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

The Community Banker
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Bank Regulatory News

July 2008

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July 31, 2008 - The four federal banking agency members of the Federal Financial Institutions Examination Council -the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision--announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions pursuant to the Community Reinvestment Act.
Press Release: www.ffiec.gov/hmcrpr/cra073108.htm 
Press Release: www.ots.treas.gov/docs/7/778033.html 

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

July 31, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.  www.federalreserve.gov/releases/bulletin/0608assets.htm 

July 31, 2008 - The Federal Reserve Board on Thursday announced the approval of an application by International Bank of Azerbaijan, Baku, Azerbaijan, to establish a representative office in New York, New York. www.federalreserve.gov/newsevents/press/orders/20080731a.htm 

July 31, 2008 - New Blog Features Discussion on Economic Topics - In 'Marginal Thoughts,' a new economics blog now online, Wade Rousse explores the components of GDP. http://marginalthoughts.chicagofedblogs.org/ 

July 31, 2008 - Joint Forum Release of Credit Risk Transfer Paper - The Joint Forum today released its paper entitled Credit Risk Transfer - Developments from 2005 to 2007. "This paper is contributing significantly to the understanding of the causes of the credit market turmoil," said John C. Dugan, Comptroller of the Currency and Chairman of the Joint Forum.  Particularly relevant is the report's focus on two financial instruments that have been used widely to transfer credit risk: collateralized debt obligations referencing ABS and collateralized loan obligations.   www.occ.treas.gov/ftp/release/2008-93.htm 

July 31, 2008 - Capital Standards - Supervisory Review Process of Capital Adequacy Related to The Implementation of the Basel II Advanced Capital Framework - The federal bank and thrift regulatory agencies have jointly issued the attached final guidance on the Supervisory Review Process of Capital Adequacy under the Basel II Advanced Capital Framework. While this guidance reflects a continuation of the longstanding approach employed by the agencies in the supervision of banks, it provides the clarification necessary to support the implementation of the advanced approaches final rule. The final guidance takes effect on September 2, 2008.
Press Release www.fdic.gov/news/news/financial/2008/fil08071.html 
Press Release: www.occ.treas.gov/ftp/BULLETIN/2008-20.html 

July 31, 2008 - Statistical Supplement to the Federal Reserve Bulletin - June, 2008.  www.federalreserve.gov/pubs/supplement/2008/06/default.htm 

July 31, 2008 - Legal Developments - Section 19 Letters, May 19 and June 18, 2008.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2008.htm#1988 

July 30, 2008 - Statement of Comptroller of the Currency John C. Dugan - On Enactment of Housing Legislation - Comptroller of the Currency John C. Dugan issued the following statement today following the signing of a major housing bill by President Bush.  www.occ.treas.gov/ftp/release/2008-92.htm 

July 30, 2008 - Beth Castro Named Director of Community Development - The Office of the Comptroller of the Currency announced today the selection of Beth Castro as Director of Community Development. She will report to Barry Wides, Deputy Comptroller for Community Affairs. www.occ.treas.gov/ftp/release/2008-91.htm 

July 30, 2008 - Updated Examination Procedures for Regulation DD - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached updated examination procedures for Regulation DD.   www.federalreserve.gov/boarddocs/caletters/2008/0803/caltr0803.htm 

July 30, 2008 - The Federal Reserve today announced several steps to enhance the effectiveness of its existing liquidity facilities, including the introduction of longer terms to maturity in its Term Auction Facility. In association with this change, the European Central Bank and the Swiss National Bank are adapting the maturity of their operations. www.federalreserve.gov/newsevents/press/monetary/20080730a.htm 

July 29, 2008 - NCUA - Michael E. Fryzel Sworn-in as NCUA Chairman - Michael E. Fryzel became Chairman of the National Credit Union Administration today in Chicago, Ill. The Honorable Lee Preston, Judge of the Cook County Circuit Court and longtime friend of Chairman Fryzel, administered the oath of office at noon CDT. www.ncua.gov/news/press_releases/2008/MA08-0729.htm 

July 29, 2008 - OCC Announces New Electronic Interpretations and Actions - July 2008.  www.occ.treas.gov/interp/jul08/intjul08.htm 

July 29, 2008 - Risk-Based Capital Rules - Notice of Proposed Rulemaking on Risk-Based Capital Standards: Standardized Framework - The federal bank and thrift regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking and are seeking comment on the domestic application of the Basel II standardized framework for all domestic banks, bank holding companies, and savings associations that are not subject to the Basel II advanced approaches rule. The FDIC will accept comments on the NPR through October 27, 2008.
Press Release: www.fdic.gov/news/news/financial/2008/fil08069.html 
Press Release: www.occ.treas.gov/ftp/BULLETIN/2008-19.html 

July 29, 2008 - On July 28, 2008, 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/20080729a.htm 

July 28, 2008 - NCUA - New London Security FCU Closes - The National Credit Union Administration announces that the agency placed New London Security Federal Credit Union of New London, Connecticut, into liquidation today. www.ncua.gov/news/press_releases/2008/MR08-0728.htm

July 28, 2008 - Midwest Manufacturing Output Rises in June - The Chicago Fed Midwest Manufacturing Index increased 1.1% in June, to a seasonally adjusted level of 106.0. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

July 28, 2008 - Statement of Comptroller of the Currency John C. Dugan - On Covered Bonds - Comptroller of the Currency John C. Dugan made the following statement today at a press conference on mortgage finance sponsored by the Department of Treasury: www.occ.treas.gov/ftp/release/2008-90.htm 

July 28, 2008 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2008-89.htm 

July 28, 2008 - St. Louis Fed Report Finds Dramatic Rise in Income Inequality - While workers with more education expect to earn more than those with less education, the inequality between the two is growing rapidly. That's one conclusion from an analysis by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/07_28_08.html 

July 28, 2008 - Political Disagreement, Lack of Commitment and the Level of Debt - Davide Debortoli and Ricardo Nunes - We analyze how public debt evolves when successive policymakers have different policy goals and cannot make credible commitments about their future policies. We consider several cases to be able to disentangle and quantify the respective effects of imperfect commitment and political disagreement. www.federalreserve.gov/pubs/ifdp/2008/938/ifdp938.htm 

July 28, 2008 - Simple Monetary Rules Under Fiscal Dominance - Michael Kumhof, Ricardo Nunes, and Irina Yakadina - This paper asks whether an aggressive monetary policy response to inflation is feasible in countries that suffer from fiscal dominance, as long as monetary policy also responds to fiscal variables. We find that if nominal interest rates are allowed to respond to government debt, even aggressive rules that satisfy the Taylor principle can produce unique equilibria. www.federalreserve.gov/pubs/ifdp/2008/937/ifdp937.htm 

July 28, 2008 - An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data - Enrique G. Mendoza and Marco E. Terrones - This paper proposes a methodology for measuring credit booms and uses it to identify credit booms in emerging and industrial economies over the past four decades. In addition, we use event study methods to identify the key empirical regularities of credit booms in macroeconomic aggregates and micro-level data. www.federalreserve.gov/pubs/ifdp/2008/936/ifdp936.htm 

July 28, 2008 - Governor Kevin Warsh - Remarks on covered bond framework - At the U.S. Department of the Treasury Press Conference on Covered Bond Framework, Washington, D.C. www.federalreserve.gov/newsevents/speech/warsh20080728a.htm 

July 28, 2008 - Governor Frederic S. Mishkin - Whither Federal Reserve Communications - At the Peterson Institute for International Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/mishkin20080728a.htm 

July 28, 2008 - On July 28, 2008, 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/20080728a.htm 

July 25, 2008 - OCC Closes First National Bank of Nevada and Appoints FDIC Receiver - First National Bank of Nevada, Reno, Nevada, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was appointed receiver. www.occ.treas.gov/ftp/release/2008-87.htm 

July 25, 2008 - OCC Closes First Heritage Bank, N.A., Newport Beach, CA and Appoints FDIC Receiver - First Heritage Bank, N.A., Newport Beach, California, was closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed receiver. www.occ.treas.gov/ftp/release/2008-88.htm 

July 25, 2008 - Mutual of Omaha Bank Acquires All Deposits of First National Bank of Nevada and First Heritage Bank, N.A. www.fdic.gov/news/news/press/2008/pr08063.html 

July 25, 2008 - New Blog Features Discussion on Economic Topics - In 'Marginal Thoughts,' a new economics blog now online, Cindy Ivanac-Lillig explores the value of speculators. http://marginalthoughts.chicagofedblogs.org/ 

July 25, 2008 - NCUA - Results of the 07/24/2008 NCUA Board Meeting are Available.   www.ncua.gov/NCUABoard/board_reports/board_reports.html 

July 25, 2008 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Capital Corp of the West, Merced, California, a registered bank holding company, its subsidiary bank, County Bank, Merced, California, a state-member bank, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20080725a.htm  
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July 24, 2008 - U.S. Economic Growth Restrained in 2008: Forecast - Latest Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2009. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

July 24, 2008 - FDIC Chairman Sheila C. Bair Reiterates Promise of Deposit Insurance Issues Depositor's Bill of Rights - In an op-ed published today by Reuters.com, FDIC Chairman Sheila C. Bair reiterated the rights of insured depositors. www.fdic.gov/news/news/press/2008/pr08062.html 

July 24, 2008 - NCUA General Counsel Opinion 08-0120 - Applicability of Certain Massachusetts Law and Mortgage Regulations to Federal Credit.   Unions www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0120.pdf 

July 24, 2008 - NCUA - NCUA Seeks Executive Approval for a New Agency Seal - The NCUA Board voted to seek an Executive Order from President Bush approving a new agency seal that incorporates the eagle and shield of the Great Seal of the United States to more clearly convey a federal government image. An Executive Order is necessary to replace the Executive Order President Nixon signed establishing the original NCUA seal in 1971. www.ncua.gov/news/press_releases/2008/MA08-0724.htm 

July 23, 2008 - Legal Interpretations - Bank Holding Company/Change in Control, June 19, 2008 - Letter to John R. Jay granting an exemption from the Board's risk-based capital guidelines for bank holding companies and state member banks (12 CFR parts 208 and 225, App. A) to permit SunTrust Banks, Inc. and SunTrust Bank to include in their tier 1 capital certain unrealized gains on AFS equity securities as a result of certain collateralized forward contracts to be entered into by SunTrust. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20080619.pdf 

July 23, 2008 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2008/20080723/default.htm 

July 23, 2008 - The Federal Reserve Board on Wednesday announced the approval of an application by Andhra Bank, Hyderabad, India, to establish a representative office in Jersey City, New Jersey. www.federalreserve.gov/newsevents/press/orders/20080723a.htm 

July 23, 2008 - Prohibition Against Interstate Deposit Production: Annual Loan-to-Deposit Ratios - The federal banking agencies issued their annually updated ratios to determine compliance with section 109 of Riegle-Neal. www.occ.treas.gov/ftp/BULLETIN/2008-18.html 

July 23, 2008 - OCC Allows National Bank Offices Affected by Hurricane Dolly to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Dolly to close at their discretion. www.occ.treas.gov/ftp/release/2008-86.htm 

July 22, 2008 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings on May 19 and June 23, 2008. www.federalreserve.gov/newsevents/press/monetary/20080722a.htm 

July 21, 2008 - NCUA Statement on the Members First Federal Credit Union Decision - Today the court rendered a decision in the American Bankers Association vs NCUA case concluding that the agency's approval in 2003 of a six county area in South Central Pennsylvania was arbitrary and capricious. The court has asked the parties to file briefs addressing the appropriate remedy. www.ncua.gov/news/press_releases/2008/MR08-0721.htm 

July 21, 2008 - June Economic Activity Still Slow but Improved - The Chicago Fed National Activity Index was -0.60 in June, up from -1.06 in May. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

July 21, 2008 - Reich Cites Keys to Restoring Consumer Confidence - Office of Thrift Supervision Director John Reich cited three keys today to restoring the confidence of consumers and investors in the financial services industry. www.ots.treas.gov/docs/7/778032.html 

July 18, 2008 - FDIC Announces Web Site to Assist IndyMac Depositors Determine Insurance Standing - The Federal Deposit Insurance Corporation has created a Web site that enables depositors at IndyMac Federal Bank, FSB, to verify whether their account is fully insured. The Web site also contains a link to FDIC contact information for customers with further questions about their accounts. www.fdic.gov/news/news/press/2008/pr08061.html 

July 18, 2008 - Nationwide Launch of Partnership for Progress - The Federal Reserve System today announced the nationwide launch of Partnership for Progress, an innovative outreach and technical assistance program for minority-owned and de novo institutions. The program seeks to help these institutions confront their unique challenges, cultivate safe and sound practices, and compete more effectively in today's marketplace through a combination of one-on-one guidance, workshops, and an extensive interactive web-based resource and information center www.frbsf.org/news/releases/2008/0618.html 

July 18, 2008 - IndyMac Federal Bank, FSB - Official Checks - The FDIC is issuing clarification for payment of IndyMac official checks. www.fdic.gov/news/news/financial/2008/fil08067.html 

July 17, 2008 - OCC Releases CRA Evaluations For 21 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 June 15, 2008 through July 14, 2008. www.occ.treas.gov/ftp/release/2008-85.htm 

July 17, 2008 - OCC Hosts Web and Telephone Seminar on Low-Income Housing Tax Credit Funds on September 10 - The Office of the Comptroller of the Currency will host a live Web and telephone seminar on opportunities for banks that invest in projects funded through Low-Income Housing Tax Credits from 2 to 3:30 p.m. on September 10. www.occ.treas.gov/ftp/release/2008-84.htm 

July 17, 2008 - Comptroller Dugan Addresses the Interagency Minority Depository Institutions National Conference - Comptroller of the Currency John C. Dugan addressed the Interagency Minority Depository Institutions National Conference today and discussed the challenges and opportunities facing minority-owned banks. www.occ.treas.gov/ftp/release/2008-83.htm 

July 17, 2008 - St. Louis Fed Promotes Stierholz to Officer - The Federal Reserve Bank of St. Louis has promoted Katrina L. Stierholz to officer in the Research Division. Stierholz joined the St. Louis Fed in 2002 as library manager in Research. www.stlouisfed.org/news/releases/2008/07_17_08.html 

July 17, 2008 - Minority Depository Institutions Expanded Guidelines for Providing Technical Assistance to Minority Depository Institutions - The Federal Deposit Insurance Corporation continues to pursue strategies to preserve and encourage minority ownership of FDIC-insured financial institutions, including providing technical assistance in operational areas. www.fdic.gov/news/news/financial/2008/fil08066.html 

July 17, 2008 - Large-Bank Insurance Determination Modernization - The FDIC has issued the attached final rule requiring certain large depository institutions to facilitate the process for determining the insurance status of depositors of an insured depository institution in the event of failure. The rule applies only to an estimated 159 "covered institutions," defined as any insured depository institution with at least $2 billion in domestic deposits and either (1) more than 250,000 deposit accounts or (2) total assets over $20 billion, regardless of the number of deposit accounts. The rule takes effect on August 18, 2008, and allows for an 18- month implementation period. www.fdic.gov/news/news/financial/2008/fil08065.html 

July 17, 2008 - Processing Deposit Accounts in the Event of an Insured Depository Institution Failure - Interim Rule - The FDIC has issued the attached interim rule establishing the FDIC's practices for determining deposit and other liability account balances at a failed insured depository institution. Under the rule, the FDIC will also require institutions to prominently disclose to sweep account customers whether the swept funds are deposits and the status of the swept funds if the institution were to fail. The FDIC is soliciting comment on all aspects of this rule. www.fdic.gov/news/news/financial/2008/fil08064.html 

July 17, 2008 - Governor Randall S. Kroszner - Federal Reserve's Initiatives to Support Minority-Owned Institutions and Expand Consumer Protection Minority Depository Institutions National Conference, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/kroszner20080717a.htm 

July 17, 2008 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Equal Credit Opportunity Act - Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/newsevents/testimony/braunstein20080717a.htm
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July 16, 2008 - NCUA - Meriden F.A. Federal Credit Union Closes - The National Credit Union Administration placed Meriden F. A. Federal Credit Union of Meriden, Connecticut, into liquidation today. www.ncua.gov/news/press_releases/2008/MR08-0716.htm 

July 16, 2008 - OCC Hosts Conference on Fair Lending in New Orleans, September 9-10 - The Office of the Comptroller of the Currency will host a conference on statistical analysis and modeling for fair lending risk assessment at the Astor Crowne Plaza in New Orleans' French Quarter, September 9-10. www.occ.treas.gov/ftp/release/2008-82.htm 

July 16, 2008 - Statistical Release - G.17 Industrial Production - Industrial production advanced 0.5 percent in June after having fallen 0.2 percent in May. Industrial production for the second quarter as a whole dropped 3.1 percent (annual rate) from the first quarter. Manufacturing output gained 0.2 percent in June and was boosted by a jump of 5.4 percent in the output of motor vehicles and parts; activity resumed at motor vehicle parts and assembly plants that had been idled by a strike that began in late February and ended in late May. www.federalreserve.gov/releases/g17/Current/default.htm 

July 16, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 24-25, 2008. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 24-25, 2008 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20080716a.htm 

July 15, 2008 - OCC Deputy Comptroller for Community Affairs Addresses the Stabilizing Communities Symposium - Deputy Comptroller for Community Affairs Barry Wides highlighted innovative solutions to the foreclosure crisis in opening remarks today to the Stabilizing Community Symposium sponsored by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Bank of San Francisco. www.occ.treas.gov/ftp/release/2008-80.htm 

July 15, 2008 - FDIC Board Approves Final Covered Bond Policy Statement - The Board of Directors of the Federal Deposit Insurance Corporation today approved a final covered bond policy statement that will facilitate the development of the U.S. covered bond market by providing bondholders expedited access to collateral if the FDIC declines to continue the covered bonds after a bank failure. www.fdic.gov/news/news/press/2008/pr08060.html 

July 15, 2008 - Restructuring of the check processing operations in the First and Third Districts, Regulation CC.   www.federalreserve.gov/newsevents/press/bcreg/20080715b.htm 

July 15, 2008 - Agencies issue final guidance on supervisory review process (Pillar 2) related to implementation of Basel II advanced approaches rule.  
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20080715a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08059.html 
Press Release: www.fdic.gov/news/news/press/2008/pr08060.html 
Press Release; www.ots.treas.gov/docs/7/778030.html 

July 15, 2008 - Reports to the Congress - Monetary Policy Report to the Congress.  www.federalreserve.gov/boarddocs/hh/2008/july/fullreport.htm 

July 15, 2008 - Testimony of Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress.  www.federalreserve.gov/newsevents/testimony/bernanke20080715a.htm 

July 15, 2008 - On July 14, 2008, 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/20080715a.htm 

July 14, 2008 - FDIC Chairman Sheila Bair's Statement on the Federal Reserve Board's Final Rule for Home Mortgage Loans - Federal Deposit Insurance Corporation Chairman Sheila C. Bair today issued the following statement on the Federal Reserve Board's approval of a final rule for home mortgage loans. www.fdic.gov/news/news/press/2008/pr08058.html 

July 14, 2008 - Monetary Policy in a Forward-Looking Input-Output Economy - Brad E. Strum - This paper examines the implications for monetary policy of sticky prices in both final and intermediate goods in a New Keynesian model. Both optimal policy under commitment and discretionary policy, which is the minimization of a simple loss function, are studied. www.federalreserve.gov/pubs/feds/2008/200833/index.html 

July 14, 2008 - The Federal Reserve Board on Monday approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending. The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. www.federalreserve.gov/newsevents/press/bcreg/20080714a.htm 

July 14, 2008 - On July 14, 2008, 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/20080714a.htm 

July 14, 2008 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among KCB Bank, Kearney, Missouri, the Federal Reserve Bank of Kansas City, and the Missouri Division of Finance. www.federalreserve.gov/newsevents/press/enforcement/20080714a.htm 

July 13, 2008 - The Board of Governors of the Federal Reserve System announced Sunday that it has granted the Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary. Any lending would be at the primary credit rate and collateralized by U.S. government and federal agency securities. www.federalreserve.gov/newsevents/press/other/20080713a.htm 

July 13, 2008 - FDIC Chairman Sheila C. Bair Issues Statement on IndyMac Federal Bank, FSB, Conservatorship - FDIC Chairman Sheila C. Bair, today issued the following statement about IndyMac Federal Bank, FSB, the conservatorship created by the FDIC to continue to provide banking services in communities served by the former IndyMac Bank, F.S.B.  www.fdic.gov/news/news/press/2008/pr08057.html 

July 11, 2008 - FDIC Establishes IndyMac Federal Bank, FSB as Successor to IndyMac Bank, F.S.B., Pasadena, California - IndyMac Bank, F.S.B., Pasadena, CA, was closed today by the Office of Thrift Supervision. The Federal Deposit Insurance Corporation was named conservator. www.fdic.gov/news/news/press/2008/pr08056.html 

July 11, 2008 - Consumer Switching Costs and Firm Pricing: Evidence From Bank Pricing of Deposit Accounts - Timothy H. Hannan - This paper employs extensive information on bank deposit rates and county migration patterns to test for pricing relationships implied by the existence of switching costs. While these relationships are derived formally, the intuition for them can be readily stated. www.federalreserve.gov/pubs/FEDS/2008/200832/index.html 

July 11, 2008 - Shucking the Hype: St. Louis Fed Analyzes Ethanol - While increasing our use of ethanol for fuel may make a small dent in the demand for oil, the potential benefits must outweigh the potential costs if ethanol is going to be viable in the long-term. www.stlouisfed.org/news/releases/2008/07_10_08.html 
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July 10, 2008 - Processing of De Novo Bank Membership Applications - The Federal Reserve is streamlining the application process for de novo banks and enhancing coordination with other banking supervisory agencies in that process. www.federalreserve.gov/boarddocs/srletters/2008/SR0805.htm 

July 10, 2008 - Legal Interpretations - Federal Reserve Act, July 1 and June 26, 2008 - Letter to Kathryn V. McCulloch, JPMorgan Chase & Co. ("JPMC"), New York, New York, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) for certain covered transactions between JPMorgan Chase Bank, National Association, and its affiliates in connection with JPMC's acquisition of The Bear Stearns Companies, Inc., New York, New York. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20080701/20080701.pdf 

July 10, 2008 - Legal Interpretations - Federal Reserve Act, July 1 and June 26, 2008 - Letter to Kathleen A. Juhase, Esq., JPMorgan Chase & Co. ("JPMC"), New York, New York, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 C.F.R. Part 223) for transactions entered into by JPMorgan Chase Bank, National Association, Columbus, Ohio, with or relating to Maiden Lane LLC. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20080626/20080626.pdf 

July 10, 2008 - Chairman Ben S. Bernanke - Regulatory restructuring - Before the Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/newsevents/testimony/bernanke20080710a.htm 

July 9, 2008 - OCC Deputy Comptroller for Credit and Market Risk Testifies Before Senate Subcommittee on Securities, Insurance, and Investment.   www.occ.treas.gov/ftp/release/2008-79.htm 

July 9, 2008 - Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/releases/e15/default_2008.htm 

July 9, 2008 - Consumer Information - What You Should Know about Home Equity Lines of Credit.   www.federalreserve.gov/pubs/equity/equity_english.htm 

July 9, 2008 - 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/2008/MR08-0709.htm 

July 9, 2008 - Patrick M. Parkinson, Deputy Director, Division of Research and Statistics - Over-the-counter derivatives - Before the Subcommittee on Securities, Insurance, and Investment, Committee on Banking, Housing, and Urban Affairs, United States Senate.   www.federalreserve.gov/newsevents/testimony/parkinson20080709a.htm 

July 8, 2008 - Comptroller Dugan Supports Responsible Mortgage Lending For Low- and Moderate-Income Households - Comptroller of the Currency John C. Dugan issued the following statement after today's Forum on Mortgage Lending for Low- and Moderate-Income Households sponsored by the Federal Deposit Insurance Corporation.  www.occ.treas.gov/ftp/release/2008-78.htm 

July 8, 2008 - How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained? - Carol C. Bertaut, Steven B. Kamin, and Charles P. Thomas - This paper addresses three questions about the prospects for the U.S. current account deficit. Is it sustainable in the long term? If not, how long will it take for measures of external debt and debt service to reach levels that could prompt some pullback by global investors? And if and when such levels are breached, how readily would asset prices respond and the current account start to narrow? www.federalreserve.gov/pubs/ifdp/2008/935/ifdp935.htm 

July 8, 2008 - Trade Elasticity of Substitution and Equilibrium Dynamics -Martin Bodenstein - The empirical literature provides a wide range of estimates for trade elasticities at the aggregate level. Furthermore, recent contributions in international macroeconomics suggest that low (implied) values of the trade elasticity of substitution may play an important role in understanding the disconnect between international prices and real variables. www.federalreserve.gov/pubs/ifdp/2008/934/ifdp934.htm 

July 8, 2008 - Predicting Global Stock Returns - Erik Hjalmarsson - I test for stock return predictability in the largest and most comprehensive data set analyzed so far, using four common forecasting variables: the dividend- and earnings-price ratios, the short interest rate, and the term spread. The data contain over 20,000 monthly observations from 40 international markets, including 24 developed and 16 emerging economies. www.federalreserve.gov/pubs/ifdp/2008/933/ifdp933.htm 

July 8, 2008 - Managing Bank Reserves in the Midwest - Latest Chicago Fed Letter examines banks' retail sweep programs, which help reduce their reserve requirements, freeing up funds for investment. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

July 8, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3-1/2 percent in May. Revolving credit rose at an annual rate of 7 percent, and nonrevolving credit rose at an annual rate of 1-1/2 percent. www.federalreserve.gov/releases/g19/Current/ 

July 8, 2008 - Chairman Ben S. Bernanke - Financial Regulation and Financial Stability - At the Federal Deposit Insurance Corporation's Forum on Mortgage Lending for Low and Moderate Income Households, Arlington, Virginia.  www.federalreserve.gov/newsevents/speech/bernanke20080708a.htm 

July 8, 2008 - Agencies Issue Statement on Basel II Advanced Approaches Qualification Process - The federal banking and thrift agencies today issued an interagency statement outlining the qualification process for banking organizations implementing the new advanced capital adequacy framework known as Basel II. The process consists of three major stages: adoption of an implementation plan; completion of a satisfactory parallel run; and advancement through three transitional periods.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20080708a.htm 
Press Release: www.federalreserve.gov/boarddocs/srletters/2008/SR0804.htm 
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0804.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08055.html 
Press Release: www.occ.treas.gov/ftp/release/2008-77.htm 
Press Release: www.ots.treas.gov/docs/7/778028.html 

July 7, 2008 - Comptroller Dugan Tells OCC Examiners that Agency Must Continue to Focus on Consumer Compliance - Comptroller of the Currency John C. Dugan told a meeting of the agency's compliance examiners today that the OCC must continue to focus on consumer compliance while it deals with the credit quality problems that are now confronting the industry. www.occ.treas.gov/ftp/release/2008-76.htm 

July 7, 2008 - Letting the Markets Work: St. Louis Fed Analyzes the Mortgage Crisis - When it comes to the current mortgage crises, large-scale government interventions directly in housing or mortgage markets are not necessarily the best policy responses. By allowing markets to sort themselves out quickly, a foundation for sustainable homeownership and responsible mortgage lending can be re-established. www.stlouisfed.org/news/releases/2008/07_07_08.html 

July 7, 2008 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in April 2008. www.fdic.gov/news/news/press/2008/pr08054.html 

July 7, 2008 - Legal Developments - Section 19 Letters, February 28 and April 10, 2008.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2008.htm 

July 7, 2008 - Federal Reserve and SEC issue memorandum of understanding to deepen information sharing and cooperation - Securities and Exchange Commission Chairman Christopher Cox and Board of Governors of the Federal Reserve System Chairman Ben Bernanke today signed a memorandum of understanding between the two agencies that will deepen their information sharing and cooperation, permitting both agencies to better perform their responsibilities. www.federalreserve.gov/newsevents/press/bcreg/20080707a.htm   
__________________

July 3, 2008 - OCC Approves Basel II Standardized Approach Proposal - The Office of the Comptroller of the Currency announced today it has approved for publication a notice of proposed rulemaking that would implement the standardized approach of the Basel II Capital Accord. www.occ.treas.gov/ftp/release/2008-75.htm 

July 3, 2008 - OCC's Quarterly Report on Bank Trading and Derivatives Activities First Quarter 2008 - Insured U.S. commercial banks reported $1.13 billion in revenues from trading cash and derivative instruments in the first quarter, compared to a loss of $9.97 billion in the fourth quarter of 2007. www.occ.treas.gov/ftp/release/2008-74.htm 

July 3, 2008 - Federal Reserve Bank of Kansas City Launches Web-Based Foreclosure Resource Center - With the number of home foreclosures rising nationally, the Federal Reserve Bank of Kansas City has collected several regional foreclosure resources to assist homeowners, lenders and community groups affected by foreclosure issues across the Tenth Federal Reserve District. www.kc.frb.org/Pubaffrs/Pressrel/2008pdf/pr08-09.pdf 

July 3, 2008 - St. Louis Fed Introduces Digitized Archives - he Federal Reserve Bank of St. Louis recently introduced the Center for Economic Documents Digitization with a mission to preserve the nation's economic history through digitization. www.stlouisfed.org/news/releases/2008/07_03_08a.html 

July 3, 2008 - St. Louis Fed's Review: Monetary Policy Under Uncertainty - Economists and policymakers from around the world gathered in St. Louis for the 32nd annual policy conference of the Federal Reserve Bank of St. Louis to explore the conduct of monetary policy under uncertainty. www.stlouisfed.org/news/releases/2008/07_03_08.html 

July 2, 2008 - "Speculator" not a dirty word" - New Blog Features Discussion on Economic Topics - In 'Marginal Thoughts,' a new economics blog now online, Wade Rousse talks about the role of speculators in futures markets. www.marginalthoughts.chicagofedblogs.org/    

July 2, 2008 - NCUA and IRS Offer Second VITA Program Production "Establishing a VITA Site: How and Why" - The National Credit Union Administration (NCUA) will partner with the U.S. Internal Revenue Service to produce an informational video on the IRS' Volunteer Income Tax Assistance Program. Entitled "Establishing a VITA Site: How and Why," the video is aimed at encouraging credit unions to offer VITA tax preparation services and also promoting a new IRS grant initiative. www.ncua.gov/news/press_releases/2008/MA08-0702.htm 

July 2, 2008 - NCUA General Counsel Opinion 08-0121 - Gift Cards as an Electronic Financial Service.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0121.pdf 

July 2, 2008 - OTS Director Approves Basel Proposal for Alternative Approach - The Director of the Office of Thrift Supervision approved today an interagency proposal for public comment that would offer savings institutions the option of adopting a less complex alternative for calculating risk-based capital requirements under the international Basel II capital accord. www.ots.treas.gov/docs/7/778026.html 

July 2, 2008 - Comptroller Dugan Comments on Hope Now Data - Comptroller of the Currency John C. Dugan issued the following statement regarding the release of new data from the Hope Now Alliance earlier today. www.occ.treas.gov/ftp/release/2008-73.htm 

July 2, 2008 - The Federal Financial Institutions Examination Council today announced the appointment of Paul Sanford as Executive Secretary of the Council. Mr. Sanford's principal responsibilities will be to coordinate interagency staff task forces that have been established by the Examination Council and to direct the FFIEC staff on behalf of the Council. www.ffiec.gov/press/pr070208.htm 

July 2, 2008 - Expanding Responsible Mortgage Credit Availability to Lower-Income Households to Be Focus of Two FDIC-Sponsored Events - Strategies for promoting responsible and sustainable mortgage lending to low- and moderate-income families will be the focus of the FDIC-sponsored Forum on Mortgage Lending for LMI Households on July 8th in Arlington, VA. www.fdic.gov/news/news/press/2008/pr08053.html 

July 2, 2008 - Speech by Governor Frederic S. Mishkin - Global Financial Turmoil and the World Economy.   www.federalreserve.gov/newsevents/speech/mishkin20080702a.htm 

July 2, 2008 - Statistical Supplement to the Federal Reserve Bulletin - May 2008.   www.federalreserve.gov/pubs/supplement/2008/05/default.htm 

July 1, 2008 - NCUA Liquidates Sterlent and Cal State 9 Credit Unions; Patelco Credit Union Purchases and Assumes Credit Union Assets.   www.ncua.gov/news/press_releases/2008/MA08-0701.htm 

July 1, 2008 - Other Real Estate Guidance on Other Real Estate - Continued weakness in the housing market and the rapid rise in foreclosures have increased the potential for higher levels of other real estate held by FDIC-supervised institutions. This FIL reminds bank management of the importance of developing and implementing policies and procedures for acquiring, holding, and disposing of other real estate. "Guidance on Other Real Estate" is attached. www.fdic.gov/news/news/financial/2008/fil08062.html 

July 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In June 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/ 

July 1, 2008 - The Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in July. It will offer $75 billion in an auction to be held on Monday, July 14, and $75 billion in an auction to be held on Monday, July 28. www.federalreserve.gov/newsevents/press/monetary/20080701b.htm 

July 1, 2008 - On June 30, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20080701a.htm   

 

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