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

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Bank Regulatory News

December 2006

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December 29, 2006 - 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, 2006 - Commercial Bank Examination Manual November 2006 update and Trading and Capital-Markets Activities Manual 2006 update. www.federalreserve.gov/BoardDocs/SupManual/default.htm 

December 29, 2006 - 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/2006/20061229/default.htm
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December 29, 2006 - OCC Proclamation On National Day of Mourning for President Gerald Ford - The Office of the Comptroller of the Currency advised national banks in a proclamation issued December 29 that under federal law they may close their offices Tuesday, January 2, 2007, at their discretion, in any state in which the governor or other authorized official has declared a legal holiday in recognition of the National Day of Mourning for President Gerald Ford. http://www.occ.treas.gov/ftp/release/2006-142.htm

December 28, 2006 - Risk-Based Capital: Domestic Capital Modifications: Notice of Proposed Rulemaking - Proposals (Basel IA) to revise existing risk-based capital rules, and to extend due dates for comments on Basel II NPR and on related reporting templates. www.occ.treas.gov/ftp/bulletin/2006-50.html 

December 28, 2006 - National Credit Union Administration Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting Christopher T. Renzo from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2006/MR06-1228.htm 

December 28, 2006 - The President's Identity Theft Task Force Seeks Public Comment.  www.occ.treas.gov/IDTaskforcePosting.pdf 

December 27, 2006 - Financial Crimes Enforcement Network, Federal Deposit Insurance Corporation, and Florida Office of Financial Regulation Assess Civil Money Penalties Against Beach Bank - The Financial Crimes Enforcement Network, Federal Deposit Insurance Corporation, and Florida Office of Financial Regulation today announced the assessment of civil money penalties totaling $800,000 against Beach Bank, Miami Beach, Florida, for violations of federal and state anti-money laundering laws and regulations. Beach Bank, without admitting or denying the allegations, consented to payment of the civil money penalties. www.fdic.gov/news/news/press/2006/pr06122.html 

December 27, 2006 - Advertisement of FDIC Membership Final Rule Amending - The FDIC Board of Directors has approved the attached final rule amending FDIC Part 328, Advertisement of Membership. Recent amendments to the Federal Deposit Insurance Act required the FDIC to prescribe an official sign that all FDIC-insured depository institutions would be required to display. The rule accomplishes that requirement and provides for other changes to the regulation. The final rule will take effect on November 13, 2007. FDIC-insured depository institutions are expected to be in full compliance by that date. www.fdic.gov/news/news/financial/2006/fil06112.html 

December 27, 2006 - Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Banks - The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define "small bank" and "intermediate small bank" under the Community Reinvestment Act regulations.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061227/default.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06121.html 
Press Release: www.occ.treas.gov/ftp/release/2006-141.htm 

December 27, 2006 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action Canadian Imperial Bank of Commerce, Toronto, Ontario, Canada Written Agreement dated December 22, 2003 Terminated December 22, 2006.   www.federalreserve.gov/boarddocs/press/Enforcement/2006/20061227/default.htm 

December 26, 2006 - Federal Reserve Board and Office of Thrift Supervision Issue Revised Consumer Handbook on Adjustable-Rate Mortgages - The Federal Reserve Board and the Office of Thrift Supervision today announced the availability of a revised Consumer Handbook on Adjustable-Rate Mortgages (the CHARM booklet), which provides information to consumers about the features and risks of such loans. 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061226/default.htm 
Press Release: www.ots.treas.gov/docs/7/776063.html 

December 26, 2006 - Risk-Based Capital Rules - Notice of Proposed Rulemaking on Modifications to the Risk-Based Capital Framework - The federal bank and thrift regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking and are seeking comment on possible modifications to the risk-based capital standards for all domestic banks, bank holding companies and savings associations that are not subject to the risk-based capital framework proposed in the Basel II NPR. The FDIC will accept comments on the NPR through March 26, 2007. www.fdic.gov/news/news/financial/2006/fil06111.html 

December 22, 2006 - Reports of Condition and Income for Fourth Quarter 2006 - The attached material pertains to the Reports of Condition and Income for the December 31, 2006, report date. Please plan to complete the preparation, editing, and review of your bank's Call Report data and the submission of these data to the agencies' Central Data Repository as early as possible. Starting your preparation early will aid you in identifying and resolving any edit exceptions prior to the submission deadline. www.fdic.gov/news/news/financial/2006/fil06110.html 

December 22, 2006 - Statistical Release - Household Debt Service and Financial Obligations Ratios.  www.federalreserve.gov/Releases/housedebt/default.htm 

December 22, 2006 - Consumer Information - Agencies issue revised Consumer Handbook on Adjustable-Rate Mortgages.   www.federalreserve.gov/pubs/arms/arms_english.htm 

December 22, 2006 - Federal Reserve Bulletin: Legal Developments Third Quarter, 2006.  www.federalreserve.gov/pubs/bulletin/2006/06index.htm 

December 22, 2006 - The Federal Reserve Board on Friday announced the termination of the enforcement action Citigroup Inc., New York, New York, Written Agreement dated July 28, 2003, Terminated December 21, 2006.  www.federalreserve.gov/boarddocs/press/Enforcement/2006/20061222/default.htm

December 21, 2006 - The Competitive Effects of Risk-Based Bank Capital Regulation: An Example from U.S. Mortgage Markets - Diana Hancock, Andreas Lehnert, Wayne Passmore, and Shane M. Sherlund - Basel II bank capital regulations are designed to be substantially more risk sensitive than the current regulations. In the United States, only the largest banks would be required to adopt Basel II; other depositories could choose to adopt such standards or to remain under the Basel I capital standards. http://www.federalreserve.gov/pubs/feds/2006/200646/200646abs.html
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December 21, 2006 - Fair Credit Reporting Act Amendments to FCRA Examination Procedures - Amendments update a section to FCRA examination procedures issued in November 2005. They address provisions in the medical information rule that became effective April 1. www.occ.treas.gov/ftp/bulletin/2006-49.html 

December 21, 2006 - FDIC Reports on Bank Securitization Activities and Market Risk Management - As banks and savings institutions increasingly turn to the capital markets to finance their activities, the techniques they use to evaluate liquidity and market risk also continue to evolve, according to the Fall 2006 issue of FDIC Outlook. www.fdic.gov/news/news/press/2006/pr06120.html 

December 21, 2006 - FDIC Makes Public November 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 November. No administrative hearing is scheduled for January 2007. www.fdic.gov/news/news/press/2006/pr06119.html 

December 21, 2006 - The Federal Reserve Board on Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Planters Bank and Trust Company, Staunton, Virginia, a state member bank. Planters Bank and Trust Company, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2006/200612213/default.htm 

December 21, 2006 - The Federal Reserve Board on Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Oregon Pacific Bank, Florence, Oregon, a state member bank. Oregon Pacific Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2006/200612212/default.htm 

December 21, 2006 - Repeal of Certain Reporting Requirements - On December 11, 2006, the Board of Governors of the Federal Reserve System published amendments to 12 CFR 215 (Regulation O) in the Federal Register removing certain reporting requirements regarding extensions of credit to bank insiders. 71 Federal Register 71472. www.occ.treas.gov/ftp/bulletin/2006-48.html 

December 21, 2006 - Truth in Lending, December 2006 Revised booklet in the Comptroller's Handbook for Consumer Compliance incorporates Federal Reserve Board changes to Regulation Z and the OCC's risk-based approach to examination. www.occ.treas.gov/handbook/til.pdf 

December 21, 2006 - OCC Publishes Newsletter on Minority-Owned Financial Institutions - The Office of the Comptroller of the Currency today released the Winter 2006/2007 edition of its Community Developments newsletter focusing on minority-owned financial institutions and the strategies many employ to serve their niche markets. www.occ.treas.gov/ftp/release/2006-140.htm 

December 21, 2006 - Large-bank Deposit Insurance Determination Modernization Proposal Advance Notice of Proposed Rulemaking -The FDIC is seeking comments on whether and how the largest insured depository institutions should be required to modify their deposit systems so that the FDIC may calculate deposit insurance coverage quickly in the event of an institution's failure. Attached is the Advance Notice of Proposed Rulemaking. www.fdic.gov/news/news/financial/2006/fil06109.html 

December 21, 2006 - Suspicious Activity Report Revised To Support Joint Filing and Reduce Duplicate SARs - The Financial Crimes Enforcement Network and the federal banking agencies1 announced Thursday that the format for the Suspicious Activity Report by Depository Institutions has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction.
Press Release: www.fdic.gov/news/news/press/2006/pr06118.html 
Press Release: www.occ.treas.gov/ftp/release/2006-139.htm 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061221/default.htm
Press Release: www.ots.treas.gov/docs/7/776061.html 
Press Release: www.ncua.gov/news/press_releases/2006/JR06-1221.pdf 

December 21, 2006 - The Federal Reserve Board and the New York State Banking Department on Thursday announced the execution of a Written Agreement by and among Habib Bank Limited, Karachi, Pakistan; the bank's branch in New York, New York; the Federal Reserve Bank of New York; and the New York State Banking Department. www.federalreserve.gov/boarddocs/press/enforcement/2006/20061221/default.htm 

December 20, 2006 - An Empirical Analysis of Specialist Trading Behavior at the New York Stock Exchange - Sigridur Benediktsdottir - I establish stylized empirical facts about the trading behavior of New York Stock Exchange specialists. Specifically, I look at the effect of future price movements, the specialist's explicit role, and the specialist's inventory levels on specialist trading behavior. www.federalreserve.gov/pubs/ifdp/2006/876/ifdp876.htm 

December 20, 2006 - A Bivariate Model of Fed and ECB Main Policy Rates - Chiara Scotti - This paper studies when and by how much the Fed and the ECB change their target interest rates. I develop a new nonlinear bivariate framework, which allows for elaborate dynamics and potential interdependence between the two countries, as opposed to linear feedback rules, such as a Taylor rule, and I use a novel real-time data set. www.federalreserve.gov/pubs/ifdp/2006/875/ifdp875.htm 

December 20, 2006 - Informed and Strategic Order Flow in the Bond Markets - Paolo Pasquariello and Clara Vega - We study the role played by private and public information in the process of price formation in the U.S. Treasury bond market. To guide our analysis, we develop a parsimonious model of speculative trading in the presence of two realistic market frictions -- information heterogeneity and imperfect competition among informed traders -- and a public signal. www.federalreserve.gov/pubs/ifdp/2006/874/ifdp874.htm 

December 20, 2006 - Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility Sylvain Leduc and Keith Sill - An equilibrium model is used to assess the quantitative importance of monetary policy for the post-1984 decline in U.S. inflation and output volatility. The principal finding is that monetary policy played a substantial role in reducing inflation volatility, but a small role in reducing real output volatility.
www.federalreserve.gov/pubs/ifdp/2006/873/ifdp873.htm 

December 20, 2006 - The Monetary Origins of Asymmetric Information in International Equity Markets Gregory H. Bauer, Clara Vega - Existing studies using low-frequency data have found that macroeconomic shocks contribute little to international stock market covariation. However, these papers have not accounted for the presence of asymmetric information where sophisticated investors generate private information about the fundamentals that drive returns in many countries. www.federalreserve.gov/pubs/ifdp/2006/872/ifdp872.htm 

December 20, 2006 - NCUA General Counsel Opinion 06-0932-Disease Specific Health Insurance - 12/08/2006.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0932.pdf 

December 20, 2006 - NCUA General Counsel Opinion 06-1101 - Establishing No-Interest/Divided Accounts for Member Lacking a Taxpayer Identification Number.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-1101.pdf 

December 20, 2006 - On December 11, 2006, the Board of Governors of the Federal Reserve System published amendments to 12 CFR 215 (Regulation O) in the Federal Register removing certain reporting requirements regarding extensions of credit to bank insiders. 71 Federal Register 71472. These amendments implement section 601 of the Financial Services Regulatory Relief Act of 2006, which was signed into law on October 13.    www.occ.treas.gov/ftp/bulletin/2006-48.html 

December 20, 2006 - Federal Reserve Bank of San Francisco Announces Chairman and Vice Chair of the 12th District Economic Advisory Council Stephen M. Brophy - The Federal Reserve Bank of San Francisco announced today that Stephen M. Brophy, president of Page Land & Cattle Co., and Grace Evans Cherashore, president and CEO of the Evans Hotel Group have been appointed chairman and vice chair of the San Francisco Fed's Economic Advisory Council. www.frbsf.org/news/releases/2006/1220.html 

December 18, 2006 - OCC Releases CRA Evaluations For 25 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, 2006 through December 14, 2006. www.occ.treas.gov/ftp/release/2006-138.htm 

December 18, 2006 - Elimination of Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks - Section 601 of the Financial Services Regulatory Relief Act of 2006 removed several statutory reporting requirements relating to insider lending by insured banks and savings associations. www.fdic.gov/news/news/financial/2006/fil06108.html 

December 18, 2006 - Agencies Propose Joint Rules to Implement the Bank "Broker" Provisions of the Gramm-Leach-Bliley Act - The Securities and Exchange Commission and Board of Governors of the Federal Reserve System on Monday announced the release of joint proposed rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934. www.federalreserve.gov/boarddocs/press/bcreg/2006/20061218/default.htm 

December 18, 2006 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by AFNB Holdings, Inc. to become a bank holding company and acquire all the voting shares of American First National Bank, both of Houston, Texas. www.federalreserve.gov/boarddocs/press/orders/2006/20061218/default.htm 

December 18, 2006 - The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the New York State Banking Department today announced the issuance of separate but coordinated enforcement actions regarding The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan, and some of its U.S. operations. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20061218/default.htm 

December 18, 2006 - Data Download Program: news feeds relaying announcements about the DDP and the data available from the application. www.federalreserve.gov/feeds/default.htm 

December 15, 2006 - OTS Lists 64 CRA Exams Scheduled For First Quarter 2007 - The Office of Thrift Supervision announced today that 64 savings associations are scheduled for Community Reinvestment Act examinations during the first quarter of 2007.  http://www.ots.treas.gov/docs/7/776060.html

December 15, 2006 - OCC Reports Bank Quarterly Trading Revenues of $4.5 Billion - Insured U.S. commercial banks generated revenues of $4.5 billion from trading cash instruments and derivative products in the third quarter of 2006, the Office of the Comptroller of the Currency reported today in its Quarterly Report on Bank Derivatives Activities. www.occ.treas.gov/ftp/release/2006-137.htm 

December 15, 2006 - OTS Appoints William Henley as Director of IT Risk Management - The Office of Thrift Supervision announced today the recent appointment of William H. Henley, Jr. as its Director of IT Risk Management. www.ots.treas.gov/docs/7/776059.html 

December 15, 2006 - Statistical Release - G.17 Industrial Production - Industrial production (IP) rose 0.2 percent in November and was revised down in October to show no change from its September level; the revision to October was in response to weaker incoming data for durable manufacturing. www.federalreserve.gov/Releases/G17/Current/default.htm 

December 15, 2006 - Chairman Ben S. Bernanke - The Chinese Economy: Progress and Challenges - At the Chinese Academy of Social Sciences, Beijing, China.   www.federalreserve.gov/boarddocs/speeches/2006/20061215/default.htm 

December 14, 2006 - Middle-Income Tax Rates: Trends And Prospects - Since the early 1980s, U.S. tax policy has seen a lot of changes, culminating with three major tax bills in 2001-2003. Many of these modifications, which lowered marginal tax rates and increased deductions, exemptions and credits, benefited middle-income households. As a result, the effective federal income tax rate for middle-income households has reached 25-year lows, dropping from 7.5 percent in 1979 to 2.7 percent in 2003. www.kc.frb.org/pubaffrs/pressrel/pr06-23.pdf 

December 14, 2006 - Minority Workers In The Tenth District: Rising Presence, Rising Challenges - Since 1970, minorities' share of population in Tenth Federal Reserve District states (Colorado, Oklahoma, Kansas, Nebraska, Wyoming, western Missouri, and northern New Mexico) has nearly doubled. Minority groups now account for 25 percent of the area's population and are expected to continue to increase in relative size in the years ahead. This escalating minority presence raises the question of how District minorities are doing economically. www.kc.frb.org/pubaffrs/pressrel/pr06-24.pdf  
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December 14, 2006 - Annual Report, Fiscal Year 2006 - Highlights include the viewpoint of Comptroller Dugan, a look ahead to 2007, a review of strategic goal support, and a report on financial management. www.occ.treas.gov/annrpt/annual.htm 

December 14, 2006 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - Data are collected as of the end of the month for March, June, September and December, and generally are released three months later. www.federalreserve.gov/releases/iba/default.htm 

December 14, 2006 - Agencies Announce Interim Decision on Impact of FAS 158 on Regulatory Capital -The federal bank and thrift regulatory agencies announced Thursday an interim decision that the Statement of Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (FAS 158), will not affect banking organizations' regulatory capital.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061214/default.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06116.html 
Press Release: www.occ.treas.gov/ftp/release/2006-136.htm 
Press Release: www.ots.treas.gov/docs/7/776058.html

December 14, 2006 - NCUA - Final Rule - Permissible Investments for Federal Credit Unions.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-703.pdf 

December 14, 2006 - NCUA General Counsel Opinion 06-0928 - Political Activities of Credit Unions - 11/28/2006.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0928.pdf   

December 13, 2006 - OCC Enforcement Actions -The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2006-135.htm 

December 13, 2006 - NCUA - National Credit Union Administration Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting Crystal Bottomley from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2006/MR06-1213.htm 

December 13, 2006 - Federal Financial Regulatory Agencies Issue Interagency Policy Statement on the Allowance for Loan and Lease Losses and Frequently Asked Questions - The federal financial regulatory agencies announced today the issuance of a new interagency policy statement on the Allowance for Loan and Lease Losses and supplemental Frequently Asked Questions.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061213/default.htm 
Press Release: www.federalreserve.gov/boarddocs/srletters/2006/SR0617.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06115.html 
Press Release: www.fdic.gov/news/news/financial/2006/fil06105.html 
Press Release: www.occ.treas.gov/ftp/release/2006-134.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2006-47.html 
Press Release: www.ots.treas.gov/docs/7/776057.html 
Press Release: www.ncua.gov/news/press_releases/2006/JR06-1213.pdf 

December 12, 2006 - The San Francisco Fed Announces 2007 Board of Directors and the Reappointment of Richard M. Kovacevich to the Federal Advisory Council - David K.Y. Tang - The Federal Reserve Bank of San Francisco today announced the re-designation of David K.Y. Tang, partner with Seattle-based law firm Preston Gates & Ellis LLP as chairman of the Federal Reserve Bank of San Francisco's board of directors, and T. Gary Rogers, chairman and CEO of Dreyer's Grand Ice Cream, Inc. in Oakland, as deputy chairman. www.frbsf.org/news/releases/2006/1212.html 

December 12, 2006 - The Federal Reserve Board on Tuesday announced its approval of the proposal by Citizens Banking Corporation, Flint, to acquire Republic Bancorp Inc., Owosso, and its subsidiary bank, Republic Bank, Lansing, all in Michigan. www.federalreserve.gov/boarddocs/press/orders/2006/20061212/default.htm 

December 12, 2006 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth has slowed over the course of the year, partly reflecting a substantial cooling of the housing market. Although recent indicators have been mixed, the economy seems likely to expand at a moderate pace on balance over coming quarters. http://www.federalreserve.gov/boarddocs/press/monetary/2006/20061212/default.htm 

December 12, 2006 - Commercial Real Estate Lending - The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System have issued the attached joint Guidance on Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices. The guidance reminds institutions that strong risk management practices and appropriate levels of capital are essential elements of a sound commercial real estate lending program, particularly when an institution has a concentration in CRE loans. www.fdic.gov/news/news/financial/2006/fil06104.html 

December 11, 2006 - NCUA - Revised NCUA Your Insured Funds Brochure is available for download.   www.ncua.gov/Publications/brochures/insured_funds/funds.pdf 

December 11, 2006 - OTS Hosts National Forum to Address Housing Issues - The Office of Thrift Supervision is hosting a National Housing Forum today in order to prompt a more in-depth dialogue on one of the nation's most debated topics. The event will provide a timely and diverse forum on key issues affecting housing; and it will provide a unique opportunity for debate among top industry, government and community leaders about our nation's housing market. www.ots.treas.gov/docs/7/776056.html 

December 11, 2006 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/ 

December 11, 2006 - Statistical Release - G.17 Industrial Production and Capacity Utilization - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization. Although data from January 1972 through October 2006 are affected, most of the revision occurs from 2003 onward. Measured from fourth quarter to fourth quarter, industrial production is now reported to have increased more slowly in 2003 and in 2004. The change in output was revised up for 2005 and revised down slightly for 2006. www.federalreserve.gov/releases/g17/revisions/Current/default_rev.htm 

December 11, 2006 - A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting - Michael T. Kiley - I estimate sticky-price and sticky-information models of price setting for the United States via maximum-likelihood techniques, reaching several conclusions. First, the sticky-price model fits best, and captures inflation dynamics as well as reduced-form equations once hybrid-behavior is allowed. Second, the importance of hybrid behavior in sticky-price models is potentially consistent with a role for some information imperfections, such as sticky information, as a complement to nominal price rigidities www.federalreserve.gov/pubs/feds/2006/200645/index.html 

December 11, 2006 - Shifting Trends in Semiconductor Prices and the Pace of Technological Progress - Ana Aizcorbe, Stephen D. Oliner, and Daniel E. Sichel - This paper examines three questions motivated by previous research on semiconductors and productivity growth: Why did semiconductor prices fall so rapidly in the second half of the 1990s, why has the rate of price decline slowed since 2001, and to what extent are these price swings associated with changes in the rate of advance in semiconductor technology? We show that the price swings are statistically significant and that they reflect changes in both price-cost markups and cost trends. www.federalreserve.gov/pubs/feds/2006/200644/index.html 

December 8, 2006 - OCC Names Bonita Irving its New Community Affairs Officer in Boston -The Office of the Comptroller of the Currency today announced the selection of Bonita Irving as its new Boston-based Community Affairs Officer for the Northeast District. www.occ.treas.gov/ftp/release/2006-133.htm 

December 8, 2006 - OCC Issues Civil Money Penalty against Grant Thornton LLP - The Office of the Comptroller of the Currency announced today that the agency has imposed a $300,000 civil money penalty and a cease and desist order against Grant Thornton LLP for reckless conduct in performing its audit of First National Bank of Keystone's 1998 financial statements. www.occ.treas.gov/ftp/release/2006-132.htm 

December 8, 2006 - Statistical Supplement to the Federal Reserve Bulletin - November 2006.   www.federalreserve.gov/pubs/supplement/2006/11/default.htm 

December 7, 2006 - NCUA -Letter to Credit Unions 06-CU-19- Call Report Modifications.  www.ncua.gov/letters/2006/CU/06-CU-19.pdf ________________

December 7, 2006 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 1/2 percent in October, following an upward-revised increase of 5-3/4 percent in the third quarter. In October, an increase in revolving credit was offset by a decrease in nonrevolving credit. www.federalreserve.gov/releases/g19/current/default.htm 

December 7, 2006 - NCUA - Final Rule: Part 748, Filing Requirements for Suspicious Activity Reports - This Regulatory Alert is to inform you about revisions to Part 748 of the NCUA Rules and Regulations. The revised rule describes in greater detail Suspicious Activity Report reporting and filing requirements. The rule becomes effective November 27, 2006. www.ncua.gov/reg_alerts/2006/06-RA-07.pdf 

December 7, 2006 - Fraudulent Regulatory Agency Issuances: Fraudulent Correspondence Attributed to Officials of the Office of the Comptroller of the Currency - Fictitious e-mails are circulating world-wide that claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. www.occ.treas.gov/ftp/alert/2006-68.html 

December 7, 2006 - Deposit Insurance Assessments - Final Rules on Assessments and the Designated Reserve Ratio - The FDIC Board of Directors has approved the attached final rules to amend Part 327 of the FDIC Rules and Regulations governing assessments. One rule creates a new system for risk-based assessments and sets assessment rates beginning January 1, 2007. The other rule sets the designated reserve ratio at 1.25 percent. The amendments are being made to implement the Federal Deposit Insurance Reform Act of 2005. www.fdic.gov/news/news/financial/2006/fil06103.html 

December 6, 2006 - The Federal Reserve Board on Wednesday announced the approval of, and invited public comment on, an interim rule that would implement section 601 of the Financial Services Regulatory Relief Act of 2006, which eliminated several statutory reporting and disclosure requirements relating to insider lending by insured depository institutions. www.federalreserve.gov/boarddocs/press/bcreg/2006/200612062/default.htm 

December 6, 2006 - Federal Banking Agencies Issue Final Guidance On Concentrations in Commercial Real Estate Lending - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation on Wednesday issued final guidance on sound risk management practices for concentrations in commercial real estate lending.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20061206/default.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06114.html 
Press Release: www.occ.treas.gov/ftp/release/2006-131.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2006-46.html 
Press Release: www.ots.treas.gov/docs/7/776055.html 

December 6, 2006 - 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. The list covers evaluation ratings that the FDIC assigned to institutions in September 2006. www.fdic.gov/news/news/press/2006/pr06113.html 

December 5, 2006 - Nordstrom Elected and Wilcox Reelected to the Federal Reserve Bank of San Francisco's Board of Directors - The Federal Reserve Bank of San Francisco announced today that Blake W. Nordstrom, president of Nordstrom, Inc. has been elected, and Kenneth P. Wilcox, president and chief executive officer of SVB Financial Group has been reelected to the San Francisco Fed's board of directors. www.frbsf.org/news/releases/2006/1205.html 

December 5, 2006 - FRB Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/1106assets.htm 

December 5, 2006 - FDIC Board Proposes Basel 1-A Capital Standard For Most Banks; Extends Comment Period on Basel II for the Largest Banks - The Board of Directors of the Federal Deposit Insurance Corporation today approved an interagency proposed rule that would provide a new option for how most banks and thrifts in the U.S. calculate their minimum risk-based capital requirements. The capital framework is commonly referred to as Basel 1-A, and would be available to all banks except the largest and most complex. www.fdic.gov/news/news/press/2006/pr06112.html 

December 5, 2006 - FDIC Solicits Comments on Improvements to Determining Insured Deposits at Large Banks - The Board of Directors of the Federal Deposit Insurance Corporation is soliciting comments on proposed improvements to the process of determining the insurance status of depositors of larger institutions in the event of a failure. The FDIC originally solicited comments on this topic in December 2005. Based on its review of the comments, the FDIC has decided to seek additional comments on a new approach. www.fdic.gov/news/news/press/2006/pr06111.html 

December 5, 2006 - FDIC Board Approves 2007 Corporate Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $1.1 billion Corporate Operating Budget for 2007, approximately 4.6% higher than the 2006 Corporate Operating Budget. In addition, 2007 spending on multi-year investment projects separately approved by the Board is expected to be approximately $26.4 million. www.fdic.gov/news/news/press/2006/pr06110.html 

December 5, 2006 - FDIC Reports Third Quarter 2006 Financial Results for the Deposit Insurance Fund - The Federal Deposit Insurance Corporation today announced that the Deposit Insurance Fund earned $1.4 billion in comprehensive income during the first three quarters of 2006, increasing the fund balance to $50.0 billion as of September 30, 2006. www.fdic.gov/news/news/press/2006/pr06109.html 

December 5, 2006 - The Federal Reserve Board on Tuesday released a draft interagency notice of proposed rulemaking that would revise the existing risk-based capital framework by giving the vast majority of banks, bank holding companies, and savings associations the option of either continuing to use the existing Basel I-based capital rule or adopting a more risk sensitive rule, known as Basel IA. www.federalreserve.gov/boarddocs/press/bcreg/2006/20061205/default.htm 

December 4, 2006 - 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/2006/pr06108.html 

December 4, 2006 - Issues Draft Guidelines on Small-Dollar Loans -The Federal Deposit Insurance Corporation has issued for comment guidelines to state non-member banks to encourage them to offer small-dollar loan products that are affordable. FDIC-supervised institutions that offer these products in a responsible, safe and sound manner may receive favorable consideration under the Community Reinvestment Act www.fdic.gov/news/news/press/2006/pr06107.html 

December 4, 2006 - Comptroller of the Currency Hosts Teleseminar on Small Business Administration 504 CDC Loans - The Office of the Comptroller of the Currency will host a teleseminar for those interested in taking advantage of the Small Business Administration 504 Certified Development Company Loan Program. www.occ.treas.gov/ftp/release/2006-130.htm 

December 1, 2006 - OCC Issues First Quarter 2007 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 2007. www.occ.treas.gov/ftp/release/2006-129.htm 

December 1, 2006 - Notice of Comptroller of the Currency Fees for Year 2007: Notice of OCC fee structure for year 2007 for all national banks and federal branches and agencies. Changes become effective January 1, 2007. www.occ.treas.gov/ftp/bulletin/2006-45.PDF 

December 1, 2006 - FRB Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks.   www.federalreserve.gov/Releases/ChargeOff/default.htm 

December 1, 2006 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In November 2006 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 

December 1, 2006 - Chairman Ben S. Bernanke - Welcoming remarks At the Fourth Conference of the International Research Forum on Monetary Policy, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20061201/default.htm

 

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