Bank Regulatory News

July 2011

July 29, 2011 - Old National Bank, Evansville, Indiana, Assumes All of the Deposits of Integra Bank, National Association, Evansville, Indiana - Integra Bank, National Association, Evansville, Indiana, 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 Old National Bank, Evansville, Indiana, to assume all of the deposits of Integra Bank, National Association. www.fdic.gov/news/news/press/2011/pr11128.html

July 29, 2011 - Second quarter survey shows continued weakness in low- to moderate-income communities - SECOND QUARTER SURVEY SHOWS CONTINUED WEAKNESS IN LOW- TO MODERATE-INCOME COMMUNITIES Economic and financial conditions in the Tenth Federal Reserve District’s low- to moderate-income community continued to weaken in the second quarter, according to the latest results of the Federal Reserve Bank of Kansas City’s quarterly LMI Survey. www.kc.frb.org/publicat/newsroom/2011pdf/press.release.07.29.11.pdf 

July 29, 2011 - St. Louis Fed’s Bullard Discusses Monetary Policy and U.S. Economy - On Friday, Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “Views on the U.S. Economy: A Four-Part Story” as part of the keynote monetary policy discussion at the 3rd Annual Rocky Mountain Economic Summit in Jackson Hole. www.stls.frb.org/newsroom/displayNews.cfm?article=1115 

July 29, 2011 - SCBT, National Association, Orangeburg, South Carolina, Assumes All of the Deposits of BankMeridian, N.A., Columbia, South Carolina - BankMeridian, N.A., Columbia, South Carolina, 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 SCBT, National Association, Orangeburg, South Carolina, to assume all of the deposits of BankMeridian, N.A. www.fdic.gov/news/news/press/2011/pr11127.html

July 29, 2011 - Xenith Bank, Richmond, Virginia, Assumes All of the Deposits of Virginia Business Bank, Richmond, Virginia - Virginia Business Bank, Richmond, Virginia, was closed today by the Virginia State Corporation Commission. The Federal Deposit Insurance Corporation was appointed as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Xenith Bank, Richmond, Virginia, to assume all of the deposits of Virginia Business Bank. www.fdic.gov/news/news/press/2011/pr11126.html

July 29, 2011 - FDIC Makes Public June Enforcement Actions; One Administrative Hearing Scheduled for August 2011 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in June. One administrative hearing is scheduled for August 2011. www.fdic.gov/news/news/press/2011/pr11125.html

July 29, 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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July 28, 2011 - Labor Market Mismatch in Rising Unemployment - Economic Perspectives looks at why the value of taking on additional workers appears to be so much lower now than in normal economic times. www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/3qtr2011_part1_barlevy.pdf 

July 28, 2011 - Capital Ratios and Bank Lending: A Matched Bank Approach - Mark Carlson, Hui Shan, and Missaka Warusawitharana - This paper examines the impact of bank capital ratios on bank lending by comparing differences in loan growth to differences in capital ratios at sets of banks that are matched based on geographic area as well as size and various business characteristics.   www.federalreserve.gov/pubs/feds/2011/201134/index.html

July 28, 2011 - Supervision Manual - Bank Holding Company Supervision Manual, July, 2011 update.  www.federalreserve.gov/boarddocs/supmanual/default.htm 

July 28, 2011 - Federal Reserve seeks comment on proposal setting standards for banking organizations engaging in certain types of foreign exchange transactions.  www.federalreserve.gov/newsevents/press/bcreg/20110728a.htm

July 28, 2011 - Board issues enforcement actions with BANKWEST Financial, Naples Bancorp, Old Second Bancorp, and Plumas Bancorp.  www.federalreserve.gov/newsevents/press/enforcement/20110728a.htm

July 27, 2011 - Exploring the New Face of Retail Payments - Chicago Fed Letter looks at the opportunities and challenges for payment providers in the wake of the financial crisis and recession. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290a.pdf 

July 27, 2011 - NCUA Gives Voice to Credit Unions as FSOC Releases First Emerging Risks Study Matz Signs Attestation for FSOC Annual Report - National Credit Union Administration Board Chairman Debbie Matz attested to Congress her approval of the Financial Stability and Oversight Council’s annual report with recommendations.   www.ncua.gov/news/press_releases/2011/MR11-0726FSOC.pdf 

July 27, 2011 - Senior Deputy Comptroller Testifies on Use of Credit Ratings - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner David K. Wilson today updated members of the U.S. House of Representatives on the agency’s progress implementing parts of the Dodd-Frank Act relating to the use of credit ratings to determine creditworthiness of a security or money market instrument.  http://www.occ.gov/news-issuances/congressional-testimony/2011/pub-test-2011-99-written.pdf  

July 27, 2011 - Request for comment on provisions in Regulation II (Debit Card Interchange Fees and Routing) adopted in accordance with Section 920(a)(5) of the Electronic Fund Transfer Act, which governs adjustments to debit interchange transaction fees for fraud-prevention costs. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm#R-1404 

July 27, 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 

July 27, 2011 - Mark E. Van Der Weide, Senior Associate Director, Division of Banking Supervision and Regulation - Credit Ratings Agencies - Before the Subcommittee on Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/vanderweide20110727a.htm 

July 27, 2011 - Federal Reserve announces issuance of a joint consent cease and desist order by and among The Royal Bank of Scotland Group.  www.federalreserve.gov/newsevents/press/enforcement/20110727a.htm 

July 26, 2011 - New Chart Details Regulatory Authority - The Federal Reserve Bank of Chicago has created a detailed information graphic outlining the relationship of U.S. regulatory authorities to the wide network of payment, clearing and settlement systems. http://chicagofed.org/digital_assets/others/markets/FMI_Graphic.pdf 

July 26, 2011 - Guidance Regarding Prior Notices with Respect to Dividend Declarations by Savings Association Subsidiaries of Savings and Loan Holding Companies.  www.federalreserve.gov/boarddocs/srletters/2011/sr1113.htm 

July 26, 2011 - Termination of the enforcement action with Credit Agricole, S.A. and Credit Lyonnais, S.A. www.federalreserve.gov/newsevents/press/enforcement/20110726a.htm
 
July 25, 2011 - ‘House Lock’ Not Hindering Employment - Chicago Fed Letter finds no evidence that the reluctance of households to sell their homes in a declining house price environment is hindering labor mobility and employment. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290.pdf

July 25, 2011 - OCC Releases CRA Evaluations for 50 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 March 15, 2011 through June 14, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-98.html

July 25, 2011 - Legal Developments - Section 19 letters, February 10, March 14, March 16, and April 11, 2011 (2 letters).   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2011.htm 

July 25, 2011 - Current FAQs - What is the lowest level of unemployment that the U.S. economy can sustain?; What is inflation and how does the Federal Reserve measure it?; What is an acceptable level of inflation? www.federalreserve.gov/faqs/faq.htm 

July 25, 2011 - Regulatory Reform - Communications with the public through July 25, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

July 25, 2011 - Reports to the Congress - Report to the Congress on Credit Ratings.  www.federalreserve.gov/publications/other-reports/default.htm#creditratings 

July 22, 2011 - Bank Midwest, National Association, Kansas City, Missouri, Assumes All of the Deposits of Bank of Choice, Greeley, Colorado - Bank of Choice, Greeley, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank Midwest, National Association, Kansas City, Missouri, to assume all of the deposits of Bank of Choice.  www.fdic.gov/news/news/press/2011/pr11124.html

July 22, 2011 - American Momentum Bank, Tampa, Florida, Acquires All the Deposits of Two Florida Banks - Southshore Community Bank, Apollo Beach and LandMark Bank of Florida, Sarasota American Momentum Bank, Tampa, Florida, acquired the banking operations, including all the deposits, of Southshore Community Bank, Apollo Beach, Florida, and LandMark Bank of Florida, Sarasota. The two banks were 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 American Momentum Bank. www.fdic.gov/news/news/press/2011/pr11123.html

July 22, 2011 - NCUA - Office of Public & Congressional Affairs - “Protecting consumers and insuring a sound credit union system through effective regulation since 1934” Saguache County Credit Union Placed under NCUA’s Conservatorship - Member Deposits Insured up to $250,000, Member Services Uninterrupted - The National Credit Union Administration today assumed control of the operations of Saguache County Credit Union, a state-chartered, federally insured credit union headquartered in Moffat, Colo. www.ncua.gov/news/press_releases/2011/MR11-0722SaguacheConservatorship.pdf 

July 22, 2011 - Credit and Liquidity Programs - Monthly Report on Credit and Liquidity Programs and the Balance Sheet, July 2011.  www.federalreserve.gov/files/monthlyclbsreport201107.pdf

July 22, 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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July 21, 2011 - OCC Issues Interim Final Rule to Reissue Former OTS Regulations - The Office of the Comptroller of the Currency is issuing today an Interim Final Rule with request for comments that republishes regulations issued by the Office of Thrift Supervision that the OCC has authority to promulgate and enforce as of today.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-97.html 

July 21, 2011 - Acting Comptroller Provides Senate a 'Progress Report' on OCC's Implementation of the Dodd-Frank Act - Acting Comptroller of the Currency John Walsh today gave members of the U.S. Senate a progress report of the agency’s initiatives undertaken to implement the Dodd-Frank Act. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-96.html 

July 21, 2011 - Forecasting the Price of Oil - Ron Alquista1, Lutz Kiliana2, and Robert J. Vigfusson - We address some of the key questions that arise in forecasting the price of crude oil. What do applied forecasters need to know about the choice of sample period and about the tradeoffs between alternative oil price series and model specifications?  www.federalreserve.gov/pubs/ifdp/2011/1022/ifdp1022.htm 

July 21, 2011 - Board issues enforcement action with West Pointe Bancshares.  www.federalreserve.gov/newsevents/press/enforcement/2011enforcement.htm

July 21, 2011 - Federal Reserve seeks comment on notice outlining regulations previously issued by the Office of Thrift Supervision.   www.federalreserve.gov/newsevents/press/bcreg/20110721a.htm

July 20, 2011 - ‘House Lock’ Not Hindering Employment - Chicago Fed Letter finds no evidence that the reluctance of households to sell their homes in a declining house price environment is hindering labor mobility and employment. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290.pdf

July 20, 2011 - OCC Issues Final Rule to Implement Provisions of the Dodd-Frank Act - The Office of the Comptroller of the Currency today issued a final rule implementing several provisions of the Dodd-Frank Act, including changes to facilitate the transfer of functions from the Office of Thrift Supervision and revisions to the OCC’s rules on preemption and visitorial powers.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-95.html 

July 20, 2011 - Chairman Ben S. Bernanke - Dodd-Frank Act - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20110721a.htm 

July 20, 2011 - The Federal Reserve Board on Wednesday issued a consent cease and desist order and assessed an $85 million civil money penalty against Wells Fargo & Company of San Francisco, a registered bank holding company, and Wells Fargo Financial, Inc., of Des Moines. The order addresses allegations that Wells Fargo Financial employees steered potential prime borrowers into more costly subprime loans and separately falsified income information in mortgage applications.  www.federalreserve.gov/newsevents/press/enforcement/20110720a.htm 

July 19, 2011 - Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries.   http://www.federalreserve.gov/boarddocs/rptcongress/ACH_report_201107.pdf

July 19, 2011 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from May 9 through June 20, 2011. www.federalreserve.gov/newsevents/press/monetary/20110719a.htm 

July 19, 2011 - Board issues enforcement action with Jones Bancshares, L.P. and PrimeSouth Bancshares.   www.federalreserve.gov/newsevents/press/enforcement/20110719a.htm 

July 18, 2011 - The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any
federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0718ProhibitionShufelt-Cure.pdf 

July 18, 2011 - Proposal to approve under OMB delegated authority the extension for three years, without revision of the following information collection: the Recordkeeping, Reporting and Disclosure Requirements in Connection with Regulation BB.  www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm 

July 18, 2011 - Regulatory Reform - Communications with the public through July 18, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm

July 15, 2011 - The Foothills Bank, Yuma, Arizona, Assumes All of the Deposits of Summit Bank, Prescott, Arizona - Summit Bank, Prescott, 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 The Foothills Bank, Yuma, Arizona, to assume all of the deposits of Summit Bank. www.fdic.gov/news/news/press/2011/pr11122.html 

July 15, 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-2011-94.html 

July 15, 2011 - Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of First Peoples Bank, Port Saint Lucie, Florida - First Peoples Bank, Port Saint Lucie, 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 First Peoples Bank. www.fdic.gov/news/news/press/2011/pr11121.html 

July 15, 2011 - Ameris Bank, Moultrie, Georgia, Acquires All the Deposits of Two Georgia Institutions - High Trust Bank, Stockbridge and One Georgia Bank, Atlanta - Ameris Bank, Moultrie, Georgia, acquired the banking operations, including all the deposits, of High Trust Bank, Stockbridge, Georgia, and One Georgia Bank, Atlanta, Georgia. The two banks were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver for each institution. To protect depositors, the FDIC entered into purchase and assumption agreements with Ameris Bank. www.fdic.gov/news/news/press/2011/pr11120.html 

July 15, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

July 15, 2011 - Statistical Release - G.17 Industrial Production www.federalreserve.gov/releases/g17/current/    
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July 14, 2011 - Have Cyclical Movements in the Unemployment Rate Become More Persistent? - Andrew Figura - I examine whether the cyclical behavior of unemployment has changed over the post WWII period.  www.federalreserve.gov/pubs/feds/2011/201133/index.html 

July 14, 2011 - The Post-Foreclosure Experience of U.S. Households - Raven Molloy and Hui Shan - Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports of a large panel of individuals to from 1999 to 2010. www.federalreserve.gov/pubs/feds/2011/201132/index.html 

July 14, 2011 - Federal Reserve issues final rule to repeal Regulation Q, which prohibited the payment of interest on demand deposits.   www.federalreserve.gov/newsevents/press/bcreg/20110714a.htm 

July 14, 2011 - Board issues enforcement action with First Sentinel Bank. www.federalreserve.gov/newsevents/press/enforcement/20110714a.htm 

July 13, 2011 - Lessons from Nobel Laureate Dale Mortensen - Chicago Fed Letter reviews research on recent U.S. labor market developments, using Northwestern University Professor Mortensen’s work. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflaugust2011_289b.pdf 

July 13, 2011 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Mortgage origination - Before the Subcommittee on Insurance, Housing, and Community Opportunity, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/braunstein20110713a.htm

July 13, 2011 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20110713a.htm

July 13, 2011 - The Federal Reserve Board on Wednesday announced its approval of the proposal by Comerica Incorporated, Dallas, Texas, to acquire Sterling Bancshares, Inc. and its subsidiary bank, Sterling Bank, both of Houston Texas. www.federalreserve.gov/newsevents/press/orders/20110713a.htm

July 12, 2011 - July Issue of St. Louis Fed’s The Regional Economist Now Available - The July 2011 issue of The Regional Economist, the Federal Reserve Bank of St. Louis’ quarterly review of business and economic conditions, is now available. www.stlouisfed.org/newsroom/displayNews.cfm?article=1096 

July 12, 2011 - Federal Reserve releases lists of institutions subject to, and exempt from, the debit card interchange fee standards.   www.federalreserve.gov/newsevents/press/bcreg/20110712a.htm 

July 12, 2011 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on June 21-22, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 21-22, 2011 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20110712a.htm 

July 12, 2011 - Board issues enforcement actions with First of Huron Corp. and Greer Bancshares.   www.federalreserve.gov/newsevents/press/enforcement/20110712a.htm 

July 11, 2011 - NCUA Vensure Federal Credit Union Closes - Member Deposits Insured up to $250,000; Insolvency Led to Closure - The National Credit Union Administration liquidated Vensure Federal Credit Union of Mesa, Ariz., today. www.ncua.gov/news/press_releases/2011/MR11-0711Vensure.pdf

July 11, 2011 - Chicago Leads Way in Midwest Growth - In a blog posting, Chicago Fed’s William Testa looks at reasons why Chicago is often held up as exceptionally successful, having experienced something of an economic renaissance since 1990. http://midwest.chicagofedblogs.org/archives/2011/07/chicagos_center.html 

July 11, 2011 - Economic Growth Forecasts—Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2012. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflaugust2011_289a.pdf

July 11, 2011 - Surveys and Reports - Senior Credit Officer Opinion Survey on Dealer Financing Terms, June 2011.   www.federalreserve.gov/econresdata/releases/scoos.htm 

July 11, 2011 - Regulatory Reform - Communications with the public through July 11, 2011. www.federalreserve.gov/newsevents/reform_meetings.htm 

July 8, 2011 - Office of the Comptroller of the Currency Hosts Workshop in Milwaukee - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations Milwaukee at the Hyatt Regency Milwaukee, September 8, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-93.html

July 8, 2011 - OCC Senior Deputy Comptroller Testifies on the Supervision of Insured Depository Institutions - The Office of the Comptroller of the Currency’s Senior Deputy Comptroller for Midsize and Community Bank Supervision Jennifer Kelly testified before Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-92.html

July 8, 2011 - Retail Foreign Exchange Transactions - The FDIC is issuing a final rule that imposes requirements on insured depository institutions supervised by the FDIC that engage in certain retail foreign currency transactions with retail customers. The rule is being issued pursuant to section 742(c)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and will take effect July 15, 2011. www.fdic.gov/news/news/financial/2011/fil11055.html 

July 8, 2011 - Points West Community Bank, Julesburg, Colorado, Assumes All of the Deposits of Signature Bank, Windsor, Colorado - Signature Bank, Windsor, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Points West Community Bank, Julesburg, Colorado, to assume all of the deposits of Signature Bank. www.fdic.gov/news/news/press/2011/pr11119.html

July 8, 2011 - First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Colorado Capital Bank, Castle Rock, Colorado - Colorado Capital Bank, Castle Rock, Colorado, was closed today by the Colorado Division of Banking, 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 Colorado Capital Bank. www.fdic.gov/news/news/press/2011/pr11118.html 

July 8, 2011 - Northbrook Bank & Trust Company, Northbrook, Illinois, Assumes All of the Deposits of First Chicago Bank & Trust, Chicago, Illinois - First Chicago Bank & Trust, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northbrook Bank & Trust Company, Northbrook, Illinois, to assume all of the deposits of First Chicago Bank & Trust. www.fdic.gov/news/news/press/2011/pr11117.html 

July 8, 2011 - FDIC Announces Appointment of Stephen A. Quick as Chief Risk Officer - FDIC Chairman Sheila C. Bair today announced the appointment of Stephen A. Quick as the agency's first Chief Risk Officer. The appointment will be effective August 15, 2011.   www.fdic.gov/news/news/press/2011/pr11116.html 

July 8, 2011 - FDIC Chairman Sheila C. Bair Completes Term in Office -Vice Chairman Martin Gruenberg Becomes Acting Chairman - Sheila C. Bair today officially stepped down as FDIC Chairman. Ms. Bair has served as Chairman since June 26, 2006. Vice Chairman Martin J. Gruenberg will assume the role of Acting Chairman effective as of the close of business today. Gruenberg has served as Vice Chairman of the FDIC Board of Directors since August 22, 2005. He has previously served as Acting Chairman from November 15, 2005 to June 26, 2006. www.fdic.gov/news/news/press/2011/pr11115.html 

July 8, 2011 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-1/2 percent in May 2011. Revolving credit increased at an annual rate of 5 percent, and nonrevoling credit increased at an annual rate of 1-1/4 percent.   www.federalreserve.gov/releases/g19/Current/default.htm

July 8, 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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July 7, 2011 - NCUA - The National Credit Union Administration issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0707StephenShinnickProhibitionOrder.pdf 

July 7, 2011 - OCC Chief Counsel Testifies on Recent Enforcement Actions to Correct Mortgage Servicing and Foreclosure Practice Defects - The Office of the Comptroller of the Currency’s Chief Counsel Julie L. Williams today testified before Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services. http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-91.html 

July 7, 2011 - CA 11-4 - Revised Interagency Examination Procedures for Regulation P.   www.federalreserve.gov/boarddocs/caletters/2011/1104/caltr1104.htm 

July 7, 2011 - Statement for the Record - On mortgage servicing - Submitted to Subcommittees on Financial Institutions and Consumer Credit and Oversight and Investigations, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/statement20110707a.htm 

July 7, 2011 - The Federal Reserve Board on Thursday announced the appointment of David W. Wilcox as director of the Division of Research and Statistics, effective October 1. Wilcox, currently the deputy director of the division, will succeed David J. Stockton, who will retire on September 30 after 30 years of service with the Board, including 11 as division director. www.federalreserve.gov/newsevents/press/other/20110707a.htm 

July 7, 2011 - The Federal Reserve Board on Thursday released a report that contains 2010 payment and account information about more than 1,000 agreements between institutions of higher education or affiliated organizations and credit card issuers. The Board also updated an online database that includes the full text of each agreement that was in effect during 2010. www.federalreserve.gov/newsevents/press/bcreg/20110707a.htm 

July 7, 2011 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between JPMorgan Chase & Co., New York, New York, a registered bank holding company, and the Federal Reserve Bank of New York. The agreement addresses issues associated with anti-competitive activities at JPMorgan Chase by certain employees in conjunction with the sale of certain derivative financial products to municipalities and other non-profit organizations in competitively bid transactions between 1999 and 2005. www.federalreserve.gov/newsevents/press/enforcement/20110707b.htm 

July 7, 2011 - Board issues enforcement actions with Bank of the Commonwealth, FirstFed Bancorp Employee Stock Ownership Plan, FirstFed Bancorp, PGB Holdings, and Pacific Global Bank.  www.federalreserve.gov/newsevents/press/enforcement/20110707a.htm 

July 6, 2011 - Economic Growth Forecasts—Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2012. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflaugust2011_289a.pdf 

July 6, 2011 - OCC Newsletter Focuses on National Bank Investments in Solar Energy - The Office of the Comptroller of the Currency today published an online newsletter that provides a guide for national banks seeking to invest in solar energy projects under the national bank public welfare investment authority. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-89.html

July 6, 2011 - Interagency Counterparty Credit Risk Management Guidance - The federal banking agencies1 are issuing the attached Interagency Supervisory Guidance on Counterparty Credit Risk Management. It is intended primarily for use by banking organizations with large derivatives portfolios in establishing and maintaining counterparty credit risk management practices, as well as for supervisors as they assess and examine such institutions’ CCR management. www.federalreserve.gov/boarddocs/srletters/2011/sr1110.htm

Credit and Liquidity Programs and the Balance Sheet - Single-Tranche Term Repurchase Agreements, March - December, 2008.   www.federalreserve.gov/monetarypolicy/bst_tranche.htm 

July 6, 2011 - The Federal Reserve Board and the Federal Trade Commission on Wednesday issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20110706a.htm

July 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. www.fdic.gov/news/news/press/2011/pr11114.html

July 5, 2011 - Supervision Manuals - Consumer Compliance Handbook, June 2011 update.  www.federalreserve.gov/boarddocs/supmanual/supervision_cch.htm

July 5, 2011 - Regulatory Reform - Communications with the public through July 5, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

July 5, 2011 - Agencies Issue Guidance on Counterparty Credit Risk Management - The federal bank regulatory agencies today issued guidance to help ensure banking organizations practice effective counterparty credit risk management. The guidance, issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, builds on existing supervisory guidance and outlines effective industry practices for CCR management.
Press Release: http://www.fdic.gov/news/news/press/2011/pr11113.html 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110705a.htm 
Press Release: www.fdic.gov/news/news/financial/2011/fil11053.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-88.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=faa99583-9190-70f1-bee6-686759a09663&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

July 5, 2011 - Board issues enforcement actions with Belt Valley Bank, First National Bank Group, Virginia Community Bankshares, and Virginia Community Bank www.federalreserve.gov/newsevents/press/enforcement/20110705a.htm

July 1, 2011 - OCC Extends Comment Period on Deposit-Related Consumer Credit Products Guidance - The OCC submitted a notice to the Federal Register to extend the comment period on proposed guidance for deposit-related consumer credit products. The comment period has been extended 30 days to August 7, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-87.html 

July 1, 2011 - Liquidity and Reserve Requirements in Brazil - Patrice Robitaille -The international reform initiative that followed the global financial crisis of 2008-09 has resulted in the introduction of liquidity requirements for banks. Under one requirement, the Liquidity Coverage Ratio (LCR), banks will need to hold enough highly liquid assets to survive for a month in a stress scenario. www.federalreserve.gov/pubs/ifdp/2011/1021/ifdp1021.htm 

July 1, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm