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

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Bank Regulatory News

December 2005

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December 30, 2005 - Publication of amendments addressing electronic check conversion transactions and coverage of payroll cards, Regulation E - The Federal Reserve Board on Friday announced final amendments to Regulation E that clarify the responsibilities of parties involved in electronic check conversion transactions and require that consumers receive written notification in advance of these transactions. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051230/default.htm 

December 30, 2005 - Regulatory Relief Guidance to Help Financial Institutions in Areas Affected by Wildfires - The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by recent wildfires in Oklahoma and Texas. www.fdic.gov/news/news/financial/2005/fil13005.html 

December 3009, 2005 - Federal Reserve Budget Records - 2006 Final Reserve Bank Budgets.   www.federalreserve.gov/GeneralInfo/FOIA/frbbankbudgets/2006ReserveBankBudgets.pdf 

December 30, 2005 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/GeneralInfo/FHC/default.htm

December 29, 2005 - Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies - Marco Airaudo; Luis-Felipe Zanna - In this paper we present an extensive analysis of the consequences for global equilibrium determinacy of implementing active interest rate rules (i.e. monetary rules where the nominal interest rate responds more than proportionally to changes in inflation) in flexible-price open economies. www.federalreserve.gov/Pubs/IFDP/2005/849/ifdp849.pdf 

December 29, 2005 - Fighting Against Currency Depreciation, Macroeconomic Instability, and Sudden Stops Luis-Felipe Zanna - In this paper we show that in the aftermath of a crisis, a government that changes the nominal interest rate in response to currency depreciation can induce aggregate instability in the economy by generating self-fulfilling endogenous cycles. www.federalreserve.gov/Pubs/IFDP/2005/848/ifdp848.pdf 

December 29, 2005 - Statistical Release G.20 Finance Companies - Owned And Managed Receivables Outstanding 2 Seasonally adjusted www.federalreserve.gov/Releases/G20/Current/default.htm 

December 29, 2005 - Nontraditional Mortgage Products Notice of Proposed Interagency Guidance Issued for Public Comment - The federal banking, thrift and credit union regulatory agencies are seeking comment on the attached proposed interagency guidance relating to nontraditional mortgage products. Comments are due by February 27, 2006.
Press Release: www.fdic.gov/news/news/financial/2005/fil12905.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-46.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr77249.pdf 

December 28, 2005 - USA PATRIOT Act - Final Regulation Implementing Section 312 of USA PATRIOT Act The Financial Crimes Enforcement Network has announced the final regulation implementing the international correspondent banking provisions and the private banking provisions of Section 312 of the USA PATRIOT Act. Concurrently, FinCEN has released a further notice of proposed rulemaking on one key issue regarding correspondent banking. www.fdic.gov/news/news/financial/2005/fil12805.html 

December 23, 2005 - Expectations Formation and the Effectiveness of Strategies for Limiting the Consequences of the Zero Bound on Interest Rates - David L. Reifschneider and John M. Roberts - We use simulations of the Federal Reserve's FRB/US model to examine the efficacy of a number of proposals for reducing the consequences of the zero bound on nominal interest rates. www.federalreserve.gov/pubs/feds/2005/200570/200570pap.pdf 

December 23, 2005 - Using Structural Shocks to Identify Models of Investment - John M. Roberts - This paper uses the response of investment to identified structural shocks to investigate some key issues, including the nature of adjustment costs and investment's responsiveness to user cost. www.federalreserve.gov/pubs/feds/2005/200569/200569pap.pdf 

December 23, 2005 - Using Subjective Expectations to Forecast Longevity: Do Survey Respondents Know Something We Don't Know? - Maria G. Perozek - Furture old-age mortality is notoriously difficult to predict because it requires not only an understanding of the process of senescence, which is influenced by genetic, environmental and behavioral factors, but also a prediction of how these factors will evolve going forward. www.federalreserve.gov/pubs/feds/2005/200568/200568pap.pdf 

December 23, 2005 - Escaping the Samaritan's Dilemma: Implications of a Dynamic Model of Altruistic Intergenerational Transfers - Maria Perozek - This paper explores how altruistic parents structure transfer rules in response to potential incentive problems and how the investment behavior of children is influenced by these transfer policies. www.federalreserve.gov/pubs/feds/2005/200567/200567pap.pdf 

December 23, 2005 - Modelling Inflation Dynamics: A Critical Review Survey of Recent Research - Jeremy Rudd and Karl Whelan - In recent years, a broad academic consensus has arisen around the use of rational expectations sticky-price models to capture inflation dynamics. www.federalreserve.gov/pubs/feds/2005/200566/200566pap.pdf 

December 23, 2005 - Retail Deposit Fees and Multimarket Banking - Timothy H. Hannan - This paper reports a systematic examination of the determinants of deposit-related retail banking fees using a set of survey data that is unusual for its size, specificity, and sampling properties. www.federalreserve.gov/pubs/feds/2005/200565/200565pap.pdf 

December 23, 2005 - Post Brown vs. the Board of Education: The Effects of the End of Court-Ordered Desegregation Byron F. Lutz - In the early 1990s, nearly forty years after Brown v. the Board of Education, three Supreme Court decisions dramaically altered the legal environment for court-ordered desegregation. www.federalreserve.gov/pubs/feds/2005/200564/200564pap.pdf 

December 23, 2005 - The Federal Reserve Board on Friday announced the approval of an application by the Bank of the Federated States of Micronesia, Kolonia, Pohnpei, Federated States of Micronesia, to establish a branch in Honolulu, Hawaii. www.federalreserve.gov/boarddocs/press/orders/2005/20051223/default.htm 

December 23, 2005 - Bank Secrecy Act/Anti-Money Laundering: Process for Taking Administrative Enforcement Actions Against Banks - Internal OCC guidance ensures that the process for taking administrative enforcement actions against banks that violate BSA regulations is measured, fair, and fully informed.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-45.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2005-45a.pdf 

December 23, 2005 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. The list includes only the top-tier company in each organization. www.federalreserve.gov/generalinfo/fhc/ 

December 22, 2005 - OCC Names Community Affairs Officer for New Orleans - The Office of the Comptroller of the Currency today announced the appointment of Mary Catherine Garon as acting Community Affairs Officer in New Orleans, a newly-created position. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=D6DU4IA4.xml 

December 22, 2005 - Responsible Reserve Bank and Inter-District Coordination - The evolution of the banking industry, including its continued consolidation, underscores the critical importance of effective inter-district coordination among the Reserve Banks. The Federal Reserve has had longstanding supervisory guidance addressing coordination of supervisory activities among the Reserve Banks. www.federalreserve.gov/boarddocs/SRLETTERS/2005/SR0527.htm 

December 22, 2005 - Minority Owned Banks and Their Branches as of September 30, 2005.  www.federalreserve.gov/Releases/mob/current/default.htm 

December 22, 2005 - Federal Reserve Bank of San Francisco Announces New Members to the 2006 Board of Directors - The Federal Reserve Bank of San Francisco announced today that Charles H. Smith, president and chief executive officer of AT&T West has been appointed to the SF Fed's board of directors as a class C director. Kenneth P. Wilcox, president and chief executive officer of SVB Financial Group and Silicon Valley Bank has been elected to the SF Fed's board of directors as a class A director, and Candace Hunter Wiest, president and chief operating officer of Inland Empire National Bank has been re-elected for a second term, also as a class A director. www.frbsf.org/news/releases/2005/1222.html 

December 21, 2005 - NCUA - Credit Unions Exhibit Strong Growth. Loans grow rapidly as delinquencies decline - The nation's federally insured credit unions reported strong 12.1 percent annualized loan growth and delinquent loans remained below 2004 levels during the first nine months of 2005 according to third quarter 2005 Call Report data submitted by the nation's 8,795 federally insured credit unions. www.ncua.gov/news/press_releases/2005/NR05-1221-2.htm 

December 21, 2005 - NCUA Hosts first ever webinar "town meeting" featuring new Board Member Gigi Hyland.   www.ncua.gov/news/press_releases/2005/NR05-1221.htm 

December 21, 2005 - OCC Reports Derivatives Volume Approaches $100 Trillion - Derivatives held by U.S. commercial banks increased by $2.6 trillion in the third quarter of 2005, to $98.8 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=MA18SKD9.xml 
Attachment: www.occ.treas.gov/ftp/deriv/dq305.pdf 

December 21, 2005 - Class Action Settlements Guidance on Filing Notices of Proposed Class Action Settlements - The FDIC is providing guidance on new requirements for filing notices of proposed class action settlements involving financial institutions for which the FDIC is the primary federal regulator. www.fdic.gov/news/news/financial/2005/fil12605.html 

December 21, 2005 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action listed below. Terminations of enforcement actions are listed on the Federal Reserve's public web site, www.federalreserve.gov/boarddocs/enforcement, as they occur. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051221/default.htm 

December 20, 2005 - Federal Financial Regulatory Agencies Propose Guidance on Nontraditional Mortgage Products - The federal financial regulatory agencies today issued for comment proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest.
Press Release: www.fdic.gov/news/news/press/2005/pr12805.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=XWJAUOQF.xml 
Press Release: www.ots.treas.gov/docs/7/77550.html 
Press Release: www.ncua.gov/news/press_releases/2005/JR05-1220.pdf 

December 20, 2005 - Federal Financial Regulatory Agencies Propose Guidance on Nontraditional Mortgage Products - The federal financial regulatory agencies today issued for comment proposed guidance on residential mortgage products that allow borrowers to defer repayment of principal and sometimes interest. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051220/default.htm 

December 19, 2005 - Office of Thrift Supervision and Operation HOPE Highlight CRA Credit to Emphasize Volunteerism & Support for Disaster Relief in the Financial Industry - Leaders from the financial services industry and federal financial regulatory agencies participated in a roundtable discussion and press conference Friday to promote volunteerism by public and private sector financial services industry professionals. The effort is intended to help address the financial needs of hurricane victims from the Gulf Coast States. www.ots.treas.gov/docs/7/77549.html 

December 19, 2005 - Release Dates For The Federal Reserve Bank Of Kansas City's Monthly Manufacturing Survey - The Federal Reserve Bank of Kansas City announces the 2006 release dates of its survey covering manufacturing activity in the Tenth Federal Reserve District.   www.kc.frb.org/pubaffrs/pressrel/pr05-21.htm 

December 19, 2005 - Reports of Condition and Income for Fourth Quarter 2005 - The enclosed materials pertain to the Reports of Condition and Income for the December 31, 2005, report date. Please plan to complete the preparation, editing, review, and submission of your Call Report data to the agencies' Central Data Repository as early as possible. www.fdic.gov/news/news/financial/2005/fil12505.html 

December 19, 2005 - Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms - Benjamin Yibin Zhang, Hao Zhou, and Haibin Zhu - A structural model with stochastic volatility and jumps implies specific relationships between observed equity returns and credit spreads. This paper explores such effects in the credit default swap market. We use a novel approach to identify the realized jumps of individual equities from high frequency data. www.federalreserve.gov/pubs/feds/2005/200563/200563pap.pdf 

December 19, 2005 - An Inflation Goal with Multiple Reference Measures - William Whitesell - Most inflation-targeting central banks express their inflation objective in terms of a range for a single official inflation measure but generally have not clarified the meaning of the ranges and their implications for policy responses. In formulating policy, all central banks monitor multiple inflation indicators. www.federalreserve.gov/pubs/feds/2005/200562/200562pap.pdf 

December 19, 2005 - How Did the 2003 Dividend Tax Cut Affect Stock Prices? - Gene Amromin, Paul Harrison, and Steven Sharpe - We test the hypothesis that the 2003 dividend tax cut boosted U.S. stock prices and thus lowered the cost of equity. Using an event-study methodology, we attempt to identify an aggregate stock market effect by comparing the behavior of U.S. common stock prices to that of European stocks and real estate investment trusts. www.federalreserve.gov/pubs/feds/2005/200561/200561pap.pdf 

December 19, 2005 - Structure and Share Data for U.S. Offices of Foreign Banks - Structure and share data are collected as of the end of the month for March, June, September, and December and generally are released four months after the as-of month. www.federalreserve.gov/Releases/Iba/default.htm

December 19, 2005 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by Penn Bancshares, Inc. to acquire up to 24.89 percent of the voting shares of Harvest Community Bank, both of Pennsville, New Jersey. www.federalreserve.gov/boarddocs/press/orders/2005/200512192/default.htm 

December 19, 2005 - The Federal Reserve Board on Monday announced its approval of the notice under section 4 of the Bank Holding Company Act by Deutsche Bank AG, Frankfurt, Germany, and Taunus Corporation, New York, New York, to engage in physical commodity trading activities on a limited basis as an activity that is complementary to the financial activity of engaging regularly as principal in commodity derivatives. www.federalreserve.gov/boarddocs/press/orders/2005/20051219/default.htm 

December 19, 2005 - Bank supervisory and penalty actions released Monday will require ABN AMRO Bank, N.V. to undertake remedial action in its worldwide banking operations and to pay $80 million in penalties to U.S. federal and state regulators. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051219/default.htm 

December 19, 2005 - OCC Announces New Electronic Interpretations and Actions - December 2005.  www.occ.treas.gov/interp/dec05/intdec05.htm 

December 19 2005 - Potential Competitive Effects on U.S. Bank Credit Card Lending from the Proposed Bifurcated Application of Basel II - William W. Lang Federal Reserve Bank of Philadelphia - Loretta J. Mester Federal Reserve Bank of Philadelphia and Wharton School, University of Pennsylvania Todd A. Vermilyea Federal Reserve Bank of Philadelphia.  www.federalreserve.gov/generalinfo/basel2/docs2005/potcompeff.pdf 

December 16, 2005 - National Credit Union Administration (NCUA) Board Vice Chairman Rodney E. Hood announced today that Carlton L. Hoskins has been appointed as the Senior Policy Advisor to the Vice Chairman.

December 16, 2005 - NCUA - Final Rule Correction, 12 C.F.R. Part 717 - Medical Information Regulation.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/JF-717.pdf 

December 16, 2005 - Statement by Federal Reserve Board Chairman Alan Greenspan: - "Tony Santomero is an accomplished leader and talented economist. We at the Federal Reserve have greatly benefited from his perspective and keen insights. He has been a valued voice of wisdom at our meeting table. We will miss him."  www.federalreserve.gov/boarddocs/press/other/2005/20051216/ 

December 16, 2005 - The Federal Reserve Board on Friday announced the approval of the applications of Treetops Acquisition Group LP, Treetops Acquisition Group Ltd., Treetops Acquisition Group II LP, Treetops Acquisition Group II Ltd., all in Grand Cayman, Cayman Islands; Edgar M. Bronfman Trusts A, B, C, D, E, F, and G, all in Quebec, Canada; and CAM-Discount, Ltd., Grand Cayman, Cayman Islands, to become bank holding companies through the acquisition of up to 51 percent of the outstanding shares of Israel Discount Bank Ltd., Tel Aviv, Israel, and acquire control of Israel Discount Bank of New York, New York, New York. www.federalreserve.gov/boarddocs/press/orders/2005/20051216/default.htm 

December 16, 2005 - The Federal Reserve Board on Friday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act.  www.federalreserve.gov/boarddocs/press/bcreg/2005/20051216/default.htm


December 15, 2005 - 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 and terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-123.htm 

December 15, 2005 - CRA Evaluations For 18 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 November 15, 2005 through December 14, 2005. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=PC1PXPKD.xml 

December 15, 2005 - David K.Y. Tang Appointed Chairman of the Federal Reserve Bank of San Francisco Board of Directors; T. Gary Rogers Appointed Deputy Chair - The Federal Reserve Bank of San Francisco announced today that David K.Y. Tang, partner with Seattle-based law firm Preston Gates & Ellis LLP has been designated chairman of the Federal Reserve Bank of San Francisco's board of directors. www.frbsf.org/news/releases/2005/1215.html 

December 15, 2005 - Statistical Release - Large Commercial Banks - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as September 30, 2005 www.federalreserve.gov/Releases/lbr/current/default.htm

December 15, 2005 - NCUA - Final Regulation - Requirement for Insurance; Purchase of assets and assumption of liabilities.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-723.pdf 

December 15, 2005 - NCUA - Proposed Regulation - Third-Party Servicing of Indirect Vehicle Loans.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-701-741.pdf 

December 15, 2005 - NCUA - Results of the 12/15/2005 NCUA Board meeting are available.   www.ncua.gov/NCUABoard/board_reports/board_reports.html

December 15, 2005 - The Sustainability of Health Spending Growth - Glenn Follette and Louise Sheiner - We evaluate the long-run sustainability of health spending growth. Under the criterion that non-health consumption does not fall, one percent excess cost growth appears to be an upper bound for the economy as a whole when the projection horizon extends over the century, although some groups would experience declines in non-health consumption. www.federalreserve.gov/pubs/feds/2005/200560/200560abs.html 

December 15, 2005 - A No-Arbitrage Analysis of Economic Determinants of the Credit Spread Term Structure - Liuren Wu and Frank Xiaoling Zhang - This paper presents an internally consistent analysis of the economic determinants of the term structure of credit spreads across different credit rating classes and industry sectors. Our analysis proceeds in two steps. First, we extract three economic factors from 13 time series that capture three major dimensions of the economy: inflation pressure, real output growth, and financial market volatility.  www.federalreserve.gov/pubs/feds/2005/200559/200559pap.pdf 

December 15, 2005 - Robustifying Learnability - Robert J. Tetlow and Peter von zur Muehlen - In recent years, the learnability of rational expectations equilibria and determinacy of economic structures have rightfully joined the usual performance criteria among the sought-after goals of policy design.   www.federalreserve.gov/pubs/feds/2005/200558/200558pap.pdf 

December 15, 2005 - The Federal Reserve Board on Thursday released the report of the private-sector Working Group on NewBank Implementation and endorsed its recommendations for the creation of a dormant bank (NewBank) that would be available for activation to clear and settle U.S. government securities. www.federalreserve.gov/boarddocs/press/other/2005/20051215/ 

December 15, 2005 - The Federal Reserve Board on Thursday approved amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Bank of Atlanta and provided notice relating to two future changes to Appendix A. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051215/default.htm 

December 15, 2005 - The Federal Reserve Board on Thursday announced its approval of the proposal filed by Bank of America Corporation, Charlotte, North Carolina, to merge with MBNA Corporation and acquire its two subsidiary banks, MBNA America Bank, National Association and MBNA America (Delaware), N.A., all in Wilmington, Delaware. www.federalreserve.gov/boarddocs/press/orders/2005/20051215/default.htm 

December 15, 2005 - NCUA General Counsel Opinion 05-1038 - Member Business Loan; Meaning of Fleet.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-1038.pdf 

December 15, 2005 - NCUA Offers Meeting and Election Guidance for Credit Unions Affected by Hurricane Katrina - The National Credit Union Administration Office of General Counsel today issued Opinion Letter 05-1216 providing guidance and detailing the flexible procedures in place for conducting board meetings and member elections in response to concerns expressed by federal credit unions affected by Hurricane Katrina. www.ncua.gov/news/press_releases/2005/NR05-1214.htm 

December 15, 2005 - Industrial Production And Capacity Utilization - Industrial production increased 0.7 percent in November after an upward-revised gain of 1.3 percent in October. Further recoveries in petrochemical and energy-related industries affected by the hurricanes again contributed significantly to the increase in output in November. www.federalreserve.gov/Releases/G17/Current/default.htm 

December 14, 2005 - The Federal Reserve Board on Wednesday announced its approval of the proposal filed by New York Community Bancorp, Inc., Westbury, to merge with Long Island Financial Corp., and thereby indirectly acquire its subsidiary bank, Long Island Commercial Bank, both of Islandia, and all in New York. www.federalreserve.gov/boarddocs/press/orders/2005/200512142/default.htm 

December 14, 2005 - The Federal Reserve Board on Wednesday announced its approval of the application filed by NBT Bancorp Inc., Norwich, to acquire CNB Bancorp, Inc., and its subsidiary bank, City National Bank and Trust Company, both of Gloversville, and all in New York. www.federalreserve.gov/boarddocs/press/orders/2005/20051214/default.htm 

December 14, 2005 - Remarks by Chairman Alan Greenspan - Acceptance of honorary degree, New York University, New York, New York http://www.federalreserve.gov/boarddocs/speeches/2005/20051214/default.htm 

December 14, 2005 - Federal Bank and Thrift Regulatory Agencies Publish Guide to Help Financial Institutions Comply with Information Security Guidelines - The federal bank and thrift regulatory agencies today announced the publication of a compliance guide for the Interagency Guidelines Establishing Information Security Standards (Security Guidelines). The compliance guide summarizes the obligations of financial institutions to protect customer information and illustrates how certain provisions of the Security Guidelines apply to specific situations.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20051214/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr12705.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=FCQ6KWX2.xml 
Press Release: www.ots.treas.gov/docs/7/77548.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-44.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2005-44a.pdf 

December 13, 2005 - Press Conference On Project Restore Hope - The Office of Thrift Supervision, Operation Hope, and the Small Business Administration will jointly host a press conference on Friday, December 16, 2005, at 11:00 AM to discuss efforts to promote volunteerism by financial services industry professionals in the public and private sectors in support of "Project Restore HOPE - The National Economic Recovery Initiative for Hurricane Victims." www.ots.treas.gov/docs/7/77547.html 

December 13, 2005 - FRB Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/Releases/E2/Current/default.htm 

December 13, 2005 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by Cathay General Bancorp, Los Angeles, California, to acquire Great Eastern Bank, New York, New York. www.federalreserve.gov/boarddocs/press/orders/2005/20051213/default.htm 

December 13, 2005 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.   www.federalreserve.gov/boarddocs/press/monetary/2005/20051213/default.htm 

December 12, 2005 - Matt Quigley Named Director of Community Development - Washington - The Office of the Comptroller of the Currency announced today the selection of E. Matthew Quigley as Director of Community Development. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=E0ANOVB.xml 

December 12, 2005 - FDIC General Counsel William F. Kroener, III, Resigns - The longest serving general counsel in FDIC history steps down to rejoin the private sector - Federal Deposit Insurance Corporation General Counsel William F. Kroener, III, announced that he will be leaving the agency in January 2006 to join the Washington, D.C., office of the Sullivan and Cromwell law firm. He was appointed agency General Counsel in January 1995 by then-FDIC Chairman Ricki Helfer. www.fdic.gov/news/news/press/2005/pr12605.html 

December 12, 2005 - How Did the 2003 Dividend Tax Cut Affect Stock Prices and Corporate Payout Policy? - Gene Amromin, Paul Harrison, Nellie Liang, and Steve Sharpe - We examine the effects of the 2003 dividend tax cut on U.S. stock prices and corporate payout policies. First, using an event-study methodology, we compare the performance of U.S. stocks to that of other securities that should not have benefited from the tax change. www.federalreserve.gov/pubs/feds/2005/200557/200557pap.pdf 

December 9, 2005 - Special Post-Employment Restriction Set Forth in the Intelligence Reform and Terrorism Prevention Act of 2004 - The federal bank regulatory agencies1 have issued rules to implement the special post-employment restriction set forth in the Intelligence Reform and Terrorism Prevention Act of 2004. The rules become effective on December 17, 2005 and will apply to a covered examiner who leaves the Federal Reserve's service after that date.  www.federalreserve.gov/boarddocs/srletters/2005/sr0526.htm 

December 9, 2005 - Statistical Release - Household Debt-Service Burden - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/Releases/housedebt/default.htm 

December 9, 2005 - FDIC Makes Public October Enforcement Actions; No Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearing is scheduled for December. www.fdic.gov/news/news/press/2005/pr12505.html 

December 8, 2005 - NCUA - Letter to Credit Unions 05-CU-21 -Overdraft (Courtesy Pay) Programs.  www.ncua.gov/letters/2005/CU/05-CU-21.pdf 

December 8, 2005 - NCUA - Letter to Credit Unions 05-CU-20 -Phishing Guidance for Credit Unions and Their Members. www.ncua.gov/letters/2005/CU/05-CU-20.pdf  

December 8, 2005 - OCC Publishes Annual Report for Fiscal Year 2005 - The report includes an introduction by Comptroller Dugan and the OCC's financial statements. Other sections describe the OCC, its accomplishments and operations, and its management initiatives. www.occ.treas.gov/annrpt/2005AnnualReport.pdf 

December 8, 2005 - Fair Credit Reporting - Medical Information - The financial institution regulatory agencies have issued the attached final rules relating to the Fair and Accurate Credit Transactions Act. The FACT Act amended the Fair Credit Reporting Act in 2003. Section 411 of the FACT Act prohibits creditors from obtaining and using medical information in determining credit eligibility, except as permitted by the financial institution regulatory agencies. Through the attached final rules, the agencies have developed exceptions that will allow creditors to obtain and use medical information in appropriate circumstances. In certain situations, the final rules also permit affiliates to share medically related information without becoming consumer reporting agencies. The final rules will take effect on April 1, 2006. www.fdic.gov/news/news/financial/2005/fil12105.html

December 8, 2005 - NCUA General Counsel Opinion 05-1018 - Credit Union Service Organization Investments.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-1018.pdf 

December 8, 2005 - NCUA - Agenda for 12/15/2005 NCUA Board Meeting is available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-1215.htm

December 7, 2005 - NCUA - Letter to Credit Unions - Community Development Financial Institutions Financial Assistance.   www.ncua.gov/letters/2005/CU/05-CU-19.pdf 

December 7, 2005 - NCUA Newsletter December 2005 is available.  www.ncua.gov/news/newsletter/NCUA/05Dec.pdf 

December 7, 2005 - Supervisory Insights Journal - Winter 2005 Issue Now Available - The FDIC has announced the release of its Winter 2005 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision. Topics of current focus for the bank regulatory community-such as banks' financial modeling, tighter security for Internet transactions, and banker insider misconduct-are highlighted in this issue. www.fdic.gov/news/news/financial/2005/fil12005.html 

December 7, 2005 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 4 percent in October after increasing at a 5-1/2 percent pace in the third quarter. Both revolving and nonrevolving credit declined in October. www.federalreserve.gov/Releases/G19/Current/default.htm 

December 7, 2005 - Model Governance, Online Banking Security Highlighted in FDIC's Supervisory Insights Flawed modeling presents risk to sound management decision-making; rise in online fraud, theft of consumer data dictate need for tighter online banking security - Banks' financial modeling, the security of Internet banking transactions, and bank insider misconduct are some of the issues of current focus for the bank regulatory community that are highlighted in the FDIC's Winter 2005 issue of Supervisory Insights, released today. www.fdic.gov/news/news/press/2005/pr12405.html 

December 6, 2005 - Community Reinvestment Act: Notice and Request for Comment - Request for comments on proposed revisions to "2001 Interagency Questions and Answers Regarding Community Reinvestment" that would provide guidance on changes to CRA regulations.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-43.txt 
Attachment: http://www.occ.treas.gov/fr/fedregister/70fr68450.pdf

December 6, 2005 - Interim Final Rule: Assessment Fees - Rule revises assessment collection process for national banks. Comptroller of the Currency, not banks, will calculate semiannual assessment based on most recent call report.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-42.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr69641.pdf 

December 6, 2005 - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in September 2005. www.fdic.gov/news/news/press/2005/pr12305.html 

December 6, 2005 - The Federal Reserve Board on Tuesday announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the First District. 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/2005/20051206/default.htm 

December 6, 2005 - The Federal Reserve Board on Tuesday announced its approval of the application filed by Hudson Valley Holding Corp., Yonkers, to acquire New York National Bank, Bronx, both in New York. www.federalreserve.gov/boarddocs/press/orders/2005/20051206/default.htm 

December 6, 2005 - Examiner Ethics: Final Rule--One-Year Post-Employment Restrictions for Senior Examiners - Final rule prevents senior examiners of a national bank from working for that bank for one year after leaving the OCC. www.occ.treas.gov/ftp/bulletin/2005-41.txt 

December 6, 2005 - FDIC Looks to Modernize the Way it Determines Uninsured Deposits at Large Banks - The Board of Directors of the Federal Deposit Insurance Corporation has begun to solicit comments on the best way to improve the process of determining the insurance status of depositors of larger institutions in the event of a failure. For purposes of the advance notice of proposed rulemaking, a large institution would have more than 250,000 in deposit accounts and $2 billion in domestic deposits. Currently, 145 institutions out of the more than 8,800 insured by the FDIC meet the criteria. www.fdic.gov/news/news/press/2005/pr12205.html 

December 6, 2005 - The Federal Reserve Board on Tuesday announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the First District. 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/2005/20051206/default.htm 

December 6, 2005 - Governor Susan Schmidt Bies - Linkages between Internal Capital Measures and Regulatory Capital Requirements At the International Center for Business Information's Risk Management Conference: Basel Summit, Geneva, Switzerland.   www.federalreserve.gov/boarddocs/speeches/2005/20051206/default.htm 

December 5, 2005 - U.S. Economic Growth Will Soften in 2006, Consensus Forecast Says.   www.chicagofed.org/news_and_conferences/news/files/economic_outlook_news_release_2005.pdf 

December 5, 2005 - FDIC Board Approves Lower 2006 Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $1.05 billion Corporate Operating Budget for 2006, which represents a reduction of 5 percent over the 2005 operating budget. Total FDIC spending next year will decline to $1.069 billion, as spending on multi-year investment projects previously approved by the Board falls from an estimated $77 million in 2005 to $19 million in 2006. www.fdic.gov/news/news/press/2005/pr12105.html 

December 5, 2005 - SR Letter 05-24 - Questions and answers for financial institutions in response to hurricanes Katrina and Rita.   www.federalreserve.gov/boarddocs/srletters/2005/SR0524.htm 

December 5, 2005 - Financial Services Policy Committee Announces Atlanta Office Will Retain New Orleans Zone Check Processing Volume - The Federal Reserve Banks' Financial Services Policy Committee today announced that it will retain the Federal Reserve Bank of Atlanta's New Orleans Branch check processing operation at the Atlanta Fed's head office. www.federalreserve.gov/boarddocs/press/other/2005/20051205/ 

December 5, 2005 - Governor Mark W. Olson - Economic Growth: Lessons from the Sioux Falls Experience - At a Rotary Club luncheon, Sioux Falls, South Dakota.  www.federalreserve.gov/boarddocs/speeches/2005/20051205/default.htm 

December 5, 2005 - Competition and Price Discrimination in the Market for Mailing Lists - Ron Borzekowski, Raphael Thomadsen, and Charles Taragin - This paper examines the relationship between competition and price discrimination in the market for mailing lists. More specifically, we examine whether sellers are more likely to segregate consumers by offering a menu of quality choices (second-degree price discrimination) and/or offering different prices to readily identifiable groups of consumers (third-degree price discrimination) in more competitive markets. www.federalreserve.gov/pubs/feds/2005/200556/200556pap.pdf 

December 5, 2005 - Alternative Central Bank Credit Policies for Liquidity Provision in a Model of Payments - David C. Mills, Jr. - I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design approach so that agents' incentives to default are explicit and contigent on the credit policy designed. In the first policy, the central bank invests in costly enforcement and charges an interest rate to recover costs. www.federalreserve.gov/pubs/feds/2005/200555/200555pap.pdf 

December 5, 2005 - Can Financial Innovation Help to Explain the Reduced Volatility of Econonomic Activity? - Karen E. Dynan, Douglas W. Elmendorf, and Daniel E. Sichel - The stabilization of economic activity in the mid 1980s has received considerable attention. Research has focused primarily on the role played by milder economic shocks, improved inventory management, and better monetary policy. www.federalreserve.gov/pubs/feds/2005/200554/200554pap.pdf 

December 5, 2005 - Jump-Diffusion Processes and Affine Term Structure Models: Additional Closed-Form Approximate Solutions, Distributional Assumptions for Jumps, and Parameter Estimates - J. Benson Durham - Affine term structure models in which the short rate follows a jump-diffusion process are difficult to solve, and the parameters of such models are hard to estimate. Without analytical answers to the partial difference differential equation for bond prices implied by jump-diffusion processes, one must find a numerical solution to the PDDE or exactly solve an approximate PDDE. www.federalreserve.gov/pubs/feds/2005/200553/200553pap.pdf 

December 5, 2005 - Solving Stochastic Money-in-the-Utility-Function Models - Travis D. Nesmith -This paper analyzes the necessary and sufficient conditions for solving money-in-the-utility-function models when contemporaneous asset returns are uncertain. A unique solution to such models is shown to exist under certain measurability conditions. Stochastic Euler equations, whose existence is normally assumed in these models, are then formally derived. www.federalreserve.gov/pubs/feds/2005/200552/200552pap.pdf 

December 2, 2005 - OTS Lists 33 CRA Exams Scheduled For First Quarter 2006 - The Office of Thrift Supervision announced today that 33 savings associations are scheduled for Community Reinvestment Act examinations during the first quarter of 2006. www.ots.treas.gov/docs/7/77546.html 

December 2, 2005 - Fictitious Bank: Brink National Bank of Texas - Brink National Bank of Texas is not authorized to conduct the business of banking; supposed bank employees have contacted persons about fraudulent schemes. www.occ.treas.gov/ftp/alert/2005-27.txt 

December 2, 2005 - Suspicious Transactions: Wachovia Direct Lending, Toronto, Canada - Supposed employees of "Wachovia Direct Lending," not affiliated with Wachovia Corp., are contacting persons about student loan applications resulting in no loans and no returned fees. www.occ.treas.gov/ftp/alert/2005-28.txt 

December 2, 2005 - OCC To Expand Customer Assistance Group Telephone Hours - The Office of the Comptroller of the Currency said today it is taking steps to significantly increase the hours its Customer Assistance Group is open to receive calls from consumers. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=OV7RUT6I.xml 

December 2, 2005 - Three Key Executive Appointments Announced at FDIC: Appointees will serve in Division of Supervision and Consumer Protection's Washington office - Three FDIC veterans were named to key executive posts within the agency's Division of Supervision and Consumer Protection, announced DSC Acting Director Christopher J. Spoth today. www.fdic.gov/news/news/press/2005/pr12005.html 

December 2, 2005 - Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.   www.federalreserve.gov/boarddocs/srletters/2005/sr0523.htm 

December 2, 2005 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/generalinfo/fhc/ 

December 2, 2005 - Chairman Alan Greenspan - International imbalances Before the Advancing Enterprise Conference, London, England.   www.federalreserve.gov/boarddocs/speeches/2005/200512022/default.htm 

December 2, 2005 - Chairman Alan Greenspan - Budget policy To the Federal Reserve Bank of Philadelphia Policy Forum, Philadelphia, Pennsylvania.   www.federalreserve.gov/boarddocs/speeches/2005/20051202/default.htm


December 1, 2005 - Notice of Comptroller of the Currency Fees for Year 2006 Description: Year 2006 Fee Structure - The purpose of this issuance is to inform all national banks and federal branches and agencies of fees charged by the Office of the Comptroller of the Currency for year 2006. www.occ.treas.gov/ftp/bulletin/2005-40.txt 

December 1, 2005 - OCC Revises the Process of Semiannual Assessments on National Banks - The Office of the Comptroller of the Currency published on its website today its annual notice of fees that incorporates an amendment to the timing of payments of OCC assessments by national banks. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=YEQB9TJX.xml 

December 1, 2005 - Comptroller Dugan Expresses Concern about Negative Amortization - Comptroller of the Currency John C. Dugan expressed strong concern in a speech today about negative amortization in consumer loan products, particularly in the areas of credit cards and mortgages.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=I51QIBS3.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-117a.pdf 

December 1, 2005 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks - These data are compiled from the quarterly FFIEC Consolidated Reports of Condition and Income. Data for each calendar quarter become available approximately sixty days after the end of the quarter. www.federalreserve.gov/Releases/chargeoff/default.htm 

December 1, 2005 - OCC Issues First Quarter 2006 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 first quarter of 2006. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=PLXD8YX4.xml 

December 1, 2005 - Statistical Release - G.5 Foreign Exchange Rates - The Average Rates Of Exchange In November 2005 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/Releases/G5/Current/default.htm 


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