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 2009

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January 30, 2009 - OTS Closes Suburban Federal and Appoints FDIC Receiver - The Office of Thrift Supervision today closed the $353 million Suburban Federal Savings Bank of Crofton, Maryland, and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=29bb8bcc-1e0b-8562-ebe0-aca6798ceb47&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

January 30, 2009 - OCC Appoints FDIC Receiver for Ocala National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Ocala National Bank, Ocala, Florida. Ocala National Bank's primary market was Marion County, Florida. The bank, with approximately $223 million in assets at December 31, 2008, was established in 1986. www.occ.treas.gov/ftp/release/2009-6.htm 

January 30, 2009 - CenterState Bank Acquires All the Deposits of Ocala National Bank, Ocala, Florida - Ocala National Bank, Ocala, Florida, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. www.fdic.gov/news/news/press/2009/pr09014.html 

January 30, 2009 - Bank of Essex, Tappahannock, Virginia, Acquires All the Deposits of Suburban Federal Savings Bank, Crofton, Maryland - Suburban Federal Savings Bank, Crofton, Maryland, was closed today by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation was named receiver. www.fdic.gov/news/news/press/2009/pr09013.html 

January 30, 2009 - Flood Insurance Revised Flood Hazard Determination Form - The Federal Emergency Management Agency has issued the attached revised Standard Flood Hazard Determination Form, which includes a new Office of Management and Budget control number. The form's format and content have not changed. The updated form must be used beginning June 16, 2009. www.fdic.gov/news/news/financial/2009/fil09008.html 

January 30, 2009 - Revisions to the Consolidated Reports of Condition and Income for 2009 - The Federal Financial Institutions Examination Council has approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income. These regulatory reporting revisions will take effect on a phased-in basis during 2009. www.fdic.gov/news/news/financial/2009/fil09007.html 

January 30, 2009 - FDIC Approves the Payout of the Insured Deposits of MagnetBank, Salt Lake City, Utah - The Federal Deposit Insurance Corporation approved the payout of the insured deposits of MagnetBank, Salt Lake City, Utah. The bank was closed today by the Utah Department of Financial Institutions and the FDIC was named receiver. www.fdic.gov/news/news/press/2009/pr09012.html

January 30, 2009 - FDIC Makes Public December 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 December. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2009/pr09011.html 

January 30, 2009 - The Demand for Youth: Implications for the Hours Volatility Puzzle - Nir Jaimovich, Seth Pruitt, and Henry E. Siu - The employment and hours worked of young individuals fluctuate much more over the business cycle than those of prime-aged individuals. Understanding the mechanism underlying this observation is key to explaining the volatility of aggregate hours over the cycle. We argue that the joint behavior of age-specific hours and wages in the U.S. data point to differences in the cyclical characteristics of labor demand. www.federalreserve.gov/pubs/ifdp/2009/964/ifdp964.htm 

January 30, 2009 - Legal Developments - Section 19 Letters, December 2, 4, and 18, 2008.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2008.htm#1988 

January 30, 2009 - The Federal Reserve Board on Friday published a policy that was adopted to help avoid preventable foreclosures on certain residential mortgage assets held, owned, or controlled by a Federal Reserve Bank. The Federal Reserve Board has decided to apply the policy to the residential mortgage assets held by Maiden Lane, LLC, Maiden Lane II, LLC and Maiden Lane III, LLC. Maiden Lane, LLC was formed to facilitate the acquisition of The Bear Stearns Companies, Inc. by JPMorgan Chase. Maiden Lane II, LLC and Maiden Lane III, LLC were established in connection with the restructuring of the assistance provided by the government to American International Group, Inc. www.federalreserve.gov/newsevents/press/bcreg/20090130a.htm 

January 30, 2009 - The Federal Reserve Board on Friday announced two final rules pertaining to the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility, which extends loans to banking organizations to finance their purchases of high-quality asset-backed commercial paper from money market mutual funds. www.federalreserve.gov/newsevents/press/monetary/20090130a.htm 

January 30, 2009 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and between New Frontier Bancorp, Greeley, Colorado, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090130a.htm 
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January 29, 2009 - FDIC Advisory Committee to Explore Strategies for Increasing Access to Financial Mainstream - The FDIC Advisory Committee on Economic Inclusion will meet on February 5, 2009, to explore strategies for expanding banking services to the significant number of underserved households. An estimated 10 million households - or almost 10 percent of the U.S. population - do not have bank accounts, while many more are considered "underbanked" as they continue to rely on non-bank providers for financial services, often at a very high cost. www.fdic.gov/news/news/press/2009/pr09010.html 

January 29, 2009 - Midwest Manufacturing Output Drops in December - The Chicago Fed Midwest Manufacturing Index declined 3.6% in December, to a seasonally adjusted level of 92.2. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

January 29, 2009 - Factor Intensity and Price Rigidity: Evidence and Theory - Ekaterina V. Peneva - This paper establishes a new empirical finding: the degree of labor intensity and the degree of price flexibility are negatively correlated across industrial sectors. I model this in an economy with staggered nominal wage contracts and production sectors that differ in labor and capital intensities. Nominal disturbances affect capital-intensive and labor-intensive sectors asymmetrically: prices of labor-intensive goods change less than do prices of capital-intensive goods. www.federalreserve.gov/pubs/feds/2009/200907/index.html 

January 29, 2009 - The Federal Reserve Board on Thursday requested public comment on proposed changes to Regulation D to authorize the establishment of limited purpose accounts, called "excess balance accounts", at Federal Reserve Banks. The authorization of EBAs for the excess balances of institutions eligible to receive earnings on their balances maintained at Federal Reserve Banks is intended to address pressures on correspondent-respondent business relationships in the current market environment. www.federalreserve.gov/newsevents/press/monetary/20090129a.htm 

January 28, 2009 - OCC Announces New Electronic Interpretations and Actions - January 2009.   www.occ.treas.gov/interp/jan09/intjan09.htm 

January 28, 2009 - NCUA - Results of the 01/28/2009 NCUA Board Meeting are available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0129_results.htm 

January 28, 2009 - 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/2009/01_29_09.html 

January 28, 2009 - NCUA - Board Approves Corporate Stabilization Efforts - The National Credit Union Administration Board today approved a series of actions designed to enhance and support a corporate credit union system facing unprecedented strains on liquidity and capital due to extraordinary market disruptions and the current economic climate. Corporate credit unions provide investment and liquidity services to consumer-owned natural person credit unions. www.ncua.gov/news/press_releases/2009/MR09-0128.htm 

January 28, 2009 - St. Louis Fed President Jim Bullard to Discuss Proposals for Economic and Financial Education at Junior Achievement.   www.stlouisfed.org/news/releases/2009/01_28_09.html 

January 28, 2009 - Community Reinvestment Act Issuance of Final Interagency Questions and Answers on CRA; Request for Comment on Two Proposed Revised and One New Question and Answer - The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision have published the attached final Interagency Questions and Answers Regarding Community Reinvestment. The agencies also have published for comment one new and two revised questions and answers. The final Questions and Answers took effect when published in the Federal Register on January 6, 2009. Comments on the proposed questions and answers are due by March 9, 2009. www.fdic.gov/news/news/financial/2009/fil09006.html 

January 28, 2009 - Interest Rate Restrictions on Institutions That are Less Than Well-Capitalized - The FDIC has issued the attached proposed rule that would make certain revisions to the interest rate restrictions under Part 337.6 of the FDIC Rules and Regulations. The proposal would redefine the "national rate" as a simple average of deposit rates paid by U.S. depository institutions, thereby discontinuing the use of Treasury yields - which are currently well below average deposit rates - in the definition. www.fdic.gov/news/news/financial/2009/fil09005.html 

January 28, 2009 - Debt Guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program - This letter pertains to eligible bank and financial holding companies that are participating in the Debt Guarantee Program that is a part of the FDIC's Temporary Liquidity Guarantee Program.  www.federalreserve.gov/boarddocs/SRLETTERS/2009/SR0903.htm 

January 28, 2009 - Debt Guaranteed under the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program.   www.federalreserve.gov/boarddocs/srletters/2009/SR0903.htm 

January 28, 2009 - Daniel K. Tarullo on Wednesday took the oath of office as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Ben S. Bernanke in the Board Room. www.federalreserve.gov/newsevents/press/other/20090128a.htm 

January 28, 2009 - The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time. www.federalreserve.gov/newsevents/press/monetary/20090128a.htm 

January 28, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between America West Bank Members, L.C., Layton, Utah, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20090128a.htm 

January 27, 2009 - Economist Explores Education, Entrepreneurship - In his blog, William Testa discusses link between higher education of immigrants and their tendency toward entrepreneurship. http://midwest.chicagofedblogs.org/archives/2009/01/foreign_born_an.html 

January 27, 2009 - FDIC to Tighten and Clarify Interest Rate Restrictions on Institutions That are Less Than Well-Capitalized - The Board of Directors of the Federal Deposit Insurance Corporation today proposed for comment a regulatory change in the way the FDIC administers its statutory restrictions on the deposit interest rates paid by banks that are less than Well Capitalized. www.fdic.gov/news/news/press/2009/pr09009.html 

January 27, 2009 - FDIC Issues Final Rule on Processing of Deposit Accounts in the Event of Failure - The Board of Directors of the Federal Deposit Insurance Corporation today issued a final rule on processing deposit accounts in the event of failure. The final rule, which is a follow-up to the FDIC's issuance of an interim rule in July 2008, establishes the FDIC's practices for determining, for deposit insurance and receivership purposes, deposit and other account balances at a failed depository institution. www.fdic.gov/news/news/press/2009/pr09008.html 

January 27, 2009 - The Federal Reserve Board on Tuesday announced the appointment of the chairs and deputy chairs of the twelve Federal Reserve Banks for 2009. www.federalreserve.gov/newsevents/press/other/20090127a.htm 

January 27, 2009 - New York Fed Names William C. Dudley President - William C. Dudley was named today to serve as President and Chief Executive Officer of the Federal Reserve Bank of New York. His appointment by the Board of Directors of the New York Fed, succeeding Timothy F. Geithner who was sworn in as Secretary of the Treasury yesterday, was approved by the Federal Reserve Board of Governors. www.newyorkfed.org/newsevents/news/aboutthefed/2009/oa090127.html 

January 27, 2009 - On January 26, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090127a.htm 

January 27, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Northpointe Bancshares, Inc., Grand Rapids, Michigan, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090127a.htm 

January 26, 2009 - December Economic Activity Decreased Further - The Chicago Fed National Activity Index was -3.26 in December, down from -2.78 in November. www.chicagofed.org/economic_research_and_data/files/cfnai_january2009.pdf 

January 26, 2009 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/ 

January 26, 2009 - The Economics of the Mutual Fund Trading Scandal - Patrick E. McCabe - I examine the economic incentives behind the mutual fund trading scandal, which made headlines in late 2003 with news that several asset management companies had arranged to allow abusive--and, in some cases, illegal--trades in their mutual funds. Most of the gains from these trades went to the traders who pursued market-timing and late-trading strategies. The costs were largely borne by buy-and-hold investors, and, eventually, by the management companies themselves. www.federalreserve.gov/pubs/feds/2009/200906/index.html 

January 26, 2009 - State and Local Finances and the Macroeconomy: The High-Employment Budget and Fiscal Impetus - Glenn Follette, Andrea Kusko, and Byron Lutz - We examine the interplay of the economy and state and local budgets by developing and examining two measures of fiscal policy: the high-employment budget and fiscal impetus. We find that a 1 percentage point increase in cyclical GDP results in a 0.1 percentage point increase in NIPA-based net saving through the automatic response of taxes and expenditures. www.federalreserve.gov/pubs/feds/2009/200905/index.html 

January 26, 2009 - The Shimer Puzzle and the Identification of Productivity Shocks - Regis Barnichon - Shimer (2005) argues that the Mortensen-Pissarides model of unemployment lacks an amplification mechanism because it generates less than 10 percent of the observed business cycle fluctuations in unemployment given labor productivity shocks of plausible magnitude. www.federalreserve.gov/pubs/feds/2009/200904/index.html 

January 26, 2009 - Regression Discontinuity Estimates of the Effects of the GSE Act of 1992 - Neil Bhutta - In this paper I estimate the effect of the Underserved Areas Goal (UAG) established under the "GSE Act", a 1992 law mandating that the housing government-sponsored enterprises Fannie Mae and Freddie Mac help promote credit access and homeownership opportunities for low-income households and in low-income and minority neighborhoods. www.federalreserve.gov/pubs/feds/2009/200903/index.html 

January 26, 2009 - Firms' Relative Sensitivity to Aggregate Shocks and the Dynamics of Gross Job Flows - Eugenio P. Pinto -We propose a measure for the importance of aggregate shocks for fluctuations in job flows at the firm level. Using data for the Portuguese economy, we find that large and old firms exhibit higher relative sensitivity to aggregate shocks and have a disproportional influence over the dynamics of aggregate job reallocation. www.federalreserve.gov/pubs/feds/2009/200902/index.html 

January 26, 2009 - Distress in the Financial Sector and Economic Activity -Mark A. Carlson, Thomas B. King, and Kurt F. Lewis - This paper explores the relationship between the health of the financial sector and the rest of the economy. We develop an indicator of financial sector health using a distance-to-default measure based on a Merton-style option pricing model. www.federalreserve.gov/pubs/feds/2009/200901/index.html 

January 26, 2009 - On January 26, 2009, the Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20090126a.htm 

January 23, 2009 - First California Bank, Westlake Village, CA, Acquires the Insured Deposits of 1st Centennial Bank, Redlands, CA - 1st Centennial Bank, Redlands, California, was closed today by the California Department of Financial Institutions, which then appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First California Bank, Westlake Village, California, to assume the insured deposits of 1st Centennial. www.fdic.gov/news/news/press/2009/pr09007.html 

January 23, 2009 - Legal Interpretation - Federal Reserve Act, December 24, 2008.   www.federalreserve.gov/boarddocs/legalint/federalreserveact/2008/20081224/20081224.pdf 

January 23, 2009 - Legal Interpretation - Federal Reserve Act, January 12 and 14, 2009. www.federalreserve.gov/boarddocs/legalint/federalreserveact/2009/20090112/20090112.pdf 
www.federalreserve.gov/boarddocs/legalint/federalreserveact/2009/20090114/20090114.pdf 

January 22, 2009 - Legal Interpretations - Federal Reserve Act, January 9, 2009 www.federalreserve.gov/boarddocs/legalint/federalreserveact/2009/20090109/20090109_2.pdf   
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January 22, 2009 - Community Reinvestment Act - 2009 Interagency Questions and Answers - On January 6, 2009, the Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision published in the Federal Register "Interagency Questions and Answers Regarding Community Reinvestment" that provide comprehensive guidance regarding the Community Reinvestment Act regulations. www.occ.treas.gov/ftp/bulletin/2009-6.html 

January 22, 2009 - NCUA - Results of the 01/22/2009 NCUA Board Meeting are available. www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0122_results.htm 

January 21, 2009 - NCUA General Counsel Opinion 08-1122 - Electronic Stop Payment Order.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-1122.pdf

January 21, 2009 - NCUA General Counsel Opinion 08-1229 - Removal of Director www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-1229%20Redacted.pdf 

January 21, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshops throughout the Country in 2009 - The Office of the Comptroller of the Currency today announced its 2009 schedule of workshops for national community bank directors. www.occ.treas.gov/ftp/release/2009-5.htm 

January 21, 2009 - Genentech Executive Joins Federal Reserve Bank of San Francisco Economic Advisory Council - Susan Desmond-Hellmann, president of Product Development at South San Francisco-based Genentech, Inc. has joined the Federal Reserve Bank of San Francisco's Economic Advisory Council for a three-year term beginning January 2009. www.frbsf.org/news/releases/2009/0121.html 

January 21, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

January 21, 2009 - Banking Information & Regulation - Federal Reserve System Training Program 2009 Course Catalog www.federalreserve.gov/bankinforeg/ita_cs.htm

January 21, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between First Company, Cody, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090121a.htm 

January 20, 2009 - OCC Appoints FDIC Receiver for National Bank of Commerce - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for National Bank of Commerce, Berkeley, Illinois. National Bank of Commerce's primary market was the Chicago area. The bank, with approximately $418 million in assets at December 31, 2008, was originally established in 1966. www.occ.treas.gov/ftp/release/2009-4.htm 

January 16, 2009 - Umpqua Bank Acquires the Insured Deposits of Bank of Clark County, Vancouver, WA - Bank of Clark County, Vancouver, Washington, was closed today by the Washington Department of Financial Institutions, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume the insured deposits of the Bank of Clark County. www.fdic.gov/news/news/press/2009/pr09006.html 

January 16, 2009 - Republic Bank of Chicago Acquires All the Deposits of National Bank of Commerce, Berkeley, IL - National Bank of Commerce, Berkeley, Illinois, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce. www.fdic.gov/news/news/press/2009/pr09005.html 

January 16, 2009 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2009-3.htm

January 16, 2009 - Statistical Release - G.17 Industrial Production - Industrial production fell 2.0 percent in December, and declines were again widespread. www.federalreserve.gov/releases/g17/Current/default.htm 

January 16, 2009 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fifth and Sixth Districts. www.federalreserve.gov/newsevents/press/bcreg/20090116b.htm 

January 16, 2009 - Treasury, Federal Reserve, and the FDIC Provide Assistance to Bank of America - The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access, and capital as part of its commitment to support financial market stability.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090116a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09004.html 
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January 15, 2009 - Bank Secrecy Act/Anti-Money Laundering: Final Rule on Currency Transaction Reporting Exemptions - Final rule simplifies requirements for depository institutions to exempt their eligible customers from currency transaction reporting. Rule became effective January 5. www.occ.treas.gov/ftp/bulletin/2009-5.html

January 15, 2009 - OCC Releases CRA Evaluations For 18 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, 2008 through January 14, 2009. www.occ.treas.gov/ftp/release/2009-2.htm 

January 15, 2009 - The Federal Reserve Board on Thursday announced its approval of the proposal under section 3 of the Bank Holding Company Act by Protective Life Corporation, Birmingham, Alabama, to become a bank holding company by acquiring Bonifay Holding Company, Inc. and its subsidiary bank, The Bank of Bonifay, both of Bonifay, Florida. www.federalreserve.gov/newsevents/press/orders/20090115a.htm 

January 15, 2009 - NCUA - Agenda for the 01/22/2009 NCUA Board Meeting is available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0122.htm

January 14, 2009 - Federal Reserve Bank of Kansas City Announces Director Election Results.   www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.02.pdf 

January 14, 2009 - Unique Index on Tech-Sector Indicators Now Available Monthly on the San Francisco Fed Website - A popular and unique index, known as Tech Pulse, that measures economic indicators for the high-tech industry has returned to the internet and is now available at the Center for the Study of Innovation and Productivity website at the Federal Reserve Bank of San Francisco. www.frbsf.org/news/releases/2009/0114.html

January 14, 2009 - Risk Management of Remote Deposit Capture - The Federal Financial Institutions Examination Council has issued the attached guidance, "Risk Management of Remote Deposit Capture," to assist financial institutions in identifying risks in their remote deposit capture systems and evaluating the adequacy of controls and applicable risk management practices. The guidance addresses the necessary elements of an RDC risk management process - risk identification, assessment, and mitigation - and the measurement and monitoring of residual risk exposure.
Press Release: www.fdic.gov/news/news/financial/2009/fil09004.html 
Press Release: www.ncua.gov/news/press_releases/2009/MR09-0115.htm 
Press Release: www.federalreserve.gov/boarddocs/srletters/2009/SR0902.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2009-4.html 
Press Release: http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=d5cba41c-1e0b-8562-ebbf-43fa30b599fb&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

January 14, 2009 - Bank Secrecy Act - The SAR Activity Review by the Numbers, November 2008 Issue - The Financial Crimes Enforcement Network has issued the eleventh edition of The SAR Activity Review By the Numbers. The report includes information through June 30, 2008. www.fdic.gov/news/news/financial/2009/fil09003.html 

January 14, 2009 - Application of the Market Risk Rule in Bank Holding Companies and State Member Banks - Introduction The Federal Reserve's market risk rule establishes regulatory capital requirements for bank holding companies and state member banks with significant exposure to certain market risks. www.federalreserve.gov/boarddocs/srletters/2009/SR0901.htm 

January 14, 2009 - The Taylor Rule and Forecast Intervals for Exchange Rates - Jian Wang and Jason J. Wu - This paper attacks the Meese-Rogoff puzzle from a different perspective: out-of-sample interval forecasting. Most studies in the literature focus on point forecasts. In this paper, we apply Robust Semi-parametric interval forecasting to a group of Taylor rule models. www.federalreserve.gov/pubs/ifdp/2009/963/ifdp963.htm

January 14, 2009 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2009/ 

January 14, 2009 - Uncertainty Over Models and Data: The Rise and Fall of American Inflation - Seth Pruitt - An economic agent who is uncertain of her model updates her beliefs in response to the data. The updating is sensitive to measurement error which, in many cases of macroeconomic interest, is apparent from the process of data revision. I make this point through simple illustrations and then analyze a recent model of the Federal Reserve's role in U.S. inflation. www.federalreserve.gov/pubs/ifdp/2008/962/ifdp962.htm
 
January 14, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.  www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

January 14, 2009 - The Federal Reserve Board on Wednesday announced its approval of the notice under section 4 of the Bank Holding Company Act by Allianz SE, Munich, Germany, to retain its interest in The Hartford Financial Services Group, Inc., Hartford, Connecticut, and thereby acquire an indirect interest in Federal Trust Bank, Sanford, Florida, a federal savings association. www.federalreserve.gov/newsevents/press/orders/20090114a.htm 

January 13, 2009 - Federal Reserve Bank of Kansas City Announces Promotions.   www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.01.pdf

January 13, 2009 - Russell Goldsmith Reappointed to the Federal Advisory Council - Russell Goldsmith, chairman and CEO of City National Bank, was reappointed to represent the Twelfth Federal Reserve District on the Federal Advisory Council. His second term begins January 1, 2009. www.frbsf.org/news/releases/2009/0113.html

January 13, 2009 - St. Louis Fed's Great Depression Curriculum Features Personal Video Stories - A video recollection by St. Louis-area residents of their personal and often heart-wrenching experiences during the Great Depression is a highlight of a revamped web site by the Federal Reserve Bank of St. Louis.   www.stlouisfed.org/news/releases/2009/01_13_09.html 

January 13, 2009 - Vice Chairman Donald L. Kohn - Troubled Asset Relief Program - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/kohn20090113a.htm 

January 13, 2009 - Chairman Ben S. Bernanke - The Crisis and the Policy Response - At the Stamp Lecture, London School of Economics, London, England.  www.federalreserve.gov/newsevents/speech/bernanke20090113a.htm
 
January 13, 2009 - The Federal Reserve Board on Tuesday announced the approval of an application by DekaBank Deutsche Girozentrale, Frankfurt am Main, Germany, to establish a representative office in New York, New York. www.federalreserve.gov/newsevents/press/orders/20090113a.htm 

January 13, 2009 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings on December 15 and 16, 2008. www.federalreserve.gov/newsevents/press/monetary/20090113b.htm

January 13, 2009 - Federal Reserve announces results of auction of $150 billion in 28-day credit held on January 12, 2009.   www.federalreserve.gov/newsevents/press/monetary/20090113a.htm 

January 12, 2009 - Forecast: U.S. Economic Growth Weak in 2009 - Chicago Fed Letter summarizes the Economic Outlook Symposium's 2009 forecasts, including lower inflation and rising unemployment. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

January 12, 2009 - Monitoring the Use of Funding from Federal Financial Stability and Guaranty Programs - tate nonmember institutions should implement a process to monitor their use of capital injections, liquidity support and/or financing guarantees obtained through recent financial stability programs established by Department of the Treasury, the Federal Deposit Insurance Corporation and the Federal Reserve. www.fdic.gov/news/news/financial/2009/fil09001.html 

January 12, 2009 - Statistical Release- Minority-Owned Banks - Minority Owned Financial Institutions And Their Branches As Of September 30, 2008 Sorted By State.  www.federalreserve.gov/releases/mob/current/default.htm 

January 12, 2009 - Randall S. Kroszner submitted his resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective January 21, 2009. www.federalreserve.gov/newsevents/press/other/20090112a.htm

January 12, 2009 - On January 12, 2009, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.   www.federalreserve.gov/newsevents/press/monetary/20090112a.htm 

January 12, 2009 - Temporary Liquidity Guarantee Program Guidance to Periodic Debt Balance Reporting - On November 21, 2008, the FDIC's Board of Directors approved the final rule on the Temporary Liquidity Guarantee Program, which was announced on October 14, 2008. . The TLG Program includes a guarantee of newly issued senior unsecured debt of banks, thrifts and certain holding companies. www.fdic.gov/news/news/financial/2009/fil09002.html

January 12, 2009 - Las Vegas Business Leader Joins San Francisco Fed's Los Angeles Branch Board - The Federal Reserve Bank of San Francisco's board of directors has appointed Keith Smith, president and CEO of Boyd Gaming Corporation, to the board of directors of its Los Angeles branch. In this role, Mr. Smith joins six other directors on the Los Angeles branch board in providing the Federal Reserve System with economic information about his industry and region. www.frbsf.org/news/releases/2009/0112.html 

January 9, 2009 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2009/MA09-0109.htm 

January 9, 2009 - 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 1. www.occ.treas.gov/ftp/bulletin/2009-3.html 

January 9, 2009 - St. Louis Fed Promotes Williams to Cash Officer for Memphis Branch - The Federal Reserve Bank of St. Louis has promoted Ranada Y. Williams to cash officer for the Memphis Branch. Williams joined the St. Louis Fed in 1997 as a management analyst before transferring to the Memphis Branch in 2006. She has a bachelor's degree in business management from Washington University in St. Louis, Mo. www.stlouisfed.org/news/releases/2009/01_09_09.html 

January 9, 2009 - Statistical Supplement to the Federal Reserve Bulletin - December 2008 - Effective with the publication of the December 2008 Statistical Supplement to the Federal Reserve Bulletin, the Board is discontinuing both the print and online versions. www.federalreserve.gov/pubs/supplement/default.htm

January 9 2009 - Reports to the Congress - Government Performance and Results Act Reports: Strategic Planning Document 2008-11; Biennial Performance Plan 2008-09; Biennial Performance Report 2006-07.  www.federalreserve.gov/boarddocs/rptcongress/default.htm#gpra 

January 9, 2009 - The Federal Reserve Board on Friday announced preliminary results that indicate the Reserve Banks recorded payments and provisions for the transfer of approximately $34.9 billion of their estimated 2008 net income of $38.8 billion to the U.S. Treasury, which is comparable to the 2007 results. www.federalreserve.gov/newsevents/press/other/20090109a.htm
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January 8, 2009 - Economist Discusses Growth in Great Lakes Cities - In his blog, Chicago Fed's William Testa compares growth of Midwest metropolitan areas to those in the South and West. http://midwest.chicagofedblogs.org/archives/2009/01/great_lakes_met.html 

January 8, 2009 - St. Louis Fed's Regional Economist: Reform of Entitlement Programs Is Necessary: St. Louis Fed Analyzes the Growing U.S. Debt and Deficit www.stlouisfed.org/news/releases/2009/01_08_09.html 

January 8, 2009 - Statistical Release - G.19 Consumer Credit.  www.federalreserve.gov/releases/g19/ 

January 8, 2009 - Fiscal Policy in the European Monetary Union - Betty C. Daniel and Christos Shiamptanis - A country entering the EMU surrenders its monetary policy, and its debt becomes denominated in terms of a currency over which it has no direct control. A country's promise to uphold the fiscal limits in the Maastricht Treaty and the Stability and Growth Pact is implicitly a promise not to allow its fiscal stance to deteriorate to a position in which it places pressure on the central bank to forgo its price level target to finance fiscal deficits. www.federalreserve.gov/pubs/ifdp/2008/961/ifdp961.htm 

January 8, 2009 - Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q* - Enrique G. Mendoza - This paper shows that the quantitative predictions of a DSGE model with an endogenous collateral constraint are consistent with key features of the emerging markets' Sudden Stops. Business cycle dynamics produce periods of expansion during which the ratio of debt to asset values raises enough to trigger the constraint. www.federalreserve.gov/pubs/ifdp/2008/960/ifdp960.htm 

January 8, 2009 - NCUA Activates National Examination Team - Chairman Michael E. Fryzel announced today activation of the National Credit Union Administration National Examination Team (NET) to enhance the supervisory process in areas where economic conditions have adversely impacted federally insured credit unions.  www.ncua.gov/news/press_releases/2009/MA09-0108.htm 

January 7, 2009 - Federal Reserve Bank of St. Louis Launches Online Financial Crisis Timeline - Anyone looking for timely, insightful information on the financial crisis can now find it at a new web site launched Dec. 22 by the Federal Reserve Bank of St. Louis. As the most extensive in the Federal Reserve System, the Financial Crisis web site provides information about how major financial events hav e unfolded to date and policy actions that government agencies have taken in response www.stlouisfed.org/news/releases/2009/01_07_09.html 

January 7, 2009 - Legal Interpretations - Federal Reserve Act, November 20 and December 29, 2008.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20081120/20081120.pdf  www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20081229/20081229.pdf 

January 7, 2009 - Stock Market Participation, Portfolio Choice and Pensions over the Life-Cycle - Steffan G. Ball - The empirical evidence on stock market participation and portfolio choice defies the predictions of standard life-cycle theory. In this paper we develop and estimate a model of portfolio choice that can account for the limited stock market participation and substantial portfolio diversification seen in the data. www.federalreserve.gov/pubs/feds/2008/200864/index.html 

January 7, 2009 - 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 2009. www.federalreserve.gov/newsevents/press/other/20090107a.htm 

January 7, 2009 - The Federal Reserve Board on Wednesday announced two changes to the Money Market Investor Funding Facility.   www.federalreserve.gov/newsevents/press/monetary/20090107a.htm 

January 6, 2009 - T. Gary Rogers Designated Chairman of the Federal Reserve Bank of San Francisco Board of Directors; Douglas W. Shorenstein Designated Deputy Chair.  www.frbsf.org/news/releases/2009/0106.html 

January 6, 2009 - Issuance of Final Interagency Questions and Answers on Community Reinvestment - The federal financial institution regulatory agencies today announced the publication of new and revised Interagency Questions and Answers Regarding Community Reinvestment that, among other things, encourage financial institutions to take steps to help prevent home mortgage foreclosures.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090106a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09003.html 
Press Release: www.occ.treas.gov/ftp/release/2009-1.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=ac680dd5-1e0b-8562-eba9-273c723e74bd&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

January 6, 2009 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on December 15-16, 2008. www.federalreserve.gov/newsevents/press/monetary/20090106a.htm 

January 5, 2009 - The Fed's New Approach to Liquidity: How Effective Has It Been? - In response to the turmoil in financial markets, the Federal Reserve has initiated a number of new lending programs designed to increase the liquidity of participating financial institutions' portfolios. At the same time, however, those actions have not increased the total supply of liquidity in the financial market. www.stlouisfed.org/news/releases/2009/01_05_09.html 

January 5, 2009 - OCC Announces New Electronic Interpretations and Actions - December 2008.  www.occ.treas.gov/interp/dec08/intdec08.htm 

January 5, 2009 - Home Mortgage Disclosure Act - Rate Spread Reporting Threshold under Regulation C - On October 20, 2008, the Board of Governors of the Federal Reserve System approved final amendments to Regulation C to revise the rules for reporting price information on higher priced mortgage loans. The rules are being conformed to the definition of "higher-priced mortgage loan" adopted by the Board under Regulation Z in July of 2008. www.occ.treas.gov/ftp/bulletin/2009-2.html 

January 5, 2009 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in October 2008.  www.fdic.gov/news/news/press/2009/pr09002.html 

January 2, 2009 - OTS Gives Preliminary Clearance to Successful Bidders for IndyMac - The Office of Thrift Supervision has granted preliminary clearance to the successful bidders for IndyMac Federal Bank, F.S.B., and is considering their application to operate the institution as a federal savings association under the supervision of the OTS. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=98e3a4c7-1e0b-8562-eb98-b73a835912c4&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

January 2, 2009 - Deduction of Goodwill Net of Associated Deferred Tax Liability: Final Rule - Final rule permits banking organizations to reduce the amount of goodwill that must be deducted from their regulatory Tier 1 capital. www.occ.treas.gov/ftp/bulletin/2009-1.html 

January 2, 2009 - FDIC Board Approves Letter of Intent to Sell IndyMac Federal Investor Group to Inject New Capital, Bring in Experienced Management Team - On Wednesday December 31, 2008 the Federal Deposit Insurance Corporation signed a letter of intent to sell the banking operations of IndyMac Federal Bank, FSB, Pasadena, California, to a thrift holding company controlled by IMB Management Holdings LP, a limited partnership. The FDIC's Board of Directors approved the agreement to sell IndyMac Federal to the investor group. www.fdic.gov/news/news/press/2009/pr09001.html

January 2, 2009 - NCUA - Valley Credit Union Put into Receivership; Citizens Equity First Credit Union Purchases and Assumes Assets.  www.ncua.gov/news/press_releases/2008/MR09-0102.htm     

January 2, 2009 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In December 2008 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/default.htm

 

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