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R. Kinney Williams
Yennik, Inc.

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Bank Regulatory News

April 2008

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April 30, 2008 - The Federal Reserve Board on Wednesday approved actions by the Boards of Directors of the Federal Reserve Banks of Chicago and Kansas City, decreasing the discount rate at the Banks from 2-1/2 percent to 2-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080430b.htm 

April 30, 2008 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 25 basis points to 2 percent. www.federalreserve.gov/newsevents/press/monetary/20080430a.htm 

April 30, 2008 - Covered Bonds - FDIC Policy Statement on Covered Bonds - The FDIC has issued the attached final interim policy statement on the treatment of "covered bonds" in the event that the issuing insured depository institution is placed into FDIC receivership or conservatorship. www.fdic.gov/news/news/financial/2008/fil08034.html 

April 30, 2008 - Nested Simulation in Portfolio Risk Measurement - Michael B. Gordy and Sandeep Juneja - Risk measurement for derivative portfolios almost invariably calls for nested simulation. In the outer step one draws realizations of all risk factors up to the horizon, and in the inner step one re-prices each instrument in the portfolio at the horizon conditional on the drawn risk factors. www.federalreserve.gov/pubs/feds/2008/200821/index.html 

April 29, 2008 - FDIC Makes Public March Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in March. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08031.html 

April 29, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between WSB Financial Group, Inc., Bremerton, Washington, a registered bank holding company that owns and controls Westsound Bank, Bremerton, Washington, a state nonmember bank, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20080429a.htm 

April 28, 2008 - Article Explores Whether Rising Exports Can Sustain Current Farm Boom www.kc.frb.org/Pubaffrs/Pressrel/2008pdf/pr08-04.pdf

April 28, 2008 - Federal Reserve Chairman to Speak at Conference - Ben S. Bernanke will be a keynote speaker at the 44th annual Conference on Bank Structure and Competition. www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc.cfm 

April 28, 2008 - Midwest Manufacturing Output is Down in March - The Chicago Fed Midwest Manufacturing Index decreased 0.7% in March, to a seasonally adjusted level of 107.6. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

April 28, 2008 - Miserendino Named Administrative Judge for Federal Banking Agencies - C. Richard Miserendino has been appointed as Administrative Law Judge with the Office of Financial Institution Adjudication in Washington D.C. He will preside over administrative enforcement actions brought by the five federal banking agencies and will succeed Judge Ann Z. Cook, who will retire on July 1, 2008, after serving since 2000. www.ots.treas.gov/docs/7/778013.html 

April 28, 2008 - OCC Announces New Electronic Interpretations and Actions - April 2008 www.occ.treas.gov/interp/apr08/intapr08.htm 

April 28, 2008 - Office of the Comptroller of the Currency Promotes Financial Literacy at Capitol Hill Event - The Office of Comptroller of the Currency participated in the Financial Literacy Day on Capitol Hill today to promote awareness of agency efforts to educate and support consumers of financial services. The Capitol Hill Financial Literacy Day was conducted as part of this year's National Financial Literacy Month. www.occ.treas.gov/ftp/release/2008-50.htm 

April 28, 2008 - FinCEN and OCC Assess Civil Money Penalties Against the New York Branch of the United Bank for Africa - The Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency today announced the assessment of concurrent civil money penalties, each $15 million, against the New York Branch of United Bank for Africa, PLC for violations of the Bank Secrecy Act. www.occ.treas.gov/ftp/release/2008-49.htm 

April 28, 2008 - Reports to Congress - 94th Annual Report, 2007 - The ninety-fourth annual report of the Board of Governors of the Federal Reserve System. This report covers operations of the Board during calendar year 2007. www.federalreserve.gov/boarddocs/rptcongress/annual07/default.htm 

April 25, 2008 - OCC Directs Wachovia to Make Restitution to Consumers Harmed by the Bank's Relationships with Telemarketers and Payment Processors - The Office of the Comptroller of the Currency has entered into a settlement agreement with Wachovia Bank, National Association that directs the bank to make restitution to consumers harmed by its relationships with several telemarketers and third party payment processors. www.occ.treas.gov/ftp/release/2008-48.htm 

April 25, 2008 - Statistical Release - G.20 Finance Companies www.federalreserve.gov/releases/g20/Current/     
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April 24, 2008 - OCC 2008-11, Regulatory Review of Amendments: Final Rule - Final rule reduces unnecessary regulatory burden, updates certain rules, and makes certain technical, clarifying, and conforming changes to its regulations.  www.occ.treas.gov/ftp/bulletin/2008-11.html 

April 24, 2008 - OCC Issues Final Rule Reducing Regulatory Burden and Updating its Rules - The Office of the Comptroller of the Currency published a final rule in the Federal Register today to reduce unnecessary regulatory burden and revise and update various OCC regulations. www.occ.treas.gov/ftp/release/2008-47.htm 

April 24, 2008 - Scott G. Alvarez, General Counsel - Sovereign wealth funds - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/newsevents/testimony/alvarez20080424a.htm 

April 23, 2008 - OCC Releases CRA Evaluations For 34 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, 2008 through April 14, 2008. www.occ.treas.gov/ftp/release/2008-46.htm 

April 23, 2008 - A New Look at the Wealth Adequacy of Older U.S. Households - David A. Love, Paul A. Smith, and Lucy C. McNair - We construct two measures of the current wealth adequacy of older U.S. households using the 1998--2006 waves of the Health and Retirement Study. The first is the ratio of "comprehensive wealth"--defined as net worth plus the expected value of future income streams--to the wealth that would be needed to generate expected poverty-line income in future years. By this measure, we find that the median older U.S. household is reasonably well situated, with a "poverty ratio" of about 3.9 in 2006. www.federalreserve.gov/pubs/feds/2008/200820/index.html 

April 22, 2008 - Competitive Search Equilibrium in a DSGE Model -David M. Arseneau and Sanjay K. Chugh -We show how to implement a competitive search equilibrium in a fully-specified DSGE environment. Competitive search, an equilibrium concept well-understood in labor market theory, offers an alternative to the commonly-used Nash bargaining in search-based macro models. Our simulation-based results show that business cycle fluctuations under competitive search equilibrium are virtually identical to those under Nash bargaining for a broad range of calibrations of Nash bargaining power. www.federalreserve.gov/pubs/ifdp/2008/929/ifdp929.htm 

April 22, 2008 - NCUA General Counsel Opinion 08-0218 - Benefits for Employees of Credit Union Service Organizations.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0218.pdf 

April 22, 2008 - NCUA General Counsel Opinion 08-232 - Federal Credit Unions are Depository Institutions.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0232.pdf 

April 22, 2008 - NCUA General Counsel Opinion 08-0417 - NCUA Letter to Credit Unions, "Evaluating Third Party Relationships."   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0417.pdf 

April 22, 2008 - On April 21, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20080422a.htm 

April 21, 2008 - Survey of Arkansas High School Students Underscores Necessity of Financial Education - The Jump$tart Coalition's biennial financial literacy survey revealed that Arkansas high school seniors correctly answered 47 percent of the questions-only slightly less than the national mean of 48.3 percent. www.stlouisfed.org/news/releases/2008/04_21_08b.html 

April 21, 2008 - March Economic Activity Still Slow - The Chicago Fed National Activity Index was -0.78 in March, up from -1.28 in February.   www.chicagofed.org/economic_research_and_data/cfnai.cfm 

April 21, 2008 - Governor Randall S. Kroszner - Developing Sustainable Capital for Community Investments - At the Community Reinvestment Fund First Annual Forum, Minneapolis, Minnesota.  www.federalreserve.gov/newsevents/speech/kroszner20080421a.htm 

April 21, 2008 - On April 21, 2008, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080421a.htm 

April 18, 2008 - Facing the Challenge of Retiree Health Care - In Chicago Fed Letter, Economist Rick Mattoon examines how state and local governments finance and administer benefits. www.chicagofed.org/publications/fedletter/cflmay2008_250a.pdf
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April 17, 2008 - The Federal Reserve Board on Thursday announced the termination of the enforcement action Traders Bank, Spencer, West Virginia Written Agreement dated July 13, 2004 Terminated April 4, 2008.  www.federalreserve.gov/newsevents/press/enforcement/20080417a.htm 

April 17, 2008 - Financial Education Webcast This Monday - Oprah contributor Jean Chatzky to moderate summit on "Building Financial IQ of Generation Y".   www.practicalmoneyskills.com/summit2008/ 

April 17, 2008 - OCC Chief Counsel Julie Williams Testifies Before House Financial Institutions and Consumer Credit Subcommittee - Chief Counsel and First Senior Deputy Comptroller Julie L. Williams provided the Office of the Comptroller of the Currency's views on H.R. 5244, the Credit Cardholders' Bill of Rights Act of 2008, today before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2008-45.htm 

April 17, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/0308assets.htm 

April 17, 2008 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Credit cards - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/newsevents/testimony/braunstein20080417a.htm 

April 17, 2008 - Vice Chairman Donald L. Kohn - The Changing Business of Banking: Implications for Financial Stability and Lessons from Recent Market Turmoil - At the Federal Reserve Bank of Richmond's Credit Market Symposium, Charlotte, North Carolina.   www.federalreserve.gov/newsevents/speech/kohn20080417a.htm 

April 17, 2008 - NCUA Board Meeting Results For April 17, 2008.  www.ncua.gov/NCUABoard/board_reports/BAB08-0417.pdf 

April 16, 2008 - Beige Book Indicates Sluggish Expansion - Economic Activity in the Midwest expanded at a slow pace in March according to Federal Reserve's Beige Book. - Seventh District--Chicago.  www.federalreserve.gov/fomc/beigebook/2008/20080416/7.htm 

April 16, 2008 - Comptroller Dugan Says Lessons Learned from Last Downturn Will Help OCC Deal with Problems in the Current Environment - Comptroller of the Currency John C. Dugan said today that, with problem loans rising, it's imperative that bank management identify and address problems realistically and that the OCC deal with national banks in a consistent and balanced way. www.occ.treas.gov/ftp/release/2008-44.htm 

April 16, 2008 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2008/default.htm 

April 16, 2008 - Statistical Release - Minority-Owned Banks - Minority Owned Financial Institutions And Their Branches as of December 31, 2007.   www.federalreserve.gov/releases/mob/current/default.htm 

April 16, 2008 - Governor Frederic S. Mishkin - Small business lending - Before the Committee on Small Business and Entrepreneurship, U.S. Senate.   www.federalreserve.gov/newsevents/testimony/mishkin20080416a.htm 

April 16, 2008 - NCUA - Federal and State Regulators Gather for Annual NCUA/NASCUS National Regulators Meeting - Representatives from 38 state agencies and the National Credit Union Administration met in Tampa, Florida, this week for the annual NASCUS/NCUA National Regulators Meeting, April 13-15, 2008. www.ncua.gov/news/press_releases/2008/MR08-0416.html 

April 16, 2008 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Indianapolis - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Hyatt Regency Hotel, Indianapolis, May 20-22, 2008. www.occ.treas.gov/ftp/release/2008-43.htm 

April 16, 2008 - Statistical Release - G.17 Industrial Production - Industrial production rose 0.3 percent in March after having dropped 0.7 percent in February. For the first quarter as a whole, output declined at an annual rate of 0.1 percent after edging up at a rate of 0.4 percent in the fourth quarter of last year. Manufacturing production rose 0.1 percent in March. www.federalreserve.gov/releases/g17/Current/default.htm 

April 15, 2008 - The Federal Reserve Board on Tuesday announced its approval of the proposal by Fifth Third Bancorp, Cincinnati, Ohio, to acquire First Charter Corporation and its subsidiary bank, First Charter Bank, both of Charlotte, North Carolina. www.federalreserve.gov/newsevents/press/orders/20080415a.htm 

April 15, 2008 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from February 19 through March 18, 2008. www.federalreserve.gov/newsevents/press/monetary/20080415a.htm 

April 15, 2008 - OCC Deputy Comptroller for Community Affairs Testifies Before House Financial Services Committee - Deputy Comptroller for Community Affairs Barry Wides discussed the OCC's involvement in and perspectives on governmental and private sector financial literacy and education initiatives in testimony today before the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2008-42.htm  

April 15, 2008 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Financial literacy - Before the Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/braunstein20080415a.htm 

April 14, 2008 - 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/2008-41.htm 

April 14, 2008 - Financial Stability Forum Issues Report on Enhancing Market and Institutional Resilience - The Financial Stability Forum has presented to the G7 Finance Ministers and central bank Governors a report making recommendations for enhancing the resilience of markets and financial institutions. The recommended actions are in five areas: www.occ.treas.gov/ftp/release/2008-40.htm 

April 14, 2008 - FDIC's Adult Financial Literacy Program Surpasses Milestone; New Version to Help School-age Kids Learn About Money - The Federal Deposit Insurance Corporation reports that one million Americans have had the opportunity to become more financially savvy through participating in its financial education program, Money Smart. In addition to surpassing that significant milestone, the FDIC today announced that it is making the program available to even more people with the introduction of Money Smart for Young Adults. www.fdic.gov/news/news/press/2008/pr08030.html 

April 14, 2008 - Expectations of Risk and Return Among Household Investors: Are Their Sharpe Ratios Countercyclical? - Gene Amromin and Steven A. Sharpe - Data obtained from special questions on the Michigan Survey of Consumer Attitudes over several years are used to analyze stock market beliefs and portfolio choices of household investors. Consistent with other survey results, expected future returns appear to be extrapolated from past realized returns. www.federalreserve.gov/pubs/feds/2008/200817/index.html 

April 14, 2008 - Corporate Hedging, Investment and Value - Jose M. Berrospide, Amiyatosh Purnanandam, and Uday Rajan - We consider the effect of hedging with foreign currency derivatives on Brazilian firms in the period 1997 through 2004, a period that includes the Brazilian currency crisis of 1999. We find that, derivative users have valuations that are 6.7-7.8% higher than non-user firms. Hedging with currency derivatives allows firms to sustain larger capital investments, and also removes the sensitivity of investment to internally generated funds. www.federalreserve.gov/pubs/feds/2008/200816/index.html 

April 14, 2008 - Governor Kevin Warsh - Financial Market Turmoil and the Federal Reserve: The Plot Thickens - At the New York University School of Law Global Economic Policy Forum, New York, New York.   www.federalreserve.gov/newsevents/speech/warsh20080414a.htm 

April 11, 2008 - FDIC to Conduct First Nationwide Survey of Banks' Efforts to Bring "Unbanked" Consumers Into Economic Mainstream - The Federal Deposit Insurance Corporation will this spring conduct a nationwide survey of FDIC-insured depository institutions to assess their efforts to serve unbanked and underbanked individuals and families. This survey is the first of its kind at the national level. www.fdic.gov/news/news/press/2008/pr08029.html 

April 11, 2008 - Federal Open Market Committee - Transcripts of 2002 meetings.   www.federalreserve.gov/fomc/transcripts/transcripts_2002.htm 

April 11, 2008 - Senior Supervisors Group issues report on leading-practice disclosures for selected exposures
Press Release: www.newyorkfed.org/newsevents/news/banking/2008/an080411.html 
Press Release: www.occ.treas.gov/ftp/release/2008-39.htm
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April 10, 2008 - Interpreting Long-Horizon Estimates in Predictive Regressions - Erik Hjalmarsson -This paper analyzes the asymptotic properties of long-horizon estimators under both the null hypothesis and an alternative of predictability. Asymptotically, under the null of no predictability, the long-run estimator is an increasing deterministic function of the short-run estimate and the forecasting horizon. www.federalreserve.gov/pubs/ifdp/2008/928/ifdp928.htm 

April 10, 2008 - Emerging Market Business Cycles Revisited: Learning about the Trend - Emine Boz, Christian Daude, and Ceyhun Bora Durdu - The data reveal that emerging markets do not differ from developed countries with regards to the variance of permanent TFP shocks relative to transitory. They do differ, however, in the degree of uncertainty agents face when formulating expectations. Based on these observations, we build an equilibrium business cycle model in which the agents cannot perfectly distinguish between the permanent and transitory components of TFP shocks. www.federalreserve.gov/pubs/ifdp/2008/927/ifdp927.htm 

April 10, 2008 - Bank Secrecy Act - The SAR Activity Review by the Numbers, January 2008 Issue - The Financial Crimes Enforcement Network has issued the ninth edition of The SAR Activity Review By the Numbers. www.fdic.gov/news/news/financial/2008/fil08032.html 

April 10, 2008 - Banking Information & Regulation - International Training & Assistance for Bank Supervisors - The Board of Governors and the Reserve Banks of the Federal Reserve System are pleased to offer training and technical assistance for supervisors and staff of other central banks and bank supervisory authorities in order to promote sound supervisory practices abroad and to foster strong bilateral and multilateral relationships with the central banks and bank supervisory authorities of other countries. www.federalreserve.gov/bankinforeg/ita.htm 

April 10, 2008 - Chairman Ben S. Bernanke - Addressing Weaknesses in the Global Financial Markets: The Report of the President's Working Group on Financial Markets - At the World Affairs Council of Greater Richmond's Virginia Global Ambassador Award Luncheon, Richmond, Virginia.   www.federalreserve.gov/newsevents/speech/bernanke20080410a.htm 

April 9, 2008 - Federal Reserve extends deadline for the submission of requests to testify at public meetings on the notice by Bank of America to acquire Countrywide Financial.  www.federalreserve.gov/newsevents/press/orders/20080409a.htm 

April 9, 2008 - Comptroller Comments on Proposed FHA Housing Stabilization and Homeownership Retention Act of 2008 - Comptroller of the Currency John C. Dugan told Congress today that the plan proposed in the FHA Housing Stabilization and Homeownership Retention Act of 2008 could provide another possible tool for helping banks avoid larger losses from foreclosure without raising significant safety and soundness issues. www.occ.treas.gov/ftp/release/2008-38.htm 

April 9, 2008 - Governor Randall S. Kroszner - Federal Housing Administration Housing Stabilization and Homeownership Act - Before the Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/newsevents/testimony/kroszner20080409a.htm 

April 9, 2008 - Chairman Ben S. Bernanke - The Importance of Financial Education and the National Jump$tart Coalition Survey - At the Jump$tart Coalition for Personal Financial Literacy and Federal Reserve Board Joint News Conference, Federal Reserve Board, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20080409a.htm 

April 8, 2008 - Looking at Economic Trends and the CFNAI - Chicago Fed Letter explores an experimental methodology for the Chicago Fed National Activity Index. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

April 8, 2008 - Predicting Cycles in Economic Activity - Jane Haltmaier - Predicting cycles in economic activity is one of the more challenging but important aspects of economic forecasting. This paper reports the results from estimation of binary probit models that predict the probability of an economy being in a recession using a variety of financial and real activity indicators. www.federalreserve.gov/pubs/ifdp/2008/926/ifdp926.htm 

April 8, 2008 - Bank Integration and Financial Constraints: Evidence from U.S. Firms - Ricardo Correa - This paper uses data on publicly-traded firms in the U.S. to analyze the effect of interstate bank integration on the financial constraints borrowers face. A firm-level investment equation is estimated in order to test if bank integration reduces the sensitivity of capital expenditures to the level of internal funds. www.federalreserve.gov/pubs/ifdp/2008/925/ifdp925.htm 

April 8, 2008 - A Solution to the Default Risk-Business Cycle Disconnect - Enrique G. Mandoza and Vivian Z. Yue - Models of business cycles in emerging economies explain the negative correlation between country spreads and output by modeling default risk as an exogenous interest rate on working capital. Models of strategic default explain the cyclical properties of sovereign spreads by assuming an exogenous output cost of default with special features, and they underestimate debt-output ratios by a wide margin. www.federalreserve.gov/pubs/ifdp/2008/924/ifdp924.htm 

April 8, 2008 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in February. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08028.html 

April 8, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on March 18, 2008, and of the conference call held on March 10, 2008.  www.federalreserve.gov/newsevents/press/monetary/20080408b.htm 

April 8, 2008 - On April 7, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility.   www.federalreserve.gov/newsevents/press/monetary/20080408a.htm 

April 7, 2008 - Federal Reserve Bank of San Francisco Opens its New Seattle Branch Building in Renton - The Federal Reserve Bank of San Francisco officially dedicated its new Seattle Branch today. The new building, located at 2700 Naches Avenue, SW, is on the site of the former Longacres Racetrack, on land purchased from the Boeing Company. www.frbsf.org/news/releases/2008/0407.html 

April 7, 2008 - 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 2008. www.fdic.gov/news/news/press/2008/pr08027.html 

April 7, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-1/2 percent in February; revolving credit increased at an annual rate of 6 percent, and nonrevolving credit increased at an annual rate of 1/2 percent. www.federalreserve.gov/releases/g19/Current/ 

April 7, 2008 - On April 7, 2008, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080407a.htm 

April 4, 2008 - Governor Randall S. Kroszner - Global Economic and Financial Challenges: Implications for Latin America - At the Annual Meeting of the Board of Governors of the Inter-American Development Bank, Miami, Florida. www.federalreserve.gov/newsevents/speech/kroszner20080404a.htm 

April 4, 2008 - Consumer Debt: Storm Clouds on the Horizon? - Credit cards and payday loans can provide short-term convenience for some people, but consumers' shift toward greater debt could have a long-term, negative impact on the U.S. economy. www.stlouisfed.org/news/releases/2008/04_03_08a.html 

April 3, 2008 - St. Louis Fed's The Regional Economist: Extra Credit: The Rise of Short-Term Liabilities; Neighborhoods That Don't Work; Which Came First-Democracy or Growth?; Community Profile: Louisiana, Mo. www.stlouisfed.org/news/releases/2008/04_03_08.html
 
April 3, 2008 - Governor Frederic S. Mishkin - Central Bank Commitment and Communication - At the Princeton University Center for Economic Policy Studies Dinner, New York, New York www.federalreserve.gov/newsevents/speech/mishkin20080403a.htm
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April 3, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between First Pryority Bank, Pryor, Oklahoma, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. www.federalreserve.gov/newsevents/press/enforcement/20080403a.htm 

April 3, 2008 - Midwest Manufacturing Output Down in February - The Chicago Fed Midwest Manufacturing Index declined 0.5% in February, to a seasonally adjusted level of 101.0.  www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

April 3, 2008 - Chairman Ben S. Bernanke - Developments in the financial markets - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/newsevents/testimony/bernanke20080403a.htm 

April 2, 2008 - Looking at Economic Trends and the CFNAI - Chicago Fed Letter explores an experimental methodology for the Chicago Fed National Activity Index. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

April 2, 2008 - OCC Names Delora Jee Head of New International Supervision Group; Michael L. Brosnan Rejoins OCC as Large Bank Deputy Comptroller - The Office of the Comptroller of the Currency announced today the creation of a new group to focus on international supervision and named Deputy Comptroller Delora Jee to head the group. http://www.occ.treas.gov/ftp/release/2008-37.htm 

April 2, 2008 - OCC Reports Fourth Quarter Bank Trading Loss of $9.97 Billion - Insured U.S. commercial banks lost $9.97 billion trading cash and derivative instruments in the fourth quarter, down $12.3 billion from third quarter revenues of $2.3 billion. www.occ.treas.gov/ftp/release/2008-36.htm 

April 2, 2008 - Louise L. Roseman, Director, Division of Reserve Bank Operations and Payment Systems Internet gambling - Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/roseman20080402a.htm 

April 2, 2008 - Chairman Ben S. Bernanke - The economic outlook - Before the Joint Economic Committee, U.S. Congress.  www.federalreserve.gov/newsevents/testimony/bernanke20080402a.htm 

April 1, 2008 - Letter to Kathleen A. Juhase, Esq., JPMorgan Chase & Co. ("JPMC"), New York, New York, (i) granting a temporary exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) for certain covered transactions between JPMorgan Chase Bank, National Association, and its affiliates in connection with JPMC's acquisition of The Bear Stearns Companies, Inc. ("Bear Stearns"), New York, New York; and (ii) providing JPMC with a transition period to incorporate fully the assets and exposures of Bear Stearns into JPMC for purposes of the Board's risk-based and leverage capital guidelines for bank holding companies (12 CFR Part 225, Appendices A and D). www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2008/20080403/20080403.pdf

April 1, 2008 - The Federal Reserve Board on Tuesday announced its approval of the proposal by JPMorgan Chase & Co., New York, New York, to acquire Bear Stearns Bank & Trust, Princeton, New Jersey. www.federalreserve.gov/newsevents/press/orders/20080401a.htm 

April 1, 2008 - Stephenson Named to St. Louis Fed's Memphis Branch Board - Susan S. Stephenson, co-chairman and president of Independent Bank in Memphis, has been appointed to fill the unexpired portion of a three-year term on the board of directors of the Memphis Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/04_01_08.html 

April 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In March 2008 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/ 

April 1, 2008 - The Federal Reserve System on Tuesday announced the availability of a set of dynamic maps and data that illustrate subprime and alt-A mortgage loan conditions across the United States. www.federalreserve.gov/newsevents/press/other/20080401a.htm 

April 1, 2008 - The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed Sella Holding Banca, S.p.A., Biella, Italy.  www.federalreserve.gov/newsevents/press/enforcement/20080401a.htm

 

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