Bank Regulatory News

January 2010

January 29, 2010 - Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of American Marine Bank, Bainbridge Island, Washington - American Marine Bank, Bainbridge Island, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of American Marine Bank. www.fdic.gov/news/news/press/2010/pr10027.html 

January 29, 2010 - First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of First Regional Bank, Los Angeles, California - First Regional Bank, Los Angeles, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of First Regional Bank. www.fdic.gov/news/news/press/2010/pr10026.html 

January 29, 2010 - SCBT, N.A., Orangeburg, South Carolina, Assumes All of the Deposits of Community Bank and Trust, Cornelia, Georgia - Community Bank and Trust, Cornelia, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust. www.fdic.gov/news/news/press/2010/pr10025.html 

January 29, 2010 - United Valley Bank, Cavalier, North Dakota, Assumes All of the Deposits of Marshall Bank, National Association, Hallock, Minnesota - Marshall Bank, National Association, Hallock, Minnesota, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Valley Bank, Cavalier, North Dakota, to assume all of the deposits of Marshall Bank, N.A. www.fdic.gov/news/news/press/2010/pr10024.html 

January 29, 2010 - Premier American Bank, National Association, Miami Florida, Assumes All of the Deposits of Florida Community Bank, Immokalee, Florida - Florida Community Bank, Immokalee, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Florida Community Bank. www.fdic.gov/news/news/press/2010/pr10023.html 

January 29, 2010 - Community & Southern Bank, Carrollton, Georgia, Assumes All of the Deposits of First National Bank of Georgia, Carrollton, Georgia - First National Bank of Georgia, Carrollton, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, a newly chartered institution, to assume all of the deposits of First National Bank of Georgia. www.fdic.gov/news/news/press/2010/pr10022.html 

January 29, 2010 - Elizabeth Whitehead Named Region V Director - The National Credit Union Administration Board today named Elizabeth Whitehead Region V Director. As Region V Director, Whitehead will lead the examination and field staff for the NCUA regional office located in Tempe, Ariz., with supervisory oversight of 480 federal credit unions with $57.6 billion located in Alaska, Arizona, Colorado, Hawaii, Idaho, Montana, New Mexico, Oregon, Utah, Washington, and Wyoming and Guam.   www.ncua.gov/news/press_releases/2010/MA10-0129.pdf 

January 29, 2010 - NCUA - Results of the 01/29/2010 NCUA Board Meeting are available.  www.ncua.gov/GenInfo/BoardandAction/Reports/BAB10-0129.pdf 

January 29, 2010 - Office of the Comptroller of the Currency Supports Earned Income Tax Credit Awareness Day, January 29, 2010 EITC Awareness Day presents an opportunity to increase the public's awareness about the EITC and the availability of free tax preparation sites. In these challenging times, the EITC provides needed income to working families. The credit should be claimed by every eligible taxpayer, and free tax preparation sites help these workers receive the credit they have earned. www.occ.treas.gov/ftp/release/2010-9.htm  

January 29, 2010 - St. Louis Fed President James Bullard Will Participate in a Panel Discussion on Monetary Policy.   www.stlouisfed.org/newsroom/displayNews.cfm?article=600 

January 29, 2010 - FDIC Symposium Focuses on Banks' Exposure to Interest-Rate Risk Management Practices - The Federal Deposit Insurance Corporation held an all-day symposium at its Arlington, Virginia, facility today to hear from a wide range of experts and industry participants on issues that banks across the nation face from potential changes in interest rates. Discussions centered on what types of interest-rate risk might be accumulating in the banking system, as well as what steps should be taken to defuse them. www.fdic.gov/news/news/press/2010/pr10021.html 

January 29, 2010 - 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/2010/pr10020.html 

January 29, 2010 - FDIC Announces Settlement With 1st Financial Bank USA, Dakota Dunes, South Dakota, for Unfair and Deceptive Practices - The Federal Deposit Insurance Corporation announced a settlement with 1st Financial Bank USA, Dakota Dunes, South Dakota (1st Financial), for unfair and deceptive practices in violation of section 5 of the Federal Trade Commission Act in connection with the bank's credit card billing procedures. www.fdic.gov/news/news/press/2010/pr10019.html 

January 29, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

January 29, 2010 - Vice Chairman Donald L. Kohn - Focusing on Bank Interest Rate Risk Exposure - At the Federal Deposit Insurance Corporation's Symposium on Interest Rate Risk Management, Arlington, Virginia.  www.federalreserve.gov/newsevents/speech/kohn20100129a.htm 

January 28, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Saehan Bancorp, Los Angeles, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100128a.htm
______________________________

January 28, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Saehan Bancorp, Los Angeles, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100128a.htm 

January 28, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Guaranty Bancorp, a registered bank holding company, Guaranty Bank and Trust Company, a state chartered member bank, both of Denver, Colorado, the Federal Reserve Bank of Kansas City, and the Colorado Division of Banking. www.federalreserve.gov/newsevents/press/enforcement/20100128b.htm 

January 28, 2010 - Economic Activity Moved Lower in December - The Chicago Fed National Activity Index was -0.61 in December, down from -0.39 in November. www.chicagofed.org/digital_assets/publications/cfnai/2010/cfnai_january2010.pdf 

January 27, 2010 - Midwest Manufacturing Output Decreased in December - The Chicago Fed Midwest Manufacturing Index decreased 0.3% in December, to a seasonally adjusted level of 84.1. www.chicagofed.org/webpages/index.cfm 

January 27, 2010 - NCUA - Credit Unions Offer Favorable Rates - Data Shows Credit Unions On Average Offer Better Rates - The National Credit Union Administration today posted the latest results from DATATRAC, Inc., a company that tracks rates charged and paid by credit unions, banks, and credit unions that converted to or merged with banks. www.ncua.gov/news/press_releases/2010/MR10-0127.htm 

January 27, 2010 - Interest on Required Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

January 27, 2010 - Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation - Commercial Real Estate - Before the Congressional Oversight Panel Field Hearing, Atlanta, Georgia.  www.federalreserve.gov/newsevents/testimony/greenlee20100127a.htm 

January 27, 2010 - Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating.  www.federalreserve.gov/newsevents/press/monetary/20100127a.htm 

January 26, 2010 - 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/2010/MR10-0126.htm 

January 26, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Riverside Banking Company, Fort Pierce, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100126a.htm 

January 26, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Northfield Bancshares, Inc., a registered bank holding company, Community Resource Bank, a state member bank, both of Northfield, Minnesota, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20100126b.htm 

January 25, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Cornerstone Bancshares, Inc., a registered bank holding company, Cornerstone Bank, a state chartered bank that is a member of the Federal Reserve System, both of Overland Park, Kansas, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Bank Commissioner. www.federalreserve.gov/newsevents/press/enforcement/20100125a.htm 

January 25, 2010 - The Federal Reserve on Monday announced the availability of Electronic Applications, or "E-Apps," a new Internet-based system for financial institutions to submit regulatory filings. E-Apps allows firms and their representatives to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. Registered users can access the system at any time to upload additional documents or create new filings. There are no fees for using E-Apps. www.federalreserve.gov/newsevents/press/bcreg/20100125a.htm 

January 25, 2010 - NCUA - Orlando Town Hall Agenda Set - January 25, 2010, Alexandria, Va. - The National Credit Union Administration today
issues the agenda for the Town Hall meeting at the Buena Vista Palace Hotel in Lake Buena Vista, Fla., February 4, 2010. www.ncua.gov/news/press_releases/2010/20100125Orlando.pdf

January 22, 2010 - OCC Approves First Use of "Shelf Charter" to Acquire Failed Bank - The Office of the Comptroller of the Currency announced today it has approved the first use of a "shelf charter" for the acquisition of a failed bank, allowing Bond Street Bank, National Association, to acquire a Florida bank that was placed in receivership today. www.occ.treas.gov/ftp/release/2010-8.htm

January 22, 2010 - Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of Columbia River Bank, The Dalles, Oregon - Columbia River Bank, The Dalles, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Columbia River Bank. www.fdic.gov/news/news/press/2010/pr10018.html 

January 22, 2010 - Umpqua Bank, Roseburg, Oregon, Assumes All of the Deposits of Evergreen Bank, Seattle, Washington - Evergreen Bank, Seattle, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Umpqua Bank, Roseburg, Oregon, to assume all of the deposits of Evergreen Bank. www.fdic.gov/news/news/press/2010/pr10017.html 

January 22, 2010 - Charter Bank, Albuquerque, New Mexico, Assumes All of the Deposits of Charter Bank, Santa Fe, New Mexico - Charter Bank, Santa Fe, New Mexico, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, Texas, to assume all of the deposits of Charter Bank. www.fdic.gov/news/news/press/2010/pr10016.html 

January 22, 2010 - Sunflower Bank, National Association, Salina, Kansas, Assumes All of the Deposits of Bank of Leeton, Leeton, Missouri - Bank of Leeton, Leeton, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunflower Bank, National Association, Salina, Kansas, to assume all of the deposits of Bank of Leeton. www.fdic.gov/news/news/press/2010/pr10015.html 

January 22, 2010 - Premier American Bank, Miami, Florida, National Association, Assumes All of the Deposits of Premier American Bank, Miami, Florida - Premier American Bank, Miami Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida. www.fdic.gov/news/news/press/2010/pr10014.html 

January 22, 2010 - Federal Reserve System Monthly Reports on Credit and Liquidity Programs and the Balance Sheet - The Federal Reserve prepares these monthly reports as part of its efforts to enhance transparency in connection with its various programs to foster market liquidity and financial stability and to ensure appropriate accountability to the Congress and the public concerning policy actions taken to address the financial crisis. www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport201001.pdf 

January 22, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

January 22, 2010 - FDIC and Bank of England Announce Enhanced Cooperation in Resolving Troubled Cross-border Financial Institutions - The Federal Deposit Insurance Corporation and the Bank of England today announced their agreement to a memorandum of understanding expanding their cooperation when they act as resolution authorities in resolving troubled deposit-taking financial institutions with activities in the United States and United Kingdom. The MOU was signed by FDIC Chairman Sheila Bair and Bank of England Governor Mervyn King. www.fdic.gov/news/news/press/2010/pr10013.html 

January 22, 2010 - Revisions to the Consolidated Reports of Condition and Income for 2010.  www.fdic.gov/news/news/financial/2010/fil10004.html 

January 22, 2010 - NCUA - Matz Continues Dialogue At Dallas Town Hall - First session of 2010 features wide-ranging discussion of corporate proposal, other issues - National Credit Union Administration Chairman Debbie Matz today led a spirited and vigorous discussion of a wide-variety of critical issues during the first Town Hall Meeting of 2010. An overflow crowd of more than 200 attendees participated in the Dallas gathering, the first since the proposed corporate rule was unveiled in November. www.ncua.gov/news/press_releases/2010/MA10-0122.htm 
___________________________

January 14, 2010 - The Federal Reserve Board on Thursday announced the issuance of a Prompt Corrective Action Directive with the consent of Old Southern Bank, Orlando, Florida, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100114a.htm

January 14, 2010 - Report to Congress on the Case for a Role for the Federal Reserve in Bank Supervision.    www.federalreserve.gov/BoardDocs/RptCongress/supervision/supervision_report.pdf

January 14, 2010 - The Independent Bankersbank, Irving, Texas, Purchases the Deposits and Certain Assets of Independent Bankers' Bank Bridge Bank, Springfield, Illinois -The Federal Deposit Insurance Corporation entered into a purchase and assumption agreement for the assets and deposits of the recently created Independent Bankers' Bank Bridge Bank, National Association. The bridge bank was created by the FDIC on December 18, 2009, to take over the operations of Independent Bankers' Bank, Springfield, Illinois, when the bank was closed by the Illinois Department of Financial and Professional Regulationn - Division of Banking. www.fdic.gov/news/news/press/2010/pr10006.html
 
January 14, 2010 - Employee Compensation - Advance Notice of Proposed Rulemaking - On January 12, 2010, the FDIC issued the attached advance notice of proposed rulemaking seeking comment on ways that the FDIC's risk-based deposit insurance assessment system (risk-based assessment system) could be changed to account for the risks posed by certain employee compensation programs. www.fdic.gov/news/news/financial/2010/fil10001.html
 
January 14, 2010 - OCC Releases CRA Evaluations For 30 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, 2009 through January 14, 2010. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. www.occ.treas.gov/ftp/release/2010-4.htm

January 13, 2010 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2010/20100113/default.htm
 
January 13, 2010 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending January 13, 2010. www.federalreserve.gov/monetarypolicy/reqresbalances.htm
 
January 13, 2010 - Forecast: Solid U.S. Economic Growth in 2010 - Chicago Fed Letter summarizes the Economic Outlook Symposium's 2010 forecasts, including higher inflation and slightly lower unemployment. www.chicagofed.org/webpages/publications/newsletters/chicago_fed_letter/index.cfm

January 12, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between American Bank of Baxter Springs, Baxter Springs, Kansas, a state chartered bank that is a member of the Federal Reserve System, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20100112a.htm

January 12, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between The ShoreBank Corporation, Chicago, Illinois, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20100112b.htm

January 12, 2010 - On January 11, 2010, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20100112a.htm

January 12, 2010 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings on November 23 and December 14, 2009. www.federalreserve.gov/newsevents/press/monetary/20100112b.htm

January 12, 2010 - The Federal Reserve Board on Tuesday approved a final rule amending Regulation Z to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22. www.federalreserve.gov/newsevents/press/bcreg/20100112a.htm

January 12, 2010 - The Federal Reserve Board on Tuesday announced preliminary unaudited results indicating that the Reserve Banks provided for payments of approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the U.S. Treasury. This represents a $14.4 billion increase over the 2008 results ($31.7 billion of $35.5 billion of net income). The increase was primarily due to increased earnings on securities holdings during 2009. www.federalreserve.gov/newsevents/press/other/20100112a.htm
 
January 12, 2010 - FDIC Board Seeks Comment on Incorporating Employee Compensation Structures Into the Risk Assessment System Board Approves Advance Notice of Proposed Rulemaking - The Board of Directors of the Federal Deposit Insurance Corporation today approved an Advance Notice of Proposed Rulemaking seeking input on whether certain employee compensation structures pose risks that should be captured in the deposit insurance assessment program. www.fdic.gov/news/news/press/2010/pr10005.html 

January 12, 2010 - Statement of Comptroller Dugan on the FDIC's ANPR on Executive Compensation - Comptroller of the Currency John C. Dugan discussed an Advance Notice of Proposed Rulemaking on Executive Compensation at a meeting of the Federal Deposit Insurance Corporation's Board of Directors today. www.occ.treas.gov/ftp/release/2010-3.htm 

January 12, 2010 - State Population Growth: What It Tells Us - In a recent blog posting, Chicago Fed Economist William Testa talks about the link between a state's population growth and its economic conditions and prospects. http://midwest.chicagofedblogs.org/archives/2010/01/what_do_populat.html

January 11, 2010 - The Federal Reserve Board on Monday announced the issuance of a Prompt Corrective Action Directive with the consent of Barnes Banking Company, Kaysville, Utah, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100111a.htm

January 11, 2010 - On January 11, 2010, the Federal Reserve will offer $75 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/20100111a.htm 

January 11, 2010 - Payment Systems - Quarterly Reserve Bank Payment Services: Automated Clearinghouse Services, Check Services, Fedwire Funds Services, Fedwire Securities Services, and National Settlement Services data through 2009:Q3.  www.federalreserve.gov/paymentsystems/default.htm

January 11, 2010 - Interagency Advisory on Interest Rate Risk - Attached is an interagency advisory issued by the Board of Governors of the Federal Reserve System and other federal regulators1 that reminds institutions of supervisory expectations on sound practices for managing interest rate risk.   www.federalreserve.gov/boarddocs/srletters/2010/SR1001.pdf

January 11, 2010 - Payment Systems - Quarterly data: Peak and Average Daylight Overdrafts through 2009:Q3.    www.federalreserve.gov/paymentsystems/psr_data.htm
 
January 11, 2010 - Evolving Macroeconomic Perceptions and the Term Structure of Interest Rates - Athanasios Orphanides and Min Wei - We explore the role of evolving beliefs regarding the structure of the macroeconomy in improving our understanding of the term structure of interest rates within the context of a simple macro-finance model.  www.federalreserve.gov/pubs/feds/2010/201001/index.html

January 11, 2010 - The Rigidity of Labor: Processing Savings and Work Decisions Through Shannon's Channels - This paper argues that constraining people to choose consumption and labor under finite Shannon capacity produces results in line with U.S. business cycle data. My model has a simple partial equilibrium setting in which risk averse consumers keep high labor supply and low consumption profile at early stage of life to hedge against wealth fluctuations. www.federalreserve.gov/pubs/feds/2010/201002/index.html

January 11, 2010 - The Impact of Low-Skilled Immigration on the Youth Labor Market - Christopher L. Smith - The employment-to-population rate of high-school aged youth has fallen by about 20 percentage points since the late 1980s. The human capital implications of this decline depend on the reasons behind it.   www.federalreserve.gov/pubs/feds/2010/201003/index.html

January 11, 2010 - Release Schedule for the Kansas City Financial Stress Index.  www.kc.frb.org/pubaffrs/pressrel/2010pdf/press.release.10.01.pdf

January 10, 2010 - St. Louis Fed's Bullard Discusses the First Phase of the U.S. Recovery and Beyond - In remarks Monday at a conference in Shanghai, St. Louis Fed President James Bullard discussed the economic recovery under way in the U.S. and around the world, several key U.S. monetary policy issues, and the growing need for better analysis and understanding of asset price bubbles. www.stlouisfed.org/newsroom/displayNews.cfm?article=589
 
January 8, 2010 - Washington Federal Savings and Loan Association, Seattle, Washington, Assumes All the Deposits of Horizon Bank, Bellingham, Washington - Horizon Bank, Bellingham, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Federal Savings and Loan Association, Seattle, Washington, to assume all of the deposits of Horizon Bank. www.fdic.gov/news/news/press/2010/pr10004.html

January 8, 2010 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among North Valley Bancorp, a registered bank holding company, North Valley Bank, a state chartered member bank, both of Redding, California, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100108a.htm

January 8, 2010 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 8-1/2 percent in November. Revolving credit decreased at an annual rate of 18-1/2 percent, and nonrevolving credit decreased at an annual rate of 3 percent. www.federalreserve.gov/releases/g19/Current/default.htm

January 8, 2010 - FDIC Announces Winning Bidder of $1 Billion in Loans - The Federal Deposit Insurance Corporation has closed on a sale of an equity interest in a limited liability company created to hold certain assets out of 22 failed bank receiverships. The winning bidder of the Multibank Structured Transaction was Colony Capital Acquisitions, LLC, Los Angeles, CA. www.fdic.gov/news/news/press/2010/pr10003.html

January 8, 2010 - Joint Forum Release of Review of the Differentiated Nature and Scope of Financial Regulation - The Joint Forum today released its report, Review of the Differentiated Nature and Scope of Financial Regulation - Key Issues and Recommendations. www.occ.treas.gov/ftp/release/2010-2.htm

January 8, 2010 - Interest Rate Risk: Interagency Advisory on Interest Rate Risk Management - Advisory reminds financial institutions of supervisory expectations for managing interest rate risk such as corporate governance, policies and procedures, risk measuring, stress testing, and internal controls. www.occ.treas.gov/ftp/bulletin/2010-1.html

January 8, 2010 - Protecting Tenants at Foreclosure Act of 2009: New Examination Procedures -See new examination procedures for the Tenants Protection Act of 2009, which requires notices and other protections to tenants in the event of a foreclosure. www.occ.treas.gov/ftp/bulletin/2010-2.html

January 8, 2010 - NCUA - Dallas Town Hall Agenda Set - The National Credit Union Administration today issued the agenda for the Town Hall meeting in Dallas, Texas, January 22, 2010. www.ncua.gov/news/press_releases/2010/MA10-0108.htm

January 8, 2010 - NCUA - Kern Central Credit Union Closes; Members Now Served By Self-Help Federal Credit Union - The National Credit Union Administration was today appointed liquidating agent of Kern Central Credit Union of Bakersfield, California, by the California Department of Financial Institutions www.ncua.gov/news/press_releases/2010/MR10-0108.htm
____________________________

January 7, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Heritage Bancshares, Orange Park, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100107a.htm

January 7, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Prime Pacific Financial Services, Inc., Lynnwood, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100107b.htm

January 7, 2010 - The Federal Reserve Thursday released an advisory reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk. This advisory, adopted along with the other financial regulators, reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to the interest rate risk exposures of depository institutions.  www.federalreserve.gov/newsevents/press/bcreg/20100107a.htm

January 7, 2010 - The Federal Financial Institutions Examination Council released an advisory today reminding institutions of supervisory expectations for sound practices to manage interest rate risk. This advisory, adopted by each of the financial regulators, reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to the IRR exposures of depository institutions. It also clarifies elements of existing guidance and describes some IRR management techniques used by effective risk managers.
Press Release: www.fdic.gov/news/news/press/2010/pr10002.html
Press Release: www.ffiec.gov/press/pr010710.htm 
Press Release: www.occ.treas.gov/ftp/release/2010-1.htm 
Press Release: http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=0a0ad3ae-1e0b-8562-ebde-82b52eb21d63&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2010/JR10-0107.pdf 

January 7, 2010 - St. Louis Fed's Review Examines Alt-A, the Forgotten Segment of the Mortgage Market - While the collapse of the U.S. subprime mortgage market has sparked a great deal of debate and study, a lesser known segment of the mortgage lending market is also under great duress due to a rapidly rising default rate, according to new research from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=585 

January 6, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among First Cherokee Bancshares, Inc., Woodstock, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100106a.htm 

January 6, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Wakulla Bancorp, Crawfordville, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100106b.htm

January 6, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Sunshine Bankshares, Inc., Port Orange, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100106d.htm

January 6, 2010 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 15-16, 2009. www.federalreserve.gov/newsevents/press/monetary/20100106a.htm

January 6, 2010 - St. Louis Fed Analysis: Inflation May Be the Next Dragon To Slay - As the 2007-09 recession recedes, there is growing disagreement whether the legacy of the Fed's unprecedented monetary stimulus policies to stabilize the economy will spark a surge in inflation. Indeed, this rising level of disagreement may itself provide a clue to what lies ahead, according to new research from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=586

January 6, 2010 - NCUA - Member Business Lending Webinar Now Archived on NCUA Website - NCUA Board Member Gigi Hyland today announced that the "Member Business Lending: Regulators' Perspective" webinar is archived online at www.ncua.gov.  The archive includes the actual webinar, the webinar PowerPoint presentation, as well as the webinar transcript and frequently answered questions. www.ncua.gov/news/press_releases/2010/MR10-0106.htm

January 5, 2010 - First Service Credit Union Merges; Members Now Served by Marine Credit Union - The National Credit Union Administration announces today that First Service Credit Union, of Milwaukee, Wisconsin, merged with Marine Credit Union, of Fond Du Lac, Wisconsin, effective December 31, 2009. Members of First Service are now members of and receive credit union service from Marine Credit Union. www.ncua.gov/news/press_releases/2010/MR10-0105.htm
 
January 5, 2010 - Executive Compensation and Earnings Management Under Moral Hazard - Bo Sun - This paper analyzes executive compensation in a setting where managers may take a costly action to manipulate corporate performance, and whether managers do so is stochastic. We examine how the opportunity to manipulate affects the optimal pay contract, and establish necessary and sufficient conditions under which earnings management occurs. www.federalreserve.gov/pubs/ifdp/2009/985/ifdp985.htm

January 5, 2010 - Diversification Across Characteristics - Erik Hjalmarsson - I study long-short portfolio strategies formed on seven different stock characteristics representing various measures of past returns, value, and size. Each individual characteristic results in a profitable portfolio strategy, but these single-characteristic strategies are all dominated by a diversified strategy that places equal weight on each of the single-characteristic strategies. www.federalreserve.gov/pubs/ifdp/2009/986/ifdp986.htm 

January 5, 2010 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act www.fdic.gov/news/news/press/2010/pr10001.html

January 4, 2010 - Governor Elizabeth A. Duke - The Economic Outlook - At the Economic Forecast Forum, Raleigh, North Carolina.   www.federalreserve.gov/newsevents/speech/duke20100104a.htm

January 4, 2010 - The Federal Reserve Board on Monday announced the issuance of a Prompt Corrective Action Directive with the consent of Sun American Bank, Boca Raton, Florida, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100104a.htm 

January 4, 2010 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In December 2009 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/g5.htm

January 4, 2010 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. Offices located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other U.S.-affiliated insular areas are excluded. The first report lists the offices by institution type. The second report is by the home country of the foreign bank. www.federalreserve.gov/releases/iba/default.htm

January 4, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

January 3, 2010 - Vice Chairman Donald L. Kohn - Monetary Policy in the Crisis: Past, Present, and Future - At the Brimmer Policy Forum, American Economic Association Annual Meeting, Atlanta, Georgia www.federalreserve.gov/newsevents/speech/kohn20100103a.htm

January 3, 2010 - Chairman Ben S. Bernanke - Monetary Policy and the Housing Bubble - At the Annual Meeting of the American Economic Association, Atlanta, Georgia www.federalreserve.gov/newsevents/speech/bernanke20100103a.htm