The E-mail Banking News
(Bank Regulatory News)
August 2013

August 30, 2013 - NCUA Sues Morgan Stanley over Sale of $566 Million in Faulty Securities - The National Credit Union Administration has filed suit in Federal District Court in Kansas against Morgan Stanley & Co., Inc. and other firms, alleging violations of federal and state securities laws in the sale of more than $566 million in mortgage-backed securities to the U.S. Central and WesCorp corporate credit unions. www.ncua.gov/News/Pages/NW20130830MorganStanley.aspx

August 30, 2013 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued seven orders in August prohibiting the following individuals from participating in the affairs of any federally insured financial institution.   www.ncua.gov/News/Pages/NW20130830Prohibition.aspx

August 30, 2013 - OCC Issues Fourth Quarter CRA Exam 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 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-130.html

August 30, 2013 - FDIC Issues Fourth Quarter 2013 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 2013. www.fdic.gov/news/news/press/2013/pr13077.html

August 30, 2013 - FDIC Makes Public July Enforcement Actions; One Administrative Hearing Scheduled for September 2013 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July. One administrative hearing is scheduled for September 2013. www.fdic.gov/news/news/press/2013/pr13076.html

August 30, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 
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August 30, 2013 - FDIC Makes Public July Enforcement Actions; One Administrative Hearing Scheduled for September 2013 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. One administrative hearing is scheduled for September 2013. http://www.fdic.gov/news/news/press/2013/pr13076.html 

August 29, 2013 - St. Louis Fed Financial Stress Index rises modestly for second consecutive week - Financial market stresses rose modestly for the second consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Aug. 23, 2013, the STLFSI measured -0.424, slightly above the previous week (-0.559). The latest reading is the highest in six weeks. www.stlouisfed.org/newsroom/displayNews.cfm?article=1901

August 29, 2013 - FDIC-Insured Institutions Earned $42.2 Billion in the Second Quarter of 2013 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $42.2 billion in the second quarter of 2013, a $7.8 billion (22.6 percent) increase from the $34.4 billion in profits that the industry reported a year earlier. www.fdic.gov/news/news/press/2013/pr13075.html

August 29, 2013 - International Evidence on Government Support and Risk Taking in the Banking Sector - Luis Brandao-Marques, Ricardo Correa, and Horacio Sapriza - Government support to banks through the provision of explicit or implicit guarantees affects the willingness of banks to take on risk by reducing market discipline or by increasing charter value.  www.federalreserve.gov/pubs/ifdp/2013/1086/ifdp1086.pdf

August 29, 2013 - Global Financial Conditions, Country Spreads and Macroeconomic Fluctuations in Emerging Countries - Ozge Akinci - This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries.
www.federalreserve.gov/pubs/ifdp/2013/1085/ifdp1085.pdf

August 29, 2013 - Federal Reserve Board announces termination of enforcement action with Raton Capital Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20130829a.htm

August 29, 2013 - NCUA - Brisk Loan Growth in Second Quarter - Federally Insured Credit Unions’ Net Worth Ratio Reaches Strongest Level in Five Years as Membership Hits New High - Second-quarter data show federally insured credit unions saw brisk loan growth, their highest net worth ratio since 2008 and record membership levels, the National Credit Union Administration reported today. www.ncua.gov/News/Pages/NW20130829SecondQuarterData.aspx

August 28, 2013 - The Sensitivity of Life Insurance Firms to Interest Rate Changes - Economic Perspectives article finds that when interest rates fall, stocks of large insurance firms decrease in value more than those of their smaller counterparts. www.chicagofed.org/digital_assets/publications/economic_perspectives/2013/2Q2013_part2_berends_mcmenamin_plestis_rosen.pdf

August 28, 2013 - NCUA Awards $871,597 in Grants to 126 Low-Income Credit Unions - Funds Used to Invest in Communities, Improve Services and Provide Training - More low-income credit unions will be able to expand services, offer new loan products and provide educational opportunities to members as a result of grants awarded by the National Credit Union Administration, the agency announced today. www.ncua.gov/News/Pages/NW20130828Grants.aspx

August 28, 2013 - Statement by Comptroller Thomas J. Curry on the Reproposal of the Risk Retention Rule - Comptroller of the Currency Thomas J. Curry released the following statement on today’s reproposal of the risk retention rule required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-129.html

August 28, 2013 - OCC Newsletter Focuses on Access to Capital in Indian Country - The Office of the Comptroller of the Currency today published the latest edition of its Community Developments Investments newsletter entitled “Extending Credit in Indian Country: How Banks Use Federal Programs to Promote Economic Development.” www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-127.html

August 28, 2013 - Agencies revise proposed risk retention rule - Six federal agencies on Wednesday issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions. The new proposal revises a proposed rule the agencies issued in 2011 to implement the risk retention requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20130828a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13074.html
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-128.html

August 27, 2013 - Minutes of the Board's discount rates meetings from July 1 through July 29, 2013.  www.federalreserve.gov/newsevents/press/monetary/20130827a.htm

August 26, 2013 - Supervision Manual - A User's Guide for the Bank Holding Company Performance Report, March 2013.  www.federalreserve.gov/boarddocs/supmanual/bhcpr/UsersGuide13/default.htm

August 23, 2013 - NCUA - Metsger Takes Oath of Office - New NCUA Board Member Lists Priorities: Protecting the Share Insurance Fund, Effective Regulation, Sound Fiscal Management and Public Trust.  www.ncua.gov/News/Pages/NW20130823MetsgerOath.aspx

August 23, 2013 - OCC Announces EverBank Agrees to Pay $37 Million to Customers, $6.3 Million to Housing Assistance Groups - The Office of the Comptroller of the Currency today announced that EverBank has agreed to pay approximately $37 million in cash payments to more than 32,000 eligible mortgage borrowers. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-126.html

August 23, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 23, 2013 - Charge-Off and delinquency rates on loans and leases at commercial banks.  www.federalreserve.gov/releases/chargeoff/

August 23, 2013 - Federal Reserve announces that it has not objected to a re-submitted capital plan from BB&T Corporation.  www.federalreserve.gov/newsevents/press/bcreg/20130823a.htm
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August 22, 2013 - St. Louis Fed Financial Stress Index rises slightly, but still below average.   www.stlouisfed.org/newsroom/displayNews.cfm?article=1895

August 22, 2013 - Revised RESP A Interagency Examination Procedures - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for The Real Estate Settlement Procedures Act.  www.federalreserve.gov/bankinforeg/caletters/caltr1313.htm

August 22, 2013 - Revised Interagency Examination Procedures for Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z – Truth in Lending.  www.federalreserve.gov/bankinforeg/caletters/caltr1312.htm

August 22, 2013 - The Federal Reserve Board announced the termination of the enforcement action with Fenture Financial, Inc. www.federalreserve.gov/newsevents/press/enforcement/20130822a.htm

August 22, 2013 - NCUA - The NCUA Report for August 2013 Now Available - The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know.   www.ncua.gov/News/NewsLtrs/Pages/default.aspx

August 21, 2013 - NCUA Hosting Webinars on Member Business Lending for Small Credit Unions - The National Credit Union Administration will host two free webinars on member business lending for small credit unions next month. www.ncua.gov/News/Pages/NW20130821Webinar.aspx

August 21, 2013 - Legal Developments - Section 19 letters, January 9 (2 letters), January 29, February 4, February 11, April 2, April 3, April 30, May 2, May 15, 2013. www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2013.htm

August 21, 2013 - Minutes of the Federal Open Market Committee, July 30-31, 2013 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 30-31, 2013. www.federalreserve.gov/newsevents/press/monetary/20130821a.htm

August 19, 2013 - Does the Federal Reserve own or hold gold? - The Federal Reserve does not own gold. The Gold Reserve Act of 1934 required the Federal Reserve System to transfer ownership of all of its gold to the Department of the Treasury.  www.federalreserve.gov/faqs/does-the-federal-reserve-own-or-hold-gold.htm

August 19, 2013 - Volatility of Volatility and Tail Risk Premiums - Yang-Ho Park - This paper reports on tail risk premiums in two tail risk hedging strategies: the S&P 500 puts and the VIX calls. As a new measure of tail risk, we suggest using a model-free, risk-neutral measure of the volatility of volatility implied by a cross section of the VIX options, which we call the VVIX index. www.federalreserve.gov/pubs/feds/2013/201354/201354pap.pdf 

August 19, 2013 - Household Mobility over the Great Recession: Evidence from the U.S. 2007-09 Survey of Consumer Finances Panel - Brian K. Bucks and Jesse Bricker - This paper uses data from the 2007-09 Survey of Consumer Finances panel to examine U.S. households' decisions to move and the role of negative home equity and economic shocks, such as job loss, in these decisions. www.federalreserve.gov/pubs/feds/2013/201353/201353pap.pdf

August 19, 2013 - The Cross-Market Spillover of Economic Shocks through Multi-Market Banks - Jose M. Berrospide, Lamont K. Black, and William R. Keeton - This paper investigates the mortgage lending of banks operating in multiple U.S. metropolitan areas during the housing market collapse of 2007-2009. Some metro areas in the U.S. suffered much greater mortgage defaults than others. www.federalreserve.gov/pubs/feds/2013/201352/201352pap.pdf

August 19, 2013 - Inequality and Poverty in the United States: the Aftermath of the Great Recession - Jeffrey P. Thompson and Timothy M. Smeeding - This paper explores trends in inequality and poverty using both market and after-tax and transfer income in the period during and after the Great Recession.  www.federalreserve.gov/pubs/feds/2013/201351/201351pap.pdf

August 19, 2013 - Shadow Banking and the Funding of the Nonfinancial Sector - Joshua Gallin - I show how to use data from the Flow of Funds Accounts of the United States to estimate how much funding of nonfinancial businesses, households, and governments is provided by the domestic shadow banking system. www.federalreserve.gov/pubs/feds/2013/201350/201350pap.pdf

August 19, 2013 - Payment Systems - Commercial checks collected and returned, government checks, postal money orders, Fed ACH commercial and government, quarterly updates.  www.federalreserve.gov/paymentsystems/check_data.htm

August 19, 2013 - Regulatory Reform - Communications with the public through August 19, 2013 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm

August 19, 2013 - Federal Reserve Board releases paper on capital planning at large bank holding companies - Large bank holding companies have considerably improved their capital planning processes in recent years, but have more work to do to enhance their practices for assessing the capital they need to withstand stressful economic and financial conditions, the Federal Reserve said in a paper released on Monday. www.federalreserve.gov/newsevents/press/bcreg/20130819a.htm

August 16, 2013 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-125.html

August 16, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 16, 2013 - Federal Reserve Board issues a final rule establishing annual assessment fees for supervision and regulation of large financial companies.  www.federalreserve.gov/newsevents/press/bcreg/20130816a.htm
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August 15, 2013 - Midwest Farmland Values Up from Last Year but Unchanged for the Quarter - Latest AgLetter reports farmland values in the second quarter of 2013 were 17 percent higher than a year ago, but they did not change relative to the first quarter of 2013. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/august_2013.pdf

August 15, 2013 - Financial market stress remaining relatively constant, according to STLFSI - Financial market stresses were little changed for the second consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Aug. 9, 2013, the STLFSI measured -0.619, slightly lower than the previous week (-0.577), but about equal with the level from two weeks earlier (-0.608). www.stlouisfed.org/newsroom/displayNews.cfm?article=1887

August 15, 2013 - St. Louis Fed Ag Survey Shows Farmland Values Continued To Rise During Second Quarter 2013 - Farmland values continued to rise during the second quarter of 2013, according to the latest Agricultural Finance Monitor published by the Federal Reserve Bank of St. Louis. Farm income, as well as capital and household spending, also increased slightly compared with a year ago. www.stlouisfed.org/newsroom/displayNews.cfm?article=1891

August 15, 2013 - St. Louis Fed’s Bullard Discusses Debate on Tapering the Fed’s Asset Purchases - Federal Reserve Bank of St. Louis President James Bullard discussed “An Update on the Tapering Debate,” as part of a Breakfast with the Fed event sponsored by the Bank’s Louisville Branch on Thursday. www.stlouisfed.org/newsroom/displayNews.cfm?article=1890

August 15, 2013 - FDIC Announces Upcoming Community Affairs Webinar: How to Effectively Utilize and Implement Financial Education Programs - The FDIC's Division of Depositor and Consumer Protection Community Affairs Branch will host a webinar titled How To Effectively Utilize and Implement Financial Education Programs on September 10, 2013, from 3:30 p.m. to 4:30 p.m.  www.fdic.gov/news/news/financial/2013/fil13038.html

August 15, 2013 - Statistical Release - Industrial Production and Capacity Utilization - G.17.  www.federalreserve.gov/releases/g17/default.htm

August 15, 2013 - Federal Reserve Board announces the termination of the enforcement actions with Bank of Virginia and Marquette Financial Companies.   www.federalreserve.gov/newsevents/press/enforcement/20130815a.htm

August 14, 2013 - Technological Advances Affecting Energy Markets - Chicago Fed Letter examines the implications that extraction of natural gas and other fuels from shale rock has for global energy markets. - On April 8-9, 2013, the Federal Reserve Bank of Chicago’s Detroit Branch hosted a two-day conference on the economic impacts of developments in domestic energy production.   www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cflseptember2013_314.pdf

August 14, 2013 - NCUA - Metsger to Take Oath of Office as NCUA Board Member Aug. 23 - The Honorable Richard T. “Rick” Metsger will be sworn in and join the National Credit Union Administration Board Friday, Aug. 23, at 10 a.m. in a private ceremony on Capitol Hill. NCUA General Counsel Michael McKenna will deliver the oath of office. www.ncua.gov/News/Pages/NW20130814Metsger.aspx

August 14, 2013 - OCC Releases CRA Evaluations for 17 National Banks and Federal Savings Associations - 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 June 1, 2013 through June 30, 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-124.html 

August 14, 2013 - OCC Releases CRA Evaluations for 32 National Banks and Federal Savings Associations - 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 May 1, 2013 through May 31, 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-123.html

August 14, 2013 - St. Louis Fed’s Bullard Discusses Debate on Tapering the Fed’s Asset Purchases - Federal Reserve Bank of St. Louis President James Bullard discussed “An Update on the Tapering Debate,” as part of a regional dialogue event sponsored by the Bank’s Louisville Branch on Wednesday. www.stlouisfed.org/newsroom/displayNews.cfm?article=1888

August 14, 2013 - Federal Reserve Board announces approval of application filed by Hana Financial Group Inc.   www.federalreserve.gov/newsevents/press/orders/20130814b.htm

August 14, 2013 - Federal Reserve Board announces approval of notice filed by Live Oak Bancshares, Inc.   www.federalreserve.gov/newsevents/press/orders/20130814a.htm

August 13, 2013 - New Issue of Risk Perspectives Available - Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends. Recent issue of Risk Perspectives highlights regulatory capital rules.   www.chicagofed.org/digital_assets/publications/risk_perspectives/2011_2014/13_q2_risk_perspectives.pdf

August 13, 2013 - Economic Growth Forecasts—Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2014. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cflaugust2013_313a.pdf

August 13, 2013 - NCUA - Fryzel Encourages Defense Credit Unions to Stay True to Their Vision - National Credit Union Administration Board Member Michael E. Fryzel, speaking today at the Defense Credit Union Council’s 50th Annual Conference, commended the group of more than 400 credit union professionals on 50 years of service and encouraged them to keep their eyes on the future. www.ncua.gov/News/Pages/NW20130813FryzelSpeech.aspx

August 12, 2013 - New Issue of Risk Perspectives Available - Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends. Recent issue of Risk Perspectives highlights regulatory capital rules. www.chicagofed.org/webpages/publications/risk_perspectives/2011_2014/2013_quarter_two.cfm

August 12, 2013 - NCUA - Introducing FAQ+, a New Search Engine for Credit Unions - Credit union professionals have a new online search engine to help get answers to frequently asked questions: FAQ+, a project of the National Credit Union Administration’s Office of Small Credit Union Initiatives.   www.ncua.gov/News/Pages/NW20130812FAQSearch.aspx

August 12, 2013 - Louisville successfully transitions from industrial to service economy - According to analysis published by the Federal Reserve Bank of St. Louis, the Louisville metropolitan region is well on track toward reaching postrecession highs in employment and job growth. These findings are the subject of a current article in The Regional Economist. www.stlouisfed.org/newsroom/displayNews.cfm?article=1883

August 12, 2013 - Federal Reserve Board announces Community Depository Institutions Advisory Council members - The Federal Reserve Board on Monday announced the members of its Community Depository Institutions Advisory Council and the president and vice president of the council for 2014. www.federalreserve.gov/newsevents/press/other/20130812a.htm

August 9, 2013 - Nicolet National Bank, Green Bay, Wisconsin, Assumes All of the Deposits of Bank of Wausau, Wausau, Wisconsin - Bank of Wausau, Wausau, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Nicolet National Bank, Green Bay, Wisconsin, to assume all of the deposits of Bank of Wausau. www.fdic.gov/news/news/press/2013/pr13071.html

August 9, 2013 - Office of the Comptroller of the Currency Hosts Workshop in South Carolina - The Office of the Comptroller of the Currency will host a workshop in Columbia, S.C., at the Columbia Marriott, Sept. 16-18, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-122.html

August 9, 2013 - Media Advisory - St. Louis Fed President James Bullard to Speak in Paducah, Ky. www.stlouisfed.org/newsroom/displayNews.cfm?article=1880

August 9, 2013 - Media Advisory - St. Louis Fed President James Bullard to Speak in Louisville, Ky. www.stlouisfed.org/newsroom/displayNews.cfm?article=1881

August 9, 2013 - Proposed Interagency Guidance on Company-Run Stress Tests FIL-37-2013 - The federal banking agencies are issuing proposed interagency stress-testing guidance outlining principles for implementation of stress tests as mandated by Section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.fdic.gov/news/news/financial/2013/fil13037.html

August 9, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 9, 2013 - The Effect of State and Local Sales Taxes on Employment at State Borders - Jeffrey P. Thompson and Shawn M. Rohlin - This paper estimates the effect of sales taxes on employment at state borders using county-level quarterly data and a newly developed data set of local tax rates.  www.federalreserve.gov/pubs/feds/2013/201349/201349pap.pdf
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August 8, 2013 - St. Louis Fed Financial Stress Index up slightly from previous week - Financial market stresses remained appreciably lower than average in the latest reporting week, according to the St. Louis Fed Financial Stress Index.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1879

August 8, 2013 - Are Leveraged and Inverse ETFs the New Portfolio Insurers? - Tugkan Tuzun - This paper studies Leveraged and Inverse Exchange Traded Funds from a financial stability perspective. Mechanical positive-feedback rebalancing of LETFs resembles the portfolio insurance strategies, which contributed to the stock market crash of October 19, 1987.  www.federalreserve.gov/pubs/feds/2013/201348/201348abs.html

August 8, 2013 - Supervision Manuals - Bank Holding Company Supervision Manual, July 2013 Update.   www.federalreserve.gov/boarddocs/supmanual/bhc/bhc.pdf

August 8, 2013 - Federal Reserve Board issues enforcement action with ABCT Holdings and announces termination of enforcement actions with BANKWEST Financial and Community Pride Bank Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20130808a.htm

August 7, 2013 - Update on Financial Conditions - The NFCI continued to indicate looser-than-average financial conditions in July; while the ANFCI tightened in July, indicating that financial conditions are about on par with what would typically be suggested by current economic conditions. www.chicagofed.org/webpages/research/data/nfci/background.cfm

August 7, 2013 - NCUA’s Low-Income Credit Union Initiative Boosts Growth, Community Investment - One year after the National Credit Union Administration announced its low-income credit union initiative, the number of designated credit unions has grown significantly, creating the potential for greater community investment and access to financial services in underserved communities, Board Chairman Debbie Matz announced today. www.ncua.gov/News/Pages/NW20130807LowIncome.aspx

August 7, 2013 - OCC Provides Summer Experience to Minority and Women Interns - More than 20 minority students from across the country are finishing summer internships this month at the Office of the Comptroller of the Currency as part of the agency’s National Diversity Internship Program.   www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-121.html

August 7, 2013 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 6 percent in the second quarter. Revolving credit increased at an annual rate of 2 percent, while nonrevolving credit increased 7-1/2 percent. In June, consumer credit increased at an annual rate of 6 percent. www.federalreserve.gov/releases/g19/Current/

August 6, 2013 - NCUA Chairman Matz Town Hall Webinar Now Available Online - The archived July 18 town hall webinar hosted by National Credit Union Administration Board Chairman Debbie Matz is now available online, the agency announced today. www.ncua.gov/News/Pages/NW08062013Webinar.aspx

August 6, 2013 - Membership Appointment to Federal Reserve Bank of San Francisco’s Economic Advisory Council - The Federal Reserve Bank of San Francisco announced that Thomas E. Vice, Corporate Vice President and Sector President of Northrop Grumman’s Aerospace Systems, Redondo Beach, CA, was appointed as the newest member of the Twelfth District’s Economic Advisory Council.  www.frbsf.org/our-district/press/news-releases/2013/thomas-e-vice-appointed-member-economic-advisory-council-eac/

August 6, 2013 - FDIC Releases Technical Assistance Video on Interest Rate Risk - The Federal Deposit Insurance Corporation today announced the release of a new video in its third installment of technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. www.fdic.gov/news/news/press/2013/pr13070.html

August 6, 2013 - Federal Reserve Resources for Minority Depository Institutions - The purpose of this letter is to reaffirm the Federal Reserve's ongoing commitment to preserving the existence of minority depository institutions1, consistent with statutory mandates, and to highlight the Federal Reserve's resources available to MDIs. www.federalreserve.gov/bankinforeg/srletters/sr1315.htm

August 6, 2013 - Federal Reserve Board announces termination of enforcement action with Belt Valley Bank.   www.federalreserve.gov/newsevents/press/enforcement/20130806a.htm

August 5, 2013 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The July 2013 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/SnLoanSurvey/201308/default.htm

August 2, 2013 - NCUA - Fryzel Updates American Association of Credit Union Leagues on NCUA Priorities - Speaking to more than 200 credit union league presidents, chairmen and government affairs professionals, National Credit Union Administration Board Member Michael E. Fryzel provided an update today about the agency’s priorities and the current environment. www.ncua.gov/News/Pages/NW20130802FryzelAACUL.aspx

August 2, 2013 - NCUA - Senate Confirms Metsger to NCUA Board - The U.S. Senate has confirmed the Honorable Richard T. Metsger as a Member of the Board of the National Credit Union Administration. www.ncua.gov/News/Pages/NW20130802Metsger.aspx

August 2, 2013 - Independent Foreclosure Review Payments Surpass $2.6 Billion - Almost 3 million people have cashed or deposited more than $2.6 billion in checks related to the Independent Foreclosure Review Payment Agreement through August 1, 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-120.html

August 2, 2013 - St. Louis Fed’s Bullard Discusses Debate on Tapering the Fed’s Asset Purchases - Federal Reserve Bank of St. Louis President James Bullard gave remarks Friday on “The Tapering Debate” at the 2013 Municipal Finance Conference, hosted by the Brandeis International Business School. www.stlouisfed.org/newsroom/displayNews.cfm?article=1877

August 2, 2013 - 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/2013/pr13068.html

August 2, 2013 - Say on Pay Laws, Executive Compensation, CEO Pay Slice, and Firm Value Around the World - Ricardo Correa and Ugur Lel - This paper examines the effects of say on pay laws on CEO compensation, the portion of top management pay captured by CEOs, and firm valuation. www.federalreserve.gov/pubs/ifdp/2013/1084/ifdp1084.pdf 

August 2, 2013 - The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises - Lamont Black, Ricardo Correa, Xin Huang, and Hao Zhou - We propose a hypothetical distress insurance premium (DIP) as a measure of the European banking systemic risk, which integrates the characteristics of bank size, default probability, and interconnectedness.  www.federalreserve.gov/pubs/ifdp/2013/1083/ifdp1083.pdf

August 2, 2013 - Collateral Constraints and Macroeconomic Asymmetries - Luca Guerrieri and Matteo Iacoviello - A model with collateral constraints displays asymmetric responses to house price changes.  www.federalreserve.gov/pubs/ifdp/2013/1082/ifdp1082.pdf

August 2, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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August 1, 2013 - St. Louis Fed Financial Stress Index continues to ease for fourth consecutive week - Financial market stresses remained lower than average in the latest reporting week according to the St. Louis Fed Financial Stress Index.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1875

August 1, 2013 - FRASER digital library releases archival documents from the early days of the Federal Reserve - The Federal Reserve Bank of St. Louis has released newly digitized archival material, making FRASER the largest digital collection of Federal Reserve historical materials. www.stlouisfed.org/newsroom/displayNews.cfm?article=1876

August 1, 2013 - Teleconference for Community Banks on the Interim Final Capital Rule - The FDIC is sponsoring a free teleconference at 11:00 a.m. EDT, August 15, 2013, to discuss the recently issued interim final capital rule. Officers and employees of FDIC-supervised institutions are invited to participate. www.fdic.gov/news/news/financial/2013/fil13036.html

August 1, 2013 - Banking Agencies Encourage Financial Institutions to Work with Student Loan Borrowers Experiencing Financial Difficulties - The FDIC, along with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, encourages financial institutions to work constructively with private student loan borrowers experiencing financial difficulties. www.fdic.gov/news/news/financial/2013/fil13035.html

August 1, 2013 - Statistical Release - Foreign Exchange Rates--G.5 - The table below shows the average rates of exchange in JULY 2013 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, 2013 - Federal Reserve issues enforcement action with Blencoe State Bank and announces termination of enforcement action with Eastern Virginia Bankshares and EVB.  www.federalreserve.gov/newsevents/press/enforcement/20130801a.htm