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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

August 2008

Does your financial institution need an affordable Internet security audit?  Yennik, Inc. has clients in 42 states that rely on our penetration testing audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.


August 29, 2008 - NCUA - New London Security FCU Full Payout Currently Over 97% - The National Credit Union Administration today announced results of its continuing reconciliation of accounts at New London Security First FCU in New London, CT, which the federal agency placed into liquidation one month ago today. www.ncua.gov/news/press_releases/2008/MA08-0828c.htm 

August 29, 2008 - OCC Announces New Electronic Interpretations and Actions - August 2008.  www.occ.treas.gov/interp/aug08/intaug08.htm 

August 29, 2008 - OCC Issues Fourth Quarter 2008 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the fourth quarter of 2008. www.occ.treas.gov/ftp/release/2008-100.htm 

August 29, 2008 - OCC Allows National Bank Offices Affected by Hurricane Gustav to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Gustav to close at their discretion. www.occ.treas.gov/ftp/release/2008-99.htm 

August 29, 2008 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Florida Affected by Severe Storms, Tornadoes and Flooding - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by recent severe storms, tornadoes and flooding. www.fdic.gov/news/news/financial/2008/fil08086.html 

August 29, 2008 - Regions Bank Acquires All the Deposits of Integrity Bank, Alpharetta, Georgia - Integrity Bank, Alpharetta, Georgia, with $1.1 billion in total assets and $974.0 million in total deposits as of June 30, 2008, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. www.fdic.gov/news/news/press/2008/pr08074.html 

August 29, 2008 - FDIC Issues Fourth Quarter 2008 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 2008. This list is published pursuant to revised CRA regulations published in May 1995 that require each federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. www.fdic.gov/news/news/press/2008/pr08073.html 

August 29, 2008 - FDIC Makes Public July Enforcement Actions; No Administrative Hearings are Scheduled for September - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08072.html 

August 29, 2008 - The Federal Reserve Board on Friday released its Small Entity Compliance Guide for Regulation R. Regulation R, adopted jointly by the Board and the Securities and Exchange Commission in September 2007, implements certain of the key exceptions for banks from the definition of the term "broker" under Section 3(a)(4) of the Securities Exchange Act of 1934, as amended by the Gramm-Leach-Bliley Act. The Regulatory Flexibility Act requires the Board to prepare small entity compliance guides for final rules such as Regulation R. The guide provides a general description of the regulation and contact information for small entities with questions regarding compliance. www.federalreserve.gov/newsevents/press/bcreg/20080829a.htm 

August 29, 2008 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Orion Bancorp, Inc. and Orion Bank, both of Naples, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20080829a.htm 
_______________

August 28, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/0808assets.htm 

August 28, 2008 - The Federal Reserve Board on Thursday announced the launch of an online resource to help consumers make informed choices when refinancing a home loan. - "A Consumer's Guide to Mortgage Refinancing," which is available at http://www.federalreserve.gov/pubs/refinancings/default.htm, contains useful tips and answers to frequently asked questions about the refinancing process. www.federalreserve.gov/newsevents/press/other/20080828a.htm 

August 28, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Security Pacific Bancorp, Los Angeles, California, a registered bank holding company that owns and controls Security Pacific Bank, Los Angeles, California, a state chartered nonmember bank, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20080828a.htm 

August 28, 2008 - Midwest Farmland Values Continue to Rise - Most recent AgLetter reports land values 15 percent higher in second quarter 2008. www.chicagofed.org/economic_research_and_data/ag_conditions.cfm 

August 27, 2008 - FDIC General Counsel Sara A. Kelsey to Retire - Sara A. Kelsey, General Counsel of the FDIC, will retire on October 31, 2008. Ms. Kelsey has served in this position for the past two years. www.fdic.gov/news/news/press/2008/pr08071.html 

August 27, 2008 - Midwest Manufacturing Output Increases in July - Chicago Fed Midwest Manufacturing Index rose 0.4% in July, to a seasonally adjusted level of 106.3. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

August 27, 2008 - Record Reserves for Weathering Housing Market Distress Drive Thrift Industry Loss in Second Quarter of 2008 - The thrift industry posted a $5.4 billion loss for the second quarter of 2008, as institutions set aside record reserves for loan losses during the continued housing market downturn, the Office of Thrift Supervision reported today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=04e52ac9-1e0b-8562-ebd9-208441d6304f&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

August 27, 2008 - Bank Holding Company Supervision Manual - July 2008 Update - Provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries. The supervisory objectives of the inspection program are to ascertain whether the financial strength of the bank holding company is being maintained on an ongoing basis and to determine the effects or consequences of transactions between a holding company or its nonbanking subsidiaries and its subsidiary banks. www.federalreserve.gov/boarddocs/supmanual/bhc/200807/bhc0708.pdf 

August 26, 2008 - OTS Issues Guidance on Home Equity Lines of Credit - The Office of Thrift Supervision issued guidance today to OTS-regulated financial institutions about managing programs offering home equity lines of credit, a revolving form of credit in which the borrower's home serves as collateral. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=ff1e5c71-1e0b-8562-eb17-322afdc45a53&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

August 26, 2008 - Deposit Insurance Seminars - Nationwide Free Seminars for Bank Employees on How to Calculate Deposit Insurance Coverage - The FDIC will host eight identical telephone seminars for bankers this fall on the FDIC's rules for deposit insurance coverage. The free seminars will guide bank employees through the process of determining a customer's deposit insurance coverage. Each seminar will run approximately two to three hours. The seminars will be held between September 17 and November 4, 2008, and are available to employees of all FDIC-insured banks and savings associations. www.fdic.gov/news/news/financial/2008/fil08085.html 

August 26, 2008 - Liquidity Risk Management - The FDIC is issuing this guidance to highlight the importance of liquidity risk management at financial institutions. Liquidity risk measurement and management systems should reflect an institution's complexity, risk profile, and scope of operations. Institutions that use wholesale funding, securitizations, brokered deposits and other high-rate funding strategies should ensure that their contingency funding plans address relevant stress events. www.fdic.gov/news/news/financial/2008/fil08084.html 

August 26, 2008 - Insured Bank and Thrift Earnings Fell to $5.0 Billion in the Second Quarter FDIC Board to Consider Restoration Plan to Bolster the Deposit Insurance Fund - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $5.0 billion in the second quarter of 2008, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. With the exception of the fourth quarter of last year, the latest earnings were the lowest for the industry since the fourth quarter of 1991. www.fdic.gov/news/news/press/2008/pr08070.html 

August 26, 2008 - Elizabeth A. Duke was formally sworn in as a member of the Board of Governors of the Federal Reserve System at a ceremony Tuesday in the atrium of the Board's main building in Washington. www.federalreserve.gov/newsevents/press/other/20080826a.htm 

August 26, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on August 5, 2008, and of the conference call held on July 24, 2008. www.federalreserve.gov/newsevents/press/monetary/20080826b.htm

August 26, 2008 - On August 25, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20080826a.htm 

August 25, 2008 - July Economic Activity Slightly Weaker - The Chicago Fed National Activity Index was -0.67 in July, down from -0.59 in June. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

August 25, 2008 - OCC Releases CRA Evaluations For 27 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, 2008 through August 14, 2008. www.occ.treas.gov/ftp/release/2008-98.htm 

August 25, 2008 - Statistical Release - G.20 Finance Companies.   www.federalreserve.gov/releases/g20/current/ 

August 25, 2008 - On August 25, 2008, the Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080825a.htm 

August 25, 2008 - The Federal Reserve Board on Monday announced the execution on August 7, 2008, of a Written Agreement by and between Columbian Financial Corporation and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20080825a.htm 

August 22, 2008 - Citizens Bank and Trust, Chillicothe, MO, Acquires the Insured Deposits of the Columbian Bank and Trust Company, Topeka, KS - The Columbian Bank and Trust Company, Topeka, Kansas, was closed today by the Kansas Bank Commissioner J. Thomas Thull, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Bank and Trust, Chillicothe, Missouri, to assume the insured deposits of The Columbian Bank and Trust Company. www.fdic.gov/news/news/press/2008/pr08069.html 

August 22, 2008 - The High-Frequency Impact of News on Long-Term Yields and Forward Rates: Is It Real? - Meredith J. Beechey and Jonathan H. Wright - This paper uses high-frequency intradaily data to estimate the effects of macroeconomic news announcements on yields and forward rates on nominal and index-linked bonds, and on inflation compensation. To our knowledge, it is the first study in the macro announcements literature to use intradaily real yield data, which allow us to parse the effects of news announcements on real rates and inflation compensation far more precisely than we can using daily data. www.federalreserve.gov/pubs/feds/2008/200839/index.html 

August 22, 2008 - Chairman Ben S. Bernanke - Reducing Systemic Risk - At the Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyoming www.federalreserve.gov/newsevents/speech/bernanke20080822a.htm
_________________________

August 21, 2008 - Expansion of Eligible Public Welfare Investments: Interim Final Rule with Request for Comment (12 CFR 24) - Interim final rule, with request for comment, implements expanded authority to make public welfare investments pursuant to 12 USC 24(Eleventh). www.occ.treas.gov/ftp/BULLETIN/2008-22.html 

August 21, 2008 - OCC Interim Final Rule Encourages Public Welfare Investments by National Banks - The Office of the Comptroller of the Currency today issued a banking bulletin on an interim final rule to implement the changes to national banks' public welfare investment authority enacted in the Housing and Economic Recovery Act of 2008, which the President signed into law on July 30, 2008. www.occ.treas.gov/ftp/release/2008-97.htm 

August 21, 2008 - Regional Coalitions - Public-Private Partnerships for the Financial Services Sector - The FDIC is providing FDIC-supervised institutions with the attached brochure - Regional Coalitions: Public-Private Partnerships for the Financial Services Sector - which describes the benefits of establishing public-private partnerships. The brochure was issued jointly by the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security.   www.fdic.gov/news/news/financial/2008/fil08082.html 

August 21, 2008 - How to "Get a Good Night's Sleep" with FDIC Insurance: Answers to Common Questions: Other Topics in the Latest FDIC Consumer News Include Fixing a "Frozen" Home Equity Line, Avoiding Phone and Fax Fraud, and "Going Green" When Saving and Borrowing Money.   www.fdic.gov/news/news/press/2008/pr08068.html 

August 21, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Bonifay Holding Company, Inc. and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20080821a.htm 

August 20, 2008 - Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgage Loans Bearing Fees Above a Certain Amount - The Federal Reserve Board has published a final rule for the dollar amount in 2009 that triggers provisions of the Home Ownership and Equity Protection Act. www.occ.treas.gov/ftp/BULLETIN/2008-21.html 

August 20, 2008 - FDIC Implements Loan Modification Program for Distressed IndyMac Mortgage Loans -Loss-mitigation plan to yield loans that are affordable for troubled borrowers and sustainable over the long term, achieving a higher return for the FDIC.   www.fdic.gov/news/news/press/2008/pr08067.html 

August 20, 2008 - Optimal Monetary Policy with Distinct Core and Headline Inflation Rates - Martin Bodenstein, Christopher J. Erceg, and Luca Guerrieri - In a stylized DSGE model with an energy sector, the optimal policy response to an adverse energy supply shock implies a rise in core inflation, a larger rise in headline inflation, and a decline in wage inflation. www.federalreserve.gov/pubs/ifdp/2008/941/ifdp941.htm 

August 19, 2008 - 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/ 

August 19, 2008 - Friends or Foes? The Stock Price Impact of Sovereign Wealth Fund Investments and the Price of Keeping Secrets - Jason Kotter and Ugur Lel - This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. www.federalreserve.gov/pubs/ifdp/2008/940/ifdp940.htm 

August 19, 2008 - Foreign Exposure to Asset-Backed Securities of U.S. Origin - Daniel O. Beltran, Laurie Pounder, and Charles Thomas - The financial turmoil which began in August 2007 originated, in part, because investors reassessed the quality of the assets underlying many asset-backed securities, particularly U.S. mortgages. The prominence of European banks in the early stages of the turmoil created the perception that foreigners held an outsized share of risky U.S. securities and prompted questions of why Europeans were so exposed. www.federalreserve.gov/pubs/ifdp/2008/939/ifdp939.htm 

August 18, 2008 - Federal Reserve Bank of St. Louis Launches Online Foreclosure Resource Center - The Federal Reserve Bank of St. Louis has launched an online "Foreclosure Resource Center," providing information for homeowners, prospective homebuyers and community groups to help prevent foreclosures and lessen their negative influence on neighborhoods. www.stlouisfed.org/news/releases/2008/08_18_08.html 

August 18, 2008 - Chicago Fed Launches Foreclosure Resource Information Website - The Federal Reserve initiative includes research, regulatory guidance, and strategies to help prevent foreclosures. http://stlouisfed.org/RRRSeries/ 

August 15, 2008 - OTS's Third Annual National Housing Forum Set for December 2008 - Potential solutions for the nation's housing crisis and lessons learned will be among the important and timely issues explored when the Office of Thrift Supervision holds its Third Annual National Housing Forum this year. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=c80d93a6-1e0b-8562-eb74-60365171e144&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

August 15, 2008 - Statistical Release - G.17 Industrial Production - Industrial production increased 0.2 percent in July after having advanced 0.4 percent in June. Manufacturing output gained 0.4 percent in July and was boosted by a rise of 3.6 percent in the production of motor vehicles and parts. Excluding motor vehicles and parts, the index for manufacturing increased 0.2 percent. The output of mines moved up 0.9 percent, while the output of utilities contracted 1.9 percent. At 111.8 percent of its 2002 average, total industrial production was 0.1 percent below its level of a year earlier. In July, the capacity utilization rate for total industry edged up to 79.9 percent, a level 1.1 percentage points below its average for 1972-2007. www.federalreserve.gov/releases/g17/Current/ 

August 13, 2008 - Energy Prices and Where We Live and Work - In his recent blog, Chicago Fed's William Testa, director of regional programs, discusses the impact of higher fuel costs. http://midwest.chicagofedblogs.org/archives/2008/08/city_form_and_r.html
______________________

August 14, 2008 - International Trade - By Wade Rousse - The latest data about international trade in goods and services were released Tuesday by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The information describes the trade situation in June. http://marginalthoughts.chicagofedblogs.org/2008/08/international_trade.html 

August 14, 2008 - Statistical Supplement to the Federal Reserve Bulletin - July 2008.  www.federalreserve.gov/pubs/supplement/2008/07/default.htm 

August 14, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.  www.federalreserve.gov/releases/bulletin/0708assets.htm 

August 14, 2008 - The Federal Reserve Board on Thursday announced its approval of the proposal by C-B-G, Inc., West Liberty, Iowa, to acquire additional voting shares sufficient to increase its holdings to more than 50 percent of Washington Bancorp and thereby increase its indirect ownership interest in Washington's subsidiary bank, Federation Bank, both of Washington, Iowa. www.federalreserve.gov/newsevents/press/orders/20080814a.htm 

August 13, 2008 - Federal Reserve Bulletin: Legal Developments - Second Quarter, 2008.   www.federalreserve.gov/Pubs/Bulletin/2008/pdf/legalq208.pdf

August 13, 2008 - The Federal Reserve Board on Wednesday requested public comment on a proposed change to Regulation S, which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act. www.federalreserve.gov/newsevents/press/other/20080813a.htm 

August 13, 2008 - On August 12, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction.  www.federalreserve.gov/newsevents/press/monetary/20080813a.htm 

August 12, 2008 - NCUA Response to Wall Street Journal Article - Monday, August 11, 2008 - Today, the Wall Street Journal issued an article entitled "Mortgage-Market Trouble Reaches Big Credit Unions." This article primarily addresses the impact of current market conditions on fair values of mortgage-related securities held by five corporate credit unions. www.ncua.gov/news/press_releases/2008/8-11_WSJ_%20Response_%20for_Corporates.doc 

August 12, 2008 - 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/2008-95.htm 

August 12, 2008 - 2007 FFIEC's Annual Report.  www.ffiec.gov/pdf/annrpt07.pdf 

August 12, 2008 - On August 12, 2008, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080812b.htm 

August 12, 2008 - On August 11, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20080812a.htm 

August 11, 2008 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth District. www.federalreserve.gov/newsevents/press/bcreg/20080811a.htm

August 11, 2008 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The July 2008 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 included two sets of special questions: The first set queried domestic banks about securitizations with, or sales to, Fannie Mae and Freddie Mac of conforming-jumbo mortgage loans; the second set asked respondents how they expected credit standards on loans to businesses and households at their bank to change in the second half of 2008 and in the first half of 2009, assuming that economic activity progresses in line with consensus forecasts. www.federalreserve.gov/boarddocs/SnLoanSurvey/200808/ 

August 11, 2008 - On August 11, 2008, the Federal Reserve will offer $25 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080811a.htm 

August 8, 2008 - Term Auction Facility - Key dates and times for upcoming auctions, August-November, 2008 - Under the Term Auction Facility, the Federal Reserve will auction term funds to depository institutions. All depository institutions that are eligible to borrow under the primary credit program will be eligible to participate in TAF auctions. www.federalreserve.gov/monetarypolicy/taf.htm 

August 7, 2008 - Federal Reserve Bulletin Article - Industrial Production and Capacity Utilization: The 2008 Annual Revision.   www.federalreserve.gov/pubs/bulletin/2008/pdf/Industrial08.pdf 

August 7, 2008 - Nominations Being Accepted for OTS Minority Depository Institutions Advisory Committee - Nominations close August 19 for membership on the Minority Depository Institutions Advisory Committee being established by the Office of Thrift Supervision. http://public.ots.gslsolutions.com/?p=PressReleases&ContentRecord_id=9f0a9622-1e0b-8562-eb8a-391390f91182&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
_____________

August 7, 2008 - New Blog Features Discussion on Economic Topics - In 'Marginal Thoughts,' a new economics blog now online, Wade Rousse explores economic incentives. http://marginalthoughts.chicagofedblogs.org/2008/08/incentives_matter.html 

August 7, 2008 - Will There be Enough Teachers to Educate Our Children? - Latest Chicago Fed Letter looks at the potential impact of baby boomer retirements on teacher labor markets. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

August 7, 2008 - School Vouchers: Recent Findings, Unanswered Questions - Lisa Barrow reviews impact of school vouchers on student achievement. www.chicagofed.org/publications/economicperspectives/ep_3qtr2008_part1_barrow_rouse.pdf 

August 7, 2008 - Determinants of Auto Loan Default and Prepayment - Sumit Agarwal examines whether borrowers choice of auto reveals information about future loan performance. www.chicagofed.org/publications/economicperspectives/ep_3qtr2008_part2_agarwal_etal.pdf 

August 7, 2008 - How U.S. Economy Resembles (Very) Big Business - Jeffrey Campbell presents basic tools for measuring various business lines' contributions to U.S. business cycles. www.chicagofed.org/publications/economicperspectives/ep_3qtr2008_part3_campbell.pdf 

August 7, 2008 - Bank Secrecy Act Intended Retirement of the BSA Magnetic Media Filing Program - The Financial Crimes Enforcement Network has announced its intention to retire the Bank Secrecy Act Magnetic Media Filing Program. Financial institutions that currently file their BSA reports using the magnetic media filing system must transition to BSA Electronic Filing by December 31, 2008. www.fdic.gov/news/news/financial/2008/fil08076.html 

August 7, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit rose at an annual rate of 5 percent in the second quarter. Both revolving and nonrevolving credit increased 5 percent in the quarter. In June, consumer credit rose 6-3/4 percent at an annual rate. www.federalreserve.gov/releases/g19/Current/ 

August 6, 2008 - NCUA - Port Trust Federal Credit Union Closes - The National Credit Union Administration placed Port Trust Federal Credit Union of Charleston, South Carolina, into liquidation today. www.ncua.gov/news/press_releases/2008/MR08-0805.htm 

August 6, 2008 - Comptroller of the Currency Hosts Community Bank Directors Workshops in San Antonio - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Hyatt Regency Hotel, San Antonio, September 16-18, 2008. www.occ.treas.gov/ftp/release/2008-94.htm 

August 6, 2008 - Area Nonprofits Learn How To Increase Their Capacity To Serve - In tough economic times, the No. 1 challenge facing nonprofits is fundraising. To help organizations overcome this challenge, the Federal Reserve Bank of St. Louis, Community Development Office, Louisville Branch, in cooperation with the Center for Nonprofit Excellence, is hosting "Building the Capacity to Serve," a seminar on August 27 and 28 in Paducah, Ky., that will give nonprofits the opportunity to learn how they can work more efficiently by working together. www.stlouisfed.org/news/releases/2008/08_06_08a.html 

August 6, 2008 - St. Louis Fed Promotes Curry and Price to VP - The Federal Reserve Bank of St. Louis announced the following promotions. www.stlouisfed.org/news/releases/2008/08_06_08.html 

August 6, 2008 - Recordkeeping Requirements for Qualified Financial Contracts - The FDIC has issued the attached Notice of Proposed Rulemaking that would establish recordkeeping requirements for qualified financial contracts held by insured depository institutions in a troubled condition, as defined in the proposed rule. Comments on the NPR are due by September 26, 2008. www.fdic.gov/news/news/financial/2008/fil08075.html 

August 6, 2008 - 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/2008/pr08066.html 

August 5, 2008 - The Federal Reserve today announced several steps to enhance the effectiveness of its existing liquidity facilities, including the introduction of longer terms to maturity in its Term Auction Facility. In association with this change, the European Central Bank and the Swiss National Bank are adapting the maturity of their operations. www.federalreserve.gov/newsevents/press/monetary/20080730a.htm 

August 5, 2008 - The Federal Reserve Board on Tuesday approved the application by Industrial and Commercial Bank of China Limited, Beijing, People's Republic of China, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20080805a.htm 

August 5, 2008 - The Federal Reserve Board on Tuesday published its annual adjustment of the dollar amount of fees 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/newsevents/press/bcreg/20080805a.htm 

August 5, 2008 - Legal Interpretation - Letter to Randall J. Erickson, Esq., Marshall & Ilsley Corporation, Milwaukee, Wisconsin, addressing the circumstances under which Board staff would not recommend that the Board determine that Metavante is an affiliate of the subsidiary depository institutions of M&I for purposes of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223). www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2008/20080723/20080723.pdf 

August 5, 2008 - Elizabeth A. Duke on Tuesday took the oath of office as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Ben S. Bernanke in the Chairman's office. She will participate in and vote at Tuesday's meeting of the Federal Open Market Committee. www.federalreserve.gov/newsevents/press/other/20080804a.htm 

August 5, 2008 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. www.federalreserve.gov/newsevents/press/monetary/20080805a.htm 

August 4, 2008 - Banking Market Definition: Evidence from the Survey of Consumer Finances - Dean F. Amel, Arthur B. Kennickell, and Kevin B. Moore - This paper uses data from the triennial waves of the Survey of Consumer Finances from 1992 to 2004 to examine changes in the use of financial services with implications for the definition of banking markets. Despite powerful technological and regulatory shifts over this period, households' banking markets overall remained largely local--the median distance to a provider of financial services remained under four miles. www.federalreserve.gov/pubs/feds/2008/200835/index.html 

August 4, 2008 - The Office of Thrift Supervision launched a new website today that greatly enhances the availability of OTS information to the public.- The website has a new design, added content, improved organization and enhanced features, including fresh ways to highlight timely and important news for consumers, thrift institutions and others.  http://public.ots.gslsolutions.com/?p=PressReleases&ContentRecord_id=7f796dc4-1e0b-8562-eb11-fa6ab4d030ba&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

August 4, 2008 - Covered Bonds - FDIC Policy Statement on Covered Bonds - The FDIC has issued the attached final policy statement on the treatment of "covered bonds" if the issuing insured depository institution is placed into FDIC receivership or conservatorship. The policy statement provides regulatory clarity by granting expedited access to covered bond collateral if the issuing institution fails and is placed into conservatorship or receivership and meets certain criteria. The FDIC guidance is intended to reduce market uncertainty on the treatment of covered bonds in a receivership or conservatorship, while allowing prudent development of the U.S. covered bond market. www.fdic.gov/news/news/financial/2008/fil08073.html 

August 4, 2008 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Southern Texas Affected by Hurricane Dolly - The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas of southern Texas damaged by Hurricane Dolly and associated severe storms. www.fdic.gov/news/news/financial/2008/fil08072.html 

August 1, 2008 - SunTrust Bank Acquires the Insured Deposits of First Priority Bank, Bradenton, Florida - First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority. www.fdic.gov/news/news/press/2008/pr08065.html 

August 1, 2008 - Alternative Assets and Public Pension Plan Performance," by Douglas Robertson and Ellen Wielezynski - Examines how public pension funds have fared when investing in real estate, private equity funds, and hedge funds. www.occ.treas.gov/ftp/workpaper/wp2008-2.pdf 

August 1, 2008 - FDIC Makes Public June Enforcement Actions; No Administrative Hearings are Scheduled for August - 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. www.fdic.gov/news/news/press/2008/pr08064.html 

August 1, 2008 - Consumer Affairs Letters - Interagency Examination Procedures for the Department of Defense's Final Rule on Limitations on Consumer Credit Extended to Service Members and Dependents.  www.federalreserve.gov/boarddocs/caletters/2008/0804/caltr0804.htm 

August 1, 2008 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In July 2008 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/ 

 

You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
https://yennik.com/newletter_page.htm.  There is no charge for the e-newsletter.  
Contact R. Kinney Williams at examiner@yennik.com if you have any questions.

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


Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119
Examiner@yennik.com

 

Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, Copyright Yennik, Incorporated