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Bank Regulatory News

April 2007

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April 30, 2007 - NCUA General Counsel Opinion 07-0132 - NCUA Share Insurance Coverage for Irrevocable Trust Accounts and Inherited Individual Retirement Accounts.  www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2007/07-0132.pdf 

April 30, 2007 - NCUA General Counsel Opinion 06-1214 - Preemption of Virginia Abandoned Property Provision.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-1214.pdf 

April 30, 2007 - NCUA - Vice Chairman Hood Addresses the COSO Enterprise Risk Management Conference - National Credit Union Administration Vice Chairman Rodney E. Hood addressed the COSO Enterprise Risk Management Conference to help demonstrate to credit union executives and regulators the importance of identifying the risks associated with their strategic initiatives and the necessity to manage those risks to enhance the performance of their credit unions. www.ncua.gov/news/press_releases/2007/MA07-0430.htm 

April 30, 2007 - Federal Reserve Bank of Kansas City Announces Promotions.  www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-09.pdf 

April 30, 2007 - FDIC and Capital Area Asset Builders Launch "DC Saves" Campaign in the Nation's Capital - The Federal Deposit Insurance Corporation and the Capital Area Asset Builders today jointly launched "DC Saves" - a citywide campaign to provide Washington, D.C. residents with information and resources to help them reduce debt, save more and build wealth. In the spirit of the campaign, several area financial institutions are offering special savings accounts - with features such as no monthly or minimum balance fees for at least 12 months - to encourage residents to save. www.fdic.gov/news/news/press/2007/pr07035.html 

April 30, 2007 - FDIC's Financial Education Program Improves Consumers' Money-Management Practices - Gallup data demonstrate the lasting effects of the FDIC's Money Smart program. - Findings from a survey of consumers who have taken the FDIC's Money Smart financial education program show that the training can positively influence how people manage their finances. The survey is the first to examine the impact of financial education on the behavior of a broad audience up to one year after completing the training. www.fdic.gov/news/news/press/2007/pr07034.html 

April 30, 2007 - The Federal Reserve Board on Monday announced the issuance of an Order of Prohibition against Bonnie C. Milne, a former employee and institution-affiliated party of First Interstate Bank, Casper, Wyoming. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070430/default.htm 

April 30, 2007 - The Federal Reserve Board on Monday announced the issuance of an Order of Prohibition against Cheryl McMillan, a former cashier and institution-affiliated party of the Bank of Durango, Durango, Colorado. www.federalreserve.gov/boarddocs/press/Enforcement/2007/200704302/default.htm 

April 27, 2007 - NCUA - Registration Now Open for NCUA Outreach Task Force "Town Hall" Meeting in New Orleans www.ncua.gov/news/press_releases/2007/MA07-0427-2.htm
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April 26, 2007 - Statistical Release - G.20 Finance Companies - Owned And Managed Receivables Outstanding 2 Seasonally Adjusted.   www.federalreserve.gov/Releases/G20/Current/default.htm 

April 26, 2007 - Midwest Manufacturing Output Rises in March - The Chicago Fed Midwest Manufacturing Index rose 0.8% in March 2007, to a seasonally adjusted level of 104.3 (2002 = 100). http://chicagofed.org/economic_research_and_data/cfmmi.cfm 

April 26, 2007 - The Federal Reserve Board on Thursday announced the approval of an application by The Royal Bank of Scotland plc, Edinburgh, Scotland, to establish a branch in Greenwich, Connecticut.  www.federalreserve.gov/boarddocs/press/orders/2007/20070426/default.htm 

April 26, 2007 - Governor Frederic S. Mishkin - Globalization and Financial Development - To the New Perspectives on Financial Globalization Conference, International Monetary Fund, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/20070426/default.htm 

April 25, 2007 - Sources and Uses of Equity Extracted from Homes - Alan Greenspan and James Kennedy - In this paper, we present estimates of the disposition of the free cash generated by home equity extraction to finance consumer spending, outlays for home improvements, debt repayment, acquisition of assets, and other uses. We estimate free cash as cash available net of closing costs and repayment of other mortgage debt.
Paper:  http://www.federalreserve.gov/Pubs/FEDS/2007/200720/200720pap.pdf
Data:  www.federalreserve.gov/Pubs/FEDS/2007/200720/feds_200720.xls 

April 25, 2007 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/FOMC/BeigeBook/2007/20070425/Default.htm 

April 25, 2007 - Chairman Ben S. Bernanke - Welcoming remarks - At the Greater Washington Jump$tart Coalition financial education event, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/20070425/default.htm 

April 25, 2007 - Governor Donald L. Kohn - Industrial loan companies - Before the Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2007/20070425/default.htm 

April 24, 2007 - Comptroller Dugan Expresses Concern over Subprime Mortgage Foreclosures; Receives "Making-the-Difference" Award from Credit Counseling Foundation.  www.occ.treas.gov/ftp/release/2007-44.htm 

April 23, 2007 - The Chicago Fed National Activity Index is a monthly index designed to better gauge overall economic activity and inflationary pressure. The Chicago Fed National Activity Index was +0.01 in March, up from -0.11 in February. www.chicagofed.org/economic_research_and_data/files/cfnai_april2007.pdf 

April 23, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Curry County and Quay County, New Mexico - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in counties most affected by recent severe storms and tornadoes in eastern New Mexico. www.fdic.gov/news/news/financial/2007/fil07036.html 

April 23, 2007 - FDIC Makes Available on Its Web Site New Government-Wide Id Theft Home Page - The Federal Deposit Insurance Corporation, a participant in the government-wide Identity Theft Task Force, will provide a direct link to the new, centralized government Web site on identity theft. www.fdic.gov/news/news/press/2007/pr07033.html 

April 23, 2007 - Report to the Congress on the Check Clearing for the 21st Century Act of 2003 - Reports on the effect of the Check Clearing for the 21st Century Act on the nation's check-collection system. Assesses the need for modifications to the funds-availability requirements established in and pursuant to the Expedited Funds Availability Act.  www.federalreserve.gov/pubs/reports_other.htm 

April 20, 2007 - OTS Announces Regional Restructuring Including Establisment of a New Central Region Headed by Thomas Barnes - The Office of Thrift Supervision announced today that it is restructuring its regional map and forming a new Central Region as part of the restructuring. www.ots.treas.gov/docs/7/777030.html 

April 20, 2007 - St. Louis Fed Promotes North, Smith and Stierholz - The Federal Reserve Bank of St. Louis announced the following promotions. www.stlouisfed.org/news/releases/2007/04_19_07.htm 

April 20, 2007 - Dollarization and Financial Integration - Cristina Arellano and Jonathan Heathcote - How does a country's choice of exchange rate regime impact its ability to borrow from abroad? We build a small open economy model in which the government can potentially respond to shocks via domestic monetary policy and by international borrowing. www.federalreserve.gov/pubs/ifdp/2007/890/ifdp890.pdf 

April 20, 2007 - Comptroller Dugan Discusses Evolution of Community Reinvestment Act And Says Effectiveness of OCC Regulation has Prevented Subprime Lending Abuses - Comptroller of the Currency John C. Dugan said today that the 30-year old Community Reinvestment Act, once a source of conflict, is now characterized by a significant degree of cooperation between banks and community organizations. www.occ.treas.gov/ftp/release/2007-43.htm 

April 20, 2007 - The Federal Reserve Board on Friday requested public comment on proposed amendments to five consumer financial services and fair lending regulations (Regulations B, E, M, Z, and DD) to clarify the requirements for providing consumer disclosures in electronic form. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070420/default.htm 

April 20, 2007 - Governor Frederic S. Mishkin - The U.S. Economic Outlook At The Levy Economics Institute of Bard College, Annandale-on-Hudson, New York www.federalreserve.gov/boarddocs/speeches/2007/20070420/default.htm
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April 19, 2007 - OTS Appoints Mary M. Santiago Human Capital Officer - The Office of Thrift Supervision announced today the appointment of Mary M. Santiago as the agency's Human Capital Officer. Santiago is overseeing all aspects of the human capital function at the OTS, including human resources, training, personal and physical security, and facilities management and operations. www.ots.treas.gov/docs/7/777029.html 

April 19, 2007 - NCUA General Counsel Opinion - 07-0211 - Dividend Rewards Programs for Use of Certain Services.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2007/07-0211.pdf 

April 19, 2007 - OCC Makes Top Ten List for Best Places to Work in Federal Government - The Office of the Comptroller of the Currency ranked 4th out of more than 200 federal agency components for best places to work in the federal government in 2006, according to the Partnership for Public Service and American University's Institute for the Study of Public Policy Implementation. www.occ.treas.gov/ftp/release/2007-42.htm 

April 19, 2007 - The Federal Reserve Board on Thursday announced the termination of the enforcement action for Asian Bank, Philadelphia, Pa., Written Agreement dated January 18, 2005 Terminated April 17, 2007.  www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070419/default.htm 

April 18, 2007 - Working with Mortgage Borrowers: Interagency Statement - Statement encourages financial institutions to work with residential borrowers who are unable to meet their financial obligations on their home loans. www.occ.treas.gov/ftp/bulletin/2007-14.html 

April 18, 2007 - Working with Mortgage Borrowers - On April 17, 2007, the Federal Reserve and the other federal financial institutions regulatory agencies issued the attached staff guidance to encourage supervised institutions to work constructively with homeowners who are financially unable to continue meeting their mortgage payments. Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower. www.federalreserve.gov/boarddocs/srletters/2007/SR0706.htm 

April 17, 2007 - NCUA - Letter to Corporate Credit Unions 2007-02 - Credit and Market Value Risks of Mortgage-Backed Securities.   www.ncua.gov/CorporateCU/CorpLetters/2007/2007-02.pdf 

April 17, 2007 - NCUA - Letter to Credit Unions 07-CU-06 - Working with Residential Mortgage Borrowers.  www.ncua.gov/letters/2007/CU/07-CU-06.pdf 

April 17, 2007 - OTS Applauds High Court Decision Upholding Nationwide Lending Standards - The Office of Thrift Supervision applauded the decision of the U.S. Supreme Court today upholding nationwide lending standards for national bank operating subsidiaries. www.ots.treas.gov/docs/7/777026.html 

April 17, 2007 - Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Securities and Exchange Commission recently issued the attached Interagency Statement on Sound Practices Concerning Elevated Risk Complex Structured Finance Activities. www.federalreserve.gov/boarddocs/srletters/2007/SR0705.htm 

April 17, 2007 - Federal Regulators Encourage Institutions to Work with Mortgage Borrowers Who Are Unable to Make Their Payments - The federal bank, thrift and credit union regulatory agencies are encouraging financial institutions to work with homeowners who are unable to make mortgage payments. Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070417/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07032.html 
Press Release: www.fdic.gov/news/news/financial/2007/fil07035.html 
Press Release: www.occ.treas.gov/ftp/release/2007-41.htm 
Press Release: www.ots.treas.gov/docs/7/777025.html 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0417.pdf 

April 17, 2007 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from February 5 through March 19, 2007. www.federalreserve.gov/boarddocs/press/monetary/2007/20070417/default.htm 

April 17, 2007 - Financial Services Employment Growth in Chicago - Financial and insurance activities have historically concentrated in cities. In large part, this location tendency follows from the deep and broad information that is needed in allocating capital to those endeavors of highest return. http://www.midwest.chicagofedblogs.org/archives/2007/04/financial_servi.html    

April 17, 2007 - NCUA - Obelisk Federal Credit Union Placed In Conservatorship - The National Credit Union Administration has assumed control of service and operations at Obelisk Federal Credit Union, with assets of $51 million, located in New Albany, Indiana. www.ncua.gov/news/press_releases/2007/MR07-0417.htm 

April 17, 2007 - Supreme Court Rules Federal Preemption Standards Apply to National Bank Operating Subsidiaries - Comptroller of the Currency John C. Dugan issued the following statement today in regard to the Supreme Court's decision in the Watters vs. Wachovia case. www.occ.treas.gov/ftp/release/2007-40.htm 

April 17, 2007 - Statistical Release - G.17 Industrial Production - Industrial production decreased 0.2 percent in March after an increase of 0.8 percent in February. Output in the manufacturing sector moved up 0.7 percent in March; the increase was led by advances in the production of durable goods. The output of utilities dropped 7.0 percent, largely reversing its February jump of 7.6 percent, as temperatures swung from below seasonal norms in February to above seasonal norms in March. Mining output edged up 0.1 percent in March. www.federalreserve.gov/Releases/G17/Current/default.htm 

April 16, 2007 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2007-39.htm 

April 16, 2007 - Privacy of Consumer Financial Information - The FDIC, the other federal financial institution regulatory agencies, the Securities and Exchange Commission, the Federal Trade Commission, and the Commodity Futures Trading Commission have jointly published the attached Notice of Proposed Rulemaking seeking comment on a model privacy form that financial institutions could use to satisfy the privacy notice requirements of the Gramm-Leach-Bliley Act www.fdic.gov/news/news/financial/2007/fil07034.html 

April 13, 2007 - NCUA - Proposed Regulation - Member Inspection of Credit Union Books, Records and Minutes.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-701-3.pdf 

April 13, 2007 - NCUA- Proposed Regulation - Disclosure of Merger Related Compensation Arrangements.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-708b.pdf 

April 12, 2007 - OCC Releases CRA Evaluations For 33 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, 2007 through April 14, 2007.   www.occ.treas.gov/ftp/release/2007-38.htm 

April 12, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshop on Compliance Risk in Tulsa, Oklahoma - The Office of the Comptroller of the Currency will host a compliance risk workshop for national community bank directors at the Renaissance Tulsa Hotel, Tulsa, Oklahoma, May 15. www.occ.treas.gov/ftp/release/2007-37.htm 

April 12, 2007 - OCC Publishes Newsletter Highlighting Community Development Venture Capital Investment Opportunities.   www.occ.treas.gov/ftp/release/2007-35.htm 

April 12, 2007 - Expected Stock Returns and Variance Risk Premia - Tim Bollerslev and Hao Zhou - We find that the difference between implied and realized variances, or the variance risk premium, is able to explain more than fifteen percent of the ex-post time series variation in quarterly excess returns on the market portfolio over the 1990 to 2005 sample period, with high (low) premia predicting high (low) future returns. www.federalreserve.gov/pubs/feds/2007/200711/200711pap.pdf 

April 12, 2007 -Alternative Methods of Unit Nonresponse Weighting Adjustments: An Application from the 2003 Survey of Small Business Finances - The 2003 Survey of Small Business Finances screening interview had significant unit nonresponse and therefore some type of nonresponse adjustment was deemed necessary. The approach used in the 2003 survey differed from that used in previous surveys. www.federalreserve.gov/pubs/feds/2007/200710/200710pap.pdf 

April 12, 2007 - Agencies Announce Availability of 2006 HMDA Data - The federal bank, credit union, and thrift supervisory agencies, along with the Department of Housing and Urban Development, announced today the availability of the 2006 home loan data disclosed under the Home Mortgage Disclosure Act
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070412/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07031.html 
Press Release: www.occ.treas.gov/ftp/release/2007-36.htm 
Press Release: www.ots.treas.gov/docs/7/777024.html 
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April 11, 2007 - Identity Theft - FDIC's Supervisory Policy on Identity Theft - The FDIC has issued the attached "Supervisory Policy on Identity Theft." The policy describes the characteristics of identity theft. It also sets forth the FDIC's expectations that institutions under its supervision take steps to detect and prevent identity theft and mitigate its effects in order to protect consumers and help ensure institutions' safe and sound operations. www.fdic.gov/news/news/financial/2007/fil07032.html

April 11, 2007 - A Forum on Medicaid and State Budgets: A summary - Richard H. Mattoon.   www.chicagofed.org/publications/fedletter/cflmay2007_238a.pdf 

April 11, 2007 - Branch Banking Boom in Illinois Discussed - Fed Letter looks at the history of branch banking within the state and across the nation to help explain this trend. www.chicagofed.org/publications/fedletter/cflmay2007_238.pdf.  

April 11, 2007 - Federal Reserve Bulletin: Report on the Condition of the U.S. Banking Industry First Quarter, 2006.   www.federalreserve.gov/pubs/bulletin/2007/07index.htm 

April 11, 2007 - A Cohort-Based Model of Labor Force Participation - Bruce Fallick and Jonathan Pingle - The probability that an individual participates in the labor force declines precipitously beyond age 50. This feature of labor supply suggests that ongoing shifts in the age distribution of the population will put substantial downward pressure on the aggregate labor force participation rate. www.federalreserve.gov/pubs/feds/2007/200709/index.html 

April 11, 2007 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 20-21, 2007. www.federalreserve.gov/boarddocs/press/monetary/2007/20070411/default.htm 

April 11, 2007 - Chairman Ben S. Bernanke - Financial Regulation and the Invisible Hand At the New York University Law School, New York, New York.  www.federalreserve.gov/boarddocs/speeches/2007/20070411/default.htm 

April 11, 2007 - NCUA - New Horizons Community CU Takes Action After Potential Data Breach; Members Informed of Protections - New Horizons Community Credit Union, a state chartered federally insured credit union located in Denver, Colo., and operating under conservatorship of the National Credit Union Administration, is notifying members of a potential breach of confidential member loan information. The potential breach results from the theft of a laptop computer from Protiviti, a consultant employed by Bellco Credit Union conducting due diligence to prepare a possible acquisition bid. www.ncua.gov/news/press_releases/2007/MR07-0411.htm 

April 11, 2007 - OTS Director Reich Addresses California Bankers Association - Office of Thrift Supervision Director John Reich addressed the Strategic Issues Summit of the California Bankers Association today in Newport Beach, California. www.ots.treas.gov/docs/7/777023.html 

April 10, 2007 - Bank Holding Company Supervision Manual - January 2007 update - Provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries. www.federalreserve.gov/boarddocs/supmanual/default.htm 

April 10, 2007 - Governor Frederic S. Mishkin - Monetary Policy and the Dual Mandate - At Bridgewater College, Bridgewater, Virginia.   www.federalreserve.gov/boarddocs/speeches/2007/20070410/default.htm 

April 9, 2007 - Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/Releases/E15/default_2007.htm 

April 9, 2007 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 1-1/2 percent in February. Revolving credit rose at an annual rate of 3-1/2 percent, and nonrevolving credit rose at an annual rate of 1/2 percent. www.federalreserve.gov/Releases/G19/Current/default.htm 

April 9, 2007 - The NCUA Newsletter for April 2007 is available.   www.ncua.gov/news/newsletter/NCUA/07April.pdf 
____________________

April 5, 2007 - The Chicago Fed Midwest Manufacturing Index rose 0.9% in February 2007, to a seasonally adjusted level of 103.7 (2002 = 100). Revised data show the index dropped 1.9% in January, to 102.8. The Federal Reserve Board's industrial production index for manufacturing was up 0.3% in February. Regional output in February was 0.6% higher than a year earlier, below the 2.9% increase in national output. www.chicagofed.org/economic_research_and_data/files/cfmmi_february2007.pdf 

April 5, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshop on Risk Assessment in Charleston, South Carolina - The Office of the Comptroller of the Currency will host a risk assessment workshop for national community bank directors at the Francis Marion Hotel, Charleston, South Carolina, May 8. www.occ.treas.gov/ftp/release/2007-34.htm  

April 5, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshop on Compliance Risk in Charlottesville, Virginia - The Office of the Comptroller of the Currency will host a compliance risk workshop for national community bank directors at the Omni Charlottesville Hotel, Charlottesville, Virginia, May 2. www.occ.treas.gov/ftp/release/2007-33.htm 

April 5, 2007 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its 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 2007. www.fdic.gov/news/news/press/2007/pr07030.html 

April 4, 2007 - Branch Banking Boom in Illinois Discussed - Fed Letter looks at the history of branch banking within the state and across the nation to help explain this trend. www.chicagofed.org/publications/fedletter/cflmay2007_238.pdf 

April 4, 2007 - Consumer Alert On "CRA Program" Solicitations - The Office of Thrift Supervision issued a consumer alert to address inquiries and complaints from consumers who received home mortgage solicitations suggesting there is a "Community Reinvestment Act Program" that entitles certain homeowners to cash grants or equity disbursements. Some of these solicitations may be read to indicate that the OTS endorses or supports the offers they contain. www.ots.treas.gov/docs/7/777022.html 

April 4, 2007 - Proposal for Comment - Joint proposal to extend for three years, with revision, the uniform interagency Transfer Agent Registration and Amendment Form.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

April 4, 2007 - Statistical Supplement to the Federal Reserve Bulletin March 2007.  www.federalreserve.gov/pubs/supplement/2007/03/default.htm 

April 4, 2007 - The Federal Reserve Board on Wednesday announced final revisions to its 1980 interpretation of Regulation D, which sets forth criteria for the "bankers' bank" exemption from reserve requirements. The revisions authorize the Board to determine, on a case by case basis, whether certain entities not already expressly authorized in the interpretation may become customers of bankers' banks to a limited extent. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070404/default.htm 

April 3, 2007 - Monetary Policy Works Best When Financial Markets Understand the Fed's Objectives: St. Louis Fed President Poole - Consumers and businesses must understand not only the Federal Reserve's monetary policy objectives, but also the decision-making process through which the Fed achieves those objectives-a process made easier when policymakers refer to rules focused on price stability. www.stlouisfed.org/news/releases/2007/04_02_07.html 

April 3, 2007 - Bank Secrecy Act Banco Delta Asia Sarl - Designation of Primary Money Laundering Concern - The Department of the Treasury has designated Banco Delta Asia SARL, Macau Special Administrative Region, China, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity. www.fdic.gov/news/news/financial/2007/fil07030.html 

April 3, 2007 - Agencies Seek Comment on Expanded Examination Cycle for Certain Institutions - The federal bank and thrift agencies on Tuesday requested public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070403/default.htm 
Press Release: www.ots.treas.gov/docs/7/777021.html 

April 3, 2007 - The Federal Reserve Board on Tuesday announced the issuance of an Order of Prohibition against Tracy Schroeder, a former branch manager and institution-affiliated party of First Interstate Bank, Bozeman, Montana. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070403/default.htm 

April 3, 2007 - NCUA Issues Cease and Desist Order - The National Credit Union Administration has issued a cease and desist order against Dover N. J. Spanish American Federal Credit Union to correct substantial Bank Secrecy Act compliance problems. www.ncua.gov/news/press_releases/2007/MR07-0403.htm 

April 3, 2007 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks - These tables are published monthly in the Statistical Supplement to the Federal Reserve Bulletin. The release date is the Supplement issue date. www.federalreserve.gov/releases/bulletin/0307assets.htm 

April 2, 2007 - Consumer Alert on Questionable Solicitations About Community Reinvestment Act Program Directed at Homeowners - The Federal Deposit Insurance Corporation is alerting the public to questionable solicitations directed at homeowners. Consumers have contacted the FDIC with questions and complaints after receiving solicitations suggesting there is a "Community Reinvestment Act Program" that entitles certain homeowners to cash grants or equity disbursements. www.fdic.gov/news/news/press/2007/pr07028.html 

April 2, 2007 - April 1 FedFlash Online - FedFlash covers the latest Federal Reserve Financial Services operational news. www.frbservices.org/FedFlash/2007/040107/index.html 

April 2, 2007 - Bank Secrecy Act - Banco Delta Asia Sarl - Designation of Primary Money - The Department of the Treasury has designated Banco Delta Asia SARL, Macau Special Administrative Region, China, as a financial institution of primary money laundering concern and has issued the attached final rule restricting domestic financial institutions' banking relationships with this entity. www.fdic.gov/news/news/financial/2007/fil07030.html 

April 2, 2007 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In March 2007 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/Current/ 

 

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