Bank Regulatory Press Releases

Bank Regulatory News

August 2007

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August 31, 2007 - Statement of Comptroller Dugan on President Bush’s AnnouncementOf Steps to Help American Families Keep Their Homes -Comptroller of the Currency John C. Dugan issued the following statement regarding President Bush's announcement this morning of steps to help homeowners having difficulty paying their mortgages and to ensure that the problems now disrupting the housing industry do not happen again.   www.occ.treas.gov/ftp/release/2007-90.htm

August 31, 2007 - Bank Secrecy Act/Anti-Money Laundering: Requests by Law Enforcement for Financial Institutions to Maintain Accounts, - FinCEN guidance describes procedures that financial institutions should follow when requested by law enforcement agencies to maintain accounts. www.occ.treas.gov/ftp/bulletin/2007-37.html

August 31, 2007 - FDIC Issues Fourth Quarter 2007 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 2007. www.fdic.gov/news/news/press/2007/pr07072.html

August 31, 2007 - Chairman Ben S. Bernanke - Housing, Housing Finance, and Monetary Policy At the Federal Reserve Bank of Kansas City's Economic Symposium, Jackson Hole, Wyoming www.federalreserve.gov/boarddocs/speeches/2007/20070831/default.htm _________________

August 30, 2007 - Bank Secrecy/Anti-Money Laundering: Suspicious Activity Report Supporting Documentation -On June 13, 2007, the Financial Crimes Enforcement Network issued new guidance addressing suspicious activity report (SAR) supporting documentation. www.occ.treas.gov/ftp/bulletin/2007-34.html

August 30, 2007 - Bank Secrecy Act/Anti-Money Laundering: BSA Enforcement Policy - The federal banking agencies issued an interagency statement which provides policy guidance for compliance with Bank Secrecy Act requirements. www.occ.treas.gov/ftp/bulletin/2007-36.html

August 30, 2007 - Bank Secrecy Act/Anti-Money Laundering: 2007 National Money Laundering Strategy - The Department of Treasury, the Department of Justice, and the Department of Homeland Sescurity jointly released the "2007 National Money Laundering Strategy.   www.occ.treas.gov/ftp/bulletin/2007-35.html

August 29, 2007 - The Federal Reserve Board on Wednesday announced its approval of the proposal by National City Corporation, Cleveland, Ohio, to merge with MAF Bancorp, Inc., Clarendon Hills, Illinois, and thereby acquire its subsidiaries, Mid America Bank, fsb, Clarendon Hills, and St. Francis Equity Properties, Inc., Brookfield, Wisconsin. www.federalreserve.gov/boarddocs/press/orders/2007/20070829/default.htm

August 29, 2007 - OCC Encourages National Banks to Work with Customers Affected by Flooding in Wisconsin, Minnesota, Illinois, and Ohio - The Office of the Comptroller of the Currency has outlined measures to assist national banks and their customers affected by the flooding in Wisconsin, Minnesota, Illinois, and Ohio. The OCC regulates national banks. www.occ.treas.gov/ftp/release/2007-89.htm

August 29, 2007 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Premier Bank, Denver, Colorado, the State of Colorado Division of Banking, Denver, Colorado, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070829/default.htm

August 28, 2007 - Bank Secrecy Act/Anti-Money Laundering: FinCEN; Final Rule for Section 312 of the USA PATRIOT Act; Enhanced Due Diligence for Correspondent Accounts Maintained by Certain Foreign Banks - The Financial Crimes Enforcement Network announced on August 8 the final rule implementing a significant provision of Section 312 of the USA PATRIOT Act. www.occ.treas.gov/ftp/bulletin/2007-33.html

August 28, 2007 - The Federal Reserve Board on Tuesday alerted the public to instances of illegitimate checks being drawn on an entity named TUC Private Currency Office and other questionable practices by The United Cities Corp., Miami, Florida. Reports of these practices have surfaced in Florida. www.federalreserve.gov/boarddocs/press/other/2007/20070828/default.htm

August 28, 2007 - OTS Director Reich Cites Interagency Successes Against Terrorist Financing and Money Laundering - Office of Thrift Supervision Director John Reich today cited close cooperation among federal bank regulators as a key ingredient in the successes in safeguarding the nation's financial system from money laundering and terrorist financing. www.ots.treas.gov/docs/7/777061.html

August 28, 2007 - OCC Focuses on Employer Assisted Mortgage Programs - The Office of the Comptroller of the Currency today released a Community Developments Insights report entitled, "Understanding Employer Assisted Mortgage Programs: A Primer for National Banks," highlighting key features of employer assisted mortgage programs and opportunities for bank involvement with these initiatives. www.occ.treas.gov/ftp/release/2007-88.htm

August 28, 2007 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 7, 2007. www.federalreserve.gov/boarddocs/press/monetary/2007/20070828/default.htm

August 28, 2007 - The Federal Reserve Board on Tuesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Capital City Bank, Tallahassee, Florida, a state member bank. Capital City Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070828/default.htm

August 27, 2007 - Midwestern Farmland Values Still Increasing - AgLetter reports land values 11 percent higher in second quarter of 2007 compared with second quarter of last year. www.chicagofed.org/economic_research_and_data/ag_conditions.cfm

August 27, 2007 - Midwest Manufacturing Output Rises in July - The Chicago Fed Midwest Manufacturing Index rose 0.6% in July 2007, at a seasonally adjusted level of 106.0 (2002 = 100). www.chicagofed.org/economic_research_and_data/cfmmi.cfm

August 27, 2007 - Truth in Lending Act, Final Rule: Annual Dollar Trigger for Certain Home Mortgage Loans Bearing Fees Above a Certain Amount - The Federal Reserve Board has published the final rule for the dollar amount in 2008 that triggers provisions of the Home Ownership and Equity Protection Act. www.occ.treas.gov/ftp/bulletin/2007-32.html

August 27, 2007 - Letter to Kathleen A. Juhase, Esq., JPMorgan Chase & Co., New York, New York, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions between JPMorgan Chase, N.A., and its affiliate, J.P.Morgan Securities Inc. LLC. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2007/20070820c/20070820c.pdf

August 27, 2007 - Daniel Sullivan Named New Research Director - Vice President Daniel Sullivan, an expert on labor market issues, will become the bank's head of research effective September 1. - The Federal Reserve Bank of Chicago today announced that Daniel Sullivan will become the bank's research director effective September 1. Sullivan, 48, will replace Charles Evans, who last month was named president and CEO of the bank, also effective September 1. www.chicagofed.org/news_room/news/2007_08_27_chicago_research_director_announcement.cfm

August 27, 2007 - Prohibition on Political Contributions by National Banks - This bulletin describes and emphasizes the prohibitions on political contributions or expenditures by national banks pursuant to the Federal Election Campaign Act of 1971. www.occ.treas.gov/ftp/bulletin/2007-31.html

August 24, 2007 - Telephone Consumer Protection Act and Junk Fax Prevention Act: Revised Examination Procedures - The OCC is issuing updated Examination Procedures and a Worksheet for compliance with the Telephone Consumer Protection Act and Junk Fax Prevention Act. www.occ.treas.gov/ftp/bulletin/2007-30.html

August 24, 2007 - Legal Interpretations - Federal Reserve Act, August 20, 2007 - Letter to Carl Howard, Esq., Citigroup Inc., New York, New York, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions between Citibank, N.A., and its affiliate, Citigroup Global Markets Inc. www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070820b/20070820b.pdf

August 24, 2007 - Legal Interpretations - Federal Reserve Act, August 20, 2007 - Letter to Patrick S. Antrim, Esq., Bank of America Corporation, Charlotte, North Carolina, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions between Bank of America, N.A., and its affiliate, Banc of America Securities LLC.   www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070820a/20070820a.pdf

August 24, 2007 - Bank Secrecy Act - Revised Bank Secrecy Act/anti-money Laundering Examination Manual - The Federal Financial Institutions Examination Council released the revised Bank Secrecy Act/Anti-Money Laundering Examination Manual on August 24, 2007.
Press Release: www.fdic.gov/news/news/financial/2007/fil07073.html
Press Release: www.ffiec.gov/press/pr082407.htm
Press Release: www.ots.treas.gov/docs/7/777060.pdf
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0824Attachment.pdf
Press Release : www.federalreserve.gov/boarddocs/srletters/2007/SR0715.htm
Press Release: www.occ.treas.gov/ftp/bulletin/2007-29.html

August 24, 2007 - Preventing and Detecting Child Pornography - Best Practices from the Financial Coalition Against Child Pornography -The FDIC is distributing the attached "Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography," prepared by the Financial Coalition Against Child Pornography. www.fdic.gov/news/news/financial/2007/fil07072.html
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August 23, 2007 - An Efficiency Perspective on the Gains from Mergers and Asset Purchases - Sugata Ray and Missaka Warusawitharana - A simple efficiency-based view states that acquisitions shift assets to more productive owners. This implies that expected returns from acquisitions increase with transaction value. We propose using the sensitivity of abnormal returns to scaled transaction value as a measure of efficiency gains. Using this method, we find that the average acquirer obtains an increase of 3% - 5% in the value of the acquired assets. However, efficiency gains vary sharply across acquirer and deal characteristics. www.federalreserve.gov/pubs/feds/2007/200739/index.html

August 23, 2007 - Improving Transportation Networks with Payment Innovations - Chicago Fed Letter examines pricing strategies and other ways to reduce congestion and improve economic efficiency of transport systems. www.chicagofed.org/publications/fedletter/cflseptember2007_242b.pdf

August 23, 2007 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2007/MR07-0823.htm

August 23, 2007 - Bank Secrecy Act Interagency Statement on Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements - The federal financial regulatory agencies have issued the attached statement setting forth the policy for enforcing specific anti-money laundering requirements of the Bank Secrecy Act. www.fdic.gov/news/news/financial/2007/fil07071.html

August 22, 2007 - Legal Interpretations - Bank Holding Company/Change in Control - Letter to H. Rodgin Cohen, Esq. in response to an inquiry on the appropriate risk-based capital treatment of certain collateralized loans of cash under the Board's risk-based capital guidelines for state member banks and bank holding companies. The letter clarifies that the risk weight on a collateralized loan can range from zero to 100 percent depending on several factors, including the nature of the obligor, the presence of a guarantee, the nature of the collateral, and whether the loan is documented as a securities borrowing transaction or a reverse repurchase agreement. www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2007/20070821.pdf

August 22, 2007 - Foreclosure Resources for Consumers - If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you. www.federalreserve.gov/pubs/foreclosure/default.htm

August 22, 2007 - Chicago Fed to Host Conference on Ag Industry Trends - The role of R&D in food manufacturing and bio-fuels are among ag-related topics to be discussed September 24. www.chicagofed.org/news_and_conferences/conferences_and_events/2007_agriculture.cfm

August 22, 2007 - Earnings at FDIC-Insured Institutions Total $36.7 Billion in the Second Quarter - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $36.7 billion for the second quarter of 2007, which is $1.3 billion (3.4 percent) below the level of a year ago but still the fourth-best quarterly earnings ever reported. www.fdic.gov/news/news/press/2007/pr07071.html

August 21, 2007 - NCUA Issues Cell Phones to Examiners - The National Credit Union Administration has contracted with AT&T Wireless to issue cellular phones to all field examiners in the near future. www.ncua.gov/news/press_releases/2007/MR07-0821.htm

August 21, 2007 - 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/2007/pr07070.html

August 21, 2007 - Statistical Release - Large Commercial Banks - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets Of $300 Million Or More, Ranked By Consolidated Assets. www.federalreserve.gov/releases/lbr/current/default.htm

August 21, 2007 - Transaction Costs and Consumption - Geng Li - The Rational Expectations Permanent Income Hypothesis fails to explain several features of consumption behavior documented by previous researchers. First, the marginal propensity to consume out of unanticipated income shocks tends to decrease as the size of the shocks becomes larger. www.federalreserve.gov/pubs/feds/2007/200738/200738abs.html

August 21, 2007 - The Federal Reserve Board on Tuesday announced its approval of the proposal by Wells Fargo & Company, San Francisco, to acquire Greater Bay Bancorp, East Palo Alto, and thereby indirectly acquire its subsidiary, Greater Bay Bank, National Association, Palo Alto, all of California. www.federalreserve.gov/boarddocs/press/orders/2007/20070821/default.htm

August 21, 2007 - OTS Appoints Darrel W. Dochow West Regional Director - The Office of Thrift Supervision announced today the appointment of Darrel W. Dochow as Regional Director of the OTS West Region. www.ots.treas.gov/docs/7/777059.html

August 21, 2007 - Nontraditional Mortgage Products: Illustrations of Consumer Information - This interagency final guidance presents illustrations of consumer disclosures for interest-only loans and payment-option adjustable-rate mortgage products. www.occ.treas.gov/ftp/bulletin/2007-28.html

August 21, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshop on Compliance Risk in Lexington, Kentucky - The Office of the Comptroller of the Currency will host a compliance risk workshop for national community bank directors at the Crowne Plaza, Lexington, Kentucky, September 25. www.occ.treas.gov/ftp/release/2007-87.htm

August 20, 2007 - 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. The list includes only the top-tier company in each organization. www.federalreserve.gov/GeneralInfo/FHC/default.htm

August 20, 2007 - July Economic Growth Slightly Below Average - The Chicago Fed National Activity Index was -0.10 in July, down from +0.06 in June. www.chicagofed.org/economic_research_and_data/cfnai.cfm

August 17, 2007 - The Federal Reserve Board on Friday announced the approval of an application by The State Export-Import Bank of Ukraine, Kiev, Ukraine, to establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2007/20070817/default.htm

August 17, 2007 - 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 17, 2007 - The Federal Reserve Board on Friday approved actions by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas decreasing the discount rate at the Banks from 6-1/4 percent to 5-3/4 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2007/200708173/default.htm

August 17, 2007 - FDIC Issues Tips to Help Consumers Save Hundreds on Loans and Credit Cards - Special Edition of FDIC Consumer News Features 51 Ways to Cut the Costs of Borrowing Money - The Federal Deposit Insurance Corporation today issued a collection of 51 simple, practical tips that can help consumers save hundreds, if not thousands, of dollars on loans and credit cards. The advice, in a special edition of the agency's quarterly FDIC Consumer News, provides ideas and information on topics such as how to: get the best possible interest rates, avoid paying unnecessary fees, find "emergency" cash at affordable prices, and steer clear of credit-related rip-offs and scams. www.fdic.gov/news/news/press/2007/pr07069.html

August 17, 2007 - Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably. www.federalreserve.gov/boarddocs/press/monetary/2007/20070817/default.htm

August 17, 2007 - To promote the restoration of orderly conditions in financial markets, the Federal Reserve Board approved temporary changes to its primary credit discount window facility. The Board approved a 50 basis point reduction in the primary credit rate to 5-3/4 percent, to narrow the spread between the primary credit rate and the Federal Open Market Committee's target federal funds rate to 50 basis points. www.federalreserve.gov/boarddocs/press/monetary/2007/200708172/default.htm
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August 16, 2007 - OTS Senior Deputy Director Polakoff to Discuss - The Office of Thrift Supervision will hold a news briefing at 10 a.m., Tuesday, August 21, 2007, to unveil performance data for federally regulated thrifts for the second quarter of 2007. www.ots.treas.gov/docs/7/777057.html

August 16, 2007 - Statistical Supplement to the Federal Reserve Bulletin - July 2007. www.federalreserve.gov/Pubs/supplement/2007/07/default.htm

August 16, 2007 - Statistical Release - G.20 Finance Companies. www.federalreserve.gov/Releases/G20/Current/default.htm

August 16, 2007 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Anadarko Bank & Trust Company, Anadarko, Oklahoma, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/boarddocs/press/Enforcement/2007/200708162/default.htm

August 16, 2007 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Marco Community Bank, Marco Island, Florida, the Florida Office of Financial Regulation, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070816/default.htm

August 16, 2007 - Transitions: The State of the Automotive Industry-A summary by William A. Strauss, senior economist and economic advisor, and Emily A. Engel, associate economist The United States automotive industry has been undergoing tremendous changes in recent years. Speakers at a recent Chicago Fed conference explored these changes and considered the road to the future for the auto industry. www.chicagofed.org/publications/fedletter/cflseptember2007_242a.pdf

August 16, 2007 - FFIEC Press Release on the U.S. Treasury Department Sponsored Exercise to Test Readiness to Deal with Pandemic Crisis - The Federal Reserve along with the other Federal Financial Institutions Examination Council agencies is inviting financial institutions to participate in the U.S Treasury Department sponsored industry-wide business continuity exercise for members of the financial services sector. www.federalreserve.gov/BoardDocs/SRLetters/2007/SR0714.htm

August 15, 2007 - Farm Income, Land Values Continue to Climb, Survey Finds. www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-21.pdf

August 15, 2007 - Why Do Firms Offer Risky Defined Benefit Pension Plans? - David A. Love, Paul A. Smith, and David Wilcox - Even risky pension sponsors could offer essentially riskless pension promises by contributing a sufficient level of resources to their pension trust funds and by investing those resources in fixed-income securities designed to deliver their payoffs just as pension obligations are coming due. However, almost no firm has chosen to fund its plan in this manner. www.federalreserve.gov/Pubs/FEDS/2007/200736/index.html

August 15, 2007 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks - These tables are published monthly in the Statistical Supplement to the Federal Reserve Bulletin. www.federalreserve.gov/Releases/bulletin/default.htm

August 15, 2007 - Reports to Congress - Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit.   www.federalreserve.gov/Pubs/reports_other.htm

August 15, 2007 - Consumer Information - 5 Tips for Improving Your Credit Score. www.federalreserve.gov/Pubs/creditscore/default.htm

August 15, 2007 - Industrial Production And Capacity Utilization - Industrial production rose 0.3 percent in July after an increase of 0.6 percent in June. At 113.9 percent of its 2002 average, total industrial production in July was 1.4 percent above its year-earlier level. In July, manufacturing output moved up 0.6 percent and mining output advanced 0.7 percent, but the output of utilities fell 2.1 percent. www.federalreserve.gov/Releases/G17/Current/default.htm

August 14, 2007 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Storm and Flood-affected Areas of Texas and Oklahoma - In an update to FIL-61-2007, dated July 6, 2007, the Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Texas and Oklahoma that are suffering from storms and flooding. www.fdic.gov/news/news/financial/2007/fil07068.html

August 14, 2007 - Federal Financial Regulators Propose Illustrations of Consumer Information to Support Their Statement on Subprime Mortgage Lending - The federal financial regulatory agencies today issued proposed illustrations of consumer information for certain adjustable-rate mortgage products described in the agencies' Statement on Subprime Mortgage Lending, effective July 10, 2007.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070814/default.htm
Press Release: www.fdic.gov/news/news/financial/2007/fil07067.html
Press Release: www.occ.treas.gov/ftp/release/2007-85.htm
Press Release: www.ots.treas.gov/docs/7/777056.html
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0814.pdf

August 14, 2007 - The Federal Reserve Board on Tuesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Chemical Bank, Midland, Michigan, a state member bank. Chemical Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070814/default.htm

August 13, 2007 - OCC Releases CRA Evaluations For 22 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, 2007 through August 14, 2007. www.occ.treas.gov/ftp/release/2007-84.htm

August 13, 2007 - The July 2007 Senior Loan Officer Opinion Survey on Bank Lending Practices - The July 2007 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.1 The survey contained a set of special questions that asked banks about their involvement in, and their assessment of the outlook for, the syndicated loan market. As in the April survey, banks were queried separately about changes in standards and demand for prime, nontraditional, and subprime residential mortgages. www.federalreserve.gov/boarddocs/SnLoanSurvey/200708/default.htm

August 13, 2007 - 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 Ninth and Tenth Districts. These amendments are part of a series of amendments to Appendix A associated with the previously-announced restructuring of the Reserve Banks' check processing operations. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070813/default.htm

August 13, 2007 - OCC Encourages National Banks to Test Readiness to Deal with Pandemic Crisis - The Office of the Comptroller of the Currency is encouraging national banks to participate in a U.S. Treasury-sponsored exercise that is intended to test the financial sector's ability to respond to a pandemic like crisis, such as an influenza pandemic. www.occ.treas.gov/ftp/release/2007-83.htm

August 13, 2007 - The Federal Financial Institutions Examination Council agencies would like to invite financial institutions to participate in the U.S Treasury Department sponsored industry-wide business continuity exercise for members of the financial services sector. www.ffiec.gov/press/pr081307.htm

August 10, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshop on Compliance Risk in Little Rock, Arkansas The Office of the Comptroller of the Currency will host a compliance risk workshop for national community bank directors at the Peabody Hotel, Little Rock, Arkansas, on September 11. www.occ.treas.gov/ftp/release/2007-82.htm

August 10, 2007 - Federal Trade Commission Request for Comments on the Use of Social Security Numbers Within the Private Sector - The FTC is requesting comment on the use of SSNs in the financial services industry, and within the private sector more generally, in response to recommendations established by the President's Task Force on Identity Theft. www.federalreserve.gov/BoardDocs/SRLetters/2007/SR0713.htm

August10, 2007 - The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2007/20070810/default.htm
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August 9, 2007 - Comptroller Distributes Booklet to Help Banks Fight Child Pornography - Internet Merchant Acquisition and Monitoring Best Practices for the Prevention and Detection of Commercial Child Pornography. www.occ.treas.gov/ftp/release/2007-81.htm

August 9, 2007 - The Federal Reserve Board on Thursday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by The Bank of Nova Scotia, Toronto, Canada, to acquire 10 percent of the outstanding voting shares of First BanCorp, San Juan, and, indirectly, its subsidiary bank, FirstBank of Puerto Rico, Santurce, both in Puerto Rico, and its subsidiary savings association, FirstBank Florida, Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2007/20070809/default.htm

August 9, 2007 - The Federal Reserve Board on Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Hanmi Bank, Los Angeles, California, a state member bank. Hanmi Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070809/default.htm

August 8, 2007 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Marshall BankFirst Corp., Minneapolis, Minnesota, BANKFIRST, Sioux Falls, South Dakota, the South Dakota Department of Revenue and Regulation, Division of Banking, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070808/default.htm

August 7, 2007 - Letter to Stakeholders - Second Quarter 2007 Edition of FDIC's Letter to Stakeholders - The FDIC has issued the attached Letter to Stakeholders, which reports on the FDIC's priorities and activities for the second quarter of 2007. www.fdic.gov/news/news/financial/2007/fil07066.html

August 7, 2007 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 5-1/2 percent in the second quarter of 2007. In June, consumer credit increased at an annual rate of 6-1/2 percent. www.federalreserve.gov/Releases/G19/Current/default.htm

August 7, 2007 - Legal Interpretations - Bank Holding Company Act, July 18 (Rice, Kiessling). www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2007/200707182.pdf

August 7, 2007 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by Mercantile Bancorp, Inc., Quincy, Illinois, to acquire HNB Financial Services, Inc. and its subsidiary bank, HNB National Bank, both of Hannibal, Missouri. www.federalreserve.gov/boarddocs/press/orders/2007/200708072/default.htm

August 7, 2007 - The Federal Reserve Board on Tuesday announced the approval of an application by Caixa Econômica Federal, Brasília, Brazil, to establish a representative office in Jersey City, New Jersey. www.federalreserve.gov/boarddocs/press/orders/2007/20070807/default.htm

August 7, 2007 - 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/2007/20070807/default.htm

August 7, 2007 - OTS to Host Second Annual National Housing Forum - The Office of Thrift Supervision will hold its Second Annual National Housing Forum on December 3, 2007, at the National Press Club in Washington, D.C. The NHF will once again bring together some of the foremost housing and economic experts to discuss and debate the most significant housing finance issues facing our nation. www.ots.treas.gov/docs/7/777055.html

August 6, 2007 - Third Quarter Economic Perspectives Now Available - A quarterly journal of in-depth articles reporting on the Bank's economic research. www.chicagofed.org/economic_research_and_data/economic_perspectives.cfm

August 6, 2007 - Civil Money Penalties Assessed against American Express Bank International and American Express Travel Related Services Company, Inc. - The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network on Monday announced that they have concurrently assessed $20 million in civil money penalties against American Express Bank International (AEBI) of Miami, Florida, for violations of the Bank Secrecy Act. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070806/default.htm

August 6, 2007 - 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/2007/pr07067.html

August 3, 2007 - OTS Issues Notice on Unfair or Deceptive Acts or Practices - The Office of Thrift Supervision announced today that it has issued an Advance Notice of Proposed Rulemaking seeking public comment on approaches for the OTS to consider in expanding its regulatory authority to address unfair or deceptive acts or practices in the OTS-regulated thrift industry. www.ots.treas.gov/docs/7/777054.html

August 3, 2007 - OCC Working Paper 2007-4 "Loss Given Default of High Loan-to-Value Residential Mortgages" - The authors show that loss given default can largely be explained by various characteristics associated with the loan. www.occ.treas.gov/ftp/workpaper/wp2007-4.pdf

August 3, 2007 - OCC Announces New Electronic Interpretations and Actions - July 2007. www.occ.treas.gov/interp/jul07/intjul07.htm
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August 2, 2007 - Measuring community college performance by Brian Fabes, chief executive officer, Civic Consulting Alliance, and Richard H. Mattoon, senior economist and economic advisor, Federal Reserve Bank of Chicago. www.chicagofed.org/publications/fedletter/cflseptember2007_242.pdf

August 2, 2007 - The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Richard N. DeLong, a former chief lending officer, director, and institution-affiliated party of Mid America Bank and Trust Company, Dixon, Missouri. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070802/default.htm

August 2, 2007 - Measuring community college performance - Brian Fabes Richard H. Mattoon - In this article, the authors propose a framework for analyzing the outcomes from community college programs as a starting point for a larger discussion on the optimal distribution of resources across the multiple missions of community colleges. www.chicagofed.org/publications/fedletter/cflseptember2007_242.pdf

August 2, 2007 - FDIC Chairman Discusses Memorandum of Understanding Between the FDIC and the People's Bank of China - Press Conference Follows Two Weeks of Meetings and Discussions With Banking and Government Leaders in China. www.fdic.gov/news/news/press/2007/pr07066.html

August 2, 2007 - Governor Randall S. Kroszner - Renomination to the Board -Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. www.federalreserve.gov/boarddocs/testimony/2007/20070802/default.htm

August 1, 2007 - OTS Director Reich Announces Expanded Support for Minority Depository Institutions - At the Minority Depository Institutions Interagency National Conference today in Miami Beach, Florida, Office of Thrift Supervision Director John Reich cited the contributions of minority-owned banks and thrifts and outlined steps that the OTS is taking to support minority institutions. www.ots.treas.gov/docs/7/777053.html

August 1, 2007 - OTS Unveils Updated Community Liaison Newsletter Foreclosure Prevention Scams, First-time Home Buyer Programs Highlighted - The Office of Thrift Supervision introduced today its updated community affairs newsletter, Community Liaison. The revised publication will cover consumer compliance and community development topics, and will serve as a timely resource on subjects and issues of interest to thrift institutions, consumer advocacy groups and community organizations. www.ots.treas.gov/docs/7/777052.html

August 1, 2007 - OCC Chief of Staff Addresses Minority-Owned Financial Institutions - The Office of the Comptroller of the Currency's Chief of Staff John G. Walsh today spoke to executives of minority-owned financial institutions on clarifying Community Reinvestment Act credit and his Agency's effort to enhance minority bank supervision. www.occ.treas.gov/ftp/release/2007-80.htm

August 1, 2007 - 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/2007/20070801/default.htm

August 1, 2007 - FDIC Hosts Interagency National Conference for Minority Depository Institutions - The Federal Deposit Insurance Corporation today began hosting a two-day national conference for federally insured minority depository institutions on the challenges and issues facing this segment of the banking industry. Representatives from the FDIC and the other three federal banking regulators - the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision - will address "hot topics" affecting MDIs and update these institutions on current banking-related issues and legislation. The conference is being held in Miami Beach.
Press Release: www.fdic.gov/news/news/press/2007/pr07065.html
Press Release: www.occ.treas.gov/ftp/release/2007-80.htm

August 1, 2007 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In July 2007 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

August 1, 2007 - Governor Randall S. Kroszner - Federal Reserve Initiatives to Support Minority-Owned Institutions and Expand Consumer Protection - At the Interagency Minority Depository Institutions National Conference, Miami, Florida.   www.federalreserve.gov/boarddocs/speeches/2007/20070801/default.htm

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