The E-mail Banking News
(Bank Regulatory News)
December 2011

December 30, 2011 - FDIC Makes Public November Enforcement Actions; One Administrative Hearing Scheduled for January 2012 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2012. www.fdic.gov/news/news/press/2011/pr11198.html

December 30, 2011 - The Freedom of Information Act - 2012 New Currency Budget.   www.federalreserve.gov/generalinfo/foia/2012newcurrency.pdf

December 30, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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December 30, 2011 - FDIC Makes Public November Enforcement Actions; One Administrative Hearing Scheduled for January 2012 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2012. http://www.fdic.gov/news/news/press/2011/pr11198.html

December 29, 2011 - Senior Credit Officer Opinion Survey on Dealer Financing Terms - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets.   www.federalreserve.gov/econresdata/releases/scoos.htm 

December 28, 2011 - NCUA Launches Two Websites to Increase Transparency of Corporate System Resolution - The National Credit Union Administration today launched two new websites to provide up-to-date information on both the Corporate System Resolution and NCUA Guaranteed Note Program. As part of the Corporate System Resolution strategy, NCUA created the NGN Program to provide long-term funding for distressed investment securities (“legacy assets”) from five failed corporate credit unions. www.ncua.gov/News/Pages/NW20111228TwoCorpSitesLaunched.aspx 

December 27, 2011 - Recently Certified CDFI Banks and the CDFI Banking Sector - Robin Newberger - The Community Development Financial Institutions Fund came into existence in 1995 with the mission to “expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States.” Since the recent economic crisis, CDFIs have been a vehicle for the implementation of several new policy initiatives designed to direct capital to the nation’s underserved communities, businesses, and home owners. http://chicagofed.org/webpages/publications/profitwise_news_and_views/2011/pnv_dec2011.cfm

December 27, 2011 - NCUA Stabilization Fund Receives Clean 2010 Audit - The National Credit Union Administration today released the 2010 audited financial statements for the Temporary Corporate Credit Union Stabilization Fund. The Stabilization Fund’s financial statements received an unqualified or “clean” audit opinion from KPMG LLP, the independent firm that audits NCUA. www.ncua.gov/News/Pages/NW20111227StabilizationFundAudit.aspx

December 27, 2011 - Federal Reserve Board issues enforcement action with First St. Charles Bancshares.   www.federalreserve.gov/newsevents/press/enforcement/20111227a.htm

December 23, 2011 - December Burgundy Book Paints a Mixed Economic Picture for the Little Rock Regional Economy.  www.stls.frb.org/newsroom/displayNews.cfm?article=1237

December 23, 2011 - December Burgundy Book Paints a Mixed Economic Picture for the Louisville Regional Economy.   www.stls.frb.org/newsroom/displayNews.cfm?article=1238

December 23, 2011 - December Burgundy Book Paints a Mixed Economic Picture for the St. Louis Regional Economy.   www.stls.frb.org/newsroom/displayNews.cfm?article=1240

December 23, 2011 - December Burgundy Book Shows Continued Weakness for the Memphis Regional Economy.   www.stls.frb.org/newsroom/displayNews.cfm?article=1239

December 23, 2011 - Rising Inequality: Transitory or Permanent? New Evidence from a U.S. Panel of Household Income 1987-2006 - We use a new and large panel dataset of household income to shed light on the permanent versus transitory nature of rising inequality in individual male labor earnings and in total household income, both before and after taxes, in the United States over the period 1987-2006. www.federalreserve.gov/pubs/feds/2011/201160/201160pap.pdf
 
December 23, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
 
December 23, 2011 - Credit and Liquidity Programs and the Balance Sheet - Monthly Report on Credit and Liquidity Programs and the Balance Sheet, December 2011.  www.federalreserve.gov/files/monthlyclbsreport201112.pdf

December 23, 2011 - The Federal Reserve Board on Friday released a statement concerning its action of December 19, 2011, approving the application by The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, and PNC Bancorp, Inc., Wilmington, Delaware, to acquire RBC Bank, Raleigh, North Carolina. www.federalreserve.gov/newsevents/press/orders/20111223a.htm 

December 23, 2011 - Agencies Extend Comment Period on Volcker Rule Proposal - Four federal agencies on Friday extended until February 13, 2012, the comment period on a proposal to implement the so-called Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20111223b.htm
Presss Release: www.fdic.gov/news/news/press/2011/pr11197.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-155.html

December 23, 2011 - The Federal Reserve Board on Friday issued a final notice for a two-year phase-in period for most savings and loan holding companies to file Federal Reserve regulatory reports and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. www.federalreserve.gov/newsevents/press/bcreg/20111223a.htm
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December 22, 2011 - Recently Certified CDFI Banks and the CDFI Banking Sector - The Community Development Financial Institutions Fund came into existence in 1995 with the mission to “expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States.”   http://chicagofed.org/webpages/publications/profitwise_news_and_views/2011/pnv_dec2011.cfm

December 22, 2011 - NCUA - U.S. Central Bridge Corporate to Unwind Payment Services - The bidding process for the payment services offered by U.S. Central Bridge Corporate Federal Credit Union did not result in the selection of any additional acquirers, other than the purchase of the services of Corporate Network eCom, LLC, by CO-OP Financial Services, as announced Dec. 15.   www.ncua.gov/News/Pages/NW20111222USCentralBridge.aspx

December 22, 2011 - Federal Reserve Board issues enforcement actions with Bank of Hampton Roads and State Bank and Trust Company.    www.federalreserve.gov/newsevents/press/enforcement/20111222a.htm

December 21, 2011 - Overall Mortgage Performance Stable, Delinquencies Remained Elevated in Third Quarter 2011 - The performance of first-lien mortgages serviced by large national banks and federal savings association was stable, but delinquencies remained elevated during the third quarter of 2011, according to a report released today by the Office of the Comptroller of the Currency.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-154.html 

December 21, 2011 - Michael Sullivan Named Deputy Comptroller for Risk Analysis - The Office of the Comptroller of the Currency announced today that Michael Sullivan has been appointed Deputy Comptroller for Risk Analysis effective December 18, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-153.html

December 21, 2011 - Disposal of Problem Assets through Exchanges - The Office of the Comptroller of the Currency (OCC) announced today that Michael Sullivan has been appointed Deputy Comptroller for Risk Analysis effective December 18, 2011.  http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-153.html 

December 21, 2011 - Statistical Release - E.2 Survey of Terms of Business Lending.   www.federalreserve.gov/releases/e2/current/

December 21, 2011 - Federal Reserve Board issues enforcement actions with Bank of Hampton Roads and State Bank and Trust Company.  http://www.federalreserve.gov/newsevents/press/enforcement/20111222a.htm 

December 20, 2011 - The Federal Reserve Bank of Kansas City began a monthly release of the Kansas City Financial Stress Index in August 2009. The index is a monthly measure of stress in the U.S. financial system based on 11 market variables. www.kc.frb.org/publicat/newsroom/2011pdf/press.release.12.20.11.pdf 

December 20, 2011 - Federal Reserve Bank of San Francisco Elects Megan Clubb and Richard Galanti to its Board of Directors Megan Clubb Richard Galanti - The Federal Reserve Bank of San Francisco announced the election of Ms. Megan Clubb, president and CEO of Baker Boyer National Bank in Walla Walla, Washington, and Mr. Richard Galanti, executive vice president, CFO, and director of Costco Wholesale Corporation in Issaquah, Washington to its board of directors. www.frbsf.org/news/releases/2011/1220.html?utm_source=releases 

December 20, 2011 - The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20111220a.htm 

December 19, 2011 - Birmingham Financial Federal Credit Union Purchased by eCO Credit Union - The National Credit Union Administration liquidated Birmingham Financial Federal Credit Union of Birmingham, Alabama today. eCO Credit Union of Birmingham, Alabama immediately assumed BFFCU’s members, assets, loans and debt. www.ncua.gov/News/Pages/NW20111219BFFCU.aspx

December 19, 2011 - The Federal Reserve Board on Monday announced its approval of the application by The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, and PNC Bancorp, Inc., Wilmington, Delaware, to acquire RBC Bank, Raleigh, North Carolina. www.federalreserve.gov/newsevents/press/orders/20111219a.htm    

December 19, 2011 - 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. The annual adjustments are required by the CRA rules.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20111219a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11196.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-152.html

December 16, 2011 - Washington Federal, Seattle, Washington, Assumes All of the Deposits of Western National Bank, Phoenix, Arizona - Western National Bank, Phoenix, Arizona, 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 Washington Federal, Seattle, Washington, to assume all of the deposits of Western National Bank. www.fdic.gov/news/news/press/2011/pr11195.html

December 16, 2011 - Summit Bank, National Association, Panama City, Florida, Assumes All of the Deposits of Premier Community Bank of the Emerald Coast, Crestview, Florida - Premier Community Bank of the Emerald Coast, Crestview, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Summit Bank, National Association, Panama City, Florida, to assume all of the deposits of Premier Community Bank of the Emerald Coast. www.fdic.gov/news/news/press/2011/pr11194.html

December 16, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-150.html

December 16, 2011 - OCC Reports Third Quarter Trading Revenue of $13.1 Billion - Commercial banks reported trading revenue of $13.1 billion in the third quarter of 2011, 78 percent higher than the $7.4 billion in the second quarter, and 214 percent higher than in the third 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/2011/nr-occ-2011-149.html 

December 16, 2011 - Risk-Based Capital Rules - Proposed Rule on Risk-Based Capital Standards: Market Risk; Alternatives to Credit Ratings for Debt and Securitization Positions - The federal bank regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking on possible modifications to the risk-based capital standards for market risk by incorporating alternative standards for assessing the creditworthiness of debt and securitization positions. www.fdic.gov/news/news/financial/2011/fil11075.html

December 16, 2011 - Current FAQs - I received a suspicious-looking email that claims to be from the Federal Reserve. Is it a scam? - The Federal Reserve Board regularly monitors fraudulent solicitations and communications that purport to be made with the approval or involvement of the Federal Reserve or Federal Reserve officials. These scams often take the form of e-mail messages that seek to obtain personal information that is later used to commit fraud or theft. www.federalreserve.gov/faqs/I-received-a-suspicious-looking-e-mail-that-claims-to-be-from-the-Federal-Reserve-is-it-a-scam.htm

December 16, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 16, 2011 - The Federal Reserve Board on Friday announced its approval of the application by Banco do Brasil, S.A., Brasilia, and Caixa de Previdência dos Funcionarios do Banco do Brasil, Rio de Janiero, all of Brazil, to acquire EuroBank, Coral Gables, Florida. www.federalreserve.gov/newsevents/press/orders/20111216b.htm

December 16, 2011 - The Federal Reserve Board on Friday announced its approval of the proposal by Bankia, S.A., Valencia, Spain, to establish a branch in Miami, Florida. www.federalreserve.gov/newsevents/press/orders/20111216a.htm
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December 16, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-150.html

December 15, 2011 - OCC Hosts Web and Telephone Seminar on Small Business Investment Companies - The Office of the Comptroller of the Currency will host a live Web and telephone seminar from 2 to 3:30 p.m. (EST) on February 15, 2012. issuances/news-releases/2011/nr-occ-2011-148.html 

December 15, 2011 - OCC Issues Monthly Cost of Funds Reports for October - The Office of the Comptroller of the Currency today issued the monthly Cost of Funds reports (current and historical), which provide information about funding costs, as of October 31, 2011, for institutions formerly regulated by the Office of Thrift Supervision. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-147.html

December 15, 2011 - Kristie Elmquist Named FDIC Dallas Regional Director - The Federal Deposit Insurance Corporation appointed Kristie K. Elmquist as Regional Director for the FDIC's Dallas Regional Office. Ms. Elmquist was the Acting Regional Director for that office since April 2010. www.fdic.gov/news/news/press/2011/pr11193.html

December 15, 2011 - NCUA Chooses CO-OP Financial Services to Acquire Online, Mobile Bill Pay Services of U.S. Central Bridge - The National Credit Union Administration has chosen CO-OP Financial Services, based in Rancho Cucamonga, California, to pursue the acquisition of the online and mobile bill payment services of Corporate Network eCom, LLC, a subsidiary of U.S. Central Bridge Corporate Federal Credit Union. www.ncua.gov/News/Pages/NW20111215Co-OpFinancialServvices.aspx

December 15, 2011 - FDIC Announces Settlement With Washington Mutual Directors and Officers - The Settlement Totals $64.7 million From Cash, Insurance, and the Turn Over of Proceeds from Bankruptcy - The Federal Deposit Insurance Corporation has announced a settlement with the former directors and officers of Washington Mutual Bank.  www.fdic.gov/news/news/press/2011/pr11192.html 

December 15, 2011 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. Offices located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other U.S.-affiliated insular areas are excluded. www.federalreserve.gov/releases/iba/default.htm

December 15, 2011 - Statistical Release - G.17 Industrial Production - Industrial production decreased 0.2 percent in November after having advanced 0.7 percent in October. Factory output moved down 0.4 percent in November; excluding a drop of 3.4 percent in the output of motor vehicles and parts, manufacturing production declined 0.2 percent. www.federalreserve.gov/releases/g17/current/

December 15, 2011 - The Information Content of the Embedded Deflation Option in TIPS - In this paper we estimate the value of the embedded option in U.S. Treasury Inflation Protected Securities. The option value exhibits significant time variation that is correlated with periods of deflationary expectations. www.federalreserve.gov/pubs/feds/2011/201158/201158pap.pdf 

December 15, 2011 - A Review of Allan Meltzer's "A History of the Federal Reserve, Volume 2" - This paper reviews Allan H. Meltzer's "A History of the Federal Reserve, Volume 2." This two-book volume covers Federal Reserve policies from 1951 to 1986. The book represents an enormous achievement in synthesizing a great amount of archival information into a historical account grounded on economic analysis. www.federalreserve.gov/pubs/feds/2011/201159/201159pap.pdf

December 14, 2011 - NCUA Approves Treasure State and Kansas Corporate Credit Union Merger - The National Credit Union Administration Board today approved the merger between Treasure State Corporate Credit Union of Helena, Mont. and Kansas Corporate Credit Union of Wichita, Kan. Kansas Corporate remains as the continuing corporate credit union. www.ncua.gov/News/Pages/NW20111214TreasSTKansas.aspx 

December 14, 2011 - NCUA Grants Catalyst Corporate the Right to Acquire Western Bridge Corporate - The National Credit Union Administration Board today awarded Catalyst Corporate Federal Credit Union of Plano, Texas, the exclusive right to acquire Western Bridge Corporate Federal Credit Union of San Dimas, Calif. www.ncua.gov/News/Pages/NW20111214CatalystWBridge.aspx 

December 14, 2011 - FDIC Publication Focuses on Real Estate Valuation Programs and Mobile Banking - Issues related to real estate appraisal and valuation programs are of critical interest to bankers and regulators. "Navigating the Real Estate Valuation Process," which appears in the Winter 2011 issue of Supervisory Insights released today, highlights certain aspects of the 2010 Interagency Appraisal and Evaluation Guidelines.
www.fdic.gov/news/news/press/2011/pr11191.html 
www.fdic.gov/news/news/financial/2011/fil11074.html

December 13, 2011 - OCC Chief Counsel Testifies on Efforts to Correct Foreclosure Deficiencies - The Office of the Comptroller of the Currency’s Chief Counsel Julie L. Williams provided an update on efforts to correct unsafe and unsound mortgage servicing and foreclosure practices during her testimony today before the Subcommittee on Housing, Transportation, and Community Development of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-146.html

December 13, 2011 - Statistical Release - Household Debt Service and Financial Obligations Ratios - The household debt service ratio (DSR) 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 13, 2011 - Scott G. Alvarez, General Counsel - Statement on the foreclosure review process - Submitted to the Subcommittee on Housing, Transportation, and Community Development, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20111213a.htm

December 13, 2011 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. www.federalreserve.gov/newsevents/press/monetary/20111213a.htm

December 13, 2011 - Federal Reserve Board issues enforcement action with Alliance Financial Services, Inc. and Patriot Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20111213a.htm

December 12, 2011 - Morris Morgan Named Large Bank Deputy Comptroller - The Office of the Comptroller of the Currency today announced Morris Morgan has been named Large Bank Deputy Comptroller. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-145.html

December 12, 2011 - Communications with the public through December 12, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

December 12, 2011 - Publication - Putting Data to Work: Data-Driven Approaches to Strengthening Neighborhoods, December 2011.   www.federalreserve.gov/communitydev/files/data-driven-publication-20111212.pdf

December 12, 2011 - Federal Reserve Board issues consent order of prohibition against Tyrone Green.   www.federalreserve.gov/newsevents/press/enforcement/20111212a.htm 

December 9, 2011 - Improving security for remote payments - by Nour Abdul-Razzak, associate economist, Katy Jacob, business economist, and Richard D. Porter, vice president and senior policy advisor - Given the growing popularity of e-commerce and m-commerce over the past few years, remote payments have become commonplace.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfldecember2011_293a.pdf

December 9, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution.  www.ncua.gov/News/Pages/NW20111208ProhibStringer.aspx

December 9, 2011 - Consolidated Reports of Condition and Income - The Federal Financial Institutions Examination Council (FFIEC) has approved proposed revisions to the Consolidated Reports of Condition and Income for implementation in 2012. www.fdic.gov/news/news/financial/2011/fil11073.html 

December 9, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 9, 2011 - Banking Structure - Financial Holding Companies www.federalreserve.gov/bankinforeg/fhc.htm
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December 8, 2011 - OCC Assesses Civil Money Penalty Against Wells Fargo, Requires Restitution to Municipalities Harmed by Bid-Rigging on Financial Products.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-144.html

December 8, 2011 - Lang Joins St. Louis Fed’s Health Care Industry Council - Susan L. Lang, senior vice president and chief supply chain officer for Express Scripts, Inc., of St. Louis, Mo., has been named to the Heath Care Industry Council of the Federal Reserve Bank of St. Louis. www.stls.frb.org/newsroom/displayNews.cfm?article=1228

December 8, 2011 - FDIC Board Approves New Office of Corporate Risk Management - The Board of Directors of the Federal Deposit Insurance Corporation today approved the organizational plan of the Office of Corporate Risk Management that will assess external and internal risks faced by the FDIC. The office will report directly to the FDIC Board and will be managed by Stephen A. Quick, who was appointed as the FDIC's first Chief Risk Officer last July. www.fdic.gov/news/news/press/2011/pr11190.html 

December 8, 2011 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/Releases/Z1/Current/

December 8, 2011 - The Federal Reserve Board on Thursday announced its approval of the application of Brookline Bancorp, Inc., Brookline, Massachusetts, to acquire Bancorp Rhode Island, Inc. and its subsidiary bank, Bank Rhode Island, both of Providence, Rhode Island. www.federalreserve.gov/newsevents/press/orders/20111208a.htm 

December 7, 2011 - The Federal Reserve Board on Thursday announced the appointment of Steven B. Kamin as director of the Division of International Finance, effective December 11. www.federalreserve.gov/newsevents/press/other/20111208a.htm

December 7, 2011 - Why the Elderly Continue to Save - Chicago Fed Letter shows that seniors keep saving because of the risks of living long and having high medical expenses. http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljanuary2012_294.pdf

December 7, 2011 - Proposed Revisions to Consolidated Reports of Condition and Income for 2012 - The Federal Deposit Insurance Corporation, the Federal Reserve Board (Board), and the Office of the Comptroller of the Currency are requesting comment on proposed revisions to the Call Report that would take effect in 2012. www.fdic.gov/news/news/financial/2011/fil11072.html 

December 7, 2011 - FDIC Board Approves 2012 Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $3.28 billion Corporate Operating Budget for 2012, 15.4 percent lower than the 2011 budget.  www.fdic.gov/news/news/press/2011/pr11188.html

December 7, 2011 - Exports Versus Multinational Production Under Nominal Uncertainty Logan T. Lewis - This paper examines how nominal uncertainty affects the choice firms face to serve a foreign market through exports or to produce abroad as a multinational.  www.federalreserve.gov/pubs/ifdp/2011/1038/ifdp1038.pdf

December 7, 2011 - Are Recoveries from Banking and Financial Crises Really So Different? - Greg Howard, Robert Martin, and Beth Anne Wilson - This paper studies the behavior of recoveries from recessions across 59 advanced and emerging market economies over the past 40 years.  www.federalreserve.gov/pubs/ifdp/2011/1037/ifdp1037.pdf

December 7, 2011 - Consumer credit increased at an annual rate of 3-3/4 percent in October. Revolving credit increased at an annual rate of 1/2 percent, and nonrevolving credit increased at an annual rate of 5-1/4 percent. www.federalreserve.gov/releases/g19/Current/

December 7, 2011 - Agencies Seek Comment on Additional Revisions to the Market Risk Capital Rules - The federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking that would amend an earlier NPR announced in December 2010. The initial NPR proposed modifications to the agencies' market risk capital rules for banking organizations with significant trading activities.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20111207a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11189.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-143.html

December 6, 2011 - Improving Security for Remote Payments - Chicago Fed Letter explores ways to reduce fraud for online shopping and other non-face-to-face.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfldecember2011_293a.pdf 

December 6, 2011 - Chicago Fed Symposium Forecasts Slow Growth in 2012 - Slow economic growth, moderating inflation expected, according to participants at twenty-fifth Economic Outlook Symposium. www.chicagofed.org/digital_assets/others/events/2011/economic_outlook_symposium/eos_press_release.pdf

December 6, 2011 - 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/2011/pr11187.html

December 6, 2011 - Federal Reserve's Emergency Lending Activities During the Financial Crisis.  www.federalreserve.gov/generalinfo/foia/emergency-lending-financial-crisis-20111206.pdf

December 6, 2011 - Governor Daniel K. Tarullo - Dodd-Frank Act Implementation - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20111206a.htm 

December 6, 2011 - Federal Reserve Board issues enforcement action with Waccamaw Bank.   www.federalreserve.gov/newsevents/press/enforcement/2011enforcement.htm 

December 6, 2011 - Acting Comptroller Testifies on Dodd-Frank Initiatives - Acting Comptroller of the Currency John Walsh discussed progress on the implementation of initiatives required by the Dodd-Frank Wall Street Reform and Consumer Protection Act before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-142.html

December 5, 2011 - Commodity Index Trading and Hedging Costs - Celso Brunetti and David Reiffen - Trading by commodity index traders has become an important aspect of financial markets over the past 10 years. We develop an equilibrium model of trader behavior that relates uninformed CIT trading to futures prices. www.federalreserve.gov/pubs/feds/2011/201157/201157pap.pdf 

December 5, 2011 - The Usefulness of Core PCE Inflation Measures - Alan K. Detmeister - This paper examines a number of alternative PCE price inflation measures including overall PCE inflation, PCE inflation excluding food and energy, trimmed mean PCE inflation, component-smoothed inflation, variance-weighted inflation, inflation with weights based on disaggregated regressions, and survey measures of inflation expectations. www.federalreserve.gov/pubs/feds/2011/201156/201156pap.pdf 

December 5, 2011 - Determining the Motives for a Positive Optimal Tax on Capital - William B. Peterman - Previous literature demonstrates that in a computational life cycle model the optimal tax on capital is positive and large. Given the computational complexities of these overlapping generations models it is helpful to determine the relative importance of the economic factors driving this result.  www.federalreserve.gov/pubs/feds/2011/201155/201155pap.pdf

December 5, 2011 - 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 5, 2011 - Investment, Idiosyncratic Risk, and Ownership - Vasia Panousi and Dimitris Papanikolaou - High-powered incentives may induce higher managerial effort, but they also expose managers to idiosyncratic risk. If managers are risk averse, they might underinvest when firm-specific uncertainty increases, leading to suboptimal investment decisions from the perspective of well-diversified shareholders. www.federalreserve.gov/pubs/feds/2011/201154/201154pap.pdf 

December 5, 2011 - Federal Reserve Board announces appointment of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2012.   www.federalreserve.gov/newsevents/press/other/20111205a.htm 

December 5, 2011 - Monetary Regime Switches and Unstable Objectives - Davide Debortoli and Ricardo Nunes - Monetary policy objectives and targets are not necessarily stable over time. The regime switching literature has typically analyzed and interpreted changes in policymakers' behavior through simple interest rate rules. www.federalreserve.gov/pubs/ifdp/2011/1036/ifdp1036.pdf

December 2, 2011 - The Variance Risk Premium Around the World - Juan M. Londono - This paper investigates the variance risk premium in an international setting. First, I provide new evidence on the basic stylized facts traditionally documented for the US. I show that while the variance premiums in several other countries are, on average, positive and display significant time variation, they do not predict local equity returns. www.federalreserve.gov/pubs/ifdp/2011/1035/ifdp1035.pdf

December 2, 2011 - Loose Commitment in Medium-Scale Macroeconomic Models: Theory and Applications - Davide Debortoli, Junior Maih, and Ricardo Nunes This paper proposes a method and a toolkit for solving optimal policy with imperfect commitment. As opposed to the existing literature, our method can be employed in medium- and large-scale models typically used in monetary policy. www.federalreserve.gov/pubs/ifdp/2011/1034/ifdp1034.pdf

December 2, 2011 - The Growth of Chinese Exports: An Examination of the Detailed Trade Data - Brett Berger and Robert F. Martin -Over the past decade, Chinese exports have boomed, increasing far faster than GDP growth. What can account for this explosion? Our paper uses finely detailed Chinese export data (8-digit HS codes) combined with U.S. trade data to explore this question. www.federalreserve.gov/pubs/ifdp/2011/1033/ifdp1033.pdf

December 2, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm  
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December 1, 2011 - NCUA - Credit Unions Add Members, Grow Assets, and Build Net Worth in Third Quarter - Deposits and Lending Also Rise, as Private Student Loans Surge - Key indicators for the credit union industry generally improved or remained steady in the third quarter of 2011, according to the aggregated Call Report data submitted by the nation’s 7,179 federally insured credit unions to the National Credit Union Administration www.ncua.gov/News/Pages/NW20111201Q3CRD.aspx

December 1, 2011 - OCC Issues First Quarter 2012 CRA Examination Schedule - The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act examinations to be conducted in the first quarter of 2012. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-141.html

December 1, 2011 - The Board has requested public comment on the proposals listed below. Comments can be submitted through this web site using the "Submit comment" links. Comments may also be submitted in writing or by electronic mail.  www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm