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

The Community Banker
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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
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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
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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    
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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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