Bank Regulatory News

April 2009

April 30, 2009 - Ownership and Asymmetric Information Problems in the Corporate Loan Market: Evidence from a Heteroskedastic Regression," by Lewis Gaul and Viktors Stebunovs.- Examines whether asymmetric information problems exist in the corporate loan market and whether ownership of loans provides the incentive to mitigate these problems. www.occ.treas.gov/ftp/workpaper/wp2009-1.pdf 

April 30, 2009 - Risk Management of Investments in Structured Credit Products - A number of insured banks with portfolio holdings in private label mortgage-backed securities, collateralized debt obligations, or asset-backed securities are facing heightened losses as a result of significant investments in these products. Certain structured credit products, particularly private label mortgage-backed securities and CDOs, have experienced deteriorating collateral performance, price declines, and credit rating downgrades. www.fdic.gov/news/news/financial/2009/fil09020.html 

April 30, 2009 - Classification Treatment for High Loan-to-Value Residential Refinance Loans - Loans to refinance performing real estate mortgages to a lower interest rate, despite a higher LTV, generally should not be adversely classified provided the credit complies with sound underwriting guidelines. The FDIC is affirming that the standards in the Uniform Retail Credit Classification and Account Management Policy should be followed relative to the classification treatment for high LTV residential refinance loans. www.fdic.gov/news/news/financial/2009/fil09019.html 

April 30, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Heritage Bank, Topeka, Kansas, a state member bank, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090430a.htm 

April 29, 2009 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2009/MA09-0429.htm 

April 29, 2009 - School-Based Bank Savings Programs: Bringing Financial Education to Students - The Office of the Comptroller of the Currency today published a Community Developments Insights report that discusses how banks can set up school-based bank savings programs to help students learn about the importance of saving and managing their personal finances. www.occ.treas.gov/ftp/release/2009-45.htm 

April 29, 2009 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs Financial literacy - Before the Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia, Committee on Homeland Security and Governmental Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/braunstein20090429a.htm 

April 29, 2009 - Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. www.federalreserve.gov/newsevents/press/monetary/20090429a.htm 

April 29, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Cooperative Bankshares, Inc., Wilmington, North Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20090429a.htm 

April 28, 2009 - Approaches to Helping Auto Industry Communities - Economist William Testa recaps conference that explored issues related to revitalization of areas impacted by auto industry downturn. http://midwest.chicagofedblogs.org/archives/2009/04/auto_communitie_1.html 

April 28, 2009 - Legal Interpretations - Banking Holding Company Act, March 24, 2009.   www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/default.htm 

April 28, 2009 - Credit and Liquidity Programs and the Balance Sheet - Periodic Report Pursuant to Section 129(b) of the Emergency Economic Stabilization Act of 2008: Update on Outstanding Lending Facilities Authorized by the Board Under Section 13(3) of the Federal Reserve Act.   www.federalreserve.gov/monetarypolicy/files/129periodicupdate04272009.pdf 

April 27, 2009 - Midwest Manufacturing Output Fell in March - Chicago Fed Midwest Manufacturing Index fell 2.4% in March, to a seasonally adjusted level of 82.0. www.chicagofed.org/economic_research_and_data/files/cfmmi_march_2009.pdf 

April 27, 2009 - OCC Enters Into Consent Order with William W. Anderson, Jr.- On April 22, 2009, the Office of the Comptroller of the Currency has entered into a consent order with William W. Anderson, Jr., a former Vice President and Branch Manager of The First National Bank of Pontotoc, Pontotoc, Mississippi. The consent order permanently prohibits Mr. Anderson from participating in the affairs of any federally insured depository institution. This case represents the first prohibition order based on a banker's violation of the Fair Housing Act and the Equal Credit Opportunity Act.  www.occ.treas.gov/ftp/release/2009-44.htm  

April 24, 2009 - U.S. Bank, Minneapolis, Minnesota, Assumes All of the Deposits of First Bank of Idaho, FSB, Ketchum, Idaho - First Bank of Idaho, FSB, Ketchum, Idaho, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with U.S. Bank, Minneapolis, Minnesota, to assume all of the deposits, excluding those from brokers, of First Bank of Idaho. www.fdic.gov/news/news/press/2009/pr09060.html 

April 24, 2009 - FDIC Approves the Payout of the Insured Deposits of First Bank of Beverly Hills, Calabasas, California - The Federal Deposit Insurance Corporation approved the payout of the insured deposits of First Bank of Beverly Hills, Calabasas, California. The bank was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver. www.fdic.gov/news/news/press/2009/pr09059.html 

April 24, 2009 - Level One Bank, Farmington Hills, Michigan, Assumes All of the Deposits of Michigan Heritage Bank, Farmington Hills - Michigan Heritage Bank, Farmington Hills, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Level One Bank, Farmington Hills, Michigan, to assume all of the deposits, excluding those from brokers, of Michigan Heritage. www.fdic.gov/news/news/press/2009/pr09058.html 

April 24, 2009 - NCUA - Eastern Financial Florida Credit Union Placed In Conservatorship - Eastern Financial Florida Credit Union is Open and Operating; Member Accounts are Safe and Federally Insured - The National Credit Union Administration today assumed control of the operations of Eastern Financial Florida Credit Union, a state-chartered, federally insured credit union headquartered in Miramar, Florida. www.ncua.gov/news/press_releases/2009/MR09-0424a.htm 

April 24, 2009 - NCUA - Weekly Corporate Credit Union Update - The National Credit Union Administration Board this week took actions to ensure corporate credit unions are able to continue providing services to members and to enhance the Temporary Corporate Credit Union Share Guarantee Program. www.ncua.gov/news/press_releases/2009/MA09-0424.htm 

April 24, 2009 - OCC Announces New Electronic Interpretations and Actions - April 2009.  www.occ.treas.gov/interp/apr09/intapr09.htm 

April 24, 2009 - Bank of North Georgia, Alpharetta, Georgia, Assumes All of The Deposits of American Southern Bank, Kennesaw, Georgia - American Southern Bank, Kennesaw, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Georgia, Alpharetta, Georgia, to assume all of the deposits, excluding those from brokers, of American Southern Bank. www.fdic.gov/news/news/press/2009/pr09057.html 

April 24, 2009 - 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/2009/pr09056.html 

April 24, 2009 - A white paper describing the process and methodologies employed by the federal banking supervisory agencies in their forward-looking capital assessment of large U.S. bank holding companies was published on Friday. www.federalreserve.gov/newsevents/press/bcreg/20090424a.htm 

April 24, 2009 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and between K Capital Corporation, Owings Mills, Maryland, a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20090424a.htm 

April 23, 2009 - Media Advisory: What Went Wrong? Causes and Effects of the Financial Crisis - Keynote address on the financial crisis and the state of the economy at the 93rd Annual Knox County Chamber of Commerce Banquet in Vincennes, Ind. www.stlouisfed.org/news/releases/2009/04_23_09.html  
_______________________

April 24, 2009 - FDIC Makes Public March Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March. No administrative hearings are scheduled. http://www.fdic.gov/news/news/press/2009/pr09056.html

April 23, 2009 - Bank Secrecy Act/Anti-Money Laundering - FinCEN Guidance to Financial Institutions on Filing Suspicious Activity Reports regarding Loan Modification/Foreclosure Rescue Scams - On April 6, 2009, the Financial Crimes Enforcement Network issued an advisory that provides financial institutions with guidance in identifying and reporting suspicious activity related to loan modification/foreclosure rescue scams. www.occ.treas.gov/ftp/bulletin/2009-12.html 

April 23, 2009 - Reserve Bank Commercial Check Transportation Costs - Annual Data - Payment mechanisms, such as the Reserve Banks' commercial check service, comprise three distinct components: processing, delivery, and settlement. Each day, Reserve Banks process check deposits they receive from depository institutions, deliver those checks to the banks on which they are drawn, and settle the checks by making appropriate accounting entries. www.federalreserve.gov/paymentsystems/checkservices/transcosts.htm 

April 23, 2009 - The Federal Reserve System on Thursday published the annual financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies that were created in 2008 to respond to strains in financial markets, and the Board of Governors for the years ended December 31, 2008 and 2007. www.federalreserve.gov/newsevents/press/other/20090423a.htm 

April 23, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between First Regional Bancorp, Los Angeles, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20090423c.htm 

April 23, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Bank On It, Inc., Stockton, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco.
www.federalreserve.gov/newsevents/press/enforcement/20090423b.htm 

April 23, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between The Tysan Corporation, Minneapolis, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis.    http://www.federalreserve.gov/newsevents/press/enforcement/20090423a.htm 

April 22, 2009 - International Look at Financial Education - Webcast features experts discussing global best practices. - This year's Financial Literacy and Education Summit convened international leaders in finance to discuss the most pressing economic challenges facing people everywhere and how best to approach those challenges. The Summit panelists discussed how various regions of the world approach financial education and how, in light of the global crisis, we can apply best practices in ensuring that consumers have the necessary tools and resources to make wise financial decisions.  http://www.practicalmoneyskills.com/summit2009/ 

April 22, 2009 - Exploring Innovation: A Conference on Community Development Helping Organizations and Communities Thrive in These Challenging Times - Tough economic times present unique challenges to many Americans, including those active in the community development field. To help overcome these challenges, the Federal Reserve Bank of St. Louis is offering an opportunity for community development thought leaders, government officials and practitioners to learn techniques and methods to help strengthen their organizations and communities.   www.stlouisfed.org/news/releases/2009/04_22_09a.html 

April 22, 2009 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending April 22, 2009 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

April 21, 2009 - NCUA - Corporate Credit Union Share Guarantee Program Revised, Extended - The program was reopened enabling all corporate credit unions to participate - The National Credit Union Administration Board today modified the terms of the Temporary Corporate Credit Union Share Guarantee Program to extend the program to accommodate a 2-year rolling expiration date and provide the option of quarterly extensions through December 2012. If the option to extend each quarter is fully utilized, the final guarantee would expire December 31, 2014. www.ncua.gov/news/press_releases/2009/MA09-0421.htm 

April 21, 2009 - NCUA - Results of the 04/21/2009 NCUA Board Meeting are available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0421_results.htm 

April 21, 2009 - OCC Offers Tips to Avoid Mortgage Modification and Foreclosure Avoidance Scams - The Office of the Comptroller of the Currency today issued a consumer advisory to help homeowners avoid scams that claim to help them save their homes, but can cause them to lose their homes and their money. www.occ.treas.gov/ftp/release/2009-43.htm 

April 21, 2009 - FinCEN and OCC Assess Civil Money Penalties Against the New York Branch of Doha Bank - The Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency today announced the assessment of concurrent civil money penalties, each $5 million, against the New York Branch of Doha Bank, Doha, Qatar, for past violations of the Bank Secrecy Act.  www.occ.treas.gov/ftp/release/2009-42.htm 

April 21, 2009 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/default.htm 

April 21, 2009 - Agencies Propose Clarifications to Credit Card Rules - The Federal Reserve Board, the Office of Thrift Supervision, and the National Credit Union Administration today proposed clarifications to aspects of their December 2008 final rules under the Federal Trade Commission Act prohibiting certain unfair credit card practices.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090421a.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=c9dc9d34-1e0b-8562-eb51-fe69c4931d00&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2009/4-21-09JointAgencyReleaseCreditCardRules.pdf 

April 21, 2009 - The Federal Reserve Board on Tuesday announced two new interest rates applicable to loans extended under the Term Asset-Backed Securities Loan Facility. The rates apply to certain loans secured by asset-backed securities with weighted average lives to maturity of less than two years. The new rates will be based on one- and two-year London interbank offered swap rates, resulting in a better match to the duration of the underlying ABS collateral. www.federalreserve.gov/newsevents/press/monetary/20090421b.htm 

April 21, 2009 - On April 20, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090421a.htm 

April 21, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Strategic Capital Bancorp, Inc., Champaign, Illinois, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090421b.htm 

April 21, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Citizens Central Bancorp, Inc., Macomb, Illinois, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090421a.htm 

April 20, 2009 - Vice Chairman Donald L. Kohn - The Economic Outlook - At the Hutchinson Lecture, Newark, Delaware.   www.federalreserve.gov/newsevents/speech/kohn20090420a.htm 

April 20, 2009 - March economic activity edged lower - The Chicago Fed National Activity Index was −2.96 in March, down slightly from −2.82 in February. All four broad categories of indicators continued to make negative contributions to the index in March. www.chicagofed.org/economic_research_and_data/files/cfnai_april2009.pdf 

April 20, 2009 - OCC Publishes Newsletter Highlighting Financial Literacy - The Office of the Comptroller of the Currency today published Community Developments Investments, its on-line newsletter, which describes financial literacy initiatives that banks and their community partners are operating across the country. www.occ.treas.gov/ftp/release/2009-41.htm 

April 20, 2009 - Silver Creek High School Junior Wins Economic Essay Contest Sponsored by St. Louis Fed - Silver Creek High School junior Aaron Harrison beat out 152 other entries to take first place and a $500 U.S. Savings Bond in an economic-essay competition sponsored by the Louisville Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2009/04_20_09.html 

April 20, 2009 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of North Dakota Affected by Severe Storms and Flooding - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of North Dakota affected by recent severe storms and flooding. www.fdic.gov/news/news/financial/2009/fil09018.html 

April 20, 2009 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Minnesota Affected by Severe Storms and Flooding - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in parts of western Minnesota affected by recent severe storms and flooding. www.fdic.gov/news/news/financial/2009/fil09017.html 

April 20, 2009 - Statistical Release - Minority-Owned Banks - The Federal Reserve Board compiles quarterly data on financial institutions that participate in the Department of the Treasury's Minority Bank Deposit Program and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/mob/default.htm 

April 20, 2009 - Federal Reserve offers $150 billion in 84-day credit through its Term Auction Facility.   www.federalreserve.gov/newsevents/press/monetary/20090420a.htm 

April 20, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Amoret Bancshares, Inc., Butler, Missouri, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090420a.htm

April 18, 2009 - Vice Chairman Donald L. Kohn - Monetary Policy in the Financial Crisis - At the Conference in Honor of Dewey Daane, Nashville, Tennessee.   www.federalreserve.gov/newsevents/speech/kohn20090418a.htm 

April 17, 2009 - OTS Closes American Sterling Bank and Appoints FDIC Receiver- The Office of Thrift Supervision today closed the $181 million American Sterling Bank of Sugar Creek, Missouri, and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b623da5a-1e0b-8562-eb5e-9d680ea427d7&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

April 17, 2009 - Nevada State Bank, Las Vegas, Nevada, Assumes All of the Deposits of Great Basin Bank of Nevada, Elko, Nevada www.fdic.gov/news/news/press/2009/pr09055.html 

April 17, 2009 - Metcalf Bank, Lee's Summit, Missouri, Assumes All of the Deposits of American Sterling Bank, Sugar Creek, Missouri www.fdic.gov/news/news/press/2009/pr09054.html 

April 17, 2009 - NCUA - Weekly Corporate Credit Union Update - The National Credit Union Administration today issued a summary of the Pacific Investment Management Company LLC analysis of residential mortgage backed securities held by corporate credit unions. www.ncua.gov/news/press_releases/2009/MA09-0416.htm 

April 17, 2009 - Other-than-Temporary Impairment Accounting: OCC Advisory on Financial Accounting Standards Board Changes - Bulletin alerts bankers and examiners to Financial Accounting Standards Board amendments on the other-than-temporary impairment accounting model, potentially resulting in recognition and measurement changes. www.occ.treas.gov/ftp/bulletin/2009-11.html 

April 17, 2009 - 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/2009-40.htm 

April 17, 2009 - Legal Interpretation - Federal Reserve Act, April 13, 2009.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2009/20090413/20090413.pdf 

April 17, 2009 - Chairman Ben S. Bernanke - Financial Innovation and Consumer Protection - At the Federal Reserve System's Sixth Biennial Community Affairs Research Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20090417a.htm 
__________________

April 16, 2009 - Video Illustrates Importance of Bank Accounts -"Lessons from Hurricane Katrina" explains value of having a bank account. www.bos.frb.org/consumer/lessons-from-a-storm/ 

April 16, 2009 - 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, 2009 through April 14, 2009. www.occ.treas.gov/ftp/release/2009-39.htm 

April 16, 2009 - Former Bank President J. Roger Guffey, 1929-2009.  www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.08.pdf 

April 16, 2009 - Board announces availability of new video "Lessons from a Storm" - The Federal Reserve Board on Thursday announced the availability of a new video, "Lessons from a Storm," that tells the stories of families who, in the aftermath of Hurricane Katrina, learned about the benefits of maintaining a bank account that allows for the direct deposit of payments and benefits. www.federalreserve.gov/newsevents/press/other/20090416b.htm 

April 16, 2009 - Board announces availability of online Credit Card Repayment Calculator - ESPAÑOLLa Junta de La Reserva Federal annuncia la disponibilidad de La Calculadora de Pago de Tarjetas de Credito en linea.  www.federalreserve.gov/newsevents/press/other/20090416a.htm 

April 16, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Beverly Hills Bancorp Inc., WFC Inc., and Wilshire Acquisitions Corporation, all of Calabasas, California, registered bank holding companies, the Federal Reserve Bank of San Francisco, and the State of California Department of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20090416a.htm 

April 15, 2009 - NCUA - Agenda Announced For 75th Anniversary Symposium - National Credit Union Administration Board Member Gigi Hyland announced the agenda for the Symposium marking the 75th Anniversary of the Federal Credit Union Act. The program will be held June 9 and 10, 2009, at the Hyatt Regency Washington D.C. on Capitol Hill. www.ncua.gov/news/press_releases/2009/MR09-0415.htm 

April 15, 2009 - Statistical Release - G.17 Industrial Production - Industrial production fell 1.5 percent in March after a similar decrease in February. For the first quarter as a whole, output dropped at an annual rate of 20.0 percent, the largest quarterly decrease of the current contraction. At 97.4 percent of its 2002 average, output in March fell to its lowest level since December 1998 and was nearly 13 percent below its year-earlier level. www.federalreserve.gov/releases/g17/Current/ 

April 15, 2009 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2009/default.htm 

April 15, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between TFC Holding Company, Alhambra, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20090415a.htm 
 
April 14, 2009 - NCUA - Agenda for the 04/21/2009 NCUA Board Meeting is available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0421.htm 

April 14, 2009 - OTS Issues Alert on Avoiding Foreclosure Rescue Scams - The Office of Thrift Supervision issued a consumer alert today that advises distressed homeowners on how to avoid becoming victims of foreclosure rescue scams. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=a62da1f7-1e0b-8562-eb3b-7decbe6253ff&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

April 14, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Greenville, South Carolina - The Office of the Comptroller of the Currency will host a workshop for national community bank directors in Greenville, South Carolina, at the Hyatt Regency, May 5, 2009. www.occ.treas.gov/ftp/release/2009-38.htm 

April 14, 2009 - Chairman Ben S. Bernanke - Four Questions about the Financial Crisis - At the Morehouse College, Atlanta, Georgia.   www.federalreserve.gov/newsevents/speech/bernanke20090414a.htm 

April 14, 2009 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from February 9 through March 16, 2009. www.federalreserve.gov/newsevents/press/monetary/20090414a.htm

April 14, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Community First Bank, Prineville, Oregon, a state chartered member bank, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services. www.federalreserve.gov/newsevents/press/enforcement/20090414a.htm

April 13, 2009 - Work Force Skills Rising in Manufacturing Sector - In a blog posting, Chicago Fed's William Testa and Britton Lombardi report on evidence that average work force skills are climbing. http://midwest.chicagofedblogs.org/archives/2009/04/manufacturing_w.html 

April 13, 2009 - Legal Developments - Section 19 Letters, March 5, 2009 (5 letters).   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2009.htm 

April 13, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Silverton Financial Services, Inc., Atlanta, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20090413a.htm 

April 10, 2009 - FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of New Frontier Bank, Greeley, Colorado - Bank of the West to Provide Temporary Operational Management - New Frontier Bank, Greeley, Colorado, was closed today by the State Bank Commissioner, by Order of the Banking Board of the Colorado Division of Banking, which then appointed the Federal Deposit Insurance Corporation as receiver. www.fdic.gov/news/news/press/2009/pr09053.html 

April 10, 2009 - First Federal Savings and Loan Association of Charleston, Charleston, South Carolina, Acquires All of the Deposits of Cape Fear Bank, Wilmington, North Carolina - Cape Fear Bank, Wilmington, North Carolina, was closed today by the North Carolina Office of Commissioner of Banks, which then appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Federal Savings and Loan Association of Charleston, Charleston, South Carolina, to assume all of the deposits of Cape Fear Bank. www.fdic.gov/news/news/press/2009/pr09052.html 

April 10, 2009 - NCUA - Weekly Corporate Credit Union Update - The National Credit Union Administration today issued a summary of the agency's analysis of the distressed securities held by U.S. Central Federal Credit Union and Western Corporate Federal Credit Union. www.ncua.gov/news/press_releases/2009/MA09-0410.htm 

April 10, 2009 - OTS Appoints Barnes Assistant Deputy Director with Responsibility for Large Bank Program - The Office of Thrift Supervision announced today the appointment of Thomas A. Barnes as Assistant Deputy Director. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=91348f0e-1e0b-8562-eb6e-0b43da5f0247&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
_____________

April 9, 2009 - Supervision Manuals - Bank Holding Company Supervision Manual, January 2009 update - Provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries. The supervisory objectives of the inspection program are to ascertain whether the financial strength of the bank holding company is being maintained on an ongoing basis and to determine the effects or consequences of transactions between a holding company or its nonbanking subsidiaries and its subsidiary banks. www.federalreserve.gov/boarddocs/supmanual/ 

April 9, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among San Joaquin Bancorp, a registered bank holding company, San Joaquin Bank, a state chartered member bank, both of Bakersfield, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20090409a.htm 

April 8, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204). www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

April 8, 2009 - Legal Interpretations - Federal Reserve Act, March 31, 2009 - Letter to Mark J. Welshimer, Esq., Sullivan & Cromwell LLP, granting an 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 ING Bank, fsb, Wilmington, Delaware, to allow Bank (i) to transfer to an affiliate an 80 percent participation interest in certain mortgage-backed securities and (ii) to receive from that affiliate an assignment of the affiliate's right to certain payments by the Dutch government. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2009/20090331/20090331.pdf 

April 8, 2009 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 17-18, 2009 and of the conference call held on February 7, 2009. www.federalreserve.gov/newsevents/press/monetary/20090408a.htm 

April 7, 2009 - Federal Reserve Bank of San Francisco Announces 2009 Economic Advisory Council - The Federal Reserve Bank of San Francisco announced its 2009 Economic Advisory Council today, with three new members: Jonathan Coslet, senior partner and chief investment officer of TPG Capital, Tracey C. Doi, group vice president and CFO of Toyota Motor Sales, U.S.A., Inc., and Alfred A. Plamann, president and CEO of Unified Grocers, Inc. In addition, Mary F. Kaiser, president of the California Community Reinvestment Corporation, was appointed vice chairman of the Council for 2009. www.frbsf.org/news/releases/2009/0407.html 

April 7, 2009 - Consumer credit decreased at an annual rate of 3-1/2 percent in February 2009. Revolving credit decreased at an annual rate of 9-3/4 percent, and nonrevolving credit increased at an annual rate of 1/4 percent. www.federalreserve.gov/releases/g19/current/g19.htm 

April 7, 2009 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/g20.htm 

April 7, 2009 - On April 6, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090407a.htm 

April 7, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Venture Financial Group, Inc., Dupont, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20090407b.htm 

April 7, 2009 - The Federal Reserve Board on Tuesday announced the issuance of a consent Prompt Corrective Action Directive against Michigan Heritage Bank, Farmington Hills, Michigan, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20090407a.htm 

April 6, 2009 - NCUA - Fryzel Urges Congressional Approval of NCUA Plan - National Credit Union Administration Chairman Michael E. Fryzel continued his advocacy for the NCUA Board-approved Corporate Stabilization Plan this week, as he visited several key lawmakers and pressed the case for legislation that would implement the proposal. www.ncua.gov/news/press_releases/2009/MA09-0403b.htm 

April 6, 2009 - Governor Kevin Warsh - At the Council of Institutional Investors 2009 Spring Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/warsh20090406a.htm 

April 6, 2009 - On April 6, 2009, the Federal Reserve will offer $150 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/20090406b.htm 

April 6, 2009 - The Federal Reserve, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank announce swap arrangements - The Bank of England, the European Central Bank, the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing swap arrangements that would enable the provision of foreign currency liquidity by the Federal Reserve to U.S. financial institutions.  Should the need arise, euro, yen, sterling and Swiss francs would be provided to the Federal Reserve via these additional swap agreements with the relevant central banks. Central banks continue to work together and are taking steps as appropriate to foster stability in global financial markets. www.federalreserve.gov/newsevents/press/monetary/20090406a.htm 

April 6, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Community Bankshares, Inc., a registered bank holding company, Community Banks of Colorado, a state chartered member bank, both of Greenwood Village, Colorado, the Federal Reserve Bank of Kansas City, Kansas, Missouri, and the Colorado Division of Banking, Denver, Colorado. www.federalreserve.gov/newsevents/press/enforcement/20090406b.htm 

April 6, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among United Security Bancshares, Inc., Woodstock, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20090406a.htm 

April 3, 2009 - NCUA General Counsel Opinion 09-0218 - Application of New York Law to Federal Credit Union Guaranteed Auto Protection Waivers www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2009/09-0218.pdf 

April 3, 2009 - NCUA - Weekly Corporate Credit Union Update - Normal operations continue without interruption at U.S. Central Federal Credit Union and Western Corporate Federal Credit Union. The following items specific to U.S. Central and WesCorp are of note: www.ncua.gov/news/press_releases/2009/MA09-0403a.htm 

April 3, 2009 - OCC and OTS Release Mortgage Metrics Report for Fourth Quarter 2008 - The Office of the Comptroller of the Currency and the Office of Thrift Supervision today jointly released their quarterly report on first lien mortgage performance for the fourth quarter of 2008. The report covers mortgages serviced by nine large banks and four thrifts, constituting approximately two-thirds of all outstanding mortgages in the United States.
Press Release: www.occ.treas.gov/ftp/release/2009-37.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=677582d7-1e0b-8562-ebe9-7ad684b4be19&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

April 3, 2009 - 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 2009. www.fdic.gov/news/news/press/2009/pr09051.html 

April 3, 2009 - Chairman Ben S. Bernanke - The Federal Reserve's Balance Sheet - At the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Charlotte, North Carolina.  www.federalreserve.gov/newsevents/speech/bernanke20090403a.htm 

April 3, 2009 - Vice Chairman Donald L. Kohn - Policies to Bring Us Out of the Financial Crisis and Recession - At the Forum on Great Decisions in the Economic Crisis, College of Wooster, Wooster, Ohio.  www.federalreserve.gov/newsevents/speech/kohn20090403a.htm 
____________________

April 2, 2009 - The Federal Reserve Board on Thursday announced the termination of the enforcement action listed WestLB AG, Dusseldorf, Germany and the New York branch of WestLB AG Cease and Desist Order issued August 27, 2003 Terminated March 30, 2009.   www.federalreserve.gov/newsevents/press/enforcement/20090402b.htm 

April 2, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Blossman Bancshares, Inc., Lacombe, Louisiana, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Louisiana. http://www.federalreserve.gov/newsevents/press/enforcement/20090402a.htm 

April 2, 2009 - NCUA - Accounting Bulletin, New Corporate Stabilization FAQs Issued - The National Credit Union Administration today issued new Frequently Asked Questions Regarding Corporate Stabilization and Accounting Bulletin No. 09-2 to provide the latest information pertaining to proposed legislative solutions to corporate stabilization efforts and related financial reporting implications. www.ncua.gov/news/press_releases/2009/MA09-0402a.htm 

April 1, 2009 - The Current Recession Is Not Your Grandfather's Depression: St. Louis Fed Analysis - Contrary to some of the parallels that have been made between the current recession and the Great Depression, the proactive response by policymakers to the present situation stands in stark contrast to previous downturns and, so far, has mitigated the impact of the crisis on important measures of the nation's economic health, says a researcher with the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2009/04_01_09.html 

April 1, 2009 - The Federal Financial Institutions Examination Council announced today the appointment of Harold E. Feeney, Texas Credit Union Commissioner, to the State Liaison Committee and the reappointment of Texas Department of Savings and Mortgage Lending Commissioner Douglas Foster and Nebraska Department of Banking and Finance Director John Munn. www.ffiec.gov/press/pr040109.htm 

April 1, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204). www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

April 1, 2009 - Statistical Release - G.5 Foreign Exchange Rates (Monthly) - The Table Below Shows The Average Rates Of Exchange In March 2009 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/