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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
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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
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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
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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
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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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