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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

June 2007

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June 29, 2007 - OCC Announces New Electronic Interpretations and Actions - June 2007.  www.occ.treas.gov/interp/jun07/intjun07.htm 

June 29, 2007 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/Releases/G20/Current/default.htm 

June 29, 2007 - Payment Systems - Summary of the Roundtable Discussion on Retail Payments Fraud - The Federal Reserve System's Payments System Policy Advisory Committee has an ongoing program to discuss payments system developments and barriers to innovation with the payments industry and relevant payments system participants. As part of this program, the committee hosted a roundtable discussion with industry leaders on issues involving fraud in retail payments. www.federalreserve.gov/paymentsystems/retailpmtfraud/default.htm 

June 29, 2007 - OCC Reports Record Quarterly Bank Trading Revenues of $7 Billion - Insured U.S. commercial banks posted a record $7 billion in trading revenues during the first quarter of 2007, 24 percent higher than the first quarter of 2006, and 82 percent higher than the fourth quarter of 2006, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Derivatives Activities. www.occ.treas.gov/ftp/release/2007-65.htm 

June 29, 2007 - OCC Announces Cease and Desist Order against Commerce Bank - The Office of the Comptroller of the Currency announced today that it has issued a Cease and Desist Order against Commerce Bank National Association, Philadelphia. www.occ.treas.gov/ftp/release/2007-63.htm 

June 29, 2007 - Federal Financial Regulatory Agencies Issue Final Statement on Subprime Mortgage Lending - The federal financial regulatory agencies today issued a final Statement on Subprime Mortgage Lending to address issues relating to certain adjustable-rate mortgage products that can cause payment shock.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070629/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07055.html 
Press Release: www.occ.treas.gov/ftp/release/2007-64.htm 
Press Release: www.ots.treas.gov/docs/7/777046.html 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0629.pdf 

June 28, 2007 - Chicago Fed Announces New Vice Presidents, Assistant Vice President - The Federal Reserve Bank of Chicago today announced four promotions.  www.chicagofed.org/news_room/news/2007_06_28_vp_announcements.cfm 

June 28, 2007 - The Federal Reserve Board on Thursday announced its approval of a final rule to create an exception for transactions of $15 or less from Regulation E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070628/default.htm
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June 28, 2007 - Comparing the Prime and Subprime Mortgage Markets - Chicago Fed Letter looks at recent trends in mortgage lending over time and across the Seventh District. www.chicagofed.org/publications/fedletter/cflaugust2007_241.pdf 

June 28, 2007 - Price Setting during Low and High Inflation: Evidence from Mexico - Etienne Gagnon - This paper provides new insight into the relationship between inflation and consumer price setting by examining a large data set of Mexican consumer prices covering episodes of both low and high inflation, as well as the transition between the two. www.federalreserve.gov/pubs/ifdp/2007/896/ifdp896.htm 

June 28, 2007 - NCUA - Prompt Corrective Action Q&A Issued - The National Credit Union Administration has posted the questions and answers discussed at last week's monthly NCUA Board meeting by the Board and staff pertaining to prompt corrective action reform. www.ncua.gov/news/press_releases/2007/MA07-0628.htm 

June 28, 2007 - Federal Open Market Committee- Freedom of Information Act Service Center - In response to Executive Order 13392, Improving Agency Disclosure of Information, dated December 14, 2005, the Federal Open Market Committee has made the following designations: www.federalreserve.gov/fomc/foia/fomcservicecenter.htm 

June 28, 2007 - The Federal Reserve Board on Thursday announced its approval of a final rule to create an exception for transactions of $15 or less from Regulation E's requirement that receipts be made available to consumers for transactions initiated at an electronic terminal. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070628/default.htm 

June 28, 2007 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2007/20070628/default.htm 

June 27, 2007 - OTS Appoints Michael E. Finn Northeast Regional Director - The Office of Thrift Supervision announced today the appointment of Michael E. Finn as Regional Director of the OTS Northeast Region. www.ots.treas.gov/docs/7/777045.html

June 27, 2007 - NCUA - Johnson Encourages Balance in BSA Rules - National Credit Union Administration Chairman JoAnn Johnson today emphasized NCUA's proactivity and interest in working closely with the U.S. Department of Treasury to help credit unions improve Bank Secrecy Act rules and requirements for credit unions and other financial service providers. www.ncua.gov/news/press_releases/2007/MA07-0626.htm 

June 27, 2007 - Reports of Condition and Income for Second Quarter 2007.  www.fdic.gov/news/news/financial/2007/fil07056.html 

June 26, 2007 - Revised Guidance: Capital and Liquidity - On September 28, 2000, the Office of the Comptroller of the Currency issued OCC Bulletin 2000-26, "Supervision of National Trust Banks: Capital and Liquidity." The bulletin was originally issued to highlight the critical need for national trust banks to maintain adequate liquidity and capital and for examiners to assess these matters through the supervisory process. www.occ.treas.gov/ftp/bulletin/2007-21.html 

June 26, 2007 - OCC Releases Report Highlighting Best Practices Of Loan Servicers to Prevent Foreclosures - The Office of the Comptroller of the Currency today published "Foreclosure Prevention: Improving Contact with Borrowers," an Insights report on best practices loan servicers are using to improve their contact rate with delinquent mortgage borrowers to help prevent foreclosures. www.occ.treas.gov/ftp/release/2007-62.htm 

June 26, 2007 - Federal Reserve Banks Announce Restructuring of Check Processing Operations.  www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-16.pdf 

June 26, 2007 - Bank Secrecy Act - Requests by Law Enforcement to Keep Accounts Open - The Financial Crimes Enforcement Network has issued guidance to financial institutions to address law enforcement agency requests to keep open particular accounts. www.fdic.gov/news/news/financial/2007/fil07055.html 

June 26, 2007 - Federal Reserve Banks Announce Changes To Increase Check Service Efficiency - The Federal Reserve Banks today announced changes to their check operations as consumers and businesses continue the shift from using paper checks toward electronic payments. As part of a longer-range strategy, the Federal Reserve Banks have selected Philadelphia, Cleveland, Atlanta and Dallas as regional check processing sites that are expected to provide the full range of check processing services through at least mid-2011. www.federalreserve.gov/boarddocs/press/other/2007/20070626/default.htm 

June 26, 2007 - 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/2007-20.html 

June 26, 2007 - Submitting Examination Data - Institutions will be Able to Securely Exchange Electronic Examination Information with their State Regulator using FDICconnect - Starting July 9, 2007, the FDIC will provide participating state bank regulators access to the FDICconnect Examination File Exchange system. The FDIC encourages insured financial institutions to use the system to quickly and securely transmit examination information to the FDIC and/or their state banking regulator. www.fdic.gov/news/news/financial/2007/fil07053.html 

June 25, 2007 - Bandyopadhyay Joins St. Louis Fed as Research Officer - Subhayu Bandyopadhyay has joined the Federal Reserve Bank of St. Louis as an officer in the Research Division. Bandyopadhyay is the newest member of the St. Louis Fed's Center for Regional Economics. He specializes in the areas of international trade, development economics and applied microeconomics. www.stlouisfed.org/news/releases/2007/06_25_07.html 

June 25, 2007 - Comptroller Dugan Unveils Public Service Announcements Encouraging Delinquent Borrowers to Contact Lenders for Help to Avoid Foreclosure - Comptroller of the Currency John C. Dugan unveiled two new Public Service Announcements aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure. www.occ.treas.gov/ftp/release/2007-61.htm 

June 25, 2007 - May Economic Growth Below Average - The Chicago Fed National Activity Index was -0.22 in May, up from -0.30 in April. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

June 25, 2007 - Licensing Manual Update, June 2007 - The revised "Branches and Relocations" booklet is now on the Web site for immediate use. www.occ.treas.gov/corpbook/group2/public/pdf/branches.pdf 

June 23, 2007 - Governor Frederic S. Mishkin - Globalization and Financial Development At the Econometric Society at Duke University Lecture, Durham, North Carolina Governor Mishkin presented identical remarks at the New Perspectives on Financial Globalization Conference, International Monetary Fund, Washington, D.C., on April 26, 2007.   www.federalreserve.gov/boarddocs/speeches/2007/20070426/default.htm 

June 22, 2007 - NCUA - Proposed Regulation - Purchase, Sale, and Pledge of Eligible Obligations - NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-701-23.pdf 

June 22, 2007 - OTS Director Reich Applauds FinCEN Initiative - Office of Thrift Supervision Director John Reich applauded an initiative by the Financial Crimes Enforcement Network, announced today by Treasury Secretary Henry M. Paulson, Jr., to adopt a more risk-based approach to examining community banks for anti-money laundering compliance. www.ots.treas.gov/docs/7/777044.html 

June 22, 2007 - Statement by FDIC Chairman Sheila C. Bair on the Bank Secrecy Act's Effectiveness and Efficiency - FDIC Chairman Sheila C. Bair today issued the following statement about Treasury Secretary Henry Paulson's Remarks on Protecting the Financial System and Effective Implementation of the Bank Secrecy Act at the offices of the Financial Crimes Enforcement Network. www.fdic.gov/news/news/press/2007/pr07054.html 

June 22, 2007 - Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/Releases/E15/default_2007.htm 

June 21, 2007 - Risk Management And Nonbank Participation In The U.S. Retail Payments System - The U.S. retail payments system has seen a rapid pace of change, in particular a shift toward electronic payments and nonbank payments providers. Most payments activity now has some nonbank presence. While nonbanks bring new technology and innovation, their emergence potentially introduces or magnifies existing risks to the system. www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-13.pdf
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June 21, 2007 - NCUA Chairman JoAnn Johnson's Statement on Proposed Capital Reform - Today our Board made explicit NCUA's support for reforms of the system of prompt corrective action and the creation of a risk based capital regime for credit unions. Recognizing that a statutory change is needed before such reforms could be instituted, the NCUA Board took this step as a way to set forth the sound policy rationale for improvements that would enhance the regulatory oversight capability of NCUA while enabling credit unions to better serve their members. www.ncua.gov/news/press_releases/2007/MA07-0621-2.htm 

June 21, 2007 - A Note on the Coefficient of Determination in Models with Infinite Variance Variables - Jeong-Ryeol Kurz-Kim and Mico Loretan - Since the seminal work of Mandelbrot (1963), alpha-stable distributions with infinite variance have been regarded as a more realistic distributional assumption than the normal distribution for some economic variables, especially financial data. www.federalreserve.gov/pubs/ifdp/2007/895/ifdp895.htm 

June 21, 2007 - Supervisory Insights Journal - Summer 2007 Issue Now Available - The Summer 2007 issue of the FDIC journal Supervisory Insights includes articles on how banks can manage risks associated with third-party arrangements for products and services, the need for vigilance toward mortgage fraud, challenges in maintaining wind insurance, the electronic exchange of documentation in bank examinations, and recent decisions affecting the accounting for split-dollar life insurance. www.fdic.gov/news/news/financial/2007/fil07052.html 

June 21, 2007 - FDIC's Supervisory Insights Reports How Banks Can Mitigate Risks Associated With Third-party Arrangements - How banks can manage risks associated with third-party arrangements for products and services is reported in the FDIC's summer 2007 issue of Supervisory Insights, released today. www.fdic.gov/news/news/press/2007/pr07053.html 

June 20, 2007 - The Federal Reserve Board on Wednesday announced its approval of the application of First State Bank, Conway, to establish a branch at 6039 Heber Spring Road West, Quitman, both in Arkansas. www.federalreserve.gov/boarddocs/press/orders/2007/20070620/default.htm 

June 20, 2007 - Nontraditional Mortgage Products - Interagency Final Illustrations of Consumer Information for Nontraditional Mortgage Products - On June 8, 2007, the federal bank, thrift and credit union regulatory agencies published final illustrations of consumer information intended to assist institutions as they implement the consumer protection portion of the Interagency Guidance on Nontraditional Mortgage Product Risks. The three illustrations present examples of the types of information contemplated in the guidance. Institutions have discretion in determining whether to tailor and use the illustrations provided. www.fdic.gov/news/news/financial/2007/fil07051.html 

June 20, 2007 - Racial Dispersion in Consumer Credit Interest Rates - Wendy Edelberg - Most of the literature exploring racial disparities in consumer credit markets focuses on the issue of access to loans. But the disparate terms on which loans are issued are equally revealing. www.federalreserve.gov/pubs/feds/2007/200728/index.html 

June 20, 2007 - Corporate Asset Purchases and Sales: Theory and Evidence - Missaka Warusawitharana - Purchases and sales of operating assets by firms generated $162 billion for shareholders over the past 20 years. This contrasts sharply with the evidence on mergers. This paper characterizes the behavior of value-maximizing firms, which may grow organically, purchase existing assets or sell assets. www.federalreserve.gov/pubs/feds/2007/200727/index.html 

June 20, 2007 - Notification of Delay in the Implementation of the Revised Suspicious Activity Report by Depository Institutions - The Financial Crimes Enforcement Network has issued a Federal Register notice and press release announcing a delay in the implementation of certain revised Suspicious Activity Report forms that were scheduled to become effective on June 30, 2007 and mandatory on December 31, 2007. www.federalreserve.gov/boarddocs/srletters/2007/SR0709.htm 

June 20, 2007 - The Federal Reserve Board on Wednesday announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Twelfth District. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070620/default.htm 

June 19, 2007 - FDIC Issues Final Guidelines on Affordable Small-Dollar Loans - The Federal Deposit Insurance Corporation today issued final guidelines to state nonmember banks encouraging them to offer affordable small-dollar loan products and to promote these products to their customers.
Press Release: www.fdic.gov/news/news/press/2007/pr07051.html 
Press Release: www.fdic.gov/news/news/press/2007/pr07052.html 
Press Release: www.fdic.gov/news/news/financial/2007/fil07050.html 

June 19, 2007 - The Federal Reserve Board on Tuesday announced the availability of an online Mortgage Comparison Calculator that consumers can use to compare monthly mortgage payments and the amount of equity they will build for up to six types of fixed- and adjustable-rate mortgages. The calculator, which can be accessed at https://www.federalreserve.gov/apps/mortcalc/, is one of several resources the Board provides to help consumers make informed decisions when shopping for home loans. www.federalreserve.gov/boarddocs/press/other/2007/20070619/default.htm 

June 19, 2007 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Mid America Bank and Trust Company, Dixon Missouri, the Missouri Division of Finance and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070619/default.htm 

June 19, 2007 - The Federal Reserve Board on Tuesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against RBC Centura Bank, Raleigh, North Carolina, a state member bank. RBC Centura Bank, 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/2007/200706192/default.htm 

June 19, 2007 - The Federal Reserve Board on Tuesday announced the issuance of a consent Order of Prohibition against Joy McClard, previously an employee of the former Cumberland Bank, Franklin, Tennessee. www.federalreserve.gov/boarddocs/press/Enforcement/2007/200706193/default.htm

June 19, 2007 - OCC Releases CRA Evaluations For 23 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 May 15, 2007 through June 14, 2007. www.occ.treas.gov/ftp/release/2007-60.htm 

June 19, 2007 - FDIC Reports First Quarter 2007 Financial Results for the Deposit Insurance Fund - The Federal Deposit Insurance Corporation today announced that the Deposit Insurance Fund earned $580 million in comprehensive income during the first quarter of 2007, increasing the fund balance to $50.7 billion as of March 31, 2007. www.fdic.gov/news/news/press/2007/pr07050.html 

June 19, 2007 - Testimony of Sandra F. Braunstein, Division of Consumer and Community Affairs - Consumer credit reports - Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/boarddocs/testimony/2007/20070619/default.htm 

June 18, 2007 - 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/2007-58.htm 

June 18, 2007 - FDIC Report Highlights Business Case for Banks to Offer Individual Development Accounts - According to a report issued today in a new FDIC publication, the FDIC Quarterly, the strategy of offering Individual Development Accounts (IDAs) is showing promise as a means of attracting the banking business of low- and moderate-income households. www.fdic.gov/news/news/press/2007/pr07049.html 

June 18, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Houston, Texas - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the St. Regis Hotel, Houston, Texas, July 17-18. www.occ.treas.gov/ftp/release/2007-59.htm 

June 15, 2007 - Federal Reserve Bank of Kansas City Announces Officer Promotion and Appointment.   www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-12.pdf 

June 15, 2007 - Supervision Manuals - Commercial Bank Examination Manual, May 2007 update - Commercial Bank Examination Manual = Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/boarddocs/supmanual/supervision_cbem.htm 

June 15, 2007 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/Releases/e2/Current/default.htm 

June 15, 2007 - The Federal Reserve Board announced Friday that it is seeking nominations for appointments to its Consumer Advisory Council. www.federalreserve.gov/boarddocs/press/other/2007/20070615/default.htm 

June 15, 2007 - NCUA - Media Advisory - Peoples First Choice Federal Credit Union Placed In Conservatorship.   www.ncua.gov/news/press_releases/2007/MA07-0615.htm 

June 15, 2007 - Bank Secrecy Act - Delayed Implementation of Revised Suspicious Activity Report by Depository Institutions Form - The Financial Crimes Enforcement Network has announced delayed implementation of the revised Suspicious Activity Report by Depository Institutions form. The revised form was scheduled to take effect on June 30, 2007, and become mandatory on December 31, 2007. FinCEN will establish new dates for implementing the new SAR-DI. www.fdic.gov/news/news/financial/2007/fil07049.html 

June 15, 2007 - Summary of Deposits Survey - The Summary of Deposits is the annual survey of branch office deposits as of June 30 for all FDIC-insured commercial banks, FDIC-supervised savings banks, and insured branches of foreign banks. Institutions with branch offices are required to submit this survey to the FDIC by July 30, 2007. www.fdic.gov/news/news/financial/2007/fil07048.html 

June 15, 2007 - Industrial Production And Capacity Utilization - Industrial production was unchanged in May after a downwardly revised increase of 0.4 percent in April. Output in the manufacturing sector edged up 0.1 percent in May, and mining output moved up 0.5 percent after declining 0.6 percent in April. www.federalreserve.gov/Releases/G17/Current/default.htm 

June 15, 2007 - Chairman Ben S. Bernanke- The Financial Accelerator and the Credit Channel At a conference on The Credit Channel of Monetary Policy in the Twenty-first Century, Federal Reserve Bank of Atlanta, Atlanta, Georgia www.federalreserve.gov/boarddocs/speeches/2007/20070615/default.htm 
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June 14, 2007 - New Developments in State Business Taxation: A conference summary by Richard H. Mattoon, senior economist and economic advisor, and William A. Testa, vice president and director of regional programs.  www.chicagofed.org/publications/fedletter/cfljuly2007_240a.pdf 

June 14, 2007 - The Federal Reserve Board on Thursday announced the approval of an application by Victoria Mutual Building Society, Kingston, Jamaica, to establish a representative office in Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2007/200706143/default.htm 

June 14, 2007 - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by First Busey Corporation, Urbana, to merge with Main Street Trust, Inc. and thereby acquire its subsidiary bank, Main Street Bank & Trust, both of Champaign, all in Illinois. www.federalreserve.gov/boarddocs/press/orders/2007/200706142/default.htm 

June 14, 2007 - The Federal Reserve Board on Thursday announced the approval of the application of The Bank of New York Mellon Corporation to become a bank holding company by merging with The Bank of New York Company, Inc., both in New York, New York, and Mellon Financial Corporation, Pittsburgh, Pennsylvania, and thereby acquiring The Bank of New York, also in New York, and Mellon Bank, N.A., also in Pittsburgh. www.federalreserve.gov/boarddocs/press/orders/2007/20070614/default.htm 

June 14, 2007 - OTS Enters Into Consumer Complaint Sharing Agreement with CSBS - The Office of Thrift Supervision and the Conference of State Banking Supervisors announced agreement today on a model for sharing consumer complaint information between the OTS and state banking regulators. www.ots.treas.gov/docs/7/777043.html 

June 14, 2007 - 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/2007-58.htm 

June 14, 2007 - Eric Rosengren will become president and chief executive officer of the Federal Reserve Bank of Boston effective July 23, 2007, announced Lisa M. Lynch, chair of the Bank's board of directors and head of the directors' presidential search committee. Eric Rosengren will succeed Cathy E. Minehan who will retire from the Boston Fed on July 22, 2007, after 13 years as president and nearly 40 years of service in the Federal Reserve System. www.federalreserve.gov/boarddocs/press/other/2007/20070614/default.htm 

June 14, 2007 - Governor Randall S. Kroszner - Encouraging Responsible Mortgage Lending: Prospective Rulemaking Initiatives - At the public hearing under the Home Ownership and Equity Protection Act, Federal Reserve Board, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/20070614/default.htm 

June 13, 2007 - NCUA - Letter to Credit Unions 07-CU-08 - Credit Union Financial Trends for the First Quarter of 2007.  http://www.ncua.gov/letters/2007/CU/07-CU-08.pdf 

June 13, 2007 - The Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, recently announced the availability of the 2007 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." www.occ.treas.gov/ftp/bulletin/2007-19.html 

June 13, 2007 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2007/20070613/default.htm 

June 13, 2007 - The Federal Reserve Board compiles quarterly data on banks that participate in the Department of the Treasury's Minority Bank Deposit Program and releases the data about twelve weeks after the end of each quarter. The data come from the Consolidated Reports of Condition and Income filed quarterly by banks and from other information in the Board's National Information Center database. www.federalreserve.gov/releases/mob/default.htm 

June 13, 2007 - Household Debt Service and Financial Obligations Ratios - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm 

June 13, 2007 - Comptroller Dugan Tells House Committee that OCC Supervision Plays Critical Role In Ensuring National Bank Compliance with Federal Consumer Protection Standards - Comptroller of the Currency John C. Dugan told a House panel today that OCC supervision plays a unique and critical role in ensuring compliance with federal consumer protection standards, making it possible to identify and fix consumer compliance issues early and swiftly, before they become major problems. www.occ.treas.gov/ftp/release/2007-57.htm 

June 13, 2007 - Testimony of Governor Randall S. Kroszner - The role of federal banking agencies in strengthening federal financial consumer protection - Before the Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/boarddocs/testimony/2007/20070613/default.htm 

June 12, 2007 - Portland General Electric president and CEO joins Portland Branch Board of the Federal Reserve Bank of San Francisco - Peggy Y. Fowler - The board of directors of the Federal Reserve Bank of San Francisco has appointed Peggy Y. Fowler, president and CEO of Portland General Electric, to its Portland Branch board effective June 1, 2007. www.frbsf.org/news/releases/2007/0612.html 

June 12, 2007 - Bank Secrecy Act - The Sar Activity Review - Trends, Tips & Issues, May 2007 Edition - The Financial Crimes Enforcement Network has issued the eleventh edition (May 2007) of The SAR Activity Review - Trends, Tips & Issues. www.fdic.gov/news/news/financial/2007/fil07047.html 

June 12, 2007 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/default.htm 

June 12, 2007 - The Rise and Fall of U.S. Inflation Persistence - Meredith Beechey and Par Osterholm - This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central-bank optimization predict persistent inflation outcomes. Time variation of the central bank's preference for output stability should be reflected in changes in inflation persistence. www.federalreserve.gov/pubs/feds/2007/200726/index.html 

June 12, 2007 - 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 June 13, 2006.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/200706122/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07048.html 
Press Release: www.occ.treas.gov/ftp/release/2007-56.htm 

June 12, 2007 - The Federal Reserve Board announced the panelists for its public hearing under the Home Ownership and Equity Protection Act on June 14, 2007. They include key players in the home mortgage market, including the subprime sector--lenders, brokers, secondary market participants, consumer advocacy and community development organizations, academics and researchers, and state regulators. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070612/default.htm 

June 12, 2007 - Unauthorized Banking: Current List of OCC Alerts on Unauthorized Banking provides 1996-2007 information about unauthorized banking activities, both offshore and domestic. www.occ.treas.gov/ftp/alert/2007-32.html 

June 12, 2007 - Counterfeit Instruments and Stolen Official Documents 2002-2007: Current Listing of OCC Alerts on Counterfeit Instruments and Stolen Official Documents.  www.occ.treas.gov/ftp/alert/2007-33.html 

June 12, 2007 - Fraudulent Regulatory Agency Issuances: Fraudulent Correspondence Purportedly from the Federal Deposit Insurance Corporation - Fraudulent letters claiming to be from the FDIC are being sent to financial institutions.  www.occ.treas.gov/ftp/alert/2007-34.html 

June 11, 2007 - NCUA - Regulatory Alert 07-RA-04 - The SAR Activity Review - Trends, Tips & Issues, Issue 11, May 2007 www.ncua.gov/reg_alerts/2007/07-RA-04.pdf 

June 11, 2007 - NCUA - Vice Chairman Hood Announces a "Blueprint for 2020" Initiative during the Big Ten Credit Union Conference - National Credit Union Administration Vice Chairman Rodney E. Hood delivered an address during the Big Ten Credit Union Conference at the University of Notre Dame in South Bend, IN. During his speech, Mr. Hood invited those present to work together to increase student membership, employment, and participation in the credit union industry. www.ncua.gov/news/press_releases/2007/MA07-0609.htm 

June 11, 2007 - OTS Announces CRA Exam Schedule for Third Quarter 2007 - The Office of Thrift Supervision announced today that 48 savings associations are scheduled for Community Reinvestment Act examinations during the third quarter of 2007. www.ots.treas.gov/docs/7/777042.html 

June 8, 2007 - Financial Education Survey Shows FDIC's Money Smart Program Improves Consumers' Money-Management Practices and Financial Confidence - Using a three-part survey to determine the effectiveness of its Money Smart financial education curriculum, the FDIC found that the program positively influenced how course participants manage their finances as well as their financial confidence. The study also found that these positive changes were sustained months after participants had completed Money Smart training. www.fdic.gov/news/news/financial/2007/fil07046.html

June 8, 2007 - NCUA - The June 2007 NCUA Newsletter is available.   www.ncua.gov/news/newsletter/NCUA/2007June.pdf 

June 8, 2007 - OTS Executes Supervisory Agreement with AIG FSB - The Office of Thrift Supervision announced today the execution of a Supervisory Agreement with AIG Federal Savings Bank for its failure to manage and control in a safe and sound manner the loan origination services outsourced to its affiliate, Wilmington Finance, Inc. www.ots.treas.gov/docs/7/777041.html 

June 8, 2007 - 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/2007/pr07047.html 

June 8, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Alexandria, Minnesota - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Arrowwood Conference Center, Alexandria, Minnesota, July 10-12. www.occ.treas.gov/ftp/release/2007-55.htm 

June 8, 2007 - Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa - Brahima Coulibaly and Jonathan Millar - This paper estimates the long run elasticity of the demand for fixed nonresidential capital (both equipment and structures) to changes in its user cost using a quarterly panel of two-digit manufacturing data from South Africa from 1970 to 2001.  www.federalreserve.gov/pubs/feds/2007/200725/index.html 

June 8, 2007 - Sectoral Productivity in the United States: Recent Developments and the Role of IT - Carol Corrado, Paul Lengermann, Eric J. Bartelsman, and J. Joseph Beaulieu - This paper introduces new estimates of recent productivity developments in the United States, using an appropriate theoretical framework for aggregating industry MFP to sectors and the total economy. Our work sheds light on the sources of the continued strong performance of U.S. productivity since 2000. www.federalreserve.gov/pubs/feds/2007/200724/index.html 

June 8, 2007 - Home Ownership and Equity Protection Act - A public hearing will be held to gather information about how the Board might use its rulemaking authority to curb abusive lending practices in the home mortgage market, including the subprime sector, in a way that preserves incentives for responsible lenders to provide credit to borrowers. www.federalreserve.gov/events/publichearings/hoepa/2007/20070614/default.htm 
________________

June 7, 2007 - Consumer credit increased at an annual rate of 1-1/4 percent in April. Revolving credit decreased at an annual rate of 1/2 percent, and nonrevolving credit rose at an annual rate of 2-1/4 percent. www.federalreserve.gov/releases/g19/current/ 

June 7, 2007 - Statistical Supplement to the Federal Reserve Bulletin - May 2007.  www.federalreserve.gov/pubs/supplement/2007/05/default.htm 

June 7, 2007 - Are mobile payments the smart cards of the aughts? - Katy Jacob - This article compares the much anticipated but ultimately stalled smart card revolution of the 1990s with the current expansion of mobile payment platforms, and asks how mobile payments fit into the larger payment system. www.chicagofed.org/publications/fedletter/cfljuly2007_240.pdf 

June 7, 2007 - NCUA - Chairman Johnson's Testimony this morning before the House Subcommittee on Financial Institutions and Consumer Credit.   www.ncua.gov/news/speeches/2007/Johnson/Testimony06-2007.pdf 

June 7, 2007 - Comptroller of the Currency Calls for Better Credit Card Disclosures - Comptroller of the Currency John C. Dugan today told Congress that current credit card disclosure rules should be changed to improve consumers' ability to make well-informed decisions about the credit cards they choose. www.occ.treas.gov/ftp/release/2007-54.htm 

June 7, 2007 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/current/ 

June 7, 2007 - Testimony of Governor Frederic S. Mishkin - Credit card disclosures - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/boarddocs/testimony/2007/ 

June 6, 2007 - Fraudulent Regulatory Agency Issuances: Fraudulent Correspondence Attributed to Officials of the Office of the Comptroller of the Currency - Fictitious e-mails, faxes, and regular mail items are circulating worldwide that claim to be authored by the OCC. They fraudulently encourage recipients to reply to receive funds owed by the OCC and other agencies. www.occ.treas.gov/ftp/alert/2007-31.html 

June 6, 2007 - Incorporating Vintage Differences and Forecasts into Markov Switching Models - Jeremy J. Nalewaik - This paper discusses extensions of standard Markov switching models that allow estimated probabilities to reflect parameter breaks at or close to the end of the sample, too close for standard maximum likelihood techniques to produce precise parameter estimates. The basic technique is a supplementary estimation procedure, bringing additional information to bear to estimate the statistical properties of the end-of-sample observations that behave differently from the rest. www.federalreserve.gov/pubs/feds/2007/200723/index.html 

June 6, 2007 - The Stability of Large External Imbalances: The Role of Returns Differentials - Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock - Were the U.S. to persistently earn substantially more on its foreign investments than foreigners earn on their U.S. investments, the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases.  www.federalreserve.gov/pubs/ifdp/2007/894/ifdp894.htm 

June 6, 2007 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Prohibition against William R. Kahler, a former officer of Primebank, LeMars, Iowa, a state member bank. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070606/default.htm 

June 6, 2007 - The mouse that roared: Putting the sale of Chrysler in context - By Guest Blogger Thomas Klier - On Monday, May 14, 2007, DaimlerChrysler Corporation announced it would spin off its Chrysler division by selling it to Cerberus LLC, a private equity company. The news ended speculation regarding a possible sale of Chrysler as well as the identity of its ultimate acquirer. http://midwest.chicagofedblogs.org/archives/2007/06/thomas_auto_blo.html 

June 6, 2007 - FDIC Makes Public April Enforcement Actions - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearing is scheduled for June. www.fdic.gov/news/news/press/2007/pr07046.html 

June 6, 2007 - FRB Reports to Congress - 93rd Annual Report, 2006. www.federalreserve.gov/boarddocs/rptcongress/annual06/default.htm 

June 5, 2007 - Experts Address Affordable Housing Shortages in High-Cost Urban Areas - Housing experts discussed challenges and success stories in establishing and maintaining affordable housing in the nation's highest-cost cities during a conference yesterday co-sponsored by the Office of Thrift Supervision and Citi. www.ots.treas.gov/docs/7/777040.html

June 5, 2007 - Legal Interpretations, Federal Reserve Act - Summary of guidance relating to requirements for a retail sweep program under the Board's Regulation D.  www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070501/20070501.pdf 

June 5, 2007 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings for April 23 and May 7, 2007. www.federalreserve.gov/boarddocs/press/monetary/2007/20070605/default.htm 

June 5, 2007 - Governor Kevin Warsh - Financial Intermediation and Complete Markets - At the European Economics and Financial Centre, London, England.  www.federalreserve.gov/boarddocs/speeches/2007/200706052/default.htm 

June 5, 2007 - Chairman Ben S. Bernanke - The Housing Market and Subprime Lending To the 2007 International Monetary Conference, Cape Town, South Africa.  www.federalreserve.gov/boarddocs/speeches/2007/20070605/default.htm 

June 4, 2007 - U.S. Economic Growth Will Edge Down in 2007 and Then Improve in 2008, Chicago Fed Automotive Outlook Symposium Participants Say - The fourteenth annual Automotive Outlook Symposium was held in Detroit on June 1 and drew more than 75 participants from manufacturing, banking, consulting and service firms and academia. This year, 26 individuals provided a consensus outlook and forecasts for major components of real gross domestic product, as well as several key statistics for the U.S. economy. www.chicagofed.org/economic_research_and_data/2007_Automotive_Outlook_Symposium.cfm 

June 4, 2007 - OCC Issues Third Quarter 2007 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 2007. www.occ.treas.gov/ftp/release/2007-53.htm 

June 4, 2007 - Bond Risk Premia and Realized Jump Volatility - Jonathan Wright and Hao Zhou - We find that adding a measure of market jump volatility risk to a regression of excess bond returns on the term structure of forward rates nearly doubles the R square of the regression. Our market jump volatility measure is based on the realized jumps identified from high-frequency stock market returns using the bi-power variation technique. www.federalreserve.gov/pubs/feds/2007/200722/200722abs.html 

June 4, 2007 - Optimal Fiscal and Monetary Policy with Costly Wage Bargaining - David M. Arseneau and Sanjay K. Chugh - Costly nominal wage adjustment has received renewed attention in the design of optimal policy. In this paper, we embed costly nominal wage adjustment into the modern theory of frictional labor markets to study optimal fiscal and monetary policy. Our main result is that the optimal rate of price inflation is highly volatile over time despite the presence of sticky nominal wages. www.federalreserve.gov/pubs/ifdp/2007/893/ 

June 4, 2007 - OCC Volunteers Help Improve an Affordable Housing Property in Northeast D.C. - Comptroller of the Currency John C. Dugan led more than 20 volunteers from the Office of the Comptroller of the Currency on June 2 in landscaping an affordable housing complex in the Brentwood neighborhood of Northeast Washington, D.C. www.occ.treas.gov/ftp/release/2007-51.htm 

June 4, 2007 - Comptroller of the Currency Establishes Enterprise Governance Unit - Comptroller of the Currency John C. Dugan recently established the Enterprise Governance unit to support the Office of the Comptroller of the Currency's strategic planning, risk management, quality management, assurance testing, and business process improvement efforts. www.occ.treas.gov/ftp/release/2007-52.htm 

June 4, 2007 - Deposit Insurance Assessments Late Assessment Penalties - On November 2, 2006, the FDIC Board of Directors approved the final rule to implement provisions of the Federal Deposit Insurance Reform Act of 2005 that provide penalties for failure to timely pay assessments (12 C.F.R. 308.132(c)(3)(v)). www.fdic.gov/news/news/financial/2007/fil07043.html 

June 1, 2007 - The Federal Reserve Board compiles quarterly data on banks that participate in the Department of the Treasury's Minority Bank Deposit Program and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/mob/ 

June 1, 2007 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - The federal bank and thrift regulatory agencies on Friday announced the availability of the 2007 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/2007/20070601/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07045.html 
Press Release: www.occ.treas.gov/ftp/release/2007-50.htm 
Press Release: www.ots.treas.gov/docs/7/777039.html 

June 1, 2007 - Tentative 2008 FOMC meeting schedule.  www.federalreserve.gov/boarddocs/press/monetary/2007/20070601/default.htm 

June 1, 2007 - OCC Announces New Electronic Interpretations and Actions - May 2007.  www.occ.treas.gov/interp/may07/intmay07.htm 

June 1, 2007 - Governor Randall S. Kroszner - Outlook and Risks for the U.S. Economy - At the Institute of International Finance 2007 Spring Membership Meeting, Athens, Greece www.federalreserve.gov/boarddocs/speeches/2007/20070601/default.htm

 

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