks continues to decline, some worry that this most traditional of U.S. financial institutions might no longer be viable. But a careful look at the data doesn't square with a path to extinction. Instead, the evidence suggests a process of natural selection in which well-run community banks will thrive. www.chicagofed.org/about_the_fed/annual_report.cfm 

April 19, 2005 - NCUA - Credit Unions from 35 States Registered for PALS Workshop on April 28 in St. Louis, Missouri - More than 260 credit union officials from 35 states will participate in NCUA Board Member Debbie Matz's free Partnering and Leadership Successes (PALS) workshop on April 28 in St. Louis.  www.ncua.gov/news/press_releases/2005/MA05-0419.htm 

April 18, 2005 - NCUA - Small Credit Union Workshop in Buffalo, NY.  www.ncua.gov/CreditUnionDevelopment/SCUP/R1/R1Events.htm 

April 18, 2005 - Director Gilleran to Leave OTS - James E. Gilleran, Director of the Office of Thrift Supervision since 2001, has announced that he will be leaving his position as OTS Director effective April 29, 2005. www.ots.treas.gov/docs/7/77513.html 

April 18, 2005 - Federal Reserve Relaunches Financial Education Website - As a part of its ongoing commitment to economic education and financial literacy, the Federal Reserve has relaunched its financial education website incorporating materials for students, teachers and the general public under a single web address.   www.kc.frb.org/pubaffrs/pressrel/pr05-10.htm 

April 18, 2005 - Statement of FDIC Chairman Don Powell Regarding the Departure of James E. Gilleran, Director of the Office of Thrift Supervsion and Member of the FDIC Board of Directors.  www.fdic.gov/news/news/press/2005/pr3405.html 

April 18, 2005 - Yesterday's Bad Times are Today's Good Old Times: Retail Price Changes in the 1890s were Smaller, Less Frequent, and More Permanent Alan Kackmeister - Abstract: This paper compares nominal price rigidity in retail stores during two 28-month periods: 1889- 1891 and 1997-1999. www.federalreserve.gov/Pubs/FEDS/2005/200518/200518pap.pdf 

April 18, 2005 - Finance and Economics Discussion Series - Are Firms or Workers Behind the Shift Away from DB Pension Stephanie Aaronson and Julia Coronado - Abstract: One of the most striking changes in the composition of household retirement savings over the past 20 years has been the shift from defined benefit to defined contribution pension plans. www.federalreserve.gov/Pubs/FEDS/2005/200517/200517pap.pdf 

April 18, 2005 - The Effects of Local Banking Market Structure on the Banking-Lending Channel of Monetary Policy - Robert M. Adams and Dean F. Amel - Abstract: We study the relationship between banking competition and the transmission of monetary policy through the bank lending channel. www.federalreserve.gov/Pubs/FEDS/2005/200516/200516pap.pdf 

April 18, 2005 - The Effects of Competition from Large, Multimarket Firms on the Performance of Small, Single-Market Firms: Evidence from the Banking Industry - Allen N. Berger, Astrid A. Dick, Lawrence G. Goldberg, and Lawrence J. White - We offer and test two competing hypotheses for the consolidation trend in banking using U.S. banking industry data over the period 1982-2000. www.federalreserve.gov/Pubs/FEDS/2005/200515/200515pap.pdf 

April 18, 2005 - Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry - Valerie A. Ramey and Daniel J. Vine Recent papers by Kim and Nelson (1999) and McConnell and Perez-Quiros (2000) uncover a dramatic decline in the volatility of U.S. GDP growth beginning in 1984. www.federalreserve.gov/Pubs/FEDS/2005/200514/200514pap.pdf 

April 18, 2005 - Governor Susan Schmidt Bies - The Economy and Managing Personal Finances - At the Canisius College Richard J. Wehle School of Business Community Business Luncheon, Buffalo, New York.   www.federalreserve.gov/boarddocs/speeches/2005/20050418/default.htm

April 18, 2005 - The Federal Reserve System on Monday announced it has redesigned its financial education web site to increase the use of Federal Reserve educational materials and promote financial education in the classroom. www.federalreserve.gov/boarddocs/press/other/2005/20050418/ 

April 15, 2005 - NCUA Chairman Johnson, National Leaders Join Together on Financial Empowerment in Atlanta - In recognition of Financial Literacy Month, National Credit Union Administration Chairman JoAnn Johnson participated in a "Day of Hope" with government and national leaders involved in civil rights and economic empowerment in Atlanta on April 12. www.ncua.gov/news/press_releases/2005/NR05-0415.htm 

April 15, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson - National Credit Union Administration (NCUA) Chairman JoAnn Johnson issued the following statement today regarding the House passage of S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. www.ncua.gov/news/press_releases/2005/ST05-0415.htm 

April 15, 2005 - Industrial Production And Capacity Utilization - Industrial production increased 0.3 percent in March after a downwardly revised gain of 0.2 percent in February. For the first quarter as a whole, industrial production rose at an annual rate of 3.6 percent after an advance of 4.5 percent in the fourth quarter. www.federalreserve.gov/releases/g17/current/default.htm 

April 14, 2005 - NCUA - Security Program and Appendix B - Guidance on Response Programs for Unauthorized Access to Member Information and Member Notice. www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-748.pdf 

April 14, 2005 - NCUA - Report of Actions Taken the NCUA Board Meeting April 14, 2005. www.ncua.gov/NCUABoard/board_reports/board_reports.html 

April 14, 2005 - Response Programs for Unauthorized Access to Customer Information and Customer Notice: Final Guidance - The Federal banking agencies jointly issued guidance that states that financial institutions should develop and implement a response program to address security breaches involving customer information, including customer notification procedures.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-13.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr15736.pdf 

April 14, 2005 - Governor Ben S. Bernanke - The Global Saving Glut and the U.S. Current Account Deficit At the Homer Jones Lecture, St. Louis, Missouri Governor Ben S. Bernanke presented similar remarks at the Sandridge Lecture, Virginia Association of Economists, Richmond, Virginia, on March 10, 2005. www.federalreserve.gov/boarddocs/speeches/2005/20050414/default.htm 

April 14, 2005 - Governor Donald L. Kohn - Economic Outlook At the 2005 Conference of Twelfth District Directors, Federal Reserve Bank of San Francisco, San Francisco, California www.federalreserve.gov/boarddocs/speeches/2005/200504142/default.htm 

April 14, 2005 - NCUA - Proposed Rule 12 CFR Part 723 - Member Business Loans - NCUA proposes to revise its member business loans rule to clarify the minimum capital requirements a federally insured corporate credit union must meet to make unsecured MBLs to its members other than member credit unions and corporate credit union service organizations. www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/Proposed723.pdf 

April 13, 2005 - NCUA - Chairman Johnson's Congressional testimony on the "Net Worth Amendment For Credit Unions Act" www.ncua.gov/news/speeches/2005/Johnson/HR1042Testimony.pdf 

April 13, 2005 - NCUA Chairman Highlights the Role of America's Credit Unions in the "Ownership Society" for Emerging Small Businesses - America's credit unions have a pivotal role to play in an "ownership society", as the not-for-profit financial cooperatives provide their member entrepreneurs with access to affordable credit and capital to grow and expand their small businesses, according to National Credit Union Administration Chairman JoAnn Johnson. www.ncua.gov/news/press_releases/2005/NR05-0413-2.htm 

April 13, 2005 - NCUA - Johnson Testifies on the Credit Union Net Worth Bill - NCUA Chairman JoAnn Johnson testified today on H.R. 1042, the "Net Worth Amendment for Credit Unions Act," before the U.S. House Subcommittee on Financial Institutions and Consumer Credit. www.ncua.gov/news/press_releases/2005/NR05-0413.htm 

April 13, 2005 - Interagency Guidance for Determination of Risk-Based Capital for Unrated Direct Credit Substitutes Extended to Asset-Backed Commercial Paper Programs: Asset-Backed Commercial Paper.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-12.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2005-12a.pdf 

April 12, 2005 - FRB Statistical Release - G.20 Finance Companies. www.federalreserve.gov/releases/g20/current/default.htm 

April 12, 2005 - Minutes of the Federal Open Market Committee - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, March 22, 2005, at 9:00 a.m. www.federalreserve.gov/fomc/minutes/20050322.htm 

April 12, 2005 - Legal Interpretation - To Leucadia National Corporation opining that the conversion of its subsidiary, American Investment Bank, N.A., Salt Lake City, Utah, from a national bank to a Utah-chartered commercial bank would not cause Leucadia to lose certain grandfather rights that it maintains under section 4(f) of the Bank Holding Company Act. www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2004/20041012/default.htm 

April 12, 2005 - Community Reinvestment Act: Final Rule--Technical Amendment - Federal financial regulating agencies jointly issued a final rule on CRA. The rule adopts changes in the Standards for Defining Metropolitan and Micropolitan Statistical Areas, census tracts designations, and the FRB's Regulation C. It also makes a correction to a cross-reference within the CRA regulations.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-11.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr15570.pdf 

April 11, 2005 - NCUA - Chairman Johnson to Participate in Atlanta Financial Literacy Events - Participates in A Day of Hope with Ambassador Andrew Young; Founder, Chairman and Chief Executive Officer of Operation Hope, Inc. John Bryant; City of Atlanta Mayor Shirley Franklin; former HUD Secretary Jack Kemp; Dorothy I. Height; and other high ranking federal and state officials to announce a citywide commitment to educate every middle and high school student in financial literacy in the Atlanta Public School District. Operation HOPE will be issuing a national report on financial literacy. www.ncua.gov/news/press_releases/2005/NR05-0411.htm 

April 11, 2005 - Letter to Stakeholders First Quarter 2005 Edition of the FDIC's Letter to Stakeholders - The FDIC has issued its quarterly Letter to Stakeholders, which reports on the priorities and activities for the first quarter of 2005. The Letter to Stakeholders is attached. www.fdic.gov/news/news/financial/2005/fil2805.html 

April 11, 2005 - FDIC Chairman Powell Discusses Minimum Capital Requirements for U.S. Banks - In remarks delivered April 8 at a derivatives conference co-sponsored by the Federal Deposit Insurance Corporation, Cornell University and the University of Houston, Chairman Don Powell commented on the relationship between the new Basel capital framework and the leverage capital requirement mandated by the Federal Deposit Insurance Corporation Improvement Act. www.fdic.gov/news/news/press/2005/pr3305.html 

April 11, 2005 - Basel II White Papers - An Analysis of the Potential Competitive Impacts of Basel II Capital Standards on U.S. Mortgage Rates and Mortgage Securitization.  www.federalreserve.gov/generalinfo/basel2/docs2005/potentialimpact.pdf 

April 8, 2005 - NCUA - DeSarno Named Inspector General - The National Credit Union Administration Board has selected William A. DeSarno NCUA Inspector General effective immediately. Mr. DeSarno has been serving as acting inspector general since December 2004. www.ncua.gov/news/press_releases/2005/NR05-0408.htm 

April 8, 2005 - Legal Interpretation - To Omni National Bank granting an exemption from section 23A of the Federal Reserve Act and from Regulation W.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2005/20050408/default.htm 

April 8, 2005 - Federal Bank, Thrift and Credit Union Regulatory Agencies Provide Brochure with Information on Internet "Phishing."
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=CYVFS1NN.xml 
Attachment: www.occ.treas.gov/consumer/PhishBrochFINAL-SCREEN.pdf

April 8, 2005 - Licensing Manual Update - The revised "Investment in Subsidiaries and Equities" booklet of the Comptroller's Licensing Manual series is available on the OCC's Internet site. The revisions incorporate many regulatory and policy changes, such as, establishing a financial subsidiary; performing insurance activities pursuant to 12 U.S.C. 92; making a noncontrolling investment; or filing the annual operating subsidiary report. www.occ.treas.gov/corpbook/group2/public/pdf/opsubs.pdf 

April 8, 2005 - Chairman Alan Greenspan - Consumer Finance At the Federal Reserve System's Fourth Annual Community Affairs Research Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050408/default.htm

April 7, 2005 - NCUA - Agenda for the April 14, 2005 Board meeting is available.  www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-0414.htm 

April 7, 2005 - Universities Should Work On Improving Own Productivity: St. Louis Fed's Poole link to speech - Most people would agree that college tuition has increased dramatically in recent years. Between 1990 and 2000, tuition jumped an average of 5.9 percent a year at public colleges and 5.5 percent annually at private colleges. That's more than double the average consumer price index increase of 2.7 percent. www.stlouisfed.org/news/releases/2005/4_07_05.html 

April 7, 2005 - FRB Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3 percent in February, down from a 6-1/2 percent pace in January. In February, revolving credit moved up moderately, while nonrevolving credit edged up. www.federalreserve.gov/Releases/G19/Current/default.htm 

April 7, 2005 - Legal Interpretation - To Klein Financial, Inc. granting an exemption from section 23A of the Federal Reserve Act and Regulation W www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2005/20050401/default.htm 

April 7, 2005 - Caribbean International Bank, a.k.a. Caribbean International Credit & Trust - The Central Bank of Barbados has informed the OCC that Caribbean International Bank, also known as Caribbean International Credit & Trust, has not been licensed to operate as a bank in Barbados. Additionally, the OCC has not authorized this entity to operate as a bank in the United States. Please contact the OCC if you have any information about this matter. www.occ.treas.gov/ftp/alert/2005-7.txt 

April 7, 2005 - FRB Statistical Release - U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks www.federalreserve.gov/releases/bulletin/0305assets.htm 

April 6, 2005 - Overdraft Protection Programs: Interagency Guidance - This bulletin announces that the OCC, FDIC, FRB, and NCUA jointly published in the Federal Register "Joint Guidance on Overdraft Protection Programs." The guidance identifies the agencies' concerns about the marketing, disclosure, and implementation of overdraft protection programs.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-9.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr9127.pdf 

April 6, 2005 - Availability of Funds and Collection of Checks (Regulation CC) and Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire (Regulation J) - This bulletin announces that the Federal Reserve Board is requesting public comment on a proposal to amend its Regulation CC, the implementing regulation for the Expedited Funds Availability Act.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-10.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr10509.pdf 

April 6, 2005 - Chairman Alan Greenspan - Regulatory reform of the government-sponsored enterprises Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.   www.federalreserve.gov/boarddocs/testimony/2005/20050406/default.htm 

April 5, 2005 - NCUA - Letter to Corporate Credit Unions 2005 -02 - Governance Policies. www.ncua.gov/CorporateCU/CorpLetters/2004/2004-02.pdf 

April 5, 2005 - FDIC Issues April List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in January 2005. www.fdic.gov/news/news/press/2005/pr3205.html 

April 5, 2005 - Chairman Alan Greenspan - Energy - Before the National Petrochemical and Refiners Association Conference, San Antonio, Texas (via satellite).  www.federalreserve.gov/boarddocs/speeches/2005/20050405/default.htm 

April 5, 2005 - NCUA - Board Member Focuses on Threats to CUs at NCUA / NASCUS Conference - Opening a fresh dialog with state regulators, NCUA Board Member Debbie Matz shared her observations about current threats to credit unions, and suggested that regulators can work together to help credit unions grow stronger in the future. www.ncua.gov/news/press_releases/2005/NR05-0405.htm 

April 4, 2005 - NCUA Submits Prompt Corrective Action Proposal For Reform To Congress - National Credit Union Administration Chairman JoAnn Johnson announced today that the NCUA has delivered its report entitled Prompt Corrective Action Proposal for Reform to Congress. www.ncua.gov/news/press_releases/2005/NR05-0404.htm 

April 4, 2005 - Matz's Changes Incorporated into NCUA PCA Reform Proposal - Changes requested by NCUA Board Member Debbie Matz have been incorporated into the final Prompt Corrective Action reform proposal released by NCUA to provide credit unions with capital flexibility. www.ncua.gov/news/press_releases/2005/NR05-0404-2.htm 

April 1, 2005 - Omaha's Westside High School Wins, Lawton's Eisenhower high school runner-up in 2005 regional fed Challenge Competition - Omaha, Nebraska's Westside High School took first place honors while Lawton, Oklahoma's Eisenhower High School was runner-up at the Federal Reserve Bank of Kansas City's regional Fed Challenge competition on March 31, 2005 www.kc.frb.org/pubaffrs/pressrel/pr05-09.htm 

April 1, 2005 - Agencies Announce Answers to Frequently Asked Questions About New HMDA Data - The federal bank, credit union, and thrift supervisory agencies, along with the Department of Housing and Urban Development, today released a set of "Answers to Frequently Asked Questions" that address the new home loan price data disclosed this year for the first time under the Home Mortgage Disclosure Act. www.ots.treas.gov/docs/7/77512.html 

April 1, 2005 - Final Guidance on Response Programs Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice - The FFIEC agencies are jointly issuing the attached interpretive guidance for financial institutions to develop and implement a response program designed to address incidents of unauthorized access to sensitive customer information maintained by the financial institution or its service provider. www.fdic.gov/news/news/financial/2005/fil2705.html 

April 1, 2005 - FRB Statistical Release - G.5 Foreign Exchange Rates www.federalreserve.gov/releases/g5/current/default.htm 


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