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.
http://www.ncua.gov/news/press_releases/2005/NR05-1216.htm
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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