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February 27, 2004 - Remarks by Chairman Alan Greenspan
Intellectual property rights
At the Stanford Institute for Economic Policy Research Economic
Summit, Stanford, California February 27, 2004
February 27, 2004 - Proposals for Comment Privacy Act of 1974 Amendment
of one system of records: Consumer Complaint Information System, and
removing another system of records: Financial Disclosure Reports and
Outside Business Interests Applications
February 27, 2004 - Statistical Release Charge-Off and Delinquency Rates
on Loans at Commercial Banks
February 27, 2004 - Federal Reserve Bulletin All articles, legal
developments, and announcements from the Winter 2004 issue.
February 27, 2004 - Governor Mark
W. Olson A Regulator's View of Emerging Issues in
At the 118th Assembly for Bank Directors, Las Croabas, Puerto Rico
February 26, 2004 - NCUA - National Credit Union Administration Issues
February 26, 2004 - FDIC-Insured Institutions Report Quarterly, Annual
Earnings Records at Year-End 2003 - The 9,182 commercial banks and savings
institutions insured by the Federal Deposit Insurance Corporation earned a
record $31.1 billion in the fourth quarter of 2003, marking the fourth
time in a row that earnings set a new high.
February 26, 2004 - Governor Ben
S. Bernanke Euro at Five: Ready for a Global Role?
At the Institute for International Economics Conference, Washington, D.C.
February 26, 2004 - Governor
Susan Schmidt Bies The Economic Outlook and the State
of Household and Business Finances Before the New York Forecasters
Club, New York, New York
February 25, 2004 - Implications of Economic Forecast "Surprises" More
Important Than Forecasts Themselves: St. Louis Fed's Poole - Anyone
interested in monetary policy should spend less time on economic forecasts
and more time on implications of forecast surprises. The true art of good
monetary policy is in managing forecast surprises and not in doing the
obvious things implied by the baseline forecast.
February 25, 2004 - The Federal Reserve Board on Wednesday announced its
approval of the applications and notice by NewAlliance Bancshares, Inc.
(In Formation) to become a bank holding company and to acquire New Haven
Savings Bank, New Haven, Connecticut; Alliance Bancorp of New England and
Tolland Bank, both in Vernon, Connecticut; and Connecticut Bancshares,
Inc. and The Savings Bank of Manchester, both in Manchester, Connecticut.
February 24 2004 - NCUA - Credit union loans and savings near double digit
growth in 2003 - Federally insured credit unions expanded their loan
portfolios in 2003 outpacing strong share and asset growth for the first
time in three years according to preliminary call report data submitted by
the nation's 9,369 federally insured credit unions.
February 25, 2004 - Governor
Susan Schmidt Bies Qualitative Aspects of Effective
At the Global Association of Risk Professionals Fifth Annual Convention,
New York, New York
February 25, 2004 - Governor
Edward M. Gramlich udget and Trade Deficits: Linked,
Both Worrisome in the Long Run, but not Twins At the Euromoney Bond
Investors Congress, London, England
February 25, 2004 - Testimony of Chairman Alan Greenspan Economic
outlook and current fiscal issues Before the Committee on the
Budget, U.S. House of Representatives February 25, 2004
February 24, 2004 - NCUA - Board Member Matz Speech at the CUNA
Governmental Affairs Conference Washington, DC
February 24, 2004 - NCUA - Remarks by NCUA Vice Chair JoAnn Johnson at
CUNA's Governmental Affairs Conference
February 24, 2004 - Testimony of Chairman Alan Greenspan
Government-sponsored enterprises Before the Committee on Banking,
Housing, and Urban Affairs, U.S. Senate February 24, 2004
February 24, 2004 - The Federal Reserve Board on Tuesday announced the
execution of a Written Agreement by and among The Custar State Bank,
Custar, Ohio; the Ohio Division of Financial Institutions, Columbus, Ohio;
and the Federal Reserve Bank of Cleveland.
February 23, 2004 - NCUA - Opinion Letter -03-1147 -Prepayment Penalties -
Waiver of Settlement Fees - 02/19/2004 - You have asked for an opinion on
the account insurance coverage for a proposed "transferable share" program
that U.S. Central Credit Union (U.S. Central) proposes to offer to its
corporate credit union members. As explained below, if certain conditions
are met, the shares will be insured up to $100,000 per beneficial owner.
February 23, 2004 - Legal Lending Limits Description: Non-conforming
Loans Due to Collateral Shortfalls - The Office of the Comptroller of the
Currency has received inquiries from bankers requesting guidance on legal
lending limit compliance for loans where a decline in the collateral value
of cattle that secures those loans has led to temporary collateral
shortfalls for purposes of the legal lending limit calculations and
whether such shortfalls may fall within the scope of the "extraordinary
circumstances" provision of 12 CFR 32.6(c).
February 23, 2004 - OCC Announces
New Electronic Interpretations and Actions - February 2004
February 23, 2004 - Testing for Adverse Selection and Moral Hazard in
Consumer Loan Markets - Wendy Edelberg - This paper explores the
significance of unobservable default risk in mortgage and automobile loan
markets. I develop and estimate a two-period model that allows for
heterogeneous forms of simultaneous adverse selection and moral hazard.
February 23, 2004 - Valuation, Investment and the Pure Profit Share -
Pierre Lafourcade - This paper explores some implications for valuation
and investment of challenging the standard assumption that there are no
aggregate pure profits in the US economy.
February 23, 2004 - Modeling the Whole Firm: The Effect of Multiple Inputs
and Financial Intermediation on Bank Deposit Rates - Elizabeth K. Kiser -
Empirical studies of price competition typically analyze the direct
effects of market structure, cost, and local demand on prices; this
approach has been applied widely to studies of bank deposit rates.
February 23, 2004 - International Diversification at Home and Abroad -
Fang Cai; Francis E. Warnock - We analyze foreigners' and domestic
institutional investors' holdings of U.S. equities and find common
preferences for large firms and firms that are diversified
February 23, 2004 - Foreign Participation in Local-Currency Bond Markets -
John D. Burger; Francis E. Warnock - We analyze the development of, and
foreign participation in, 49 local bond markets. Countries with stable
inflation rates and strong creditor rights have more developed local bond
markets and rely less on foreign-currency-denominated bonds.
February 23, 2004 - Chairman Alan
Greenspan - Understanding household debt obligations
At the Credit Union National Association 2004 Governmental Affairs
Conference, Washington, D.C.
February 20, 2004 -
The "Bank Accounting Advisory
Series" conveys the OCC's views on various accounting topics.
Neither rules nor regulations, these views are the Office of the
Chief Accountant's interpretations of generally accepted accounting
principles or the OCC's interpretations of regulatory capital
February 20, 2004 - St. Louis Fed's Poole: GDP Growth, Low
Inflation, Job Growth Make 2004 "Quite Promising" - The economic
scenario for 2004 looks quite promising: Continued strong GDP
growth, a core inflation rate remaining around 1 per cent, and
sustained increases in payroll employment that are substantially
stronger than those seen in recent months.
February 20, 2004 -
Chairman Alan Greenspan - The critical role of
education in the nation's economy At the Greater Omaha Chamber
of Commerce 2004 Annual Meeting, Omaha, Nebraska
February 20, 2004 -
Governor Ben S. Bernanke - The Great Moderation
At the meetings of the Eastern Economic Association, Washington, DC
February 20, 2004 - Community Reinvestment Act Regulations Joint
Notice of Proposed Rulemaking - The Office of the Comptroller of the
Currency, along with the Office of Thrift Supervision, Federal
Reserve Board, and Federal Deposit Insurance Corporation (the
agencies), has issued a joint notice of proposed rulemaking (NPR)
requesting comments on proposed amendments to the Community
Reinvestment Act regulations.
February 19, 2004 -
Governor Susan Schmidt Bies - Financial Markets
and Corporate Governance At the Economic Club of Memphis
Dinner, Memphis, Tennessee
February 19, 2004 - NCUA - Report on Actions Taken During the NCUA
Board Meeting 02/19/2004
February 19, 2004 - NCUA - Conversion of Insured Credit Unions to
Mutual Savings Banks - NCUA is updating its rule regarding
conversion of insured credit unions to mutual savings banks.
February 19, 2004 - NCUA - Share Insurance; Living Trust Accounts -
NCUA is amending its share insurance rules to simplify them and
maintain parity with the deposit insurance rules of the Federal
Deposit Insurance Corporation.
February 19, 2004 - OCC Announces Five New Enforcement Actions - The
Office of the Comptroller of the Currency (OCC) today announced five
new enforcement actions taken against national banks and individuals
currently and formerly affiliated with national banks.
February 19, 2004 - OCC Releases CRA Evaluations For 42 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 January 15, 2004 through February
14, 2004. The list contains only national banks and insured federal
branches of foreign banks that have received ratings.
February 19, 2004 - FDIC Community Development Investment Guide -
The FDIC has produced the FDIC Community Development Investment
Guide to assist FDIC-supervised institutions in assessing community
development investment opportunities.
February 18, 2004 - OTS Announces Notice of Charges Against Former
President of Closed Dollar Savings Bank - The former president of
Dollar Savings Bank, a Newark, New Jersey, savings institution
closed by the Office of Thrift Supervision (OTS) on February 14,
2004, has been served with a notice of charges alleging numerous
violations of federal banking laws.
February 18, 2004 - Richard D. Porter Named Senior Policy Advisor at
Chicago Fed - Mr. Porter will assume leadership of the Bank's
payments study group in May and will report to Senior Vice President
and Director of Research Charles L. Evans.
He will also serve as senior advisor to Chicago Fed President
Michael H. Moskow on payments system
policy, supporting Moskow's role as a member of the Federal
Reserve's Payments System Development Committee.
February 18, 2004 - Thrifts Earning And Profitability At Record
Levels For 2003 - The Office of Thrift Supervision announced today
that the nation's thrift industry reported record net income of
$13.7 billion for 2003, up 16 percent from the previous record $11.8
billion earned in 2002. For the fourth quarter of 2003, the industry
reported net income of $3.45 billion, also up 16 percent from the
fourth quarter of 2002.
February 17, 2004 - FDIC Reports Year-End 2003 Financial Results For
Bank and Thrift Insurance Funds - The Federal Deposit Insurance
Corporation today announced that the Bank Insurance Fund reported
comprehensive income of $1.7 billion for the year ending December
31, 2003, compared to $1.6 billion for 2002.
February 17, 2004 - Gwatney Reappointed, Rumbarger Appointed to St.
Louis Fed's Memphis Branch Board - Russell Gwatney, president of
Gwatney Companies in Memphis, has been reappointed by the Board of
Governors of the Federal Reserve System to the board of directors of
the Memphis Branch of the Federal Reserve Bank of St. Louis.
February 17, 2004 - Bank Agencies Announce Launch Of Web Site On
Call Report Modernization Initiative - The federal bank regulatory
agencies today announced the availability of a web site that
provides information on the Federal Financial Institutions
Examination Council Call Report Modernization initiative. The FFIEC
Call Report agencies (the Federal Reserve Board, the Federal Deposit
Insurance Corporation and the Office of the Comptroller of the
Currency) are building a central data repository to modernize and
streamline how the agencies collect, process, and distribute bank
February 17, 2004 - FDIC Approves the Payout of Insured Deposits of
Dollar Savings Bank, Newark, New Jersey - The Board of Directors of
the Federal Deposit Insurance Corporation today approved the payout
of the insured deposits of Dollar Savings Bank, Newark, New Jersey.
The bank was closed today by the Office of Thrift Supervision and
the FDIC was named receiver.
February 17, 2004 - Statistical Release G.17 Industrial Production -
Industrial production rose 0.8 percent in January; output in
December was revised downward and is now estimated to have been
unchanged from the November reading.
February 17, 2004 - Financial Holding Companies As of February 13,
2004 - Under the Bank Holding Company Act, bank holding companies
may elect to be financial holding companies. Following is a list of
those companies whose elections to become or be treated as financial
holding companies are effective.
February 14, 2004 - The Office of Thrift Supervision (OTS) closed
Dollar Savings Bank, Newark, New Jersey, today and appointed the
Federal Deposit Insurance Corporation (FDIC) as receiver.
February 12, 2004 - Top 10 Ways To Reinvent Rural Regions -
Throughout the nation, rural regions are on a quickening quest to
reinvent their economies. For the Center for the Study of Rural
America at the Federal Reserve Bank of Kansas City, this recent wave
of regional development offers some lessons that can help regions be
successful in the new economic race.
February 13, 2004 - NCUA - Preemption of the New Mexico Home
Loan Protection Act
February 13, 2004 - NCUA - Key SBA Official to Keynote PALS Workshop
on Member Business Lending Small Business Administration General
Counsel David Javdan will present a keynote address to credit union
officials learning about member business lending at a free
Partnering and Leadership Successes workshop March 25 in San
February 13, 2004 - OCC
2004-11, 12 CFR 229 (Regulation CC) Availability of Funds and
Collection of Checks: Proposed Amendments to Regulation CC to
Implement Check Clearing for the 21st Century Act
February 13, 2004 - The FDICís 2003 Annual Report can now be
accessed from the FDICís Web site. - The Federal Deposit Insurance
Corporation is pleased to announce that our 2003 Annual Report is
now available on our Web site.
February 13, 2004 - Letter to Merrill Lynch Bank USA, Salt Lake
City, Utah, granting an exemption from the quantitative limits of
section 23A of the Federal Reserve Act, 12 USC 371c, in order that
the bank may acquire Merrill Lynch Private Finance, Inc., from
Merrill Lynch & Co., Inc., New York, New York.
February 12, 2004 - OCC Chief Counsel Julie L. Williams Explains New
Preemption Rules, Urges Cooperation Between States and OCC - Julie
L. Williams, Chief Counsel and First Senior Deputy Comptroller for
the Office of the Comptroller of the Currency, described the OCCís
recently issued preemption regulations in a speech today, and
emphasized the importance of continuing cooperation between the
states and the OCC in furthering consumer protection with respect to
the institutions they regulate.
February 12 2004 - Bank Agencies Announce Launch Of Web Site On Call
Report Modernization Initiative - The federal bank regulatory
agencies today announced the availability of a web site that
provides information on the Federal Financial Institutions
Examination Council's Call Report Modernization initiative.
February 11, 2004 - Interagency Advisory on Accounting for Deferred
Compensation Agreements and Bank-Owned Life Insurance - The federal
banking agencies have issued an advisory letter that discusses the
appropriate accounting and reporting for deferred compensation
agreements, many of which are linked to investments in bank-owned
life insurance. Banks should review their accounting for these
agreements to ensure that they are being properly reported and make
changes, if necessary, in their March 31, 2004, Call Reports.
February 11, 2004 - Matz Posts Presentations from Alternatives to
Predatory Lending Workshop on PALS Website - Credit union officials
looking to protect members and potential members from being
victimized by predatory lenders can now access innovative ideas on
the Partnering and Leadership Successes website initiated by
National Credit Union Administration Board Member Debbie Matz.
February 11, 2004 - OCC
2004-10, Deferred Compensation Agreement Accounting: Interagency
Advisory on Accounting for Deferred Compensation Agreements and
Bank-Owned Life Insurance
February 11, 2004 - Lawrence E. Beard Named Deputy Comptroller for
Licensing - Lawrence E. Beard has been named Deputy Comptroller for
Licensing, succeeding Steve Weiss, who plans to retire from the OCC.
February 11, 2004 - Monetary Policy Report to the Congress Submitted
pursuant to section 2B of the Federal Reserve Act
February 11, 2004 - Testimony of Chairman Alan Greenspan Federal
Reserve Board's semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of
Representatives February 11, 2004
February 10, 2004 - Working Papers Finance and Economics Discussion
Series 2004-4 through 2004-6
February 10 2004 - Legal Interpretations (February 2, 2004)
Clarification of Section 106 allowing banks to require borrowers
that obtain securities-based credit from the bank to keep the
securities collateral in an account at a broker-dealer affiliate of
February 10, 2004 - Legal Interpretations (November 19, December 22,
and December 29, 2003) Grant of an exemption from the quantitative
limits of section 23A of the Federal Reserve Act, 12 USC 371c
February 101, 2004 - The Federal Reserve Board on Tuesday announced
a number of improvements to its web site, including the capability
to view and submit comments on regulatory proposals.
February 10, 2004 - Guidance for Response to Ricin Delivered by Mail
- This is a joint DHS and FBI Information Bulletin. DHS Information
Bulletins communicate issues that pertain to the critical national
infrastructure and are for informational purposes only. While DHS
possesses no information indicating specific terrorist targeting of
U.S. critical infrastructures through the delivery by mail of the
toxin ricin, such targeting would be consistent with certain
terroristsí stated objectives to disrupt and undermine vital
economic interests in this country.
February 10, 2004 - International Finance Discussion Papers - Can
Long-Run Restrictions Identify Technology Shocks? Christopher Erceg;
Luca Guerrieri; Christopher Gust
February 9, 2004 - Federal Reserve Bank of Chicago Breaks Ground for
New Detroit Office - The Federal Reserve Bank of Chicago today broke
ground for its new 220,000-square-foot Detroit Branch on E. Warren
Avenue north of the Eastern Market.
February 9, 2004 -
Regulation C: Exemption Threshold for Depository Institutions and
Technical Changes - This bulletin notes the publication in the
Federal Register for December 29, 2003, of a final rule and staff
commentary by the Federal Reserve Board.
February 9, 2004 - The Federal Reserve Board on Monday announced the
issuance of a consent Order of Assessment of a Civil Money Penalty
against Hocking Valley Bank, Athens, Ohio, a state member bank.
Hocking Valley 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.
February 6, 2004 -
NCUA to Participate in 10th
White House Conference on Faith-Based and Community Initiatives
National Credit Union Administration Board
Chairman Dennis Dollar announced today that the NCUA will participate in
the White House Conference on Faith-Based and Community Initiatives on
Thursday, February 12, in Phoenix, Arizona.
February 6, 2004 - Statistical Release G.19 Consumer Credit - Consumer
credit increased at an annual rate of 5-1/4 percent in 2003.
February 6, 2004 - Bank and Thrift Agencies Publish Proposed Rulemaking
Regarding the Community Reinvestment Act - The federal bank and thrift
regulatory agencies today published in the Federal Register a joint
interagency notice of proposed rulemaking regarding the Community
February 5, 2004 - FDIC Issues February List of Banks Examined For CRA
Compliance - The Federal Deposit Insurance Corporation today issued its
monthly 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 November 2003.
February 5, 2004 - The Federal Reserve Board on Thursday announced that it
intends, beginning in July 2006, to require Reserve Banks to release
interest and redemption payments on securities issued by
government-sponsored enterprises and international organizations only when
the issuer's Federal Reserve account contains sufficient funds to cover
February 5, 2004 - The Federal Reserve Board on Thursday announced its
approval of final rules to establish effective dates for all provisions of
the Fair and Accurate Credit Transactions Act of 2003 that do not have a
statutorily prescribed effective date. These regulations are being issued
jointly with the Federal Trade Commission.
February 5, 2004 - The Federal Reserve Board on Thursday released the
minutes of its discount rate meetings from November 10 through December 8,
February 4, 2004 - The Office of
the Comptroller of the Currency issues alerts, among other reasons, to
provide information about entities engaged in unauthorized banking, both
offshore and domestic.
February 4, 2004 - NCUA - The Suspicious Activity Report Activity Review -
Trends, Tips & Issues, Issue 6, November 2003 - The purpose of this
Regulatory Alert is to notify you of the November 2003, issue of The
Activity Review - Trends, Tips & Issues. The SAR Activity Review is
published semiannually by Financial Crimes Enforcement Network
February 3, 2004 - NCUA - Regulation C (Home Mortgage Disclosure Act) The
purpose of this regulatory alert is to inform you of changes to Regulation
C and the annual Home Mortgage Disclosure Act reporting threshold.
February 4, 2004 - NCUA - Holly E. Herman Joins NCUA Vice Chairís Staff -
National Credit Union Administration (NCUA) Board Vice Chair JoAnn Johnson
announced today that Holly E. Herman has been appointed as Executive
Assistant to the Vice Chair.
February 4, 2004 - FDIC Board Simplifies Deposit Insurance Rules for
Living Trust Accounts - The FDIC Board of Directors has approved a final
rule that will simplify the deposit insurance regulations for deposits
held in connection with a living trust. The rules are being changed
primarily because the existing ones have been confusing for consumers and
February 4, 2004 - Governor Susan
Schmidt Bies Enterprise-wide Compliance Programs
At the Bond Market Association's Legal and Compliance Conference, New
York, New York
February 4, 2004 - The Federal Reserve Board on Wednesday announced the
issuance of a Consent Order to Cease and Desist against Dominique Bazy, a
former executive with Credit Lyonnais, S.A., Paris, France.
February 4, 2004 - NCUA Vice Chair JoAnn Johnson Encourages Americaís
Credit Unions To Comment On 2004 Rules And Regulations To Be Reviewed By
February 4, 2004 - FDIC Broadens Use Of Its Streamlined "Merit"
Examination Program - The Federal Deposit Insurance Corporation announced
today that it is broadening the use of its streamlined examination program
called "MERIT" (for Maximum Efficiency,
Risk-Focused, Institution Targeted
Examinations). Well-rated insured banks with total assets of $1 billion or
less will now be eligible for examination under the streamlined program.
February 3, 2004 - OCC 2004-8,
Amendment to Part 5: Final Rule - This bulletin announces that the OCC
published in the Federal Register on January 2, 2004, a final rule
amending its rules, policies, and procedures for corporate activities. The
final rule amends 12 CFR 5.2 to provide that the OCC may permit national
banks to make any class of filings electronically. Other related changes
are also included.
February 3, 2004 - The Federal Financial Institutions Examination Council
announced today a new appointment to its State Liaison Committee. - The
Conference of State Bank Supervisors appoints Ms. Helen Howell, Director,
Washington Department of Financial Institutions, to replace Mr. Thomas
Curry, former Massachusetts Commissioner of Banks.
February 3, 2004 - Senior Loan Officer Opinion Survey on Bank Lending
Practices - The January 2004 Senior Loan Officer Opinion Survey on Bank
Lending Practices addressed changes in the supply of, and demand for, bank
loans to businesses and households over the past three months.
February 3, 2004 - Annual Report on the Freedom of Information Act for
Fiscal Year 2003
February 3, 2004 - NCUA - Treasury Warns Against Fraudulent E-Mail
February 2, 2004 - Public Records New currency budget for 2004 -
Staff requests that the Board approve the proposed 2004 new currency
budget of $518.4 million, which represents a $21.5 million increase over
the 2003 estimate. This increase reflects a larger currency order in 2004
as well as a shift in some note production from late in calendar year 2003
to calendar year 2004, offset partially by lower billing rates for all
denominations in calendar year 2004.
February 2, 2004 - John A. Canning, Jr. Appointed to Chicago Fed Board -
The Federal Reserve Bank of Chicago announced today the appointment of
John A. Canning, Jr. to its board of directors.
February 2, 2004 - Letter To Federal Credit Unions - 04-FCU-01- Operating
Fee Schedule for FY 2004
February 2, 2004 - Statistical Release - G.20 Finance Companies
February 2, 2004 - NCUA - Board Member Matz Helps Launch New VITA Site in
New York City
February 2, 2004 - NCUA - Opinion Letter - 03-1106 - New Jersey
Homeownership Security Act of 2002
February 2, 2004 - NCUA - Opinion Letter - 03-1020 - Preemption of Fee
Limitations on Debt Cancellation Products
February 2, 2004 - NCUA - Opinion Letter - 03-1039 - Debt Cancellation
February 2, 2004 - Statistical Release - G.5 Foreign Exchange Rates