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January 31, 2007 - Comptroller Dugan Supports Moratorium On ILCs
with Commercial Affiliations And Urges Congress to Address Anomalous
Treatment of ILC Holding Companies - Comptroller of the Currency
John C. Dugan voted today for a one-year moratorium on applications
for deposit insurance by industrial loan companies with commercial
affiliations, saying that Congress should have an opportunity to
consider the issue.
January 31, 2007 - Federal Reserve Bank of St. Louis Announces
Changes to Memphis Branch Board - The Federal Reserve Bank of St.
Louis announced the following changes to its Memphis Branch board of
January 31, 2007 - The FDIC Board of Directors voted to continue for
one year a moratorium on applications for deposit insurance and
change in control notices for industrial loan companies that will be
owned by commercial companies. The moratorium does not apply to ILCs
owned by financial companies. In addition, the Board voted to issue
for public comment a proposed rule (Part 354) to strengthen the
framework for consideration of applications or notices for
industrial banks owned by financial companies not subject to federal
consolidated bank supervision.
January 31, 2007 - OCC Announces New Electronic Interpretations and
Actions - January 2007.
January 31, 2007 - The Federal Open Market Committee decided today
to keep its target for the federal funds rate at 5-1/4 percent.
January 30, 2007 - NCUA Outreach Task Force Holds First Meeting -
The National Credit Union Administration Outreach Task Force held
its first meeting at NCUA headquarters today. The thirteen member
group had an opportunity to meet each other and conduct an initial
discussion on the recommendations of NCUA's Member Service
Assessment Pilot and the GAO Report on credit unions' service and
senior executive compensation arrangements.
January 30, 2007 - OTS Director Reich Applauds Efforts of The
Financial Literacy and Education Commission - Office of Thrift
Supervision Director John Reich applauded the efforts of the
Financial Literacy and Education Commission today at its 10th
meeting. Reich recognized the efforts of the Commission in promoting
awareness of the importance of financial education at all stages of
January 30, 2007 - Compliance Examination Handbook Revised Handbook
Now Available - The FDIC has revised its Compliance Examination
Handbook. The new handbook contains the FDIC's compliance
examination policies and procedures in effect as of June 2006. It
also includes revised Community Reinvestment Act examination
procedures and performance evaluations.
January 30, 2007 - Bank Secrecy Act - The SAR Activity Review,
November 2006 Issue - The Financial Crimes Enforcement Network has
issued the seventh edition (November 2006) of The SAR Activity
Review By the Numbers.
January 30, 2007 - Exceptions for Banks from the Definition of
Broker - Proposed Regulation R Request for Comment by the SEC and
Federal Reserve - The FDIC is notifying FDIC-supervised banks of the
attached joint proposed rulemaking by the Securities and Exchange
Commission and the Board of Governors of the Federal Reserve System
that would implement the statutory exceptions from the definition of
"broker" contained in the Gramm-Leach-Bliley Act.
January 30, 2007 - Statistical Release - U.S. Reserve Assets;
Foreign Official Assets Held at Federal Reserve Banks.
January 29, 2007 - Can Ethanol Power the Rural Economy?
January 26, 2007 - Repeal of Certain Reporting Requirements Final
Rule Repealing Part 349 - The FDIC Board of Directors has approved
the attached final rule repealing FDIC Part 349, Reports and Public
Disclosure of Indebtedness of Executive Officers and Principal
Shareholders to a State Nonmember Bank and its Correspondent Banks.
The final rule became effective on December 22, 2006.
January 26, 2007 - NCUA Issues Guidance on Using Automated Valuation
Methods to Evaluate Collateral - NCUA opines in-house review of
market valuations provided by an AVM meets regulatory requirements
for written estimate of value.
January 26, 2007 - OCC and Mississippi Banking Department Agree to
Share Consumer Complaint Information - Mississippi Department of
Banking and Consumer Finance Commissioner John Allison and Office of
the Comptroller of the Currency Ombudsman Samuel P. Golden have
signed a Memorandum of Understanding that provides a mechanism for
sharing consumer complaint information between their two regulatory
January 25, 2007 - Registered Transfer Agents: Transfer Agent
Registration, Annual Reporting, and Withdrawal from Registration -
Securities and Exchange Commission amendments require registered transfer
agents to file Form TA-2 electronically through its data-gathering system no
later than March 31.
January 25, 2007 - Career Opportunities - As the central bank of the United
States, the Federal Reserve's mission is to provide the nation with a safer,
more flexible, and more stable monetary and financial system. For us to
succeed in meeting this public mandate, we depend on the expertise,
judgment, integrity, and dedication of employees with various skills,
backgrounds, and training. As a Federal Reserve staff member, you will play
a critical role in accomplishing this mission.
January 24, 2007 - Bank Securities Activities: SEC's and Federal Reserve's
Proposed Regulation R - Proposed rules would define the SEC's oversight of
banks' securities brokerage activities and exempt banks from certain
January 24, 2007 - NCUA Issues Prohibition Orders -
January 24, 2007 - Home Mortgage Disclosure Act: Exemption Threshold for
Depository Institutions under Regulation C - Amendment to interpretation of
Regulation C of Home Mortgage Disclosure Act raises asset size threshold of
exemption for depository institutions required to report data; effective
January 24, 2007 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Order of Assessment of a Civil Money Penalty against
Pacific Mercantile Bank, Costa Mesa, California, a state member bank.
Pacific Mercantile Bank, without admitting to any allegations, consented to
the issuance of the Order in connection with its alleged violations of the
Board's Regulations implementing the National Flood Insurance Act.
January 24, 2007 - The Federal Reserve Board and the New York State Banking
Department on Wednesday announced the execution of a Written Agreement by
and among Sumitomo Mitsui Banking Corporation, Tokyo, Japan; the bank's
branch in New York, New York; the Federal Reserve Bank of New York; and the
New York State Banking Department.
January 23, 2007 - NCUA - Regultory Alert 07-RA-01- Home Mortgage Disclosure
Act Data Collection Requirements for 2007.
January 22, 2007 - Community Reinvestment Act: Small Bank Asset Threshold
and Other Regulatory Revisions - increase the asset size that define a
"small bank" and an "intermediate small bank" and 2) clarify the
relationship of the regulation's section 25.26 to Appendix A.
January 22, 2007 - OTS Appoints Susan L. Chomicz Deputy Chief Counsel for
Enforcement -The Office of Thrift Supervision announced today the
appointment of Susan L. Chomicz as Deputy Chief Counsel for Enforcement. In
this position, Ms. Chomicz will report to the OTS Chief Counsel, John E.
Bowman, and will be responsible for overseeing the handling of all legal
work in connection with pending enforcement matters at the OTS.
January 22, 2007 - Predatory Lending - FDIC's Supervisory Policy on
Predatory Lending - The attached FDIC Supervisory Policy on Predatory
Lending describes certain characteristics of predatory lending, and
reaffirms that such activities are inconsistent with safe and sound lending
and undermine individual, family and community economic well-being.
January 19, 2007 - Federal Reserve Bank of St. Louis Announces Changes to
Louisville Branch Board.
January 19, 2007 - Federal Reserve Bank of St. Louis Announces Changes to
Little Rock Branch Board and Headquarters Board.
January 19, 2007 - OCC Releases CRA Evaluations For 36 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 December 15, 2006 through January 14, 2007.
January 19, 2007 - NCUA Issues Prohibition Orders
January 18, 2007 - Governor Susan Schmidt Bies - Economic Outlook and
Developments in Mortgage Markets - At the Eller College of Management
Distinguished Speaker Series, Tucson, Arizona
January 18, 2007 - Comptroller Dugan Highlights
Importance of Financial Literacy Programs - Comptroller of the
Currency John C. Dugan highlighted the importance of financial
literacy programs in remarks today for a telephone conference
sponsored by the American Bankers Association.
January 18, 2007 - Community Affairs Conferences - Fifth Community
Affairs Research Conference, March 29-30, 2007.
January 18, 2007 - Testimony of Chairman Ben S. Bernanke - Before
the Committee on the Budget, U.S. Senate.
January 17, 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.
January 17, 2007 - NCUA Issues 2007 Regulatory Review List - The
National Credit Union Administration has posted its 2007 Regulatory
Review List, which includes the regulations the Board has scheduled
to review this year.
January 17, 2007 - Comptroller John C. Dugan Highlights Important
Role Played by the OCC's Consumer Complaint Function - Comptroller
of the Currency John C. Dugan today highlighted the OCC's efforts to
assist national bank customers with questions and complaints, and
said the information gathered from that process has a direct impact
upon bank supervision and bank retail practices generally.
January 17, 2007 - Beige Book - Informal review by the Federal
Reserve Banks of current economic conditions in their Districts.
January 17, 2007 - Industrial Production And Capacity Utilization -
Industrial production rose 0.4 percent in December after a decrease
of 0.1 percent in November. Output in November was previously
estimated to have advanced; weaker data for a number of industries,
particularly steel, led to the downward revision.
January 17, 2007 - Governor Frederic S. Mishkin - The Role of House
Prices in Formulating Monetary Policy - At the Forecasters Club of
New York, New York, New York
January 16, 2007 - A Primer on the Macroeconomic Implications of
Population Aging - Louise Sheiner, Daniel Sichel , and Lawrence
Slifman - The composition of the U.S. population will change
significantly in coming decades as the decline in fertility rates
following the baby boom, coupled with increasing longevity, leads to
an older population. This demographic shift will likely have a
dramatic effect on the long-run prospects for living standards.
January 16, 2007 - NCUA General Counsel Opinion 06-1135 - Federal
Credit Union's Ability to Provide First-time Homebuyer.
January 16, 2007 - NCUA General Counsel Opinion 06-0817 - Funding
Potential Employee Benefit Plan Obligation.
January 16, 2007 - OCC Offers Tips to Help Consumers Avoid Cashier's
Check Fraud - The Office of the Comptroller of the Currency issued
an advisory today that provides advice to help consumers avoid
becoming victims of scams involving cashier's checks.
January 16, 2007 - Mortgage Loan Fraud Industry Assessment Based on
Suspicious Activity Report Analysis - The Department of the
Treasury's Financial Crimes Enforcement Network has prepared an
assessment of mortgage loan fraud, which it based on its analysis of
Suspicious Activity Reports.
January 16, 2007 - Volunteer Income Tax Assistance - A Reminder and
Update About Potential CRA and Business Opportunities - Volunteer
Income Tax Assistance sites offer an opportunity for institutions to
provide a financial service to underserved low- and moderate-income
January 16, 2007 - FDIC Encourages Taxpayers to Take Advantage of
IRS Programs and Save More of Their Refunds - With the start of the
tax season, the Federal Deposit Insurance Corporation is encouraging
low- and moderate-income taxpayers to take advantage of IRS programs
and bank services that can help them save more money for future
goals, including buying a home or funding a child's education.
January 16, 2007 - Revised Suspicious Activity Report by Depository
Institutions - Since 1996, the federal financial institutions
regulatory agencies1 and the Financial Crimes Enforcement Network
have required banking organizations to report known or suspected
violations of law as well as suspicious transactions on Suspicious
Activity Reports. Law enforcement agencies use the information
reported on the SAR form in criminal investigations, and Federal
Reserve staff use the information in the examination and oversight
of supervised institutions.
January 16, 2007 - Federal Reserve Banks Announce New Studies to
Examine Nation's Check and Electronic Payments Usage - The Federal
Reserve Banks today announced plans to conduct another round of
studies to determine the current composition of the nation's retail
payments market, including checks, credit and debit cards, and
automated clearing house transactions.
January 12, 2007 - Optimal Fiscal and Monetary Policy When Money is
Essential - S. Boragan Aruoba and Sanjay K. Chugh - We study optimal
fiscal and monetary policy in an environment where explicit
frictions give rise to valued money, making money essential in the
sense that it expands the set of feasible trades. Our main results
are in stark contrast to the prescriptions of earlier flexible-price
January 12, 2007 - Efficiency in Housing Markets: Do Home Buyers
Know how to Discount? - Erik Hjalmarsson and Randi Hjalmarsson - We
test for efficiency in the market for Swedish co-ops by examining
the negative relationship between the sales price and the present
value of future rents. If the co-op housing market is efficient, the
present value of co-op rental payments due to underlying debt
obligations of the cooperative should be fully reflected in the
January 12, 2007 - Sovereign Debt Crises and Credit to the Private
Sector - Carlos Arteta and Galina Hale - We argue that, through its
effect on aggregate demand and country risk premia, sovereign debt
restructuring can adversely affect the private sector's access to
foreign capital markets.
January 12, 2007 - International Cross-listing, Firm Performance and
Top Management Turnover: A Test of the Bonding Hypothesis - Ugur Lel
and Darius P. Miller - We examine a primary outcome of corporate
governance, the ability to identify and terminate poorly performing
CEOs, to test the effectiveness of U.S. investor protections in
improving the corporate governance of cross-listed firms.
January 12, 2007 - Statistical Release - G.20 Finance Companies.
January 12, 2007 - Statistical Release - Corporate Medium-Term Notes
- Medium-term notes outstanding at the end of 2005 totaled $713
billion, up from $639 billion in 2004. Outstandings for financial
corporations accounted for about 90 percent of total outstandings in
2005 and continued to trend up, increasing $81 billion.
January 12, 2007 - The Federal Reserve Board on Friday approved
changes to its Policy on Payments System Risk that revise the
Board's expectations for systemically important payments and
settlement systems subject to its authority and update and clarify
the policy with regard to central counterparties.
January 11, 2007 - NCUA and FinCEN to Host Joint Seminar on Bank
Secrecy Act Compliance Programs - The National Credit Union Administration
and the Financial Crimes Enforcement Network today announced that they will
jointly host a seminar over the web "BSA: A Year in Review and Setting the
Table for 2007."
January 11, 2007 - OCC Launches Enhanced Web Site Search Capability - In
December 2006, the Office of the Comptroller of the Currency launched an
improved search engine for its public Web site using the Google Search
January 11, 2007 - Approximately 510 banks will be reassigned to different
peer groups after changes to metropolitan statistical area code definitions
are incorporated in the December 31, 2006 Uniform Bank Performance Report.
January 11, 2007 - The Federal Reserve Board on Thursday announced the
launch of a new web site for bank directors and the update of an existing
online director training course.
January 11, 2007 - Complex Structured Finance Activities Interagency
Statement on Sound Practices for Activities With Elevated Risk - The FDIC,
along with the other federal banking agencies and the Securities and
Exchange Commission, is issuing the attached final Interagency Statement on
Sound Practices Concerning Elevated Risk Complex Structured Finance
Activities (Final Statement). The Final Statement describes the types of
internal controls and risk-management policies and procedures that the
agencies have found to be useful in identifying, managing and addressing the
potentially heightened legal or reputational risks that may arise from
certain complex structured finance transactions.
January 11, 2007 - Governor Susan Schmidt Bies - Enterprise Risk Management
and Mortgage Lending At the National Credit Union Administration 2007 Risk
Mitigation Summit, Washington, D.C.
January 10, 2007 - OCC Announces New Electronic Interpretations and Actions
- December 2006.
January 10, 2007 - NCUA - Letter to Credit Unions 07-CU-01 - Credit Union
Financial Trends for the Third Quarter of 2006.
January 9, 2007 - The Federal Reserve Board on Tuesday announced that the
Federal Reserve Banks distributed approximately $28.547 billion of their
$37.838 billion total income to the U.S. Treasury during 2006.
January 9, 2007 - The Federal Reserve Board named ten new members to its
Consumer Advisory Council for three-year terms and designated a new Chair
and Vice Chair of the Council for 2007.
January 9, 2007 - The Federal Reserve Board on Tuesday released the minutes
of its discount rate meetings from November 6 through December 11, 2006.
January 9, 2007 - Community Reinvestment Act Annual Asset-size Threshold
Adjustment - The FDIC, the Federal Reserve Board, and the Office of the
Comptroller of the Currency have published the attached joint final rule
amending the Community Reinvestment Act to make the annual adjustment to the
asset-size threshold used to define "small bank" and "intermediate small
bank" under the Act.
January 9, 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
January 8, 2007 - OCC Warns National Banks on Risks Posed by Scams Involving
Fraudulent Bank Cashier's Checks - The Office of the Comptroller of the
Currency issued guidance today warning of the risks posed by scams involving
fraudulent bank cashier's checks and describing steps national banks should
take to protect themselves and their customers.
January 8, 2007 - Statistical Release - G.19 Consumer Credit - Consumer
credit increased at an annual rate of 6-1/4 percent in November, owing
mainly to brisk growth in revolving credit.
January 8, 2007 - FDIC Announces Appointment of Doreen R. Eberley As New
York Regional Director - Sandra L. Thompson, Director of the Federal Deposit
Insurance Corporation's Division of Supervision and Consumer Protection
today announced the appointment of Doreen R. Eberley as Regional Director of
DSC's New York Region.
January 8, 2007 - Statistical Release - E.15 Agricultural Finance Databook.
January 8, 2007 - Interagency Guidance on Concentrations in Commercial Real
Estate - On December 6, 2006, the Federal Reserve and the other federal
banking regulatory agencies issued interagency guidance on Concentrations in
Commercial Real Estate Lending, Sound Risk Management Practices.
January 8, 2007 - Vice Chairman Donald L. Kohn - The Economic Outlook - At
the Atlanta Rotary Club, Atlanta, Georgia.
January 5, 2007 - Agencies issue final statement concerning elevated risk
complex structured finance activities.
January 5, 2007 - Chairman Ben S. Bernanke - Central Banking and Bank
Supervision in the States At the Allied Social Science Association Annual
Meeting, Chicago, Illinois United.
January 4, 2007 - Oklahoma Business Leader Selected To Chair Federal
Reserve's Conference Of Chairmen - Robert A. Funk, chairman of the
board and chief executive officer of Express Personnel Services
International, Oklahoma City, Okla., has been elected chairman of
the Federal Reserve's Conference of Chairmen.
January 3, 2007 - Sara A. Kelsey Appointed FDIC General Counsel -
FDIC Chairman Sheila Bair today announced the appointment of Sara A.
Kelsey, Deputy Superintendent and General Counsel of the New York
State Banking Department, as the agency's new General Counsel. The
appointment was unanimously approved by the FDIC Board of Directors.
January 3, 2007 - The Federal Reserve Board and the Federal Open
Market Committee on Wednesday released the attached minutes of the
Committee meeting held on December 12, 2006.
January 3, 2007 - Supervisory Insights Journal Winter 2006 Issue Now
Available - The FDIC has announced the release of its Winter 2006
issue of Supervisory Insights, a professional journal that promotes
the practice of bank supervision. Topics of current focus for the
bank regulatory community are highlighted in this issue, including
handling IT information theft, recognizing and working through Bank
Secrecy Act violations, and looking at Unfair and Deceptive Act
January 3, 2007 - FDIC's Supervisory Insights Reports How Banks can
Effectively Handle Security Breaches Through Incident Response
Programs - Other supervisory "hot topics" covered - best practices
for identifying and controlling risk in commercial real estate
lending, how examiners identify and address unfair or deceptive acts
or practices, and understanding Bank Secrecy Act violations.
January 3, 2007 - Foreign Exchange Rates - The Table Below Shows The
Average Rates Of Exchange In December 2006 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.
January 3, 2007 - G.5a Foreign Exchange Rates - The Table Below
Shows The Average Rates Of Exchange In 2006 Together With Comparable
Figures For Other Years. 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.
January 2, 2007 - St. Louis Fed's The Regional Economist: The
Economics of Eminent Domain; Working Hard or Hardly Working? The
Evolution of Leisure in the United States; The USDA's National
Animal Identification System: Barnyard Boon or Bust?; Community
Profile: Tunica, Miss.
January 2, 2007 - St. Louis Fed Analysis Suggests Eminent Domain
Could Hinder Economic Development - Eminent domain-the power of
governments to acquire private property for public use-tends to
transfer income from one group to another and is unlikely to provide
an overall benefit to a community.
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