Bank Regulatory Agencies

Bank Regulatory News

June 2006

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June 30, 2006 - OCC Reports Record Bank Quarterly Derivatives Earnings - Insured commercial banks earned a record $5.7 billion trading cash instruments and derivative products in the first quarter of 2006, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report. For comparison purposes, banks earned $3.1 billion from trading activities in the fourth quarter of 2005 and $4.4 billion in the first quarter of 2005. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=3C48M85V.xml

June 30, 2006 - Increasing Household Assets Will Likely Not Compensate for Low U.S. Saving Rate: St. Louis Fed Analysis - Most Americans aren't putting enough money away to ensure the rising living standards to which they've become accustomed and, unfortunately, rising asset values are not going to bail most people out either, according to an analysis by an economist at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2006/06_30_06a.htm

June 30, 2006 - St. Louis Fed's The Regional Economist: Wealth Gains Don't Offset Decline in Saving; Inflation's Economic Cost: How Large? How Certain?; Families Digging Deeper in Debt; District Economic Profiles: Memphis and Louisville Zones; Community Profile: Dyersburg, Tenn. www.stlouisfed.org/news/releases/2006/06_30_06b.htm

June 30, 2006 - OTS Announces Appointment Of Bernie Mason As Senior Advisor To The Deputy Director - The Office of Thrift Supervision announced today the appointment of W. Bernard Mason to the position of Senior Advisor to the Deputy Director. In this newly created position, Mr. Mason will directly assist Deputy Director Scott Polakoff in addressing numerous operational risk and business-process challenges confronting OTS, including staffing issues, OTS Regional operations and organizational programs, and agency outreach effort. www.ots.treas.gov/docs/7/776029.html

June 30, 2006 - Supervisory Insights Journal Summer 2006 Issue Now Available - The FDIC has announced the release of its summer 2006 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision. Topics of current focus for the bank regulatory community that are highlighted in this issue include operational risk management, disaster planning for banks, and the effectiveness of the 2004 HMDA changes. In addition, this issue includes a review of enforcement actions brought against individuals in 2005. www.fdic.gov/news/news/financial/2006/fil06060.html

June 30, 2006 - Banks, Regulators Should Reassess Operational Planning, FDIC's Supervisory Insights Reports - "Operational risk management" increasingly viewed as distinct discipline due to growing complexity of the industry, recent large operational losses.   www.fdic.gov/news/news/press/2006/pr06065.html

June 30, 2006 - Report to the Congress on Practices of the Consumer Credit Industry in Soliciting and Extending Credit and their Effects on Consumer Debt and Insolvency - Reports on the methods by which issuers of consumer credit target solicitations for credit and those to whom they will provide credit. Also discusses the effects of these practices on consumer debt and insolvency. www.federalreserve.gov/boarddocs/rptcongress/bankruptcy/bankruptcybillstudy200606.pdf
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June 29, 2006 - Approval of the discount rate action of the Federal Reserve Bank of San Francisco.   www.federalreserve.gov/boarddocs/press/monetary/2006/200606292/default.htm

June 29, 2006 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas.   www.federalreserve.gov/boarddocs/press/monetary/2006/20060629/default.htm

June 29, 2006 - NCUA - Chairman Johnson's Statement on Treasury Secretary Paulson's Appointment.   www.ncua.gov/news/press_releases/2006/MA06-0629.htm

June 29, 2006 - Chicago Fed Letter Discusses Higher Education and Economic Growth - This new Chicago Fed Letter describes four mechanisms through which colleges and universities can spur growth. www.chicagofed.org/news_and_conferences/news/2006_6_08_fed_letter.cfm

June 29, 2006 - Deposit Insurance Assessments Extension of Comment Period on Proposed Rules - The FDIC Board of Directors has extended the comment period through August 16, 2006, for three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005. The proposed rules would implement a one-time assessment credit, dividends, and procedural and operational changes to the assessment regulations. The Reform Act requires the FDIC to prescribe the credit and dividend regulations by November 5, 2006. Comments on the proposals were originally due by July 17, 2006. www.fdic.gov/news/news/financial/2006/fil06059.html

June 28, 2006 - Bank Secrecy Act The SAR Activity Review By the Numbers, May 2006 - The Financial Crimes Enforcement Network has issued the sixth edition of The SAR Activity Review By the Numbers. www.fdic.gov/news/news/financial/2006/fil06056.html

June 28, 2006 - NCUA - Regulatory Alert - 06-RA-04 - 2006 Revisions to Uniform Standards of Professional Appraisal Practice. www.ncua.gov/reg_alerts/2006/06-RA-04.doc

June 28, 2006 - NCUA General Counsel Opinion 06-0346 - Value of Collateral for Floor Plan Loan. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0346.doc

June 28, 2006 - FDIC Consumer News Guide for Seniors Wins Consumer Education Award - A special issue of FDIC Consumer News devoted to helping seniors and their families make smart decisions about their retirement savings and daily money management has won a 2006 Achievement in Consumer Education Award from the National Association of Consumer Agency Administrators. The award for "Fiscal Fitness for Older Americans: Stretching Your Savings and Shaping Up Your Financial Strategies" was announced at the NACAA's 31st Annual Meeting last week in Seattle. www.fdic.gov/news/news/press/2006/pr06064.html

June 27, 2006 - Reports of Condition and Income for Second Quarter 2006 - The enclosed materials pertain to the Reports of Condition and Income for the June 30, 2006, report date. www.fdic.gov/news/news/financial/2006/fil06054.html

June 27, 2006 - Midwest Manufacturing Output Falls Slightly in May - The Chicago Fed Midwest Manufacturing Index fell 0.2% in May, to a seasonally adjusted level of 106.0 (2002=100). www.chicagofed.org/news_and_conferences/news/2006_CFMMI_June_27_release.cfm

June 27, 2006 - Bank Secrecy Act - The Suspicious Activity Report Activity Review, May 2006 Issue - The tenth issue of The SAR Activity Review - Trends, Tips, & Issues, published by the Department of the Treasury's Financial Crimes Enforcement Network, is now available. www.fdic.gov/news/news/financial/2006/fil06055.html

June 27, 2006 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/default.htm

June 26, 2006 - Chicago Fed Economist 'Op-ed' Published in American Banker - The following opinion piece by Chicago Fed economist Anna Paulson was featured in the 'Viewpoint' section of the June 23, 2006 issue of American Banker. Paulson co-wrote the piece with Audrey Singer, Immigration Fellow at the Brookings Institution Metropolitan Policy Program. www.chicagofed.org/news_and_conferences/news/2006_06_26_chicago_fed_economists_featured_in_american_banker.cfm

June 26, 2006 - The Federal Reserve Board on Monday announced the termination of the enforcement action of Citigroup Inc., New York, New York and CitiFincancial Credit Company, Baltimore, Maryland Cease and Desist Order dated May 27, 2004 Terminated June 22, 2006.   www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060626/default.htm

June 26, 2006 - NCUA - Vice Chairman Hood Participates in Roundtable Meeting in New York City -National Credit Union Administration Vice Chairman Rodney E. Hood traveled to New York City on Saturday for the 20th Annual Meeting of Lower East Side Federal Credit Union where he participated in a roundtable meeting with officials from community based credit unions which are dedicated to reaching the underserved.   www.ncua.gov/news/press_releases/2006/NR06-0626.htm

June 26, 2006 - OCC Announces New Electronic Interpretations and Actions - June 2006. www.occ.treas.gov/interp/jun06/intjun06.htm

June 26, 2006 - Sheila C. Bair sworn in as 19th Chairman of the Federal Deposit Insurance Corporation - Sheila C. Bair was sworn in today as the 19th Chairman of the Federal Deposit Insurance Corporation. Martin J. Gruenberg, Vice Chairman of the FDIC, had served as Acting Chairman since Donald E. Powell resigned on November 15, 2005. www.fdic.gov/news/news/press/2006/pr06063.html

June 26, 2006 - FRB Reports to the Congress 92nd Annual Report, 2005. www.federalreserve.gov/boarddocs/rptcongress/annual05/default.htm

June 23, 2006 - FRB Statistical Release - G.20 Finance Companies. www.federalreserve.gov/releases/g20/default.htm

June 23, 2006 - FRB Statistical Release - E.15 Agricultural Finance Databook.   www.federalreserve.gov/Releases/E15/default_2006.htm

June 23, 2006 - Donald L. Kohn on Friday took the oath of office for a four-year term as Vice Chairman of the Board of Governors of the Federal Reserve System. The oath was administered in the Board Room by Chairman Ben S. Bernanke. Vice Chairman Kohn's wife, Gail Kohn, and his mother, children and grandchildren were present. www.federalreserve.gov/boarddocs/press/other/2006/20060623/default.htm

June 23, 2006 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Chicago - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Millennium Knickerbocker Hotel, on July 25-26. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=05ER1C1X.xml

June 23, 2006 - Revisions to the Uniform Standards of Professional Appraisal Practice - The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration (collectively, the agencies) are issuing the attached interagency statement to inform regulated institutions that the Appraisal Standards Board of the Appraisal Foundation has made significant revisions to the Uniform Standards of Professional Appraisal Practice
Press Release: www.federalreserve.gov/BoardDocs/SRLetters/2006/SR0609.htm
Press Release: www.fdic.gov/news/news/financial/2006/fil06053.html

June 23, 2006 - Financial Holding Companies As of June 23, 2006 - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/GeneralInfo/FHC/default.htm

June 22, 2006 - Chairman JoAnn Johnson's Statement on Today's Board Meeting Agenda Items On chartering and field of membership amendments - The final rule on underserved areas represents the Agency's recognition of the fundamental responsibility of credit unions to reach out to consumers in underserved communities, while at the same time acknowledging the statutory constraints that allow only multiple group credit unions to do so. www.ncua.gov/news/press_releases/2006/MR06-0622-3.htm

June 22, 2006 - NCUA - Board Member Gigi Hyland's Statement on the Conversion Rule Proposal Considered at Today's Board Meeting - This proposed rule is important for many reasons, not the least of which is that it will help clarify an area that has become fraught with controversy over the last several months. www.ncua.gov/news/press_releases/2006/MR06-0622-2.htm

June 22, 2006 - NCUA - Board Member Gigi Hyland's Statement on Chartering and Field of Membership Amendments Considered at Today's Board Meeting - I commend NCUA staff for its hard work on Interpretive Ruling and Policy Statement 06-1. The issues presented by this IRPS have far-reaching implications for the viability of the federal credit union charter and for credit unions. I'm supporting the IRPS because after reviewing all the facts, the public comments and the law, I believe it is the only option available under the law as currently written. www.ncua.gov/news/press_releases/2006/MR06-0622-2b.htm
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June 22, 2006 - 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 National Credit Union Administration are jointly issuing the attached document to alert regulated institutions to revisions in Uniform Standards of Professional Appraisal Practice effective July 1, 2006. www.occ.treas.gov/ftp/bulletin/2006-27.doc

June 22, 2006 - The Federal Reserve Board on Thursday requested comment on proposed revisions to Part I of its Policy on Payments System Risk, which addresses risk management in payments and settlement systems. www.federalreserve.gov/boarddocs/press/other/2006/200606222/default.htm

June 22, 2006 - The Federal Reserve Board, on Thursday, announced the issuance of a consent Order to Cease and Desist and Assessment of Civil Money Penalties against First Baird Bancshares, Inc., Bedford, Texas, a registered bank holding company, and its president and chairman of the board of directors, Joe E. Sharp. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060622/default.htm

June 22, 2006 - NCUA - Final Rule - Third-Party Servicing of Indirect Vehicle Loans.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-701-741.pdf

June 22, 2006 - NCUA - Summary of Actions taken at NCUA Board Meetings 2006 Board Action Bulletins.   www.ncua.gov/NCUABoard/board_reports/board_reports.html

June 22, 2006 - NCUA - Proposed Rule - Conversion of Insured Credit Unions to Mutual Savings Banks.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-708a-Data.pdf

June 22, 2006 - Vice Chairman Hood Voices Concern for Underserved at NCUA Board Meeting - Vice Chairman Hood votes against proposed change to NCUA field of membership rule and offers an amendment of his own to better service the underserved. www.ncua.gov/news/press_releases/2006/NR06-0622.htm

June 22, 2006 - The Chicago Fed National Activity Index was -0.16 in May, down from +0.26 in April. www.chicagofed.org/economic_research_and_data/files/cfnai_june2006.pdf

June 22, 2006 - Licensing Manual Update, May 2006 - The revised "Charters" booklet amends the CRA highlights, S Corporation, and outside director requirements. It incorporates FASB 123R guidance for accounting for stock options. www.occ.treas.gov/corpbook/group4/public/pdf/charters.pdf

June 22, 2006 - Statement by Chairman Ben S. Bernanke on the retirement of Jack Guynn, President of the Federal Reserve Bank of Atlanta.   www.federalreserve.gov/boarddocs/press/other/2006/20060622/default.htm

June 21, 2006 - OCC Deputy Comptroller Testifies before House Subcommittee On Bank Secrecy Act's Impact upon Money Services Businesses - Deputy Comptroller Ann F. Jaedicke discussed the Bank Secrecy Act's impact upon Money Services Businesses in testimony today before the Subcommittee on Financial Institutions and Consumer Credit of the House Financial Service Committee. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=2ARTJEB8.xml

June 21, 2006 - 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/2006-75.htm

June 21, 2006 - Foreign-Based Third-Party Service Providers Guidance on Managing Risks in These Outsourcing Relationships - The FDIC has prepared the attached guidance to address the risks inherent in outsourcing relationships between U.S. financial institutions and foreign-based third-party service providers. The guidance provides steps that institutions should take to successfully manage such risks. www.fdic.gov/news/news/financial/2006/fil06052.html

June 21, 2006 - Mark W. Olson submitted his resignation Wednesday as a member of the Board of Governors of the Federal Reserve System, effective June 30, 2006. www.federalreserve.gov/boarddocs/press/other/2006/20060621/default.htm

June 21, 2006 - The Federal Reserve Board on Wednesday announced the issuance of an Order of Prohibition against Trampas B. Riggs, formerly a loan officer at an Orlando, Florida branch of Regions Bank, Birmingham, Alabama. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060621/default.htm

June 21, 2006 - Payment Systems - Quarterly Fedwire data through 2006: Q1- Annual and quarterly data are available on Fedwire transfers of funds and book-entry securities and on National Settlement Service transactions. The average daily volume and average daily value of transfers are based on the number of business days in each period. www.federalreserve.gov/paymentsystems/fedwire/wirequarterly.htm

June 20, 2006 - FRB Statistical Release - E.2 Survey of Terms of Business Lending.   www.federalreserve.gov/Releases/E2/Current/default.htm

June 20, 2006 - Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services Data - Fang Cai, Edward Howorka, and Jon Wongswan - This paper studies the transmission of volatility and trading activity in the foreign exchange market across trading regions for the euro-dollar and dollar-yen currency pairs, using high-frequency intraday data from Electronic Broking Services. www.federalreserve.gov/Pubs/IFDP/2006/863/ifdp863.htm

June 20, 2006 - Solving Linear Rational Expectations Models: A Horse Race - Gary S. Anderson - This paper compares the functionality, accuracy, computational efficiency, and practicalities of alternative approaches to solving linear rational expectations models, including the procedures of (Sims, 1996), (Anderson and Moore, 1983), (Binder and Pesaran, 1994), (King and Watson, 1998), (Klein, 1999), and (Uhlig, 1999). www.federalreserve.gov/Pubs/FEDS/2006/200626/index.html

June 20, 2006 - The Price of Residential Land in Large U.S. Cities - Morris A. Davis and Michael G. Palumbo - Combining data from several sources, we build a database of home values, the cost of housing structures, and residential land values for 46 large U.S. metropolitan areas from 1984 to 2004. Our analysis of these new data reveal that since the mid-1980s residential land values have appreciated over a much wider range of cities than is commonly believed. www.federalreserve.gov/Pubs/FEDS/2006/200625/index.html

June 20, 2006 - Intangible Capital and Economic Growth - Carol Corrado, Charles Hulten, and Daniel Sichel - Published macroeconomic data traditionally exclude most intangible investment from measured. This situation is beginning to change, but our estimates suggest that as much as $800 billion is still excluded from U.S. published data (as of 2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. www.federalreserve.gov/Pubs/FEDS/2006/200624/index.html

June 20, 2006 - Explaining Cyclical Movements in Employment: Creative Destruction or Changes in Utilization - Andrew Figura - An important step in understanding why employment fluctuates cyclically is determining the relative importance of cyclical movements in permanent and temporary plant-level employment changes. If movements in permanent employment changes are important, then recessions are times when the destruction of job specific capital picks up and/or investment in new job capital slows. www.federalreserve.gov/Pubs/FEDS/2006/200623/index.html

June 19, 2006 - NCUA - Vice Chairman Hood Highlights Shared Vision and Common Goals in Address to Bankers Convention - Believing that the acrimony between bankers and credit unions is due to a lack of understanding of credit unions, National Credit Union Administration Vice Chairman Hood reached out to the banking community in a speech today at a banker's convention, which is unprecedented in recent memory. www.ncua.gov/news/press_releases/2006/NR06-0619.htm

June 19 2006 - FDIC to Hold Three Identity Theft Symposia Building Confidence in an E-Commerce World - The Federal Deposit Insurance Corporation announced that it will hold a symposium on the importance of continued consumer confidence in e-commerce in San Francisco on June 23, 2006, at the Hyatt Regency Hotel. www.fdic.gov/news/news/press/2006/pr06062.html

June 19, 2006 - FDIC Reports First Quarter 2006 Financial Results for the Deposit Insurance Fund - The Federal Deposit Insurance Corporation today reported that the newly created Deposit Insurance Fund ended the first quarter 2006 with a fund balance of $49.2 billion. www.fdic.gov/news/news/press/2006/pr06061.html

June 19 2006 - Chicago Fed Announces Leadership Changes and New Group - The Federal Reserve Bank of Chicago announces the promotion of David Marshall to senior vice president and Adrian D'Silva to vice president in the bank's new Financial Markets Group. www.chicagofed.org/news_and_conferences/news/2006_06_19_david_marshall.cfm

June 16, 2006 - FDIC Receives Award for Telework Technology - The FDIC received an award June 15 for its innovative use of technology to support employees who telecommute. www.fdic.gov/news/news/press/2006/pr06060.html

June 16, 2006 - Consumer Affairs Letters - Revised Standard Flood Hazard Determination Form, CA 06-11 - The Federal Emergency Management Agency has made minor revisions to the Standard Flood Hazard Determination Form and its accompanying Instructions. www.federalreserve.gov/BoardDocs/caletters/2006/0611/caltr0611.htm

June 16, 2006 - Legal Interpretations - Letter to Douglas Jones clarifying extension of credit for purposes of Regulation O. www.federalreserve.gov/boarddocs/legalint/federalreserveact/2006/20060522.pdf

June 16 2006 - The Federal Reserve Board, jointly with the Department of the Treasury's Financial Crimes Enforcement Network, on Friday issued an advance notice of proposed rulemaking that seeks information on the potential benefit and burden of lowering or eliminating the $3,000 threshold in the recordkeeping rule for funds transfers and transmittals of funds by financial institutions. www.federalreserve.gov/boarddocs/press/bcreg/2006/20060616/default.htm

June 16, 2006 - NCUA - Media Advisory - Alert: NCUA's name and logo are being used in phishing spasm - The National Credit Union Administration's name, logo and website are being used repeatedly in spammed messages being distributed across the country in attempts to obtain personal account information and pin numbers. www.ncua.gov/news/press_releases/2006/MA06-0615.htm

June 16, 2006 - Bank Accounting Advisory Series, May 2006 - In these accounting advisories, either the OCC's Office of the Chief Accountant interprets generally accepted accounting principles or the OCC interprets regulatory capital requirements. www.occ.treas.gov/BA052006.pdf

June 16 2006 - Governor Donald L. Kohn - The Effects of Globalization on Inflation and Their Implications for Monetary Policy. At the Federal Reserve Bank of Boston's 51st Economic Conference, Chatham, Massachusetts. www.federalreserve.gov/boarddocs/speeches/2006/20060616/default.htm
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June 15, 2006 - OCC Releases CRA Evaluations For 23 National Banks. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=YT645IWJ.xml

June 15, 2006 - The Federal Reserve Board announced Thursday that it is seeking nominations for appointments to its Consumer Advisory Council. www.federalreserve.gov/boarddocs/press/other/2006/200606153/default.htm

June 15, 2006 - The Federal Reserve Board on Thursday requested public comment on a consultation paper that is intended to help the Board obtain broader information on intraday liquidity management issues and to lay the groundwork for discussions about the long-term evolution of its Payment System Risk Policy. www.federalreserve.gov/boarddocs/press/other/2006/200606152/default.htm

June 15 2006 - Chairman Ben S. Bernanke - Energy and the Economy - Before the Economic Club of Chicago, Chicago, Illinois.   www.federalreserve.gov/boarddocs/speeches/2006/200606152/default.htm

June 15, 2006 - Governor Randall S. Kroszner - Why Are Yield Curves So Flat and Long Rates So Low Globally? - At the Bankers' Association for Finance and Trade, New York, New York. www.federalreserve.gov/boarddocs/speeches/2006/20060615/default.htm

June 15 2006 - Lessons Learned from Hurricane Katrina: Preparing Your Institution for a Catastrophic - The Federal Financial Institutions Examination Council member agencies and the Conference of State Bank Supervisors have jointly produced a booklet of the lessons that financial institutions learned in the aftermath of Hurricane Katrina. Institutions may find the booklet helpful in considering their readiness for responding to a catastrophic event.
Press Release: www.fdic.gov/news/news/press/2006/pr06059.html
Press Release: www.ffiec.gov/press/pr061506a.htm
Press Release: www.fdic.gov/news/news/financial/2006/fil06049.html
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=3C39BIY1.xml
Press Release: www.ots.treas.gov/docs/7/776028.html
Press Release: www.federalreserve.gov/boarddocs/press/other/2006/20060615/default.htm

June 15, 2006 - Summary of Deposits Survey - All FDIC-insured institutions with branch offices are required to submit their annual Summary of Deposits surveys as of June 30. The SOD survey is due by July 30, 2006. www.fdic.gov/news/news/financial/2006/fil06048.html

June 15, 2006 - Industrial Production And Capacity Utilization - Industrial production declined 0.1 percent in May after an increase of 0.8 percent in April. Manufacturing production also fell 0.1 percent last month. The output index for mining moved down 0.2 percent, but the output index for utilities was up by the same amount. www.federalreserve.gov/Releases/g17/Current/default.htm

June 14, 2006 - NCUA - June NCUA Newsletter is available. www.ncua.gov/news/newsletter/NCUA/06June.pdf

June 14 2006 - Federal Reserve Bulletin Article - Profits and Balance Sheet Developments at U.S. Commercial Banks in 2005.   www.federalreserve.gov/pubs/bulletin/2006/bankprofits/0606bankprofit.pdf

June 14, 2006 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Reports from all twelve Federal Reserve Districts indicate that economic activity continued to expand from mid-April to early June, but there were some signs of deceleration. Activity moderated in four Districts--Atlanta, Kansas City, Richmond, and San Francisco--and the New York District noted increased concern about the outlook for the second half. www.federalreserve.gov/fomc/beigebook/2006/20060614/default.htm

June 14, 2006 - Governor Susan Schmidt Bies - A Supervisor's Perspective on Mortgage Markets and Mortgage Lending Practices - At the Mortgage Bankers Association Presidents Conference, Half Moon Bay, California. www.federalreserve.gov/boarddocs/speeches/2006/20060614/default.htm

June 14, 2006 - NCUA Issues Letter of Understanding and Agreement - The National Credit Union Administration has issued a Letter of Understanding and Agreement to the officials of Toledo Metro Federal Credit Union, Toledo, Ohio, in order to restore the credit union to safe and sound operation. www.ncua.gov/news/press_releases/2006/NR06-0614.htm

June 13, 2006 - NCUA - Chairman Johnson Visits Treasury Department to Discuss Direct Deposit. www.ncua.gov/news/press_releases/2006/NR06-0613.htm

June 13, 2006 - NCUA - Board Member Hyland Meets with SBA Officials - National Credit Union Administration Board Member Gigi Hyland, today met with top U.S. Small Business Administration officials to discuss how to collaborate on a regulatory level to encourage credit union participation in applicable SBA programs. Board Member Hyland is the NCUA Board liaison to the SBA. www.ncua.gov/news/press_releases/2006/NR06-0613-2.htm

June 13, 2006 - NCUA - Vice Chairman Hood Addresses Annual Meetings in North Carolina - During a visit to his home state of North Carolina, National Credit Union Administration Vice Chairman Rodney E. Hood addressed the 71st Annual Meeting of the North Carolina Credit Union League and First Carolina Corporate Credit Union's Annual Meeting and Luncheon. www.ncua.gov/news/press_releases/2006/NR06-0612.htm

June 13, 2006 - FDIC to Host June 27 Conference Promoting the Enhancement of Business Information using "XBRL" Announces Keynote Speakers and Agenda - The Federal Deposit Insurance Corporation (FDIC) today announced speakers for a June 27 conference on eXtensible Business Reporting Language (XBRL). The day-long conference, which is open to the public and free of charge, is being hosted by the FDIC at its facility in Arlington, VA. www.fdic.gov/news/news/press/2006/pr06058.html

June 13, 2006 - Banking Agencies Issue Host State Loan-to-Deposit Ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on July 7, 2005.
Press Release: www.fdic.gov/news/news/press/2006/pr06057.html
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=QPU6Q2A4.xml

June 13 2006 - Remarks by Chairman Ben S. Bernanke - At the Fifteenth Congressional District of Texas' Fifth Regional Issues Conference, Washington, D.C., Washington, D.C., - Increasing Economic Opportunity: Challenges and Strategies.   www.federalreserve.gov/boarddocs/speeches/2006/20060613/default.htm

June 13, 2006 - Banking Agencies Issue Host State Loan-to-Deposit Ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. www.federalreserve.gov/boarddocs/press/bcreg/2006/20060613/default.htm

June 13, 2006 - Governor Mark W. Olson - Home Mortgage Disclosure Act - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2006/20060613/default.htm

June 12, 2006 - Remarks by Chairman Ben S. Bernanke At the Stonier Graduate School of Banking, Washington, D.C. Modern Risk Management and Banking Supervision.   www.federalreserve.gov/boarddocs/speeches/2006/200606123/default.htm

June 12, 2006 - The Federal Reserve Board on Monday announced its approval of the proposal by BB&T Corporation, Winston Salem, North Carolina, to acquire First Citizens Bancorp, Cleveland, and its subsidiaries: The Bank/First Citizens Bank, Cleveland; The Home Bank of Tennessee, Maryville; and The Home Bank, Ducktown, all of Tennessee. www.federalreserve.gov/boarddocs/press/orders/2006/20060612/default.htm

June 12, 2006 - OTS Expands Examinations and Consumer Protection Management Team - The Office of Thrift Supervision announced the appointment of two new assistant managing directors to its Office of Examinations and Consumer Protection. Grovetta Gardineer is now serving as the Assistant Managing Director, Policy, and Montrice Yakimov joins OTS today as Assistant Managing Director, Compliance and Consumer Protection. Grovetta Gardineer joined OTS in April, and is focusing on the development, implementation and evaluation of programs for capital, credit risk, trust, holding companies, accounting policy, and information technology risk assessment and infrastructure protection. www.ots.treas.gov/docs/7/776027.html

June 12, 2006 - Governor Susan Schmidt Bies - A Supervisor's Perspective on Enterprise Risk Management - At the Financial Women's Association Washington Briefing, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/200606122/default.htm

June 12, 2006 - Governor Mark W. Olson - What Are Examiners Looking for When They Examine Banks for Compliance? At the American Bankers Association's Regulatory Compliance Conference, Orlando, Florida. www.federalreserve.gov/boarddocs/speeches/2006/20060612/default.htm

June 12, 2006 - The Federal Reserve Board on Friday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Bank of Tazewell County, Tazewell, Virginia, a state member bank. Bank of Tazewell County, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060612/default.htm

June 10, 2006 - OCC Volunteers Help Improve Transitional Housing In Northeast DC during NeighborWorksŽ Week Event.   www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=HOBYIF7V.xml

June 9, 2006 - Eight St. Louis Area Executives Named to St. Louis Fed's District Industry Councils - The Federal Reserve Bank of St. Louis has created four District Industry Councils and named executives from eight area firms to each of them. Each Council will represent a specific industry within the Federal Reserve's Eighth District and will be based out of each of the Reserve Bank's offices: St. Louis (real estate), Little Rock (agribusiness), Louisville (health care) and Memphis (transportation). The Councils will meet twice a year. www.stlouisfed.org/news/releases/2006/06_07_06.htm

June 9, 2006 - Eight Memphis Area Executives Named to St. Louis Fed's District Industry Councils - The Federal Reserve Bank of St. Louis has created four District Industry Councils and named executives from eight area firms to serve on them. Each Council will represent a specific industry within the Federal Reserve's Eighth District and will be based out of each of the Reserve Bank's offices: St. Louis (real estate), Little Rock (agribusiness), Louisville (health care) and Memphis (transportation) The Councils will meet twice a year. www.stlouisfed.org/news/releases/2006/06_07_06_MEM.htm

June 9, 2006 - Eight Louisville Area Executives Named to St. Louis Fed's District Industry Councils - The Federal Reserve Bank of St. Louis has created four District Industry Councils and named executives from eight area firms to serve on them. Each Council will represent a specific industry within the Federal Reserve's Eighth District and will be based out of each of the Reserve Bank's offices: St. Louis (real estate), Little Rock (agribusiness), Louisville (health care) and Memphis (transportation) The Councils will meet twice a year. www.stlouisfed.org/news/releases/2006/06_07_06_LVL.htm

June 9, 2006 - Seven Little Rock Area Executives Named to St. Louis Fed's District Industry Councils - The Federal Reserve Bank of St. Louis has created four District Industry Councils and named executives from seven area firms to serve on them. Each Council will represent a specific industry within the Federal Reserve's Eighth District and will be based out of each of the Reserve Bank's offices: St. Louis (real estate), Little Rock (agribusiness), Louisville (health care) and Memphis (transportation) The Councils will meet twice a year. www.stlouisfed.org/news/releases/2006/06_07_06_LR.htm

June 9, 2006 - Chairman Ben S. Bernanke - Commencement address At the Massachusetts Institute of Technology 2006 commencement, Cambridge, Massachusetts.   www.federalreserve.gov/boarddocs/speeches/2006/20060609/default.htm

June 9, 2006 - NCUA Vice Chairman Hood Praises Credit Unions for Role in Strengthening Economy and Promoting Homeownership.   www.ncua.gov/news/press_releases/2006/NR06-0609.htm

June 8, 2006 - Chicago Fed Letter Assesses Midwest Cities and Job Growth - This new Chicago Fed Letter looks at the performances of the region's cities since the turn in the regional economy five years ago and assesses how each city's performance was affected by its industry mix. www.chicagofed.org/news_and_conferences/news/2006_6_08_fed_letter.cfm

June 8, 2006 - Federal Bank, Thrift and Credit Union Regulatory Agencies Provide Brochure with Information on Internet "Phishing" - The federal bank, thrift and credit union agencies today announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as "phishing." www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=CYVFS1NN.xml

June 8, 2006 - NCUA - Chairman Johnson Encourages Credit Unions to Promote Direct Deposit to Members.   www.ncua.gov/news/press_releases/2006/NR06-0608.htm

June 8, 2006 - House Committee Approves NCUA Funding Support for NCUA's Central Liquidity Facility and Community Development Revolving Loan Fund Moves Forward - The House Appropriations Committee approved legislation June 6 backing the Community Development Revolving Loan Fund Program with $941,000 for technical assistance grants to low-income designated credit unions in fiscal year 2007. In additional, the bill includes $1.5 billion borrowing authority for the Central Liquidity Facility for fiscal year 2007. www.ncua.gov/news/press_releases/2006/NR06-0608-2.htm
_________________

June 8, 2006 - Flood Disaster Protection Act: Revised Standard Flood Hazard Determination Form - The Federal Emergency Management Agency has updated its Standard Flood Hazard Determination form which facilitates compliance (by July 1) with the National Flood Insurance Reform Act. www.occ.treas.gov/ftp/bulletin/2006-25.doc

June 8, 2006 - The Federal Reserve Board on Thursday announced its approval of the notice under section 4 of the Bank Holding Company Act by Banco Latinoamericano de Exportaciones S.A., Panama City, Republic of Panama, to act as a certification authority in connection with financial and nonfinancial transactions and engage in other related activities. www.federalreserve.gov/boarddocs/press/orders/2006/20060608/default.htm

June 8, 2006 - Comptroller Dugan Discusses Basel II Capital Accord - Comptroller of the Currency John C. Dugan discussed the Basel II capital accord in a speech yesterday evening to the Centre for the Study of Financial Innovation. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=EUR8AXUZ.xml

June 8, 2006 - Governor Donald L. Kohn - Nomination as Vice Chairman to the Board - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. www.federalreserve.gov/boarddocs/testimony/2006/20060608/default.htm

June 7, 2006 - NCUA - Letter to Credit Unions 06-CU-08 - Credit Union Financial Trends for the First Quarter of 2006.   http://www.ncua.gov/letters/2006/CU/06-CU-08.doc

June 7, 2006 - OCC Chief of Staff Discusses Mortgage Guidance at National Housing Advisory Council - The Office of the Comptroller of the Currency's Chief of Staff John G. Walsh spoke today to members of the National Housing Advisory Council about proposed interagency guidance related to nontraditional mortgages. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=LC1JDXJV.xml

June 7, 2006 - Consumer credit increased at an annual rate of 6 percent in April, following a rise of 2 1/4 percent at an annual rate in the first quarter. Both revolving and nonrevolving credit posted moderate increases in April. www.federalreserve.gov/Releases/G19/Current/default.htm

June 7, 2006 - FDIC Makes Public April Enforcement Actions; No Administrative Hearings Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June. www.fdic.gov/news/news/press/2006/pr06056.html

June 6, 2006 - Comptroller Dugan Urges Congress to Provide Increased Authority For Banks and Thrifts to Invest in Low- and Moderate-Income Communities - Comptroller of the Currency John C. Dugan today urged Congress to adopt legislation that would increase the authority of banks and thrifts to invest in projects that provide housing, community services, and jobs for low- and moderate-income communities and families across the nation. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=UE1YHTLD.xml

June 6, 2006 - The Federal Reserve Board announced Tuesday that the Consumer Advisory Council will hold its next meeting on Thursday, June 22. The meeting will take place in Dining Room E, Terrace level, in the Board's Martin Building. The session will begin at 9:00 a.m. EDT and is open to the public. www.federalreserve.gov/boarddocs/press/other/2006/20060606/default.htm

June 6, 2006 - The Board of Directors of the Federal Reserve Bank of Philadelphia today announced that Charles I. Plosser, a professor of economics and former dean at the William E. Simon Graduate School of Business Administration at the University of Rochester, has been named president of the Philadelphia Bank. www.federalreserve.gov/boarddocs/press/other/2006/200606062/default.htm

June 6, 2006 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from April 10 through May 10, 2006. www.federalreserve.gov/boarddocs/press/monetary/2006/20060606/default.htm

June 6, 2006 - Governor Susan Schmidt Bies - Challenges of Conducting Effective Risk Management in Community Banks At the Western Independent Bankers Annual CFO & Risk Management Conference, Coronado, California.   www.federalreserve.gov/boarddocs/speeches/2006/20060606/default.htm

June 5, 2006 - 2006 Automotive Outlook Symposium - This news release summarizes the median forecast of participants at the thirteenth annual Automotive Outlook Symposium, held June 1-2, 2006 in Detroit. http://chicagofed.org/news_and_conferences/conferences_and_events/files/2006_aos_press_release.pdf

June 5, 2006 - OTS Lists 50 CRA Exams Scheduled For Third Quarter 2006 - The Office of Thrift Supervision announced today that 50 savings associations are scheduled for Community Reinvestment Act examinations during the third quarter of 2006. www.ots.treas.gov/docs/7/776024.html

June 5, 2006 - Chairman Ben S. Bernanke - Panel Discussion: Comments on the Outlook for the U.S. Economy and Monetary Policy At the International Monetary Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20060605/default.htm

June 5, 2006 - 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/2006/pr06055.html

June 2, 2006 - Chicago AgLetter Reports District Farmland Values Up 9 Percent - This issue of the Chicago AgLetter reports that the value of "good" agricultural land increased nine percent from a year ago as of the first quarter of 2006. www.chicagofed.org/publications/agletter/may_2006.pdf

June 2, 2006 - OCC Ombudsman Shares Insight on Leadership Opportunities in Financial Services - The Office of the Comptroller of the Currency's Ombudsman, Samuel P. Golden, in a speech today to the Urban Financial Services Coalition, highlighted opportunities for financial services professionals to take leadership roles in promoting good retail relationships and developing new markets. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=HXX9UYMQ.xml

June 2, 2006 - What Drives Volatility Persistence in the Foreign Exchange Market? - David Berger, Alain Chaboud, Erik Hjalmarsson, and Edward Howorka - We analyze the factors driving the widely-noted persistence in asset return volatility using a unique dataset on global euro-dollar exchange rate trading. We propose a new simple empirical specification of volatility, based on the Kyle-model, which links volatility to the information flow, measured as the order flow in the market, and the price sensitivity to that information. www.federalreserve.gov/pubs/ifdp/2006/862/ifdp862.htm __________________

June 1, 2006 - OCC Interagency Agreement on ERISA Referrals: Information Sharing Between the FFIEC Agencies and the DOL - Bulletin notifies financial institutions that regulators have revised their interagency agreement with the Department of Labor on referring possible violations of ERISA.
Press Release: www.occ.treas.gov/ftp/bulletin/2006-24.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2006-24a.htm

June 1, 2006 - Monetary Policy Implementation Without Averaging or Rate Corridors - William Whitesell - Most central banks now implement monetary policy by trying to hit a target overnight interest rate using one of two types of frameworks. The first involves arrangements for depository institutions to hold a minimum account balance over a multi-day averaging period. www.federalreserve.gov/pubs/feds/2006/200622/index.html

June 1, 2006 - Likelihood Ratio Tests on Cointegrating Vectors, Disequilibrium Adjustment Vectors, and their Orthogonal Complements Norman Morin - Cointegration theory provides a flexible class of statistical models that combine long-run relationships and short-run dynamics. This paper presents three likelihood ratio (LR) tests for simultaneously testing restrictions on cointegrating relationships and on how quickly the system reacts to the deviation from equilibrium implied by the cointegrating relationships. Both the orthogonal complements of the cointegrating vectors and of the vectors of adjustment speeds have been used to define the common stochastic trends of a nonstationary system. www.federalreserve.gov/pubs/feds/2006/200621/index.html

June 1, 2006 - Inflation Targeting under Imperfect Knowledge Athanasios Orphanides and John C. Williams - A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an imperfect understanding of the macroeconomic landscape within which the public forms expectations and policymakers must formulate and implement monetary policy. www.federalreserve.gov/pubs/feds/2006/200620/index.html

June 1, 2006 - OCC Issues Third Quarter 2006 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the third quarter of 2006. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=SBIF9BD.xml

June 1, 2006 - Foreign Exchange Rates - The Table Shows The Average Rates Of Exchange In May 2006 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/Releases/G5/Current/default.htm

June 1, 2006 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2006 list of distressed or underserved nonmetropolitan middle-income geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development."
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20060601/default.htm
Press Release: www.fdic.gov/news/news/press/2006/pr06054.html
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=6Y2AO9YM.xml
Press Release: www.ots.treas.gov/docs/7/776025.html

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