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
_____________________
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
_____________________
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
____________
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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