Bank Regulatory News

February 2010

February 26, 2010 - Umpqua Bank, Roseburg, Oregon, Assumes All of the Deposits of Rainier Pacific Bank, Tacoma, Washington - Rainier Pacific Bank, Tacoma, Washington, was closed today by the Washington 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 Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Rainier Pacific Bank. www.fdic.gov/news/news/press/2010/pr10041.html 

February 26, 2010 - Heritage Bank of Nevada, Reno, Nevada, Assumes All of the Deposits of Carson River Community Bank, Carson City, Nevada - Carson River Community Bank, Carson City, Nevada, was closed today by the Nevada Department of Business and Industry, 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 Heritage Bank of Nevada, Reno, Nevada, to assume all of the deposits of Carson River Community Bank. www.fdic.gov/news/news/press/2010/pr10040.html 

February 26, 2010 - Comptroller Dugan tells House Panel OCC Takes Balanced Approach in Examinations, But Warns that Lower Demand, Distressed Banks, and Tighter Underwriting Present Ongoing Challenges to Loan Growth - Comptroller of the Currency John C. Dugan told a Congressional panel today that access to credit is critical to the health of our nation's economy and that national banks play a vital role in meeting this need. www.occ.treas.gov/ftp/release/2010-24.htm 

February 26, 2010 - Office of the Comptroller of the Currency Provides Consumer Information At National Consumer Protection Week Event on Capitol Hill - The Office of the Comptroller of the Currency promoted awareness of consumer protection resources during today's National Consumer Protection Week event on Capitol Hill. www.occ.treas.gov/ftp/release/2010-23.htm 

February 26, 2010 - 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. www.fdic.gov/news/news/press/2010/pr10039.html 

February 26, 2010 - Firm-Specific Capital, Nominal Rigidities and the Business Cycle - David Altig, Lawrence J. Christiano, Martin Eichenbaum, and Jesper Linde - This paper formulates and estimates a three-shock US business cycle model. The estimated model accounts for a substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true even though firms in the model reoptimize prices on average once every 1.8 quarters. www.federalreserve.gov/pubs/ifdp/2010/990/ifdp990.htm 

February 26, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

February 26, 2010 - FFIEC Retail Payment Systems Booklet - The Federal Financial Institutions Examination Council has issued updated guidance for examiners, financial institutions, and technology service providers on the risks and risk-management practices applicable to financial institutions' retail payment systems activities. The guidance, which is included in the FFIEC Information Technology Examination Handbook, is an update to the "Retail Payment Systems Booklet" (Booklet), which was issued in March 2004. www.federalreserve.gov/boarddocs/srletters/2010/SR1003.htm#access 

February 26, 2010 - Clarification of the Risk Weight for Claims on or Guaranteed by the Federal Deposit Insurance Corporation - The Federal Reserve, along with the other federal banking agencies, has adopted the attached statement, Clarification of the Risk Weight for Claims on or Guaranteed by the FDIC, in response to recent questions.
Press Release: www.federalreserve.gov/boarddocs/srletters/2010/SR1004.htm#access 
Press Release: www.fdic.gov/news/news/financial/2010/fil10007.html 

February 26, 2010 - Governor Daniel K. Tarullo - Financial Regulatory Reform - At the U.S. Monetary Policy Forum, New York, New York.   www.federalreserve.gov/newsevents/speech/tarullo20100226a.htm 

February 26, 2010 - The Federal Reserve Board on Friday announced the approval of an application by ABN AMRO Bank N.V., Amsterdam, The Netherlands, to establish a representative office in New York, New York. www.federalreserve.gov/newsevents/press/orders/20100226a.htm
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February 26, 2010 - Governor Elizabeth A. Duke - Small business lending - Before the Committee on Financial Services and Committee on Small Business, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/duke20100226a.htm 

February 25, 2010 - Two Members Join Federal Reserve Bank of Kansas City's Community Development Advisory Council.   www.kc.frb.org/pubaffrs/pressrel/2010pdf/press.release.10.05.pdf 

February 25, 2010 - The Federal Financial Institutions Examination Council today issued updated guidance for examiners, financial institutions, and technology service providers on the risks associated with retail payment systems.
Press Release: www.ffiec.gov/press/pr022510.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2010-9.html 

February 25, 2010 - Retail Payment Systems Booklet - Update to FFIEC IT Examination Handbook Series - The Federal Financial Institutions Examination Council has issued an updated Retail Payment Systems booklet. The booklet is part of the IT Examination Handbook series and serves as guidance for examiners, financial institutions, and service providers on identifying and controlling risks related to retail payment systems and related banking activities. www.fdic.gov/news/news/financial/2010/fil10006.html 

February 25, 2010 - Bank and Thrift Regulatory Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference - The federal bank and thrift regulatory agencies and the Community Development Financial Institutions Fund will be hosting the 2010 National Interagency Community Reinvestment Conference in New Orleans, Louisiana, from March 14 to 18, 2010.
Press Release: www.fdic.gov/news/news/press/2010/pr10038.html 
Press Release: www.occ.treas.gov/ftp/release/2010-22.htm 
Press Release: www.federalreserve.gov/newsevents/press/other/20100225a.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=0224659e-1e0b-8562-eb3b-3c619cc208aa&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 25, 2010 - FDIC Issues Second Quarter 2010 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 2010. This list is published pursuant to revised CRA regulations published in May 1995 that require each federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. www.fdic.gov/news/news/press/2010/pr10037.html 

February 25, 2010 - Legal Developments - Section 19 letter, September 23 and December 14, 2009.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2009.htm 

February 25, 2010 - Labor Market Search in Emerging Economies - Emine Boz, Ceyhun Bora Durdu, and Nan Li - This paper shows that labor markets of emerging economies are characterized by large fluctuations in wages while employment fluctuations are subdued. We find that a real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions can account for these aforementioned regularities. www.federalreserve.gov/pubs/ifdp/2009/989/default.htm 

February 25, 2010 - Asset Returns with Earnings Management - Bo Sun - The paper investigates stock return dynamics in an environment where executives have an incentive to maximize their compensation by artificially inflating earnings. A principal-agent model with financial reporting and managerial effort is embedded in a Lucas asset-pricing model with periodic revelations of the firm's underlying profitability. The return process generated from the model is consistent with a range of financial anomalies observed in the return data: volatility clustering, asymmetric volatility, and increased idiosyncratic volatility. www.federalreserve.gov/pubs/ifdp/2009/988/default.htm 

February 25, 2010 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/default.htm 

February 25, 2010 - Pricing Counterparty Risk at the Trade Level and CVA Allocations - Michael Pykhtin and Dan Rosen - We address the problem of allocating the counterparty-level credit valuation adjustment to the individual trades composing the portfolio. We show that this problem can be reduced to calculating contributions of the trades to the counterparty-level expected exposure conditional on the counterparty's default. www.federalreserve.gov/pubs/feds/2010/201010/201010abs.html  

February 25, 2010 - Are Spectral Estimators Useful for Implementing Long-Run Restrictions in SVARs? - Elmar Mertens - No, not really, since spectral estimators suffer from small sample and misspecification biases just as VARs do. Spectral estimators are no panacea for implementing long-run restrictions. www.federalreserve.gov/pubs/feds/2010/201009/index.html 

February 25, 2010 - Distance Still Matters: The Information Revolution in Small Business Lending and the Persistent Role of Location, 1993-2003 - Kenneth P. Brevoort, John A. Holmes, and John D. Wolken - In a seminal article on small business lending, Petersen & Rajan (2002) argue that technological changes have revolutionized small business lending markets, weakening the reliance of small businesses on local lenders and increasing geographic distances between firms and their credit suppliers.  www.federalreserve.gov/pubs/feds/2010/201008/index.html 

February 25, 2010 - Legal Developments - Section 19 letters, January 8 (2 letters), and 15, 2010.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2010.htm 

February 25, 2010 - Scott G. Alvarez, General Counsel - Incentive compensation - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20100225a.htm 

February 25, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Citizens Bancorp, Nevada City, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100225a.htm 

February 24, 2010 - Thrift Industry Breaks Even in 2009 - U.S. thrift industry earnings showed signs of stabilizing in 2009 as the industry posted a profit of $505 million in the fourth quarter and essentially broke even for the year, the Office of Thrift Supervision reported today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=fce97176-1e0b-8562-eb3b-7740d28fcf09&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 24, 2010 - Home Mortgage Disclosure - Revised Booklet - Changes in booklet include a revised definition of a rate-spread loan and associated changes to examination procedures. Also, banks must now download disclosure statements from the FFIEC Web site. www.occ.treas.gov/ftp/bulletin/2010-8.html 

February 24, 2010 - Interest on Required 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.  www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

February 24, 2010 - Revised Interagency Examination Procedures for Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z - Truth in Lending. These revised procedures supersede the Regulation Z interagency examination procedures transmitted with CA 09-9. www.federalreserve.gov/boarddocs/caletters/2010/1001/caltr1001.htm 

February 24, 2010 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20100224a.htm 

February 24, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Pacific State Bancorp, a registered bank holding company, Pacific State Bank, a state chartered member bank, both of Stockton, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20100224c.htm 

February 24, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Bankers' Bank of the West Bancorp, a registered bank holding company, Bankers' Bank of the West, a state chartered member bank, both of Denver, Colorado, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking. www.federalreserve.gov/newsevents/press/enforcement/20100224b.htm 

February 24, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Mercantile Bancorp, Inc., Quincy, Illinois, a registered bank holding company, and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/newsevents/press/enforcement/20100224a.htm 

February 23, 2010 - Federal Reserve Bank of Kansas City Announces Officer Promotions.   www.kc.frb.org/pubaffrs/pressrel/2010pdf/press.release.10.04.pdf 

February 23, 2010 - St. Louis Fed's Bullard: Fed is the Nation's "Best Chance" for Avoiding Future Financial Crises - In remarks today to the CFA Virginia Society in Richmond, Va., St. Louis Fed President James Bullard provided an overview of the origins of the financial crisis and explained why most of the regulatory reform proposals under debate in Washington will not be adequate for preventing future crises. www.stlouisfed.org/newsroom/displayNews.cfm?article=620 

February 23, 2010 - FDIC-Insured Institutions Report Earnings of $914 Million in the Fourth Quarter of 2009 - Full-Year Net Income Totaled $12.5 Billion - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported an aggregate profit of $914 million in the fourth quarter of 2009, a $38.7 billion improvement from the $37.8 billion net loss the industry sustained in the fourth quarter of 2008, but still well below historical norms for quarterly profits.  www.fdic.gov/news/news/press/2010/pr10036.html 

February 23, 2010 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/ 

February 23, 2010 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meeting on January 25, 2010. www.federalreserve.gov/newsevents/press/monetary/20100223a.htm 

February 23, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Heritage Commerce Corp, a registered bank holding company, Heritage Bank of Commerce, a state chartered member bank, both of San Jose, California, the Federal Reserve Bank of San Francisco, and the California Office of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20100223a.htm 

February 22, 2010 - Economic Activity Increased Sharply in January - The Chicago Fed National Activity Index was +0.02 in January, up from -0.58 in December. www.chicagofed.org/digital_assets/publications/cfnai/2010/cfnai_february2010.pdf 

February 22, 2010 - Chicago Fed National Activity Index Turns Ten - Chicago Fed Letter examines how the CFNAI has performed as a "real-time" indicator of economic activity and related inflationary pressure during its first decade. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2010/cflapril2010_273.pdf 

February 22, 2010 - FDIC Calls Upon Consumers to Save and Build Wealth - The Federal Deposit Insurance Corporation is calling upon consumers across the nation during America Saves Week to consider establishing a basic savings account or boosting existing savings.  www.fdic.gov/news/news/press/2010/pr10035.html 

February 22, 2010 - Bank account overdraft fees can be a source of unexpected costs for consumers. A new online Federal Reserve Board publication will help consumers better understand rules that provide additional protection when a debit card or automated teller machine transaction causes an account to be overdrawn. www.federalreserve.gov/newsevents/press/other/20100222a.htm 

February 19, 2010 - OCC Appoints Receiver for La Coste National Bank - The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation as receiver for La Coste National Bank, La Coste, Texas. As of December 31, 2009, the bank had approximately $54 million of total assets. www.occ.treas.gov/ftp/release/2010-20.htm 

February 19, 2010 - OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of La Jolla Bank, FSB, La Jolla, California - La Jolla Bank, FSB, La Jolla, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with OneWest Bank, FSB, Pasadena, California, to assume all of the deposits of La Jolla Bank, FSB. www.fdic.gov/news/news/press/2010/pr10034.html 

February 19, 2010 - FirstMerit Bank, National Association, Akron, Ohio, Assumes All of the Deposits of George Washington Savings Bank, Orland Park, Illinois - George Washington Savings Bank, Orland Park, 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 FirstMerit Bank, National Association, Akron, Ohio, to assume all of the deposits of George Washington Savings Bank. www.fdic.gov/news/news/press/2010/pr10033.html 

February 19, 2010 - Community National Bank, Hondo, Texas, Assumes All of the Deposits of the La Coste National Bank, La Coste, Texas - The La Coste National Bank, La Coste, Texas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community National Bank, Hondo, Texas, to assume all of the deposits of The La Coste National Bank. www.fdic.gov/news/news/press/2010/pr10032.html 

February 19, 2010 - OCC Releases CRA Evaluations For 9 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, 2010 through February 14, 2010. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. www.occ.treas.gov/ftp/release/2010-19.htm 

February 19, 2010 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2010-18.htm 

February 19, 2010 - Mutual of Omaha Bank, Omaha, Nebraska, Assumes All of the Deposits of Marco Community Bank, Marco Island, Florida - Marco Community Bank, Marco Island, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Mutual of Omaha Bank, Omaha, Nebraska, to assume all of the deposits of Marco Community Bank. www.fdic.gov/news/news/press/2010/pr10031.html 

February 19, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update; new chart: Support for Specific Institutions.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

February 19, 2010 - The Federal Reserve Board on Friday launched a new interactive website to help consumers better understand the new credit card protections that will take effect on February 22. These rules ban several harmful practices and require greater transparency in the disclosure of the terms and conditions of credit card accounts. www.federalreserve.gov/newsevents/press/other/20100219a.htm 

February 19, 2010 - The Federal Reserve Board on Friday proposed clarifications to aspects of its November 2009 final rule under Regulation E and its December 2008 final rule under Regulation DD pertaining to overdraft services. www.federalreserve.gov/newsevents/press/bcreg/20100219a.htm 

February 18, 2010 - Governor Elizabeth A. Duke - Unusual and Exigent: My First Year at the Fed - At the Economics Club of Hampton Roads, Norfolk, Virginia www.federalreserve.gov/newsevents/speech/duke20100218a.htm 
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February 18, 2010 - Midwest Farmland Values Up Slightly - Latest AgLetter reports annual farmland values were up 2 percent in 2009. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/february_2010.pdf 

February 18, 2010 - Tax Refund Anticipation Loans: Guidance on Consumer Protection and Safety and Soundness - Bulletin 2010-7 communicates OCC expectations for national banks involved in providing tax refund-related products, including refund anticipation loans.   www.occ.treas.gov/ftp/bulletin/2010-7.html 

February 18, 2010 - Comptroller of the Currency Hosts Community Bank Directors Workshop in St. Louis, Missouri - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks in St. Louis, Missouri, at the Hyatt Regency Riverfront, March 23, 2010. www.occ.treas.gov/ftp/release/2010-17.htm 

February 18, 2010 - OCC Reaches Agreement with Capital One on Unfair Credit Card Account Closing Practices - The Office of the Comptroller of the Currency announced today that it has entered into a Formal Agreement with Capital One Bank (USA), N.A., Glen Allen, VA , directing Capital One to reimburse consumers harmed by Capital One's credit card account closing practices. The practices in question occurred from 2004 to 2006, before the Bank became a national bank subject to the OCC's supervision. www.occ.treas.gov/ftp/release/2010-16.htm 

February 18, 2010 - OCC Issues Consumer Advisory and Policy Statement - Regarding Tax Refund-Related Products - The Office of the Comptroller of the Currency today released a consumer advisory and policy statement regarding tax refund-related products, including refund anticipation loans. www.occ.treas.gov/ftp/release/2010-15.htm 

February 18, 2010 - St. Louis Fed President James Bullard Will Discuss Financial Regulatory Reform.  www.stlouisfed.org/newsroom/displayNews.cfm?article=614 

February 18, 2010 - The Federal Reserve Board on Thursday announced that in light of continued improvement in financial market conditions it had unanimously approved several modifications to the terms of its discount window lending programs. www.federalreserve.gov/newsevents/press/monetary/20100218a.htm 

February 18, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between SunFirst Corporation, St. George, Utah, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100218d.htm 

February 18, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between First National Corporation, Savannah, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100218c.htm 

February 18, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between TCM Company, Crete, Nebraska, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20100218b.htm 

February 18, 2010 - The Federal Reserve Board on Thursday announced the issuance of a Prompt Corrective Action Directive with the consent of Marco Community Bank, Marco Island, Florida, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100218a.htm 

February 17, 2010 - The Impact of the Financial Crisis on Community Banks: A Conference Summary - By Mark H. Kawa, Steven VanBever - Representing the Federal Reserve System at the Community Bankers Symposium were Elizabeth A. Duke, Governor, Board of Governors of the Federal Reserve System.  www.chicagofed.org/webpages/publications/chicago_fed_letter/2010/march_272a.cfm 

February 17, 2010 - Measuring the Equilibrium Real Interest Rate - Alejandro Justiniano Giorgio E. Primiceri - The equilibrium real interest rate represents the real rate of return required to keep the economy's output equal to potential output. This article discusses how to measure the equilibrium real interest rate, using an empirical structural model of the economy. www.chicagofed.org/digital_assets/publications/economic_perspectives/2010/1qtr2010_part2_justiniano_primiceri.pdf 

February 17, 2010 - Economic Perspectives - First Quarter 2010 Edition - Interest Rates Following Financial Re-regulation(pdf)Jeffrey R. Campbell Zvi Hercowitz - This article uses a calibrated general-equilibrium model of lending from the wealthy to the middle class to evaluate the effects of tightening household lending standards.  www.chicagofed.org/digital_assets/publications/economic_perspectives/2010/1qtr2010_part1_campbell_hercowitz.pdf 

February 17, 2010 - OTS Acting Director Bowman to Discuss Thrift Industry Performance in Fourth Quarter of 2009 - The Office of Thrift Supervision will hold a news briefing at 10 a.m. on Wednesday, February 24, 2010, to release and discuss performance data for federally regulated thrifts for the fourth quarter of 2009. OTS Acting Director John E. Bowman will conduct the briefing. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=dde733f3-1e0b-8562-eb2f-fc346644b555&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

February 17, 2010 - Licensing Manual Update, October 2009 - A revised "Branches and Relocations" booklet is on the Web site for use. It contains information on intermittent branches and expanded definitions concerning insider activities. www.occ.treas.gov/corpbook/group2/public/pdf/branches.pdf

February 17, 2010 - INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION - Industrial production increased 0.9 percent in January following a gain of 0.7 percent in December. Manufacturing production rose 1.0 percent in January, with increases for most of its major components, while the indexes for both utilities and mining advanced 0.7 percent.   www.federalreserve.gov/releases/g17/Current/default.htm 

February 17, 2010 - Interest on Required Reserve Balances and Excess Balances Maintenance period ending February 17, 2010 - 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 17, 2010 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 26-27, 2010. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the January 26-27, 2010 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20100217a.htm 

February 17, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Community National Bancorporation, Waterloo, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20100217c.htm 

February 17, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Beach First National Bancshares, Inc., Myrtle Beach, South Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20100217b.htm 

February 17, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Community First Bank-Chicago, Chicago, Illinois, a state chartered member bank, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20100217a.htm 

February 16, 2010 - NCUA - Biliouris Named Special Assistant to NCUA's Executive Director - National Credit Union Administration today announced the selection of Matthew Biliouris to the new position of Special Assistant to the NCUA Executive Director. Biliouris will join the Office of the Executive Director effective March 8, 2010, after most recently serving as a program officer in the Office of Examination and Insurance. www.ncua.gov/news/press_releases/2010/MR10-0216Biliours.pdf 

February 16, 2010 - The Federal Financial Institutions Examination Council, on behalf of its members, released an updated edition of its white paper today on mortgage fraud detection and deterrence. The primary objective is to help examiners understand, identify, and detect mortgage fraud schemes and elements. The white paper defines various types of fraud, gives examples of how individuals commit fraud, provides a list of red flags, and outlines best practices.
Press Release: www.ffiec.gov/press/pr021610.htm 
Press Release: www.ncua.gov/news/press_releases/2010/MR10-0216_MgtFraud.pdf 

February 16, 2010 - 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.
www.federalreserve.gov/generalinfo/fhc/ 

February 12, 2010 - NCUA Approves Low-Income CU Interim Capital Rule - The Board of the National Credit Union
Administration, by notation vote February 9th, unanimously approved an interim final rule regarding use of secondary capital by low-income designated
credit unions. www.ncua.gov/news/press_releases/2010/MA10-0212.pdf 

February 12, 2010 - "Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?" by Yan Zhang - This paper focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing. www.occ.treas.gov/ftp/workpaper/wp2010-1.pdf 

February 12, 2010 - Ag Credit Survey Finds That Crop Values Strengthen.  www.kc.frb.org/pubaffrs/pressrel/2010pdf/press.release.10.03.pdf 

February 12, 2010 - FDIC Provides Additional Information on its Loss Share Agreement With OneWest Bank - FDIC Director of Public Affairs Andrew Gray said, "It is unfortunate but necessary to respond to blatantly false claims in a web video that is being circulated about the loss-sharing agreement between the FDIC and OneWest Bank. Here are the facts:   www.fdic.gov/news/news/press/2010/onewest_lossshare.html 

February 12, 2010 - Interagency Statement on Meeting the Needs of Creditworthy Small Business Borrowers. 
Press Release: www.federalreserve.gov/boarddocs/srletters/2010/SR1002.htm 
Press Release: www.fdic.gov/news/news/financial/2010/fil10005.html
Press Release: www.occ.treas.gov/ftp/release/2010-14.htm 

February 12, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

February 12, 2010 - Governor Daniel K. Tarullo - Equipping financial regulators with the tools necessary to monitor systemic risk - Before the Subcommittee on Security and International Trade and Finance, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20100212a.htm
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February 10, 2010 - Impact of the Financial Crisis on Community Banks - Chicago Fed Letter explores possible risks and regulations facing community banks. www.chicagofed.org/webpages/publications/chicago_fed_letter/2010/march_272a.cfm 

February 10, 2010 - Interest on Required 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.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

February 10, 2010 - Chairman Ben S. Bernanke - Federal Reserve's exit strategy - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20100210a.htm 

February 9, 2010 - On February 8, 2010, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:  www.federalreserve.gov/newsevents/press/monetary/20100209a.htm 

February 8, 2010 - Dr. Kaleybra Mitchell Morehead Appointed to the St. Louis Fed's Little Rock Branch Board of Directors - Dr. Kaleybra Mitchell Morehead, associate vice president for College Affairs/Institutional Advancement at Southeast Arkansas College in Pine Bluff, Ark., has been appointed to fulfill an unexpired term on the board of directors of the Little Rock Branch of the Federal Reserve Bank of St. Louis.  www.stlouisfed.org/newsroom/displayNews.cfm?article=611 

February 8, 2010 - On February 8, 2010, the Federal Reserve will offer $50 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/20100208a.htm 

February 5, 2010 - Community Development Bank, FSB, Ogema, Minnesota, Assumes All of the Deposits of 1st American State Bank of Minnesota, Hancock, Minnesota - 1st American State Bank of Minnesota, Hancock, Minnesota was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota, to assume all of the deposits of 1st American State Bank of Minnesota. www.fdic.gov/news/news/press/2010/pr10030.html 

February 5, 2010 - Regulators Issue Statement on Lending to Creditworthy Small Businesses - The federal financial regulatory agencies and the Conference of State Bank Supervisors issued a statement today on prudent lending to creditworthy small business borrowers.1 The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
Press Release: www.fdic.gov/news/news/press/2010/pr10029.html 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm 
Press Release: www.occ.treas.gov/ftp/release/2010-14.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9b20ed7d-1e0b-8562-ebc1-6853f7420584&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2010/JR10-0205.pdf 

February 5, 2010 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2010/pr10028.html 

February 5, 2010 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 4-3/4 percent in the fourth quarter of 2009. Revolving credit decreased at an annual rate of 13 percent, and nonrevolving credit was unchanged on net. In December, consumer credit decreased at an annual rate of 3/4 percent. www.federalreserve.gov/releases/g19/current/default.htm 

February 5, 2010 - Open Government Initiative - Open Government webpage - The Board of Governors of the Federal Reserve System's Open Government webpage provides information about the Board's activities related to the Open Government Directive and includes links to Board data, reports, speeches and testimony, press releases, and other Board publications. www.federalreserve.gov/open/default.htm 

February 5, 2010 - Credit and Liquidity Programs and the Balance Sheet Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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February 4, 2010 - Capital Treatment for FAS 166 and FAS 167: Final Rule - Final rule amends risk-based capital requirements relating to the Financial Accounting Standard Board's adoption of Statement Numbers 166 and 167. www.occ.treas.gov/ftp/bulletin/2010-5.html 

February 4, 2010 - The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market - Morten L. Bech and Elizabeth Klee - To combat the financial crisis that intensified in the fall of 2008, the Federal Reserve injected a substantial amount of liquidity into the banking system. The resulting increase in reserve balances exerted downward price pressure in the federal funds market, and the effective federal funds rate began to deviate from the target rate set by the Federal Open Market Committee. www.federalreserve.gov/pubs/feds/2010/201007/201007abs.html 

February 4, 2010 - The Finances of American Households in the Past Three Recessions: Evidence from the Survey of Consumer Finances -Kevin B. Moore and Michael G. Palumbo - The downturn in economic activity in the U.S. that began in December 2007 (as determined by researchers with the National Bureau of Economic Research) has been noticeably deeper and has already lasted considerably longer than the prior two recessions--those beginning in July 1990 and in March 2001.  www.federalreserve.gov/pubs/feds/2010/201006/201006abs.html 

February 4, 2010 - Constant Proportion Debt Obligations: A Post-Mortem Analysis of Rating Models - Michael B. Gordy and Søren Willemann - In its complexity and its vulnerability to market volatility, the CPDO might be viewed as the poster child for the excesses of financial engineering in the credit market. This paper examines the CPDO as a case study in model risk in the rating of complex structured products.  www.federalreserve.gov/pubs/feds/2010/201005/index.html 

February 4, 2010 - Income Taxes, Compensating Differentials, and Occupational Choice: How Taxes Distort the Wage-Amenity Decision - Hui Shan and David Powell - The link between taxes and occupational choices is central for understanding the welfare impacts of income taxes. Just as taxes distort the labor-leisure decision, they also distort the wage-amenity decision.  www.federalreserve.gov/pubs/feds/2010/201004/index.html 

February 4, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Citizens Bancshares, Inc., a registered bank holding company, The Citizens Bank of Edmond, a state chartered member bank, both of Edmond, Oklahoma, the Federal Reserve Bank of Kansas City, and the Oklahoma State Banking Department. www.federalreserve.gov/newsevents/press/enforcement/20100204a.htm

February 3, 2010 - 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/newsroom/displayNews.cfm?article=607 

February 3, 2010 - 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/newsroom/displayNews.cfm?article=605 

February 3, 2010 - 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/newsroom/displayNews.cfm?article=606 

February 3, 2010 - Chairman Ben S. Bernanke - Swearing-In Ceremony Remarks - At the Ceremonial Swearing-In, Federal Reserve Board, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20100203a.htm 

February 3, 2010 - Governor Kevin Warsh - Regulation and Its Discontents - At the New York Association for Business Economics, New York, New York.  www.federalreserve.gov/newsevents/speech/warsh20100203a.htm 

February 3, 2010 - Ben S. Bernanke was formally sworn in for a second four-year term as Chairman of the Board of Governors of the Federal Reserve System at a ceremony Wednesday afternoon in the atrium of the Board's main building in Washington. www.federalreserve.gov/newsevents/press/other/20100203a.htm 

February 3, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Palm Desert Investments, Palm Desert, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100203a.htm 

February 2, 2010 - Comptroller Dugan Says Minimum Underwriting Standards Could Play Major Role in Reforming Securitization Markets - Comptroller of the Currency John C. Dugan said today that a robust securitization market is vital to funding the needs of consumers and businesses, and urged policy makers to focus reform efforts on improving underwriting standards rather than "skin-in-the game" risk retention proposals. www.occ.treas.gov/ftp/release/2010-13.htm 

February 2, 2010 - Economics Working Paper 2009-5, "Correlation in Credit Risk" by Xiaoling Pu and Xinlei Zhao - Observable risk factors cannot fully explain correlation in credit risk. Further, the correlation is countercyclical and higher among firms with low credit ratings. www.occ.treas.gov/ftp/workpaper/wp2009-5.pdf 

February 2, 2010 - The Federal Reserve Board on Tuesday announced its approval of the application by The Warehouse Trust Company LLC, New York, New York, to become a member of the Federal Reserve System. Warehouse Trust proposes to operate a central trade registry for credit default swap contracts and to offer related services, including the processing of life-cycle events for the contracts and facilitation of payments settlement. www.federalreserve.gov/newsevents/press/orders/20100202a.htm 

February 2, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Rising Sun Bancorp, a registered bank holding company, NBRS Financial Bank, a state chartered member bank, both of Rising Sun, Maryland, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20100202a.htm 

February 1, 2010 - Groundhog Day for Chicago's Economy? - In a recent blog posting, Chicago Fed Economist William Testa talks about Chicago's path of growth and development. http://midwest.chicagofedblogs.org/archives/2010/02/questioning_chi.html 

February 1, 2010 - St. Louis Fed Announces Winners of Collegiate Contest for Best Economic Concept YouTube Video.   www.stlouisfed.org/newsroom/displayNews.cfm?article=604 

February 1, 2010 - Federal Open Market Committee - Annual report on the Freedom of Information Act, fiscal year 2009.   www.federalreserve.gov/fomc/foia/fomc_anrpt_2009.htm 

February 1, 2010 - Surveys and Reports The January 2010 Senior Loan Officer Opinion Survey.   www.federalreserve.gov/boarddocs/snloansurvey/201002/ 

February 1, 2010 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/g20.htm

February 1, 2010 - Statistical Release - Minority-Owned Banks - Minority Owned Financial Institutions And Their Branches as of September 30, 2009.   www.federalreserve.gov/releases/mob/current/default.htm 

February 1, 2010 - The Federal Reserve on Monday launched a website to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.org, also provides a refresher course for experienced board members. www.federalreserve.gov/newsevents/press/other/20100201a.htm 

February 1, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Peoples, Inc., a registered bank holding company, Peoples Bank, a state chartered member bank, both of Lawrence, Kansas, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20100201a.htm