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Bank Regulatory News

January 2011

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January 31, 2011 - Revised Interagency Examination Procedures for Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z - Truth in Lending. These revised procedures supersede the Regulation Z interagency examination procedures transmitted with CA Letter 10-10. www.federalreserve.gov/boarddocs/caletters/2011/1101/caltr1101.htm 

January 31, 2011 - Competition in Mortgage Markets: Whatís the Effect of Lender Type? - Economic Perspectives examines how competition among lenders affects mortgage loan characteristics. www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/1qtr2011_part1_rosen.pdf 

January 31, 2011 - Monitoring financial stability: A financial conditions index approach - Scott Brave and R. Andrew Butters Monitoring financial stability requires understanding of how traditional and evolving financial markets relate to each other and to economic conditions. Economic Perspectives describes two new indexes of financial conditions that quantify these relationships. www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/1qtr2011_part2_brave_butters.pdf 

January 31, 2011 - The January 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/snloansurvey/201102/default.htm 

January 31, 2011 - Communications with the Public - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm 

January 31, 2011 - Agencies Announce Start of Initial Registration Period Under S.A.F.E. Act's Mortgage Loan Originator Provisions - The federal bank, thrift and credit union regulatory agencies, along with the Farm Credit Administration, announce that the Nationwide Mortgage Licensing System and Registry will begin accepting federal registrations today.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110131a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11019.html 
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-9.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=dd0a7a3c-a51c-fcee-84f7-4471b3731ef3&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2011/JR11-0131AgenciesAnnounceSAFEActRegistration.pdf 

January 28, 2011 - U.S. Bank, National Association, Minneapolis, Minnesota, Assumes All of the Deposits of First Community Bank, Taos, New Mexico - First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with U.S. Bank, National Association, Minneapolis, Minnesota, to assume all of the deposits of First Community Bank. www.fdic.gov/news/news/press/2011/pr11018.html

January 28, 2011 - FDIC Creates the Deposit Insurance National Bank of Louisville to Protect Insured Depositors of FirsTier Bank, Louisville, Colorado - FirsTier Bank, Louisville, Colorado, was closed today by the Colorado Division of Banking, which appointed Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Louisville, which will remain open until February 28, 2011, to allow depositors access to their insured deposits and time to open accounts at other insured institutions. www.fdic.gov/news/news/press/2011/pr11017.html 

January 28, 2011 - McFarland State Bank, McFarland, Wisconsin, Assumes All of the Deposits of Evergreen State Bank, Stoughton, Wisconsin - Evergreen State Bank, Stoughton, Wisconsin, was closed today by the Wisconsin 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 McFarland State Bank, McFarland, Wisconsin, to assume all of the deposits of Evergreen State Bank. www.fdic.gov/news/news/press/2011/pr11016.html

January 28, 2011 - Office of the Comptroller of the Currency Supports - Earned Income Tax Credit Awareness Day, January 28, 2011 - Acting Comptroller of the Currency John Walsh today issued the following statement recognizing Earned Income Tax Credit Awareness Day www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-8.html 

January 28, 2011 - SURVEY INDICATES DECLINE IN LMI COMMUNITY MODERATES - Most indicators of economic and financial conditions in the Tenth Federal Reserve Districtís low- to moderate-income community were flat or modestly improved in the fourth quarter, according to the Kansas City Fedís quarterly LMI Survey. The results indicate that the pace of decline in the LMI community continues to moderate. www.kc.frb.org/publicat/newsroom/2011pdf/press.release.01.28.11.pdf 

January 28, 2011 - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Severe Weather - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by severe winter storms, flooding, debris, and mud flows. www.fdic.gov/news/news/financial/2011/fil11003.html 

January 28, 2011 - Bank 7, Oklahoma City, Oklahoma, Assumes All of the Deposits of the First State Bank, Camargo, Oklahoma - The First State Bank, Camargo, Oklahoma, was closed today by the Oklahoma State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank 7, Oklahoma City, Oklahoma, to assume all of the deposits of The First State Bank.  www.fdic.gov/news/news/press/2011/pr11015.html 

January 28, 2011 - FDIC Makes Public December Enforcement Actions; No Administrative Hearings Scheduled for February 2011 - 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/2011/pr11014.html 

January 28, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 
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January 27, 2011 - Economic Activity Improved in December - The Chicago Fed National Activity Index was +0.03 in December, up from -0.40 in November. - Led by gains in employment- and production-related indicators, the Chicago Fed National Activity Index increased to +0.03 in December from -0.40 in November. December marked the first time in five months that the index had a positive reading.  http://chicagofed.org/digital_assets/publications/cfnai/2011/cfnai_january2011.pdf

January 27 2011 - January Issue of St. Louis Fedís Regional Economist Now Available - The January 2011 issue of The Regional Economist, the Federal Reserve Bank of St. Louisí quarterly review of business and economic conditions, is now available. www.stlouisfed.org/newsroom/displayNews.cfm?article=875 

January 27, 2011 - Systemic Risk Contributions - Xin Huang, Hao Zhou, and Haibin Zhu - We adopt a systemic risk indicator measured by the price of insurance against systemic financial distress and assess individual banks' marginal contributions to the systemic risk. The methodology is applied using publicly available data to the 19 bank holding companies covered by the U.S. Supervisory Capital Assessment Program, with the systemic risk indicator peaking around $1.1 trillion in March 2009. www.federalreserve.gov/pubs/feds/2011/201108/index.html 

January 27, 2011 - The Federal Reserve Board on Thursday announced the execution of the following enforcement action: Virginia Business Bank, Richmond, Virginia Prompt Corrective Action Directive dated January 24, 2011.  www.federalreserve.gov/newsevents/press/enforcement/20110127a.htm 

January 27, 2011 - NCUA - Initial 2011 NCUA Guaranteed Note Transaction Completed - Proceeds Now Total Over $19 Billion - The National Credit Union Administration today announced that the NCUA Guaranteed Notes Trust 2011-R1 offering priced on Tuesday, January 18 and closed on Thursday, January 27.   www.ncua.gov/news/press_releases/2011/MA11-0127Initial2011NCUAGuaranteedNote.pdf 

January 26, 2011 - NCUA - Registration Opens for NCUAís February 17 Virtual Town Hall - Agenda Topics Include Corporate Reform, Cost Control and Financial Education - National Credit Union Administration Chairman Debbie Matz will host a Town Hall Webinar Thursday, February 17 from 2 to 3:30 p.m. www.ncua.gov/news/press_releases/2011/MA11-0126VirtualTHRegistrationOpens.pdf 

January 26, 2011 - Office of the Comptroller of the Currency Hosts Workshops in Dallas - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in Dallas at the Adolphus, March 15-16, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-7.html 

January 26, 2011 - Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. www.federalreserve.gov/newsevents/press/monetary/20110126a.htm 

January 25, 2011 - The Federal Reserve Banks of Chicago, Minneapolis and Saint Louis, the Office of Thrift Supervision, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are co-sponsors of one or more interagency Community Reinvestment Act Workshops taking place in the first and second quarters of 2011 in cities across the Midwest: Chicago, Illinois, Thursday, January 27, 2011; Saint Louis, Missouri, Thursday, March 10, 2011; Madison, Wisconsin, TBD, Spring of 2011. www.chicagofed.org/webpages/events/2011/cra_interagency_workshop_chicago.cfm 

January 25, 2011 - St. Louis Fed Appoints Price To Lead New Office of Minority and Women Inclusion - James A. Price, vice president of Diversity and Inclusion and the Districtís Equal Employment Opportunity officer, has been appointed director of the new Office of Minority and Women Inclusion at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=873 

January 25, 2011 - Impact of High-Cost Credit Protection Transactions on the Assessment of Capital Adequacy - This letter provides direction to supervisory and banking organization staff on the potential impact of high-cost credit protection transactions on their assessment of a banking organizationís overall capital adequacy.  www.federalreserve.gov/boarddocs/srletters/2011/sr1101.htm

January 25, 2011 - Board issues enforcement actions with Community Central Bank Corporation, Elgin Bancshares, Inc., Rocky Mountain Capital, and Rocky Mountain Bank.  www.federalreserve.gov/newsevents/press/enforcement/20110125a.htm 

January 24, 2011 - Coverage, Disclosure, and Regulatory Reporting Revisions for Interest on Lawyers Trust Accounts - The FDIC Board of Directors has issued a final rule to implement the December 29, 2010, amendment to the Federal Deposit Insurance Act to include Interest on Lawyer Trust Accounts within the definition of a "noninterest-bearing transaction account" for purposes of the temporary, unlimited deposit insurance coverage afforded to such accounts by the Dodd-Frank Wall Street Reform and Consumer Protection Act.  www.fdic.gov/news/news/financial/2011/fil11002.html 

January 24, 2011 - Regulatory Reform - Communications with the public through January 24, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm 

January 24, 2011 - International Training & Assistance for Bank Supervisors - The Board of Governors and the Reserve Banks of the Federal Reserve System offer training and technical assistance for supervisors and staff of other central banks, as well as bank supervisory authorities. International Training & Assistance programs were created in order to promote sound supervisory practices abroad and to foster strong bilateral and multilateral relationships with the central banks and bank supervisory authorities of other countries. www.federalreserve.gov/bankinforeg/ita/about_ita.htm 

January 21, 2011 - First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of United Western Bank, Denver, Colorado - United Western Bank, Denver, Colorado, 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 First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of United Western Bank. www.fdic.gov/news/news/press/2011/pr11013.html 

January 21, 2011 - First Bank, Troy, North Carolina, Assumes All of the Deposits of the Bank of Asheville, Asheville, North Carolina - The Bank of Asheville, Asheville, North Carolina, was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Bank, Troy, North Carolina, to assume all of the deposits of The Bank of Asheville. www.fdic.gov/news/news/press/2011/pr11012.html 

January 21, 2011 - CertusBank, National Association, Easley, South Carolina, Assumes All of the Deposits of CommunitySouth Bank and Trust, Easley, South Carolina - CommunitySouth Bank and Trust, Easley, South Carolina, was closed today by the South Carolina State Board 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 CertusBank, National Association, Easley, South Carolina, a newly-chartered bank subsidiary of Blue Ridge Holdings, Inc., Charlotte, North Carolina, to assume all of the deposits of CommunitySouth Bank and Trust. www.fdic.gov/news/news/press/2011/pr11011.html 

January 21, 2011 - FDIC Creates the Deposit Insurance National Bank of McDonough to Protect Insured Depositors of Enterprise Banking Company, McDonough, Georgia - Enterprise Banking Company, McDonough, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of McDonough (DINB), which will remain open until January 28, 2011, to allow depositors access to their insured deposits and time to open accounts at other insured institutions. www.fdic.gov/news/news/press/2011/pr11010.html 

January 21, 2011 - 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.gov/news-issuances/news-releases/2011/nr-occ-2011-6.html 

January 21, 2011 - Creating a Linchpin for Financial Data: Toward a Universal Legal Entity Identifier - John A. Bottega and Linda F. Powell - The financial industry, like many others, is powered by information and data. A number of government agencies, quasi-government agencies, and private companies collect, process, use, and distribute information about a variety of players in the financial world. www.federalreserve.gov/pubs/feds/2011/201107/index.html 

January 21, 2011 - Are Household Surveys Like Tax Forms: Evidence from Income Underreporting of the Self-Employed - Erik Hurst, Geng Li, and Benjamin Pugsley - There is a large literature showing that the self-employed underreport their income to tax authorities. In this paper, we quantify the extent to which the self-employed also systematically underreport their income in U.S. household surveys. www.federalreserve.gov/pubs/feds/2011/201106/index.html

January 21, 2011 - Differences Across Originators in CMBS Loan Underwriting - Lamont K. Black, Chenghuan Sean Chu, Andrew Cohen, and Joseph B. Nichols - Differences in the organizational structure of CMBS loan originators may reflect differences in the incentives they face for underwriting risky loans. We treat an originator's type--that is, commercial bank, investment bank, insurance company, finance company, conduit lender, or foreign-owned entity--as a proxy for incentives related to warehousing risk, balance sheet lending, and regulatory constraints. www.federalreserve.gov/pubs/feds/2011/201105/index.html 

January 21, 2011 - Verifying the State of Financing Constraints: Evidence from US Business Credit Contracts - Ralf R. Meisenzahl - Which of the strategies for financing constraints in economic models is the most empirically plausible? This paper tests two commonly used models of financing constraints, costly state verification and moral hazard using a comprehensive data set of US small business credit contracts. www.federalreserve.gov/pubs/feds/2011/201104/index.html

January 21, 2011 - Estimating Machinery Supply Elasticities Using Output Price Booms - Jesse Edgerton - Recent years have seen large increases in the prices of houses, farm products, and oil, often with little clear connection to economic fundamentals. These price increases created plausibly exogenous shifts in demand for construction, farm, and mining machinery.  www.federalreserve.gov/pubs/feds/2011/201103/index.html 

January 21, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

January 21, 2011 - Monthly Report on Credit and Liquidity Programs and the Balance Sheet January 2011 - The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public. www.federalreserve.gov/monetarypolicy/clbsreports.htm   
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January 20, 2011 - Local Execs Appointed to New Community Depository Institutions Advisory Council - St. Louis Fed President James Bullard today announced the appointment of 12 executives of smaller financial institutions to the Bankís new Community Depository Institutions Advisory Council.   www.stlouisfed.org/newsroom/displayNews.cfm?article=872 

January 20, 2011 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

January 20, 2011 - The Federal Reserve Board on Thursday announced the execution of the following enforcement actions: Intervest Bancshares Corporation, New York, New York.   www.federalreserve.gov/newsevents/press/enforcement/20110120a.htm 

January 20, 2011 - 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/2011/MR11-0120NCUAIssuesProhibitions.pdf 

January 19, 2011 - Economic Outlook Symposium: Summary of 2010 results and forecasts for 2011 by William A. Strauss, senior economist and economic advisor, and Norman Wang, associate economist - According to participants in the Chicago Fedís annual Economic Outlook Symposium, solid economic growth is forecasted for the nation in 2011, following a year with moderate rowth; inflation is expected to edge higher in 2011; and the unemployment rate is predicted to remain elevated this year. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflfebruary2011_283.pdf 

January 19, 2011 - Acting Comptroller Walsh Addresses the Exchequer Club - Acting Comptroller of the Currency John Walsh discussed the Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III capital framework during a speech today at the Exchequer Club. http://www.occ.gov/news-issuances/speeches/2011/pub-speech-2011-5.pdf  

January 19, 2011 - Joyce Cofield Named OCC's Executive Director for the Office of Minority and Women Inclusion - Joyce Cofield was named Executive Director for the Office of Minority and Women Inclusion at the Office of the Comptroller of Currency. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-4.html

January 19, 2011 - FDIC Announces Launch of Milwaukee Alliance for Economic Inclusion to Increase Bank Access and Expand Delivery of Financial Services and Products to Underserved - The Federal Deposit Insurance Corporation and The Wisconsin Women's Business Initiative Corporation today announced the launch of the Milwaukee Alliance for Economic Inclusion, a local initiative to increase access to affordable financial products and services for thousands of Milwaukee households. www.fdic.gov/news/news/press/2011/pr11009.html 

January 19, 2011 - Martin Pfinsgraff Named Deputy Comptroller for Credit and Market Risk - The Office of the Comptroller of the Currency (OCC) announced today that Martin Pfinsgraff has been hired as the OCCís Deputy Comptroller for Credit and Market Risk. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-3.html 

January 18, 2011 - FDIC Issues Rule Including IOLTAs in Temporary Unlimited Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts - The Board of Directors of the Federal Deposit Insurance Corporation today approved a final rule to include Interest on Lawyer Trust Accounts in the temporary unlimited deposit coverage for noninterest-bearing transaction accounts. www.fdic.gov/news/news/press/2011/pr11008.html 

January 18, 2011 - FDIC Board Approves Interim Final Rule on New Orderly Liquidation Authority Action Clarifies Treatment of Certain Creditor Claims - The Board of Directors of the Federal Deposit Insurance Corporation voted on Tuesday to approve an interim final rule clarifying how the agency will treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.fdic.gov/news/news/press/2011/pr11007.html 

January 18, 2011 - Regulatory Reform - Communications with the public through January 18, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.   www.federalreserve.gov/newsevents/reform_meetings.htm 

January 18, 2011 - The Federal Reserve on Tuesday announced the establishment of offices to promote diversity and inclusion at the Federal Reserve Board and at all 12 of the Federal Reserve Banks. The offices will build on the Federal Reserve System's long-standing efforts to promote equal employment opportunity and diversity, and will continue to work to foster diversity in procurement, with a focus on minority-owned and women-owned businesses. www.federalreserve.gov/newsevents/press/other/20110118a.htm 

January 14, 2011 - NCUA Chairman Debbie Matz today called for changes to the net worth provisions of the Federal Credit Union Act that would enable financially strong credit unions to continue offering a full range of financial service products to consumers without inadvertently reducing net-worth and triggering prompt corrective action.  www.ncua.gov/news/press_releases/2011/MA11-0114MatzRenewsCallSupplementalCapital.pdf 

January 14, 2011 - NCUA Media Advisory - Matz Sets Virtual Town Hall for February 17 - Free Web Event to Provide Updates on NCUA Initiatives, Answer Questions.   www.ncua.gov/news/press_releases/2011/MA11-1014MatzSetsVirtualTownHallFeb17.pdf

January 14, 2011 - Office of the Comptroller of the Currency Hosts Workshops in Fort Myers, Florida - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in Fort Myers, Florida, at the Marriott Sanibel Harbor Hotel, February 15-16, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-2.html 

January 14, 2011 - Office of the Comptroller of the Currency Hosts Workshops throughout the Country in 2011 - The Office of the Comptroller of the Currency today announced its 2011 schedule of workshops to be held around the country for directors of nationally chartered community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-1.html 

January 14, 2011 - Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Oglethorpe Bank, Brunswick, Georgia - Oglethorpe Bank, Brunswick, 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 Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Oglethorpe Bank. www.fdic.gov/news/news/press/2011/pr11006.html 

January 14, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

January 14, 2011 - 2005 FOMC Meeting Transcripts and Presentation Materials - Also available are the 1976-1977 FOMC transcripts and presentation materials.  www.federalreserve.gov/monetarypolicy/fomchistorical2005.htm 

January 14, 2011 - INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION - Industrial production increased 0.8 percent in December after having risen 0.3 percent in November. The rate of change for industrial production was revised down in November but revised up in September and October; the net effect of the revisions from July to November left the level of industrial production in November slightly higher than was previously reported. www.federalreserve.gov/releases/g17/Current/default.htm 
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January 13, 2011 - Surveys & Reports - December 2010 Senior Credit Officer Opinion Survey on Dealer Financing Terms - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets.  www.federalreserve.gov/econresdata/releases/scoos.htm 

January 12, 2011 - Economic Outlook Symposium: Summary of 2010 results and forecasts for 2011 - by William A. Strauss, senior economist and economic advisor, and Norman Wang, associate economist According to participants in the Chicago Fedís annual Economic Outlook Symposium, solid economic growth is forecasted for the nation in 2011, following a year with moderate growth; inflation is expected to edge higher in 2011; and the unemployment rate is predicted to remain elevated this year. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflfebruary2011_283.pdf 

January 12, 2011 - 2011 Midwest Interagency CRA Training Workshops - Overview Speakers Agenda Accommodations Conference Materials Registration - The Federal Reserve Banks of Chicago, Minneapolis and Saint Louis, the Office of Thrift Supervision, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are co-sponsors of one or more interagency Community Reinvestment Act Workshops taking place in the first and second quarters of 2011 in cities across the Midwest: Chicago, Illinois, Thursday, January 27, 2011; Saint Louis, Missouri, Thursday, March 10, 2011; Madison, Wisconsin, TBD, Spring of 2011. www.chicagofed.org/webpages/events/2011/cra_interagency_workshop_chicago.cfm 

January 12, 2011 - Release schedule for the Kansas City Financial Stress Index - The Federal Reserve Bank of Kansas City began a monthly release of the Kansas City Financial Stress Index in August 2009. The index is a monthly measure of stress in the U.S. financial system based on 11 market variables. www.kc.frb.org/publicat/newsroom/2011pdf/press.release.01.12.11.pdf

January 12, 2011 - Proposal to request approval from OMB of the extension for three years, with revision, of the following reports: FFIEC 002 and FFIEC 002S.   www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm 

January 12, 2011 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2011/default.htm 

January 12, 2011 - Lenders often consider a consumer's credit history or credit score when deciding whether, and at what cost, to extend credit. A new online Federal Reserve publication helps consumers better understand new notices they may receive from lenders when credit reports or credit scores affect a decision to grant credit. www.federalreserve.gov/newsevents/press/other/20110112a.htm 

January 11, 2011 - How Does Midwest Agriculture Promote Rural Development? - In recent Chicago Fed Letter, experts discuss rural employment generated by agriculture, the impacts of agricultural amenities on rural areas, and policy directions for the future. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljanuary2011_282b.pdf 

January 11, 2011 - Kansas City Fed announces officer promotions.   www.kc.frb.org/publicat/newsroom/2011pdf/press.release.01.11.11.pdf 

January 11, 2011 - Final Agenda Released for Forum on Overcoming Obstacles to Small Business Lending - CNBC to Moderate Panels Featuring Key Policymakers, Regulators and Stakeholders - The Federal Deposit Insurance Corporation has announced the final agenda for the Overcoming Obstacles to Small Business Lending Forum scheduled for Thursday, January 13, 2011. www.fdic.gov/news/news/press/2011/pr11004.html 

January 11, 2011 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings on November 22 and December 13, 2010. www.federalreserve.gov/newsevents/press/monetary/20110111a.htm 

January 10, 2011 - Federal Reserve Bank of San Francisco Elects Betsy Lawer and Nicole Taylor to its Board of Directors - The Federal Reserve Bank of San Francisco announced the election of Ms. Betsy Lawer, vice chair, First National Bank Alaska and Ms. Nicole Taylor, president and chief executive, East Bay Community Foundation to its board of directors. Each will serve three-year terms beginning January 1, 2011. www.frbsf.org/news/releases/2011/0110.html 

January 10, 2011 - Regulatory Reform - Communications with the public through January 11, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  http://www.federalreserve.gov/newsevents/reform_meetings.htm 

January 10, 2011 - Section 19 letters - August 16, 2010, September 8, 2010, September 13, 2010 (two letters), September 14, 2010 (two letters), September 21, 2010 (two letters), September 28, 2010, October 4, 2010, November 8, 2010 (two letters), November 17, 2010, November 22.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2010.htm 

January 10, 2011 - The Federal Reserve Board has named ten new members to its Consumer Advisory Council and designated a new Chair and Vice Chair of the Council for 2011. www.federalreserve.gov/newsevents/press/other/20110110b.htm 

January 10, 2011 - The Federal Reserve Board on Monday announced preliminary unaudited results indicating that the Reserve Banks provided for payments of approximately $78.4 billion of their estimated 2010 net income of $80.9 billion to the U.S. Treasury. This represents a $31.0 billion increase in payments to the U.S. Treasury over 2009.  www.federalreserve.gov/newsevents/press/other/20110110a.htm 

January 8, 2011 - Vice Chair Janet L. Yellen - The Federal Reserve's Asset Purchase Program - At the The Brimmer Policy Forum, Allied Social Science Associations Annual Meeting, Denver, Colorado.  www.federalreserve.gov/newsevents/speech/yellen20110108a.htm 

January 7, 2011 - Enterprise Bank & Trust, St. Louis, Missouri, Assumes All of the Deposits of Legacy Bank, Scottsdale, Arizona - Enterprise Bank & Trust, St. Louis, Missouri, Assumes All of the Deposits of Legacy Bank, Scottsdale, Arizona - Legacy Bank, Scottsdale, Arizona, was closed today by the Arizona 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 Enterprise Bank & Trust, St. Louis, Missouri, to assume all of the deposits of Legacy Bank www.fdic.gov/news/news/press/2011/pr11003.html 

January 7, 2011 - First Southern Bank, Boca Raton, Florida, Assumes All of the Deposits of First Commercial Bank of Florida, Orlando, Florida - First Commercial Bank of Florida, Orlando, 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 First Southern Bank, Boca Raton, Florida, to assume all of the deposits of First Commercial Bank of Florida. www.fdic.gov/news/news/press/2011/pr11002.html 

January 7, 2011 - Kansas City Fed announces director appointments.  www.kc.frb.org/publicat/newsroom/2011pdf/press.release.01.07.11.pdf 

January 7, 2011 - Credit Default Swap Spreads and Variance Risk Premia - Hao Wang, Hao Zhou, and Yi Zhou - We find that firm-level variance risk premium, estimated as the difference between option-implied and expected variances, has a prominent explanatory power for credit spreads in the presence of market- and firm-level risk control variables identified in the existing literature.  www.federalreserve.gov/pubs/feds/2011/201102/index.html 

January 7, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

January 7, 2011 - Legal Interpretation - Federal Reserve Act, December 23, 2010.  www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2010/20101223/20101223a.pdf 

January 7, 2011 - Chairman Ben S. Bernanke - The Economic Outlook and Monetary and Fiscal Policy - Before the Committee on the Budget, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20110107a.htm 

January 7, 2011 - Governor Elizabeth A. Duke - The Economic Outlook - At the Maryland Bankers Association First Friday Economic Outlook Forum, Baltimore, Maryland.  www.federalreserve.gov/newsevents/speech/duke20110107a.htm 
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January 6, 2011 - Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs? - Christopher J. Erceg and Jesper Linde - This paper investigates the impact of the asymmetric shocks within a currency union in a framework that takes account of the zero bound constraint on policy rates, and also allows for constraints on fiscal policy. www.federalreserve.gov/pubs/ifdp/2010/1012/ifdp1012.htm 

January 6, 2011 - Board issues enforcement actions with Boscobel Bancorp, Inc. and Community First Bank, Capital Commerce Bancorp, Inc., Foundation Bancorp, Inc., Metropolitan Bank Holding Corporation and Prairie Star Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20110106a.htm 

January 5, 2011 - Scott L. Morris Appointed to Seattle Branch Federal Reserve Board - Scott L. Morris - The Federal Reserve Bank of San Francisco has appointed Scott L. Morris, chairman, president and chief executive officer of energy company Avista Corp., to its Seattle Branch board of directors. His appointment is for a three-year term and became effective January 1, 2011. www.frbsf.org/news/releases/2011/0105.html 

January 5, 2011 - 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 2010. www.fdic.gov/news/news/press/2011/pr11001.html 

January 5, 2011 - Did the Federal Reserve's MBS Purchase Program Lower Mortgage Rates? - Diana Hancock and Wayne Passmore - We employ empirical pricing models for mortgage-backed security yields and for mortgage rates to measure deviations from normal market functioning in order to assess how the Federal Reserve MBS purchase program--a 16 month program announced on November 25, 2008 and completed on March 31, 2010--affected risk premiums that were embedded in mortgage and swap markets. www.federalreserve.gov/pubs/feds/2011/201101/201101abs.html 

January 5, 2011 - Fiscal Positions and Government Bond Yields in OECD Countries - Joseph W. Gruber and Steven B. Kamin - We examine the impact of fiscal positions, both the level of debt and the fiscal balance, on long-term government bond yields in the OECD. In order to control for the endogenity of fiscal positions to the business cycle we utilize forward projections of fiscal positions from the OECD's Economic Outlook. www.federalreserve.gov/pubs/ifdp/2010/1011/ifdp1011.htm 

January 4, 2011 - Agenda Released for Troubled Debt Restructuring Webinar.  www.ncua.gov/news/press_releases/2011/MA11-0104AgendaReleasedforTroubleDebtRestructuringWebinar.pdf 

January 4, 2011 - Secure and Fair Enforcement for Mortgage Licensing Act of 2008 - Update: Registration of Residential Mortgage Loan Originators - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration expect the system for federal registration of residential mortgage loan originators to begin operation on or around January 31, 2011. www.fdic.gov/news/news/financial/2011/fil11001.html 

January 4, 2011 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on December 14, 2010. www.federalreserve.gov/newsevents/press/monetary/20110104a.htm

January 3, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

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