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 2009

Yennik, Inc. has clients in 42 states that rely on our penetration testing audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.

December 31, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Sterling Financial Corporation, Spokane, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20091231a.htm

December 31, 2009 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations. www.federalreserve.gov/newsevents/press/bcreg/20091231a.htm

December 31, 2009 - Legal Developments - Section 19 letters, September 16 (2 letters), September 23, October 1, October 2 (5 letters), October 29, and November 5.  www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2009.htm 

December 31, 2009 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/g20.htm 

December 31, 2009 - Consolidated Reports of Condition and Income for Fourth Quarter 2009.  www.fdic.gov/news/news/financial/2009/fil09076.html 

December 30, 2009 - NCUA Intervenes in WesCorp Lawsuit - The National Credit Union Administration, as Conservator of Western Corporate Federal Credit Union, today filed papers in Superior Court in Los Angeles to intervene as plaintiff in a lawsuit against several current and former employees and officials of WesCorp. www.ncua.gov/news/press_releases/2009/MA09-1230.htm 

December 30, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Johnson Holdings, Inc., East Central Holding Company, Inc., registered bank holding companies, both of Ramsey, Minnesota, and the Federal Reserve Bank of Minnesota. www.federalreserve.gov/newsevents/press/enforcement/20091230a.htm 

December 30, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Midwest Banc Holdings, Inc., Melrose Park, Illinois, a registered bank holding company, Midwest Bank and Trust Company, Elmwood Park, Illinois, a state member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation Division of Banking. www.federalreserve.gov/newsevents/press/enforcement/20091230b.htm 

December 30, 2009 - Interest on Required Balances and Excess Balances - 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 29, 2009 - Beige Book - 2010 calendar dates - Commonly known as the Beige Book, this report is published eight times per year. www.federalreserve.gov/fomc/beigebook/2010/default.htm 

December 29, 2009 - OCC Announces New Electronic Interpretations and Actions - December 2009.  www.occ.treas.gov/interp/dec09/intdec09.htm 

December 28, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement between AMB Financial Services Corporation, Bainbridge Island, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20091228a.htm 

December 28, 2009 - The Federal Reserve Board on Monday proposed amendments to Regulation D that would enable the establishment of a term deposit facility. www.federalreserve.gov/newsevents/press/monetary/20091228a.htm 

December 28, 2009 - Monetary Policy and the Housing Bubble - Jane Dokko, Brian Doyle, Michael T. Kiley, Jinill Kim, Shane Sherlund, Jae Sim, and Skander Van den Heuvel - We examine the role of monetary policy in the housing bubble. Our review examines the setting of monetary policy in the middle of this decade, the impetus from monetary policy to the housing market, and other factors that may have contributed to the run-up, and subsequent collapse, in house prices. www.federalreserve.gov/pubs/feds/2009/200949/index.html 

December 28, 2009 - 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/2009/pr09241.html 

December 28, 2009 - Midwest Manufacturing Output Increased in November - The Chicago Fed Midwest Manufacturing Index increased 1.2% in November, to a seasonally adjusted level of 84.2. www.chicagofed.org/webpages/publications/newsletters/cfmmi/index.cfm 
___________________________

December 24, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Centrue Financial Corporation, Clayton, Missouri, a registered bank holding company, Centrue Bank, Streator, Illinois, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. www.federalreserve.gov/newsevents/press/enforcement/20091224a.htm 

December 23, 2009 - The Federal Reserve Board on Wednesday announced the names of five new members of its Thrift Institutions Advisory Council and designated a new President and Vice President of the council for 2010. www.federalreserve.gov/newsevents/press/other/20091223a.htm 

December 23, 2009 - Interest on Required Balances and Excess Balances - 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 23, 2009 - Community Reinvestment Act Annual Asset-Size Threshold Adjustment - The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have approved the attached joint final rule amending the Community Reinvestment Act to make the annual adjustment to the asset-size threshold used to define "small bank" and "intermediate small bank" under the Act. These asset-size threshold adjustments will take effect on January 1, 2010. The attached final rule will be published soon in the Federal Register. www.fdic.gov/news/news/financial/2009/fil09073.html 

December 23, 2009 - Regulation Z - Open-End Consumer Credit Changes Notice of Statutory Amendment; Additional Guidance - On November 6, 2009, President Obama signed the Credit CARD Technical Corrections Act of 2009, which narrowed the scope of application of the Credit CARD Act's requirement that creditors mail or deliver periodic statements at least 21 days before the payment due date to credit card accounts only. Previously, this requirement applied to all forms of open-end credit, including home equity lines of credit. www.fdic.gov/news/news/financial/2009/fil09074.html 

December 23, 2009 - RESPA (Regulation X) - Revisions to Good Faith Estimate and HUD-1 Settlement Statement - The U.S. Department of Housing and Urban Development has amended Regulation X, which implements the Real Estate Settlement Procedures Act.  www.fdic.gov/news/news/financial/2009/fil09075.html

December 23, 2009 - St. Louis Fed Analysis: Commercial Real Estate Lending Challenges District Banks - Amid ongoing deterioration in the commercial real estate market, many community banks face the possibility of significant losses from soured loans and heightened refinancing risk in the months ahead. www.stlouisfed.org/newsroom/displayNews.cfm?article=583 

December 22, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Canyon Bancorp, Palm Springs, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20091222a.htm 

December 22, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between West Coast Bancorp, Lake Oswego, Oregon, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities. www.federalreserve.gov/newsevents/press/enforcement/20091222b.htm 

December 22, 2009 - The Federal Reserve Board on Tuesday 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/20091222a.htm 

December 22, 2009 - Agencies Issue Final Rules on Risk-Based Pricing Notices - The Federal Reserve Board and the Federal Trade Commission today announced final rules that generally require a creditor to provide a consumer with a notice when, based on the consumer's credit report, the creditor provides credit to the consumer on less favorable terms than it provides to other consumers. Consumers who receive this "risk-based pricing" notice will be able to obtain a free credit report to check the accuracy of the report. www.federalreserve.gov/newsevents/press/bcreg/20091222b.htm 

December 22, 2009 - 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/20091222c.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09240.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b76d6b44-1e0b-8562-eb09-fc182df2999a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 22, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshop in San Diego - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks in San Diego, at the Hyatt Regency Mission Bay, February 1-3, 2010. www.occ.treas.gov/ftp/release/2009-164.htm 

December 22, 2009 - 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. www.occ.treas.gov/ftp/release/2009-165.htm 

December 21, 2009 - OCC and OTS Release Mortgage Metrics Report for Third Quarter 2009 - National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009 to avoid preventable foreclosures, according to a report released today by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. www.occ.treas.gov/ftp/release/2009-163.htm 

December 21, 2009 - OCC and OTS Release Mortgage Metrics Report for Third Quarter 2009 - National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009 to avoid preventable foreclosures, according to a report released today by the Office of the Comptroller of the Currency and the Office of Thrift Supervision. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=a3dc3ae9-1e0b-8562-eb2a-64c2fc422463&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 21, 2009 - Economic Activity Improved in November - The Chicago National Activity Index was −0.32 in November, up sharply from −1.02 in October. www.chicagofed.org/webpages/publications/newsletters/cfnai/index.cfm

December 18, 2009 - California - First Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of First Federal Bank of California. www.fdic.gov/news/news/press/2009/pr09239.html 

December 18, 2009 - City National Bank, Los Angeles, California, Assumes All of the Deposits of Imperial Capital Bank, La Jolla, California - Imperial Capital Bank, La Jolla, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with City National Bank, Los Angeles, California, to assume all of the deposits of Imperial Capital Bank. www.fdic.gov/news/news/press/2009/pr09238.html 

December 18, 2009 - FDIC Creates Bridge Bank to Take Over Operations of Independent Bankers' Bank, Springfield, Illinois - The Federal Deposit Insurance Corporation created a bridge bank to take over the operations of Independent Bankers' Bank, Springfield, Illinois, after the bank was closed today by the Illinois Department of Financial and Professional Regulation-Division of Banking, which appointed the FDIC as receiver. The newly created bank is Independent Bankers' Bank Bridge Bank, National Association. www.fdic.gov/news/news/press/2009/pr09237.html 

December 18, 2009 - Beal Bank, Plano, Texas, Assumes All of the Deposits of New South Federal Savings Bank, Irondale, Alabama - New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Beal Bank, Plano, Texas, to assume all of the deposits of New South Federal Savings Bank. www.fdic.gov/news/news/press/2009/pr09236.html

December 18, 2009 - FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of Citizens State Bank, New Baltimore, Michigan - The Huntington National Bank to Provide Temporary Operational Management - Citizens State Bank, New Baltimore, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which then appointed Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of New Baltimore, which will remain open for approximately 45 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions. www.fdic.gov/news/news/press/2009/pr09235.html 

December 18, 2009 - Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, Florida - Peoples First Community Bank, Panama City, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hancock Bank, Gulfport, Mississippi, to assume all of the deposits of Peoples First Community Bank. www.fdic.gov/news/news/press/2009/pr09234.html 

December 18, 2009 - FDIC Approves the Payout of the Insured Deposits of Rockbridge Commercial Bank, Atlanta, Georgia - The Federal Deposit Insurance Corporation approved the payout of the insured deposits of RockBridge Commercial Bank, Atlanta, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. www.fdic.gov/news/news/press/2009/pr09233.html 

December 18, 2009 - Federal Reserve releases monthly report on credit and liquidity programs and the balance sheet.   www.federalreserve.gov/monetarypolicy/bst_reports.htm 

December 18, 2009 - CA Letter - Updated Examination Procedures for Regulation DD.   www.federalreserve.gov/boarddocs/caletters/2009/0914/caltr0914.htm 

December 18, 2009 - Commercial Bank Examination Manual - October 2009 - 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/cbem/200910/0910cbem.pdf 

December 18, 2009 - Credit and Liquidity Programs and the Balance Sheet - December 2009 report.   www.federalreserve.gov/monetarypolicy/bst_reports.htm#frsreports 

December 18, 2009 - Interagency Guidance on Transparency and Compliance in Cross-Border Funds Transfers.   www.federalreserve.gov/boarddocs/srletters/2009/SR0909.htm 

December 18, 2009 - Statistical Release - E.15 Agricultural Finance Databook.   www.federalreserve.gov/releases/e15/default_2009.htm

December 18, 2009 - 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 18, 2009 - OCC Reports Decline in Derivatives Credit Exposures - Credit risk in bank trading activities continued to decline in the third quarter of 2009, 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/2009-161.htm 

December 18, 2009 - 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/2009-162.htm 

December 18, 2009 - OCC Annual Report, Fiscal Year 2009 - The OCC's 2009 Annual Report highlights the agency's role in the government-wide effort to restore safety and soundness to the financial system. Other sections of the Report focus on the OCC's finances, management, and consumer protection activities. www.occ.treas.gov/annrpt/annual.htm 
____________________

December 17, 2009 - The Federal Reserve Board on Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Regions Bank, Birmingham, Alabama, a state member bank. Regions Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. www.federalreserve.gov/newsevents/press/enforcement/20091217a.htm 

December 17, 2009 - The Federal Reserve Board has named ten new members to its Consumer Advisory Council for three-year terms and designated a new Chair and Vice Chair of the Council for 2010. www.federalreserve.gov/newsevents/press/other/20091217a.htm 

December 17, 2009 - U.S. Regulators Encourage Comments to Basel Committee - The Basel Committee on Banking Supervision today released for comment new proposals that aim to strengthen the resiliency of the banking sector through new capital and liquidity standards. Following the Basel II enhancements released in July 2009, these proposals represent part of the Committee's ongoing effort to apply lessons learned from recent market events to enhance regulation, supervision, and risk management of global banks.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20091217a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09232.html 
Press Release: www.occ.treas.gov/ftp/release/2009-160.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9df51bce-1e0b-8562-ebf8-9e21aba114f6&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 17, 2009 - Legal Interpretation - Bank Holding Companies/Change in Control, - Letter to Andrew S. Baer, Esq., advising that Barclays PLC, London, United Kingdom, would not be deemed to control BlackRock, Inc., New York, New York, under the Bank Holding Company Act, as amended, if the transactions described in the letter are conducted according to certain conditions described in the letter and related correspondence. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20091215.pdf 

December 17, 2009 - FDIC Report Highlights Challenging Environments for Interest-Rate Risk Management, Community Reinvestment Act - In light of today's low interest-rate environment, the FDIC's Winter 2009 issue of Supervisory Insights - released today - focuses on the critical need for banks to have strong, effective interest-rate risk management programs that help mitigate excessive exposure. www.fdic.gov/news/news/press/2009/pr09231.html 

December 17, 2009 - Supervisory Insights Journal - Winter 2009 Issue Now Available - The Winter 2009 issue of Supervisory Insights features articles of interest to examiners, bankers and supervisors, including: a discussion of the need, particularly in a low interest-rate environment, for a strong, effective interest-rate risk management program; an overview of how, during the current economic downturn, Community Reinvestment Act examiners should balance concerns about a low volume of loans with a strategic focus on qualitative factors; and a description of three approaches to conducting financial institution customer information risk assessments. www.fdic.gov/news/news/financial/2009/fil09071.html

December 17, 2009 - Bank Secrecy Act - Interagency Guidance on Transparency for U.S. Banking Organizations Conducting - The federal banking agencies are issuing the attached guidance corresponding to the release of a Basel Committee on Banking Supervision publication addressing transparency in cross-border payment messages. www.fdic.gov/news/news/financial/2009/fil09072.html 

December 17, 2009 - Financial Regulators Propose Guidance on Reverse Mortgage Products - The Federal Financial Institutions Examination Council, on behalf of its members, released proposed guidance today on reverse mortgage products. The guidance is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending. www.ffiec.gov/press/pr121709.htm 

December 17, 2009 - December Burgundy Book Shows a Mixed Economy in the Little Rock 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 Arkansas region, is now available. www.stlouisfed.org/newsroom/displayNews.cfm?article=582 

December 17, 2009 - 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. The St. Louis region covers 71 counties in eastern Missouri and 45 counties in southern Illinois.   www.stlouisfed.org/newsroom/displayNews.cfm?article=579 

December 17, 2009 - December Burgundy Book Shows Ongoing Weakness in the Louisville 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 Louisville region, is now available. The Louisville region covers 64 counties in western Kentucky and 24 counties in southern Indiana.   www.stlouisfed.org/newsroom/displayNews.cfm?article=581 

December 17, 2009 - December Burgundy Book Shows Signs of Improvement 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. The Memphis region covers 21 counties in western Tennessee and 39 counties in northern Mississippi. www.stlouisfed.org/newsroom/displayNews.cfm?article=580 

December 17, 2009 - The Federal Reserve Bank of San Francisco Announces its 2010 Board of Directors - The Board of Governors of the Federal Reserve System redesignated T. Gary Rogers and Douglas W. Shorenstein chairman and deputy chairman of the board of directors of the Federal Reserve Bank of San Francisco for 2010. Mr. Rogers was also reappointed to the San Francisco Fed's board by the Board of Governors to the first year of a three year term for 2010. www.frbsf.org/news/releases/2009/1217.html 

December 17, 2009 - NCUA Board Meeting Results For December 17, 2009 www.ncua.gov/GenInfo/BoardandAction/Reports/BAB09-1217.pdf

December 16, 2009 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order to Cease and Desist against Credit Suisse AG, Zurich, Switzerland. The Order requires that Credit Suisse improve its program for compliance with U.S. economic sanctions requirements on a global basis. www.federalreserve.gov/newsevents/press/enforcement/20091216a.htm 

December 16, 2009 - Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some signs of improvement over recent months.  www.federalreserve.gov/newsevents/press/monetary/20091216a.htm 

December 16, 2009 - Interest on Required Balances and Excess Balances - 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 16, 2009 - FDIC Board Finalizes Regulatory Capital Rule for Statements of Financial Accounting Standards - The Board of Directors of the Federal Deposit Insurance Corporation today finalized the regulatory capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Beginning in 2010, these new accounting standards will make substantive changes to how banks account for securitized assets that are currently excluded from their balance sheets. www.fdic.gov/news/news/press/2009/pr09230.html 

December 16, 2009 - Federal Reserve Bank of San Francisco Announces 2010 Economic Advisory Council - The Federal Reserve Bank of San Francisco announced its 2010 Economic Advisory Council today, with two new members: Kim Roberts Hedgpeth, national executive director of the American Federation of Television and Radio Artists, and Roy A. Vallee, chairman and CEO of Avnet, Inc. In addition, Stephen M. Brophy, president of Page Land & Cattle Company, and Mary F. Kaiser, president of California Community Reinvestment Corporation, have been reappointed chairman and vice chairman of the Council. www.frbsf.org/news/releases/2009/1216.html 

December 16, 2009 - OCC Releases CRA Evaluations For 25 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of November 15, 2009 through December 14, 2009. www.occ.treas.gov/ftp/release/2009-159.htm

December 15, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among 1st Pacific Bancorp, a registered bank holding company, 1st Pacific Bank of California, a state member bank, both of San Diego, California, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20091215a.htm 

December 15, 2009 - On December 14, 2009, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20091215a.htm 

December 15, 2009 - Industrial production increased 0.8 percent in November after having been unchanged in October. Manufacturing production advanced 1.1 percent, with broad-based gains among both durables and nondurables. The output of mines climbed 2.1 percent, but the index for utilities fell 1.8 percent, primarily as a result of lower output of gas utilities--temperatures in November were unseasonably mild and reduced the need for heating. At 99.4 percent of its 2002 average, total industrial production was 5.1 percent below its level of a year earlier.   www.federalreserve.gov/releases/g17/current/default.htm 

December 15, 2009 - FDIC Board Approves 2010 Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $4.0 billion Corporate Operating Budget for 2010. The Board also revised the current 2009 budget to $2.6 billion. www.fdic.gov/news/news/press/2009/pr09228.html 

December 15, 2009 - FDIC Board Approves Advance Notice of Proposed Rulemaking Regarding Safe Harbor Protection for Securitizations - The Board of Directors of the Federal Deposit Insurance Corporation today approved an Advance Notice of Proposed Rulemaking Regarding Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation. www.fdic.gov/news/news/press/2009/pr09229.html

December 15, 2009 - OCC Launches Financial Literacy Campaign In Partnership with Univision Communications Inc. - The Office of the Comptroller of the Currency today announced it will launch a consumer financial education campaign for U.S. Hispanic consumers in partnership with Univision, the nation's largest Spanish-language media company. www.occ.treas.gov/ftp/release/2009-157.htm 

December 15, 2009 - Statement of Comptroller Dugan on the FDIC's ANPR on Securitizations - Comptroller of the Currency John C. Dugan discussed an Advance Notice of Proposed Rulemaking on Securitizations at a meeting of the Federal Deposit Insurance Corporation's Board of Directors today. www.occ.treas.gov/ftp/release/2009-158.htm 

December 14, 2009 - A Dynamic Analysis of Consolidation in the Broadcast Television Industry - Jessica C. Stahl - This paper estimates a dynamic oligopoly model in order to separately identify the demand-side and cost-side advantages of consolidation in the broadcast television industry. I exploit an exogenous change in regulation that led to significant industry consolidation.  www.federalreserve.gov/pubs/feds/2009/200948/index.html 

December 14, 2009 - On December 14, 2009, the Federal Reserve will offer $75 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/20091214a.htm 

December 14, 2009 - Legal Interpretation - Bank Holding Companies/Change in Control - Letter to Shaheen F. Dil granting an exemption under the Board's advanced capital adequacy framework for bank holding companies to permit The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, to extend its first floor period start date by one year. http://www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20091118.pdf 

December 14, 2009 - Reports to the Congress - Annual Report to the Congress on the Buy American Act.   www.federalreserve.gov/pubs/reports_other.htm 

December 14, 2009 - NCUA - Congressional Spending Bill Responds to NCUA Priorities - Central Liquidity Facility, Community Development Fund Receive 2010 Appropriation - Congress removed the borrowing cap on Central Liquidity Facility borrowing for another fiscal year and increased the appropriation for the Community Development Revolving Loan Fund as part of H.R. 3288, a broad 2010 spending package approved Sunday. www.ncua.gov/news/press_releases/2009/MA09--1214a.htm 

December 11, 2009 - OCC Appoints Receiver for Valley Capital Bank, National Association - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Valley Capital Bank, National Association, Mesa, Arizona. As of September 30, 2009, the bank had approximately $40 million of total assets. www.occ.treas.gov/ftp/release/2009-156.htm 

December 11, 2009 - OCC Appoints Receiver for Republic Federal Bank, N.A.- The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Republic Federal Bank, National Association, Miami, Florida. As of September 30, 2009, the bank had approximately $433 million of total assets. www.occ.treas.gov/ftp/release/2009-155.htm 

December 11, 2009 - Arvest Bank, Fayetteville, Arkansas, Assumes All of the Deposits of SolutionsBank, Overland Park, Kansas - SolutionsBank, Overland Park, Kansas, was closed today by the Office of the State Bank Commissioner of Kansas, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Arvest Bank, Fayetteville, Arkansas, to assume all of the deposits of SolutionsBank. www.fdic.gov/news/news/press/2009/pr09227.html 

December 11, 2009 - Enterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of Valley Capital Bank, National Association, Mesa, Arizona - Valley Capital Bank, National Association, Mesa, Arizona, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Missouri, to assume all of the deposits of Valley Capital Bank. www.fdic.gov/news/news/press/2009/pr09226.html

December 11, 2009 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and between First Mariner Bancorp, Baltimore, Maryland a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20091211a.htm 

December 11, 2009 - Reports to the Congress - Annual Report to the Congress on the Buy American Act www.federalreserve.gov/pubs/reports_other.htm 

December 11, 2009 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

December 11, 2009 - 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of Republic Federal Bank, National Association, Miami, Florida - Republic Federal Bank, National Association, Miami, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with 1st United Bank, Boca Raton, Florida, to assume all of the deposits of Republic Federal Bank, N.A. www.fdic.gov/news/news/press/2009/pr09225.html 
________________

December 10, 2009 - 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. www.federalreserve.gov/releases/lbr/ 

December 10, 2009 - Governor Elizabeth A. Duke - Envisioning a Future for Housing Finance - At the Mortgage Foreclosure Policy Conference, Federal Reserve Bank of Chicago, Chicago. www.federalreserve.gov/newsevents/speech/duke20091210a.htm

December 10, 2009 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/Current/ 

December 9, 2009 - Governor Elizabeth A. Duke -Keys to Successful Neighborhood Stabilization - At the Community Stabilization Sympomsium, NeighborWorks Training Institute, National Harbor. www.federalreserve.gov/newsevents/speech/duke20091209a.htm 

December 9, 2009 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending December 9, 2009 - 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 9, 2009 - Brokered Deposits and Interest-Rate Restrictions - Telephone Seminar for Financial Institution Officers and Employees - The FDIC will host a free telephone seminar for financial institution officers and employees to discuss issues related to brokered deposits and the interest-rate restrictions under Section 337.6 of the FDIC's Rules and Regulations on December 10, 2009, at 2:00 p.m. EST. www.fdic.gov/news/news/financial/2009/fil09070.html 

December 9, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Miami -The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks in Miami, at the Hyatt Regency Coral Gables, January 12-13, 2010. www.occ.treas.gov/ftp/release/2009-154.htm 

December 8, 2009 - December 8, 2009 - Senior Deputy Comptroller Testifies on the State of Loan Modifications - Senior Deputy Comptroller for Large Bank Supervision Douglas W. Roeder today testified before the House Committee on Financial Services about the state of homeowner assistance. www.occ.treas.gov/ftp/release/2009-153.htm 

December 8, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between River Valley Bancorp, Inc., Davenport, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20091208a.htm 

December 7, 2009 - The Federal Reserve Board on Monday announced the execution of a consent Cease and Desist Order by and among Pierce County Bancorp, Tacoma, Washington, a registered bank holding company, Pierce Commercial Bank, a state chartered member bank, the Federal Reserve Board, and the Washington State Department of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20091207a.htm 

December 7, 2009 - Chairman Ben S. Bernanke - Frequently Asked Questions - At the Economic Club of Washington D.C., Washington D.C. www.federalreserve.gov/newsevents/speech/bernanke20091207a.htm 

December 7, 2009 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 3-1/4 percent in the third quarter of 2009. Revolving credit decreased at an annual rate of 7-1/4 percent, and nonrevolving credit decreased at an annual rate of 1 percent. In October, consumer credit decreased at an annual rate of 1-3/4 percent. www.federalreserve.gov/releases/g19/current/default.htm 

December 7, 2009 - CA Letter - Mortgage Loan Modifications and Regulation B's Adverse Action Requirement - The purpose of this letter is to address questions received from consumer compliance examiners regarding whether adverse action notices under Regulation B are required for mortgage loan modification declinations, including those made pursuant to the U.S. Department of Treasury's Making Home Affordable Modification Program.   www.federalreserve.gov/boarddocs/caletters/2009/0913/caltr0913.htm 

December 7, 2009 - Joe Meinhardt Named Director of Ombudsman Operation - Office of the Comptroller of the Currency Ombudsman Larry Hattix recently announced Joe Meinhardt to be the Director of Ombudsman Operation. www.occ.treas.gov/ftp/release/2009-151.htm 

December 7, 2009 - Comptroller of the Currency Announces Community Bank Directors Workshops for 2010 - The Office of the Comptroller of the Currency today announced its 2010 schedule of workshops to be held around the country for directors of nationally chartered community banks. www.occ.treas.gov/ftp/release/2009-152.htm 

December 7, 2009 - Solid Economic Growth in 2010: Forecast - Inflation expected to move higher, unemployment rate predicted to edge down in 2010, according to Economic Outlook Symposium participants. www.chicagofed.org/economic_research_and_data/2009_eos_release.cfm 

December 7, 2009 - Auto Industry Downturn: Impact on Workers - Latest Chicago Fed Letter examines the challenges for displaced auto workers and their communities. www.chicagofed.org/publications/fedletter/cfljanuary2010_270a.pdf 

December 4, 2009 - Sonabank, McLean Virginia, Assumes All of the Deposits of Greater Atlantic Bank, Reston, Virginia - Greater Atlantic Bank, Reston, Virginia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sonabank, McLean, Virginia, to assume all of the deposits of Greater Atlantic Bank. www.fdic.gov/news/news/press/2009/pr09224.html 

December 4, 2009 - MB Financial Bank, National Association, Chicago, Illinois, Assumes All of the Deposits of Benchmark Bank, Aurora, Illinois - Benchmark Bank, Aurora, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago Illinois, to assume all of the deposits of Benchmark Bank. www.fdic.gov/news/news/press/2009/pr09223.html 

December 4, 2009 - New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio - AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of AmTrust Bank. www.fdic.gov/news/news/press/2009/pr09222.html 

December 4, 2009 - HeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of the Tattnall Bank, Reidsville, Georgia - The Tattnall Bank, Reidsville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with HeritageBank of the South, Albany, Georgia, to assume all of the deposits of The Tattnall Bank. www.fdic.gov/news/news/press/2009/pr09221.html 

December 4, 2009 - The Federal Reserve Board on Friday announced the adoption of a final rule that would establish a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility.   www.federalreserve.gov/newsevents/press/monetary/20091204a.htm 

December 4, 2009 - Credit and Liquidity Programs and the Balance Sheet -Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

December 4, 2009 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in September 2009. www.fdic.gov/news/news/press/2009/pr09218.html 

December 4, 2009 - State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of the Buckhead Community Bank, Atlanta, Georgia - The Buckhead Community Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of The Buckhead Community Bank. www.fdic.gov/news/news/press/2009/pr09219.html 

December 4, 2009 - State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia - First Security National Bank, Norcross, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of First Security National Bank. www.fdic.gov/news/news/press/2009/pr09220.html 

December 4, 2009 - Process for Determining If An Institution Subject to Interest-Rate Restrictions is Operating in a High-Rate Area - Effective January 1, 2010, institutions subject to the interest rate restrictions under Part 337.6 of the FDIC Rules and Regulations are required to use the "national rate" to determine conformance with the restrictions.  www.fdic.gov/news/news/financial/2009/fil09069.html 

December 4, 2009 - St. Louis Fed's Bullard: Three Lessons for Monetary Policy from the Panic of 2008 - In remarks Friday at the Federal Reserve Bank of Philadelphia's annual Policy Forum, St. Louis Fed President James Bullard outlined three lessons learned from 2008's financial crisis and recommended that policymakers keep these lessons in mind for future monetary policy. www.stlouisfed.org/newsroom/displayNews.cfm?article=574
___________________

December 3, 2009 - The Federal Reserve Board on Thursday announced the issuance of a combined Consent Order of Prohibition and Order of Assessment of a Civil Money Penalty against Francesco Rusciano, a former institution-affiliated party of UBS AG, Zurich, Switzerland. The consent order resolved administrative charges brought by the Federal Reserve Board in January 2009. www.federalreserve.gov/newsevents/press/enforcement/20091203a.htm 

December 3, 2009 - Chairman Ben S. Bernanke - Confirmation hearing - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20091203a.htm 

December 3, 2009 - FDIC Finalizes 75th Anniversary Observation by Announcing Recipients of the Chairman's Award for Financial Education - The Federal Deposit Insurance Corporation today announced the recipients of the FDIC Chairman's Award for Innovation in Financial Education. The primary purpose of the FDIC Chairman's Award was to recognize excellence and innovation in financial education, and also highlight potentially replicable best practices.  www.fdic.gov/news/news/press/2009/pr09217.html 

December 3, 2009 - Dillon Joins St. Louis Fed's Agribusiness Industry Council - Ray C. Dillon, president and CEO of Deltic Timber Corp. in El Dorado, Ark., has joined the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=575 

December 2, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Ohio State Bancshares, Inc., Marion, Ohio, a registered bank holding company, and the Federal Reserve Bank of Cleveland. www.federalreserve.gov/newsevents/press/enforcement/20091202a.htm 

December 2, 2009 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2009/20091202/default.htm 

December 2, 2009 - New FDIC Study Shows One in Four U.S. Households Currently Unbanked or Underbanked - Low-income and Minority Households Disproportionately Represented - The Federal Deposit Insurance Corporation today released the findings of its FDIC National Survey of Unbanked and Underbanked Households, breaking new ground in gaining understanding of which Americans remain outside the banking system.   www.fdic.gov/news/news/press/2009/pr09216.html 

December 2, 2009 - It's More than a Man-cession: The Real Demographics of Recession - St. Louis Fed research debunks the popular notion that the current recession is predominantly a "man-cession"-a recession hurting American males proportionately more than women and other demographic groups. The truth, and its implications for economic and workforce development, are far more interesting than that. Presenting his findings is St. Louis Fed vice president and economist Howard Wall. www.stlouisfed.org/newsroom/displayNews.cfm?article=571 

December 2, 2009 - Risk-Based Capital-Mortgage Modifications - Final rule provides that mortgage loans modified under Making Home Affordable Program retain risk weight assigned to loan prior to modification, if loan meets other criteria. www.occ.treas.gov/ftp/bulletin/2009-35.html 

December 1, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement between Commercial Bancshares, Inc., Bloomington, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20091201a.htm 

December 1, 2009 - The Federal Reserve Board on Tuesday announced the issuance of a consent Prompt Corrective Action Directive against Bank of Illinois, Normal, Illinois, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20091201b.htm 

December 1, 2009 - On November 30, 2009, the Federal Reserve conducted an auction of $25 billion in 42-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20091201a.htm 

December 1, 2009 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings on October 13 and November 2, 2009. www.federalreserve.gov/newsevents/press/monetary/monetary20091201a1.pdf 

December 1, 2009 - Haynes Joins St. Louis Fed's Real Estate Industry Council - H. Collins Haynes, chief executive officer of HaynesLimited in Rogers, Ark., has joined the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=569 

December 1, 2009 - Gallagher Joins St. Louis Fed's Agribusiness Industry Council - Timothy J. Gallagher, executive vice president of Bunge North America Inc. in St. Louis has joined the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=570 

December 1, 2009 - Notice of Comptroller of the Currency Fees for Year 2010: Fee Structure - Notice of OCC fee structure for year 2010 for all national banks and federal branches and agencies. Changes become effective January 1, 2010. www.occ.treas.gov/ftp/bulletin/2009-34.html 

You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
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.

NEW The Weekly IT Security Review NEW
A weekly email that lets you continuously review
your IT operations throughout the year.

Purchase now for the special inaugural price.

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  


Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119
Examiner@yennik.com

 

Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, Copyright Yennik, Incorporated