Bank
Regulatory News
June 2008
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June 30, 2008 - Report to the Congress on the Profitability of
Credit Card Operations of Depository Institutions.
www.federalreserve.gov/boarddocs/rptcongress/creditcard/2008/ccprofit.pdf
June 30, 2008 - OCC Announces New Electronic Interpretations and Actions -
June 2008.
www.occ.treas.gov/interp/jun08/intjun08.htm
June 30, 2008 - Fraudulent Regulatory Agency Issuances: Fraudulent
Correspondence Attributed to Officials of the Department of Homeland
Security - Fraudulent correspondence attributed to the DHS regarding funds
supposedly controlled by the U.S. consular in the UK is being sent to bank
customers to elicit funds.
www.occ.treas.gov/ftp/alert/2008-31.html
June 30, 2008 - Consolidated Reports of Condition and Income for Second
Quarter 2008 - The attached materials pertain to the Consolidated Reports of
Condition and Income for the June 30, 2008, report date. Please plan to
complete the preparation, editing, and review of your bank's Call Report
data and the submission of these data to the agencies' Central Data
Repository as early as possible.
www.fdic.gov/news/news/financial/2008/fil08061.html
June 30, 2008 - Statistical Release - G.20 Finance Companies.
www.federalreserve.gov/releases/g20/Current/
June 30, 2008 - Statistical Release - Structure and Share Data for U.S.
Offices of Foreign Banks.
www.federalreserve.gov/releases/iba/default.htm
June 30, 2008 - The Federal Reserve Board on Monday announced the
termination of the enforcement action listed Bank of York, York, Alabama
Cease and Desist Order dated August 14, 2006 Terminated June 19, 2008.
www.federalreserve.gov/newsevents/press/enforcement/20080630b.htm
June 30, 2008 - The Federal Reserve Board on Monday announced the
termination of the enforcement action First BanCorp, Santurce, Puerto Rico
Cease and Desist Order dated March 16, 2006 Terminated June 24, 2008.
www.federalreserve.gov/newsevents/press/enforcement/20080630a.htm
June 30, 2008 - National Credit Union Administration Vice Chairman Rodney E.
Hood addressed the Corporate One Federal Credit Union's Enterprise Wide Risk
Management Conference to communicate to credit union executives the
importance of identifying the risks associated with their strategic
initiatives and the necessity to manage those risks to enhance the
performance of their credit unions.
www.ncua.gov/news/press_releases/2008/MA08-0630-2.htm
June 30, 2008 - FDIC Makes Public May Enforcement Actions; No Administrative
Hearings are Scheduled for July - The Federal Deposit Insurance Corporation
today released a list of orders of administrative enforcement actions taken
against banks and individuals in May. No administrative hearings are
scheduled.
www.fdic.gov/news/news/press/2008/pr08052.html
June 30, 2008 - On June 30, 2008, the Federal Reserve will offer $75 billion
in 28-day credit through its Term Auction Facility. Additional information
regarding the auction is listed below; the auction will be conducted as
specified in this announcement, Regulation A, and the terms and conditions
of the Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20080630a.htm
June 27, 2008 - NCUA - Fryzel Nomination Confirmed by the U.S. Senate - NCUA
Board nominee Michael E. Fryzel was confirmed today by the U.S. Senate to a
seat on the NCUA three-member Board. As the NCUA chairman designee, he will
replace Chairman JoAnn Johnson, whose term expired August 12, 2007.
www.ncua.gov/news/press_releases/2008/MA08-0627.htm
June 27, 2008 - Basel Committee Issues Revised Principles for Sound
Liquidity Risk Management Supervision - On June 17, 2008, the Basel
Committee on Banking Supervision issued for public comment enhanced global
Principles for Sound Liquidity Risk Management and Supervision. These draft
principles represent a substantial revision of the Committee's liquidity
guidance that was published in 2000 and reflect the lessons learned during
the financial market disturbance.
www.occ.treas.gov/ftp/release/2008-72.htm
June 27, 2008 - OCC releases updated version of Activities Permissible for a
National Bank, 2007.
www.occ.treas.gov/corpapps/bankact.pdf
June 27, 2008 - The Federal Reserve Board on Friday released the minutes of
its meetings on March 14 and March 16, 2008.
www.federalreserve.gov/newsevents/press/other/20080627a.htm
___________
June 26, 2008 - Home Equity Lines of Credit Consumer Protection and
Risk Management Considerations When Changing Credit Limits and Suggested
Best Practices - The FDIC is issuing the attached supervisory guidance to
remind FDIC-supervised financial institutions that if, for risk management
purposes, they decide to reduce or suspend home equity lines of credit,
certain legal requirements designed to protect consumers must be followed.
In addition, the FDIC urges institutions to work with borrowers to minimize
hardships that may result from such reductions or suspensions.
www.fdic.gov/news/news/financial/2008/fil08058.html
June 26, 2008 - Speech by Vice Chairman Donald L. Kohn - Global Economic
Integration and Decoupling.
www.federalreserve.gov/newsevents/speech/kohn20080626a.htm
June 26, 2008 - The Federal Reserve Board on Thursday proposed a rule for
public comment that would implement certain of the less-complex approaches
for calculating risk-based capital requirements that are included in the
international Basel II capital accord.
Press Release:
www.federalreserve.gov/newsevents/press/bcreg/20080626b.htm
Press Release:
www.fdic.gov/news/news/press/2008/pr08050.html
June 26, 2008 - 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.
Press Release:
www.federalreserve.gov/newsevents/press/bcreg/20080626a.htm
Press Release:
www.fdic.gov/news/news/press/2008/pr08051.html
Press Release:
www.occ.treas.gov/ftp/release/2008-71.htm
June 26, 2008 - The Federal Reserve Board on Thursday announced the issuance
of a Consent Order of Assessment of a Civil Money Penalty against Heritage
Bank of Commerce, San Jose, California, a state member bank. Heritage Bank
of Commerce, 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/newsevents/press/enforcement/20080626a.htm
June 25, 2008 - June Burgundy Book Shows Slowing in the Little Rock Regional
Economy.
www.stlouisfed.org/news/releases/2008/06_25_08LittleRock.html
June 25, 2008 - June Burgundy Book Shows Continued Weakening in the
Louisville Regional Economy.
www.stlouisfed.org/news/releases/2008/06_25_08Louisville.html
June 25, 2008 - June Burgundy Book Shows Mixed Economy in the Memphis
Region.
www.stlouisfed.org/news/releases/2008/06_25_08Memphis.html
June 25, 2008 - June Burgundy Book Shows Mixed Economy in the St. Louis
Region.
www.stlouisfed.org/news/releases/2008/06_25_08Stls.html
June 25, 2008 - The Federal Open Market Committee decided today to keep its
target for the federal funds rate at 2 percent.
www.federalreserve.gov/newsevents/press/monetary/20080625a.htm
June 25, 2008 - FDIC and United Kingdom Financial Services Authority Sign
Memorandum of Understanding - Agreement Formalizes Cross-Border Cooperation,
Consultation and Information Exchange.
www.fdic.gov/news/news/press/2008/pr08049.html
June 24, 2008 - Energizer CEO Joins St. Louis Fed Board - Ward M. Klein,
chief executive officer and a member of the board of directors of Energizer
Holdings Inc., has been appointed to fill the unexpired portion of a
three-year term on the board of directors of the Federal Reserve Bank of St.
Louis.
www.stlouisfed.org/news/releases/2008/06_23_08.html
June 23, 2008 - The Federal Reserve Board on Monday announced the approval
of an application by KfW IPEX-Bank GmbH, Frankfurt, Germany, to establish a
representative office in New York, New York.
www.federalreserve.gov/newsevents/press/orders/20080623a.htm
June 23, 2008 - May Economic Activity Slow but Improved - The Chicago Fed
National Activity Index was -0.96 in May, up from -1.23 in April.
www.chicagofed.org/economic_research_and_data/cfnai.cfm
June 23, 2008 - List of Distressed or Underserved Nonmetropolitan
Middle-Income Geographies - 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 2008 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/2008-17.html
June 23, 2008 - Bank Secrecy Act - The SAR Activity Review by the Numbers,
May 2008 Issue - The Financial Crimes Enforcement Network has issued the
tenth edition of The SAR Activity Review By the Numbers. The report includes
information through year-end 2007.
www.fdic.gov/news/news/financial/2008/fil08055.html
June 23, 2008 - Zero Bound, Option-Implied PDFs, and Term Structure Models -
Don H. Kim - This paper points out that several known ways of modeling
non-negative nominal interest rates lead to different implications for the
risk-neutral distribution of the short rate that can be checked with options
data.
www.federalreserve.gov/pubs/feds/2008/200831/index.html
June 23, 2008 - The Federal Reserve Board announced today that it is seeking
nominations for appointments to its Consumer Advisory Council.
www.federalreserve.gov/newsevents/press/other/20080623a.htm
June 23, 2008 - The Federal Reserve Board on Monday announced the issuance
of a Consent Order of Prohibition and Order of Assessment of Civil Money
Penalty in the amount of $15,000 against Susan M. West, a former senior vice
president, private banking officer, and institution-affiliated party of
Compass Bank, Birmingham, Alabama.
www.federalreserve.gov/newsevents/press/enforcement/20080623a.htm
June 20, 2008 - Jackknifing Stock Return Predictions - Benjamin Chiquoine
and Erik Hjalmarsson - We show that the general bias reducing technique of
jackknifing can be successfully applied to stock return predictability
regressions. Compared to standard OLS estimation, the jackknifing procedure
delivers virtually unbiased estimates with mean squared errors that
generally dominate those of the OLS estimates.
www.federalreserve.gov/pubs/ifdp/2008/932/ifdp932.htm
June 20, 2008 - Housing, Home Production, and the Equity and Value Premium
Puzzles - Morris A. Davis and Robert F. Martin - We test if a standard
representative agent model with a home-production sector can resolve the
equity premium or value premium puzzles. In this model, agents value market
consumption and a home consumption good that is produced as an aggregate of
the stock of housing, home labor, and a labor-augmenting technology shock.
www.federalreserve.gov/pubs/ifdp/2008/931/ifdp931.htm
__________________________
June 19, 2008 - Supervision Manuals - Consumer Compliance Handbook,
June 2008 update - The June 2008 update contains a new chapter covering
section 5 of the Federal Trade Commission Act, which prohibits "unfair or
deceptive acts or practices in or affecting commerce." Besides a discussion
and examination procedures, the new chapter contains the joint statement on
unfair or deceptive acts and practices by state-chartered banks issued by
the Board and the FDIC.
www.federalreserve.gov/boarddocs/supmanual/cch/announce/200806cch_update.htm
June 19, 2008 - Vice Chairman Donald L. Kohn - Risk management and its
implications for systemic risk - Before the Subcommittee on Securities,
Insurance, and Investment, Committee on Banking, Housing, and Urban Affairs,
U.S. Senate.
www.federalreserve.gov/newsevents/testimony/kohn20080619a.htm
June 19, 2008 - Help Available for Minority-Owned Financial Institutions -
New Fed program offers one-on-one guidance, workshops and extensive
Web-based resources and information.
http://fedpartnership.org/
June 19, 2008 - NCUA - Results of the 06/19/2008 NCUA Board Meeting are
available.
www.ncua.gov/NCUABoard/board_reports/BAB08-0618.pdf
June 18, 2008 - OCC and Federal Reserve Bank of San Francisco Co-Sponsor
Community Stabilization Symposium - The Office of the Comptroller of the
Currency and the Federal Reserve Bank of San Francisco will co-sponsor a
symposium focused on innovative strategies to help address the economic
challenges related to the rise in mortgage delinquencies and foreclosures.
www.occ.treas.gov/ftp/release/2008-70.htm
June 18, 2008 - Nationwide Launch of Partnership for Progress - The Federal
Reserve System today announced the nationwide launch of Partnership for
Progress, an innovative outreach and technical assistance program for
minority-owned and de novo institutions. The program seeks to help these
institutions confront their unique challenges, cultivate safe and sound
practices, and compete more effectively in today's marketplace through a
combination of one-on-one guidance, workshops, and an extensive interactive
web-based resource and information center.
www.frbsf.org/news/releases/2008/0618.html
June 18, 2008 - Legal Interpretations - Federal Reserve Act, May 19, 2008 -
Letter to A. Patrick Doyle, Arnold & Porter LLP, granting an exemption from
section 23A of the Federal Reserve Act and Regulation W (12 U.S.C. 371c and
12 CFR Part 223) for certain transactions between Merrill Lynch Bank & Trust
Co., FSB, New York, New York, and First Franklin Financial Corporation, San
Jose, California, that will become covered transactions on the transfer by
MLFSB of its ownership interest in First Franklin to its affiliate, Merrill
Lynch Mortgage Services Corporation.
www.federalreserve.gov/boarddocs/legalint/federalreserveact/2008/20080519/20080519.pdf
June 18, 2008 - The Federal Reserve System today announced the nationwide
launch of Partnership for Progress, an innovative outreach and technical
assistance program for minority-owned and de novo institutions. The program
seeks to help these institutions confront their unique challenges, cultivate
safe and sound practices, and compete more effectively in today's
marketplace through a combination of one-on-one guidance, workshops, and an
extensive interactive web-based resource and information center.
www.federalreserve.gov/newsevents/press/other/20080618a.htm
June 18, 2008 - The Federal Reserve Board on Wednesday announced the
termination of the enforcement action Deutsche Bank Trust Company Americas
Written Agreement dated October 12, 2005 Terminated June 16, 2008.
www.federalreserve.gov/newsevents/press/enforcement/20080618a.htm
June 17, 2008 - NCUA Activates Disaster Assistance in Response to Storms and
Flooding in Wisconsin - The National Credit Union Administration has
activated its disaster relief policy to assist credit unions and their
members affected by the storms, flooding, and tornadoes in Wisconsin.
www.ncua.gov/news/press_releases/2008/MR08-0617.htm
June 17, 2008 - The OCC releases the 2007 Significant Legal, Licensing, and
Community Development Precedents for National Banks.
www.occ.treas.gov/sigpre.pdf
June 17, 2008 - Regulatory Relief - Guidance to Help Financial Institutions
and to Facilitate Recovery in Areas of Indiana Affected by Severe Storms and
Flooding - The Federal Deposit Insurance Corporation has announced a series
of steps intended to provide regulatory relief to financial institutions and
to facilitate recovery in areas of Indiana affected by recent severe storms
and flooding.
www.fdic.gov/news/news/financial/2008/fil08050.html
June 17, 2008 - Regulatory Relief - Guidance to Help Financial Institutions
and to Facilitate Recovery in Areas of Iowa and Nebraska Affected by Severe
Storms, Tornadoes and Flooding - The Federal Deposit Insurance Corporation
has announced a series of steps intended to provide regulatory relief to
financial institutions and to facilitate recovery in areas of Iowa and
Nebraska affected by recent severe storms, tornadoes and flooding.
www.fdic.gov/news/news/financial/2008/fil08049.html
June 17, 2008 - Regulatory Relief Guidance to Help Financial Institutions
and to Facilitate Recovery in Areas of Wisconsin Affected by Severe Storms,
Tornadoes and Flooding - The Federal Deposit Insurance Corporation has
announced a series of steps intended to provide regulatory relief to
financial institutions and to facilitate recovery in areas of Wisconsin
affected by recent severe storms, tornadoes and flooding.
www.fdic.gov/news/news/financial/2008/fil08048.html
June 17, 2008 - Statistical Release - E.2 Survey of Terms of Business
Lending - These data are collected during the middle month of each quarter
and are released in the middle of the succeeding month.
www.federalreserve.gov/releases/e2/
June 17, 2008 - Statistical Release - G.17 Industrial Production -
Industrial production declined 0.2 percent in May after having fallen 0.7
percent in April. Manufacturing output was unchanged in May, the output of
utilities shrank 1.8 percent, and the output at mines rose 0.1 percent.
Factory output was boosted by a small pickup in the index for motor vehicles
and parts.
www.federalreserve.gov/releases/g17/Current/default.htm
June 17, 2008 - On June 16, 2008, the Federal Reserve conducted an auction
of $75 billion in 28-day credit through its Term Auction Facility. Following
are the results of the auction.
www.federalreserve.gov/newsevents/press/monetary/20080617a.htm
June 16, 2008 - OCC Enforcement Actions - The Office of the Comptroller of
the Currency today released new enforcement actions taken against national
banks and individuals currently and formerly affiliated with national banks.
www.occ.treas.gov/ftp/release/2008-69.htm
June 16, 2008 - Deposit Insurance Coverage - Portfolio of Deposit Insurance
Coverage Resources for Bankers - To commemorate its 75th anniversary, the
FDIC is mailing to each FDIC-insured institution a Portfolio of Deposit
Insurance Coverage Resources for Bankers - a compilation of the FDIC's
latest deposit insurance educational tools. With the resources provided in
the Portfolio, the FDIC is asking banks to raise awareness about deposit
insurance coverage among their employees and customers.
www.fdic.gov/news/news/financial/2008/fil08047.html
June 16, 2008 - 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, 2008.
www.fdic.gov/news/news/financial/2008/fil08046.html
June 16, 2008 - FDIC Celebrates 75 Years as Pillar of American Banking
System Reminds Americans That No Depositor Has Ever Lost a Penny of Insured
Funds - Seventy-five years after President Franklin Delano Roosevelt signed
legislation creating the Federal Deposit Insurance Corporation, the FDIC
continues to safeguard the money of consumers throughout America in
FDIC-insured accounts.
www.fdic.gov/news/news/press/2008/pr08048.html
June 16, 2008 - Why Do U.S. Cross-Listings Matter? - John Ammer, Sara B.
Holland, David C. Smith, and Francis E. Warnock - This paper investigates
the underlying determinants of home bias using a comprehensive sample of
U.S. investor holdings of foreign stocks. We document that U.S.
cross-listings are economically important, as U.S. ownership in a foreign
firm roughly doubles upon cross-listing in the United States.
www.federalreserve.gov/pubs/ifdp/2008/930/ifdp930.htm
June 16, 2008 - Chairman Ben S. Bernanke - Challenges for Health-Care Reform
- At the Senate Finance Committee Health Reform Summit, Washington, D.C.
www.federalreserve.gov/newsevents/speech/bernanke20080616a.htm
June 16, 2008 - On June 16, 2008, the Federal Reserve will offer $75 billion
in 28-day credit through its Term Auction Facility. Additional information
regarding the auction is listed below; the auction will be conducted as
specified in this announcement, Regulation A, and the terms and conditions
of the Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20080616a.htm
June 13, 2008 - OCC Releases CRA Evaluations For 28 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, 2008 through June 14, 2008.
www.occ.treas.gov/ftp/release/2008-68.htm
June 13, 2008 - Tips from TIPS: the informational content of Treasury
Inflation-Protected Security prices - Stefania D'Amico, Don H. Kim, and Min
Wei - We examine the informational content of TIPS yields from the viewpoint
of a general 3-factor no-arbitrage term structure model of inflation and
interest rates. Our empirical results indicate that TIPS yields contained a
"liquidity premium" that was until recently quite large (~ 1%).
www.federalreserve.gov/pubs/feds/2008/200830/index.html
________________________
June 12, 2008 - Beige Book Indicates Sluggish Expansion - Economic
activity in the Midwest expanded at a slow pace in April & May
according to Federal Reserve's Beige Book.
www.federalreserve.gov/fomc/beigebook/2008/20080611/7.htm
June 12, 2008 - OCC Survey Finds Bank Underwriting Standards Tighten
- The Office of the Comptroller of the Currency released today its
14th annual Survey of Credit Underwriting Practices and reported
that commercial and retail underwriting standards tightened after
four consecutive years of eased underwriting standards.
www.occ.treas.gov/ftp/release/2008-66.htm
June 12, 2008 - A Brief History of the 1987 Stock Market Crash -
Mark Carlson - The 1987 stock market crash was a major systemic
shock. Not only did the prices of many financial assets tumble, but
market functioning was severely impaired. This paper reviews the
events surrounding the crash and discusses the response of the
Federal Reserve, which responded in a number of ways to support the
operation of financial markets, including the provision of
liquidity, in a highly visible fashion.
www.federalreserve.gov/pubs/feds/2008/200829/index.html
June 12, 2008 - Market Conditions and Hedge Fund Survival - Mark
Carlson and Jason Steinman - As the hedge fund industry has grown,
there has been increased concern that, during sharp market moves,
hedge fund failures could exacerbate the deterioration in financial
conditions and deepen a crisis. However, there has not been much
formal analysis regarding the impact of financial market conditions
on hedge fund survival.
www.federalreserve.gov/pubs/feds/2008/200828/index.html
June 12, 2008 - Chairman Ben S. Bernanke - Dedication of the New
Federal Reserve Bank of Kansas City Building - At the Federal
Reserve Bank of Kansas City, Kansas City, Missouri.
www.federalreserve.gov/newsevents/speech/bernanke20080612a.htm
June 11, 2008 - Comptroller Dugan Unveils New OCC Mortgage Metrics
Report - In a speech to the American Securitization Forum in New
York, Comptroller of the Currency John C. Dugan unveiled a new
Mortgage Metrics Report compiled by the Office of the Comptroller of
the Currency and focused on delinquencies, loss mitigation actions,
and foreclosures in mortgages serviced by national banks.
www.occ.treas.gov/ftp/release/2008-65.htm
June 11, 2008 - Beige Book - Informal review by the Federal Reserve
Banks of current economic conditions in their Districts - Reports
from the Federal Reserve Districts suggest that economic activity
remained generally weak in late April and May.
www.federalreserve.gov/fomc/beigebook/2008/20080611/default.htm
June 11, 2008 - Governor Randall S. Kroszner - Protecting Consumers
in the Credit Marketplace - At the Federal Reserve Bank of Cleveland
Community Development Policy Summit, Cleveland, Ohio.
www.federalreserve.gov/newsevents/speech/kroszner20080611a.htm
June 11, 2008 - Vice Chairman Donald L. Kohn - Lessons for Central
Bankers from a Phillips Curve Framework - At the Federal Reserve
Bank of Boston's 52nd Annual Economic Conference, Chatham,
Massachusetts.
www.federalreserve.gov/newsevents/speech/Kohn20080611a.htm
June 10, 2008 - FDIC Seeks in Excess of $200 Million Against Credit
Card Company and Two Banks for Deceptive Credit Card Marketing - The
Federal Deposit Insurance Corporation issued enforcement actions
today against CompuCredit Corporation, Atlanta, Georgia, and two
FDIC-supervised banks for allegedly marketing subprime credit cards
in violation of the Federal Trade Commission Act The FDIC settled
with a third bank also involved with CompuCredit.
www.fdic.gov/news/news/press/2008/pr08047.html
June 10, 2008 - Statistical Release - 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 10, 2008 - Supervisory Insights Journal - Summer 2008 Issue Now
Available - The Summer 2008 issue of the FDIC's Supervisory Insights
journal features articles on topics of critical interest to bankers,
examiners and supervisors: the development of recommendations for
improving transparency of certain securitization products, managing
the effects of unprecedented growth in hybrid adjustable-rate
mortgage products, an overview of the appropriate use of interest
reserves, and the communication of internal control deficiencies as
part of the audit process.
www.fdic.gov/news/news/financial/2008/fil08045.html
June 10, 2008 - Transparency in the Structured Finance Market;
Risks, Fallout from Nontraditional Mortgages are Focus of FDIC's
Supervisory Insights - The current turmoil in the financial markets,
the housing market downturn and other credit quality issues have
intensified the challenges now confronting regulators and bankers,
according to the FDIC's Summer 2008 issue of Supervisory Insights,
released today.
www.fdic.gov/news/news/press/2008/pr08046.html
June 9, 2008 - Chairman Ben S. Bernanke - Outstanding Issues in the
Analysis of Inflation - At the Federal Reserve Bank of Boston's 52nd
Annual Economic Conference, Chatham.
www.federalreserve.gov/newsevents/speech/bernanke20080609a.htm
June 9, 2008 - Chicago Fed Symposium Economic Outlook for 2008 &
2009 - U.S. economic growth will be weak in 2008 and improve in
2009, say participants at Chicago Fed Automotive Outlook Symposium.
www.chicagofed.org/economic_research_and_data/2008_aos_release.cfm
June 9, 2008 - Federal Banking Agencies Announce Third Annual
Interagency Minority Depository Institutions National Conference,
July 16-18, 2008--Chicago, Illinois - The federal bank and thrift
regulatory agencies announced today the agenda and keynote speaker
for the 2008 Interagency Minority Depository Institutions National
Conference. The theme of this year's conference for federally
insured MDIs will be "Know Your Business, Grow Your Business." This
year's keynote speaker will be Robert L. Johnson, founder and
Chairman, The RLJ Companies.
Press Release:
www.federalreserve.gov/newsevents/press/other/20080609a.htm
Press Release:
www.fdic.gov/news/news/press/2008/pr08045.html
Press Release :
www.occ.treas.gov/ftp/release/2008-64.htm
Press Release:
www.ots.treas.gov/docs/7/778025.html
June 9, 2008 - The Federal Reserve Board on Monday, announced the
termination of the enforcement action listed ANB Bancshares, Inc.,
Rogers, Arkansas Written Agreement dated January 29, 2008 Terminated
June 5, 2008.
www.federalreserve.gov/newsevents/press/enforcement/20080609a.htm
June 6, 2008 - Third-Party Risk - Guidance for Managing Third-Party
Risk - The attached FDIC guidance describes potential risks arising
from third-party relationships and outlines risk management
principles that may be tailored to suit the complexity and risk
potential of a financial institution's significant third-party
relationships.
www.fdic.gov/news/news/financial/2008/fil08044.html
June 6, 2008 - Federal Reserve Bulletin: Legal Developments - First
Quarter, 2008 - Reviews recent developments in the balance sheets
and in the profitability of U.S. commercial banks. The article
discusses how developments in the U.S. banking industry in 2007 and
early 2008 were related to changes in financial markets and in the
broader economy.
www.federalreserve.gov/pubs/bulletin/default.htm
June 6, 2008 - Statistical Release - G.19 Consumer Credit - Consumer
credit rose 4-1/4 percent at an annual rate in April. Revolving
credit rose 1/2 percent at an annual rate, and nonrevolving credit
rose 6-1/2 percent at an annual rate.
www.federalreserve.gov/releases/g19/Current/
June 6, 2008 - FDIC and United Way Partner to Increase Bank Access
and Expand Delivery of Financial Education to "Underserved" - The
Federal Deposit Insurance Corporation and the United Way have signed
an agreement that will strengthen mutual efforts to increase access
to mainstream financial products, promote bank relationships and
expand financial education efforts among low-income, unbanked and
underserved families throughout the country.
www.fdic.gov/news/news/press/2008/pr08044.html
June 6, 2008 - Legal Developments - Federal Deposit Insurance Act,
Section 19 letters, February 7 and March, 2008.
www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2008.htm
June 6, 2008 - FRB Statistical Release - Minority-Owned Banks.
www.federalreserve.gov/releases/mob/current/default.htm
June 6, 2008 - Governor Randall S. Kroszner - Financial Market
Developments and Credit Conditions - At the Boston College Carroll
School of Management Center for Asset Management, Boston,
Massachusetts
www.federalreserve.gov/newsevents/speech/kroszner20080606a.htm
_____________________
June 5, 2008 - 2007 Economic Growth in the Seventh District - In a
recent blog, Chicago Fed Economist William Testa looks at Midwest
GDP. - For nations, gross domestic product is the most widely used
yardstick to measure economic activity and growth. Conceptually, GDP
measures the value of output produced by the market economy within a
year or other period. In addition, GDP is defined as output produced
within a designated geographic area such as a nation's boundaries.
http://midwest.chicagofedblogs.org/archives/2008/06/2007_economic_g.html
June 5, 2008 - The Federal Reserve Board on Thursday announced its
approval of the notice of Bank of America Corporation, Charlotte,
North Carolina, to acquire Countrywide Financial Corporation,
Calabasas, California, and thereby indirectly acquire Countrywide
Bank, FSB, Alexandria, Virginia, and certain other nonbanking
subsidiaries of Countrywide.
www.federalreserve.gov/newsevents/press/orders/20080605a.htm
June 5, 2008 - Will Risk Management Keep Ahead of the Curve? -
Chicago Fed Letter explores comprehensive risk management and the
recent financial turmoil.
www.chicagofed.org/publications/fedletter/cfljuly2008_252a.pdf
June 5, 2008 - NCUA - Testimony - Chairman JoAnn Johnson Testimony
on the "State of the Banking Industry: Part II" before the Senate
Committee on Banking, Housing and Urban Affairs.
www.ncua.gov/news/speeches/2008/0605%20Testimony-State%20Of%20Industry.pdf
June 5, 2008 - Comptroller Dugan Testifies Before Senate Committee
On Banking, Housing, and Urban Affairs - Comptroller of the Currency
John C. Dugan updated today the Committee on recent events in the
financial markets and the condition of the national banking system.
www.occ.treas.gov/ftp/release/2008-63.htm
June 5, 2008 - FDIC Issues List of Banks Examined for CRA Compliance
- The Federal Deposit Insurance Corporation today issued its list of
state nonmember banks recently evaluated for compliance with the
Community Reinvestment Act.
www.fdic.gov/news/news/press/2008/pr08043.html
June 5, 2008 - FRB Statistical Release - Z.1 Flow of Funds.
www.federalreserve.gov/releases/z1/Current/
June 5, 2008 - FRB Statistical Supplement to the Federal Reserve
Bulletin - April 2008.
www.federalreserve.gov/pubs/supplement/2008/04/default.htm
June 5, 2008 - Statistical Release - Large Commercial Banks -
Insured U.S.-Chartered Commercial Banks That Have Consolidated
Assets Of $300 Million Or More, Ranked By Consolidated Assets As of
March 31, 2008.
www.federalreserve.gov/releases/lbr/current/default.htm
June 5, 2008 - Vice Chairman Donald L. Kohn - Condition of the
banking system - Before the Committee on Banking, Housing, and Urban
Affairs, U.S. Senate.
www.federalreserve.gov/newsevents/testimony/kohn20080605a.htm
June 4, 2008 - Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
www.federalreserve.gov/releases/bulletin/0408assets.htm
June 4, 2008 - Chairman Ben S. Bernanke - Remarks on Class Day 2008
- At Harvard University, Cambridge, Massachusetts.
www.federalreserve.gov/newsevents/speech/bernanke20080604a.htm
June 4, 2008 - FDIC to Sponsor Forum on Mortgage Lending for Low-
and Moderate-Income Households - The FDIC today announced that it
will sponsor a Forum on Mortgage Lending for Low- and
Moderate-Income Households on July 8, 2008. The purpose of the LMI
Mortgage Forum is to explore a framework for LMI mortgage lending in
the future, including identifying market and regulatory incentives
for encouraging responsible LMI mortgage lending.
www.fdic.gov/news/news/press/2008/pr08042.html
June 4, 2008 - The Federal Reserve Board on Wednesday, announced the
termination of the enforcement action listed Banco de Chile and
Banco de Chile Miami Branch Cease and Desist Order dated February 1,
2005 Terminated June 2, 2008.
www.federalreserve.gov/newsevents/press/enforcement/20080604a.htm
June 3, 2008 - The Federal Reserve Board on Tuesday announced the
execution of a Written Agreement by and between Millennium
Bankshares Corporation, Reston, Virginia, a registered bank holding
company that owns and controls Millennium Bank, N.A., Reston,
Virginia, a national bank, and the Federal Reserve Bank of Richmond.
www.federalreserve.gov/newsevents/press/enforcement/20080603a.htm
June 3, 2008 - The Federal Open Market Committee on Tuesday
announced its tentative meeting schedule for 2009.
www.federalreserve.gov/newsevents/press/monetary/20080603b.htm
June 3, 2008 - Chairman Ben S. Bernanke - Remarks on the economic
outlook - At the International Monetary Conference, Barcelona,
Spain.
www.federalreserve.gov/newsevents/speech/bernanke20080603a.htm
June 3, 2008 - Federal Reserve announces results of auction of $75
billion in 28-day credit held on June 2, 2008.
www.federalreserve.gov/newsevents/press/monetary/20080603a.htm
June 2, 2008 - OCC Announces New Electronic Interpretations and
Actions - May 2008.
http://www.occ.treas.gov/interp/may08/intmay08.htm
June 2, 2008 - Starting Small and Ending Big -- The Effect of
Monetary Incentives on Response Rates in the 2003 Survey of Small
Business Finances: An Observational Experiment - Traci L. Mach, Lieu
N. Hazelwood, and John D. Wolken - In 2003, the Survey of Small
Business Finances, conducted by the Federal Reserve Board,
implemented the use of incentives to increase response rates. This
study examines the effects of some of the characteristics of the
implementation - such as level of effort, time in queue, and
consecutively-increasing incentive amounts - on unit response.
www.federalreserve.gov/pubs/feds/2008/200826/200826abs.html
June 2, 2008 - Financial Holding Companies As of May 30, 2008 -
Under the Bank Holding Company Act, bank holding companies may elect
to be financial holding companies. Following is a list of those
companies whose elections to become or be treated as financial
holding companies are effective. The list includes only the top-tier
company in each organization.
www.federalreserve.gov/generalinfo/fhc/default.htm
June 2, 2008 - The Federal Reserve Board's website now features
convenient access to historical documents of the Federal Open Market
Committee for the years 1978 through 2002.
www.federalreserve.gov/newsevents/press/other/20080602a.htm
June 2, 2008 - Statistical Release - G.5 Foreign Exchange Rates -
The Table Below Shows The Average Rates Of Exchange In May 2008
Together With Comparable Figures For Other Months. Averages Are
Based On Daily Noon Buying Rates For Cable Transfers In New York
City Certified For Customs Purposes By The Federal Reserve Bank Of
New York.
www.federalreserve.gov/releases/g5/current/
June 2, 2008 - Federal Reserve will offer $75 billion in 28-day
credit through its Term Auction Facility today - On June 2, 2008,
the Federal Reserve will offer $75 billion in 28-day credit through
its Term Auction Facility. Additional information regarding the
auction is listed below; the auction will be conducted as specified
in this announcement, Regulation A, and the terms and conditions of
the Term Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20080602a.htm
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