R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

The Community Banker
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Bank Regulatory News

August 2004

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August 31, 2004 - NCUA - Matz Names Credit Union Speakers for PALS Workshop Featuring Senator Clinton - NCUA Board Member Debbie Matz has put together a diverse lineup of speakers to join U.S. Senator Hillary Rodham Clinton at NCUA's free Partnering and Leadership Successes workshop on Oct. 11 in Rochester. www.ncua.gov/news/press_releases/2004/NR04-0831-2.htm 

August 31, 2004 - Treasury Secretary John Snow to Keynote Ohio Credit Union Forum - National Credit Union Administration Board Chairman JoAnn Johnson is pleased to announce that Treasury Secretary John Snow will keynote the Chairman's Forum for Credit Unions in Lima, Ohio, Friday, September 10. www.ncua.gov/news/press_releases/2004/NR04-0831.htm 

August 31, 2004 - Tax Lien Certificates - In recent years, banks have increased their holdings of tax lien certificates, in part, because of active marketing by third-party vendors and also because of their comparatively higher yields in a low interest rate environment. This document describes the risk management practices that the Office of the Comptroller of the Currency expects banks to exercise when purchasing tax lien certificates.
www.occ.treas.gov/ftp/bulletin/2004-39.txt 

August 31, 2004 - Electronic Deposit Insurance Estimator - Banker Version 2.0 - Now Available - The FDIC is releasing a new, updated version of its interactive deposit insurance calculator to help bankers provide accurate information about deposit insurance coverage to customers. www.fdic.gov/news/news/financial/2004/fil10004.html 

August 31, 2004 - The Federal Reserve Board on Tuesday announced its approval of the application and notice by National City Corporation, Cleveland, to acquire Wayne Bancorp, Inc., Wooster, both in Ohio. www.federalreserve.gov/boarddocs/press/orders/2004/20040831/default.htm 

August 31, 2004 - Banking Agencies Announce 2005 Implementation for Web-Based Central Data Repository for Bank Financial Data - The federal banking agencies announced today that they will target implementation of the Central Data Repository for one of the first two Call Report periods of 2005. 
Press Release: www.federalreserve.gov/boarddocs/press/other/2004/20040831/default.htm  
Press Release: www.fdic.gov/news/news/press/2004/pr9004.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=LDUP5AHP.xml 

August 30, 2004 - NCUA - Small Credit Union Program Workshop in Portland, OR, Honolulu, HI, Tempe, AZ and Las Vegas, NV. www.ncua.gov/CreditUnionDevelopment/SCUP/R5/R5Events.htm 

August 30, 2004 - The UBPR web site has undergone several changes since it was first made available three years ago. This latest set of enhancements expands the export capabilities for the standard Uniform Bank Performance Report and extends the capabilities of the UBPR Custom Peer Report. www.ffiec.gov/ubpr_memo_20040830.htm 

August 30, 2004 - FDIC Issues Fourth Quarter 2004 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the fourth quarter of 2004. www.fdic.gov/news/news/press/2004/pr8904.html
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August 27, 2004 - OCC Releases Fourth Quarter Edition of Quarterly Journal on the Web - This issue features an "About the OCC" section that contains organization charts and complete lists of Comptrollers, senior deputy comptrollers, and deputy comptrollers. Also featured are the final public documents on preemption and visitorial powers, as well as the report on special supervision and enforcement activities. www.occ.treas.gov/qj/qj.htm 

August 27, 2004 - The SAR Activity Review (Seventh Edition) - The Financial Crimes Enforcement Network issues the seventh edition of The SAR Activity Review. www.fdic.gov/news/news/financial/2004/fil9804.html 

August 27, 2004 - Chairman Alan Greenspan - Opening remarks At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.  www.federalreserve.gov/boarddocs/speeches/2004/20040827/default.htm 

August 26, 2004 - FRB Statistical Release - G.20 Finance Companies www.federalreserve.gov/Releases/G20/Current/default.htm 

August 26, 2004 - Banking Agencies Issue Host State Loan-to-Deposit Ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=OGDCFARD.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-72a.pdf 
Press Release: www.fdic.gov/news/news/financial/2004/fil9904.html
Press Release:  www.federalreserve.gov/boarddocs/press/bcreg/2004/20040826/default.htm

August 26, 2004 - Guidance on Operations and Wholesale Payment Systems Released by Federal Financial Institution Regulators - The Federal Financial Institutions Examination Council today issued revised guidance for examiners, financial institutions, and technology service providers on two topics: information technology operations and wholesale payment systems.
Press Release: www.ffiec.gov/press/pr082604.htm 
Press Release: www.ots.treas.gov/docs/7/77436.html 
Press Release: www.ncua.gov/news/press_releases/2004/JR04-0826.pdf 
Press Release: www.fdic.gov/news/news/press/2004/pr8804.html  

August 26, 2004 - FDIC Makes Public July Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July. No administrative hearings are scheduled for September. www.fdic.gov/news/news/press/2004/pr8704.html 

August 26, 2004 - Bank and Thrift Earnings Just Below Record Level in Second Quarter - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation earned net income of $31.2 billion in the second quarter of 2004, the second highest total ever. www.fdic.gov/news/news/press/2004/pr8604.html 

August 25, 2004 - 12 CFR 229 (Regulation CC): Availability of Funds and Collection of Checks Description: Final Rule Implementing Check Clearing for the 21st Century Act - This bulletin states that on July 26, 2004, the Federal Reserve Board released final amendments to Regulation CC and its commentary to implement the Check Clearing for the 21st Century Act, which was enacted on October 28, 2003, and becomes effective on October 28, 2004. www.occ.treas.gov/ftp/bulletin/2004-38.txt 

August 25, 2004 - Unauthorized Banking: First National Bank of Bedrock, Fictitious Internet Bank - This issuance notifies national banks and regulatory agencies that the OCC has identified a Web site claiming to be associated with a national bank named First National Bank of Bedrock. This is a fictitious entity. Neither the OCC nor any state banking authority has authorized this entity to operate as a bank or to conduct any kind of banking activities. www.occ.treas.gov/ftp/alert/2004-19.txt 

August 25, 2004 - The June 30, 2004 Uniform Bank Performance Report is now available on line at WWW.FFIEC.GOV. The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. Please visit the UBPR section of the website for further information including suggestions for using the website and a schedule of planned updates and enhancements. Additionally, a User's Guide is available online for technical explanations of UBPR data. www.ffiec.gov/press/pr082504.htm 

August 25, 2004 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks www.federalreserve.gov/Releases/ChargeOff/default.htm 

August 25, 2004 - Is The Corporate Loan Market Globally Integrated? A Pricing Puzzle Mark Carey; Greg Nini - We offer evidence that interest rate spreads on syndicated loans to corporate borrowers are economically significantly smaller in Europe than in the U.S., other things equal. Differences in borrower, loan and lender characteristics associated with equilibrium mechanisms suggested in the literature do not appear to explain the phenomenon. www.federalreserve.gov/pubs/ifdp/2004/813/ifdp813.pdf 

August 25, 2004 - Does Monetary Policy Keep Up with the Joneses? Optimal Interest-Rate Smoothing with Consumption Externalities - Sanjay K. Chugh - Changes in monetary policy are typically implemented gradually, an empirical observation known as interest-rate smoothing. We propose the explanation that time-non-separable preferences may render interest-rate smoothing optimal. www.federalreserve.gov/pubs/ifdp/2004/812/ifdp812.pdf 

August 25, 2004 - The ET Interview: Professor David F. Hendry - Neil Ericsson - This interview for Econometric Theory explores David Hendry's research. Issues discussed include estimation and inference for nonstationary time series; econometric methodology; strategies, concepts, and criteria for empirical modeling; the general-to-specific approach, as implemented in the computer packages PcGive and PcGets; computer-automated model selection procedures; David's textbook Dynamic Econometrics; Monte Carlo techniques (PcNaive); evaluation of these developments in simulation studies and in empirical investigations of consumer expenditure, money demand, inflation, and the housing and mortgage markets; economic forecasting and policy analysis; the history of econometric thought; and the use of computers for live empirical and Monte Carlo econometrics. www.federalreserve.gov/pubs/ifdp/2004/811/ifdp811.pdf 

August 23, 2004 - Financial Crimes Enforcement Network - The Department of the Treasury's Financial Crimes Enforcement Network has released the attached Section 314(a) Fact Sheet, which provides feedback from law enforcement to the financial institutions industry on the results of the information-sharing process required by the USA PATRIOT Act. www.fdic.gov/news/news/financial/2004/fil9704.html 

August 23, 2004 - Signs Point to Impending Recovery in Bank Commercial Lending - After 13 consecutive quarters of decline in commercial and industrial lending by FDIC-insured institutions, signs point to improved prospects for this important line of business, according to the Fall 2004 issue of the FDIC Outlook which was released today. www.fdic.gov/news/news/press/2004/pr8504.html 

August 23, 2004 - Finance and Economics Discussion Series - Do Liquidity Constraints Matter for New Entrepreneurs? Kevin Moore - Numerous studies have found a positive relationship between wealth and entering entrepreneurship, and interpret this as evidence of the existence of liquidity constraints. However, recent research has shown that the relationship between wealth and entering entrepreneurship may be non-linear and only significant for high-wealth households; this result cannot be interpreted as evidence of liquidity constraints. www.federalreserve.gov/pubs/feds/2004/200442/200442abs.html 

August 23, 2004 - The Federal Reserve Board on Tuesday announced the issuance of a consent Notice of Prohibition against Kenneth M. Matzdorff, the majority shareholder and a former officer and director of Garden City Bancshares, Inc., Garden City, Missouri, a registered bank holding company that owns or controls the Garden City Bank, Garden City, Missouri, a state nonmember bank. www.federalreserve.gov/boarddocs/press/Enforcement/2004/200408242/default.htm 

August 23, 2004 - The Federal Reserve Board on Tuesday announced the issuance of a consent Notice of Prohibition against Charles Kushner, an institution-affiliated party of The NorCrown Trust, an unregistered bank holding company that owns or controls the shares of the NorCrown Bank, Livingston, New Jersey, a state nonmember bank. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040824/default.htm 

August 23, 2004 - OCC Announces 14 Enforcement Actions and One Termination - The Office of the Comptroller of the Currency today announced 14 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action. www.occ.treas.gov/ftp/release/2004-71.htm 

August 23, 2004 - FDIC Issues Proposed Rule Seeking Additional Comments on "Small Bank" Community Reinvestment Act Threshold and Other Revisions - The FDIC has issued a proposed rule seeking additional comments regarding the Community Reinvestment Act. The proposed rule would change the definition of "small bank" to raise the asset size threshold to $1 billion regardless of holding company affiliation; add a community development activity criterion to the streamlined evaluation method for small banks with assets greater than $250 million and up to $1 billion; and expand the definition of "community development" to encompass a broader range of activities in rural areas. www.fdic.gov/news/news/financial/2004/fil9604.html 

August 23, 2004 - NCUA - Letter to Corporate Credit Unions 2004-04 - Business Continuity Guidance Letter www.ncua.gov/CorporateCU/CorpLetters/2004/2004-04.pdf 
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August 20, 2004 - Credit unions report consistent growth through midyear 2004 - The nation's federally insured credit unions posted consistent, healthy growth through the first six months of 2004 according to call report data submitted by the 9,210 reporting credit unions. www.ncua.gov/news/press_releases/2004/NR04-0820.htm 

August 20, 2004 - OCC Releases CRA Evaluations For 45 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 July 15, 2004 through August 14, 2004.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=VLZUERA.xml 

August 20, 2004 - FDIC Reports Second Quarter 2004 Financial Results for Bank and Thrift Insurance Funds - The Federal Deposit Insurance Corporation today announced that the Bank Insurance Fund reported comprehensive income (net income plus current period unrealized gains/losses on available-for-sale securities) of $328 million for the six months ending June 30, 2004, compared to $750 million for the same period last year. www.fdic.gov/news/news/press/2004/pr8404.html 

August 19, 2004 - The Federal Reserve Board on Thursday released the minutes of its discount rate meetings from May 17 through June 30, 2004. www.federalreserve.gov/boarddocs/press/monetary/2004/20040819/default.htm 

August 19, 2004 - Fundamental Change in Asset Composition of a Bank - This bulletin announces that the OCC has issued a final rule for national banks that substantially change the composition of assets through a sale or other disposition to become a dormant or "stripped" charter. The rule also applies to a "stripped" charter that subsequently increases in asset size or expands operations. The rule was published in the Federal Register on August 16, 2004. www.occ.treas.gov/ftp/bulletin/2004-37.txt 

August 19, 2004 - Steps to Help Rebuild Areas Affected by Hurricane Charley - The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by Hurricane Charley www.fdic.gov/news/news/financial/2004/fil9504.html 

August 19, 2004 - Proposals for Comment - Joint proposal on operational risk loss data collection stemming from the Basel Capital Accord www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

August 18, 2004 - Mike Finn Named OTS West Region Director - The Office of Thrift Supervision announced today that Michael Finn has been named to serve as Regional Director of OTS's West Region, effective immediately. www.ots.treas.gov/docs/7/77435.html 

August 18, 2004 - Thrift Industry Healthy In Second Quarter - The Office of Thrift Supervision announced today that the nation's thrift industry turned in another quarter of healthy earnings, profitability and asset quality as well as solid loan growth. Industry earnings reached $3.38 billion in the second quarter of 2004, up from $3.34 billion in the prior quarter. www.ots.treas.gov/docs/7/77434.html 

August 18, 2004 - OCC Extends and Expands Three-Year Old Pilot Program that Provides Expanded Lending Limits for Community Banks with National Charters - The Office of the Comptroller of the Currency is extending and expanding a pilot program aimed at helping community banks with national charters continue to provide expanded credit availability to customers in states that have lending limits higher than those available for federally-chartered institutions. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=S2FY5G7H.xml 

August 18, 2004 - On June 7th, the FFIEC agencies requested comments on the proposed Interagency Guidance on Overdraft Protection Programs (Guidance). This proposed Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of overdraft protection services. www.fdic.gov/regulations/laws/federal/04jointoverdraft.pdf 

August 18, 2004 - OTS To Propose Additional CRA Measures To Assist Natural Disaster Areas And Underserved Rural Communities - The Office of Thrift Supervision announced today its intent to issue a request for comment on a proposal to modify the definition of "community development" in its Community Reinvestment Act regulations to assist areas affected by natural disasters and to encourage lending, investments and services in underserved rural communities. www.ots.treas.gov/docs/7/77433.html 

August 17, 2004 - OCC Encourages National Banks to Work with Customers Affected by Hurricanes Bonnie and Charley - The Office of the Comptroller of the Currency has outlined measures to assist national banks and their customers affected by Hurricanes Bonnie and Charley.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=UH5AFED6.xml 

August 17, 2004 - Statistical Release - G.17 Industrial Production - Industrial production increased 0.4 percent in July; output in June was revised down and is now estimated to have decreased 0.5 percent. Utilities output fell noticeably in both months. In manufacturing, a production gain of 0.6 percent in July more than reversed the previous month's decline. Mining output also moved back up in July after a decline in June. www.federalreserve.gov/Releases/G17/Current/default.htm 

August 16, 2004 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The July 2004 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/snloansurvey/200407/default.htm 

August 16, 2004 - OTS Encourages Thrifts In Areas Affected By Hurricane Charley To Assist Customers In Need - The Office of Thrift Supervision today announced steps thrifts could take to assist their customers in the areas affected by Hurricane Charley. www.ots.treas.gov/docs/7/77432.html 

August 16, 2004 - The Federal Reserve Board on Monday announced its approval of the notice filed by Associated Banc-Corp, Green Bay, Wisconsin, to acquire First Federal Capital Corporation and its wholly owned subsidiary, First Federal Capital Bank, both in La Crosse, Wisconsin. www.federalreserve.gov/boarddocs/press/orders/2004/200408162/default.htm 

August 16, 2004 - The Federal Reserve Board on Monday announced its approval of the application filed by The Royal Bank of Scotland Group plc, The Royal Bank of Scotland plc, RBSG International Holdings Ltd., all in Edinburgh, Scotland; and Citizens Financial Group, Inc., Providence, Rhode Island, to acquire Charter One Financial, Inc. and thereby indirectly acquire Charter One Bank, National Association, both in Cleveland, Ohio. www.federalreserve.gov/boarddocs/press/orders/2004/20040816/default.htm 

August 16, 2004 - NCUA - Senator Clinton to Keynote PALS Workshop for Credit Unions on Oct. 11 in Rochester, N.Y. - Board Member Debbie Matz is pleased to announce that U.S. Senator Hillary Rodham Clinton will keynote a free NCUA Partnering and Leadership Successes workshop on Oct. 11 in Rochester, N.Y. www.ncua.gov/news/press_releases/2004/NR04-0816-2.htm 

August 16, 2004 - NCUA Activates Disaster Assistance for Hurricane Victims - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and their members in areas where offices and homes were damaged and destroyed by wind, rain, and flooding caused by Tropical Storm Bonnie and Hurricane Charley. www.ncua.gov/news/press_releases/2004/NR04-0816.htm 

August 16, 2004 - Statement by Comptroller of the Currency John D. Hawke, Jr. on CRA Issues - Comptroller of the Currency John D. Hawke, Jr. issued the following statement following a vote by the Federal Deposit Insurance Corporation's Board of Directors on a proposed rule regarding the Community Reinvestment Act: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=YQJAWYQU.xml 

August 16, 2004 - OCC Issues Rule on Changes to the Composition of Bank Assets - The Office of the Comptroller of the Currency today issued a final rule for national banks that substantially change the composition of assets through a sale or other disposition to become a dormant or "stripped" charter. The rule also applies to a "stripped" charter that subsequently increases in asset size or expands operations.
www.occ.treas.gov/scripts/newsrelease.aspx?Doc=TODIVP65.xml 

August 16, 2004 - FDIC Seeks Additional Comments on "Small-Bank" CRA Threshold - The Federal Deposit Insurance Corporation today issued a proposed rule seeking additional comments regarding the Community Reinvestment Act. On February 6, the FDIC, along with the other banking and thrift regulators, published for comment a proposed rule to make changes to CRA evaluations that would, among other things, increase the small institution threshold to $500 million from $250 million. www.fdic.gov/news/news/press/2004/pr8304.html 
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August 13, 2004 - Securities Law Violations: Unregistered Securities and Unlicensed Security Sales - The Office of the Comptroller of the Currency has received information regarding enforcement actions taken by multiple state regulatory authorities against the above-referenced entity for the sale of unregistered securities using unlicensed persons.
Press Release: www.occ.treas.gov/ftp/alert/2004-18.txt 
Attachment: www.occ.treas.gov/ftp/alert/2004-18a.pdf 

August 13, 2004 - Robert Young Appointed to St. Louis Fed's Little Rock Branch Board - Robert A. Young III, chairman, president and CEO of Arkansas Best Corporation in Fort Smith, Ark., has been appointed by the executive committee of the Federal Reserve Bank of St. Louis' board of directors to fill an unexpired term on the Reserve Bank's Little Rock Branch board. www.stlouisfed.org/news/releases/2004/08_13_04.htm 

August 13, 2004 - The Federal Deposit Insurance Corporation today issued notices and orders of suspension and prohibition against two individuals pursuant to Section 8(g) of the Federal Deposit Insurance Act. www.fdic.gov/news/news/press/2004/pr8204.html 

August 13, 2004 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in June. No administrative hearings are scheduled for August. www.fdic.gov/news/news/press/2004/pr8104.html 

August 12, 2004 - O'Hare Expansion and House Prices Discussed in Economic Perspectives - The average value of home prices near O'Hare airport will increase by as much as $17,000 between 1997 and the time after airport expansion, according to Daniel P. McMilllen in an article featured in the latest Economic Perspectives. www.chicagofed.org/news_and_conferences/news/2004_08_12_ohare_expansion_and_house_prices_in_
latest_economic_perspectives.cfm 

August 12, 2004 - National Credit Union Administration Places Appalachian Development Federal Credit Union into Liquidation www.ncua.gov/news/press_releases/2004/NR04-0812.htm 

August 12, 2004 - The Office of Thrift Supervision announced today it is issuing a final rule, to be effective October 1, 2004, modifying the existing "small institution" test for thrifts under the Community Reinvestment Act. www.ots.treas.gov/docs/7/77431.html 

August 12, 2004 - The Office of Thrift Supervision announced today the submission of an amicus curiae brief by OTS and five other federal agencies in support of an appeal of a June 30, 2004, California Federal District Court decision upholding provisions of a California law that impose restrictions on the sharing of a customer's information between a financial institution and its affiliates. www.ots.treas.gov/docs/7/77430.html 

August 12, 2004 - Asset-Backed Commercial Paper Description: Final Rule - This bulletin transmits a final rule on asset-backed commercial paper programs published in the Federal Register on July 28, 2004.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-36.txt 
Attachment: www.occ.treas.gov/fr/fedregister/69fr44908.pdf 

August 12, 2004 - OCC Allows National Bank Offices Affected by Hurricanes Bonnie and Charley to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricanes Bonnie and Charley to close at their discretion.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=GHMPEIPR.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-65a.pdf 

August 12, 2004 - FRB - Minutes of the Federal Open Market Committee June 29-30, 2004.
www.federalreserve.gov/FOMC/MINUTES/20040630.htm 

August 12, 2004 - Governor Susan Schmidt Bies Corporate Governance and Risk Management at Community Banks At the Federal Reserve Bank of Chicago Community Bank Directors Conference, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2004/200408122/default.htm 

August 12, 2004 - Governor Edward M. Gramlich Rules for Assessing Social Security Reform At the Retirement Research Consortium Annual Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2004/20040812/default.htm 

August 12, 2004 - The Federal Reserve Board on Thursday published its annual adjustment of the dollar amount that triggers additional disclosure requirements under the Truth in Lending Act for home mortgage loans that bear rates or fees above a certain amount. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040812/default.htm 

August 11, 2004 - NCUA - Letter to Corporate Credit Unions 2004-03 - Critical Information System Risk Areas.   www.ncua.gov/CorporateCU/CorpLetters/2004/2004-03.pdf 

August 10, 2004 - FOMC statement; and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco www.federalreserve.gov/boarddocs/press/monetary/2004/20040810/default.htm 

August 9, 2004 - Unauthorized Banking: Bank of NG, N.A., Fictitious Internet Bank - The Office of the Comptroller of the Currency has identified a Web site claiming to be associated with a national bank named Bank of NG, N.A. Neither the OCC nor any state banking authority has authorized the subject entity to operate as a bank. www.occ.treas.gov/ftp/alert/2004-17.txt 

August 9, 2004 - Limited Network Connections and the Distribution of Wages Kenneth J. Arrow and Ron Borzekowski - It is well-known that 50% or more of all jobs are obtained through informal channels i.e. connections to family or friends. As well, statistical studies show that observable individual factors account for only about 50% of the very wide variation in earnings. www.federalreserve.gov/pubs/feds/2004/200441/200441pap.pdf 

August 9, 2004 - The Scope of Monetary Policy Actions Authorized under the Federal Reserve Act David H. Small and James A. Clouse - The Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal Reserve might need to consider utilizing its statutory authority more broadly than it has in the past. www.federalreserve.gov/pubs/feds/2004/200440/200440pap.pdf 

August 9, 2004 - Integrating Expenditure and Income Data: What To Do With the Statistical Discrepancy? J. Joseph Beaulieu and Eric J. Bartelsman - The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. www.federalreserve.gov/pubs/feds/2004/200439/200439pap.pdf 
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August 6, 2004 - NCUA - Matz Schedules PALS Workshop on "Serving the Underserved Without Losing Your Bottom Line" - NCUA Board Member Debbie Matz has scheduled a free Partnering and Leadership Successes (PALS) workshop for October 11 in Rochester, N.Y., to focus on "Serving the Underserved Without Losing Your Bottom Line."  www.ncua.gov/news/press_releases/2004/NR04-0806.htm 

August 6, 2004 - FRB Statistical Release - G.19 Consumer Credit
www.federalreserve.gov/releases/g19/current/default.htm 

August 6, 2004 - Joint Interim Rule Regarding Community Reinvestment Act Regulation (Part 345 of the FDIC's Rules and Regulations.) The FDIC and other financial institution regulatory agencies are seeking comment on the joint interim rule that implements technical changes to regulations implementing the Community Reinvestment Act. www.fdic.gov/news/news/financial/2004/fil9104.html 

August 5, 2004 - Job Creation Examined in September Fed Letter - Job growth seems to be occurring in high- and low-wage sectors in a fairly typical way given where the economy is in the employment cycle, according to Chicago Fed Senior Economist Dan Aaronson and Associate Economist Sara Christopher in the September Chicago Fed Letter www.chicagofed.org/news_and_conferences/news/2004_08_05_job_creation_examined_in_september_fed_letter.cfm 

August 5, 2004 - FDIC Issues August List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in May 2004. www.fdic.gov/news/news/press/2004/pr8004.html 

August 5, 2004 - The Federal Reserve Board on Thursday announced that it is conducting a study on the adequacy of investigations of disputed consumer information reported to consumer reporting agencies. www.federalreserve.gov/boarddocs/press/bcreg/2004/20040805/default.htm 

August 5, 2004 - The Federal Reserve Board on Thursday announced its approval of the notice filed by Popular, Inc., San Juan, Puerto Rico, and its wholly owned subsidiaries, Popular International Bank, Inc., also in San Juan, and Popular North America, Inc., Mt. Laurel, New Jersey, to acquire Quaker City Bancorp, Inc., and its wholly owned subsidiary, Quaker City Bank, a federally chartered savings association, both in Whittier, California; and the application filed by Banco Popular North America, New York, New York, to merge with Quaker City Bank. www.federalreserve.gov/boarddocs/press/orders/2004/20040805/default.htm 

August 5, 2004 - The National Credit Union Administration announced today that NCUA Chairman JoAnn Johnson and U.S. House Committee on Financial Services Chairman Michael G. Oxley will host a Chairman's Forum for credit unions in Ohio. www.ncua.gov/news/press_releases/2004/NR04-0805-2.htm 

August 5, 2004 - The National Credit Union Administration has issued Orders of Prohibition that prohibit each of the following individuals from participating in any manner in the affairs of any federally insured financial institution www.ncua.gov/news/press_releases/2004/NR04-0805.htm 

August 3, 2004 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued Orders of Prohibition that prohibit both of the following individuals from participating in any manner in the affairs of any federally insured financial institution.
http://www.ncua.gov/news/press_releases/2004/NR04-0804.htm 

August 3, 2004 - "Related Organizations," a booklet in the Comptroller's Handbook series, helps bankers and examiners to understand the risks of relationships with entities such as affiliates and subsidiaries. www.occ.treas.gov/handbook/RelatedOrg.pdf 

August 3, 2004 - The Federal Reserve Board on Tuesday announced its approval of the application filed by Gateway Bank & Trust Co., Elizabeth City, North Carolina, to acquire three branches of Provident Bank of Maryland, Baltimore, Maryland. These branches are in Elizabeth City, North Carolina, and Emporia and Suffolk, both in Virginia. www.federalreserve.gov/boarddocs/press/orders/2004/20040803/default.htm 

August 2, 2004 - The Federal Reserve Bank of Kansas City, in conjunction with the other Reserve Banks throughout the nation, today announced a further streamlining of its check-processing services that will result in the Denver branch serving as a consolidation site that will begin processing checks currently handled by the Federal Reserve Bank of San Francisco's branch in Salt Lake City. www.kc.frb.org/pubaffrs/pressrel/pr04-09.htm 

August 2, 2004 - The Federal Reserve Bank of Kansas City, in conjunction with the other Reserve Banks throughout the nation, today announced a further streamlining of its check-processing services that will result in the shifting of the check-processing operation at its Oklahoma City branch office to Dallas. www.kc.frb.org/pubaffrs/pressrel/pr04-08.htm 

August 2, 2004 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among the Traders Bank, A Banking Corporation, Spencer, West Virginia; the West Virginia Division of Banking, Charleston, West Virginia; and the Federal Reserve Bank of Richmond. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20040802/default.htm 

August 2, 2004 - NCUA - Opinion Letter 04-0606 - 2003 Wisconsin Act 257 www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0606.pdf 

August 2, 2004 - NCUA - Opinion Letter 04-0515 - Overdrawing an Account to Enforce a Statutory Lien www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0515.htm 

August 2, 2004 - FRB Statistical Release - G.5 Foreign Exchange Rates (Monthly) www.federalreserve.gov/releases/g5/current/default.htm 

August 2, 2004 - Federal Reserve Banks Announce Changes to Increase Efficiency in Check Services as Shift from Check to Electronics Continues - The Federal Reserve Banks today announced further changes to increase the efficiency of their check-processing operations while maintaining high-quality services to depository institutions throughout the country. www.federalreserve.gov/boarddocs/press/other/2004/20040802/default.htm 

 

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

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