Bank
Regulatory News
December 2007
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December 28, 2007 - OCC Reports Quarterly Bank Trading Revenues of
$2.3 Billion - Insured U.S. commercial banks generated $2.3 billion in
trading revenues during the third quarter of 2007, down 48 percent from a
year earlier, the Office of the Comptroller of the Currency reported today
in the OCC's Quarterly Report on Bank Derivatives Activities.
www.occ.treas.gov/ftp/release/2007-137.htm
December 28, 2007 - Country Exposure Information Report.
www.ffiec.gov/pdf/e16/009a_200709.pdf
December 28, 2007 - E16 Country Exposure Statistical Release.
www.ffiec.gov/pdf/e16/E16_200709.pdf
December 28, 2007 - Bank Secrecy Act - Spanish Translation of the 2007 Bank
Secrecy Act/Anti-Money Laundering Examination Manual - The FDIC has had the
Federal Financial Institutions Examination Council Bank Secrecy
Act/Anti-Money Laundering Examination Manual translated into Spanish and is
making it available to the public.
www.fdic.gov/news/news/financial/2007/fil07117.html
________________
December 27, 2007 - Sovereign CDS and Bond Pricing Dynamics in
Emerging Markets: Does the Cheapest-to-Deliver Option Matter? -
John Ammer and Fang Cai - We examine the relationships between
credit default swap premiums and bond yield spreads for nine
emerging market sovereign borrowers. We find that these two
measures of credit risk deviate considerably in the short run,
due to factors such as liquidity and contract specifications,
but we estimate a stable long-term equilibrium relationship for
most countries.
www.federalreserve.gov/pubs/ifdp/2007/912/ifdp912.htm
December 27, 2007 - Statistical Supplement to the Federal
Reserve Bulletin - November 2007.
www.federalreserve.gov/pubs/supplement/2007/11/default.htm
December 27, 2007 - Midwest Manufacturing Output Rises in
November - The Chicago Fed Midwest Manufacturing Index rose 0.5%
in November, to a seasonally adjusted level of 105.0 (2002 =
100).
www.chicagofed.org/economic_research_and_data/cfmmi.cfm
December 27, 2007 - FDIC Makes Public September Enforcement
Actions; No Administrative Hearings are Scheduled - The Federal
Deposit Insurance Corporation today released a list of orders of
administrative enforcement actions taken against banks and
individuals in September.
www.fdic.gov/news/news/press/2007/pr07108.html
December 21, 2007 - Profitwise Looks at State Foreclosure Rates
- Current issue examines determinants of these rates, with a
special focus on Indiana in recent years.
www.chicagofed.org/community_development/profitwise_news_and_views.cfm
December 21, 2007 - NCUA - Letters to Credit Unions 07-CU-13 -
Supervisory Letter-Evaluation Third Party Relationships.
www.ncua.gov/letters/2007/CU/07-CU-13.pdf
December 21, 2007 - Community Reinvestment Act: Small Bank Asset
Thresholds and Related Regulatory Review: Joint Final Rule - The
OCC is publishing a joint final rule adjusting the definition of
"small bank" and "intermediate small bank" in its Community
Reinvestment Act regulation.
www.occ.treas.gov/ftp/bulletin/2007-50.html
December 21, 2007 - 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/2007-136.htm
December 21, 2007 - Fair and Accurate Credit Transactions Act -
Proposed Procedures to Enhance the Accuracy and Integrity of
Information Furnished to Consumer Reporting Agencies - The FDIC,
the other federal financial institution regulatory agencies, and
the Federal Trade Commission have jointly published for comment
the attached proposed regulations and guidelines on the accuracy
and integrity of information furnished to consumer reporting
agencies and proposed regulations on direct disputes to
furnishers of this information.
www.fdic.gov/news/news/financial/2007/fil07115.html
December 21, 2007 - Flood Insurance - Managing Risks Associated
With Lapses in Flood Insurance Coverage - Flood insurance is
required for the life of a loan that is secured by improved real
estate located, or to be located, in a special flood hazard area
of a community participating in the National Flood Insurance
Program. Often, an insurance policy lapses because the borrower
does not renew it.
www.fdic.gov/news/news/financial/2007/fil07114.html
December 21, 2007 - USA Patriot Act Final Regulation
Implementing Section 312 - Special Due Diligence Programs for
Certain Foreign Accounts - The Financial Crimes Enforcement
Network has issued the attached final rule to implement the
enhanced due diligence requirements for correspondent accounts
for certain foreign banks set forth in Section 312 of the USA
PATRIOT Act.
www.fdic.gov/news/news/financial/2007/fil07113.html
December 21, 2007 - Statistical Release - E.15 Agricultural
Finance Databook.
www.federalreserve.gov/releases/e15/default_2007.htm
December 21, 2007 - Legal Interpretations - Margin requirements,
December 18, 2007.
www.federalreserve.gov/boarddocs/legalint/MarginRequirements/2007/20071218/default.pdf
December 21, 2007 - Legal Interpretations - Margin requirements,
December 17, 2007.
www.federalreserve.gov/boarddocs/legalint/MarginRequirements/2007/20071217/default.pdf
December 21, 2007 - The Federal Reserve intends to conduct
biweekly Term Auction Facility auctions for as long as necessary
to address elevated pressures in short-term funding markets. The
Board of Governors will announce the sizes of the January 14 and
January 28 TAF auctions at noon on January 4.
www.federalreserve.gov/newsevents/press/monetary/20071221b.htm
December 21, 2007 - On December 20, 2007, the Federal Reserve
conducted an auction of $20 billion in 35-day credit through its
Term Auction Facility. Following are the results of the auction:
www.federalreserve.gov/newsevents/press/monetary/20071221a.htm
_________________
December 20, 2007 - November Economic Growth Below Average - The
Chicago Fed National Activity Index was -0.27 in November, up
from -0.89 in October.
www.chicagofed.org/economic_research_and_data/files/cfnai_december2007.pdf
December 20, 2007 - Seattle Business Leaders Join SF Fed's
Economic Advisory Council - The San Francisco Federal Reserve Bank announced
today that Rick R. Holley, president and CEO of Seattle-based Plum Creek
Timber Company, and Henry L. "Skip" Kotkins, Jr., chairman and CEO of Skyway Luggage Company, also
based in Seattle, have joined the San Francisco Fed's Economic
Advisory Council.
www.frbsf.org/news/releases/2007/1220.html
December 19, 2007 - Statistical Release - G.20 Finance
Companies.
www.federalreserve.gov/releases/g20/Current/
December 19, 2007 - Agencies Release Annual CRA Asset-Size
Threshold Adjustments for Small and Intermediate Small
Institutions - The federal bank regulatory agencies today
announced the annual adjustment to the asset-size thresholds
used to define "small bank," "small savings association,"
"intermediate small bank," and "intermediate small savings
association" under the Community Reinvestment Act regulations.
Press Release:
www.federalreserve.gov/newsevents/press/bcreg/20071219a.htm
Press Release:
www.fdic.gov/news/news/press/2007/pr07107.html
Press Release:
www.occ.treas.gov/ftp/release/2007-135.htm
Press Release:
www.ots.treas.gov/docs/7/777090.html
December 19, 2007 - On December 20, 2007, the Federal Reserve
will offer $20 billion in 35-day credit through its Term Auction
Facility. Additional information regarding the auction is listed
below; the auction will be conducted as specified in this
Announcement, Regulation A, and the terms and conditions of the
Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20071219b.htm
December 19, 2007 - Retirement Plan Services - Booklet in the
Comptroller's Handbook for Asset Management describes the types
of retirement plan services banks offer and effective methods of
managing the associated risks.
www.occ.treas.gov/handbook/RPSfinal.pdf
December 19, 2007 - FDIC Proposes Rule to Enhance the Process
for Determining Insurance in the Event of a Large Bank Failure -
The Federal Deposit Insurance Corporation today issued a
proposed rule to improve the process for determining uninsured
depositors at larger institutions in the event of a failure. The
measure will enhance the FDIC's ability to make funds promptly
available to insured deposit customers in the unlikely event
that a large financial institution is closed.
www.fdic.gov/news/news/press/2007/pr07106.html
December 19, 2007 - FDIC Board Approves 2008 Corporate Operating
Budget - The Board of Directors of the Federal Deposit Insurance
Corporation today approved a $1.14 billion 2008 Corporate
Operating Budget, approximately 3.1% higher than the 2007
Corporate Operating Budget.
www.fdic.gov/news/news/press/2007/pr07105.html
December 19, 2007 - FDIC Reports Third Quarter 2007 Financial
Results for the Deposit Insurance Fund - The Federal Deposit
Insurance Corporation today announced that the Deposit Insurance
Fund earned $1.6 billion in comprehensive income for the first
nine months of 2007, increasing the fund balance to $51.8
billion as of September 30. DIF's comprehensive income for the
nine-month year-to-date period was $1.6 billion, an increase of
14 percent over $1.4 billion a year ago.
www.fdic.gov/news/news/press/2007/pr07104.html
December 19, 2007 - FDIC Makes Public August Enforcement
Actions; No Administrative Hearings are Scheduled - The Federal
Deposit Insurance Corporation today released a list of orders of
administrative enforcement actions taken against banks and
individuals in August. No administrative hearings are scheduled.
www.fdic.gov/news/news/press/2007/pr07103.html
December 19, 2007 - On December 17, 2007, the Federal Reserve
conducted an auction of $20 billion in 28-day credit through its
Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20071219c.htm
December 18, 2007 - NCUA - Union Pacific Streamliner Federal
Credit Union Returns to Member Control - The National Credit
Union Administration Board has returned control of Union Pacific
Streamliner Federal Credit Union, Omaha, Nebraska, to its
members. All material concerns were resolved during the credit
union's 22 month conservatorship.
www.ncua.gov/news/press_releases/2007/MR07-1218.htm
December 18, 2007 - The Federal Financial Institutions
Examination Council has issued the attached Interagency
Statement on Pandemic Planning for use in identifying the
continuity planning that should be in place to minimize the
potential adverse effects of a pandemic.
www.occ.treas.gov/ftp/bulletin/2007-49.html
December 18, 2007 - William S. Ayer and Richard A. Galanti
Appointed to Seattle Branch Federal Reserve Board - The Board of
Governors of the Federal Reserve System has appointed William S.
Ayer, chairman, president and chief executive officer of
Seattle-based Alaska Air Group, to the Federal Reserve Bank of
San Francisco's Seattle Branch board of directors.
www.frbsf.org/news/releases/2007/1218.html
December 18, 2007 - The Federal Reserve Board on Tuesday
proposed and asked for public comment on changes to Regulation Z
to protect consumers from unfair or deceptive home mortgage
lending and advertising practices. The rule, which would be
adopted under the Home Ownership and Equity Protection Act,
would restrict certain practices and would also require certain
mortgage disclosures to be provided earlier in the transaction.
www.federalreserve.gov/newsevents/press/bcreg/20071218a.htm
December 17, 2007 - Hubbard Reappointed to St. Louis Fed's
Little Rock Branch Board - Sonja Yates Hubbard, chief executive
officer of E-Z Mart Stores Inc., in Texarkana, Texas, has been
reappointed to the board of directors of the Little Rock Branch
of the Federal Reserve Bank of St. Louis.
www.stlouisfed.org/news/releases/2007/12_17_07.htm
December 17, 2007 - Supervisory Insights Journal - The Winter
2007 issue of the FDIC journal Supervisory Insights focuses on
the importance of strong risk-management practices, particularly
in more challenging credit cycles, and addresses other topics
that are timely for both the banking and supervisory
communities.
www.fdic.gov/news/news/financial/2007/fil07112.html
December 17, 2007 - FDIC's Winter 2007 Supervisory Insights
Provides Tips on Bank Risk Management in a Challenging
Environment - The FDIC's Winter 2007 issue of Supervisory
Insights, released today, describes how banks can manage risks
in a challenging banking environment.
www.fdic.gov/news/news/press/2007/pr07102.html
December 17, 2007 - The Federal Reserve Board on Monday
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/newsevents/press/bcreg/20071217a.htm
December 14, 2007 - NCUA - Zion United Community Credit Union
Placed into Conservatorship - The State of Colorado has assumed
control of the operations of Zion United Community Credit Union,
a state-chartered, federally insured credit union serving
residents in Denver, Colorado.
www.ncua.gov/news/press_releases/2007/MR07-1214.htm
December 14, 2007 - OCC Releases CRA Evaluations For 37 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,
2007 through December 14, 2007.
www.occ.treas.gov/ftp/release/2007-134.htm
December 14, 2007 - Statistical Release - G.17 Industrial
Production - Industrial production increased 0.3 percent in
November; the change in production over the previous three
months was revised down, on net, an average of 0.1 percentage
point per month. At 113.9 percent of its 2002 average, total
industrial production in November was 2.1 percent above its
year-earlier level. Output in the manufacturing sector increased
0.4 percent in November.
www.federalreserve.gov/releases/G17/Current/default.htm
December 14, 2007 - Confidentiality Provisions in Third-Party
Agreements- The purpose of this letter is to clarify the Federal
Reserve's expectations regarding confidentiality provisions in
agreements between a banking organization and its counterparties
(for example, mutual funds, hedge funds, and other trading
counterparties) or other third parties.
www.federalreserve.gov/boarddocs/srletters/2007/SR0719.htm
December 14, 2007 - On December 17, 2007, the Federal Reserve
will offer $20 billion in 28-day credit through its Term Auction
Facility. Additional information regarding the auction is listed
below; the auction will be conducted as specified in this
announcement, Regulation A, and the terms and conditions of the
Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20071214a.htm
_________________________
December 13, 2007 - The Federal Reserve Board on Thursday approved
an action by the Board of Directors of the Federal Reserve Bank of
Kansas City decreasing the discount rate at the Bank from 5 percent
to 4-3/4 percent, effective immediately.
www.federalreserve.gov/newsevents/press/monetary/20071213a.htm
December 13, 2007 - The Role of Research and Development in
Agriculture In Chicago Fed Letter, economist David Oppedahl explores
agriculture, biofuels and the food industry.
www.chicagofed.org/publications/fedletter/cfljanuary2008_246a.pdf
December 13, 2007 - NCUA - Results of the 12/13/2007 NCUA Board
Meeting are available.
www.ncua.gov/NCUABoard/board_reports/board_reports.html
December 13, 2007 - Fair Credit Reporting: Accuracy and Integrity of
Consumer Report Information and Direct Consumer Dispute Regulations
and Guidelines: Notice of Proposed Rulemaking - Proposed rule
implements requirement of agencies to issue guidelines and rules for
use by furnishers regarding accuracy and integrity of consumer
information.
www.occ.treas.gov/ftp/bulletin/2007-48.html
December 13, 2007 - The Federal Reserve Bank of San Francisco
Announces 2008 Board of Directors - Two new members join the Federal
Reserve Bank of San Francisco's board of directors. William D.
Jones, president and CEO of San Diego-based CityLink Investment
Corporation, and Daniel P. Myers, president and CEO of Bridge Bank,
N.A., located in San Jose, California, were both elected for
three-year terms beginning January 1, 2008.
www.frbsf.org/news/releases/2007/1213.html
December 13, 2007 - Regulatory Relief Guidance to Help Financial
Institutions and to Facilitate Recovery in Areas of Oregon and
Washington Affected by Severe Flooding - The Federal Deposit
Insurance Corporation has announced a series of steps intended to
provide regulatory relief to financial institutions and to
facilitate recovery in areas of Oregon and Washington state affected
by severe flooding.
www.fdic.gov/news/news/financial/2007/fil07108.html
December 13, 2007 - The Federal Reserve Board on Thursday announced
the names of seven new members of its Thrift Institutions Advisory
Council and designated a new President and Vice President of the
council for 2008.
www.federalreserve.gov/newsevents/press/other/20071213a.htm
December 12, 2007 - The Federal Reserve Board on Wednesday approved
actions by the Boards of Directors of the Federal Reserve Banks of
Boston, Minneapolis, and Dallas decreasing the discount rate at the
Banks from 5 percent to 4-3/4 percent, effective immediately.
www.federalreserve.gov/newsevents/press/monetary/20071212b.htm
December 12, 2007 - Measures Announced to Address Funding Pressures
- Federal Reserve's actions include establishment of a temporary
Term Auction Facility and foreign exchange swap lines.
http://www.federalreserve.gov/newsevents/press/monetary/20071212a.htm
December 12, 2007 - What's Behind the Recent Decline in U.S.
Productivity Growth? - Chicago Fed Letter examines slowing of
productivity in the construction sector and its possible impact on
national productivity growth.
www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm
December 12, 2007 - OCC Supports Efforts To Establish A Single,
Toll-Free Number for Bank Customers Seeking Regulator Assistance -
John G. Walsh, Chief of Staff for the Office of the Comptroller of
the Currency, told a House Financial Services subcommittee today
that the OCC strongly supports efforts to make it easier for bank
customers to register questions and concerns with the right
financial regulator.
www.occ.treas.gov/ftp/release/2007-133.htm
December 12, 2007 - Board of Governors Amends Regulation A To Allow
Term Auction Facility.
www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-31.pdf
December 12, 2007 - FFIEC Guidance on Pandemic Planning - The
Federal Financial Institutions Examination Council issued guidance
today for use by financial institutions in identifying the
continuity planning that should be in place to minimize the
potential adverse effects of a pandemic. This guidance expands upon
the contents of the Interagency Advisory on Influenza Pandemic
Preparedness issued in March 2006.
www.federalreserve.gov/boarddocs/SRLETTERS/2007/SR0718.htm
December 12, 2007 - Proposals for Comment - Proposal to approve
under OMB delegated authority the extension for three years, without
revision, of the following report: Reg H-5
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
December 12, 2007 - Statistical Release - Household Debt Service and
Financial Obligations Ratios - 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 12, 2007 - Sandra F. Braunstein, Director, Division of
Consumer and Community Affairs - The Financial Consumer Hotline Act
of 2007 - Before the Subcommittee on Financial Institutions and
Consumer Credit, Committee on Financial Services, U.S. House of
Representatives.
www.federalreserve.gov/newsevents/testimony/braunstein20071212a.htm
December 12, 2007 - The late Edward M. Gramlich, who served as a
Federal Reserve Board Governor from 1997 to 2005, was honored
Wednesday with the Opportunity Finance Network's Lifetime
Achievement Award for Responsible Finance.
www.federalreserve.gov/newsevents/press/other/20071212a.htm
December 12, 2007 - Today, the Bank of Canada, the Bank of England,
the European Central Bank, the Federal Reserve, and the Swiss
National Bank are announcing measures designed to address elevated
pressures in short-term funding markets.
www.federalreserve.gov/newsevents/press/monetary/20071212a.htm
December 11, 2007 - The Federal Open Market Committee decided today
to lower its target for the federal funds rate 25 basis points to
4-1/4 percent.
www.federalreserve.gov/newsevents/press/monetary/20071211a.htm
December 11, 2007 - NCUA Issues Prohibition Orders - The National
Credit Union Administration Board has issued orders prohibiting the
following individuals from participating in the affairs of any
federally insured financial institution.
www.ncua.gov/news/press_releases/2007/MR07-1211.htm
December 10, 2007 - OTS Announces CRA Exam Schedule for First
Quarter 2008 - The Office of Thrift Supervision announced today that
66 savings associations are scheduled for Community Reinvestment Act
examinations during the first quarter of 2008.
www.ots.treas.gov/docs/7/777088.html
December 10, 2007 - OCC Announces New Electronic Interpretations and
Actions.
www.occ.treas.gov/interp/nov07/intnov07.htm
December 10, 2007 - Federal Reserve Study Shows That More Than
Two-Thirds of Noncash Payments Are Now Electronic - The Federal
Reserve's 2007 study of noncash payments released today revealed
that in 2006 more than two-thirds of all U.S noncash payments were
made electronically. From 2003 to 2006, the period covered by the
study, all types of electronic payments grew while check payments
decreased.
www.federalreserve.gov/newsevents/press/other/20071210a.htm
December 7, 2007 - Implementation of the Advanced Approaches of the
Basel II Capital Accord - This bulletin summarizes the final rule
implementing the advanced approaches of the Basel II Capital Accord
that was published jointly today in the Federal Register by the
Office of the Comptroller of the Currency, the Board of Governors of
the Federal Reserve System, the Federal Deposit Insurance
Corporation, and the Office of Thrift Supervision.
www.occ.treas.gov/ftp/bulletin/2007-47.html
December 7, 2007 - Ransdell Reappointed to St. Louis Fed's
Louisville Branch Board - Dr. Gary A. Ransdell, president of Western
Kentucky University in Bowling Green, Ky., has been reappointed to a
three-year term on the board of directors of the Louisville Branch
of the Federal Reserve Bank of St. Louis.
www.stlouisfed.org/news/releases/2007/12_07_07.html
December 7, 2007 - 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 7, 2007 - Statistical Release - G.19 Consumer Credit -
Consumer credit rose at an annual rate of 2-1/4 percent in October.
Revolving credit rose briskly, while nonrevolving credit declined.
www.federalreserve.gov/releases/g19/Current/
December 7, 2007 - The Board of Governors of the Federal Reserve
System in Washington, D.C., will be closed on Monday, December 24,
2007.
www.federalreserve.gov/newsevents/press/other/20071207a.htm
December 7, 2007 - Risk-Based Capital Rules - Final Rule on Advanced
Capital Adequacy Framework - Basel II - The federal bank and thrift
regulatory agencies have jointly issued the attached final rule
concerning the domestic application of selected elements of the
Basel II capital framework. The final rule requires some banks, and
permits other banks, to use an internal ratings-based approach to
calculate regulatory capital requirements for credit risk and an
advanced measurement approach to calculate regulatory capital
requirements for operational risk.
www.fdic.gov/news/news/financial/2007/fil07107.html
________________
December 6, 2007 - What's Behind the Recent Decline in U.S.
Productivity Growth? - Chicago Fed Letter examines the slowing of
productivity in the contruction sector and its possible impact on
national productivity.
www.chicagofed.org/publications/fedletter/cfljanuary2008_246.pdf
December 6, 2007 - OTS Director Reich Endorses Foreclosure
Prevention Initiative - Office of Thrift Supervision Director John
Reich endorsed the private-sector initiative announced today to help
families avoid foreclosure and stay in their homes.
www.ots.treas.gov/docs/7/777087.html
December 6, 2007 - San Francisco Fed Appoints City National CEO to
Federal Advisory Council - The Federal Reserve Bank of San
Francisco's board of directors has appointed Russell Goldsmith,
chairman and CEO of City National Bank, to represent the Twelfth
Federal Reserve District on the Federal Advisory Council for a
one-year term beginning January 2008. Mr. Goldsmith succeeds Richard
M. Kovacevich, chairman of Wells Fargo & Company.
www.frbsf.org/news/releases/2007/1206.html
December 6, 2007 - Statistical Release - U.S. Reserve Assets; and
Foreign Official Assets Held at Federal Reserve Banks.
www.federalreserve.gov/releases/bulletin/1107assets.htm
December 6, 2007 - Statistical Release - Z.1 Flow of Funds.
www.federalreserve.gov/releases/z1/current/default.htm
December 6, 2007 - NCUA Vice Chairman Rodney E. Hood's Statement
Regarding Michael Fryzel's Nomination To NCUA Board - National
Credit Union Administration Vice Chairman Rodney E. Hood issued the
following statement regarding Michael Fryzel's nomination to the
NCUA Board.
www.ncua.gov/news/press_releases/2007/MA07-1206-2.htm
December 6, 2007 - Hyland Urges Proactive, Balanced Approach on
Mortgages - National Credit Union Administration Board Member Gigi
Hyland told Congress today that NCUA favors a balanced approach to
restructuring of home mortgages that allows for "prudent workout
arrangements" that "benefit both credit unions and their members."
www.ncua.gov/news/press_releases/2007/MA07-1206.htm
December 6, 2007 - Comptroller Dugan Commends Plan to Assist
Subprime Borrowers - Comptroller of the Currency John C. Dugan
issued the following statement today at the Department of the
Treasury press conference announcing a plan to assist a key segment
of subprime borrowers to modify their mortgages and avoid
foreclosures:
www.occ.gov/ftp/release/2007-132.htm
December 6, 2007 - Comptroller Dugan Testifies on Accelerating Loan
Modifications to Help Troubled Borrowers - Comptroller of the
Currency John C. Dugan today testified before the House Committee on
Financial Services during its hearing on "Accelerating Loan
Modifications, Improving Foreclosure Prevention and Enhancing
Enforcement."
www.occ.treas.gov/ftp/release/2007-131.htm
December 6, 2007 - Mandatory Purchase of Flood Insurance - 2007
Edition of FEMA Booklet - The Federal Emergency Management Agency
has released an updated electronic edition of its booklet Mandatory
Purchase of Flood Insurance Guidelines.
www.fdic.gov/news/news/financial/2007/fil07106.html
December 6, 2007 - Statement of FDIC Chairman Bair on Loan
Modification Plan - Federal Deposit Insurance Corporation Chairman
Sheila C. Bair today made the following statement at a press
conference announcing an industry led plan to help certain subprime
homeowners with unaffordable reset payments avoid foreclosure:
www.fdic.gov/news/news/press/2007/pr07101.html
December 6, 2007 - Governor Randall S. Kroszner - Loan modifications
and foreclosure prevention - Before the Committee on Financial
Services, U.S. House of Representatives.
www.federalreserve.gov/newsevents/testimony/kroszner20071206a.htm
December 5, 2007 - Midwest Farmland Values Increase Year-to-Date -
Chicago Fed AgLetter reports 15 percent increase in farmland values
in third quarter of '07 from '06.
www.chicagofed.org/publications/agletter/november_2007.pdf
December 5, 2007 - Risk and Concentration in Payment and Securities
Settlement Systems - David C. Mills, Jr. and Travis D. Nesmith -
Large value payment and securities settlement systems are important
components of an economy's financial system. Many such systems are
operated by central banks and are liquidity intensive. Central banks
often provide inexpensive liquidity to facilitate settlement. This
leads to a number of policy questions about the provision of such
liquidity.
www.federalreserve.gov/pubs/feds/2007/200762/index.html
December 4, 2007 - Information Technology - Risk Management Program
Revised IT Officer's Questionnaire - The FDIC has updated its
risk-focused Information Technology examination procedures for
FDIC-supervised financial institutions.
www.fdic.gov/news/news/financial/2007/fil07105.html
December 4, 2007 - FDIC Issues List of Banks Examined for CRA
Compliance - The Federal Deposit Insurance Corporation today issued
its list of state nonmember banks recently evaluated for compliance
with the Community Reinvestment Act.
www.fdic.gov/news/news/press/2007/pr07100.html
December 4, 2007 - The Federal Reserve Board on Tuesday announced
its approval of the notice under section 4 of the Bank Holding
Company Act by Fortis S.A./N.V., Fortis, N.V., Fortis Brussels S.A./N.V.,
and Fortis Bank S.A./N.V., all of Brussels, Belgium, to engage in
energy management activities, on a limited basis, as an activity
that is complementary to the financial activities of engaging
regularly as a principal in commodity derivatives and providing
financial and investment advisory services for derivatives
transactions.
www.federalreserve.gov/newsevents/press/orders/20071204a.htm
December 3, 2007 - Release Dates For The Federal Reserve Bank Of
Kansas City's Monthly Manufacturing Survey - The Federal Reserve
Bank of Kansas City announces the 2008 release dates of its survey
covering manufacturing activity in the Tenth Federal Reserve
District.
www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-30.pdf
December 3, 2007 - Economic Growth Somewhat Below Potential in '08 -
Forecast of participants at Chicago Fed's 21st annual Economic
Outlook Symposium - The nation's economic growth is expected to
remain steady in 2008, inflation is predicted to decline next year,
and the unemployment rate is forecasted to rise through 2008,
according to the median forecast of participants at the Federal
Reserve Bank of Chicago's Economic Outlook Symposium.
www.chicagofed.org/economic_research_and_data/2007_eos_release.cfm
December 3, 2007 - Notice of Comptroller of the Currency Fees for
Year 2008: Fee Structure - Notice of OCC fee structure for year 2008
for all national banks and federal branches and agencies. Changes
become effective January 1, 2008.
www.occ.treas.gov/ftp/bulletin/2007-46.pdf
December 3, 2007 - Statistical Release - G.5 Foreign Exchange Rates
- The Table Below Shows The Average Rates Of Exchange In November
2007 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/ |
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https://yennik.com/newletter_page.htm.
There is no charge for the e-newsletter.
Contact R. Kinney Williams at
examiner@yennik.com
if you have any questions.
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