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February 28, 2007 - Capital Standards Proposed Interagency
Supervisory Guidance for Banks That Would Operate Under the Proposed
New Basel II Framework - The federal bank and thrift regulatory
agencies are seeking comment on the attached proposed guidance
describing current agency expectations for banking organizations
that would adopt the Advanced Internal Ratings-Based Approach for
credit risk and the Advanced Measurement Approaches for operational
risk under the proposed new Basel II capital framework.
February 28, 2007 - FDIC Issues Second Quarter 2007 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 2007.
February 28, 2007 - Vice Chairman Donald L. Kohn - The aging
workforce - Before the Special Committee on Aging, U.S. Senate.
February 28, 2007 - Chairman Ben S. Bernanke - Long-term fiscal
challenges and the economy - Before the Committee on the Budget,
U.S. House of Representatives.
February 27, 2007 - National Credit Union Administration Issues
Civil Money Penalties - During the fourth quarter of 2006, the
National Credit Union Administration assessed Civil Money Penalties
against 22 federally insured credit unions that were late in
submitting 2005 Home Mortgage Disclosure Act data.
February 27, 2007 - OCC Focuses on the New Markets Tax Credit
Program - The Office of the Comptroller of the Currency today
released a Community Developments Insights report entitled, "New
Markets Tax Credits: Unlocking Investment Potential," highlighting
key features of the New Markets Tax Credit program and major
considerations facing bank investors who use the credits to develop
and support community and economic development activities.
February 27, 2007 - Deposit Insurance Assessments - Proposed
Assessment Rate Adjustment Guidelines for Large Institutions and
Insured Foreign Branches in Risk Category I - The FDIC is seeking
comment on the attached proposed guidelines for determining how
adjustments of up to 0.50 basis points would be made to the
quarterly assessment rates of insured institutions defined as large
Risk Category I institutions, and insured foreign branches in Risk
Category I, according to the Final Assessments Rule (71 FR 69282,
Nov. 30, 2006).
February 27, 2007 - The Federal Reserve Board on Tuesday released
the minutes of its discount rate meeting on January 29, 2007.
February 27, 2007 - The Federal Reserve Board on Tuesday announced
the termination of the enforcement action Bank of America
Corporation, Charlotte, N.C. Written Agreement dated February 9,
2005 Terminated February 27, 2007
February 27, 2007 - Comptroller Dugan Says Regulators and Industry
Both Benefit From Inter-connection between Regulation and Risk
Management - Comptroller of the Currency John C. Dugan told an
audience of bank risk managers today that, because their goals are
so closely aligned to those of the regulators, the regulations and
guidance issued by the agencies can support them in meeting their
February 27, 2007 - Statistical Release - Charge-Off and Delinquency
Rates on Loans at Commercial Banks.
February 27, 2007 - Statistical Release - U.S. Reserve Assets;
Foreign Official Assets Held at Federal Reserve Banks.
February 26, 2007 - Bank Accounting Advisory Series, January 2007 -
In these accounting advisories either the OCC's Office of the Chief
Accountant interprets generally accepted accounting principles or
the OCC interprets regulatory capital requirements.
February 26, 2007 - Are Antidumping Duties for Sale? Case-Level
Evidence on the Grossman-Helpman Protection for Sale Model - Carolyn
L. Evans and Shane M. Sherlund - As successive rounds of global
trade liberalization have lowered broad industry-level tariffs,
antidumping duties have emerged as a WTO-consistent means of
protecting certain industries. Using the Grossman-Helpman
"Protection for Sale" model, we examine the extent to which
political contributions affect the outcomes of decisions in
February 26, 2007 - Flying Geese or Sitting Ducks: China's Impact on
the Trading Fortunes of other Asian Economies - Alan G. Ahearne,
John G. Fernald, Prakash Loungani, and John W. Schindler - This
paper updates our earlier work (Ahearne, Fernald, Loungani and
Schindler, 2003) on whether China, with its huge pool of labor and
an allegedly undervalued exchange rate, is hurting the export
performance of other emerging market economies in Asia. We continue
to find that while exchange rates matter for export performance, the
income growth of trading partners matters far more.
February 26, 2007 - Regulatory Relief Guidance to Help Financial
Institutions and Facilitate Recovery in Areas Affected by Severe
Storms in Central Florida - The Federal Deposit Insurance
Corporation has announced a series of steps intended to provide
regulatory relief to financial institutions and facilitate recovery
in areas affected by severe storms and tornadoes in four counties in
February 26, 2007 - Governor Susan Schmidt Bies - An Update on Basel
II Implementation in the United States - At the Global Association
of Risk Professionals Basel II Summit, New York, New York.
February 23, 2007 - NCUA - Letter to Credit Unions 07-CU-03 -
Reminds credit unions of the upcoming change in the schedule for
Daylight Saving. Time
February 23, 2007 - Extension of Daylight Saving Time - Reminder to
Banks to Assess Impact of Extended Time Change on Information
Systems - The FDIC is alerting financial institutions that, with the
extension of Daylight Saving Time this year, financial institution
management should assess the impact of this change on information
systems and implement appropriate updates where needed. DST will
begin earlier and end later than in previous years. This year, DST
will begin the second Sunday in March and end the first Sunday in
February 23, 2007 - Conference on Credit Risk and Derivatives March
22-23, 2007 - Markets for credit risk and credit derivatives have
grown rapidly in recent years. So has their importance to the
policymaking of the Federal Reserve System. As both a consumer and a
producer of credit-risk research, the Federal Reserve Board is an
ideal facilitator for a wide-ranging discussion on the latest
advances in this area. The conference program selected this year
focuses on credit pricing models, financial distress costs, and
sovereign credit spreads.
February 23, 2007 - The Federal Reserve Board on Friday announced
the issuance of a consent Order of Prohibition against Seresa Morgan
("Morgan"), a former employee of Civitas BankGroup, Inc. ("Civitas"),
Franklin, Tennessee, a registered bank holding company.
February 23, 2007 - The Office of the Comptroller of the Currency
has been informed by the Federal Deposit Insurance Corporation that
fraudulent e-mails claiming to be from the FDIC or VeriSign are in
circulation. The e-mails request recipients to run a "security guard
script" to secure Web sites.
February 22, 2007 - Rounding and the Impact of News: A Simple Test
of Market Rationality - Meredith Beechey and Jonathan H. Wright
-Certain prominent scheduled macroeconomic news releases contain a
rounded number on the first page of the release that is widely cited
by newswires and the press and a more precise number in the text of
the release. The whole release comes out at once.
February 22, 2007 - OTS Receives EU Equivalency Designation for
Supervision of AIG - The Office of Thrift Supervision announced today that
the French bank regulator, Commission Bancaire, has determined that the OTS
provides equivalent consolidated supervision for American International
February 22, 2007 - Legal Interpretations - Letter to Patrick Antrim, Bank
of America Corporation, granting an exemption from section 23A of the
Federal Reserve Act and Regulation W (12 U.S.C. 371c and 12 CFR Part 223)
for certain covered transactions.
February 22, 2007 - Insured Banks and Thrifts Report Record Earnings in 2006
- Commercial banks and savings institutions insured by the Federal Deposit
Insurance Corporation reported net income of $145.7 billion in 2006,
eclipsing the previous record of $133.9 billion set in 2005.
February 21, 2007 - Thrift Industry Well Positioned Despite Fourth Quarter
Decline - The Office of Thrift Supervision reported today that the nation's
thrift industry posted historically strong earnings and profitability in
2006. Asset quality measures for OTS-regulated thrifts also remain strong by
historical levels despite weakening in the fourth quarter from the slowdown
in the housing markets.
February 21, 2007 - The Federal Reserve Board and the Federal Open Market
Committee on Wednesday released the attached minutes of the Committee
meeting held on January 30-31, 2007.
February 21, 2007 - Vice Chairman Donald L. Kohn - Financial Stability:
Preventing and Managing Crises - At the Exchequer Club Luncheon, Washington,
February 20, 2007 - Financial Education -New FDIC Guide Features Simple
Strategies for Managing Money -The FDIC has published a new how-to guide for
consumers that features simple, practical suggestions for dealing
successfully with some of today's important money matters. The FDIC is
encouraging financial institutions to make the information in this
publication widely available.
February 20, 2007 - Rational Seasonality - Travis D. Nesmith - Seasonal
adjustment usually relies on statistical models of seasonality that treat
seasonal fluctuations as noise corrupting the `true' data. But seasonality
in economic series often stems from economic behavior such as Christmas-time
spending. Such economic seasonality invalidates the separability assumptions
that justify the construction of aggregate economic indexes.
February 20, 2007 - Global Asset Prices and FOMC Announcements - Joshua
Hausman and Jon Wongswan - This paper documents the impact of U.S. monetary
policy announcement surprises on foreign equity indexes, short- and
long-term interest rates, and exchange rates in 49 countries. We use two
proxies for monetary policy surprises: the surprise change to the current
target federal funds rate (target surprise) and the revision to the path of
future monetary policy (path surprise).
February 20, 2007 - Of Nutters And Doves - Roc Armenter and Martin
Bodenstein - We argue that there are conditions such that any inflation
targeting regime is preferable to full policy discretion, even if long-run
inflation rates are identical across regimes. The key observation is that
strict inflation targeting outperforms the discretionary policy response to
sufficiently persistent shocks. Under full policy discretion, inflation
expectations over the medium term respond to the shock and thereby amplify
its impact on output.
February 20, 2007 - International Asset Markets And Real Exchange Rate
Volatility - Martin Bodenstein - The real exchange rate is very volatile
relative to major macroeconomic aggregates and its correlation with the
ratio of domestic over foreign consumption is negative (Backus-Smith
puzzle). These two observations constitute a puzzle to standard
international macroeconomic theory.
February 20, 2007 - Measurement Matters for Modeling U.S. Import Prices -
Charles P. Thomas and Jaime Marquez - We focus on capturing the increasingly
important role that emerging economies play in determining U.S. import
prices. Emerging market producers differ from others in two respects: (1)
their cost structure is well below that of developed-market producers, and
(2) their wide profit margins induce pricing policies that seek to exhaust
February 20, 2007 - Changes in Job Quality and Trends in Labor Hours -
Brahima Coulibaly - Many economic models featuring labor supply decision,
especially in macroeconomic analysis, assume away heterogeneity in the
nature of work, or assume that the nature of work is irrelevant to the
labor/leisure choice. This paper studies the macroeconomic implications of
relaxing this assumption. Estimation from micro data using labor hours,
wages, consumption, and nonpecuniary job characteristics suggests that labor
supply responds to differences and to changes in the nature of work.
February 20, 2007 - Predicting Sharp Depreciations in Industrial Country
Exchange Rates - Jonathan H. Wright and Joseph E. Gagnon - This paper
considers the prediction of large depreciations (both nominal and real) in a
panel of industrialized countries using a probit methodology. The current
account balance/GDP ratio has a modest but statistically significant effect
on the estimated probability of a large depreciation, and gives slight
predictive power in an out-of-sample forecasting exercise.
February 20, 2007 - NCUA - Huron River Area Credit Union is Placed into
February 20, 2007 - FDIC Reports Year-End 2006 Financial Results for the
Deposit Insurance Fund and the FSLIC Resolution Fund - Unqualified Audit
Opinions on Funds' Financial Statements Issued by the Government
February 20, 2007 - Proposal for Comment - Joint interim rule amendment
regarding management interlocks to implement section 610 of the Financial
Services Regulatory Relief Act of 2006 and to correct inaccurate
February 16, 2007 - OCC Releases CRA Evaluations For 21 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, 2007 through February 14, 2007.
February 16, 2007 - NCUA - Communities United Credit Union is Placed into
Conservatorship - The National Credit Union Administration has assumed
control of the operations of Communities United Credit Union, a
state-chartered, federally insured credit union serving residents within
several zip code areas in Wichita, Kansas.
February 16, 2007 - NCUA - Final Rule - General Lending Maturity Limit and
Other Financial Services.
February 16, 2007 - Daylight Savings Time Change: Risk Management Guidance -
National banks may be exposed to a variety of risks from the upcoming change
in the schedule for Daylight Savings Time.
February 16, 2007 - The Federal Reserve Board on Friday alerted the public
to instances of questionable solicitations directed at homeowners. The
Federal Reserve has received inquiries and complaints from recipients of
direct mail solicitations that suggest there is a "Community Reinvestment
Act program" that entitles certain homeowners to cash grants or equity
February 15, 2007 - OCC Enforcement Actions - The Office of the
Comptroller of the Currency today released new enforcement actions taken
against national banks and individuals currently and formerly affiliated
with national banks.
February 15, 2007 - Linear Cointegration of Nonlinear Time Series with an
Application to Interest Rate Dynamics - Barry E. Jones and Travis D. Nesmith
- We derive a definition of linear cointegration for nonlinear stochastic
processes using a martingale representation theorem. The result shows that
stationary linear cointegrations can exhibit nonlinear dynamics, in contrast
with the normal assumption of linearity. We propose a sequential
nonparametric method to test first for cointegration and second for
nonlinear dynamics in the cointegrated system.
February 15, 2007 - NCUA - Results of NCUA's 2/15/2007 Board Meeting are
February 15, 2007 - Statistical Release - G.20 Finance Companies.
February 15, 2007 - Agencies Seek Public Comment on Proposed Supervisory
Guidance for Basel II - The federal bank and thrift regulatory agencies on
Thursday announced that they will seek public comment on three proposed
supervisory guidance documents related to the September 2006 notice of
proposed rulemaking on new risk-based capital requirements in the United
States for large, internationally active banking organizations.
February 15, 2007 - The Federal Reserve Board on Thursday announced its
approval of the proposal by The PNC Financial Services Group, Inc.,
Pittsburgh, Pennsylvania, to merge with Mercantile Bankshares Corporation,
Baltimore, Maryland, and thereby acquire its subsidiary banks.
February 15, 2007 - Statistical Release - G.17 Industrial Production -
Industrial production decreased 0.5 percent in January after an increase of
0.5 percent in December. Output in the manufacturing sector declined 0.7
percent in January; about one-half of the decrease was a result of a drop of
6 percent in motor vehicles and parts.
February 14, 2007 - National Credit Union Administration Board Member Hyland
has announced the schedule for upcoming Outreach Task Force "Town Hall"
February 14, 2007 - FRB Reports to Congress - Monetary Policy Report to the
February 14, 2007 - Chairman Ben S. Bernanke - Semiannual Monetary Policy
Report to the Congress Before the Committee on Banking, Housing, and Urban
Affairs, U.S. Senate.
February 13, 2007 - The Federal Reserve Board announced today that the
Consumer Advisory Council will hold its next meeting on Thursday, March 8.
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
February 13, 2007 - NCUA Issues Prohibition Orders.
February 13, 2007 - Federal Open Market Committee - Transcripts from 1978
February 9, 2007 - OTS Highlights Importance of Credit Report Monitoring -
In its final release for Consumer Protection Week, the Office of Thrift
Supervision highlights the importance to consumers of monitoring their
credit report and credit scores assigned to them by the three credit
February 9, 2007 - Susan Schmidt Bies submitted her resignation Friday as a
member of the Board of Governors of the Federal Reserve System, effective
March 30, 2007.
February 8, 2007 - NCUA and FinCEN Host First-Ever Joint Seminar on
Bank Secrecy Act Compliance Programs - More than 2,000 members of
the credit union industry participated Tuesday in the first-ever
web-based seminar hosted jointly by the National Credit Union
Administration and the Financial Crimes Enforcement Network.
February 8, 2007 - OTS Issues Consumer Complaint Brochure - As part
of its program for Consumer Protection Week, the Office of Thrift
Supervision today issued a consumer information brochure on how
consumers can resolve complaints with financial institutions.
February 8, 2007 - Office of the Comptroller of the Currency
Provides Consumer Tips - At National Consumer Protection Week Event
on Capitol Hill - The Office of the Comptroller of the Currency
today joined several other federal agencies and consumer groups to
raise awareness and help inform consumers as part of a National
Consumer Protection Week event on Capitol Hill.
February 8, 2007 - Dennis P. Lockhart will become president and
chief executive officer of the Federal Reserve Bank of Atlanta
effective March 1, 2007, announced Larkin Martin, chairman of the
board of the Federal Reserve Bank of Atlanta. Lockhart, 60, succeeds
Jack Guynn, who retired from the Atlanta Fed on Oct. 1, 2006.
February 8, 2007 - FDIC Makes Public December Enforcement Actions -
No 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.
No administrative hearing is scheduled for February.
February 7, 2007 - OCC 2007-8, Hurricane Katrina: Working with
Customers - Interagency reminder reiterates to bankers and examiners
the principles of 2006 Hurricane Katrina Examiner Guidance and of
flexibility in restructuring arrangements with affected customers.
February 7, 2007 - Statistical Release - G.19 Consumer Credit -
Consumer credit increased 4-1/2 percent in 2006. In the fourth
quarter, consumer credit rose at an annual rate of 3-3/4 percent,
down from a 5-1/2 percent pace in the third quarter. In December,
consumer credit increased at an annual rate of 3 percent.
February 7, 2007 - OTS Highlights Consumer Guidance on Understanding
ARMs - In its third release for Consumer Protection Week, the Office
of Thrift Supervision highlights two separate pieces of consumer
guidance on understanding issues and terms with adjustable rate
mortgage loan products.
February 6, 2007 - OTS Issues Consumer Information Brochure on Gift
Cards - As part of the Office of Thrift Supervision's Consumer
Protection Week series, the agency unveiled today a consumer
information brochure on the purchase and use of gift cards. The
brochure, entitled "Consumer Fact Sheet: Buying, Giving, and Using
Gift Cards," advises consumers regarding gift cards issued by
February 6, 2007 - Banking Structure - Financial Holding Companies -
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. The list includes only the top-tier
company in each organization.
February 6, 2007 - Chairman Ben S. Bernanke - The Level and
Distribution of Economic Well-Being - Before the Greater Omaha
Chamber of Commerce, Omaha, Nebraska.
February 6, 2007 - Soft Dollar Guidance: Use of Commission Payments
by Fiduciaries - Addresses the SEC's revised guidance on the scope
of "brokerage and research services" and client commission
arrangements, applicable to money managers, including bank
February 5, 2007 - Simple Strategies for Managing Money: New How-to
Guide from the FDIC Issued for National Consumer Protection Week -
"Be prepared." That motto isn't just for Scouts. It's solid advice
for anyone trying to manage their money in a world full of
opportunities...and occasional hazards. That's why the latest issue
of FDIC Consumer News (Winter 2006/2007), the quarterly newsletter
published by the Federal Deposit Insurance Corporation, is a special
edition entitled "Be Prepared, Be Informed, Be in Charge."
February 5, 2007 - Surveys and Reports - January 2007 Senior Loan
Officer Opinion Survey on Bank Lending Practices - The January 2007
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
also contained special questions about changes in terms on
commercial real estate loans during 2006, the effects of the 2005
bankruptcy reforms, and expected changes in asset quality over 2007.
February 5, 2007 - NCUA - Letter to Credit Unions 07-CU-02 -
Reminder of Supervisory Guidance for Financial Institutions Affected
by Hurricane Katrina.
February 5, 2007 - OTS Kicks Off Consumer Protection Week - The
Office of Thrift Supervision kicks off a series of consumer
protection and awareness initiatives today that will highlight
throughout the week various issues for thrift institutions and
resources available to consumers on financial literacy and
February 5, 2007 - Licensing Manual Update, January 2007 - The
revised "Change in Bank Control" booklet is on the Web site for
immediate use. It discusses rebuttals of control and acting in
February 5, 2007 - Hurricane Katrina Reminder of Supervisory
Guidance for Financial Institutions Affected by Hurricane Katrina -
The federal financial regulatory agencies have jointly issued the
attached reminder of Supervisory Guidance for Financial Institutions
Affected by Hurricane Katrina (Katrina Guidance Reminder). The
Katrina Guidance Reminder reemphasizes that working constructively
with borrowers is in the long-term best interest of both the
financial institution and the customer.
February 5, 2007 - 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.
February 2, 2007 - NCUA General Counsel Opinion 06-1134 - Examiner
Access to Federal Credit Union Board Minutes.
February 2, 2007 - NCUA General Counsel Opinion 06-1224 -
Permissibility of FCU Making Member Business Loan to Law Firm.
February 2, 2007 - Deposit Insurance Coverage Online Deposit
Insurance Estimator Now Available in Spanish - The FDIC has launched
a new Spanish language version of its Electronic Deposit Insurance
Estimator for consumers, also known as "Online EDIE."
February 1, 2007 - Measurement of Monetary Aggregates across
Countries - Yueh-Yun C. O'Brien - This paper compares the
compositions and definitions of monetary aggregates being published
by the 30 countries belonging to the Organization for Economic
Co-operation and Development and 10 non-OCED countries.
February 1, 2007 - Statistical Release - G.5 Foreign Exchange.
February 1, 2007 - The Federal Reserve Board on Thursday announced
the issuance of an Order of Prohibition against Perry D. Lane,
former president, chief executive officer and director of Exchange
Bank of Missouri, Fayette, Missouri.
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