Bank
Regulatory News
August 2006
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August 31, 2006 - Remarks by Chairman Ben S. Bernanke - Before
Leadership South Carolina, Greenville, South Carolina August 31,
2006 - Productivity.
www.federalreserve.gov/boarddocs/speeches/2006/20060831/default.htm
August 31, 2006 - The Federal Reserve Board on Thursday announced
the issuance of an Order of Prohibition against Matthew Censoplano,
a former institution-affiliated party of Capital One Bank, Glen
Allen, Virginia.
www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060831/default.htm
August 31, 2006 - 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.
www.fdic.gov/news/news/press/2006/pr06081.html
August 31, 2006 - FDIC Issues Fourth Quarter 2006 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 2006.
www.fdic.gov/news/news/press/2006/pr06080.html
August 30, 2006 - SR Letter 06-14 - Revised Policy Governing Access
to Confidential Supervisory Information.
www.federalreserve.gov/boarddocs/srletters/2006/SR0614.htm
August 29, 2006 - OCC Announces New Electronic Interpretations and
Actions - August 2006.
www.occ.treas.gov/interp/aug06/intaug06.htm
August 29, 2006 - Industrial Loan Companies Request for Public
Comment on Wide-Ranging Issues - The FDIC is seeking public comment
on wide-ranging issues involving industrial loan company charters.
Comments are due by October 10, 2006.
www.fdic.gov/news/news/financial/2006/fil06079.html
August 29, 2006 - SR Letters - Questions and Answers Related to
Interagency Guidance on Authentication in an Internet Banking
Environment - To assist the banking industry and examiners, the
Board of Governors of the Federal Reserve System and the other
Federal Financial Institutions Examination Council agencies have
issued the attached frequently asked questions related to the FFIEC
guidance on Authentication in an Internet Banking Environment.
Press Release:
www.federalreserve.gov/boarddocs/srletters/2006/SR0613.htm
Press Release:
www.federalreserve.gov/boarddocs/SRLETTERS/2006/SR0613.htm
August 29, 2006 - The Federal Reserve Board and the Federal Open
Market Committee on Tuesday released the attached minutes of the
Committee meeting held on August 8, 2006.
www.federalreserve.gov/boarddocs/press/monetary/2006/20060829/default.htm
August 29, 2006 - OCC Working Paper 2006-1, "Foreclosures of
Subprime Mortgages in Chicago: Analyzing the Role of Predatory
Lending Practices," by Morgan Rose. - Examines whether two
frequently cited predatory mortgage lending practices, long
prepayment penalty periods and balloon payments, increase the
probability of foreclosure.
www.occ.treas.gov/wp2006-1.htm
August 29, 2006 - OCC Allows National Bank Offices Affected by
Tropical Storm/Hurricane Ernesto to Close - The Office of the
Comptroller of the Currency today issued a proclamation allowing
national bank offices affected by Tropical Storm/Hurricane Ernesto
to close at their discretion.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=N9813EF1.xml
August 29, 2006 - Helping Teens Get Good Grades in Money Management:
A How-To Guide from the FDIC - For teens, saving money may not be as
much fun as spending it, but putting dollars aside for their future
and learning how to be smart consumers are still important things to
do. Teens have access to more money than ever before thanks to
allowances, gifts and, for many, income from jobs. Teens also are
becoming more responsible for making decisions about everything from
small, everyday purchases to saving for college or a car.
www.fdic.gov/news/news/press/2006/pr06079.html
August 29, 2006 - Proposal to approve under OMB delegated authority
the extension for three years, with revision of the following
collection of information: FR Y-12 and FR Y-12A.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
August 29, 2006 - FRB Proposal for approval of the following new
collection of information: Survey of Information Sharing Practices
with Affiliates.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
August 28, 2006 - Safeguarding Examination Information Updated
Procedures Issued for FDIC Examination Staff - The FDIC is enhancing
the protection of examination information and other sensitive data,
and has issued updated procedures to its examination staff on
safeguarding this information.
www.fdic.gov/news/news/financial/2006/fil06078.html
August 25, 2006 - Comptroller of the Currency Hosts Community Bank
Directors Workshop in San Antonio - The Office of the Comptroller of
the Currency will host a workshop for national community bank
directors at the Hyatt Regency Hotel, San Antonio, Texas, on Sept.
26.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=8R09KPTF.xml
August 25, 2006 - Comptroller of the Currency Hosts Community Bank
Directors Workshop in Albany - The Office of the Comptroller of the
Currency will host a workshop for national community bank directors
at the Desmond Hotel, Albany, N.Y., on Sept. 21.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=4FW33MG0.xml
August 25, 2006 - FRB Statistical Release - G.20 Finance Companies.
www.federalreserve.gov/releases/g20/Current/
August 25, 2006 - Legal Interpretations - Letter to Justin McClinton,
Tennessee Department of Financial Institutions, clarifying whether a
single member limited liability company may maintain a NOW account
under Regulation D (12 CFR Part 204).
www.federalreserve.gov/boarddocs/legalint/federalreserveact/2006/20060823.pdf
August 25, 2006 - The Federal Reserve Board published, in the August
9, 2006, Federal Register, its annual amendment to its Regulation Z
Commentary related to the dollar amount that triggers requirements
for certain home mortgage loans subject to 12 CFR 226.32. The Home
Ownership and Equity Protection Act of 1994 established rules for
home-secured loans in which the total points and fees payable by the
consumer at or before loan closing exceed the greater of $400 or 8
percent of the total loan amount.
www.occ.treas.gov/ftp/bulletin/2006-38.html
August 25, 2006 - Chairman Ben S. Bernanke - Global Economic
Integration: What's New and What's Not? - At the Federal Reserve
Bank of Kansas City's Thirtieth Annual Economic Symposium, Jackson
Hole, Wyoming
www.federalreserve.gov/boarddocs/speeches/2006/20060825/default.htm
________
August 24, 2006 - Banks and Thrifts Report Record Earnings in Second
Quarter Strong demand for commercial and consumer loans boosts net interest
income - Commercial banks and savings institutions insured by the Federal
Deposit Insurance Corporation reported net income of $38.1 billion for the
second quarter of 2006, surpassing the previous quarterly earnings record of
$36.9 billion set in the first quarter. This is the fifth time in the last
six quarters that industry earnings have set a new record.
www.fdic.gov/news/news/press/2006/pr06078.html
August 24, 2006 - Trade Integration, Competition, and the Decline in
Exchange-Rate Pass-Through - Christopher Gust, Sylvain Leduc, and Robert J.
Vigfusson - Over the past twenty years, U.S. import prices have become less
responsive to the exchange rate. We propose that a significant portion of
this decline is a result of increased trade integration.
www.federalreserve.gov/pubs/ifdp/2006/864/default.htm
August 24, 2006 - The Federal Reserve Board on Thursday announced its
approval of a final rule to provide that payroll card accounts are covered
by the Board's consumer protection regulation governing electronic fund
transfers.
www.federalreserve.gov/boarddocs/press/bcreg/2006/20060824/default.htm
August 23, 2006 - OCC Names Scarlett Duplechain its new Community Affairs
Officer for New Orleans - The Office of the Comptroller of the Currency
today announced Scarlett Duplechain as its new Community Affairs Officer in
New Orleans.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=MDHNWVQ9.xml
August 23, 2006 - Thrift Industry Performance Remains Strong in Second
Quarter - The Office of Thrift Supervision reported today that the nation's
thrift industry posted strong earnings and profitability, solid loan growth
and healthy asset quality in the second quarter of 2006.
www.ots.treas.gov/docs/7/776037.html
August 23, 2006 - Agency Information Collection Activities - Proposal to
approval the extension for three years, without revision, of the following
collection of information: Country Exposure Report U.S. Branches and
Agencies of Foreign Banks.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
August 22, 2006 - The Telephone Consumer Protection Act, 47 USC 227, and its
implementing regulation, 47 CFR 64.1200, establish requirements for all
entities, including national banks, that conduct "telemarketing" either
directly or through a third party.
www.occ.treas.gov/ftp/bulletin/2006-37.html
August 22, 2006 - The Federal Reserve Board on Tuesday announced the
issuance of a consent Cease and Desist Order against the Bank of York, York,
Alabama.
www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060822/default.htm
August 22, 2006 - Statistical Release - Charge-Off and Delinquency Rates on
Loans at Commercial Banks added to Data Download application.
www.federalreserve.gov/datadownload/Choose.aspx?rel=CHGDEL
August 22, 2006 - 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.
www.federalreserve.gov/releases/chargeoff/default.htm
August 21, 2006 - Authentication in an Internet Banking Environment - The
Federal Financial Institutions Examination Council has published the
attached frequently asked questions to assist financial institutions and
their technology service providers in conforming with the FFIEC guidance
entitled Authentication in an Internet Banking Environment.
www.fdic.gov/news/news/financial/2006/fil06077.html
August 21, 2006 - Federal Reserve Bulletin -Legal Developments: Second
Quarter, 2006.
www.federalreserve.gov/pubs/bulletin/default.htm#legal
August 21, 2006 - A Trend and Variance Decomposition of the Rent-Price Ratio
in Housing Markets - Sean D. Campbell, Morris A. Davis, Joshua Gallin, and
Robert F. Martin - We use the dynamic Gordon-growth model to decompose the
rent-price ratio for owner-occupied housing in the U.S., four Census
regions, and twenty-three metropolitan areas into three components: The
expected present value of real rental growth, real interest rates, and
future housing premia.
www.federalreserve.gov/pubs/feds/2006/200629/200629abs.html
August 21, 2006 - FFIEC BSA/AML Examination Manual Outreach Fact Sheet that
includes registration information for two nationwide interagency conference
calls regarding the release of the revised 2006 FFIEC BSA/AML Examination
Manual for the banking industry.
www.ffiec.gov/pdf/bsa_registration.pdf
August 21, 2006 - Legal Interpretations - To Gregory J. Lyons in response to
a request on behalf of State Street, allowing State Street to assess
regulatory capital against certain of its indemnified agency securities
lending transactions.
www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2006/20060815.pdf
August 18, 2006 - Bank Secrecy Act - Bank Secrecy Act/Anti-Money Laundering
Interagency Outreach - Registration information is available for two
nationwide conference calls to address changes to the FFIEC BSA/AML
Examination Manual.
www.fdic.gov/news/news/financial/2006/fil06076.html
August 18, 2006 - NCUA - Letter to Federal Credit Unions 06-FCU-04 -
Evaluation of Earnings.
www.ncua.gov/letters/2006/FCU/06-FCU-04.pdf
August 18, 2006 - The Federal Reserve Board on Friday announced the approval
of the application of The International Commercial Bank of China Co., Ltd.,
Taipei, Taiwan, to establish branches in Los Angeles and San Jose,
California, and New York, New York.
www.federalreserve.gov/boarddocs/press/orders/2006/20060818/default.htm
_____________
August 17, 2006 - FDIC Seeks Public Comment on Wide-Ranging Issues
Involving Industrial Loan Company Charters - The Board of Directors of the
Federal Deposit Insurance Corporation voted to seek public comment on a
variety of issues relating to Industrial Loan Companies. On July 28, 2006,
the FDIC imposed a six-month moratorium on ILC deposit insurance
applications and change in control notices
www.fdic.gov/news/news/press/2006/pr06077.html
August 17, 2006 - Report to Congress - Federal Reserve Board of Governors,
Division of Information Technology Strategic Plan, 2006-2009.
www.federalreserve.gov/boarddocs/rptcongress/itstrategicplan/itstrategicplan2006-2009.htm
August 16, 2006 - Huchingson Named to St. Louis Fed's Real Estate Council -
Kevin Huchingson, president and principal of Colliers Dickson Flake Partners
Inc., a full-service commercial real estate services firm, has been named to
the Real Estate Council of the Federal Reserve Bank of St. Louis.
www.stlouisfed.org/news/releases/2006/08_16_06b.htm
August 16, 2006 - The Federal Reserve Bank of St. Louis announced the
following promotions in the Reserve Bank's Research Division: St. Louis Fed
Promotes Guidolin, Owyang and Pakko.
www.stlouisfed.org/news/releases/2006/08_16_06.htm
August 16, 2006 - OCC Releases CRA Evaluations For 17 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, 2006 through August 14, 2006.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=WUDL13G5.xml
August 16, 2006 - OCC Enforcement Actions - The Office of the Comptroller of
the Currency today released new enforcement actions taken against national
banks and individuals currently and formerly affiliated with national banks.
www.occ.treas.gov/ftp/release/2006-86.htm
August 16, 2006 - Statistical Release - G.17 Industrial Production-
Industrial production increased 0.4 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 0.7
percent. With temperatures well above normal during July, the output of
utilities rose 2.0 percent. Production at mines climbed 0.8 percent.
www.federalreserve.gov/releases/g17/current/default.htm
August 15, 2006 - Office of the Comptroller of the Currency published in the
Federal Register the attached final rule amending part 8 of the OCC's rules
concerning the timing of payments of OCC assessments.
www.occ.treas.gov/ftp/bulletin/2006-36.doc
August 15, 2006 - The Federal Reserve Board announced today the approval of
the application of Taiwan Cooperative Bank, Taipei, Taiwan, to establish
branches in Los Angeles, California, and Seattle, Washington.
www.federalreserve.gov/boarddocs/press/orders/2006/20060815/default.htm
August 15, 2006 - The Federal Financial Institutions Examination Council
member agencies today released a frequently asked questions document to aid
in the implementation of the interagency guidance on Authentication in an
Internet Banking Environment issued October 12, 2005.
Press Release:
www.ffiec.gov/press/pr081506.htm
Press Release:
www.occ.treas.gov/ftp/bulletin/2006-35.doc
Press Release:
www.ots.treas.gov/docs/7/776036.html
Press Release:
www.ncua.gov/news/press_releases/2006/JR06-0815.pdf
Press Release:
www.ots.treas.gov/docs/7/776036.html
August 15, 2006 - The Federal Reserve Board on Tuesday announced the
termination of the enforcement action Consolidated Bank and Trust Company,
Richmond, Va. Written Agreement dated September 5, 2000 Terminated July 26,
2006.
www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060815/default.htm
August 14, 2006 - OCC Issues Guidance on Gift Cards- The Office of the
Comptroller of the Currency today issued guidance on disclosure and
marketing issues associated with gift cards. The guidance focuses on the
need for national banks that issue gift cards to do so in a manner in which
both purchasers and recipients are fully informed of the product's terms and
conditions.
Press Release:
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=M182NCDR.xml
Attachment:
www.occ.treas.gov/ftp/bulletin/2006-34.doc
August 14, 2006 - Surveys and Reports - July 2006 Senior Loan Officer
Opinion Survey on Bank Lending Practices - The July 2006 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. Special questions in the survey addressed domestic banks' holdings
of subprime residential mortgages and non-traditional residential mortgage
products.
www.federalreserve.gov/BoardDocs/snloansurvey/200608/default.htm
August 14, 2006 - The Federal Reserve Board on Monday requested comment on
proposed revisions to its 1980 interpretation of Regulation D (Reserve
Requirements of Depository Institutions) setting forth criteria for the
"bankers' bank" exemption from reserve requirements.
www.federalreserve.gov/boarddocs/press/bcreg/2006/20060814/default.htm
August 11, 2006 - Deposit Insurance Coverage - New Spanish Language Overview
Video Now Available - Summary: The FDIC has produced a new Spanish language
video for bank employees and customers explaining federal deposit insurance
coverage. The new video, which features professional actors, is available
for viewing by the public through the FDIC's Web site and can be ordered by
insured institutions on VHS, DVD and CD-ROM.
www.fdic.gov/news/news/financial/2006/fil06075.html
August 11, 2006 - 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 11, 2006 - The Federal Reserve Board on Friday announced its approval
of the proposal by Juniata Valley Financial Corp., Mifflintown, to acquire
39.2 percent of the voting shares of The First National Bank of Liverpool,
Liverpool, both in Pennsylvania.
www.federalreserve.gov/boarddocs/press/orders/2006/20060811/default.htm
August 11, 2006 - NCUA - Letter to Credit Unions 06-CU-13 - Authentication
for Internet Based Services.
www.ncua.gov/letters/2006/CU/06-CU-13.doc
_________________
August 9, 2006 - OTS Appoints RICHARD GAFFIN As Senior Advisor for
International Operations - The Office of Thrift Supervision announced today
the fellowship appointment of Richard B. Gaffin III to serve as its Senior
Advisor for International Operations.
www.ots.treas.gov/docs/7/776035.html
August 9, 2006 - The Federal Reserve Board on Wednesday 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/2006/20060809/default.htm
August 9, 2006 - Agencies Issue Report on Compliance with Consumer Dispute
Provisions of FCRA - The Federal Trade Commission and Federal Reserve Board
on Wednesday issued a joint report to Congress on compliance with the
consumer dispute provisions of the Fair Credit Reporting Act.
www.federalreserve.gov/boarddocs/press/other/2006/20060809/default.htm
August 9, 2006 - The Federal Reserve Board on Wednesday 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/2006/20060809/default.htm
August 9, 2006 - The Federal Reserve Board on Wednesday announced its
approval of the application of Citizens First State Bank of Walnut, Walnut,
Illinois, to establish a branch at 9226 2125 North Avenue, Manlius,
Illinois.
www.federalreserve.gov/boarddocs/press/orders/2006/20060809/default.htm
August 8, 2006 - The Federal Open Market Committee decided today to keep its
target for the federal funds rate at 5-1/4 percent.
www.federalreserve.gov/boarddocs/press/monetary/2006/20060808/default.htm
August 7, 2006 - Federal Reserve Bulletin Article - Credit Card Disclosures,
Solicitations, and Privacy Notices: Survey Results of Consumer Knowledge and
Behavior
www.federalreserve.gov/pubs/bulletin/default.htm
August 7, 2006 - FRB Statistical Release - G.19 Consumer Credit.
www.federalreserve.gov/releases/g19/current/default.htm
August 4, 2006 - NCUA - Board Member Hyland Outlines IT Issues at CUNA's
Technology Council - Speaking today before 150 IT professionals attending
CUNA's Technology Council conference, Board Member Gigi Hyland underscored
the crucial role of IT professionals as strategic partners in assuring that
credit unions thrive in the future. Among the topics discussed were upcoming
requirements to deploy multifactor authentication, as well as data security,
plastic card fraud, and ID theft.
www.ncua.gov/news/press_releases/2006/MA06-0804.htm
______
August 3, 2006 - NCUA - Access Across America Summit Set in Norfolk
- NCUA is hosting an Access Across America Economic Empowerment Summit
October 3, 2006, at the Norfolk Waterside Marriott Hotel in Norfolk,
Virginia. Registration opens at 8 a.m. and the program will begin at 9 a.m.
www.ncua.gov/news/press_releases/2006/MR06-0803.htm
August 3, 2006 - Hearings under the Home Ownership and Equity Protection Act
- Transcript from San Francisco hearing, June 16, 2006.
www.federalreserve.gov/events/publichearings/hoepa/2006/20060616/default.htm
August 3, 2006 - The Federal Reserve Board on Thursday announced its
approval of the proposal by Trustmark Corporation, Jackson, Mississippi, to
acquire Republic Bancshares of Texas, Inc. and its subsidiary bank, Republic
National Bank, both of Houston, Texas.
www.federalreserve.gov/boarddocs/press/orders/2006/20060803/default.htm
August 3, 2006 - 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/2006/pr06075.html
August 3, 2006 - Proposal for comment - Request for comments on a proposed
amendment to an interim rule that clarifies the limitations of access to
sensitive information by non-citizen employees.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
August 2, 2006 - 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/
August 2, 2006 - FRB Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
www.federalreserve.gov/Releases/bulletin/0706assets.htm
August 1, 2006 - National Historic Preservation Act of 1966 Revisions to the
FDIC Statement of Policy Regarding the National Historic Preservation Act -
The FDIC has revised its Statement of Policy Regarding the National Historic
Preservation Act of 1966.
www.fdic.gov/news/news/financial/2006/fil06070.html
August 1, 2006 - Statistical Supplement to the Federal Reserve Bulletin July
2006.
www.federalreserve.gov/pubs/supplement/2006/07/default.htm
August 1, 2006 - NCUA - Board Member Hyland Participates in Podcast -
National Credit Union Administration Board Member Gigi Hyland and her Senior
Policy Advisor, Gary Kohn, today participated in a podcast entitled "Current
Issues in Credit Unions, Episode 4." The podcast is a monthly, collaborative
effort by four well-known credit union attorneys to discuss issues facing
the credit union system.
www.ncua.gov/news/press_releases/2006/MA06-0801.htm
August 1, 2006 - NCUA - Mt. Hebron Baptist Federal Credit Union Placed Into
Conservatorship - The National Credit Union Administration has assumed
control of the operations at Mt. Hebron Baptist Federal Credit Union of
Philadelphia, Pennsylvania, with the goal of continuing credit union service
to its members and ensuring a safe, sound credit union operation.
www.ncua.gov/news/press_releases/2006/MR06-0801.htm
August 1, 2006 - 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.
www.fdic.gov/news/news/press/2006/pr06074.html
August 1, 2006 - Foreign exchange rates - The table below shows the average
rates of exchange in July 2006 together with comparable figures for other
months. Averages are based on daily noon buying rates for cable transfers in
New York City certified for customs purposes by the federal reserve bank of
New York.
www.federalreserve.gov/Releases/G5/Current/default.htm |
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