Bank Regulatory Agencies

Bank Regulatory News

February 2005

With more than 40 years auditing only financial institutions, my experience to test your Internet
and internal IT operations for vulnerabilities and understand your IT operation is unmatched.
Please visit http://www.internetbankingaudits.com/ for more detailed information.

February 28, 2005 - NCUA - Chairman Johnson's Remarks to the Credit Union National Association 2005 Governmental Affairs Conference www.ncua.gov/news/speeches/2005/Johnson/2005CUNAGAC.pdf

February 28, 2005 - OTS Issues Consolidated Holding Company Processing Rules - The Office of Thrift Supervision today issued an interim final regulation amending its rules of practice and procedure. The new rule provides streamlined procedures to determine whether a company qualifies as a savings and loan holding company, subject to certain aspects of OTS regulatory authority. www.ots.treas.gov/docs/7/77508.html

February 28, 2005 - OTS Announces Final CRA Rule - The Office of Thrift Supervision announced today the publication of its final rule amending the large retail institution test for savings associations under the Community Reinvestment Act. This action is the culmination of a lengthy review process undertaken by OTS to reduce regulatory burden and improve the effectiveness of CRA. www.ots.treas.gov/docs/7/77507.html

February 28, 2005 - FDIC Issues Second Quarter 2005 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the second quarter of 2005. www.fdic.gov/news/news/press/2005/pr1705.html

February 28, 2005 - Interagency Advisory on the Confidentiality of Nonpublic Supervisory Information - The Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision have issued the attached Interagency Advisory on the Confidentiality of the Supervisory Rating and Other Nonpublic Supervisory Information. Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0504.htm

February 28, 2005 - Proposal for Comment - Proposal to extend for three years without revision the following collections of information: FFIEC 002 and FFIEC 002S www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

February 28, 2005 - The Federal Reserve Board on Monday approved the Federal Reserve Banks' proposal to stop providing services to depository institutions for the collection and processing of definitive municipal securities. The Reserve Banks will stop accepting deposits of bonds and coupons on September 30, 2005, and will complete the withdrawal from the noncash collection service on December 30, 2005. www.federalreserve.gov/boarddocs/press/other/2005/20050228/

February 28, 2005 - Federal Banking Agencies Issue Advisory on Confidentiality of Supervisory Ratings - The federal banking and thrift agencies today issued an interagency advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency.
Press Release: www.ots.treas.gov/docs/7/77506.html
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050228/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr1805.html
Press Release: www.fdic.gov/news/news/financial/2005/fil1305.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=34L13RY6.xml
Attachment: www.occ.treas.gov/ftp/bulletin/2005-4a.pdf

February 28, 2005 -OCC Issues Cease and Desist Order and Civil Money Penalty Against Chicago Title Insurance Company; Concurrent Actions Taken by Texas Department of Insurance, OTS and HUD - The Office of the Comptroller of the Currency announced today that Chicago Title Insurance Company has consented to a cease and desist order and $5 million civil money penalty.
Press Release: www.ots.treas.gov/docs/7/77505.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=MGTWNKWR.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2005-12.pdf
Attachment: www.occ.treas.gov/ftp/eas/ea2005-11.pdf
Attachment: www.occ.treas.gov/ftp/eas/ea2004-152.pdf

February 28, 2005 - Governor Mark W. Olson - Loan Quality and How It Reflects the Overall Economy At the Government Affairs Conference of the Credit Union National Association, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050228/default.htm

February 25, 2005 - OCC Issues Order Against the Federal Branch Of Arab Bank PLC - The Office of the Comptroller of the Currency announced today that the Federal Branch of Arab Bank, PLC, New York, New York, has consented to an order under which it will contract its activities and convert to an agency office.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=EG6GLDG6.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2005-14.pdf
Attachment: www.occ.treas.gov/ftp/eas/ea2005-13.pdf

February 25, 2005 - The Federal Reserve Board on Friday invited public comment on proposed revisions to its regulations implementing the Community Reinvestment Act that are intended to reduce regulatory burden on community banks while making CRA evaluations more effective in encouraging banks to meet community development needs. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050225/default.htm

February 25, 2005 - Federal Reserve Board and FDIC Announce Written Agreement with Two Individuals in NorCrown Trust Matter - The Federal Reserve Board and the Federal Deposit Insurance Corporation announced on Friday the execution of a joint Written Agreement by and among the Federal Reserve Bank of New York and the Federal Deposit Insurance Corporation with David Bodner and Murray Huberfeld. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050225/default.htm
www.fdic.gov/news/news/press/2005/pr1605.html
______________________

February 24, 2005 - United States "Not Alone" in Facing Government-Run Pension System Funding: St. Louis Fed's Poole - The problems the United States faces in funding Social Security are basically the same as those faced by almost all economically advanced countries, said William Poole, president of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2005/2_24_05.html

February 24, 2005 - Latest FDIC Consumer News Features Tips for Simplifying Your Financial Life - The Winter 2004/2005 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation to offer practical guidance on financial matters, is now available on the Web at www.fdic.gov/consumers/consumer/news/cnwin0405. www.fdic.gov/news/news/press/2005/pr1505.html

February 24, 2005 - Governor Ben S. Bernanke - Productivity - At the University of Arkansas at Little Rock Business Forum, Little Rock, Arkansas Governor Ben S. Bernanke presented identical remarks at the C. Peter McColough Roundtable Series on International Economics, Council on Foreign Relations, New York, New York, on January 19, 2005 www.federalreserve.gov/boarddocs/speeches/2005/20050119/default.htm

February 24, 2005 - Bank and Thrift Earnings Set Fourth Consecutive Annual Record in 2004 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $123 billion in 2004, surpassing the previous record total of $120.5 billion in 2003 and representing the fourth consecutive year that industry earnings set a new record. www.fdic.gov/news/news/press/2005/pr1405.html

February 23, 2005 - NCUA - Letter to Corporate Credit Unions 2005-01 - BSA compliance when "unbatching" previously batched transactions during processing or settlement services. www.ncua.gov/CorporateCU/CorpLetters/2005/2005-01.pdf

February 23, 2005 - NCUA Releases Draft Report: "Prompt Corrective Action Proposal for Reform" - NCUA Chairman Johnson says report represents "sound public policy and a risk-based capital standard necessary for the nation's credit unions" www.ncua.gov/news/press_releases/2005/NR05-0223-2.htm

February 23, 2005 - NCUA Charters Low-Income Designated Faith-Based Credit Union in Bronx, NY www.ncua.gov/news/press_releases/2005/NR05-0223.htm

February 23, 2005 - "Other Consumer Protection Laws and Regulations," a revision of a booklet in the Comptroller's Handbook for Consumer Compliance, updates interagency examination procedures for such laws and regulations as the Homeowners Protection Act, the Consumer Leasing Act, the "Disclosure and Reporting of CRA-Related Agreements," and the "Prohibition Against Use of Interstate Branches Primarily for Deposit Production." www.occ.treas.gov/handbook/other.pdf

February 23, 2005 - Interagency Guidance on Overdraft Protection Programs - The Federal Reserve and the other federal banking and credit union regulatory agencies have released the attached guidance concerning a service offered by some insured depository institutions that is commonly referred to as "bounced-check protection" or "overdraft protection." www.federalreserve.gov/boarddocs/srletters/2005/sr0503.htm

February 23, 2005 - FRB Statistical Release G.20 Finance Companies. www.federalreserve.gov/releases/g20/Current/

February 23, 2005 - The Federal Reserve Board on Wednesday announced that the Consumer Advisory Council will hold its next meeting on Thursday, March 17. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. www.federalreserve.gov/boarddocs/press/other/2005/20050223/

February 23, 2005 - The Federal Reserve Board on Wednesday announced its approval of the application by Synovus Financial Corp., Columbus, Georgia, to acquire all the voting shares of Cohutta Banking Company of Tennessee, Chattanooga, Tennessee. www.federalreserve.gov/boarddocs/press/orders/2005/20050223/default.htm

February 23, 2005 - Minutes of the Federal Open Market Committee February 1-2, 2005 - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, February 1, 2005, at 1:30 p.m. and continued on Wednesday, February 2, 2005, at 9:00 a.m. www.federalreserve.gov/fomc/minutes/20050202.htm

February 23, 2005 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action listed below. Termination dates of enforcement actions are available through the Federal Reserve's public web site.   www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050223/default.htm

February 22, 2005 - NCUA - Credit Unions Post Solid Gains in 2004 - Net Worth Continues to Climb at America's Credit Unions - The National Credit Union Administration today reports credit unions posted over 10 percent loan growth and over 8 percent net worth growth in 2004, according to preliminary year-end 2004 Call Report data submitted by the nation's federally insured credit unions.
www.ncua.gov/news/press_releases/2005/NR05-0222.htm

February 22, 2005 - Federal Banking Agencies Propose Revisions to Community Reinvestment Act Regulations - The Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency today issued a joint notice of proposed rulemaking that would revise certain provisions in their regulations implementing the Community Reinvestment Act.
Press Release: www.fdic.gov/news/news/press/2005/pr1305.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=LQE21DP8.xml
Attachment: www.occ.treas.gov/ftp/release/2005-19a.pdf

February 22, 2005 - FDIC Appoints Barbara A. Ryan Associate Director of Division of Insurance and Research - Federal Deposit Insurance Corporation Chairman Don Powell has announced the appointment of Barbara A. Ryan as Associate Director of the FDIC's Division of Insurance and Research. She assumed her new post today. www.fdic.gov/news/news/press/2005/pr1205.html

February 18, 2005 - OCC Releases CRA Evaluations For 16 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, 2005. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=DWL65KSA.xml

February 18, 2005 - Agencies Issue Final Guidance on Overdraft Protection Programs - The federal bank and credit union regulatory agencies today announced final joint guidance to assist insured depository institutions in the disclosure and administration of overdraft protection programs.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050218/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr1105.html
Press Release: www.fdic.gov/news/news/financial/2005/fil1105.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=F77FDZA.xml
Attachment: www.occ.treas.gov/ftp/release/2005-18a.pdf
Press Release: www.ncua.gov/news/press_releases/2005/Jr05-0218.pdf

February 18, 2005 - NCUA - January 2005 Delegated Action report is available. www.ncua.gov/ReportsAndPlans/delegated/JAN05.pdf
_________________________

February 17, 2005 - NCUA - Results of the February 17, 2005 NCUA Board Meeting are available. www.ncua.gov/NCUABoard/board_reports/board_reports.html

February 17, 2005 - NCUA - Rori P. Smith Joins NCUA's External Affairs Team - National Credit Union Administration Chairman JoAnn Johnson announced today that Rori Patrise Smith has been appointed Associate Director of External Affairs. www.ncua.gov/news/press_releases/2005/NR05-0217.htm

February 17, 2005 - The Federal Reserve Board on Thursday announced improvements to its web site to make the statistical releases and historical data easier to use. The statistical releases are now grouped by subject area instead of frequency of release. The subject areas are principal economic indicators, bank asset quality, bank assets and liabilities, bank structure data, business finance, exchange rates and international data, flow of funds accounts, household finance, industrial activity, interest rates, and money stock and reserve balances. www.federalreserve.gov/boarddocs/press/other/2005/20050217/

February 17, 2005 - The Federal Reserve Board has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Seventh, and Eleventh Districts. These amendments are part of a series of amendments to Appendix A that will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050217/default.htm

February 16, 2005 - An Empirical Analysis of Bond Recovery Rates: Exploring a Structural View of Default - Daniel Covitz and Song Han - A frictionless, structural view of default has the unrealistic implication that recovery rates on bonds, measured at default, should be close to 100 percent. This suggests that standard "frictions" such as default delays, corporate-valuation jumps, and bankruptcy costs may be important drivers of recovery rates. www.federalreserve.gov/pubs/feds/2005/200510/200510pap.pdf

February 16, 2005 - Thrift Industry Maintains Strong Earnings and Capital for 2004 - The Office of Thrift Supervision announced today that the nation's thrift industry reported another year of sound financial results. The industry's performance was highlighted by record earnings and equity capital, accompanied by excellent asset quality, for the calendar year and last quarter of 2004. www.ots.treas.gov/docs/7/77504.html

February 16, 2005 - OCC Announces 13 Enforcement Actions and Seven Terminations - The Office of the Comptroller of the Currency today announced 13 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and seven terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-16.htm

February 16, 2005 - Monetary Policy Report to the Congress Submitted pursuant to section 2B of the Federal Reserve Act www.federalreserve.gov/boarddocs/hh/2005/february/fullreport.txt

February 16, 2005 - Testimony of Chairman Alan Greenspan - Federal Reserve Board's semiannual Monetary Policy Report to the Congress Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate February 16, 2005 www.federalreserve.gov/boarddocs/hh/2005/february/testimony.htm

February 16, 2005 - Industrial Production And Capacity Utilization - Industrial production was unchanged in January after a gain of 0.7 percent in December. At 117.7 percent of its 1997 average, overall industrial output in January was 3.9 percent above its January 2004 level. www.federalreserve.gov/releases/g17/current/default.htm

February 16, 2005 - The Federal Reserve Board on Wednesday announced the termination of the enforcement actions. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050216/default.htm

February 15, 2005 - NCUA to Host Access Across America Workshop at CUNA GAC - The National Credit Union Administration will present the Credit Union National Association's Governmental Affairs Conference attendees with the opportunity to attend an Access Across America Economic Empowerment workshop on Sunday, February 27th, from 3:00 to 5:00 pm in the Jefferson Room at the Washington Hilton. www.ncua.gov/news/press_releases/2005/NR05-0215-3.htm

February 15, 2005 - NCUA to Host Access Across America Economic Empowerment Summit in Newark, New Jersey April 8 - National Credit Union Administration Chairman JoAnn Johnson announced today that the agency will sponsor an Access Across America Economic Empowerment Summit in Newark, New Jersey on Friday, April 8. www.ncua.gov/news/press_releases/2005/NR05-0215-2.htm

February 15, 2005 - NCUA Charters Low-Income Federal Credit Union in Missouri - The National Credit Union Administration chartered Choices Federal Credit Union in St. Louis, Missouri. Choices is a low-income credit union formed to serve employees of eight community organizations and members of a low-income association in the St. Louis area. www.ncua.gov/news/press_releases/2005/NR05-0215.htm

February 15, 2005 - Joseph Evers Named Deputy Comptroller for Large Bank Supervision - The Office of the Comptroller of the Currency announced today that Joseph Evers has been appointed Deputy Comptroller for Large Bank Supervision. Mr. Evers, who replaces William McPherson, who retired, will report to Douglas W. Roeder, Senior Deputy Comptroller for Large Bank Supervision. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=7RPXRFH.xml

February 15, 2005 - Deposit Insurance Coverage "Job-Aid" CD-ROM on Deposit Insurance Coverage for Bank Employees The FDIC has produced a CD-ROM called Inventory of Deposit Insurance Guidance to serve as a "job aid" for bank employees by compiling - in one location - an inventory of all deposit insurance guidance. www.fdic.gov/news/news/financial/2005/fil1005.html

February 14, 2005 - FDIC 2004 Annual Report Now Available on FDIC Web Site. www.fdic.gov/news/news/financial/2005/fil905.html

February 14, 2005 - OTS Announces Issuance Of Final Guidance On Thrift Overdraft Protection Programs - The Office of Thrift Supervision announced today that it is issuing final guidance on overdraft protection programs for savings associations. The guidance is intended to assist institutions in ensuring adequate disclosures in connection with, and the responsible administration of, overdraft protection programs made available to their customers. www.ots.treas.gov/docs/7/77503.html

February 14, 2005 - FDIC Reports Year-End 2004 Financial Results for Bank and Thrift Insurance Funds - The Federal Deposit Insurance Corporation today announced that the Corporation has received its 13th consecutive set of unqualified audit opinions on the financial statements of the three funds that it manages. www.fdic.gov/news/news/press/2005/pr1005.html

February 14, 2005 - Statistical Release - U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/0105assets.htm

February 11, 2005 - NCUA General Counsel Opinion 04-0716 - Card Processing Services for Members.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0716.pdf

February 11, 2005 - Licensing Manual Update, February 2005 - The revised "Charters" and "General Policies and Procedures" booklets of the Comptroller's Licensing Manual series are available on the OCC's Web site. The revisions incorporate recent regulatory, policy, and procedural changes. For the "Charters" booklet, a discussion of e-banking concerns and amended procedures for organizing a bank were added. The "General Policies and Procedures" booklet discusses the new asset composition regulation and its filing requirements. The "Internet and the National Bank Charter" booklet has been deleted from the Manual's series.
www.occ.treas.gov/corpbook/group4/public/pdf/charters.pdf
www.occ.treas.gov/corpbook/group1/public/pdf/gpp.pdf

February 11, 2005 - The Federal Reserve Board on Friday announced the approval of the application of Nacional Financiera, S.N.C., Mexico City, Mexico, to establish a representative office in Los Angeles, California. www.federalreserve.gov/boarddocs/press/orders/2005/20050211/default.htm

February 11, 2005 - Governor Ben S. Bernanke - Inflation in Latin America: A New Era? At the Stanford Institute for Economic Policy Research Economic Summit, Stanford, California www.federalreserve.gov/boarddocs/speeches/2005/20050211/default.htm

February 11, 2005 - Agencies Extend Comment Period on Proposed Data Collection Changes for Shared National Credits - The federal banking and thrift regulatory agencies today agreed to extend for 45 days the comment period on the proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans published in the Federal Register on December 20, 2004.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050211/default.htm
Press Release: www.ots.treas.gov/docs/7/77502.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=PV2EXQWD.xml
Attachment: www.occ.treas.gov/ftp/release/2005-14a.pdf
Press Release: www.fdic.gov/news/news/press/2005/pr0905.html
Press Release: www.ots.treas.gov/docs/7/77502.html
__________________________

February 10, 2005 - NCUA - Agenda for the NCUA Board meeting on February 17, 2005 is available. www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-0217.htm

February 10, 2005 - NCUA - Participants in Matz's PALS Workshop Share Ideas to Serve Everyone in their Field of Membership - At the ninth free workshop in NCUA Board Member Debbie Matz's Partnering and Leadership Successes initiative, credit union participants shared innovative ideas to "Serve Everyone in Your Field of Membership." www.ncua.gov/news/press_releases/2005/NR05-0210-2.htm

February 10, 2005 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions. www.ncua.gov/news/press_releases/2005/NR05-0210.htm

February 10 2005 - Acting Chief Counsel Addresses Bank Secrecy Act and Anti-Money Laundering Compliance - Acting Chief Counsel Daniel P. Stipano addressed the Florida International Bankers Association's "Anti-Money Laundering & USA Patriot Act Compliance Conference" today.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=3R4SCXDS.xml
Attachment: www.occ.treas.gov/ftp/release/2005-13a.pdf

February 10, 2005 - Federal Reserve And FDIC Issue Enforcement Actions Against The Norcrown Trust And Charles Kushner - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Thursday announced the issuance of joint enforcement actions against The NorCrown Trust and Charles Kushner. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050210/default.htm

February 9, 2005 - OCC Enters Into Written Agreement with Bank of America - The Office of the Comptroller of the Currency entered into a written agreement today with Bank of America, N.A., Charlotte, North Carolina. The agreement addresses internal controls in the Bank's Wealth and Investment Management Group.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=O0FGRNUS.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2005-10.pdf

February 9, 2005 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Bank of America Corporation, Charlotte, N.C., a bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050209/default.htm

February 8, 2005 - Unauthorized Banking: First National of America Banc, Chicago, IL - An entity calling itself "First National of America Banc," using a Chicago, Illinois address, has been representing itself as a bank. The OCC has not authorized this entity to operate as a bank, and no record exists of its being authorized or licensed by the state of Illinois to conduct the business of banking. www.occ.treas.gov/ftp/alert/2005-3.txt

February 8, 2005 - The Federal Reserve Board has announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth District. These amendments are the first in a series of amendments to Appendix A that will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050208/default.htm

February 7, 2005 - Governor Susan Schmidt Bies - Behind the Scenes at the FOMC: How the Federal Reserve Determines Monetary Policy At the Academic Speaker Series, University of Tennessee, Martin, Tennessee. www.federalreserve.gov/boarddocs/speeches/2005/20050207/default.htm

February 7, 2005 - Statistical Release G.19 Consumer Credit - Consumer credit increased 4-1/2 percent in 2004. In the fourth quarter, consumer credit rose at an annual rate of 3-3/4 percent, down from a 6-1/4 percent rate in the third quarter. In December, consumer credit increased at an annual rate of 1-3/4 percent. www.federalreserve.gov/Releases/G19/Current/default.htm

February 7, 2005 - The January 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2005 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. The survey contained a special question on the reasons why nonbank investors have increased their participation in the commercial and industrial loan market recently. www.federalreserve.gov/boarddocs/SnLoanSurvey/200501/default.htm

February 7, 2005 - 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 2004. www.fdic.gov/news/news/press/2005/pr0705.html

February 7, 2005 - Chairman Alan Greenspan - Adam Smith - At the Adam Smith Memorial Lecture, Kirkcaldy, Scotland. www.federalreserve.gov/boarddocs/speeches/2005/20050206/default.htm

February 4, 2005 - Expectations And The Monetary Policy Transmission Mechanism - The connection between the federal funds rate, the Federal Reserve's primary monetary policy tool, and the market interest rates that slow or stimulate spending, is a complex relationship. How does control over a relatively insignificant interest rate influence the full spectrum of short-term and long-term market rates? www.kc.frb.org/pubaffrs/pressrel/pr05-03.htm

February 4, 2005 - Colorado Business Leader Appointed To Federal Reserve Bank Of Kansas City Board Of Directors - The Board of Governors of the Federal Reserve has announced that Lu M. Cordova, president of CTEK Venture Centers and chair of CTEK Angels, Boulder, Colo. has been appointed to the Board of Directors of the Federal Reserve Bank of Kansas City. www.kc.frb.org/pubaffrs/pressrel/pr05-04.htm

February 4, 2005 - The Federal Reserve Board on Friday announced its approval of the proposal filed by Webster Financial Corporation, Waterbury, Connecticut, to acquire Eastern Wisconsin Bancshares and thereby indirectly acquire its subsidiary depository institution, State Bank of Howards Grove, both in Howards Grove, Wisconsin. www.federalreserve.gov/boarddocs/press/orders/2005/20050204/default.htm

February 4, 2005 - FDIC Makes Public December Enforcement Actions; One Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in December. One administrative hearing is scheduled for February. www.fdic.gov/news/news/press/2005/pr0505.html

February 4, 2005 - Amended Examiner Borrowing Rules - The Director of the Division of Banking Supervision and Regulation and the Board's General Counsel, acting under authority delegated by the Board, have approved changes to the System examiners' borrowing rules as a result of the Preserving Independence of Financial Institution Examinations Act of 2003. The Act, among other things, liberalized examiner borrowing restrictions by providing narrow exceptions that enable bank examiners to obtain credit cards and certain home mortgage loans from a broader range of lenders. www.federalreserve.gov/boarddocs/srletters/2005/sr0502.htm

February 4, 2005 - Chairman Alan Greenspan - Current account - At Advancing Enterprise 2005 Conference, London, England. www.federalreserve.gov/boarddocs/speeches/2005/20050204/default.htm

February 3, 2005 - New Governance For A New Rural Economy: Reinventing Public And Private Instituions - Cooperation among public entities and private institutions will play a crucial role in helping regions throughout rural America pursue new economic opportunities, according to attendees at the Center for the Study of Rural America's fifth annual conference: "New Governance for a New Rural Economy: Reinventing Public and Private Institutions." www.kc.frb.org/pubaffrs/pressrel/pr05-02.htm
___________________________

February 3, 2005 - NCUA Chairman's Statement Regarding The President's State of the Union Address www.ncua.gov/news/press_releases/2005/NR05-0203.htm

February 3, 2005 - Proposals for Comment - Request for comment to reduce regulatory burden in money laundering, safety and soundness, and securities www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

February 3, 2005 - Reducing Regulatory Burden - Recommendations Sought for Reducing Regulatory Burden in Money Laundering, Safety and Soundness, and Securities - The federal banking and thrift regulatory agencies are asking for recommendations on how to reduce the regulatory burden in 28 rules. Those rules relate to Money Laundering, Safety and Soundness and/or Securities. Comments are due by May 4, 2005. www.fdic.gov/news/news/financial/2005/fil805.html

February 2, 2005 - NCUA - Regulation C (Home Mortgage Disclosure Act) - www.ncua.gov/reg_alerts/2005/05-RA-01.pdf

February 2, 2005 - NCUA - Suspicious Activity Reports on OFAC blocked transactions www.ncua.gov/reg_alerts/2005/05-RA-02.pdf

February 2, 2005 - NCUA - Fair and Accurate Credit Transactions Act of 2003 www.ncua.gov/reg_alerts/2005/05-RA-03.pdf

February 2, 2005 - Fair and Accurate Credit Transactions Act of 2003 - Guidelines Requiring the Proper Disposal of Consumer Information - The federal bank and thrift regulatory agencies have jointly issued final guidelines to implement section 216 of the Fair and Accurate Credit Transactions Act of 2003. Section 216 is designed to protect consumers against the risks associated with identity theft and other types of fraud. The guidelines require the proper disposal of consumer information. www.fdic.gov/news/news/financial/2005/fil705.html

February 2, 2005 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. www.federalreserve.gov/boarddocs/press/monetary/2005/20050202/default.htm

February 2, 2005 - NCUA - Matz to Keynote Annual Meeting of First Healthcare TIP Charter www.ncua.gov/news/press_releases/2005/MA05-0202.htm

February 2, 2005 - OCC Issues Cease and Desist Order Against New York Branch of Banco de Chile - The Office of the Comptroller of the Currency announced today that Banco de Chile and its New York Branch have consented to a Cease and Desist Order requiring the restructuring of the management and compliance operations at the New York Branch.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=MYXHAK2Z.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2005-2.pdf

February 2, 2005 - OCC Issues Guidelines to Prevent Predatory Residential Mortgage Lending Practices - The Office of the Comptroller of the Currency today issued residential real estate lending standards as an additional step to protect against national banks becoming involved in predatory, abusive, unfair, or deceptive residential mortgage lending practices.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=ERNFCQX9.xml Attachment: www.occ.treas.gov/ftp/bulletin/2005-3a.pdf
Attachment: www.occ.treas.gov/ftp/release/2005-10a.pdf
Attachment: http://www.fdic.gov/news/news/financial/2005/fil705.html

February 2, 2005 - Density Selection and Combination Under Model Ambiguity: An Application to Stock Returns Stefania D'Amico - This paper proposes a method for predicting the probability density of a variable of interest in the presence of model ambiguity. www.federalreserve.gov/pubs/feds/2005/200509/200509abs.html

February 2, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Cease and Desist Order against Banco de Chile, Santiago, Chile, and Banco de Chile's Miami branch. The Order addresses Bank Secrecy Act and anti-money laundering compliance at Banco de Chile's Miami branch. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050202/default.htm

February 1, 2005 - NCUA Releases Community Development Credit Union Examiner Guidance White Paper - NCUA Chairman Johnson Says Document Will "More Effectively Provide Guidance for Examining Community Development Credit Unions." www.ncua.gov/news/press_releases/2005/NR05-0201-2.htm

February 1, 2005 - NCUA - Matz Discusses Current Issues with Indiana Credit Unions - Speech to Indiana League Forum suggests actions CUs can take www.ncua.gov/news/press_releases/2005/NR05-0201-3.htm

February 1, 2005 - NCUA Charters Low-Income Federal Credit Union in California - The National Credit Union Administration has issued a charter for Pacoima Development Federal Credit Union, a low-income credit union in Pacoima, CA. www.ncua.gov/news/press_releases/2005/NR05-0201.htm

February 1, 2005 - Community Developments Investments Focuses on Bank-Owned Community Development Corporations - The Office of the Comptroller of the Currency today published the Winter 2004/2005 edition of Community Developments Investments, which provides a guide for banks interested in creating and operating a community development corporation within their institutions.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=1ZMEYGD7.xml
Attachment: www.occ.treas.gov/cdd/eZine/winter04/index.html

February 1, 2005 - Deposit Insurance Coverage Updated Versions of The Financial Institution Employee's Guide to Deposit Insurance and the Electronic Deposit Insurance Estimator - The FDIC has updated The Financial Institution Employee's Guide to Deposit Insurance and it is now available. The guide - intended specifically for a banker audience - provides an in-depth discussion of the FDIC's rules and requirements for deposit insurance coverage. In addition, the guide has been added to the Electronic Deposit Insurance Estimator System-Banker Version 2.1, which can be downloaded from the FDIC's Web site. www.fdic.gov/news/news/financial/2005/fil605.html

February 1, 2005 - Expansionary Fiscal Shocks and the Trade Deficit Christopher J. Erceg; Luca Guerrieri; Christopher Gust - In this paper, we use an open economy DGE model to assess the quantitative effects of fiscal shocks on the trade balance in the United States. www.federalreserve.gov/pubs/ifdp/2005/825/ifdp825.pdf

February 1, 2005 - An Assessment of the Impact of Japanese Foreign Exchange Intervention: 1991-2004 Alain P. Chaboud; Owen Humpage - We analyze the short-term price impact of Japanese foreign exchange intervention operations between 1991 and 2004, using official data from Japan's Ministry of Finance. www.federalreserve.gov/pubs/ifdp/2005/824/ifdp824.pdf

February 1, 2005 - FRB Statistical Release - G.5 Foreign Exchange Rates (Monthly) - The Table Below Shows The Average Rates Of Exchange In January 2005 Together With Comparable Figures For Other Months www.federalreserve.gov/releases/g5/current/default.htm

February 1, 2005 - NCUA - Letter to Federal Credit Unions 05-FCU-01 - Operating Fee Schedule for FY 2005 www.ncua.gov/letters/2005/FCU/05-FCU-01.pdf

You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at
https://yennik.com/newletter_page.htm. There is no charge for the e-newsletter.
Contact Kinney Williams at examiner@yennik.com if you have any questions.