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

The Community Banker
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Bank Regulatory News

August 2005

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August 31, 2005 - NCUA - Taskforce, Toll-Free Number Established to Address Credit Union Operations and Members Affected by Hurricane Katrina 1-800-827-6282.   www.ncua.gov/news/press_releases/2005/NR05-0831-2.htm 

August 31, 2005 - Federal Reserve Bank of San Francisco Holds Ceremonial Ground Breaking for New Seattle Branch Building in Renton - Officials from the Federal Reserve Bank of San Francisco, the Federal Reserve Board Governors, the Federal Reserve's Seattle Branch, along with representatives of the City of Renton and the Boeing Company, held a ceremonial ground breaking this afternoon in Renton for the San Francisco Bank's new Seattle Branch building on a former Boeing site in the Longacres Office Park. www.frbsf.org/news/releases/2005/0831.html 

August 31, 2005 - Responding to Hurricane Katrina: FDIC Encourages Banks to Work with Those Hit Hard - As people in the path of Hurricane Katrina attempt to put their lives back together in the aftermath of the storm, the Federal Deposit Insurance Corporation has asked banks it regulates to do what they can to assist in the process. www.fdic.gov/news/news/press/2005/pr8405.html 

August 31, 2005 - Statistical Release - Corporate Medium-Term Notes Medium-Term Notes outstanding at the end of 2004 totaled $639 billion, up from $556 billion in 2003. The growth of MTNs outstanding exceeded that of corporate bonds, and the ratio of MTNs outstanding to the sum of MTNs and bonds outstanding increased from 12 percent to 13 percent. www.federalreserve.gov/releases/medterm/default.htm 

August 31, 2005 - NCUA - Credit Union Workshops Announced in Arkansas, Tennessee and Virginia.   www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

August 31, 2005 - NCUA - Texas Conversion Cases Settled - National Credit Union Administration Chairman JoAnn Johnson today announced that the agency had settled the lawsuit filed against it by Community Credit Union of Plano, Texas. Another Texas credit union, OmniAmerican Credit Union, had also joined in the lawsuit. www.ncua.gov/news/press_releases/2005/NR05-0831.htm 

August 31, 2005 - OTS Announces Final Regulatory Burden Reduction Rule - The Office of Thrift Supervision today finalized a rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act, that will reduce regulatory burden on savings associations by updating and revising various application and reporting requirements. The final rule is substantially similar to OTS's interim rule published in the Federal Register on November 24, 2004. www.ots.treas.gov/docs/7/77529.html 

August 31, 2005 - FDIC Issues Fourth Quarter 2005 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 2005. www.fdic.gov/news/news/press/2005/pr8305.html 

August 31, 2005 - Economic Conferences - DSGE Modeling at Policymaking Institutions: Progress and Prospects, Washington, D.C., December 2-3, 2005 - The Forum comprises the European Central Bank, the Federal Reserve Board, the Center for Financial Studies at Goethe University in Frankfurt, and the BMW Center for German and European Studies at Georgetown University. Its purpose is to encourage research relevant for monetary policymaking in interdependent economies. www.federalreserve.gov/Events/conferences/if20051202/default.htm 

August 30, 2005 - Examiner Ethics: Proposed Rule--One-Year Post-Employment Restrictions for Senior Examiners - Proposed rule would prevent the senior examiner of a national bank from working for that bank for one year after leaving the OCC. www.occ.treas.gov/ftp/bulletin/2005-30.doc 

August 30, 2005 - Agencies Release List of Distressed and Underserved Nonmetropolitan Middle-Income Geographies - The federal banking agencies today announced the availability of the list of distressed and underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development" pursuant to the revised CRA rules issued by the agencies on August 2, 2005.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050830/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr8205.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=XAEH4WKJ.xml 

August 30, 2005 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 9, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20050830/default.htm 

August 30, 2005 - Proposals for Comment - Proposal to approve the extension for three years, without revision, of The Recordkeeping and Disclosure Requirements in Connection with Regulation M report.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

August 29, 2005 - Regulatory Relief Steps to Help Rebuild Areas Affected by Hurricane Katrina - The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by Hurricane Katrina and associated severe storms. www.fdic.gov/news/news/financial/2005/fil8505.html 

August 29, 2005 - Jilapuhn Federal Credit Union Discontinues Operations - The National Credit Union Administration today announced the liquidation of Jilapuhn Federal Credit Union, located in East Point, Georgia. www.ncua.gov/news/press_releases/2005/NR05-0829-2.htm 

August 29, 2005 - NCUA Activates Disaster Assistance in Response to Hurricane Katrina - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and their members repair and rebuild in areas where offices and homes were damaged by Hurricane Katrina. www.ncua.gov/news/press_releases/2005/NR05-0829.htm 

August 29, 2005 - Community Developments Newsletter Focuses on Using HMDA Data to Expand Mortgage Lending Opportunities - The Office of the Comptroller of the Currency today published the Summer 2005 edition of the Community Developments newsletter, which provides various perspectives and strategies on how the revised Home Mortgage Disclosure Act reporting requirements could enhance mortgage-lending opportunities for national banks and their customers.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=9WMNN2FY.xml 
Attachment: www.occ.treas.gov/cdd/newsletters/summer05/cd/index.html 

August 29, 2005 - OCC Encourages National Banks to Work with Customers Affected by Hurricane Katrina - The Office of the Comptroller of the Currency has outlined measures to assist national banks and their customers affected by Hurricane Katrina. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=51LAX8F0.xml 

August 27, 2005 - Chairman Alan Greenspan - Closing remarks - At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.  www.federalreserve.gov/boarddocs/speeches/2005/200508272/default.htm 

August 27, 2005 - Governor Donald L. Kohn - Panel discussion: Financial Markets, Financial Fragility, and Central Banking - At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.  www.federalreserve.gov/boarddocs/speeches/2005/20050827/default.htm 

August 26, 2005 - Strong Second-Quarter Bank and Thrift Earnings are Just Short of the Record - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $33.1 billion for the second quarter of 2005, the second best performance ever but a $1.1 billion decline (3.3 percent) from the record earnings set in the previous quarter. Insured institutions as a whole benefited from gains on securities sales of $1.4 billion (167.1 percent) and increases in net interest income of $672 million (0.9 percent) due to strong loan demand. www.fdic.gov/news/news/press/2005/pr8105.html 

August 26, 2005 - Chairman Alan Greenspan - Reflections on central banking At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming www.federalreserve.gov/boarddocs/speeches/2005/20050826/default.htm
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August 25, 2005 - OCC Allows National Bank Offices - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Katrina to close at their discretion. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=RW7ZLEIM.xml 

August 25, 2005 - Strong Second-Quarter Bank and Thrift Earnings are Just Short of the Record - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $33.1 billion for the second quarter of 2005, the second best performance ever but a $1.1 billion decline (3.3 percent) from the record earnings set in the previous quarter. www.fdic.gov/news/news/press/2005/pr8105.html 

August 24, 2005 - Community Reinvestment Act - Final Rule - On August 2, 2005, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System jointly published in the Federal Register a final rule revising their Community Reinvestment Act regulations. The final rule is substantially similar to the revisions to the CRA rule that the agencies published in their notice of proposed rulemaking in March 2005.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-28.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr44256.pdf 

August 24, 2005 - General-to-specific Modeling: An Overview and Selected Bibliography - Julia Campos; Neil R. Ericsson; David F. Hendry - This paper discusses the econometric methodology of general-to-specific modeling, in which the modeler simplifies an initially general model that adequately characterizes the empirical evidence within his or her theoretical framework. Central aspects of this approach include the theory of reduction, dynamic specification, model selection procedures, model selection criteria, model comparison, encompassing, computer automation, and empirical implementation. www.federalreserve.gov/pubs/ifdp/2005/838/ifdp838.pdf 

August 24, 2005 - Currency Crashes and Bond Yields in Industrial Countries - Joseph E. Gagnon - This paper examines episodes of sudden large exchange rate depreciations (currency crashes) in industrial countries and characterizes the behavior of government bond yields during and after these crashes. The most important determinant of changes in bond yields appears to be inflationary expectations. www.federalreserve.gov/pubs/ifdp/2005/837/ifdp837.pdf 

August 23, 2005 - FRB Statistical Release G.20 Finance Companies.  www.federalreserve.gov/Releases/G20/Current/default.htm 

August 23, 2005 - Proposals for Comment - Joint notice and request for comment of proposed revisions to the Consolidated Reports of Condition and Income.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

August 23, 2005 - NCUA Chairman Johnson Commends America's Defense Credit Unions For Service To Military Families - Defense Credit Unions Are Vital Financial Partners For America's Veterans and Soldiers.  www.ncua.gov/news/press_releases/2005/NR05-0822-2.htm 

August 23, 2005 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/generalinfo/fhc/default.htm 

August 22, 2005 - Homesteaders FCU Closes Lower East Side People's Federal Credit Union to ServeHomesteaders Federal Credit Union Members - The National Credit Union Administration on August 18 liquidated Homesteaders Federal Credit Union of New York, New York, and transferred its member accounts to the Lower East Side People's Federal Credit Union of New York City. www.ncua.gov/news/press_releases/2005/NR05-0822.htm

August 22, 2005 - Insurability of Funds Underlying Stored Value Cards Notice of Proposed Rulemaking - The FDIC has published a new notice of proposed rulemaking on the insurability of funds underlying stored value cards and those accessible through other nontraditional access devices. This proposed rule replaces the proposed rule issued in April 2004. Comments must be submitted to the FDIC by November 7, 2005. www.fdic.gov/news/news/financial/2005/fil8305.html 

August 22, 2005 - Martin J. Gruenberg Sworn in as Vice Chairman of FDIC Board; Sandra L. Thompson Named Deputy to Vice Chairman - Martin J. Gruenberg was sworn in today as Vice Chairman of the Federal Deposit Insurance Corporation Board of Directors. www.fdic.gov/news/news/press/2005/pr8005.html 

August 22, 2005 - Statistical Release Charge-Off and Delinquency Rates on Loans at Commercial Banks - These data are compiled from the quarterly FFIEC Consolidated Reports of Condition and Income. Data for each calendar quarter become available approximately sixty days after the end of the quarter. www.federalreserve.gov/releases/chargeoff/default.htm 

August 19, 2005 - Deposit Insurance Funds Up For Second Quarter - New FDIC Financial Results Show Strong Core Earnings; Modest Gains in BIF and SAIF - The Federal Deposit Insurance Corporation today announced that the Bank Insurance Fund increased by a modest 0.8 percent ($270 million) during the second quarter of 2005 to $35.1 billion, while the Savings Association Insurance Fund increased by 1.1 percent ($136 million) to $12.9 billion. www.fdic.gov/news/news/press/2005/pr7905.html 

August 19, 2005 - The Federal Reserve Board on Friday published proposed amendments to Regulation E, which implements the Electronic Fund Transfer Act, and to the regulation's official staff commentary that clarify the disclosure obligations of automated teller machine operators with respect to fees imposed on a consumer for initiating an electronic fund transfer or a balance inquiry at an ATM. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050819/default.htm 

August 19, 2005 - NCUA Enhances and Streamlines Data Collection - The National Credit Union Administration announces significant changes to enhance and streamline its 5300 Call Report data collection process beginning with the September 30, 2005 reporting cycle. www.ncua.gov/news/press_releases/2005/NR05-0818.htm 

August 19, 2005 - Thrift Industry Continues Strong Performance In Second Quarter - The nation's thrift industry again posted record levels of earnings and equity capital in the second quarter of 2005, even as the interest rate yield curve continued to flatten, according to financial results released by the Office of Thrift Supervision today. Profitability, loan growth and credit quality for the industry also continued to be strong. www.ots.treas.gov/docs/7/77527.html 

August 19, 2005 - OCC Announces New Electronic Interpretations and Actions - August 2005 www.occ.treas.gov/interp/aug05/intaug05.htm 

August 19, 2005 - Reducing Regulatory Burden Recommendations Sought for Reducing Regulatory Burden in Rules on Banking Operations; Directors, Officers and Employees; and Rules of Procedure - The federal banking and thrift regulatory agencies are asking for recommendations on how to reduce the regulatory burden in 28 rules. Those rules relate to Banking Operations; Directors, Officers and Employees; and Rules of Procedure. www.fdic.gov/news/news/financial/2005/fil8205.html
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August 18, 2005 - CFNAI Indicates Economic Growth Remains Above Trend in July - The Chicago Fed National Activity Index was +0.16 in July, up from +0.40 in June. www.chicagofed.org/economic_research_and_data/files/cfnai_august2005.pdf 

August 18, 2005 - Information Technology Risk Management Program - New Information Technology Examination Procedures - The FDIC has updated its risk-focused information technology examination procedures for FDIC-supervised financial institutions.  http://www.fdic.gov/news/news/financial/2005/fil8105.html

August 17, 2005 - NCUA - Credit Unions Report Strong Mid-Year Growth Loans Expand as Delinquencies Decline at Federally Insured Credit Unions - The nation's federally insured credit unions report strong 9.8 percent annualized loan growth while delinquent loans reflect a downward trend in the first six months of 2005 according to mid-year 2005 Call Report data submitted by the nation's 8,871 federally insured credit unions. www.ncua.gov/news/press_releases/2005/NR05-0817.htm 

August 17, 2005 - OCC Releases CRA Evaluations For 26 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, 2005 through August 14, 2005. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=7KBRM7I6.xml 

August 17, 2005 - Federal Reserve Board Chairman Alan Greenspan on Wednesday named Governor Donald L. Kohn to replace Governor Edward M. Gramlich as the Chairman's designee on four federal loan guarantee boards, effective September 1, 2005. Gramlich is resigning from the Board of Governors of the Federal Reserve System, effective August 31, 2005. www.federalreserve.gov/boarddocs/press/other/2005/20050817/ 

August 17, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a Final Decision and Order of Prohibition against Walter C. Cleveland, a former employee of First National Bank, Lubbock, Texas. The Order, the result of an action brought by the Office of the Comptroller of the Currency, prohibits Mr. Cleveland from participating in the conduct of the affairs of any financial institution or holding company. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050817/default.htm 

August 17, 2005 - FinCEN and OCC Assess $24 Million Penalty against Arab Bank Branch - The Financial Crimes Enforcement Network and the Office of the Comptroller of the Currency announced today that they have each assessed a $24 million civil money penalty against the New York Branch of Arab Bank for violations of the Bank Secrecy Act. www.occ.treas.gov/ftp/release/2005-80.htm 

August 17, 2005 - Why and When do Spot Prices of Crude Oil Revert to Futures Price Levels? - Mark W. French - Recent studies of crude oil price formation emphasize the role of interest rates and convenience yield (the adjusted spot-futures spread), confirming that spot prices mean-revert and normally exceed discounted futures. However, these studies don't explain why such "backwardation" is normal. www.federalreserve.gov/pubs/feds/2005/200530/200530pap.pdf 

August 16, 2005 - NCUA initiated a comprehensive review of the 5300 Call Report data collection, analysis, and reporting processes in 2004. The review revealed significant opportunities to increase efficiency and effectiveness by implementing innovative technological improvements. www.ncua.gov/letters/2005/CU/05-CU-10.pdf 

August 16, 2005 - OCC Announces 16 Enforcement Actions - The Office of the Comptroller of the Currency today announced 16 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2005-79.htm 

August 16, 2005 - Legal Intrepretations - Letter granting an exemption from section 23A of the Federal Reserve Act and from Regulation W for certain extensions of credit made by a bank in connection with its securities borrowing transactions.  www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2005/20050607/default.htm 

August 16, 2005 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by Capital One Financial Corporation, McLean, Virginia, to acquire Hibernia Corporation, and its subsidiary bank, Hibernia National Bank, both in New Orleans, Louisiana. www.federalreserve.gov/boarddocs/press/orders/2005/20050816/default.htm 

August 16, 2005 - Fraud Hotline - Guidance on Implementing a Fraud Hotline - The FDIC is providing guidance to financial institutions on implementing a fraud hotline to minimize potential and actual fraud risks as part of a bank's governance and enterprise risk management program. www.fdic.gov/news/news/financial/2005/fil8005.html 

August 16, 2005 - FDIC Consumer News Features A Guide to Shopping for Bank Products and Services - The Summer 2005 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation, features a "shopper's guide" to finding bank products and services that are both a good deal and a good fit. www.fdic.gov/news/news/press/2005/pr7805.html 

August 16, 2005 - Statistical Release - G.17 Industrial Production - Industrial production increased 0.1 percent in July after a gain of 0.8 percent in June. Manufacturing output increased 0.1 percent in July; excluding motor vehicles and parts, manufacturing production rose 0.4 percent. The output at utilities rose 0.7 percent, and production at mines declined 1.3 percent. www.federalreserve.gov/releases/g17/current/default.htm 

August 15, 2005 - Activities Permissible for a National Bank, 2004 - Updates the OCC's interpretations and decisions authorizing activities for national banks and their operating subsidiaries. www.occ.treas.gov/corpapps/BankAct.pdf
 
August 15, 2005 - Statistical Release - E.15 Agricultural Finance Databook - Section A: Amount and Characteristics of Farm Loans Made by Commercial Banks - Section B: Selected Statistics from the Quarterly Reports of Condition of Commercial Banks - Section C: Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.  www.federalreserve.gov/releases/e15/default_2005.htm 

August 15, 2005 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The July 2005 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. The survey also queried banks about their current holdings and recent originations and securitizations of nontraditional mortgage products. www.federalreserve.gov/boarddocs/SnLoanSurvey/200508/default.htm 

August 12, 2005 - Forces Shaping the Payments Environment - This special issue of the Chicago Fed Letter summarizes conference discussions on innovations, incentives, and regulation affecting alternative payment mechanisms. www.chicagofed.org/publications/fedletter/cflseptember2005_218a.pdf 

August 11, 2005 - Licensing Manual Update, August 2005 - The "Investment in Subsidiaries and Equities" booklet of the Licensing Manual has been revised. This update clarifies affiliated business arrangements. www.occ.treas.gov/corpbook/group2/public/pdf/opsubs.pdf 
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August 11, 2005 - Licensing Manual Update August 2005 - The "Investment in Subsidiaries and Equities" booklet of the Licensing Manual has been revised. This update clarifies affiliated business arrangements. www.occ.treas.gov/corpbook/group2/public/pdf/opsubs.pdf 

August 10, 2005 - Interagency Intermediate Small Bank Examination Procedures - On July 19, 2005, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation revised their Community Reinvestment Act regulations. Among the revisions to the regulation is a new test, the community development test for intermediate small banks. Intermediate small banks are small banks with assets of at least $250 million as of December 31 of both of the prior two calendar years and less than $1 billion as of December 31 of either of the prior two calendar years. www.federalreserve.gov/boarddocs/caletters/2005/0505/caltr0505.htm 

August 9, 2005 - John M. Reich Sworn In as Director of Office of Thrift Supervision - John M. Reich was sworn in today as Director of the Office of Thrift Supervision. The President nominated Mr. Reich to be OTS Director on June 7, 2005, and the Senate confirmed his nomination on July 29, 2005. www.ots.treas.gov/docs/7/77526.html 

August 9, 2005 - Community Reinvestment Act Joint Final Rules - The FDIC, Federal Reserve Board and the Office of the Comptroller of the Currency have published joint final rules regarding the Community Reinvestment Act. The rules, which become effective September 1, 2005, provide regulatory relief for smaller community banks and preserve the importance of community development in the CRA evaluations of these banks. www.fdic.gov/news/news/financial/2005/fil7905.html 

August 9, 2005 - Bank Secrecy Act Anti-Money Laundering Examination InfoBase - The Federal Financial Institutions Examination Council has unveiled its Bank Secrecy Act/Anti-Money Laundering Examination InfoBase, an automated tool for examiners and the industry. www.fdic.gov/news/news/financial/2005/fil7605.html 

August 9, 2005 - Proposals for Comment - Interagency request for comment on ways to reduce burden in rules categorized as Banking Operations; Directors, Officers, and Employees; and Rules of Procedure. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

August 9, 2005 - Currency Crashes and Bond Yields in Industrial Countries Joseph E. Gagnon 2005-837 - Abstract: This paper examines episodes of sudden large exchange rate depreciations (currency crashes) in industrial countries and characterizes the behavior of government bond yields during and after these crashes. www.federalreserve.gov/pubs/ifdp/2005/837/ifdp837.pdf 

August 9, 2005 - Estimating Elasticities for U.S. Trade in Services Jaime Marquez 2005-836 - Abstract: Explanations of the persistent deficit in U.S. net exports of goods rest on macroeconomic developments and an asymmetry in elasticities: the income elasticity for imports being larger than the income elasticity for exports. Such macroeconomic developments are not applicable to the equally persistent surplus in U.S. net exports of services unless the income elasticities for services exhibit the reversed asymmetry. www.federalreserve.gov/pubs/ifdp/2005/836/ifdp836.pdf 

August 9, 2005 - SIGMA: A New Open Economy Model for Policy Analysis Christopher Erceg; Luca Guerrieri; Christopher Gust 2005-835 - Abstract: In this paper, we describe a new multi-country open economy SDGE model named "SIGMA" that we have developed as a quantitative tool for policy analysis. www.federalreserve.gov/pubs/ifdp/2005/835/ifdp835.pdf 

August 9, 2005 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-1/2 percent. www.federalreserve.gov/boarddocs/press/monetary/2005/20050809/default.htm 

August 9, 2005 - NCUA - Credit Union Workshop Announced in Indianapolis, Indiana - The Office of Small Credit Union Initiatives has has a variety of credit union events. Two of our largest undertakings this year are the Access Across America Events and the Partnership and Leadership Successes Events. www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

August 9, 2005 - Restructuring of Federal Reserve check-processing operations in the Twelfth District - The Federal Reserve Board on Monday announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. These amendments are part of a series of amendments to Appendix A that will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050809/default.htm 

August 8, 2005 - NCUA News - Lock Haven Area FCU Closes Horizon Federal Credit Union to serve Lock Haven Credit Union Members - The National Credit Union Administration Board today liquidated Lock Haven Area Federal Credit Union, Lock Haven, Penn., and transferred its 3,300 members' accounts to Horizon Federal Credit Union, Williamsport, Penn. www.ncua.gov/news/press_releases/2005/NR05-0808-2.htm 

August 8, 2005 - Registration for Bank Secrecy Act/Anti-Money Laundering Interagency Outreach Event Webcast - The federal banking and thrift agencies, along with the Financial Crimes Enforcement Network, today announced registration details for a live webcast of the Bank Secrecy Act/Anti-Money Laundering Examination Manual outreach event in New York on August 22. 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050808/default.htm 
Press Release: www.ffiec.gov/press/pr080805.htm 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=P80TL19N.xml 
Press Release: www.ots.treas.gov/docs/7/77525.html 

August 8, 2005 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions www.ncua.gov/news/press_releases/2005/NR05-0808.htm 

August 5, 2005 - Statistical Release G.19 Consumer Credit - Consumer credit increased at an annual rate of 3 percent in the second quarter. In June, revolving credit expanded briskly, and nonrevolving credit rose moderately. www.federalreserve.gov/Releases/G19/Current/default.htm 

August 5, 2005 - NCUA - Notice and Request for Comments on Federal Credit Union Bylaw changes.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/final_regs.html 

August 5, 2005 - 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 2005. www.fdic.gov/news/news/press/2005/pr7605.html 

August 5, 2005 - FDIC Announces Two Executive Appointments in Kansas City and Dallas - FDIC Chairman Don Powell today announced the appointments of James D. LaPierre as Regional Director in Kansas City and Ronald F. Bieker as Deputy Regional Director (Resolutions and Receiverships) in Dallas. www.fdic.gov/news/news/press/2005/pr7505.html  
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August 4, 2005 - Real Estate Settlement Procedures Act - The Office of the Comptroller of the Currency has noted that third parties have approached some national banks to form affiliated business arrangements (ABAs) to offer real estate settlement services. National banks that choose to enter into ABAs with third parties must ensure that such arrangements comply with section 8 (12 USC 2607) of the Real Estate Settlement Procedures Act. 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-27.txt 
Attachment: www.occ.treas.gov/fr/fedregister/61fr29258.pdf 

August 4, 2005 - John C. Dugan Takes Office As Comptroller of the Currency - John C. Dugan assumed office today as the 29th Comptroller of the Currency, following Senate confirmation on July 29, 2005. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=JOF3NVJG.xml 

August 4, 2005 - 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/2005/200508042/default.htm 

August 4, 2005 - The Federal Reserve Board on Thursday announced its approval of proposal by iTeam Companies, Inc., Brookfield, Wisconsin, to acquire all the voting shares of Bank of Kenney, Kenney, Illinois, and to engage in data processing activities. www.federalreserve.gov/boarddocs/press/orders/2005/20050804/default.htm 

August 4, 2005 - Chicago Fed Letter Looks at the State of Higher Education in the Midwest.  www.chicagofed.org/publications/fedletter/cflseptember2005_218.pdf 

August 4, 2005 - Jennifer DJ Nordquist Appointed FDIC Director of Public Affairs - The Federal Deposit Insurance Corporation Chairman Don Powell today announced the appointment of Jennifer DJ Nordquist as Director of the agency's Office of Public Affairs, and Deputy Chief of Staff. Ms. Nordquist had been Deputy Assistant Secretary, Office of Communication and Outreach for the U.S. Department of Education. www.fdic.gov/news/news/press/2005/pr7305.html 

August 4, 2005 - Interagency Guidance on the Eligibility of Asset-Backed Commercial Paper Program Liquidity Facilities and the Resulting Risk-Based Capital Treatment - On July 28, 2004, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision published a final rule on the consolidation of asset-backed commercial paper programs that instituted new risk-based capital requirements for ABCP liquidity facilities. 
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0513.htm 
Press Release: www.fdic.gov/news/news/financial/2005/fil7405.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-26.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2005-26a.pdf 

August 4, 2005 - Agencies Propose Rules on Post-Employment Restrictions for Senior Examiners - The federal banking regulatory agencies today issued proposed rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank, as required by the Intelligence Reform and Terrorism Prevention Act of 2004. 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050804/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr7405.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=QDVFQF5.xml 
Press Release: www.ots.treas.gov/docs/7/77524.html 

August 3, 2005 - Searching for Age and Gender Discrimination in Mortgage Lending by Jason Dietrich and Hannes Johannsson - This paper tests for the presence of age and gender discrimination in the loan underwriting process. We modify the tools used during the past exams to test for racial discrimination and apply them here to test for the presence of disparate treatment on the basis of age and gender. www.occ.treas.gov/wp2005-2.htm 

August 3, 2005 - Federal Financial Institution Regulators Announce Availability of 2004 Small Business, Small Farm, and Community Development Lending Data - Four Federal Financial Institutions Examination Council agencies--the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision--today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act. www.ffiec.gov/hmcrpr/cra080305.htm 

August 3, 2005 - Tobacco Transition Payment Program Examination Treatment of Assets Related to the Tobacco Transition Payment Program - Summary: The FDIC is making publicly available the attached examiner guidance regarding the proper treatment of assignments of tobacco transition payments and successor-in-interest contracts. www.fdic.gov/news/news/financial/2005/fil7305.html 

August 3, 2005 - FDIC Makes Public June 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 June. No administrative hearings are scheduled for August. www.fdic.gov/news/news/press/2005/pr7205.html 

August 2, 2005 - OCC Releases Consumer Advisory: "Writing a Check: Understanding Your Rights" - The Office of the Comptroller of the Currency issued a consumer advisory today giving consumers important facts about their rights when using checks to make payments. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=MXQWV6IO.xml 

August 2, 2005 - Annual Independent Audits and Reporting Requirements Proposed Amendment to Part 363 FIL-72-2005 - The FDIC is proposing to amend Part 363 of its regulations by raising the asset size threshold from $500 million to $1 billion for requirements relating to internal control assessments and reports by management and external auditors, and the requirement that members of the audit committee, who must be outside directors, be independent of management. www.fdic.gov/news/news/financial/2005/fil7205.html 

August 1, 2005 - The Federal Reserve Board on Monday announced its approval of the proposal filed by Sixth Bancshares, Inc., Salina, Kansas, to acquire Geneseo Bancshares, Inc. and its subsidiary bank, The Citizens State Bank, both of Geneseo, Kansas. www.federalreserve.gov/boarddocs/press/orders/2005/20050801/default.htm 

August 1, 2005 - The Federal Reserve Board on Monday announced the issuance of a Cease and Desist Order and Order of Assessment of a Civil Money Penalty against Frank French, a former institution-affiliated party of the Montana State Bank, Plentywood, Montana. www.federalreserve.gov/boarddocs/press/enforcement/2005/20050801/default.htm 

August 1, 2005 - NCUA - The August 2005 NCUA Newsletter is Available.  www.ncua.gov/news/newsletter/NCUA/05August.pdf 

August 1, 2005 - FDIC Chairman Donald E. Powell Welcomes New Board Members - FDIC Chairman Donald E. Powell issued the following statement after the Senate voted to confirm the President's nominees to three key federal financial agency positions. www.fdic.gov/news/news/press/2005/pr7105.html 

August 1, 2005 - FRB Statistical Release - G.5 Foreign Exchange Rates (Monthly).  www.federalreserve.gov/Releases/G5/Current/default.htm 

August 1, 2005 - Statement by Chairman Greenspan regarding Wim Duisenberg, former president of the European Central Bank.   www.federalreserve.gov/boarddocs/press/other/2005/20050801/ 

 

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