R. Kinney Williams - Yennik, Inc.
R. Kinney Williams
Yennik, Inc.

The Community Banker
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Bank Regulatory News

February 2009

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February 27, 2009- MB Financial Bank, N.A., Chicago, Illinois, Assumes All of the Deposits of Heritage Community Bank, Glenwood, Illinois - Heritage Community Bank, Glenwood, Illinois, was closed today by the Illinois Department of Financial Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, N.A., Chicago, Illinois, to assume all of the deposits of Heritage Community Bank. www.fdic.gov/news/news/press/2009/pr09031.html 

February 27, 2009 - Bank of Nevada, Las Vegas, Nevada Assumes All of the Deposits of Security Savings Bank, Henderson, Nevada - Security Savings Bank, Henderson, Nevada was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Nevada, Las Vegas, Nevada, to assume all of the deposits of Security Savings Bank. www.fdic.gov/news/news/press/2009/pr09032.html 

February 27, 2009 - NCUA Provides Examiner Guidance Recognizing Corporate Impact, CU SIP - The National Credit Union Administration issued new supervisory guidance for agency examination staff regarding the impact the Corporate Stabilization Program may have on credit union balance sheets. Supervisory Letter 09-01 instructs examination staff to differentiate between the impact of recent NCUA Board actions and operational activities by credit union management when evaluating credit union performance and risk profile. www.ncua.gov/news/press_releases/2009/MR09-0227.htm 

February 27, 2009 - 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, 2009 through February 14, 2009. www.occ.treas.gov/ftp/release/2009-15.htm 

February 27, 2009- FDIC Extends Restoration Plan; Imposes Special Assessment - The Board of Directors of the Federal Deposit Insurance Corporation today voted to amend the restoration plan for the Deposit Insurance Fund. The Board also took action to ensure the continued strength of the insurance fund by imposing a special assessment on insured institutions of 20 basis points, implementing changes to the risk-based assessment system, and setting rates beginning the second quarter of 2009. www.fdic.gov/news/news/press/2009/pr09030.html 

February 27, 2009 - FDIC Makes Public January Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled. http://www.fdic.gov/news/news/press/2009/pr09029.html 

February 27, 2009- FDIC Issues Second Quarter 2009 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 2009. www.fdic.gov/news/news/press/2009/pr09028.html 

February 27, 2009 - Daniel K. Tarullo was formally sworn in as a member of the Board of Governors of the Federal Reserve System at a ceremony Friday in the atrium of the Board's main building in Washington. www.federalreserve.gov/newsevents/press/other/20090227a.htm  

February 27, 2009- The Federal Reserve Board on Friday announced the issuance of a consent Cease and Desist Order against FSB Bancorp, Inc., Altus, Oklahoma, a registered bank holding company. www.federalreserve.gov/newsevents/press/enforcement/20090227a.htm 
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February 27, 2009 - FDIC Extends Restoration Plan; Imposes Special Assessment - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today voted to amend the restoration plan for the Deposit Insurance Fund (DIF). The Board also took action to ensure the continued strength of the insurance fund by imposing a special assessment on insured institutions of 20 basis points, implementing changes to the risk-based assessment system, and setting rates beginning the second quarter of 2009. http://www.fdic.gov/news/news/press/2009/pr09030.html

February 27, 2009 - FDIC Makes Public January Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled. http://www.fdic.gov/news/news/press/2009/pr09029.html

February 26, 2009 - OTS Enhances Supervision of Large Thrifts and Enforcement Consistency for All Thrifts - The Office of Thrift Supervision announced new initiatives today designed to enhance supervision of large thrifts and to ensure timely corrective actions to address identified problems among all thrifts. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b3fb3d7a-1e0b-8562-eb1f-0515a580e46f&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 26, 2009 - Economic Stress Results in Record Loss for Thrift Industry in 2008; Financial Fundamentals Remain Sound - The U.S. thrift industry had a record loss of $13.4 billion in 2008, as thrifts bolstered their reserves for loan losses by a record amount of $38.7 billion, the Office of Thrift Supervision reported today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b37259b7-1e0b-8562-ebed-caca3ea4223a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 26, 2009 - Insured Banks and Thrifts Lost $26.2 Billion in the Fourth Quarter Domestic Deposits Increased by 3.8 Percent - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported a net loss of $26.2 billion in the fourth quarter of 2008, a decline of $27.8 billion from the $575 million that the industry earned in the fourth quarter of 2007 and the first quarterly loss since 1990. www.fdic.gov/news/news/press/2009/pr09027.html 

February 26, 2009 - FDIC Closes on a $1.45 Billion Structured Sale of Distressed Loans - The Federal Deposit Insurance Corporation today announced the conclusion of the sale of $1.45 billion of performing and nonperforming residential and commercial construction loans in distressed markets through the use of two private/public partnership transactions. These structured sales utilize the asset management expertise of the private sector, while retaining for the FDIC a participation interest in all future cash flows generated by the workout of the assets over time. www.fdic.gov/news/news/press/2009/pr09026.html 

February 26, 2009 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/default.htm 

February 26, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Cape Fear Bank Corporation, Wilmington, North Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20090226a.htm 

February 26, 2009 - NCUA Board Meeting Results For February 26, 2009.  www.ncua.gov/news/press_releases/2009/February26_2009.doc

February 25, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Orlando, Florida - The Office of the Comptroller of the Currency will host a workshop for national community bank directors in Orlando, Florida, at the Royal Plaza, March 23-25, 2009. www.occ.treas.gov/ftp/release/2009-13.htm 

February 25, 2009 - Agencies To Begin Forward-Looking Economic Assessments - The federal bank regulatory agencies announced today that they will start conducting forward-looking economic assessments of large U.S. banking organizations as the Capital Assistance Program gets underway. These assessments will be done on an interagency basis as a coordinated supervisory exercise to ensure they are carried out in a timely and consistent manner. Supervisors will work with institutions to estimate the range of possible future losses and the resources to absorb such losses over a two-year period. Press Release: www.fdic.gov/news/news/press/2009/pr09025.html 
Press Release: www.occ.treas.gov/ftp/release/2009-14.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=aebfc88a-1e0b-8562-eb4d-73ff110ccce1&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090225a.htm 

February 25, 2009 - Salience and Taxation: Theory and Evidence - Raj Chetty, Adam Looney, and Kory Kroft - This paper presents evidence that consumers underreact to taxes that are not salient and characterizes the welfare consequences of tax policies when agents make such optimization errors. The empirical evidence is based on two complementary strategies. www.federalreserve.gov/pubs/feds/2009/200911/index.html 

February 24, 2009 - NCUA - Membership, Assets, Loans and Savings Grew in 2008 as Net Income Declined..  www.ncua.gov/news/press_releases/2009/MR09-0224.htm 

February 24, 2009 - OCC responds to Congressional Oversight Panel Request for Mortgage Data.
Letter: www.occ.treas.gov/ftp/cop_letter_20feb09.pdf 
Data: www.occ.treas.gov/ftp/cop_data_20feb09.pdf 

February 24, 2009 - Deputy Comptroller Testifies on Mortgage Performance Data - Deputy Comptroller for Large Bank Supervision Joseph H. Evers testified today about available mortgage performance information before a subcommittee of the U.S. House of Representatives' Committee on Financial Services. www.occ.treas.gov/ftp/release/2009-12.htm 

February 24, 2009 - Applying Supervisory Guidance and Regulations on the Payment of Dividends, Stock Redemptions, and Stock Repurchases at Bank Holding Companies.  www.federalreserve.gov/boarddocs/srletters/2009/SR0904.htm 

February 24, 2009 - Charge-Off and Delinquency Rates on Loans at Commercial Banks - These data are compiled from the quarterly FFIEC Consolidated Reports of Condition and Income. Data for each calendar quarter become available approximately sixty days after the end of the quarter. www.federalreserve.gov/releases/chargeoff/ 

February 24, 2009 - Governor Elizabeth A. Duke - CRA: A Framework for the Future - At the Revisiting the CRA Policy Discussion, Washington, D.C. www.federalreserve.gov/newsevents/default.htm 

February 24, 2009 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20090224a.htm 

February 24, 2009 - On February 23, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20090224b.htm 

February 24, 2009 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meeting on January 26, 2009. www.federalreserve.gov/newsevents/press/monetary/monetary20090224a1.pdf 

February 23, 2009 - Chicago Fed National Activity Index - The Chicago Fed National Activity Index is a monthly index designed to better gauge overall economic activity and inflationary pressure. The CFNAI is released at 8:30 a.m. ET on scheduled days, normally toward the end of each calendar month. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

February 23, 2009 - Boston and San Francisco Federal Reserve Publication Captures Views on Community Reinvestment Act Reform.   www.frbsf.org/news/releases/2009/0223.html 

February 23, 2009 - UBPR User's Guide - updated February 2008.  www.ffiec.gov/PDF/UBPR/UBPR_12-08.pdf 

February 23, 2009 - Monetary Policy - Credit and Liquidity Programs and the Balance Sheet - This section of the Board of Governors' website is an additional step following several that the Federal Reserve has taken in recent years to enhance transparency of monetary policy. www.federalreserve.gov/monetarypolicy/bst.htm 

February 23, 2009 - Legal Interpretation - Bank Holding Company Act, February 20, 2009.   www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090220.pdf 

February 23, 2009 - Legal Interpretation - Bank Holding Company Act, December 22, 2008.   www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20081222.pdf 

February 23, 2009 - The Federal Reserve Board on Monday launched a new section of its website expanding the information provided about the policy tools the Federal Reserve has employed to address the financial crisis and simplifying access to that information. www.federalreserve.gov/newsevents/press/other/20090223a.htm 

February 23, 2009 - Joint Statement by the Treasury, FDIC, OCC, OTS, and the Federal Reserve - The U.S. Department of the Treasury, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Reserve Board today issued the following joint statement:
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090223a.htm 
Press Release: www.occ.treas.gov/ftp/release/2009-11.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=a3a5c3f5-1e0b-8562-ebc1-9478ef2fa9de&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 23, 2009 - On February 23, 2009, the Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20090223a.htm 

February 20, 2009 - Farmland Values Drop in Fourth Quarter - Most recent AgLetter reports quarterly decrease first in a decade for Midwestern farmland values. www.chicagofed.org/publications/agletter/february_2009.pdf 

February 20, 2009 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2009-10.htm 

February 20, 2009 - Citizens Bank, Corvallis, Oregon, Assumes All of the Deposits of Silver Falls Bank, Silverton, Oregon - Silver Falls Bank, Silverton, Oregon, was closed today by the Oregon Department of Consumer and Business Services, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Bank, Corvallis, Oregon, to assume all of the deposits of Silver Falls Bank. www.fdic.gov/news/news/press/2009/pr09024.html
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February 19, 2009 - Truth in Lending Act: Final Rule for Home Ownership and Equity Protection Act Amendments - Amendments protect consumers from unfair, deceptive, or abusive acts and practices in mortgage lending. They also restrict certain mortgage practices. www.occ.treas.gov/ftp/bulletin/2009-7.html 

February 19, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Corus Bankshares, Inc., Chicago, Illinois, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090219d.htm 

February 19, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Polk County Bancorporation, Inc., Johnston, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090219c.htm 

February 19, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Temecula Valley Bancorp Inc., Temecula, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20090219b.htm 

February 19, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Florida Community Banks, Inc., Immokalee, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20090219a.htm 

February 18, 2009 - St. Louis Fed Launches Enhanced Online Financial Crisis Timeline - In an effort to increase the level of understanding of issues related to the ongoing financial crisis, the St. Louis Fed has launched an enhanced version of the Financial Crisis web site. www.stlouisfed.org/news/releases/2009/02_18_09.html 

February 18, 2009 - Manufacturing Headwinds Strengthen - In a recent blog posting, William Testa explains how manufacturing impacts Midwest economy in cyclical downturns. http://midwest.chicagofedblogs.org/archives/2009/02/mfg_jobs.html 

February 18, 2009 - Chairman Ben S. Bernanke -Federal Reserve Policies to Ease Credit and Their Implications for the Fed's Balance Sheet - At the National Press Club Luncheon, National Press Club, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20090218a.htm 

February 18, 2009 - The Federal Reserve on Wednesday released, for the first time, longer-run economic projections made by Federal Open Market Committee participants--the Federal Reserve Board members and Federal Reserve Bank presidents--in connection with their regular quarterly projections. www.federalreserve.gov/newsevents/press/monetary/20090218a.htm 

February 17, 2009 - Federal Reserve's Money Museum Features Lincoln Penny - In celebration of the bicentennial of Abraham Lincoln's birth, the coin that bears his image is getting a special redesign, and visitors to the Kansas City Fed's Money Museum can learn about the penny and take part in special activities. www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.03.pdf 

February 17, 2009 - OCC and OTS Expand Data Collection on Mortgage Performance - The Office of the Comptroller of the Currency and the Office of Thrift Supervision are expanding the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability of loan modifications. www.occ.treas.gov/ftp/release/2009-9.htm 

February 17, 2009 - Comptroller Of The Currency Bank Accounting Advisory Series - This edition of the Bank Accounting Advisory Series expresses the Office of the Chief Accountant's current views on accounting topics of interest to national banks. Banks prepare their Consolidated Reports of Condition and Income using generally accepted accounting principles and regulatory requirements. Accordingly, responses contained
in the series are based on GAAP and regulatory requirements. www.occ.treas.gov/BAAS2008.pdf 

February 17, 2009 - A Comparison of Forecast Performance Between Federal Reserve Staff Forecasts, Simple Reduced-Form Models, and a DSGE Model - Rochelle M. Edge, Michael T. Kiley, and Jean-Philippe Laforte - This paper considers the "real-time" forecast performance of the Federal Reserve staff, time-series models, and an estimated dynamic stochastic general equilibrium model--the Federal Reserve Board's new Estimated, Dynamic, Optimization-based model. www.federalreserve.gov/pubs/feds/2009/200910/200910abs.html 

February 17, 2009 - Fluctuations in Individual Labor Income: A Panel VAR Analysis - Ivan Vidangos - This paper studies variation in individual labor income over time using a panel vector autoregression (PVAR) in income, the wage rate, hours of work, and hours of unemployment. www.federalreserve.gov/pubs/feds/2009/200909/index.html 

February 17, 2009 - Modeling Earnings Dynamics -Joseph Altonji, Anthony Smith, and Ivan Vidangos- In this paper we use indirect inference to estimate a joint model of earnings, employment, job changes, wage rates, and work hours over a career. www.federalreserve.gov/pubs/feds/2009/200908/index.html 

February 17, 2009 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Third and Fifth Districts.  www.federalreserve.gov/newsevents/press/bcreg/20090217a.htm 

February 16, 2009 - Speech by Governor Elizabeth A. Duke - Stabilizing the Housing Market: Focus on Communities.   www.federalreserve.gov/newsevents/speech/duke20090216a.htm 

February 13, 2009 - NCUA - Center Valley Federal Credit Union Closes -The National Credit Union Administration placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation Friday, February 13, 2009. www.ncua.gov/news/press_releases/2009/MR09-0213a.htm 

February 13, 2009 - NCUA Webcast Provides Answers on Corporate Stabilization - Approximately 3,800 people participated in today's National Credit Union Administration webcast providing the credit union community with details of the stabilization program, which is designed to maintain stability and liquidity within the corporate credit union system. www.ncua.gov/news/press_releases/2009/MR09-0212a.htm 

February 13, 2009 - OCC and OTS respond to letter from State Foreclosure Prevention Working Group.   http://www.occ.treas.gov/ftp/ag_response_021309.pdf 

February 13, 2009 - OCC and OTS Expand Data Collection on Mortgage Performance - The Office of the Comptroller of the Currency and the Office of Thrift Supervision are expanding the scope of the mortgage performance data gathered from national banks and thrifts to include additional information on the affordability and sustainability of loan modifications.
Press Release: www.occ.treas.gov/ftp/release/2009-9.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=70160ba9-1e0b-8562-eb45-0d61368abb98&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 13, 2009 - Washington Trust Bank, Spokane, Washington, Acquires All of the Deposits of Pinnacle Bank, Beaverton, Oregon - Pinnacle Bank, Beaverton, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Washington, to assume all of the deposits of Pinnacle Bank. http://www.fdic.gov/news/news/press/2009/pr09023.html

February 13, 2009 - The Carlinville National Bank, Carlinville, Illinois, Assumes All of the Deposits of Corn Belt Bank and Trust Company, Pittsfield, Illinois - Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed today by the Division of Banking, Illinois Department 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 The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company. www.fdic.gov/news/news/press/2009/pr09022.html 

February 13, 2009 - TIB Bank, Naples, Florida, Assumes All of the Deposits of Riverside Bank of the Gulf Coast, Cape Coral, Florida - Riverside Bank of the Gulf Coast, Cape Coral, 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 TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank. www.fdic.gov/news/news/press/2009/pr09021.html 

February 13, 2009 - Heritage Bank, Wood River, Nebraska, Assumes All the Deposits of Sherman County Bank, Loup City, Nebraska - Sherman County Bank, Loup City, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank. http://www.fdic.gov/news/news/press/2009/pr09020.html 

February 13, 2009 - The Federal Open Market Committee on Friday announced it would expand its March, August, September, and December meetings in 2009 to two days to allow additional time for discussion. Thus, all eight scheduled meetings in 2009 now are planned for two days. www.federalreserve.gov/newsevents/press/monetary/20090213a.htm
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February 12, 2009 - OTS Director Reich Sets Departure Date - John M. Reich, Director of the Office of Thrift Supervision, will step down on February 27, 2009, Reich announced to OTS employees today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=6c740a4d-1e0b-8562-eb8f-d35387b8cdb7&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 12, 2009 - Comptroller of the Currency Responds to the Congressional Oversight Panel Report.   www.occ.treas.gov/ftp/occ_copresponse_021209.pdf 

February 12, 2009 - Federal Reserve Bulletin Article - Changes in U.S. Family Finances from 2004 to 2007: Evidence from the Survey of Consumer Finances.  www.federalreserve.gov/pubs/bulletin/default.htm 

February 11, 2009 - Statement of Chairman Fryzel Regarding Today's Financial Stability Plan Announcement By U.S. Treasury Secretary Geithner.   www.ncua.gov/news/press_releases/2009/MA09-0210a.htm 

February 11, 2009 - OTS Urges Temporary Halt to Foreclosures - The Office of Thrift Supervision today urged OTS-regulated institutions to suspend foreclosures on owner-occupied homes until the Financial Stability Plan's "home loan modification program" is finalized in the next few weeks. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=660fa9f3-1e0b-8562-eb9e-1636207722f4&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 11, 2009 - Interest on Required Reserve Balances and Excess Balances Maintenance period ending February 11, 2009 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

February 11, 2009 - Governor Elizabeth A. Duke - At the Global Association of Risk Professionals' Risk Management Convention, New York, New York.  www.federalreserve.gov/newsevents/speech/duke20090211a.htm 

February 10, 2009 - 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. www.federalreserve.gov/generalinfo/fhc/ 

February 10, 2009 - Joint Statement - BY Secretary of the Treasury Timothy F. Geithner, Chairman of the Board of Governors of the Federal Reserve System Ben S. Bernanke, Chairman of the Federal Deposit Insurance Corporation Sheila Bair, Comptroller of the Currency John C. Dugan, and Director Of The Office Of Thrift Supervision John M. Reich - Financial Stability Plan. 
Press Release: www.ustreas.gov/press/releases/tg21.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr_fsb.html 
Press Release: www.treasury.gov/press/releases/tg21.htm 

February 10, 2009 - NCUA - Melinda Love Is Named Office of Examination and Insurance Director - The National Credit Union Administration Board has appointed Region V Director Melinda Love as director of the Office of Examination and Insurance at NCUA headquarters in Alexandria effective March 16, 2009. www.ncua.gov/news/press_releases/2009/MA09-0210.htm 

February 10, 2009 - Statement of Comptroller of the Currency John C. Dugan On the Administration's Financial Stability Plan - Comptroller of the Currency John C. Dugan issued the following statement today on the Administration's Financial Stability Plan:
www.occ.treas.gov/ftp/release/2009-8.htm 

February 10, 2009 - Chairman Ben S. Bernanke - Federal Reserve programs to strengthen credit markets and the economy - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. http://www.federalreserve.gov/newsevents/testimony/bernanke20090210a.htm 

February 10, 2009 - The Federal Reserve Board on Tuesday announced that it is prepared to undertake a substantial expansion of the Term Asset-Backed Securities Loan Facility.. The expansion could increase the size of the TALF to as much as $1 trillion and could broaden the eligible collateral to encompass other types of newly issued AAA-rated asset-backed securities, such as commercial mortgage-backed securities, private-label residential mortgage-backed securities, and other asset-backed securities. www.federalreserve.gov/newsevents/press/monetary/20090210b.htm 

February 10, 2009 - On February 9, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090210a.htm 

February 9, 2009 - On February 9, 2009, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20090209a.htm 

February 9, 2009 - The Federal Reserve Board on Monday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Genoa Banking Company, Genoa, Ohio, a state member bank. Genoa Banking Company, 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. www.federalreserve.gov/newsevents/press/enforcement/20090209c.htm 

February 9, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between FirstCity Bancorp, Inc., Stockbridge, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20090209b.htm 

February 9, 2009 - The Federal Reserve Board on Monday announced the termination of the enforcement action Exchange Bank of Missouri, Fayette, Missouri Written Agreement dated August 14, 2006 Terminated January 30, 2009.  www.federalreserve.gov/newsevents/press/enforcement/20090209a.htm 

February 9, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Lexington, Kentucky -The Office of the Comptroller of the Currency will host a workshop for national community bank directors in Lexington, Kentucky, at the Hyatt Regency, March 10, 2009. www.occ.treas.gov/ftp/release/2009-7.htm

February 6, 2009 - Westamerica Bank, San Rafael, California, Acquires All the Deposits of County Bank, Merced, California - County Bank, Merced, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, San Rafael, California, to assume all of the deposits of County Bank. www.fdic.gov/news/news/press/2009/pr09019.html 

February 6, 2009 - California Bank and Trust, San Diego, CA, Acquires All of the Deposits of Alliance Bank, Culver City, CA - Alliance Bank, Culver City, California, was closed today by the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with California Bank & Trust, San Diego, California, to assume all of the deposits of Alliance Bank. www.fdic.gov/news/news/press/2009/pr09018.html 

February 6, 2009 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky and Arkansas Affected by Severe Winter Weather - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Kentucky and Arkansas affected by recent severe weather. www.fdic.gov/news/news/financial/2009/fil09010.html 

February 6, 2009 - Regions Bank, Birmingham, AL, Acquires All the Deposits of FirstBank Financial Services, McDonough, GA - FirstBank Financial Services, McDonough, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Regions Bank, Birmingham, Alabama, to assume all of the deposits of FirstBank Financial Services. www.fdic.gov/news/news/press/2009/pr09017.html 

February 6, 2009 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 3 percent in the fourth quarter. Revolving credit decreased at an annual rate of 5-1/2 percent, and nonrevolving credit decreased at an annual rate of 1-3/4 percent. In December, consumer credit decreased at an annual rate of 3 percent. www.federalreserve.gov/releases/g19/Current/ 

February 6, 2009 - The Federal Reserve Board on Friday released additional terms and conditions--including loan rates and collateral haircuts--of the Term Asset-Backed Securities Loan Facility. The additions were determined after further analysis and consultation with issuers, investors, and dealers in asset-backed securities. www.federalreserve.gov/newsevents/press/monetary/20090206a.htm 
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February 5, 2009 - 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. The list covers evaluation ratings that the FDIC assigned to institutions in November 2008. www.fdic.gov/news/news/press/2009/pr09016.html 

February 5, 2009 - FDIC Releases First National Survey of Banks' Efforts to Serve the Unbanked and Underbanked Banks Offer Products and Services for the Unbanked and Underbanked; Opportunities for Improvement Remain - In the first national survey of banks' efforts to serve unbanked and underbanked individuals and families in their market areas, released today, the FDIC found that improvement may be possible in the areas of focus, outreach and commitment. www.fdic.gov/news/news/press/2009/pr09015.html

February 5, 2009 - NCUA - House Committee Approves NCUA Request to Extend NCUSIF Restoration Measures Will Assist Stabilization Efforts, Extend Credit Union Premium Period - The House Committee on Financial Services today approved HR 786, the Committee's TARP reform legislation, and added two provisions NCUA Chairman Michael Fryzel recommended as imperative to the credit union system - increasing NCUA Treasury borrowing authority and providing for a 5-year restoration period to replenish the National Credit Union Share Insurance Fund.  www.ncua.gov/news/press_releases/2009/MA09-0205.htm 

February 4, 2009 - Why Do Firms Use Temporary Workers? - Chicago Fed Letter explores firms' motivations for using temporary employment, accounting for geographical and industry differences. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

February 4, 2009 - Payments Fraud: Perception Versus Reality - Economic Perspectives special issue highlights papers presented during Chicago Fed's eighth annual Payments Conference. www.chicagofed.org/economic_research_and_data/economic_perspectives.cfm 

February 4, 2009 - Midwest Labor Markets at Year-End - In a recent blog posting, Chicago Fed economist William Testa reviews Midwest labor market conditions as of the end of 2008. http://midwest.chicagofedblogs.org/archives/2009/02/revised_job_dat.html 

February 4, 2009 - NCUA - Board Member Hyland's Statement on the Corporate Stabilization Program - Last Wednesday, NCUA took necessary, but unprecedented steps to stabilize the corporate credit union system. The actions were taken to preserve confidence in the corporate system and allow NCUA, natural person credit unions, and corporate credit unions to effectively manage this situation.
www.ncua.gov/news/press_releases/2009/MA09-0204.htm 
www.ncua.gov/CoporateStabilizationProgram/CorpQA-FinalForWeb.doc 

February 4, 2009 - Processing of Deposit Accounts in the Event of an Insured Depository Institution Failure - The attached rule finalizes the interim rule issued in July 2008, which established the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. www.fdic.gov/news/news/financial/2009/fil09009.html 

February 4, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204). www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

February 3, 2009 - Supervision Manuals - Trading and Capital Markets Activities, January 2009 update.   www.federalreserve.gov/BoardDocs/SupManual/trading/200901/0901trading.pdf 

February 3, 2009 - St. Louis Fed Announces Changes to the Little Rock Branch Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its Little Rock Branch board of directors. www.stlouisfed.org/news/releases/2009/02_03_09.html 

February 3, 2009 - The Federal Reserve on Tuesday announced the extension through October 30, 2009, of its existing liquidity programs that were scheduled to expire on April 30, 2009. The Board of Governors and the Federal Open Market Committee took these actions in light of continuing substantial strains in many financial markets. www.federalreserve.gov/newsevents/press/monetary/20090203a.htm 

February 3, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Sun American Bancorp, a registered bank holding company, Sun American Bank, a state chartered member bank, both of Boca Raton, Florida, the Federal Reserve Bank of Atlanta, and the Florida Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20090203c.htm 

February 3, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Elmwood Financial Corporation, a registered bank holding company, Bank of Elmwood, a state chartered member bank, both of Racine, Wisconsin, the Federal Reserve Bank of Chicago, and the Wisconsin Department of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20090203b.htm 

February 3, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between First SCK Financial Corporation, Anthony, Kansas, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090203a.htm 

February 2, 2009 - St. Louis Fed Announces Changes to the Memphis Branch Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its Memphis Branch board of directors. www.stlouisfed.org/news/releases/2009/02_02_09a.html 

February 2, 2009 - St. Louis Fed Announces Changes to the Louisville Branch Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its Louisville Branch board of directors. www.stlouisfed.org/news/releases/2009/02_02_09.html 

February 2, 2009 - Survey - The January 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/SnLoanSurvey/200902/default.htm 

February 2, 2009 - Statistical Release - G.5 Foreign Exchange Rates (Monthly) - The Table Below Shows The Average Rates Of Exchange In January 2009 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/default.htm 

 

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