Bank Regulatory News

April 2011

April 29, 2011 - OCC Appoints Receiver for First National Bank of Central Florida - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for First National Bank of Central Florida, Winter Park, Florida. As of December 31, 2010, the bank had approximately $352 million in total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-56.html 

April 29, 2011 - Talmer Bank & Trust, Troy, Michigan, Assumes All of the Deposits of Community Central Bank, Mount Clemens, Michigan - Community Central Bank, Mount Clemens, 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 Talmer Bank & Trust, Troy, Michigan, formerly known as First Michigan Bank, to assume all of the deposits of Community Central Bank. www.fdic.gov/news/news/press/2011/pr11080.html 

April 29, 2011 - Bank of the Ozarks, Little Rock, Arkansas, Acquires All the Deposits of Two Georgia Banks - First Choice Community Bank, Dallas and The Park Avenue Bank, Valdosta - Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of two Georgia-based banks. To protect depositors, the Federal Deposit Insurance Corporation entered into purchase and assumption agreements with Bank of the Ozarks. www.fdic.gov/news/news/press/2011/pr11079.html 

April 29, 2011 - Premier American Bank, National Association, Miami, Florida, Acquires All the Deposits of Two Florida Banks - First National Bank of Central Florida, Winter Park and Cortez Community Bank, Brooksville - Premier American Bank, National Association, Miami, Florida, acquired the banking operations, including all the deposits, of two Florida-based banks. To protect depositors, the Federal Deposit Insurance Corporation entered into purchase and assumption agreements with Premier American Bank, N.A. www.fdic.gov/news/news/press/2011/pr11078.html 

April 29, 2011 - Annual Report Focuses on Labor Markets - The Fed's Dual Mandate: Lessons of the 1970s.   www.stlouisfed.org/publications/ar/2010/pages/ar10_1.cfm 

April 29, 2011 - FDIC Makes Public March Enforcement Actions; No Administrative Hearing Scheduled for May 2011 - 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/2011/pr11077.html 

April 29, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

April 29, 2011 - Chairman Ben S. Bernanke - Community Development in Challenging Times - At the Federal Reserve Community Affairs Research Conference, Arlington, Virginia www.federalreserve.gov/newsevents/speech/bernanke20110429a.htm 

April 18, 2011 - Incident Prevention and Detection-Protecting Information Security of National Banks - This alert highlights the need for national banks and their technology service providers (TSP) to take steps to ensure their enterprise risk management is sufficiently robust to protect and secure the bank’s own and their customers’ information. http://www.occ.gov/news-issuances/alerts/2011/alert-2011-4.html
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April 29, 2011 - FDIC Makes Public March Enforcement Actions; No Administrative Hearing Scheduled for May 2011 - 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/2011/pr11077.html

April 28, 2011 - OTS Encourages Thrifts to Work with Customers and Communities Affected by Natural Disasters - The Office of Thrift Supervision today urged thrifts in areas affected by natural disasters to work with customers and communities to meet their financial services needs and facilitate rebuilding. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9de98d19-f7b0-2844-e529-c01411e1686a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

April 28, 2011 - Economic Activity Improved in March - Chicago Fed National Activity Index was +0.26 in March, up from +0.16 in February. - Led by gains in production indicators, the Chicago Fed National Activity Index increased to +0.26 in March from +0.16 in February.   www.chicagofed.org/digital_assets/publications/cfnai/2011/cfnai_april2011.pdf 

April 28, 2011 - Midwest Economic Growth Robust in March - Midwest Economy Index was +0.78 in March, up from +0.39 in February. www.chicagofed.org/digital_assets/publications/mei/2011/mei_march2011.pdf

April 28, 2011 - Governor Elizabeth A. Duke - Community Voices: Promising Practices for Neighborhood Stabilization - At the 2011 Federal Reserve Community Affairs Research Conference, Arlington, Virginia.  www.federalreserve.gov/newsevents/speech/duke20110428a.htm 

April 28, 2011 - Board issues enforcement action with The Leaders Group, Inc. http://www.federalreserve.gov/newsevents/press/enforcement/20110428a.htm

April 27, 2011 - Midwest Manufacturing Output Increased in March - Chicago Fed Midwest Manufacturing Index increased 1.9% in March, to a seasonally adjusted level of 85.0. www.chicagofed.org/webpages/research/data/cfmmi/data_series.cfm

April 27, 2011 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the April 26-27 meeting of the Committee. www.federalreserve.gov/newsevents/press/monetary/20110427b.htm 

April 27, 2011 - Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. www.federalreserve.gov/newsevents/press/monetary/20110427a.htm 

April 26, 2011 - Office of the Comptroller of the Currency Hosts Workshops in Louisville, Kentucky - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in Louisville, Kentucky, at the Seelbach Hilton, June 14-15, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-54.html
 
April 26, 2011 - Watch the "What is the Fed?" video - Chairman Ben S. Bernanke explains the Federal Reserve System.   http://link.brightcove.com/services/player/bcpid738917326001?bckey=AQ~~,AAAAD2CGfQE~,o7E-F2eteXOq24Nb1BSfw9-MMjWzkave&bctid=904275788001 

April 26, 2011 - Approval of proposal by M&T Bank Corporation and Manufacturers and Traders Trust Company.   www.federalreserve.gov/newsevents/press/orders/20110426a.htm 

April 26, 2011 - Board issues enforcement actions with First Southern Bancorp, Community Bankers Trust Corporation, and Essex Bank.   www.federalreserve.gov/newsevents/press/enforcement/20110426a.htm 

April 25, 2011 - What Caused Unemployment Rate to Drop Recently? - Chicago Fed Letter looks at possible explanations, including fewer people losing their jobs or more people finding new jobs.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljune2011_287.pdf     

April 25, 2011 - President of Germany's Central Bank Lectures on Crisis and Its Lessons - Bundesbank President Axel Weber discussed the financial crisis and its lessons for monetary policy in a lecture at the St. Louis Fed. Weber, a member of the Governing Council of the European Central Bank, also talked about economic governance reform in the euro area. www.stlouisfed.org/newsroom/multimedia/video/2011-HomerJones-1.cfm 

April 25, 2011 - Federal Open Market Committee - Projections FAQs.  www.federalreserve.gov/monetarypolicy/fomc_projectionsfaqs.htm 

April 25, 2011 - Regulatory Reform - Communications with the public through April 25, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

April 22, 2011 - NCUA - Matz Highlights NCUA and FFIEC - Priorities during Online Interview Chairman’s Appearance on CU Broadcast Now Available for Public Viewing.  www.ncua.gov/news/press_releases/2011/MR11-0422NCUA-FFIECPriorties.pdf

April 22, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 22, 2011 - Monthly report on Credit and Liquidity Programs and the Balance Sheet April 2011 report www.federalreserve.gov/files/monthlyclbsreport201104.pdf 
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April 21, 2011 - Proposed Rule: Amendment to FDIC Rules Reflecting Repeal of Prohibition on Paying Interest on Demand Deposits - The FDIC Board of Directors (Board) has issued a proposed rule amending the FDIC's regulations to reflect a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the repealing the statutory prohibition against the payment of interest on demand deposits, effective July 21, 2011. www.fdic.gov/news/news/financial/2011/fil11023.html 

April 21, 2011 - The Federal Reserve Board on Thursday issued a request for public information and comment on two bankruptcy-related studies that it is required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20110421a.htm 

April 21, 2011 - Board issues enforcement actions with Premier Bancorp, Inc. and Syringa Bancorp.   www.federalreserve.gov/newsevents/press/enforcement/20110421a.htm 

April 20, 2011 - Chicago Fed's 2010 Financial Statement Now Available - The Federal Reserve released combined annual comparative financial statements for Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, and LLCs created to respond to strains in financial markets. www.federalreserve.gov/monetarypolicy/files/BSTChicagofinstmt2010.pdf 

April 20, 2011 - How did unemployment insurance extensions affect the unemployment rate in 2008–10? - by Bhashkar Mazumder, senior economist and director, Chicago Census Research Data Center - During recessions, it is common for the federal government to extend the standard unemployment insurance program.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflapril2011_285.pdf 

April 20, 2011 - Who would be affected by soda taxes? - by Leslie McGranahan, senior economist, and Diane Whitmore Schanzenbach, associate professor of human development and social policy, Northwestern University, and faculty research fellow, National Bureau of Economic Research - In 2009–10, 17 states considered expanding taxation on sugar-sweetened beverages as a potential source of funds and a means to curb obesity.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflmarch2011_284.pdf 

April 20, 2011 - NCUA Encourages Credit Unions to Carefully Evaluate Corporate Capitalization Plans - The National Credit Union Administration today released correspondence sent to the member credit unions of the three retail bridge corporate credit unions -- Members United Bridge, Southwest Bridge, and Western Bridge. www.ncua.gov/news/press_releases/2011/MR11-0418CapitalComplianceRelease.pdf

April 20, 2011 - Chairman Ben S. Bernanke - Statement by Chairman Bernanke on financial literacy - Provided for the record of a hearing held on April 12, 2011 conducted by 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.  www.federalreserve.gov/newsevents/testimony/bernanke20110420a.htm 

April 19, 2011 - Volatility, Money Market Rates, and the Transmission of Monetary Policy - Seth B. Carpenter, Selva Demiralp - Central banks typically control an overnight interest rate as their policy tool, and the transmission of monetary policy happens through the relationship of this overnight rate to the rest of the yield curve.  www.federalreserve.gov/pubs/feds/2011/201122/index.html 

April 19, 2011 - Are Adjustable-Rate Mortgage Borrowers Borrowing Constrained? - Kathleen W. Johnson and Geng Li * - Board of Governors of the Federal Reserve System - Past research argues that changes in adjustable-rate mortgage (ARM) payments may lead households to cut back on consumption or to default on their mortgages.  www.federalreserve.gov/pubs/feds/2011/201121/index.html

April 19, 2011 - Investment, Accounting, and the Salience of the Corporate Income Tax - Jesse Edgerton* Federal Reserve Board - This paper develops and tests the hypothesis that accounting rules mitigate the impact of tax policy on investment decisions by obscuring the timing of tax payments.    www.federalreserve.gov/pubs/feds/2011/201120/index.html 

April 19, 2011 - Dynamic Factor Value-at-Risk for Large, Heteroskedastic Portfolios* - Sirio Aramonte Federal Reserve Board Marius del Giudice Rodriguez Federal Reserve Board Jason Wu** Federal Reserve Board - Trading portfolios at financial institutions are typically driven by a large number of financial variables. These variables are often correlated with each other and exhibit by time-varying volatilities.   www.federalreserve.gov/pubs/feds/2011/201119/index.html

April 19, 2011 - The Federal Reserve Board on Tuesday requested public comment on a proposed rule under Regulation Z that would require creditors to determine a consumer's ability to repay a mortgage before making the loan and would establish minimum mortgage underwriting standards. www.federalreserve.gov/newsevents/press/bcreg/20110419a.htm 

April 19, 2011 - Board issues enforcement action with TransPecos Financial Corp., San Antonio, Texas, and TransPecos Banks, Pecos, Texas.   www.federalreserve.gov/newsevents/press/enforcement/20110419a.htm 

April 18, 2011 - Local Governments on the Brink - Chicago Fed Letter examines the likelihood of local governments defaulting on their debt or filing for bankruptcy. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflmay2011_286a.pdf 

April 18, 2011 - The Asset-Backed Securities Markets, the Crisis and TALF - Profitwise News and Views takes a closer look at a critically important intervention undertaken by the Federal Reserve during the financial crisis, and its ramifications for borrowers. It also examines foreclosure rates in one county in each state of the Chicago Fed's Seventh District. www.chicagofed.org/webpages/publications/profitwise_news_and_views/index.cfm

April 18, 2011 - OCC Appoints Receiver for Rosemount National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Rosemount National Bank, Rosemount, Minnesota. As of March 31, 2011, the bank had approximately $22.3 million in total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-53.html 

April 18, 2011 - St. Louis Fed’s Bullard Discusses Economic Outlook and Recent Monetary Policy Developments - Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “The U.S. Economic Situation and Recent Monetary Policy Developments” on Monday at the state of Kentucky’s “A Day with the Commissioner” event. www.stlouisfed.org/newsroom/displayNews.cfm?article=984

April 18, 2011 - To Keep Up with the Fed, "Follow" Us - When you follow the St. Louis Fed on Twitter, Facebook and other social media, you won't get the latest news on celebrities or find out whom your friends are dating. But you will be notified of updates to key economic indicators, such as GDP, home sales and the unemployment rate.  www.stlouisfed.org/newsroom/displayNews.cfm?article=985 

April 18, 2011 - Three Reappointed to the FFIEC State Liaison Committee - The Federal Financial Institutions Examination Council announced today the reappointment of three of the Council's State Liaison Committee members. The two-year terms for these SLC Members run from April 1, 2011 through March 31, 2013. www.ffiec.gov/press/pr041811.htm 

April 18, 2011 - FDIC Report Examines How An Orderly Resolution of Lehman Brothers Could Have Been Structured Under the Dodd-Frank Act - The FDIC on Monday released a report examining how the FDIC could have structured an orderly resolution of Lehman Brothers Holdings Inc. under the orderly liquidation authority of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act had that law been in effect in advance of Lehman's failure. www.fdic.gov/news/news/press/2011/pr11076.html 

April 18, 2011 - Federal Reserve completes Comprehensive Capital Analysis and Review - The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review, its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies. www.federalreserve.gov/newsevents/press/bcreg/20110318a.htm 

April 18, 2011 - The Federal Reserve Board has redesigned and expanded the Current FAQs (frequently asked questions) section of its website. New questions and answers address the Federal Reserve's roles and actions, currency and coin, consumer issues, the banking and financial system, and the economy. www.federalreserve.gov/newsevents/press/other/20110418a.htm 

April 15, 2011 - Trustmark National Bank, Jackson, Mississippi, Assumes All of the Deposits of Heritage Banking Group, Carthage, Mississippi - Heritage Banking Group, Carthage, Mississippi, was closed today by the Mississippi Department of Banking and Consumer Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Trustmark National Bank, Jackson, Mississippi, to assume all of the deposits of Heritage Banking Group. www.fdic.gov/news/news/press/2011/pr11075.html

April 15, 2011 - Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Rosemount National Bank, Rosemount, Minnesota - Rosemount National Bank, Rosemount, Minnesota, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Rosemount National Bank. www.fdic.gov/news/news/press/2011/pr11074.html 

April 15, 2011 - Superior Bank, N.A., Birmingham, Alabama, Assumes All of the Deposits of Superior Bank, Birmingham, Alabama - Superior Bank, Birmingham, Alabama, 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 Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank. www.fdic.gov/news/news/press/2011/pr11073.html

April 15, 2011 - Alostar Bank of Commerce, Birmingham, Alabama, Assumes All of the Deposits of Nexity Bank, Birmingham, Alabama - Nexity Bank, Birmingham, Alabama, was closed today by the State of Alabama Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with AloStar Bank of Commerce, Birmingham, Alabama, a newly-chartered bank, to assume all of the deposits of Nexity Bank. www.fdic.gov/news/news/press/2011/pr11072.html 

April 15, 2011 - NCUA - The National Credit Union Administration today placed Texans Credit Union of Richardson, Texas, into conservatorship. Texans Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Texans Credit Union’s safety and soundness. www.ncua.gov/news/press_releases/2011/MR11-0415TexansCUConservatorship.pdf 

April 15, 2011 - NCUA - The National Credit Union Administration (NCUA) today placed Vensure Federal Credit Union of Mesa, Arizona, into conservatorship. www.ncua.gov/news/press_releases/2011/MR11-0415VensureFCUPlacedIntoConservatorship.pdf 

April 15, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-52.html 

April 15, 2011 - Office of the Comptroller of the Currency Promotes - Financial Literacy Event on Capitol Hill - The Office of the Comptroller of the Currency participated in the annual Financial Literacy Day on Capitol Hill event today to educate and support consumers of financial services. The event is held in conjunction with National Financial Literacy Month. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-51.html 

April 15, 2011 - Citizens South Bank, Gastonia, North Carolina, Assumes All of the Deposits of New Horizons Bank, East Ellijay, Georgia - New Horizons Bank, East Ellijay, 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 Citizens South Bank, Gastonia, North Carolina, to assume all of the deposits of New Horizons Bank. www.fdic.gov/news/news/press/2011/pr11071.html 

April 15, 2011 - Hamilton State Bank, Hoschton, Georgia, Assumes All of the Deposits of Bartow County Bank, Cartersville, Georgia - Bartow County Bank, Cartersville, 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 Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits of Bartow County Bank. www.fdic.gov/news/news/press/2011/pr11070.html 

April 15, 2011 - Proposals for comment - Proposal to extend for three years, without revision, the Basel II Interagency Pillar 2 Supervisory Guidance www.federalreserve.gov/boarddocs/press/foiadocs/2011/20110413/foia20110413.pdf 

April 15, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

April 15, 2011 - Industrial production increased 0.8 percent in March and rose at an annual rate of 6.0 percent for the first quarter as a whole. Manufacturing output advanced 0.7 percent in March, its fourth consecutive month of strong expansion; factory production climbed at an annual rate of 9.1 percent in the first quarter.  www.federalreserve.gov/releases/g17/Current/default.htm 

April 15, 2011 - The Federal Reserve Board is seeking comment on a notice that outlines how it intends to apply certain parts of its current consolidated supervisory program for bank holding companies to savings and loan holding companies after assuming supervisory responsibility for SLHCs. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rule-writing authority for SLHCs and their non-depository subsidiaries will transfer from the Office of Thrift Supervision to the Board on July 21, 2011. http://www.federalreserve.gov/newsevents/press/bcreg/20110415a.htm 

April 15, 2011 - The Board of Governors of the Federal Reserve System, the New York State Banking Department and the Florida Office of Financial Regulation Friday announced the issuance of a consent Cease and Desist Order and Assessment of Civil Money Penalties totaling $1.8 million against Banco Industrial de Venezuela, C.A., Caracas, Venezuela, and BIV's agencies in New York and Miami.   www.federalreserve.gov/newsevents/press/enforcement/20110415a.htm 

April 14, 2011 - CROPLAND VALUES CLIMB AND AGRICULTURAL FINANCES STRENGTHEN ACCORDING TO FEDERAL RESERVE AGRICULTURAL FINANCE DATABOOK - Agricultural finance conditions strengthened amid soaring farmland values, booming farm incomes and rising commodity prices, according to the Federal Reserve System’s Agricultural Finance Databook.   www.kc.frb.org/publicat/newsroom/2011pdf/press.release.4.14.11.pdf 

April 11, 2011 - NEBRASKA BANKS OUTPERFORM NATIONAL PEERS - Since 2008, a booming farm economy and less exposure to weak real estate markets shaped profits at Nebraska banks. A special edition of the Nebraska Economist explores Nebraska banking conditions. www.kc.frb.org/publicat/newsroom/2011pdf/press.release.4.11.11.pdf 
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April 14, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-52.html

April 14, 2011 - Acting Comptroller Walsh Addresses Women in Housing and Finance - Acting Comptroller of the Currency John Walsh discussed foreclosure processing during a speech today before Women in Housing and Finance. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-49.html

April 14, 2011 - OCC Senior Deputy Comptroller Testifies on FSOC - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Timothy W. Long discussed the Financial Stability Oversight Council in testimony before the Oversight and Investigations Subcommittee of the House Committee on Financial Services.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-48.html

April 14, 2011 - New St. Louis Fed Mascot “Fred the Frugal Eagle” To Join Banking SVP Julie Stackhouse At Confluence Academy North for “Teach Children to Save” Day.  www.stlouisfed.org/newsroom/displayNews.cfm?article=981 

April 14, 2011 - Letter to John P. Soukenik, Esq., Elias, Matz, Tiernan & Herrick L.L.P., 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 First Command Bank to purchase certain real property from its parent holding company, First Command Financial Services, Inc., both of Fort Worth, Texas.
www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2011/20110314/20110314.pdf 

April 14, 2011 - Scott G. Alvarez, General Counsel - Risk retention - Before the Subcommittee on Capital Markets and Government Sponsored Enterprises, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20110414a.htm 

April 14, 2011 - J. Nellie Liang, Director, Office of Financial Stability Policy and Research - Financial Stability Oversight Council - Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/liang20110414a.htm 

April 14, 2011 - Governor Elizabeth A. Duke - Small Business Credit Availability - At the 2011 International Factoring Association Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/duke20110414a.htm

April 14, 2011 - The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below. Termination of enforcement actions are listed on the Federal Reserve's web site.  www.federalreserve.gov/newsevents/press/enforcement/20110414a.htm

April 13, 2011 - Financial Conditions Continue to Improve - The National Financial Conditions Index decreased to -0.63, while the adjusted NFCI edged up to -0.32 in the week ending April 8, 2011. www.chicagofed.org/webpages/publications/nfci/index.cfm 

April 13, 2011 - NCUA - Matz Promotes Financial Literacy Grants - Low-Income Credit Unions May Apply for Funds between April 18 and May 20 - National Credit Union Administration Board Chairman Debbie Matz today encouraged low-income credit unions to apply for a new grant program known as the Financial Education and Financial Literacy Initiative. Offered through theagency’s Office of Small Credit Union Initiatives, NCUA will distribute $200,000 in grants. Credit unions may submit grant applications from April 18 through May 20, 2011. www.ncua.gov/news/press_releases/2011/MA11-0413MatzPromotesFinancialLiteracyGrants.pdf 

April 13, 2011 - OTS Takes Action to Correct Foreclosure Deficiencies - The Office of Thrift Supervision has taken enforcement actions against four OTS-regulated mortgage loan servicers for critical weaknesses in processing home foreclosures, the OTS announced today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=4fe2bb15-be56-5d95-6c9c-dfd680b1c6a3&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

April 13, 2011 - OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound - The Office of the Comptroller of the Currency today announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-47.html

April 13, 2011 - Federal Reserve Releases April Beige Book and Related Sound Clip - Audio highlights of the Federal Reserve's Beige Book, which summarize economic conditions for the United States as a whole and the Fed's Eighth District, are available for downloading. www.stlouisfed.org/newsroom/displayNews.cfm?article=979 

April 13, 2011 - Margin and Capital Requirements for Covered Swap Entities - The Agencies are issuing a Notice of Proposed Rulemaking (NPR) and request for comment to implement Sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.   www.fdic.gov/news/news/financial/2011/fil11021.html 

April 13, 2011 - FDIC Statement on Enforcement Orders Against Large Servicers Related to Foreclosure Practices - The Federal Deposit Insurance Corporation today issued the following statement commenting on the enforcement orders against large servicers related to their foreclosure practices: www.fdic.gov/news/news/press/2011/pr11069.html 

April 13, 2011 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2011/20110413/default.htm 

April 13, 2011 - The Federal Reserve Board on Wednesday announced formal enforcement actions requiring 10 banking organizations to address a pattern of misconduct and negligence related to deficient practices in residential mortgage loan servicing and foreclosure processing. These deficiencies represent significant and pervasive compliance failures and unsafe and unsound practices at these institutions. www.federalreserve.gov/newsevents/press/enforcement/20110413a.htm 

April 12, 2011 - Agencies Seek Comment on Swap Margin and Capital Requirements - Five federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-46.html 

April 12, 2011 - April Issue of St. Louis Fed’s The Regional Economist Now Available - The April 2011 issue of The Regional Economist, the Federal Reserve Bank of St. Louis’ quarterly review of business and economic conditions, is now available. www.stlouisfed.org/newsroom/displayNews.cfm?article=973

April 12, 2011 - Assessments - Notice of Proposed Assessment Rate Adjustment Guidelines - On April 12, 2011, the FDIC Board of Directors authorized publication of the attached proposed guidelines describing the process that the FDIC would follow to determine whether to make an adjustment to the score used to calculate the assessment rate for a large or highly complex institution, determine the size of any adjustment, and notify an institution of an adjustment. www.fdic.gov/news/news/financial/2011/fil11020.html 

April 12, 2011 - FDIC Announces Updated Deposit Insurance Fund Loss and Reserve Ratio Projections - The Federal Deposit Insurance Corporation today updated its loss, income, and reserve ratio projections for the Deposit Insurance Fund over the next several years. The projected cost of FDIC-insured institution failures for the five-year period from 2011 through 2015 is $21 billion, compared to estimated losses of $24 billion for banks that failed in 2010 alone. www.fdic.gov/news/news/press/2011/pr11066.html 

April 12, 2011 - Governor Daniel K. Tarullo - Derivatives regulation - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20110412a.htm 

April 12, 2011 - Agencies Seek Comment on Resolution Plan Reporting - Large, systemically significant bank holding companies and nonbank financial companies would be required to submit annual resolution plans and quarterly credit exposure reports under a rule proposed by the Federal Reserve Board and the Federal Deposit Insurance Corporation. www.federalreserve.gov/newsevents/press/bcreg/20110412b.htm 

April 12, 2011 - Agencies Seek Comment on Swap Margin and Capital Requirements - Five federal agencies are seeking comment on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20110412a.htm 

April 12, 2011 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from February 7 through March 14, 2011. www.federalreserve.gov/newsevents/press/monetary/20110412a.htm

April 12, 2011 - Board issues enforcement actions with Centerbank and First Chicago Bank & Trust.   www.federalreserve.gov/newsevents/press/enforcement/20110412a.htm

April 11, 2011 - What are the Implications of Rising Commodity Prices for Inflation and Monetary Policy? - Recent Chicago Fed Letter examines why sharp increases and decreases in commodity prices have had little, if any impact on core inflation. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflmay2011_286.pdf 

April 11, 2011 - Communications with the Public - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm 

April 11, 2011 - Cointegration Test with Stationary Covariates and the CDS-Bond Basis during the Financial Crisis - This paper proposes a residual based cointegration test with improved power. Based on the idea of Hansen (1995) and Elliott & Jansson (2003) in the unit root testing case, stationary covariates are used to improve the power of the residual based Augmented Dickey Fuller test. www.federalreserve.gov/pubs/feds/2011/201118/index.html 

April 11, 2011 - Vice Chair Janet L. Yellen - Commodity Prices, the Economic Outlook, and Monetary Policy - At the Economic Club of New York, New York, New York.   www.federalreserve.gov/newsevents/speech/yellen20110411a.htm

April 8, 2011 - Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Western Springs National Bank and Trust, Western Springs, Illinois - Western Springs National Bank and Trust, Western Springs, Illinois was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Western Springs National Bank and Trust. www.fdic.gov/news/news/press/2011/pr11064.html 

April 8, 2011 - NCUA - Mission San Francisco FCU Closes; - Members Now Served by Self-Help FCU - Deposits Remain Federally Insured up to $250,000; Member Service Continues Uninterrupted - The National Credit Union Administration today placed Mission San Francisco Federal Credit Union of San Francisco, California, into liquidation. Immediately thereafter, Self-Help Federal Credit Union of Durham, North Carolina, purchased and assumed Mission San Francisco’s assets, liabilities and members. www.ncua.gov/news/press_releases/2011/MR11-0408MissionSanFranciscoClosure.pdf 

April 8, 2011 - City National Bank, Los Angeles, California, Assumes All of the Deposits of Nevada Commerce Bank, Las Vegas, Nevada - Nevada Commerce Bank, Las Vegas, Nevada was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with City National Bank, Los Angeles, California, to assume all of the deposits of Nevada Commerce Bank. www.fdic.gov/news/news/press/2011/pr11065.html 

April 8, 2011 - OCC Appoints Receiver for Western Springs National Bank and Trust - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Western Springs National Bank and Trust, Western Springs, Illinois. As of December 31, 2010, the bank had approximately $186.7 million in total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-45.html 

April 8, 2011 - Bob Hale Appointed to Portland Branch Board of the Federal Reserve Bank of San Francisco - The Federal Reserve Bank of San Francisco has appointed Robert “Bob” Hale, chief executive officer of Hale Companies, to its Portland Branch board of directors, effective March 24, 2011. The Portland Branch board of directors provides an economic perspective on the region to both the Federal Reserve Bank of San Francisco’s board of directors and the Board of Governors in Washington. www.frbsf.org/news/releases/2011/0407.html?utm_source=releases 

April 8, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

April 8, 2011 - The Federal Reserve Board on Friday approved the application by Bank of Communications Co., Ltd., Shanghai, People's Republic of China, to establish a branch in San Francisco, California. www.federalreserve.gov/newsevents/press/orders/20110408a.htm 
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April 7, 2011 - OCC Focuses on Government-Guaranteed Export Working Capital Loan Programs - The Office of the Comptroller of the Currency today published a Community Developments Insights report which looks at bank participation in the U.S. Export-Import Bank’s (Ex-Im Bank) Working Capital Guarantee Program and the Small Business Administration’s Export Working Capital Program. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-44.html 

April 7, 2011 - Office of the Comptroller of the Currency Hosts Workshop in Kansas City, Missouri - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Kansas City, Missouri, at the Westin Crown Center, May 16-18, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-43.html 

April 7, 2011 - St. Louis Fed President James Bullard Will Speak at Kentucky Day with the Commissioner.  www.stlouisfed.org/newsroom/displayNews.cfm?article=969 

April 7, 2011 - Consumer credit increased at an annual rate of 3-3/4 percent in February 2011. Nonrevolving credit increased at an annual rate of 7-3/4 percent, while revolving credit decreased at an annual rate of 4 percent. www.federalreserve.gov/releases/g19/Current/ 

April 7, 2011 - Governor Sarah Bloom Raskin - Community Bankers and Supervisors: Seeking Balance - At the Federal Reserve Bank of New York Community Bankers Conference, New York, New York.  www.federalreserve.gov/newsevents/speech/raskin20110407a.htm 

April 7, 2011 - The Federal Reserve Board on Thursday announced the appointment of Richard "Dick" A. Anderson as director of the Management Division and as the Board's chief operating officer, effective April 18, 2011. www.federalreserve.gov/newsevents/press/other/20110407a.htm 

April 7, 2011 - Termination of the enforcement action with Tradition Bancshares, Inc. and Tradition Bank.   www.federalreserve.gov/newsevents/press/enforcement/20110407a.htm 

April 6, 2011 - Midwest Manufacturing Output Increased in February - The Chicago Fed Midwest Manufacturing Index increased 1.3% in February, to a seasonally adjusted level of 83.3 (2007 = 100). Revised data show the index increased 1.8% in January to 82.2. http://www.chicagofed.org/webpages/publications/cfmmi/2011/february2011.cfm 

April 6, 2011 - OCC Senior Deputy Comptroller Testifies on Community Banking - Senior Deputy Comptroller for Midsize and Community Bank Supervision Jennifer Kelly discussed community banking in testimony before the Financial Institutions Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-42.html

April 6, 2011 - Consolidated Reports of Condition and Income for First Quarter 2011 and Proposed Revisions for Second Quarter 2011.   www.fdic.gov/news/news/financial/2011/fil11019.html 

April 6, 2011 - Maryann F. Hunter, Deputy Director, Division of Banking Supervision and Regulation Community banking - Before the Subcommittee on Financial Institutions and Consumer Protection, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/hunter20110406a.htm

April 6, 2011 - Federal Reserve seeks comment on proposed rule to repeal Regulation Q, which prohibits the payment of interest on demand deposits.   www.federalreserve.gov/newsevents/press/bcreg/20110406a.htm

April 5, 2011 - NCUA - Matz Named FFIEC Chair - The National Credit Union Administration has taken the helm at the Federal Financial Institutions Examination Council for the first time in more than 20 years.  www.ncua.gov/news/press_releases/2011/JR11-0404MatzHeadsFFIEC.pdf 

April 5, 2011 - Banking Crises around the World: Different Governments, Different Responses - Over the past 40 years, there have been more than 120 banking crises around the world. Different governments have responded in different ways. The gross and net costs as a percentage of GDP range wildly, anywhere from less than 1 percent to well beyond 30 percent. http://stlouisfed.org/publications/re/articles/?id=2096 

April 5, 2011 - 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.  www.fdic.gov/news/news/press/2011/pr11063.html 

April 5, 2011 - Guidance on Model Risk Management - The Federal Reserve and Office of the Comptroller of the Currency are issuing the attached Supervisory Guidance on Model Risk Management, which is intended for use by banking organizations and supervisors as they assess organizations’ management of model risk. www.federalreserve.gov/boarddocs/srletters/2011/sr1107.htm 

April 5, 2011 - Federal Reserve Payments Study Provides Details on Increasing Role of Electronic Payments - The 2010 Federal Reserve Payments Study released today reveals in greater detail increasing adoption of electronic alternatives for payments in the United States by consumers, businesses and governments. The study examined payments made between 2006 and 2009.  www.frbservices.org/files/communications/pdf/press/040111_2010_payments_study_press_release.pdf 

April 5, 2011 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on March 15, 2011. www.federalreserve.gov/newsevents/press/monetary/20110405a.htm 

April 4, 2011 - Chairman Ben S. Bernanke - Clearinghouses, Financial Stability, and Financial Reform - At the 2011 Financial Markets Conference, Stone Mountain, Georgia.  www.federalreserve.gov/newsevents/speech/bernanke20110404a.htm

April 4, 2011 - OCC Lays Out Supervisory Expectations for Banks Using Quantitative Models - The Office of the Comptroller of the Currency issued guidance today that provides a clear statement of expectations for banks that use quantitative models in any aspect of their business. The guidance addresses "model risk," which is the potential for damage when models play a material role in bank decision making. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-41.html 

April 4, 2011 - The National Credit Union Administration has taken the helm at the Federal Financial Institutions Examination Council for the first time in more than 20 years. Debbie Matz, Chairman of the NCUA Board, is now the Chairman of FFIEC for a two-year term. Matz succeeds Sheila C. Bair, Chairman of the Federal Deposit Insurance Corporation FFIEC also named acting Comptroller of the Currency John Walsh as its new Vice Chairman.   www.ffiec.gov/press/pr040411.htm

April 1, 2011 - Index shows Midwest economic growth picked up in February - Led by gains in the manufacturing sector, the Midwest Economy Index increased to +0.35 in February from +0.19 in January. February marked the fifth consecutive month that Midwest economic growth has been above its historical trend. In addition, Midwest growth continued to outperform national growth, as the relative MEI was also +0.35 in February, up from +0.28 in the previous month. www.chicagofed.org/digital_assets/publications/mei/2011/mei_february2011.pdf 

April 1, 2011 - NCUA Guaranteed Note Transaction Completed - With Finish of Fifth Deal in 2011, Proceeds Now Total Just Under $24 Billion - The National Credit Union Administration today announced that the NCUA Guaranteed Notes Trust 2011-R4 offering closed on Thursday, March 31, 2011.   www.ncua.gov/news/press_releases/2011/MA11-0401NCUAGuaranteedNoteTransactionCompleted.pdf 

April 1, 2011 - OCC Will Hold Hearing on Charges against Colleen Adams; Agency Seeks Prohibition Order - The Office of the Comptroller of the Currency today announced a public hearing before an Administrative Law Judge beginning Tuesday, April 5, 2011, concerning an enforcement proceeding against Colleen Adams, former Home Loan Consultant for Wachovia Bank, N.A., Cartersville, Georgia.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-40.html

April 1, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

April 1, 2011 - Federal Open Market Committee - 2005 FOMC Meetings Materials: Greenbooks, Bluebooks, and Agendas.   www.federalreserve.gov/monetarypolicy/fomchistorical2005.htm