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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

December 2008

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December 31, 2008 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending December 31, 2008 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

December 31, 2008 - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. www.federalreserve.gov/fomc/beigebook/2009/ 

December 31, 2008 - The Federal Reserve Board on Wednesday announced the names of six new members of its Thrift Institutions Advisory Council and designated a new President and Vice President of the council for 2009. www.federalreserve.gov/newsevents/press/other/20081231a.htm 

December 31, 2008 - Consolidated Reports of Condition and Income for Fourth Quarter 2008 - The attached material pertains to the Consolidated Reports of Condition and Income for the December 31, 2008, report date. www.fdic.gov/news/news/financial/2008/fil08149.html 

December 30, 2008 - Community Reinvestment Act - Description: Small Bank Asset Thresholds and Related Regulatory Revision - On December 22, 2008, the Office of the Comptroller of the Currency published in the Federal Register revisions to its Community Reinvestment Act regulation that are effective January 1, 2009. The revisions adjust the asset-size thresholds to be used to define "small bank" and "intermediate small bank" based on the annual percentage change in the Consumer Price Index. www.occ.treas.gov/ftp/bulletin/2008-36.html 

December 30, 2008 - FDIC Teleconference on Conducting a Fair Lending Risk Assessment - FDIC Fair Lending Examination Specialists will host a Fair Lending Conference Call for bankers on January 14, 2009. The call will feature a presentation on how bankers can perform an effective fair lending risk assessment and will include a question-and-answer session. The conference call is free and available to employees of all FDIC-supervised institutions. www.fdic.gov/news/news/financial/2008/fil08148.html 

December 30, 2008 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. Offices located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other U.S.-affiliated insular areas are excluded. The first report lists the offices by institution type. The second report is by the home country of the foreign bank. www.federalreserve.gov/releases/iba/default.htm 

December 30, 2008 - The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities and that it has selected private investment managers to act as its agents in implementing the program. www.federalreserve.gov/newsevents/press/monetary/20081230b.htm 

December 30, 2008 - Federal Reserve announces results of auction of $150 billion in 83-day credit held on December 29, 2008.   http://www.federalreserve.gov/newsevents/press/monetary/20081230a.htm 

December 29, 2008 - FDIC Makes Public November 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 November. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08145.html 

December 29, 2008 - Midwest Manufacturing Output Falls -Chicago Fed Midwest Manufacturing Index decreased 1.6% in November. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

December 29, 2008 - December 29, 2008 - OCC Reports Third Quarter Bank Trading Revenue of $6.0 Billion - Insured U.S. commercial banks reported $6.0 billion in revenues from trading cash and derivative instruments in the third quarter, compared to revenues of $1.6 billion in the second quarter of 2008, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. www.occ.treas.gov/ftp/release/2008-152.htm 

December 29, 2008 - On December 29, 2008, the Federal Reserve will offer $150 billion in 83-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/20081229a.htm 

December 24, 2008 - Chicago Fed Announces Re-Appointed Chairman and Deputy Chairman - The Federal Reserve Bank of Chicago today announced the reappointment of the chairman and deputy chairman of its Board of Directors effective January 1, 2009. www.chicagofed.org/news_room/news/2008_12_24_chair_release.cfm
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December 24, 2008 - Federal Reserve Bank of Kansas City Announces Chairman and Deputy Chairman Appointments.   www.kc.frb.org/pubaffrs/pressrel/2008pdf/pressrelease08-18.pdf 

December 24, 2008 - The Federal Reserve Board on Wednesday announced its approval of the application and notices under sections 3 and 4 of the Bank Holding Company Act by GMAC LLC and IB Finance Holding Company, LLC, both of Detroit, Michigan, to become bank holding companies on conversion of GMAC Bank, a Utah industrial loan company, to a commercial bank and to retain certain nonbanking subsidiaries. www.federalreserve.gov/newsevents/press/orders/20081224a.htm 

December 23, 2008 - Economist Discusses State Budgets - In his blog, Chicago Fed's Richard Mattoon reports on the process in determining Midwest state budgets. www.midwest.chicagofedblogs.org/archives/2008/12/mattoon.html

December 23, 2008 - Federal Deposit Insurance Corporation and the Commonwealth of Pennsylvania Department of Banking Executed an Information-Sharing Agreement - The Federal Deposit Insurance Corporation and the Commonwealth of Pennsylvania Department of Banking have executed an information-sharing agreement allowing for the exchange of information relating to Money Services Businesses supervision. This agreement will provide for a formal information-sharing process and is designed to enhance the ongoing working relationship between the two authorities. www.fdic.gov/news/news/press/2008/pr08144.html 

December 23, 2008 - Mortgage Foreclosure Resources - Resources for Stabilizing Communities - Communities across the country are facing the challenge of dealing with the destabilizing impacts of foreclosed properties. The following resources provide information and strategies for communities working to preserve and revitalize their neighborhoods. Specific resources are also available for consumers; Systemwide information is available from the 12 Reserve Bank Foreclosure Resource Centers. www.federalreserve.gov/communitydev/stablecommunities.htm 

December 23, 2008 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/ 

December 23, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Ocean Bankshares, Inc., Miami, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20081223a.htm 

December 22, 2008 - Supervision Manuals - Commercial Bank Examination Manual, November 2008 update - Commercial Bank Examination Manual - Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/boarddocs/supmanual/supervision_cbem.htm 

December 22, 2008 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act submitted by CIT Group Inc., New York, New York, to become a bank holding company on conversion of CIT Bank, Salt Lake City, Utah, to a state bank. The Board also approved the notices by CIT Group Inc. under section 4 of the BHC Act to retain certain nonbanking subsidiaries. www.federalreserve.gov/newsevents/press/orders/20081222a.htm 

December 22, 2008 - November Economic Activity Weakened Further - The Chicago Fed National Activity Index was -2.47 in November, down from -1.27 in October. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

December 22, 2008 - Federal Financial Regulators Issue Revised Identity Theft Brochure - The federal bank, credit union, and thrift regulatory agencies today announced publication of a revised identity theft brochure - You Have the Power to Stop Identity Theft - to assist consumers in preventing and resolving identity theft.
Press Release: www.occ.treas.gov/ftp/release/2008-151.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=5f7270cc-1e0b-8562-eb2b-def28135ddd1&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.fdic.gov/news/news/press/2008/pr08143.html 
Press Release: www.federalreserve.gov/newsevents/press/other/20081222a.htm 
Press Release: www.ncua.gov/news/press_releases/2008/12-22%20Revised%20ID%20Theft%20Brochure%20Issued.pdf 

December 22, 2008 - Agencies Release Joint Mortgage Metrics Report For the Third Quarter of 2008 - The Office of the Comptroller of the Currency and the Office of Thrift Supervision issued their second report on mortgage performance today showing continued increases in delinquencies and foreclosures in process.
Press Release: www.occ.treas.gov/ftp/release/2008-150.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=5f249670-1e0b-8562-eb3e-793fa8a447c4&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 22, 2008 - Supervision Manuals - Commercial Bank Examination Manual, November 2008 update.   www.federalreserve.gov/boarddocs/supmanual/ 

December 22, 2008 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Cherokee Bancshares, Inc., St. Paul, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20081222c.htm 

December 22, 2008 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Birthright Incorporated, Montgomery, Alabama, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20081222b.htm 

December 22, 2008 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Michigan Heritage Bank, Farmington Hills, Michigan, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation. www.federalreserve.gov/newsevents/press/enforcement/20081222a.htm 

December 19, 2008 - The Federal Reserve Board on Friday announced the approval of an application by Monte de Piedad y Caja de Ahorros San Fernando de Huelva, Jerez y Sevilla, Seville, Spain, to establish a representative office in Miami, Florida. www.federalreserve.gov/newsevents/press/orders/20081219a.htm 

December 19, 2008 - The Federal Reserve Board on Friday announced that it will not pursue at this time its proposal to change the daylight overdraft posting rules under its Payment System Risk policy. www.federalreserve.gov/newsevents/press/other/20081219b.htm 

December 19, 2008 - The Federal Reserve Board on Friday adopted revisions to its Payment System Risk policy that are designed to improve intraday liquidity management and payment flows for the banking system, while also helping to mitigate the credit exposures of the Federal Reserve Banks from daylight overdrafts. The Board has spent several years reviewing long-term developments in intraday liquidity, operational risk, and risk management in financial markets and the payments system, including the increased use of daylight overdrafts at the Federal Reserve Banks and increased Fedwire funds transfers late in the day. www.federalreserve.gov/newsevents/press/other/20081219a.htm 

December 19, 2008 - The Federal Reserve Board on Friday released revised terms and conditions and questions and answers detailing operational aspects of the Term Asset-Backed Securities Loan Facility. The revised terms and conditions were determined after consultation with asset-backed securities issuers, investors, and dealers, and include an extension of the TALF loan maturity from one to three years and additional specification of eligible ABS collateral. www.federalreserve.gov/newsevents/press/monetary/20081219b.htm 

December 19, 2008 - OTS Releases Annual Report for FY 2008 - The Office of Thrift Supervision released its Annual Report for FY 2008 today, focusing on how the agency has supervised the thrift industry in a year of historic change and challenge. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=50abf241-1e0b-8562-eb6f-a92f5698729b&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 19, 2008 - 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/2008-149.htm 

December 19, 2008 - OCC Allows National Bank Offices in the District of Columbia to Close for the Presidential Inauguration - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices in the District of Columbia to close at their discretion for the Presidential Inauguration on Tuesday, January 20, 2009. www.occ.treas.gov/ftp/release/2008-148.htm 

December 19, 2008 - FDIC Announces $114 Million Settlement With Subprime Credit Card Company Charged With Deceptive Credit Card Marketing - The Federal Deposit Insurance Corporation announced today a settlement with CompuCredit Corporation, Atlanta, Georgia, a company charged with deceptive marketing of subprime credit cards with three FDIC-supervised banks in violation of the Federal Trade Commission Act. Two of the banks previously settled with the FDIC. www.fdic.gov/news/news/press/2008/pr08142.html 

December 19, 2008 - Today, the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank are announcing schedules for term auctions of U.S. dollar liquidity to be conducted during the first quarter of 2009. www.federalreserve.gov/newsevents/press/monetary/20081219a.htm
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December 18, 2008 - The Federal Reserve Board on Thursday 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/20081218b.htm 

December 18, 2008 - The Federal Reserve Board on Thursday approved final rules that would better protect credit card users by prohibiting certain unfair acts or practices and improving the disclosures consumers receive in connection with credit card accounts and other revolving credit plans. www.federalreserve.gov/newsevents/press/bcreg/20081218a.htm 

December 18, 2008 - The Federal Reserve Board on Thursday approved action by the Board of Directors of the Federal Reserve Bank of Philadelphia, decreasing the discount rate at the Bank from 1-1/4 percent to 1/2 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20081218a.htm 

December 18, 2008 - NCUA Finalizes Unfair and Deceptive Consumer Credit Rule - The NCUA Board joins the Office of Thrift Supervision and the Federal Reserve Board today in approving final rule, Part 706, governing unfair or deceptive acts or practices related to credit cards. www.ncua.gov/news/press_releases/2008/MA08-1218.htm 

December 18, 2008 - NCUA - Results of the 12/18/2008 NCUA Board Meeting are available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag08-1218_results.htm 

December 18, 2008 - OTS Approves Final Rule Barring Unfair Credit Card Practices - The Office of Thrift Supervision approved a final rule today to prohibit savings associations from engaging in unfair credit card practices. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=4a2b42c5-1e0b-8562-eb93-76deb8152159&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 18, 2008 - Stan W. McNaughton Appointed to Seattle Branch Federal Reserve Board - The Federal Reserve Bank of San Francisco has appointed Stan W. McNaughton, president and chief executive officer of Seattle-based PEMCO Mutual Insurance Company, to the Seattle Branch board of directors. The appointment is for a three-year term beginning January 1, 2009. www.frbsf.org/news/releases/2008/1218.html 

December 18, 2008 - Supervisory Insights Journal Winter 2008 Issue Now Available - The Winter 2008 issue of Supervisory Insights features articles of critical interest to examiners, bankers and supervisors: an overview of problems that can emerge from the use of different asset and liability liquidity sources; a discussion of the features and potential risks of reverse mortgages; an overview of the FDIC's methodology for examining for compliance with Section 5 of the Federal Trade Commission Act; and a review of the changes enacted by the Financial Accounting Standards Board that will affect accounting for business combinations. www.fdic.gov/news/news/financial/2008/fil08147.html 

December 18, 2008 - Recordkeeping Requirements for Qualified Financial Contracts - The FDIC has issued the attached final rule to improve the FDIC's ability to monitor and evaluate risks in certain insured depository institutions with qualified financial contracts, as well as assure preparedness if such institutions fail. The Final Rule and Appendix require an institution in a troubled condition to produce position level and counterparty level data and other information that is relevant to the resolution and disposition of QFCs. www.fdic.gov/news/news/financial/2008/fil08146.html 

December 18, 2008 - Liquidity Risk is Focus of Winter Issue of FDIC's Supervisory Insights - The growing challenge related to liquidity issues in the current banking environment is highlighted in the Winter 2008 issue of Supervisory Insights, released today. "The extraordinary events of this past fall shine a bright light on the increasing importance of liquidity contingency planning for financial institutions," said Sandra L. Thompson, Director, Division of Supervision and Consumer Protection. "This issue of Supervisory Insights also addresses other critical issues facing the banking industry." www.fdic.gov/news/news/press/2008/pr08141.html  

December 17, 2008 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

December 17, 2008 - The Federal Reserve Board on Wednesday extended the end of the comment period on its proposal to revise the disclosure requirements for mortgage loans under Regulation Z from January 23, 2009, to February 9, 2009. The revisions would implement the Mortgage Disclosure Improvement Act, which was enacted in July 2008 as an amendment to the Truth in Lending Act. www.federalreserve.gov/newsevents/press/bcreg/20081217b.htm 

December 17, 2008 - Profitwise News and Views Now Online - Latest issue looks at Latin American immigrants' financial behaviors. www.chicagofed.org/community_development/profitwise_news_and_views.cfm 

December 17, 2008 - The Federal Reserve Bank of San Francisco Announces 2009 Board of Directors - The Federal Reserve Bank of San Francisco announced today that Dann H. Bowman, president and CEO of Chino Commercial Bank, N.A., and Patricia E. Yarrington, vice president and newly appointed chief financial officer of Chevron Corporation, have joined as new directors, and that current director Karla S. Chambers, vice president and co-owner of Stahlbush Island Farms, Inc., has been reelected to the Federal Reserve Bank of San Francisco's board. www.frbsf.org/news/releases/2008/1217.html 

December 17, 2008 - December Burgundy Book Shows Softening in the Little Rock Regional Economy - The December edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Arkansas region, is now available. www.stlouisfed.org/news/releases/2008/12_17_08LR.html 

December 17, 2008 - December Burgundy Book Paints Somewhat Negative Economic Picture for the Louisville Region - The December edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Louisville region, is now available. www.stlouisfed.org/news/releases/2008/12_17_08LV.html 

December 17, 2008 - December Burgundy Book Shows Considerable Weakening in the Memphis Regional Economy - The December edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Memphis region, is now available. www.stlouisfed.org/news/releases/2008/12_17_08Memphis.html 

December 17, 2008 - December Burgundy Book Shows Continued Weakness in the St. Louis Regional Economy - The December edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the St. Louis region, is now available. www.stlouisfed.org/news/releases/2008/12_17_08Stls.html 

December 17, 2008 - The Federal Reserve Board on Wednesday approved actions by the Boards of Directors of the Federal Reserve Banks of Boston and Dallas, decreasing the discount rate at the Banks from 1-1/4 percent to 1/2 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20081217a.htm 

December 17, 2008 - 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/20081217a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08140.html 
Press Release: http://www.occ.treas.gov/ftp/release/2008-146.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=45a58099-1e0b-8562-eb38-e1b4ca641e56&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 17, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among The Templar Fund, Inc., Truman Bancorp, Inc., FFC Financial Corporation, all registered bank holding companies and of St. Louis, Missouri, Truman Bank, Clayton, Missouri, and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/newsevents/press/enforcement/20081217a.htm 

December 17, 2008 - NCUA - Revised 2009 NCUA Board Meeting Schedule Issued - The National Credit Union Administration has rescheduled the April 2009 NCUA Board meeting. The Board meeting has been rescheduled to Tuesday, April 21, 2009, at 10 a.m. www.ncua.gov/news/press_releases/2008/MR08-1217a.htm 

December 16, 2008 - Regulatory Capital Standards Deduction of Goodwill Net of Associated Deferred Tax Liability - The federal banking agencies are jointly issuing the attached final rule allowing goodwill, which must be deducted from Tier 1 capital, to be reduced by the amount of any associated deferred tax liability. The final rule will take effect 30 days after its publication in the Federal Register. However, a bank may elect to apply this final rule for regulatory capital reporting purposes as of December 31, 2008. www.fdic.gov/news/news/financial/2008/fil08144.html 

December 16, 2008 - Agencies Approve Final Rule on Deduction of Goodwill from Tier 1 Capital - The federal banking and thrift regulatory agencies today approved a final rule that would permit a banking organization to reduce the amount of goodwill it must deduct from tier 1 capital by any associated deferred tax liability.
Press Release: www.fdic.gov/news/news/press/2008/pr08139.html   
Press Release: www.occ.treas.gov/ftp/release/2008-145.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=41a6f155-1e0b-8562-ebd0-42831291faa9&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 16, 2008 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth and Eighth Districts. www.federalreserve.gov/newsevents/press/bcreg/20081216b.htm 

December 16, 2008 - Agencies Approve Final Rule on Deduction of Goodwill from Tier 1 Capital - The federal banking and thrift regulatory agencies today approved a final rule that would permit a banking organization to reduce the amount of goodwill it must deduct from tier 1 capital by any associated deferred tax liability. www.federalreserve.gov/newsevents/press/bcreg/20081216a.htm 

December 16, 2008 - Federal Reserve issues technical note concerning the calculation of interest rates on required reserve balances and excess balances for the maintenance periods ending December 17, 2008.  www.federalreserve.gov/newsevents/press/monetary/20081216d.htm 

December 16, 2008 - Approval of the discount rate action of the Federal Reserve Banks of Chicago and Kansas City - The Federal Reserve Board on Tuesday approved actions by the Boards of Directors of the Federal Reserve Banks of Chicago and Kansas City, decreasing the discount rate at the Banks from 1-1/4 percent to 1/2 percent, effective immediately. http://www.federalreserve.gov/newsevents/press/monetary/20081216c.htm 

December 16, 2008 - OCC Releases CRA Evaluations For 17 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, 2008 through December 14, 2008. The list contains only national banks and insured federal branches of foreign banks that have received ratings. www.occ.treas.gov/ftp/release/2008-144.htm 

December 16, 2008 - Deposit Insurance Assessments Final Rule on Assessments for the First Quarter of 2009 - The FDIC Board of Directors has approved the attached final rule on deposit insurance assessment rates for the first quarter of 2009. The rule raises assessment rates uniformly by 7 basis points (annual rate) for the first quarter of 2009 only. www.fdic.gov/news/news/financial/2008/fil08143.html 

December 16, 2008 - FDIC Issues Final Rule on Recordkeeping Requirements for QFCS - The Board of Directors of the Federal Deposit Insurance Corporation today issued a final rule to improve the FDIC's ability to monitor and evaluate risks in certain insured depository institutions with qualified financial contracts, as well as assure preparedness if such institutions fail. The recordkeeping requirements in the final rule will require insured depository institutions, defined as troubled, to provide certain crucial information to the FDIC in a timely manner, including adequate position level documentation of the counterparty relationships of failed institutions. www.fdic.gov/news/news/press/2008/pr08138.html 

December 16, 2008 - FDIC Approves 2009 Operating Budget, Releases Third Quarter 2008 Results for the Deposit Insurance Fund - The Board of Directors of the Federal Deposit Insurance Corporation at an open board meeting today approved a $2.24 billion operating budget for next year. The Board also released financial reports for its Deposit Insurance Fund for the third quarter 2008. www.fdic.gov/news/news/press/2008/pr08137.html 

December 16, 2008 - FDIC Adopts Assessments for Insured Institutions for 2009 - The Board of Directors of the Federal Deposit Insurance Corporation today voted to adopt a final rule increasing risk-based assessment rates uniformly by 7 basis points (7 cents for every $100 of deposits), on an annual basis, for the first quarter of 2009. www.fdic.gov/news/news/press/2008/pr08136.html 

December 16, 2008 - Federal Reserve announces results of auction of $150 billion in 28-day credit held on December 15, 2008.  www.federalreserve.gov/newsevents/press/monetary/20081216a.htm 

December 16, 2008 - The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. www.federalreserve.gov/newsevents/press/monetary/20081216b.htm 

December 15, 2008 - Local Branch of Federal Reserve Bank of San Francisco Appoints Three New Directors- The Federal Reserve Bank of San Francisco has appointed Roger Hinshaw, Oregon and Southwest Washington president for Bank of America; Judi Johansen, president of Marylhurst University; and Rod Wendt, president and CEO of JELD-WEN, inc., to the Portland Branch board of directors, effective January 1, 2009. The board of directors provides the region's economic perspective to the Federal Reserve Bank's District board of directors in San Francisco and the Board of Governors in Washington, D.C. The Board of Governors uses this information when determining national economic policies and banking regulations. www.frbsf.org/news/releases/2008/1215.html 

December 15, 2008 - 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 15, 2008 - Statistical Release - G.17 Industrial Production - Industrial production decreased 0.6 percent in November with declines widespread across industries. The drop in output in September was revised down, and the rebound in October was revised up, in large part because both the decrease due to the September hurricanes and the subsequent partial recovery in October were larger than previously reported. www.federalreserve.gov/releases/g17/Current/default.htm 

December 15, 2008 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, to acquire all the voting shares of National City Corporation ("National City") and thereby indirectly acquire National City's subsidiary bank, National City Bank, both of Cleveland, Ohio. www.federalreserve.gov/newsevents/press/orders/20081215a.htm 

December 15, 2008 - On December 15, 2008, the Federal Reserve will offer $150 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/20081215a.htm 

December 15, 2008 - The Federal Reserve Board on Monday announced the issuance of a Final Decision and Order of Prohibition against Kelly M. Dulaney, a former employee of Fifth Third Bank, Grand Rapids, Michigan. The Order prohibits Ms. Dulaney from participating in the conduct of the affairs of any financial institution or holding company and orders her to make restitution to the Bank in the sum of $203,923 for its loss as a result of Ms. Dulaney's violations of law and unsafe or unsound practices. www.federalreserve.gov/newsevents/press/enforcement/20081215b.htm 

December 12, 2008 - NCUA - US Central Capital Change Approved - The National Credit Union Administration Board, by notation vote, has approved a regulatory change that enables US Central to convert membership capital accounts, a portion of existing capital, to a new paid-in-capital instrument, which is considered Tier 1 capital by debt ratings agencies. www.ncua.gov/news/press_releases/2008/MR08-1212.htm 

December 12, 2008 - The FDIC has issued the attached Letter to Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's activities and accomplishments during the third quarter of 2008. www.fdic.gov/news/news/financial/2008/fil08142.html 

December 12, 2008 - BB&T Company Acquires All the Deposits of Haven Trust Bank, Duluth, Georgia - Haven Trust Bank, Duluth, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust's deposits, including those that exceeded the insurance limit. www.fdic.gov/news/news/press/2008/pr08134.html 

December 12, 2008 - Payment Systems - Quarterly Reserve Bank Payments Services: Check Services data through 2008:Q3.     www.federalreserve.gov/paymentsystems/checkservices/checkquarterly.htm 

December 12, 2008 - Proposals for Comment- Proposal to approve under delegated authority the extension for three years, with revision, of the following report: FR 2644. Proposal to approve under OMB delegated authority the discontinuance of the following reports: FR 2069, FR 2416. www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm#icp 

December 12, 2008 - The Pecos County Bank Acquires All the Deposits of Sanderson State Bank, Sanderson, Texas - Sanderson State Bank, Sanderson, Texas, was closed today by the Texas Department of Banking, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all of Sanderson State Bank's deposits, including those that exceeded the deposit insurance limit. www.fdic.gov/news/news/press/2008/pr08135.html 
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December 11, 2008 - Temporary Liquidity Guarantee Program Opt-Out Lists - As required by the Final Rule implementing the Temporary Liquidity Guarantee Program (the TLG Program), the FDIC is publishing on its Web site two lists - (1) a list of the eligible entities that have opted out of the Debt Guarantee Program and (2) a list of the eligible insured depository institutions that have opted out of the Transaction Account Guarantee Program. http://www.fdic.gov/regulations/resources/tlgp/optout.html

December 11, 2008 - Nobel Laureate Highlights Work of Chicago Fed Researcher - In his Nobel Prize lecture on December 8, Paul Krugman cited work by economist Thomas Klier on the U.S. auto industry. http://nobelprize.org/nobel_prizes/economics/laureates/2008/krugman-lecture.html 

December 11, 2008 - OCC, Wachovia Enter Revised Agreement to Reimburse Consumers Directly - The Office of the Comptroller of the Currency has entered into an amended settlement agreement with Wachovia Bank, National Association directing the bank to issue checks to consumers that may have been harmed by payment processors for telemarketers that had account relationships with Wachovia. www.fdic.gov/news/news/financial/2008/fil08141.html 

December 11, 2008 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. The data are obtained from the Consolidated Reports of Condition and Income filed quarterly by banks and from other information in the Board's National Information Center database. www.federalreserve.gov/releases/lbr/ 

December 11, 2008 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/Releases/Z1/ 

December 11, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Community Investment Services, Inc., North Branch, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20081211a.htm 

December 11, 2008 - NCUA - Agenda for the 12/18/2008 NCUA Board Meeting is available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag08-1218.htm 

December 11, 2008 - NCUA - Fryzel Unveils Homeowners and Credit Union Assistance Programs - National Credit Union Administration Chairman Michael E. Fryzel today provided details on the Credit Union Homeowners Affordability Relief Program, unveiled in November, and a complementary program to provide contingent liquidity for the credit union system, the Credit Union System Investment Program. Both initiatives utilize NCUA's Central Liquidity Facility. www.ncua.gov/news/press_releases/2008/MA08-1209a.htm 

December 10, 2008 - OTS Accepting Nominations for Mutual Savings Association Advisory Committee - The Office of Thrift Supervision announced today that the agency is establishing a Mutual Savings Association Advisory Committee and is seeking nominations for potential committee members. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=2273ae90-1e0b-8562-ebe5-7074fd835a81&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 10, 2008 - FDIC Reiterates the Guarantee of Federal Deposit Insurance - CNBC/Portfolio.com Survey Finds Some Americans Uncertain About FDIC Protection - The Federal Deposit Insurance Corporation today reminded the American public about the iron-clad protections depositors receive when placing their money in insured financial institutions, including the fact that in the 75-year history of the FDIC no one has lost even a penny of federally insured deposits. www.fdic.gov/news/news/press/2008/pr08133.html 

December 10, 2008 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending December 10, 2008 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.  www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

December 10, 2008 - The Federal Reserve Board on Wednesday announced its approval of the proposal by Banco Santander, S.A., Madrid, Spain, to acquire all the voting shares of Sovereign Bancorp, Inc., Philadelphia, and thereby indirectly acquire its subsidiary federal savings bank, Sovereign Bank, Wyomissing, both of Pennsylvania. www.federalreserve.gov/newsevents/press/orders/20081210a.htm 

December 9, 2008 - Economist Discusses Exports and 2008 Economy - In his recent blog, the Chicago Fed's William Testa talks about the impact of increasing U.S. exports. http://midwest.chicagofedblogs.org/ 

December 9, 2008 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. The list includes only the top-tier company in each organization. www.federalreserve.gov/generalinfo/fhc/ 

December 9, 2008 - The Federal Reserve will conduct two auctions of term credit through its Term Auction Facility in January 2009. It will offer $150 billion of 28-day credit in an auction to be held on Monday, January 12, and $150 billion in 84-day credit in an auction to be held on Monday, January 26. www.federalreserve.gov/newsevents/press/monetary/20081209a.htm 

December 8, 2008 - Comptroller Dugan Highlights Re-default Rates on Modified Loans - Comptroller of the Currency John C. Dugan said today that new data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. www.occ.treas.gov/ftp/release/2008-142.htm 

December 8, 2008 - Office of Foreign Assets Control - Treasury Revokes Iran's "U-Turn" License - The U.S. Department of the Treasury's Office of Foreign Assets Control amended the Iranian Transactions Regulations, effective November 10, 2008, by revoking an authorization previously granted to U.S. depository institutions to process "U-Turn" transfers. www.fdic.gov/news/news/financial/2008/fil08140.html 

December 8, 2008 - U.S. Economic Growth Weak in 2009: Forecast - Inflation expected to move lower and unemployment rate predicted to rise in 2009, according to Economic Outlook Symposium participants. www.chicagofed.org/economic_research_and_data/2008_eos_release.cfm 

December 8, 2008 - Comptroller Dugan Highlights Re-default Rates on Modified Loans - Comptroller of the Currency John C. Dugan said today that new data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months. www.occ.treas.gov/ftp/release/2008-142.htm 

December 8, 2008 - Temporary Liquidity Guarantee Program - Debt Guarantee Program - Debt Instrument Reporting - On November 21, 2008, the FDIC Board of Directors adopted the final rule implementing the Temporary Liquidity Guarantee Program, which was announced on October 14, 2008. The TLG Program includes a guarantee of newly issued senior unsecured debt of banks, thrifts, and certain holding companies. Entities that participate in the Debt Guarantee Program are required to notify the FDIC of any guaranteed debt issuance(s) and to pay the associated assessment premiums. www.fdic.gov/news/news/financial/2008/fil08139.html 

December 8, 2008 - Vice Chairman Donald L. Kohn - Restoring Financial Intermediation by Banks: The Role of Regulators - At the Office of Thrift Supervision National Housing Forum, Washington, D.C. www.federalreserve.gov/newsevents/speech/kohn20081208a.htm 

December 8, 2008 - Governor Randall S. Kroszner - Assessing the Potential for Instability in Financial Markets - At the Risk Minds Conference, International Center for Business Information, Geneva, Switzerland.  www.federalreserve.gov/newsevents/speech/kroszner20081208a.htm 

December 8, 2008 - The Federal Reserve Board on Monday approved the application by China Construction Bank Corporation, Beijing, People's Republic of China, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20081208a.htm 

December 5, 2008 - NCUA - West Hartford Credit Union Closes - Connecticut Department of Banking Appoints NCUA Liquidating Agent; Member Funds Are Insured - The National Credit Union Administration today accepted appointment as receiver/liquidator of West Hartford Credit Union, Inc., in Farmington Connecticut, following the State of Connecticut Department of Banking decision to close the credit union. www.ncua.gov/news/press_releases/2008/MR08-1205.htm 

December 5, 2008 - Bank Secrecy Act - The SAR Activity Review - Trends, Tips & Issues, October 2008 Edition - The Financial Crimes Enforcement Network has issued the 14th edition of The SAR Activity Review - Trends, Tips & Issues. www.fdic.gov/news/news/financial/2008/fil08138.html 

December 5, 2008 - United Bank Acquires All the Deposits of First Georgia Community Bank, Jackson, Georgia - First Georgia Community Bank, Jackson, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Georgia Community Bank. www.fdic.gov/news/news/press/2008/pr08132.html 

December 5, 2008 - 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/2008/pr08131.html 

December 5, 2008 - Legal Interpretation - Bank Holding Company Act, November 26, 2008 - Letter to Arthur S. Long, Esq., approving the acquisition under section 3 of the Bank Holding Company Act (12 U.S.C. section 1842) by UK Financial Investments Limited of an indirect controlling interest in the U.S. bank subsidiaries of The Royal Bank of Scotland and granting exemptions under section 4(c)(9) of the Bank Holding Company Act (12 U.S.C. section 1843(c)(9)) from the nonbanking restrictions of the Act. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20081126.pdf 

December 5, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit fell at an annual rate of 1-1/2 percent in October. Revolving credit was essentially unchanged, while nonrevolving credit fell 2-1/2 percent. www.federalreserve.gov/releases/g19/Current/ 

December 5, 2008 - The Federal Reserve Board on Friday proposed for public comment changes to Regulation Z that would revise the disclosure requirements for mortgage loans. The revisions would implement the Mortgage Disclosure Improvement Act which was enacted in July 2008 as an amendment to the Truth in Lending Act. www.federalreserve.gov/newsevents/press/bcreg/20081205a.htm 

December 4, 2008 - Release Dates for the Federal Reserve Bank of Kansas City's Monthly Manufacturing Survey www.kc.frb.org/pubaffrs/pressrel/2008pdf/press.release.2008-17.pdf
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December 4, 2008 - Governor Randall S. Kroszner - Improving the Infrastructure for Non-Agency Mortgage-Backed Securities - At the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C. www.federalreserve.gov/newsevents/speech/kroszner20081204a.htm 

December 4, 2008 - The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Julianne L. Gingrich, a former Assistant Vice President, foreign currency manager and institution-affiliated party of SunTrust Bank, Atlanta, Georgia, a state member bank. www.federalreserve.gov/newsevents/press/enforcement/20081204a.htm 

December 4, 2008 - FDIC Publication Helps Consumers Understand Their New, Higher Deposit Insurance Coverage - Latest Advice on How to Be Fully Protected is Available Free- With banks and the economy in the news so much lately, many people are thinking more about the safety of their money. The good news for consumers is that federal deposit insurance coverage has significantly increased, primarily as a result of a temporary boost in the basic insurance limit from $100,000 to $250,000. www.fdic.gov/news/news/press/2008/pr08130.html 

December 4, 2008 - Chairman Ben S. Bernanke - Housing, Mortgage Markets, and Foreclosures - At the Federal Reserve System Conference on Housing and Mortgage Markets, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20081204a.htm 

December 3, 2008 - A new report from the Federal Reserve Bank of St. Louis looks at local business cycles in 23 major cities, including Memphis, and how they influence crime rates. Presenting their findings will be St. Louis Fed economist Thomas A. Garret and senior research associate Lesli S. Ott. www.stlouisfed.org/news/releases/2008/12_03_08.html
 
December 3, 2008 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Summary of Commentary on Current Economic Conditions by Federal Reserve District - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources.  www.federalreserve.gov/FOMC/BeigeBook/2008/default.htm 

December 3, 2008 - The Past, Present, and Future of Subprime Mortgages - Shane M. Sherlund - This paper models the historical default and prepayment behavior for subprime mortgages using data on securitized mortgages originated from 2000 to 2007. I find that more recently originated subprime loans are more likely to default, well ahead of their first mortgage rate resets, and less likely to prepay. This rise in mortgage defaults stems largely from unprecedented declines in house prices, along with slack underwriting and tight credit market conditions. www.federalreserve.gov/pubs/feds/2008/200863/index.html 

December 3, 2008 - Governor Randall S. Kroszner - The Community Reinvestment Act and the Recent Mortgage Crisis - At the Confronting Concentrated Poverty Policy Forum, Board of Governors of the Federal Reserve System, Washington, D.C. www.federalreserve.gov/newsevents/speech/kroszner20081203a.htm 

December 2, 2008 - Chicago Fed Web Site Prepares for Redesign - Give us your ideas to improve Chicago.Fed.org by taking our 10-minute survey. www.surveymonkey.com/s.aspx?sm=HkhTrUUePUMkBDsb0ryu4g_3d_3d 

December 2, 2008 - NCUA - Marquis Named Executive Director Upon Skiles Retirement - The National Credit Union Administration Board today selected Examination and Insurance Director David M. Marquis to assume the role of NCUA Executive Director upon departure of ED J. Leonard Skiles, who is retiring at year-end 2008. www.ncua.gov/news/press_releases/2008/MR08-1202.htm 

December 2, 2008 - Civil Money Penalty - Inflation Adjustment Amendment - Final Rule - On November 10, 2008, the Office of the Comptroller of the Currency published in the Federal Register the attached final rule amending its rules of practice and procedure to adjust the maximum amount of each civil money penalty within its jurisdiction. The adjustments apply only to violations or practices that occur after December 10, the effective date of this rule. www.occ.treas.gov/ftp/bulletin/2008-35.html 

December 2, 2008 - Regulation Z and Regulation C Amendments to the Regulations - The closed-end mortgage provisions of Regulation Z, which implement the Truth in Lending Act and the Home Ownership and Equity Protection Act, have been amended. Among other changes, these provisions now include consumer protections specific to "higher-priced mortgage loans." The compilation and reporting of loan data provisions of Regulation C, which implements the Home Mortgage Disclosure Act, now conform to the definition of higher-priced mortgage loans under Regulation Z. The amendments to Regulations Z (with limited exceptions) and C take effect on October 1, 2009. www.fdic.gov/news/news/financial/2008/fil08134.html 

December 2, 2008 - Legal Interpretation - Federal Reserve Act, December 1, 2008 - Letter to a bank granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain asset purchases by the bank from its affiliated money market mutual funds. www.federalreserve.gov/boarddocs/legalint/federalreserveact/2008/20081201/20081201.pdf 

December 2, 2008 - In light of continuing strains in financial markets, the Federal Reserve on Tuesday announced the extension through April 30, 2009, of three liquidity facilities: the Primary Dealer Credit Facility, the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility, and the Term Securities Lending Facility. These facilities had previously been authorized through January 30, 2009. www.federalreserve.gov/newsevents/press/monetary/20081202b.htm 

December 2, 2008 - On December 1, 2008, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20081202a.htm 

December 1, 2008 - Notice of Comptroller of the Currency Fees for Year 2009 - Description: Year 2009 Fee Structure - The purpose of this issuance is to inform all national banks and federal branches and agencies of fees charged by the Office of the Comptroller of the Currency for year 2009. Changes are effective January 1, 2009. www.occ.treas.gov/ftp/bulletin/2008-34.html 

December 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates (Monthly) - The Table Below Shows The Average Rates Of Exchange In November 2008 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/ 

December 1, 2008 - Chairman Ben S. Bernanke - Federal Reserve Policies in the Financial Crisis - At the Greater Austin Chamber of Commerce, Austin, Texas.  www.federalreserve.gov/newsevents/speech/bernanke20081201a.htm 

December 1, 2008 - On December 1, 2008, the Federal Reserve will offer $150 billion in 84-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/20081201a.htm 

 

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