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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

January 2008

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January 31, 2008 - Approval of the discount rate action of the Federal Reserve Banks of Richmond, Minneapolis, and Dallas.   www.federalreserve.gov/newsevents/press/monetary/20080131a.htm 

January 31, 2008 - Comptroller Dugan Expresses Concern About Commercial Real Estate Concentrations - Comptroller of the Currency John C. Dugan told a bank conference today that the OCC is focusing increased attention on problems arising from high community bank concentrations in commercial real estate at a time of significant market disruptions and declining house and condominium sales and values. www.occ.treas.gov/ftp/release/2008-9.htm 

January 31, 2008 - Comptroller Dugan Supports Earned Income Tax Credit Awareness Day - Comptroller of Currency John C. Dugan today issued the following statement in recognition of Earned Income Tax Credit Awareness Day. www.occ.treas.gov/ftp/release/2008-8.htm 

January 31, 2008 - Statistical Release - G.20 Finance Companies www.federalreserve.gov/releases/g20/Current/ 

January 30, 2008 - Priest Reappointed to St. Louis Fed's Little Rock Branch Board - Sharon Priest, executive director of the Downtown Little Rock Partnership, has been reappointed to a three-year term on the board of directors of the Little Rock Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/01_30_08.html 

January 30, 2008 - NCUA Announces 2008 Schedule for Credit Union Workshops.  www.ncua.gov/news/press_releases/2008/MR08-0130.htm 

January 30, 2008 - FDIC Makes Public November 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 November. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08008.html 

January 30, 2008 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent. www.federalreserve.gov/newsevents/press/monetary/20080130a.htm 

January 29, 2008 - National Credit Union Administration Board Member Gigi Hyland facilitated a webinar today entitled "Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning." The webinar provided over 2,300 registered participants from credit unions and state leagues an opportunity to learn more about these key examination issues. www.ncua.gov/news/press_releases/2008/MA08-0129.htm 

January 29, 2008 - International Competition and Inflation: A New Keynesian Perspective - Luca Guerrieri, Christopher Gust, and David Lopez-Salido - We develop and estimate an open economy New Keynesian Phillips curve in which variable demand elasticities give rise to changes in desired markups in response to changes in competitive pressure from abroad. A parametric restriction on our specification yields the standard NKPC, in which the elasticity is constant, and there is no role for foreign competition to influence domestic inflation. www.federalreserve.gov/pubs/ifdp/2008/918/ifdp918.htm 

January 29, 2008 - Measuring U.S. International Relative Prices: A WARP View of the World - Charles P. Thomas, Jaime Marquez, and Sean Fahle - In this paper we construct a new measure of U.S. prices relative to those of its trading partners and use it to reexamine the behavior of U.S. net exports. Our measure differs from existing measures of the dollar's real effective exchange rate in that it explicitly incorporates both the difference in price levels between the United States and developing economies and the growing importance of these developing economies in world trade. www.federalreserve.gov/pubs/ifdp/2008/917/ifdp917.htm 

January 29, 2008 - SR Letter 08-1 - Communication of Examination/Inspection Findings - An important part of the examination and inspection of banking organizations is the communication of findings to the directors and senior management. Examination and inspection findings may be communicated in writing through formal reports, through letters summarizing the results of targeted reviews or a roll-up of those reviews, or through some combination thereof, depending upon the size and complexity of the organization. www.federalreserve.gov/boarddocs/srletters/2008/SR0801.htm 

January 29, 2008 - Federal Reserve announces results of auction of $30 billion in 28-day credit held on January 28, 2008.  www.federalreserve.gov/newsevents/press/monetary/20080129a.htm 

January 28, 2008 - The Federal Reserve has issued a final rule for the Home Mortgage Disclosure Act exemption threshold for depository institutions under Regulation C. www.occ.treas.gov/ftp/bulletin/2008-1.html 

January 28, 2008 - The Office of the Comptroller of the Currency has been informed by the Florida Office of Financial Regulation that fraudulent letters appearing to be sent from that office to financial institutions are currently in circulation. www.occ.treas.gov/ftp/alert/2008-5.html 

January 28, 2008 - The Federal Reserve Board on Monday announced the termination of the enforcement action listed United Bancshares, Inc., Philadelphia, Pennsylvania, Written Agreement dated February 23, 2000 Terminated January 22, 2008.  www.federalreserve.gov/newsevents/press/enforcement/20080128a.htm 

January 28, 2008 - Midwest Manufacturing Output Edges Up in December - Chicago Fed Midwest Manufacturing Index rose 0.1% in December. www.chicagofed.org/economic_research_and_data/files/cfmmi_december2007.pdf 

January 28, 2008 - Alta Alliance Bank Founder Joins Federal Reserve Bank of San Francisco Board of Directors Arnold T. Grisham - Arnold T. Grisham, organizing founder, president and CEO of Alta Alliance Bank in Oakland, California, joins the Federal Reserve Bank of San Francisco's board of directors for a three-year term beginning January 1, 2008. www.frbsf.org/news/releases/2008/0128.html 

January 25 , 2008 - OCC Closes Douglass National Bank and Appoints FDIC Receiver - Douglass National Bank, Kansas City, Missouri, was closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed receiver. Douglass National Bank's primary market was Kansas City, Kansas. The bank, with approximately $53 million in assets, was established in 1983 and was chartered as a national bank in 1997. www.occ.treas.gov/ftp/release/2008-7.htm 

January 25, 2008 - Update on FASB Interpretation No. 48 on Uncertain Tax Positions On January 23, 2008, the Financial Accounting Standards Board decided to defer the effective date of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for eligible nonpublic enterprises and to require those enterprises to adopt FIN 48 for annual periods beginning after December 15, 2007. As a result, nonpublic banks that meet certain conditions are eligible to defer their implementation of FIN 48 for Call Report purposes until 2008. www.ffiec.gov/pdf/fin48guidance.pdf 

January 25, 2008 - FDIC Approves the Assumption of all the Deposits of Douglass National Bank, Kansas City, Missouri - The Board of Directors of the Federal Deposit Insurance Corporation today approved the assumption of all the deposits of Douglass National Bank, Kansas City, Missouri, by Liberty Bank and Trust Company, New Orleans, Louisiana. www.fdic.gov/news/news/press/2008/pr08007.html 

January 25, 2008 - The Federal Reserve Board on Friday announced its approval of the application by The PNC Financial Services Group, Inc., Pittsburgh, to merge with Sterling Financial Corporation, Lancaster, both of Pennsylvania, and the application by PNC Bank Delaware, Wilmington, to merge with Delaware Sterling Bank & Trust Company, Christiana, both of Delaware. www.federalreserve.gov/newsevents/press/orders/20080125c.htm

January 25, 2008 - St. Louis Fed Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its board of directors: www.stlouisfed.org/news/releases/2008/01_25_08b.html 

January 25, 2008 - Blatteis and Miller Reappointed to St. Louis Fed's Memphis Branch Board; Duckett Joins St. Louis Fed Headquarters Board - Charles S. Blatteis, partner in The Bogatin Law Firm, PLC, in Memphis, has been reappointed to a three-year term on the board of directors of the Memphis Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/01_25_08.html 

January 25, 2008 - The Federal Reserve Board on Friday approved the application by State Bank of India, Mumbai, India, to establish a branch in Jackson Heights, New York. www.federalreserve.gov/newsevents/press/orders/20080125b.htm 

January 25, 2008 - On January 28, 2008, the Federal Reserve will offer $30 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/20080125a.htm 

January 25, 2008 - Facing the Challenge of Retiree Health Care - Chicago Fed and The Civic Federation present a forum on retiree health care for state and local government. www.chicagofed.org/news_and_conferences/conferences_and_events/2008_civic_federation.cfm 

January 24, 2008 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Atlanta and Kansas City, decreasing the discount rate at the Banks from 4-3/4 percent to 4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080124a.htm
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January 25, 2008 - FDIC Approves the Assumption of all the Deposits of Douglass National Bank, Kansas City, Missouri - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved the assumption of all the deposits of Douglass National Bank, Kansas City, Missouri, by Liberty Bank and Trust Company, New Orleans, Louisiana. http://www.fdic.gov/news/news/press/2008/pr08007.html

January 25, 2008 - OCC Closes Douglass National Bank and Appoints FDIC Receiver - Douglass National Bank, Kansas City, Missouri, was closed today by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. http://www.occ.treas.gov/ftp/release/2008-7.htm

January 25, 2008 - Thirteen People Indicted, Seven More Plead Guilty, in $20 Million Home Equity Loan Scheme.
http://www.fdicoig.gov/press/pr01-18-08.html

January 24, 2008 - OTS Appoints Frederick R. Casteel Ombudsman - The Office of Thrift Supervision announced today the appointment of Frederick R. Casteel as OTS Ombudsman. www.ots.treas.gov/docs/7/778001.html 

January 24, 2008 - The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Aldo N. Morales, former vice president, loan officer, and institution-affiliated party of Coconut Grove Bank, Miami, Florida. Mr. Morales, without admitting to any allegations, consented to the issuance of the Order which was based on his alleged violations of law, unsafe and unsound banking practices, and breaches of fiduciary duties to the Bank, in connection with his activities as a lending officer with respect to the Bank's dealer-referred subprime automobile lending program. www.federalreserve.gov/newsevents/press/enforcement/20080124b.htm

January 24, 2008 - NCUA - Results of the 01/24/2008 NCUA Board Meeting are available.  www.ncua.gov/NCUABoard/board_reports/board_reports.html 

January 24, 2008 - NCUA Selects Public Service Credit Union to Absorb Norlarco - The National Credit Union Administration today selected Public Service Credit Union's bid to purchase the assets and assume the shares of Norlarco Credit Union of Ft. Collins, Colorado. Public Service Credit Union of Denver, Colorado, will provide Norlarco members with uninterrupted credit union service following consolidation of the two credit unions. www.ncua.gov/news/press_releases/2008/MR08-0124.htm 

January 24, 2008 - The Federal Reserve Board on Thursday announced the issuance of consent Order of Assessment of a Civil Money Penalty against Traders Bank, Spencer, West Virginia, a state member bank. Traders 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. www.federalreserve.gov/newsevents/press/enforcement/20080124a.htm 

January 23, 2008 - OCC Announces New Electronic Interpretations and Actions - January 2008.  www.occ.treas.gov/interp/jan08/intjan08.htm 

January 23, 2008 - Tim Long and Jennifer Kelly Named to Key Supervision Posts - Comptroller of the Currency John C. Dugan announced today he has named Tim Long to be Senior Deputy Comptroller for Bank Supervision Policy, and that Jennifer Kelly will succeed Mr. Long as Senior Deputy Comptroller for Mid-Size and Community Bank Supervision. www.occ.treas.gov/ftp/release/2008-6.htm 

January 22, 2008 - December Economic Growth Below Average - The Chicago Fed National Activity Index was -0.91 in December, down from -0.29 in November. www.chicagofed.org/economic_research_and_data/files/cfnai_january2008.pdf 

January 22, 2008 - Comptroller of the Currency Hosts Workshop for New Community Bank Directors in Phoenix - The Office of the Comptroller of the Currency will host a workshop for new national community bank directors at the Arizona Biltmore Resort in Phoenix, February 25-27. www.occ.treas.gov/ftp/release/2008-5.htm 

January 22, 2008 - Thomas J. Dujenski Named FDIC Dallas Regional Director - Thomas J. Dujenski, a 25-year FDIC veteran, has been appointed FDIC Regional Director for the Division of Supervision and Consumer Protection's Dallas Region. He has been serving as Deputy Regional Director (Risk Management) for the Kansas City Region. www.fdic.gov/news/news/press/2008/pr08006.html 

January 22, 2008 - FDIC Names Robert Mooney and Kathleen Nagle to Senior Posts in Division of Supervision and Consumer Protection - The FDIC today announced the appointments of two agency veterans to senior positions within its Division of Supervision and Consumer Protection : Robert W. Mooney as Deputy Director for Consumer Protection and Community Affairs, and Kathleen G. Nagle as Associate Director for Consumer Protection. www.fdic.gov/news/news/press/2008/pr08005.html 

January 22, 2008 - Approval of the discount rate action of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Dallas, San Francisco, and St. Louis.  www.federalreserve.gov/newsevents/press/monetary/20080122c.htm 

January 22, 2008 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Chicago and Minneapolis.   www.federalreserve.gov/newsevents/press/monetary/20080122b.htm 

January 18, 2008 - Splitsville: St. Louis Fed Analyzes Economics of Unilateral Divorce.  www.stlouisfed.org/news/releases/2008/01_18_08.html 

January 18, 2008 - St. Louis Fed's The Regional Economist: Splitsville: The Economics of Unilateral Divorce; Stable Prices, Stable Economy; Clearing the Haze: New Evidence on the Economic Impact of Smoking Bans; Community Profile: Carbondale, Ill. www.stlouisfed.org/news/releases/2008/01_18_08b.html 

January 18, 2008 - Continuous Time Extraction of a Nonstationary Signal with Illustrations in Continuous Low-pass and Band-pass Filtering - Tucker S. McElroy and Thomas M. Trimbur - This paper sets out the theoretical foundations for continuous-time signal extraction in econometrics. Continuous-time modeling gives an effective strategy for treating stock and flow data, irregularly spaced data, and changing frequency of observation.  www.federalreserve.gov/pubs/feds/2008/200806/index.html 

January 18, 2008 - Nominal Mortgage Contracts and the Effects of Inflation on Portfolio Allocation - Joseph B. Nichols - Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage payments from taking on a new mortgage is positive and an increasing function of inflation; higher inflation thus discourages households from re-balancing their portfolio as frequently as they would otherwise. www.federalreserve.gov/pubs/feds/2008/200805/index.html 

January 18, 2008 - Stability of Risk Preference - Claudia R. Sahm - Stability of preferences is central to how economists study behavior. This paper uses panel data on hypothetical gambles over lifetime income in the Health and Retirement Study to quantify changes in risk tolerance over time and differences across individuals. The maximum-likelihood estimation of a correlated random effects model utilizes information from 12,000 respondents in the 1992-2002 HRS. www.federalreserve.gov/pubs/feds/2008/200804/index.html 

January 18, 2008 - Bank Core Deposits and the Mitigation of Monetary Policy - Lamont Black, Diana Hancock, and Wayne Passmore - We consider the business strategy of some banks that provide relationship loans (where they have loan origination and monitoring advantages relative to capital markets) with core deposit funding (where they can pass along the benefit of a sticky price on deposits). These "traditional banks" tend to lend out less than the deposits they take in, so they have a "buffer stock" of core deposits. www.federalreserve.gov/pubs/feds/2008/200803/index.html 

January 18, 2008 - Two Pitfalls of Linearization Methods - Jinill Kim and Sunghyun Henry Kim - This paper illustrates two types of pitfalls in using linearization methods. First, if constraints are linearized before deriving optimality conditions, the derived conditions are not correct up to first order. Second, even when the behavior of the economy is correct to the first order, applying this behavior to welfare implications may lead to incorrect results. www.federalreserve.gov/pubs/feds/2008/200802/index.html 

January 18, 2008 - Explaining a Productive Decade - Stephen D. Oliner, Daniel E. Sichel, and Kevin J. Stiroh - This paper analyzes the sources of U.S. productivity growth in recent years using both aggregate and industry-level data. We confirm the central role for information technology in the productivity revival during 1995-2000 and show that IT played a significant, though smaller, role after 2000. www.federalreserve.gov/pubs/feds/2008/200801/index.html 

January 18, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks - Statistical Supplement to the Federal Reserve Bulletin, December 2007 www.federalreserve.gov/releases/bulletin/1207assets.htm
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January 17, 2008 - Visiting China - Chicago Fed Letter summarizes impressions of the Chinese economy and financial system from a 2007 visit by Fed officials. www.chicagofed.org/publications/fedletter/cflfebruary2008_247a.pdf 

January 17, 2008 - Midwest Economic Activity Expanding at Slow Pace - According to Fed's Beige Book, economic activity continued to expand at a slow pace in December and early January. www.federalreserve.gov/fomc/beigebook/2008/20080116/7.htm 

January 17, 2008 - NCUA Terminates Garden Savings Federal Credit Union Cease and Desist Order - The National Credit Union Administration Board has terminated a cease and desist order issued July 3, 2007, to Garden Savings Federal Credit Union for violations of the Bank Secrecy Act. The violations have been resolved and the credit union is now BSA compliant. www.ncua.gov/news/press_releases/2008/MR08-0117.htm 

January 17, 2008 - OCC Releases CRA Evaluations For 26 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, 2007 through January 14, 2008. www.occ.treas.gov/ftp/release/2008-4.htm 

January 17, 2008 - Risks of Identity Theft: Can the Market Protect the Payment System? http://www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-34.pdf

January 17, 2008 - Rising Foreclosures in the United States: A Perfect Storm.  www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-32.pdf 

January 17, 2008 - Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated - Erik Hjalmarsson and Par Osterholm - We investigate the properties of Johansen's (1988, 1991) maximum eigenvalue and trace tests for cointegration under the empirically relevant situation of near-integrated variables. Using Monte Carlo techniques, we show that in a system with near-integrated variables, the probability of reaching an erroneous conclusion regarding the cointegrating rank of the system is generally substantially higher than the nominal size. www.federalreserve.gov/pubs/ifdp/2007/915/ifdp915.htm 

January 17, 2008 - The Stambaugh Bias in Panel Predictive Regressions - Erik Hjalmarsson - This paper analyzes predictive regressions in a panel data setting. The standard fixed effects estimator suffers from a small sample bias, which is the analogue of the Stambaugh bias in time-series predictive regressions. Monte Carlo evidence shows that the bias and resulting size distortions can be severe. www.federalreserve.gov/pubs/ifdp/2007/914/ifdp914.htm 

January 17, 2008 - India's Future: It's About Jobs - Geoffrey N. Keim and Beth Anne Wilson - Projections of sustained strong growth in India depend importantly on the utilization of the huge increase in India's working-age population projected over the next two decades. To date, however, India's economic growth has been concentrated in high-skill and capital-intensive sectors, and has not generated strong employment growth. In this paper, we highlight the tension between India's performance in output and employment, describe the characteristics of India's demographic dividend, and discuss impediments to India's shift away from agriculture. www.federalreserve.gov/pubs/ifdp/2007/913/ifdp913.htm 

January 17, 2008 - Testimony of Chairman Ben S. Bernanke - The economic outlook.   www.federalreserve.gov/newsevents/testimony/bernanke20080117a.htm 

January 16, 2008 - Approval of proposal by eBANK - The Federal Reserve Board on Wednesday announced its approval of the application filed by eBANK Corporation, Tokyo, Japan, to establish a representative office in San Francisco, California. www.federalreserve.gov/newsevents/press/orders/20080116a.htm 

January 16, 2008 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/fomc/beigebook/2008/20080116/default.htm 

January 16, 2008 - Statistical Release -G.17 Industrial Production - www.federalreserve.gov/releases/g17/default.htm 

January 15, 2008 - Results of January 14 TAF Auction - The Fed conducted an auction of $30 billion in 28-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20080115a.htm 

January 15, 2008 - NCUA - Registration Now Open for Webinar on Key Examination Issues for 2008 - Registration for the Tuesday, January 29, 2008 webinar entitled "Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning" is now open. www.ncua.gov/news/press_releases/2008/MA08-0115.htm 

January 14, 2008 - Vest Named to St. Louis Fed's Health Care Industry Council - Jan C. Vest, CEO of Signature Health Services, Inc., a physician-owned, multi-specialty group practice in St. Louis, Mo., has been named to the Health Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/01_14_08c.htm 

January 14, 2008 - Fewer Workers Could Lead to Lower Standard of Living: St. Louis Fed Analysis - While there are more people currently participating in the U.S. labor market than ever before, most studies estimate that the rate of growth of the labor force will decrease over the next decade, which could mean fewer workers generating goods, services and income. www.stlouisfed.org/news/releases/2008/01_14_08.htm 

January 14, 2008 - St. Louis Fed's Review: Changing Trends in the Labor Force; The Microfinance Revolution; A Primer on the Mortgage Market and Mortgage Finance; Thinking Like a Central Banker.  www.stlouisfed.org/news/releases/2008/01_14_08b.htm 

January 14, 2008 - Comptroller of the Currency Announces Community Bank Directors Workshops for 2008 - The Office of the Comptroller of the Currency today announced its 2008 schedule of workshops for national community bank directors. www.occ.treas.gov/ftp/release/2008-2.htm 

January 14, 2008 - 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/2008-3.htm 

January 14, 2008 - Processing Deposit Accounts in a Bank Failure; Modernizing Large-Bank Insurance Determinations Notice of Proposed Rulemaking - The FDIC is proposing the attached two-part rulemaking relating to the potential failure of an FDIC-insured depository institution: The first part of the proposal would govern how and at what point deposit account balances would be determined in the event of a failure, and applies to all FDIC- insured depository institutions. The second part proposes requirements to facilitate the process for determining the insurance status of depositors of large insured depository institutions in the event of failure. www.fdic.gov/news/news/financial/2008/fil08002.html 

January 14, 2008 - Legal Interpretations - Federal Reserve Act, December 21, 2007.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2007/20071221/20071221.pdf 

January 14, 2008 - Proposals for Comment - Proposal to extend for three years with revision the following currently approved collections of information: FFIEC 002 and FFIEC 002S.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

January 11, 2008 - Governor Frederic S. Mishkin - Monetary Policy Flexibility, Risk Management, and Financial Disruptions - At the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/mishkin20080111a.htm 

January 11, 2008 - Federal Reserve will offer $30 billion in 28-day credit through its term auction facility on January 14, 2008 www.federalreserve.gov/newsevents/press/monetary/20080111a.htm
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January 10, 2008 - The Federal Reserve Board on Thursday announced that the Federal Reserve Banks distributed approximately $34.437 billion of their $41.941 billion total income to the U.S. Treasury during 2007. www.federalreserve.gov/newsevents/press/other/20080110a.htm 

January 10, 2008 - U.S. Economic Growth Somewhat Below Potential in 2008 - Chicago Fed Letter Recaps Economic Outlook Symposium: Inflation will decrease; unemployment rate will edge higher, according to participants. www.chicagofed.org/publications/fedletter/cflfebruary2008_247.pdf 

January 10, 2008 - OCC Annual Report, Fiscal Year 2007 - Accompanying discussions of the OCC, its finances, and its financial management are sections on the agency's prominent national and international supervisory activities in 2007, as well as sections on the importance of community banking and consumer protection to the national banking system. www.occ.treas.gov/annrpt/annual.htm 

January 10, 2008 - Analytical Case for Loan Modification Reported in FDIC Quarterly Study on Feasibility of Voluntary Excess Deposit Insurance also Featured. - In the current issue of FDIC Quarterly, released today, the FDIC outlines the analytical case for a systematic and streamlined loan modification process that will help avert foreclosure for borrowers who are current on their loans, but who cannot refinance or afford the higher payments when interest rates reset. www.fdic.gov/news/news/press/2008/pr08004.html 

January 10, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 7-1/2 percent in November. The interest rate on 48-month car loans for November was incorrectly reported as 8.41% in the release issued on January 8. The release has been corrected to show an interest rate of 7.59%. www.federalreserve.gov/releases/g19/Current/ 

January 10, 2008 - Speech by Chairman Ben S. Bernanke - Financial Markets, the Economic Outlook, and Monetary Policy.   www.federalreserve.gov/newsevents/speech/bernanke20080110a.htm 

January 9, 2008 - NCUA - Woodson Joins NCUA as Chief Financial Officer - The National Credit Union Administration has selected Mary Ann Woodson as Chief Financial Officer of NCUA effective January 14, 2008. www.ncua.gov/news/press_releases/2008/MR08-0109.htm 

January 9, 2008 - 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 2008. www.federalreserve.gov/newsevents/press/other/20080109a.htm 

January 9, 2008 - John Hardage Named Director for Congressional Liaison - The Office of the Comptroller of the Currency announced today that John K. Hardage has been named Director for Congressional Liaison. Mr. Hardage, who joined the OCC in 1997, had been Deputy Director for Congressional Liaison. www.occ.treas.gov/ftp/release/2008-1.htm 

January 9, 2008 - 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/2008/pr08003.html 

January 8, 2008 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from November 5 through December 11, 2007. www.federalreserve.gov/newsevents/press/monetary/20080108a.htm 

January 8, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Southern Bank of Commerce, Paragould, Arkansas, the Federal Reserve Bank of St. Louis, and the Arkansas State Bank Department. www.federalreserve.gov/newsevents/press/enforcement/20080108a.htm 

January 7, 2008 - New Financial Services Web Site Introduced - Federal Reserve Banks unveil redesigned site with many new benefits for customers. www.frbservices.org/index.html 

January 7, 2008 - FDIC Appoints Luke Brown as Associate Director for Compliance Policy - The Federal Deposit Insurance Corporation has appointed Luke Brown as the Associate Director for Compliance Policy in the Division of Supervision and Consumer Protection. As Associate Director, Mr. Brown will lead staff efforts to ensure bank compliance with consumer protection laws and regulations, the Community Reinvestment Act and Fair Lending. www.fdic.gov/news/news/press/2008/pr08002.html 

January 5, 2008 - Speech by Vice Chairman Donald L. Kohn - Recent and Prospective Developments in Monetary Policy Transparency and Communications: A Global Perspective.  www.federalreserve.gov/newsevents/speech/kohn20080105a.htm 

January 4, 2008 - Licensing Manual Update, January 2008 - The revised "Investment In Subsidiaries and Equities" booklet of the Licensing Manual series contains several revisions including clarification of the OCC's authority in regards to offshore subsidiaries and the repeal of certain geographic limits for bank service companies. www.occ.treas.gov/corpbook/group2/public/pdf/opsubs.pdf 

January 4, 2008 - Legal Interpretations - Bank Holding Company/Change in Control, November 19, 2007.   www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2007/20071218.pdf 

January 4, 2008 - Speech by Vice Chairman Donald L. Kohn -Expertise and Macroeconomic Policy, Comments on "Insiders versus Outsiders in Monetary Policy-Making," by Timothy Besley, Neil Meads, and Paolo Surico.  www.federalreserve.gov/newsevents/speech/kohn20080104a.htm 

January 4, 2008 - The Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in January. It will offer $30 billion in the auction to be held on Monday, January 14 and $30 billion in the auction to be held on Monday, January 28. www.federalreserve.gov/newsevents/press/monetary/20080104a.htm
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January 3, 2008 - FDIC Makes Public October 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 October. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08001.html 

January 3, 2008 - NCUA - The January 2008 NCUA Newsletter is available.  http://www.ncua.gov/news/newsletter/NCUA/2008January.pdf 

January 3, 2008 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the check processing operations of the Federal Reserve Banks of New York, Philadelphia, and Cleveland, and provided notice relating to future changes to Appendix A. www.federalreserve.gov/newsevents/press/all/20080102a.htm 

January 2, 2008 - NCUA - Media Advisory - Board Member Hyland Announces Webinar on Key Examination Issues for 2008.   www.ncua.gov/news/press_releases/2008/MA08-0102.htm 

January 2, 2008 - Licensing Manual Update, December 2007 - The revised "Charters" booklet of the Licensing Manual series contains several revisions including streamlined application requirements and clarification of capital considerations. www.occ.treas.gov/corpbook/group4/public/pdf/charters.pdf 

January 2, 2008 - OCC Announces New Electronic Interpretations and Actions - December 2007.  www.occ.treas.gov/interp/dec07/intdec07.htm 

January 2, 2008 - Statistical Release - G.5A Foreign Exchange Rates (Annual).  www.federalreserve.gov/releases/g5a/current/ 

January 2, 2008 - Minutes of Federal Open Market Committee, December 6 and 11, 2007.   www.federalreserve.gov/monetarypolicy/files/fomcminutes20071211.pdf 

 

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