Bank Regulatory News

December 2010

December 30, 2010 - Small Business Owners, Lenders Connect at St. Louis Fed - More than 200 current and prospective small business owners, lenders and community representatives gathered in November at the Federal Reserve Bank of St. Louis to discuss the issue of expanding access to capital and credit in the St. Louis region. www.stlouisfed.org/newsroom/displayNews.cfm?article=846 

December 30, 2010 - Consolidated Reports of Condition and Income for Fourth Quarter 2010 - The attached materials pertain to the Consolidated Reports of Condition and Income for the December 31, 2010, report date. www.fdic.gov/news/news/financial/2010/fil10094.html

December 30, 2010 - FDIC Makes Public November Enforcement Actions; No Administrative Hearings Scheduled for January 2011 - 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/2010/pr10283.html 

December 30, 2010 - Board issues enforcement actions with Baylake Corp. and Bank and Saint Lucia Bancorp and Bank.   www.federalreserve.gov/newsevents/press/enforcement/20101230a.htm 
 
December 29, 2010 - OCC and OTS Report Shows Mortgage Performance Steady in Third Quarter of 2010, Includes New State-Level Data - The credit quality of first-lien mortgages serviced by large national banks and thrifts remained steady during the third quarter of 2010, but the pace of foreclosures increased, according to a report released today.
Press Release: www.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-150.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=32f9d88e-e831-3cac-c7ac-1c249a817a1a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

December 29, 2010 - 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 announced 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. www.fdic.gov/news/news/financial/2010/fil10093.html 

December 29, 2010 - Community Reinvestment Act Revisions to Interagency Regulations - The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have published revisions to their Community Reinvestment Act Regulations to encourage depository institutions to support eligible development activities in areas designated under the Neighborhood Stabilization Program administered by the U.S. Department of Housing and Urban Development. www.fdic.gov/news/news/financial/2010/fil10092.html 

December 29, 2010 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending December 29, 2010 - 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 29, 2010 - Reserve Bank Operations - 2011 Financial Accounting Manual for Federal Reserve Banks - The Board of Governors and the Federal Reserve Banks annually prepare financial statements reflecting balances and income and expenses for the year then ended.  www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm#manual 

December 28, 2010 - FRB Board issues enforcement action against BankEast.  www.federalreserve.gov/newsevents/press/enforcement/20101228a.htm 

December 27, 2010 - 2011 Midwest Interagency CRA Training Workshops - Overview Speakers Agenda Accommodations Conference Materials Registration - The Federal Reserve Banks of Chicago, Minneapolis and Saint Louis, the Office of Thrift Supervision, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are co-sponsors of one or more interagency Community Reinvestment Act Workshops taking place in the first and second quarters of 2011 in cities across the Midwest: Chicago, Illinois, Thursday, January 27, 2011; Saint Louis, Missouri, Thursday, March 10, 2011; Madison, Wisconsin, TBD, Spring of 2011 www.chicagofed.org/webpages/events/2011/cra_interagency_workshop_chicago.cfm 

December 27, 2010 - Addressing the Financing Needs of Small Businesses in the Seventh Federal Reserve District - Jeremiah P. Boyle - Addressing the Financing Needs of Small Businesses is a Federal Reserve System initiative designed to inform policymakers on the issues that restrict the flow of credit and opportunities to improve the flow of credit to small businesses. http://chicagofed.org/webpages/publications/profitwise_news_and_views/2010/pnv_december2010.cfm 

December 27, 2010 - Meetings and Communications with the Public - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  www.federalreserve.gov/newsevents/reform_meetings.htm
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December 23, 2010 - Underwriting Standards for Small Business Loans Originated Under the Small Business Lending Fund Program - The Small Business Lending Fund Program was created pursuant to the Small Business Jobs Act of 2010 and directs the federal banking agencies to issue guidance regarding prudent underwriting standards for small business loans made with SBLF funds by SBLF participating institutions. www.fdic.gov/news/news/financial/2010/fil10090.html 

December 23, 2010 - FDIC Announces Forum on Overcoming Obstacles to Small Business Lending - The Federal Deposit Insurance Corporation today announced that it is hosting a forum to examine obstacles to small business lending on January 13th, 2011, from 1:00 p.m. to 4:00 p.m. at the L. William Seidman Center in Arlington, Virginia. www.fdic.gov/news/news/press/2010/pr10282.html 

December 23, 2010 - Board issues enforcement actions - The Federal Reserve Board on Thursday announced the execution of the following enforcement actions: www.federalreserve.gov/newsevents/press/enforcement/20101223a.htm 

December 23, 2010 - Board issues enforcement actions with FEB Bancshares, Inc., First International Bancorp of Texas, Inc. and First International Bancorp, and Norcal Community Bancorp.  www.federalreserve.gov/newsevents/press/enforcement/20101223a.htm 

December 23, 2010 - December Burgundy Book Paints a Mixed Economic Picture for the Little Rock Regional Economy.   www.stlouisfed.org/newsroom/displayNews.cfm?article=856 

December 23, 2010 - December Burgundy Book Paints a Mixed Economic Picture for the Louisville Regional Economy.   www.stlouisfed.org/newsroom/displayNews.cfm?article=854 

December 23, 2010 - December Burgundy Book Paints a Mixed Economic Picture for the Memphis Regional Economy.   www.stlouisfed.org/newsroom/displayNews.cfm?article=853 

December 23, 2010 - December Burgundy Book Paints a Mixed Economic Picture for the St. Louis Regional Economy.   www.stlouisfed.org/newsroom/displayNews.cfm?article=855 

December 22, 2010 - How Will Financial Reform Affect Community Banks? Chicago Fed Letter explores the Dodd–Frank Act’s impact on community banks and other related issues. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljanuary2011_282a.pdf

December 22, 2010 - Release dates for the Federal Reserve Bank of Kansas City's Monthly Manufacturing Survey.   www.kc.frb.org/publicat/newsroom/2010pdf/press.release.12.22.pdf 

December 22, 2010 - Supervisory Insights Journal - Winter 2010 Issue Now Available - The Winter 2010 issue of Supervisory Insights features articles of critical interest to examiners, bankers, and supervisors: a discussion of the role of trust preferred securities during the financial crisis; an overview of best practices relating to agricultural lending and effective management of agricultural credit concentrations; a summary of recent results from the FDIC's Credit and Consumer Products/Services Survey; and a discussion of the development of the senior life settlements market and the significant risks associated with SLS transactions. www.fdic.gov/news/news/financial/2010/fil10089.html  

December 22, 2010 - FDIC Report Reviews Role of Trust Preferred Securities - One important theme of recent reforms in response to the financial crisis is the need for banking organizations to have stronger capital positions to weather periods of economic stress. www.fdic.gov/news/news/press/2010/pr10281.html 

December 22, 2010 - The Contribution of the Minimum Wage to U.S. Wage Inequality over Three Decades: A Reassessment - David Autor, Alan Manning, and Christopher L. Smith - We reassess the effect of state and federal minimum wages on U.S. earnings inequality, attending to two issues that appear to bias earlier work: violation of the assumed independence of state wage levels and state wage dispersion, and errors-in-variables that inflate impact estimates via an analogue of the well known division bias problem. www.federalreserve.gov/pubs/feds/2010/201060/index.html 

December 22, 2010 - Underwriting Standards for Small Business Loans Originated under the Small Business Lending Fund Program.   www.federalreserve.gov/boarddocs/srletters/2010/SR1017.htm 

December 22, 2010 - The Federal Reserve Board on Wednesday approved an interim rule amending Regulation Z, which implements the Truth in Lending Act The Board is issuing this interim rule to clarify certain aspects of a September 24, 2010 interim rule, in response to public comments. www.federalreserve.gov/newsevents/press/bcreg/20101222a.htm 

December 21, 2010 - 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.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-149.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=09f28f2e-fb26-7631-0d8a-676e71fad102&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 21, 2010 - FEDERAL RESERVE BRANCH DIRECTORS APPOINTED The Federal Reserve Board of Governors has appointed a new member to the Board of Directors of the Bank’s Omaha Branch. The appointment is effective Jan. 1, 2011. www.kc.frb.org/publicat/newsroom/2010pdf/press.release.12.21.pdf 

December 21, 2010 - 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.fdic.gov/news/news/press/2010/pr10280.html 

December 21, 2010 - FDIC Selects ColFin Milestone North Funding, LLC Winning Bidder for an Equity Interest in $204 Million in Commercial Real Estate Loans - The Cogsville Group Participates as an Equity Partner - The Federal Deposit Insurance Corporation has closed on a sale of a 40 percent equity interest in a newly-formed limited liability company created to hold assets with an unpaid principal balance of approximately $204 million from twelve failed bank receiverships.  www.fdic.gov/news/news/press/2010/pr10279.html 

December 21, 2010 - FDIC Selects Colony Capital, LLC as Winning Bidder for Equity Interest in $137 Million in Commercial Real Estate Loans - The Federal Deposit Insurance Corporation has closed on a sale of a 40 percent equity interest in a newly-formed limited liability company created to hold assets with an unpaid principal balance of approximately $137 million from five failed bank receiverships.  www.fdic.gov/news/news/press/2010/pr10278.html  

December 21, 2010 - FDIC Selects Cache Valley Bank as Winning Bidder for Equity Interest in $279 Million in Residential Acquisition and Development Loans - The Federal Deposit Insurance Corporation has closed on a sale of a 40 percent equity interest in a newly-formed limited liability company created to hold assets with an unpaid principal balance of approximately $279 million from nine failed bank receiverships.   www.fdic.gov/news/news/press/2010/pr10277.html 

December 21, 2010 - 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.federalreserve.gov/newsevents/press/bcreg/20101221a.htm 

December 21, 2010 - The Federal Open Market Committee has authorized an extension through August 1, 2011, of its temporary U.S. dollar liquidity swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. The swap arrangements, established in May 2010, had been authorized through January 2011. www.federalreserve.gov/newsevents/press/monetary/20101221a.htm 

December 21, 2010 - The Federal Reserve Board on Tuesday announced the execution of City National Bancshares Corporation, Newark, New Jersey Written Agreement dated December 14, 2010 and Community Shores Bank Corporation, Muskegon, Michigan Written Agreement dated December 16, 2010.   www.federalreserve.gov/newsevents/press/enforcement/20101221a.htm 

December 20, 2010 - Economic Activity Slowed in November - The Chicago Fed National Activity Index was -0.46 in November, down from -0.25 in October. www.chicagofed.org/digital_assets/publications/cfnai/2010/cfnai_december2010.pdf 

December 20, 2010 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking. www.federalreserve.gov/newsevents/reform_meetings.htm

December 20, 2010 - The Federal Reserve Board on Monday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act.  www.federalreserve.gov/newsevents/press/bcreg/20101217a.htm 

December 17, 2010 - OTS Closes Appalachian Community Bank and Appoints FDIC Receiver - The Office of Thrift Supervision today closed Appalachian Community Bank of McCaysville, Ga., and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=f51fa715-c925-b9a4-60e5-24e526d184d9&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 17, 2010 - OCC Appoints Receiver for United Americas Bank, N.A. - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for United Americas Bank, National Association, Atlanta, Georgia. As of September 30, 2010, the bank had approximately $242.3 million of total assets. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-147.html 

December 17, 2010 - OCC Appoints Receiver for The Bank of Miami, National Association - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for The Bank of Miami, National Association, Coral Gables, Florida. As of September 30, 2010, the bank had approximately $448 million of total assets. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-146.html 

December 17, 2010 - OCC Releases CRA Evaluations For 24 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, 2010 through December 14, 2010. The list contains only national banks and insured federal branches of foreign banks that have received ratings.  www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-145.html 

December 17, 2010 - 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.gov/news-issuances/news-releases/2010/nr-occ-2010-144.html 

December 17, 2010 - OCC Reports Third Quarter Trading Revenue of $4.2 Billion - Commercial banks reported trading revenue of $4.2 billion in the third quarter of 2010, 27 percent lower than the third quarter of 2009 and 37 percent lower than the second quarter of 2010, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-143.html 

December 17, 2010 - STATEMENT FROM FEDERAL RESERVE BANK OF KANSAS CITY PRESIDENT TOM HOENIG - “The Federal Reserve's interactions with supervised institutions are subject to strict confidentiality. However, we have become aware of substantial confusion and misinformation related to the Federal Reserve Bank of Kansas City and one of the banks it regulates in Oklahoma. The Federal Reserve Bank of Kansas City and the bank are working cooperatively and closely to clarify this issue. www.kc.frb.org/publicat/newsroom/2010pdf/press.release.12.17.pdf 

December 17, 2010 - Farmers & Merchants Savings Bank, Manchester, Iowa, Assumes All of the Deposits of Community National Bank, Lino Lakes, Minnesota - Community National Bank, Lino Lakes, Minnesota, 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 Farmers & Merchants Savings Bank, Manchester, Iowa, to assume all of the deposits of Community National Bank. www.fdic.gov/news/news/press/2010/pr10276.html 

December 17, 2010 - Southern Bank, Poplar Bluff, Missouri, Assumes All of the Deposits of First Southern Bank, Batesville, Arkansas - First Southern Bank, Batesville, Arkansas, was closed today by the Arkansas State Bank Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Southern Bank, Poplar Bluff, Missouri, to assume all of the deposits of First Southern Bank. www.fdic.gov/news/news/press/2010/pr10275.html 

December 17, 2010 - State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of United Americas Bank, National Association, Atlanta, Georgia - United Americas Bank, National Association, Atlanta, 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 United Americas Bank, N.A. www.fdic.gov/news/news/press/2010/pr10274.html 

December 17, 2010 - Peoples Bank of East Tennessee, Madisonville, Tennessee, Assumes All of the Deposits of Appalachian Community Bank, F.S.B., McCaysville, Georgia - Appalachian Community Bank, F.S.B., McCaysville, Georgia, 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 Peoples Bank of East Tennessee, Madisonville, Tennessee, to assume all of the deposits of Appalachian Community Bank, F.S.B., except for brokered deposits and certain out-of-state certificates of deposit. www.fdic.gov/news/news/press/2010/pr10273.html 

December 17, 2010 - Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Chestatee State Bank, Dawsonville, Georgia - Chestatee State Bank, Dawsonville, 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 Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Chestatee State Bank. www.fdic.gov/news/news/press/2010/pr10272.html 

December 17, 2010 - 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of the Bank of Miami, National Association, Coral Gables, Florida - The Bank of Miami, National Association, Coral Gables, 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 The Bank of Miami, N.A. www.fdic.gov/news/news/press/2010/pr10271.html 

December 17, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

December 17, 2010 - 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 17, 2010 - Monthly Report on Credit and Liquidity Programs and the Balance Sheet More Information - The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public.
www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport201012.pdf

December 17, 2010 - The Federal Reserve Board on Friday announced its approval of the proposal by Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja, Valencia, Spain, and Banco Financiero y de Ahorros, S.A., Madrid, Spain, to acquire Caja de Ahorros y Monte de Piedad de Madrid, also of Madrid, and its subsidiary bank, City National Bank of Florida, Miami, Florida.
www.federalreserve.gov/newsevents/press/orders/20101217a.htm 
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December 17, 2010 - Feds Force Okla. Bank To Remove Crosses, Bible Verse - Federal Examiners Say Religious Decoration Inappropriate - A small-town bank in Oklahoma said the Federal Reserve won’t let it keep religious signs and symbols on display. http://www.koco.com/r/26162860/detail.html

December 16, 2010 - Risk-Based Capital Standards - Proposed Rule on Advanced Capital Adequacy Framework - Basel II; Establishment of a Risk-Based Capital Floor - The federal bank regulatory agencies have jointly issued the attached notice of proposed rulemaking to amend the advanced risk-based capital adequacy standards (advanced approaches rules) to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and to amend the general risk-based capital rules to provide limited flexibility consistent with section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. www.fdic.gov/news/news/financial/2010/fil10088.html 

December 16, 2010 - Risk-Based Capital Rules - Proposed Rule on Risk-Based Capital Standards: Market Risk - The federal banking regulatory agencies have jointly issued the attached notice of proposed rulemaking on possible modifications to the risk-based capital standards for market risk. The proposed rule would incorporate improvements to the current trading book regime as proposed by the Basel Committee on Banking Supervision in Revisions to the Basel II Market Risk Framework published in July 2009 and The Application of Basel II to Trading Activities and the Treatment of Double Default Effects, published in July 2005. www.fdic.gov/news/news/financial/2010/fil10087.html 

December 16, 2010 - Federal Emergency Management Agency Preferred Risk Policy: Two-Year Eligibility Extension - The Federal Emergency Management Agency announced on July 15, 2010, that Preferred Risk Policy eligibility will be extended two years beginning January 1, 2011. Under provisions of the extension, effective January 1, 2011, a building is generally eligible for a PRP for two years after the building's flood zone is newly mapped into a Special Flood Hazard Area through a map revision. www.fdic.gov/news/news/financial/2010/fil10086.html 

December 16, 2010 - Foreclosure's Wake: The Credit Experiences of Individuals Following Foreclosure - Kenneth P. Brevoort and Cheryl R. Cooper - While a substantial literature has examined the causes of mortgage foreclosure, there has been relatively little work on the consequences of foreclosure for the borrowers themselves. Using a large sample of anonymous credit bureau records, observed quarterly from 1999Q1 through 2010Q1, we examine the credit experiences of almost 350,000 borrowers before and after their mortgage foreclosure. www.federalreserve.gov/pubs/feds/2010/201059/201059abs.html 

December 16, 2010 - Does Credit Scoring Produce a Disparate Impact? - Robert B. Avery, Kenneth P. Brevoort, and Glenn B. Canner - The widespread use of credit scoring in the underwriting and pricing of mortgage and consumer credit has raised concerns that the use of these scores may unfairly disadvantage minority populations. A specific concern has been that the independent variables that comprise these models may have a disparate impact on these demographic groups. www.federalreserve.gov/pubs/feds/2010/201058/index.html 

December 16, 2010 - The Federal Reserve Board on Thursday requested comment on a proposed rule that would establish debit card interchange fee standards and prohibit network exclusivity arrangements and routing restrictions. www.federalreserve.gov/newsevents/press/bcreg/20101216a.htm 

December 16, 2010 - The Federal Reserve Board on Thursday announced the execution of the following enforcement action: The Park Avenue Bank, Valdosta, Georgia.  www.federalreserve.gov/newsevents/press/enforcement/20101216a.htm

December 15, 2010 - NCUA Letter to Corporates, Fact Sheet, Detail Action Plan - Details of Escrow Accounts Unveiled - The National Credit Union Administration this week issued a Letter to Corporate Credit Unions and a Fact Sheet to natural person credit unions detailing the corporate credit union system transition plan and necessary natural person credit union considerations. www.ncua.gov/news/press_releases/2010/MR10-1215FINALNCUALettertoCCUDetailActionPlan.pdf 

December 15, 2010 - FDIC Announces Jim Wigand as the Director of The New Office of Complex Financial Institutions - The Federal Deposit Insurance Corporation today announced the appointment of Jim Wigand as the Director of the newly established Office of Complex Financial Institutions. The CFI was created to better position the FDIC to carry out its responsibilities under the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. www.fdic.gov/news/news/press/2010/pr10269.html 

December 15, 2010 - Agencies Seek Comment on Market Risk and Basel II Advanced Approaches - Three federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking that would revise the market risk capital rules for banking organizations with significant trading activity.
Press Release: Press Release: www.federalreserve.gov/newsevents/press/bcreg/20101215b.htm 
Press Release: www.fdic.gov/news/news/press/2010/pr10270.html
Press Release: www.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-142.html

December 15, 2010 - Agencies Expand Scope of Community Reinvestment Act Regulations to Encourage Support for HUD Neighborhood Stabilization Program Activities - The federal bank and thrift regulatory agencies today announced changes to Community Reinvestment Act regulations to support stabilization of communities affected by high foreclosure levels.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20101215a.htm 
Press Release: www.fdic.gov/news/news/press/2010/pr10268.html 
Press Release: www.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-141.html

December 14, 2010 - Prudent Management of Agricultural Credit Through Farming and Economic Cycles - The U.S. agricultural sector has benefited from almost a decade of solid farm production, strong demand, and favorable financing costs. With few exceptions, the sector appears poised to remain on a path of general prosperity in the near term and possibly longer. www.fdic.gov/news/news/financial/2010/fil10085.html 

December 14, 2010 - FDIC Board Approves 2011 Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $4.0 billion Corporate Operating Budget for 2011, down slightly from the 2010 budget the Board approved last December. www.fdic.gov/news/news/press/2010/pr10267.html 

December 14, 2010 - FDIC Board Approves Interagency Proposal to Set Risk-Based Capital Floor for Large Financial Institutions - The Board of Directors of the Federal Deposit Insurance Corporation today approved an interagency proposed rulemaking to implement certain provisions of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 171 is more commonly known as the Collins Amendment. www.fdic.gov/news/news/press/2010/pr10266.html 

December 14, 2010 - FDIC Board Sets a Two Percent Designated Reserve Ratio as Part of a Comprehensive Plan for Fund Management - The Board of Directors of the Federal Deposit Insurance Corporation today voted on a final rule to set the insurance fund's designated reserve ratio at two percent of estimated insured deposits. www.fdic.gov/news/news/press/2010/pr10265.html 

December 14, 2010 - FOMC statement - Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. www.federalreserve.gov/newsevents/press/monetary/20101214a.htm 

December 14, 2010 - Board issues enforcement action with Weststar Financial Services Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20101214a.htm 

December 13, 2010 - Chicago Fed Symposium 2011 Economic Outlook - Solid economic growth expected in 2011, according to Chicago Fed Economic Outlook Symposium participants. The twenty-fourth annual EOS was held on December 3 in Chicago. www.chicagofed.org/digital_assets/others/events/2010/economic_outlook_symposium/eos_press_release.pdf 

December 13, 2010 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2010/MR10-1213ProhibitionOrders.pdf 

December 13, 2010 - The OCC today announced changes to its Large Bank Supervision leadership team. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-140.html 

December 13, 2010 - Regulatory Reform - Meetings with the public through December 13, 2010.  www.federalreserve.gov/newsevents/reform_meetings.htm 

December 13, 2010 - The Federal Reserve Board on Monday proposed two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts. www.federalreserve.gov/newsevents/press/bcreg/20101213a.htm 

December 10, 2010 - Polonia Bank, Huntingdon Valley, Pennsylvania, Assumes All of the Deposits of Earthstar Bank, Southampton, Pennsylvania - Earthstar Bank, Southampton, Pennsylvania, was closed today by the Secretary of Banking of the Commonwealth of Pennsylvania, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Polonia Bank, Huntingdon Valley, Pennsylvania, to assume all of the deposits of Earthstar Bank, except for certain out-of-state certificates of deposit. www.fdic.gov/news/news/press/2010/pr10264.html 

December 10, 2010 - Level One Bank, Farmington Hills, Michigan, Assumes All of the Deposits of Paramount Bank, Farmington Hills, Michigan - Paramount Bank, Farmington Hills, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Level One Bank, Farmington Hills, Michigan, to assume all of the deposits of Paramount Bank. www.fdic.gov/news/news/press/2010/pr10263.html 

December 10, 2010 - Chicago Fed Symposium 2011 Economic Outlook - Solid economic growth expected in 2011, according to Chicago Fed Economic Outlook Symposium participants. The twenty-fourth annual EOS was held on December 3 in Chicago. www.chicagofed.org/digital_assets/others/events/2010/economic_outlook_symposium/eos_press_release.pdf 

December 10, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.    www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

December 10, 2010 - The Federal Reserve Board announced on Friday that a live webcast of its December 16 open meeting will be available on the Board's website.  www.federalreserve.gov/newsevents/press/other/20101210a.htm 
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December 9, 2010 - Board issues enforcement action with TCSB Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/20101209a.htm 

December 9, 2010 - Statistical Release - Z.1 Flow of Funds. www.federalreserve.gov/releases/z1/Current/z1.pdf 

December 9, 2010 - NCUA -Matz Outlines Corporate Credit Union Reforms, Industry Strength and Stability - Chairman Testifies before Senate Banking Committee.  www.ncua.gov/news/press_releases/2010/MA10-1209MatzOutlinesCCUReforms.pdf 

December 8, 2010 - Money and Inflation: Some Critical Issues - Bennett T. McCallum and Edward Nelson - We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all.  www.federalreserve.gov/pubs/feds/2010/201057/index.html 

December 8, 2010 - Capital Taxation with Entrepreneurial Risk - Vasia Panousi - This paper studies the effects of capital taxation in a dynamic heterogeneous-agent economy with uninsurable entrepreneurial risk. Although it allows for rich general-equilibrium effects and a stationary distribution of wealth, the model is highly tractable. www.federalreserve.gov/pubs/feds/2010/201056/index.html 

December 8, 2010 - Federal Reserve Study Shows More Than Three-Quarters of Noncash Payments Are Now Electronic - The Federal Reserve's 2010 study of noncash payments released today revealed that in 2009 more than three-quarters of all U.S. noncash payments were made electronically, a 9.3 percent annual increase since the Federal Reserve's last study in 2007. www.federalreserve.gov/newsevents/press/other/20101208a.htm 

December 7, 2010 - Chicago Fed Symposium 2011 Economic Outlook - Solid economic growth expected in 2011, according to Chicago Fed Economic Outlook Symposium (EOS) participants. The twenty-fourth annual EOS was held on December 3.  www.chicagofed.org/digital_assets/others/events/2010/economic_outlook_symposium/eos_press_release.pdf 

December 7, 2010 - OCC, Bank of America Enter Agreement Requiring Payment of Profits Plus Interest to Municipalities Harmed by Bid-Rigging on Financial Products - The Office of the Comptroller of the Currency announced today that it has entered into a Formal Agreement with Bank of America, N.A., Charlotte, North Carolina, related to the bank’s participation in a bid-rigging scheme involving the marketing and sale of certain financial products to municipalities and other non-profit organizations, variously, during the period November 1998 through January 2004. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-139.html

December 7, 2010 - St. Louis Fed Sponsors Forum on St. Charles County Foreclosures - Officials from the St. Louis Fed recently joined state and county leaders to discuss the current foreclosure situation in St. Charles County and across the state; how crucial the stabilization of the housing market is to economic recovery, and how to best assist beleaguered borrowers. www.stlouisfed.org/newsroom/displayNews.cfm?article=840 

December 7, 2010 - Consumer Compliance Handbook - December 2010 Update - The December 2010 update to the handbook reflects recent regulatory changes to three chapters: Regulation DD, the Fair Credit Reporting Act and Regulation Z. www.federalreserve.gov/BoardDocs/SupManual/cch/announce/recent_update.htm 

December 7, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, North Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. The agreement addresses issues associated with anti-competitive activities at Bank of America by certain employees in conjunction with the sale of certain derivative financial products to municipalities and other non-profit organizations from 1998 to 2003. www.federalreserve.gov/newsevents/press/enforcement/20101207b.htm

December 7, 2010 - Board issues enforcement actions with Lino Lakes Banc Shares, Inc. and Village Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20101207a.htm 

December 6, 2010 - Chicago Fed Symposium 2011 Economic Outlook - Solid economic growth expected in 2011, according to Chicago Fed Economic Outlook Symposium participants. The twenty-fourth annual EOS was held on December 3 in Chicago. www.chicagofed.org/digital_assets/others/events/2010/economic_outlook_symposium/eos_press_release.pdf 

December 6, 2010 - Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts Free Nationwide Seminars for Bank Officers and Employees The FDIC will host two identical telephone seminars for bank officers and employees that will explain the insurance coverage rules and disclosure requirements regarding the new temporary unlimited insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions. www.fdic.gov/news/news/financial/2010/fil10083.html

December 6, 2010 - Regulatory Reform - Meetings with the public through December 6, 2010 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm 

December 6, 2010 - Interagency Examination Procedures for the Regulation on Risk-Based Pricing Notices - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached examination module 1 for the regulation pertaining to risk-based pricing notices. www.federalreserve.gov/boarddocs/caletters/2010/1014/caltr1014.htm 

December 3, 2010 - NCUA Posts Annual Report: - “Stability Through the Crisis” - The National Credit Union Administration today posted its combined 2008-2009 Annual Report, titled Stability Through the Crisis. The report describes the actions NCUA took over the past two years to stabilize the credit union system during the worst financial crisis since the Great Depression. www.ncua.gov/news/press_releases/2010/MR10-1203NCUAPostsAnnualReport.pdf 

December 3, 2010 - U.S. Thrift Industry Shows Continued Stability in Third Quarter - The U.S. thrift industry continued to stabilize in the third quarter of 2010, the Office of Thrift Supervision reported today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=ad2b4bff-0cf1-4018-f5ab-ce88837acf96&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

December 3, 2010 - 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/2010/pr10262.html 

December 3, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 3, 2010 - SR 10-16: Interagency Appraisal and Evaluation Guidelines www.federalreserve.gov/boarddocs/srletters/2010/sr1016.htm  ________________________________

December 2, 2010 - Chief Counsel Testifies on Foreclosure Processes - Chief Counsel Julie L. Williams discussed foreclosure processes in testimony before the House Judiciary Committee. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-137.html  

December 2, 2010 - St. Louis Fed’s Bullard: The U.S. Economic Situation and Recent Monetary Policy Developments - In remarks Thursday at a meeting of the National Economists Club, St. Louis Fed President James Bullard discussed his perspective on the recent Federal Open Market Committee policy decision to pursue additional quantitative easing.   www.stlouisfed.org/newsroom/displayNews.cfm?article=835 

December 2, 2010 - FEMA Preferred Risk Policies - Two Year Extension of Eligibility for Purchasing a Preferred Risk Policy - The Federal Emergency Management Agency announced on July 15, 2010, that, effective January 1, 2011, Preferred Risk Policy eligibility will be extended for two years beginning January 1, 2011, or the effective date of the flood map revision, whichever is later, for some policies covering buildings newly mapped within a Special Flood Hazard Area by a flood map revision effective on or after October 1, 2008. www.federalreserve.gov/boarddocs/caletters/2010/1013/caltr1013.htm

December 2, 2010 - Governor Elizabeth A. Duke - Developments in the Landscape for Consumer Credit and Payments - At the Federal Reserve Bank of Philadelphia Payment Cards Center Conference, Philadelphia, Pennsylvania.  www.federalreserve.gov/newsevents/speech/duke20101202a.htm 

December 2, 2010 - The Federal Reserve Board on Thursday announced a new feature of its Data Download Program that allows users to create custom charts. www.federalreserve.gov/newsevents/press/other/20101202a.htm 

December 2, 2010 - Agencies Issue Final Appraisal and Evaluation Guidelines - The federal financial regulatory agencies issued final supervisory guidance today on sound practices by financial institutions for real estate appraisals and evaluations.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20101202a.htm 
Press Release: www.fdic.gov/news/news/press/2010/pr10261.html 
Press Release: www.occ.gov/news-issuances/news-releases/2010/nr-ia-2010-138.html
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=a87be55e-b689-3570-cf43-6f758b87fd3a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

December 2, 2010 - Board issues enforcement actions with First Community Bank, First National Community Bancorp, Oxford Financial Corporation, and Ridgestone Financial Services. 
Press release:  www.federalreserve.gov/newsevents/press/enforcement/20101201a.htm
Press release: www.ncua.gov/news/press_releases/2010/JR10-1202InteragencyAppraisalGuidance.pdf 

December 1, 2010 - How Do Sudden Large Losses in Wealth Affect Labor Force Participation? - Chicago Fed Letter assesses the impact of declining stock and home values on the labor force.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljanuary2011_282.pdf 

December 1, 2010 - OCC Issues First Quarter 2011 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the first quarter of 2011. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-136.html 

December 1, 2010 - Acting Comptroller Testifies on Foreclosure Processes - Acting Comptroller of the Currency John Walsh discussed regulation of national bank mortgage servicing operations and foreclosure processes before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2010/nr-occ-2010-135.html 

December 1, 2010 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2010/default.htm 

December 1, 2010 - Governor Daniel K. Tarullo - Problems in mortgage servicing - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20101201a.htm 

December 1, 2010 - Vice Chair Janet L. Yellen - Fiscal Responsibility and Global Rebalancing - At the Committee for Economic Development 2010 International Counterparts Conference, New York, New York.  www.federalreserve.gov/newsevents/speech/yellen20101201a.htm 

December 1, 2010 - The Federal Reserve Board on Wednesday posted detailed information on its public website about more than 21,000 individual credit and other transactions conducted to stabilize markets during the recent financial crisis, restore the flow of credit to American families and businesses, and support economic recovery and job creation in the aftermath of the crisis.
www.federalreserve.gov/newsevents/press/monetary/20101201a.htm