Bank Regulatory News

June 2009

June 30, 2009 - OCC and OTS Release Mortgage Metrics Report for First Quarter 2009 - Delinquencies and foreclosures on first-lien mortgages continued to increase during the first quarter of this year, but loan modifications also increased and the trend continued toward more sustainable modifications with lower monthly payments, according to a report issued today by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
www.occ.treas.gov/ftp/release/2009-77.htm 
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=316ad3d4-1e0b-8562-eb75-4ef48e2eae8e&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 30, 2009 - St. Louis Fed's Bullard Addresses the Need for Developing Exit Strategies - While the Fed's current monetary policy is very accommodative and will remain so in the foreseeable future, a plan for unwinding the Fed's liquidity and asset purchase programs needs to be developed to avoid high inflation expectations and rising long-term interest rates, said St. Louis Fed President James Bullard on Tuesday. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=3173A558C9CF8E547D372E834C180B69 

June 30, 2009 - Consolidated Reports of Condition and Income for Second Quarter 2009 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2009, 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/2009/fil09038.html 

June 30, 2009 - FDIC Announces Settlement With American Express Centurion Bank, Salt Lake City, Utah, for Unfair Practices - Today, the Federal Deposit Insurance Corporation announced a settlement with American Express Centurion Bank, Salt Lake City, Utah, for unfair practices in violation of Section 5 of the Federal Trade Commission Act. www.fdic.gov/news/news/press/2009/pr09108.html 

June 30, 2009 - OTS Executes Enforcement Actions with American Express Bank - The Office of Thrift Supervision announced today the execution of two enforcement actions with American Express Bank, FSB, of Salt Lake City for unfair practices with consumers. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=32787056-1e0b-8562-eb3c-b9e8691f8271&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 30, 2009 - Agencies Seek Comment on Proposed Interagency Guidance on Funding and Liquidity Risk Management - The federal bank, thrift, and credit union regulatory agencies are seeking comment on the proposed Interagency Guidance on Funding and Liquidity Risk Management.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090630a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09107.html 
Press Release: www.fdic.gov/news/news/financial/2009/fil09037.html 
Press Release: www.occ.treas.gov/ftp/release/2009-78.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=31fc22fd-1e0b-8562-eb13-6b91e7a3eee0&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/LiquidityPolicyStatementPressRelease5.pdf 

June 30, 2009 - On June 29, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090630a.htm 

June 30, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between AMCORE Financial, Inc., Rockford, Illinois, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090630a.htm 

June 29, 2009 - Federal Reserve Bank of Kansas City Announces Officer Promotion.   www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.13.pdf 

June 29, 2009 - Midwest Manufacturing Output Declined in May - The Chicago Fed Midwest Manufacturing Index declined 3.1% in May, to a seasonally adjusted level of 78.2. www.chicagofed.org/economic_research_and_data/files/cfmmi_may_2009.pdf 

June 29, 2009 - May Economic Activity Still Weak - The Chicago Fed National Activity Index was -2.30 in May, little changed from -2.27 in April. - All four broad categories of indicators made negative contributions to the index in May.   http://www.chicagofed.org/economic_research_and_data/files/cfnai_june2009.pdf 

June 29, 2009 - Comptroller Dugan Issues Statement on Supreme Court Case - Comptroller of the Currency John C. Dugan issued the following statement today regarding the Supreme Court decision in Cuomo v. Clearing House Association: www.occ.treas.gov/ftp/release/2009-75.htm 

June 29, 2009 - OCC Deputy Comptroller for Compliance Policy Testifies Before Senate Special Committee on Aging - Deputy Comptroller for Compliance Policy Ann F. Jaedicke discussed reverse mortgages in testimony today before the Senate Special Committee on Aging. www.occ.treas.gov/ftp/release/2009-74.htm 

June 29, 2009 - 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 29, 2009 - 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/20090629a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09106.html 
Press Release: www.occ.treas.gov/ftp/release/2009-76.htm 

June 29, 2009 - On June 29, 2009, the Federal Reserve will offer $150 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/20090629a.htm 

June 26, 2009 - Wilshire State Bank, Los Angeles, California, Assumes All of the Deposits of Mirae Bank, Los Angeles - Mirae Bank, Los Angeles, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Wilshire State Bank, Los Angeles, California, to assume all of the deposits of Mirae Bank. www.fdic.gov/news/news/press/2009/pr09105.html 

June 26, 2009 - Sunwest Bank, Tustin, California, Assumes All of the Deposits of MetroPacific Bank, Irvine, California - MetroPacific Bank, Irvine, California was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of MetroPacific Bank, excluding those from brokers. www.fdic.gov/news/news/press/2009/pr09104.html 

June 26, 2009 - Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Horizon Bank, Pine City, Minnesota - Horizon Bank, Pine City, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume all of the deposits of Horizon Bank. www.fdic.gov/news/news/press/2009/pr09103.html 

June 26, 2009 - CharterBank, West Point, Georgia Assumes All of the Deposits of Neighborhood Community Bank, Newnan, - Neighborhood Community Bank, Newnan, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of Neighborhood Community Bank. www.fdic.gov/news/news/press/2009/pr09102.html 

June 26, 2009 - NCUA - Chairman Fryzel Commemorates 75th Anniversary of the Federal Credit Union Act.   www.ncua.gov/news/press_releases/2009/MA09-0626a.htm 

June 26, 2009 - NCUA - House Appropriation Subcommittee Retains Maximum CLF Borrowing Authority - A U.S House of Representatives Appropriation Subcommittee voted today to not place a cap and to maintain the Central Liquidity Facility maximum, approximately $40 billion, borrowing authority through fiscal year 2010 to ensure NCUA has a source of funding available to meet liquidity needs. www.ncua.gov/news/press_releases/2009/MA09-0626.htm 

June 26, 2009 - OCC Reports First Quarter Bank Trading Revenue of $9.8 Billion - U.S. commercial banks reported record trading revenues of $9.8 billion in the first quarter of 2009, compared to losses of $9.2 billion in the fourth quarter of 2008, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. www.occ.treas.gov/ftp/release/2009-72.htm 

June 26, 2009 - FDIC Approves the Payout of Insured Deposits of Community Bank of West Georgia, Villa Rica, Georgia - Community Bank of West Georgia, Villa Rica, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the Federal Deposit Insurance Corporation will mail checks to insured depositors for their insured funds on Monday morning, June 29th. www.fdic.gov/news/news/press/2009/pr09101.html 

June 26, 2009 - FDIC Makes Public May Enforcement Actions; No Administrative Hearings are Scheduled - 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/2009/pr09099.html 

June 26, 2009 - Report Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008 - Periodic update, June 26, 2009.   www.federalreserve.gov/monetarypolicy/files/129periodicupdate06262009.pdf 

June 26, 2009 - Reports to the Congress - Annual Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions.   www.federalreserve.gov/pubs/reports_other.htm 

June 26, 2009 - Chairman Ben S. Bernanke - Brief Remarks - At the Bureau of Labor Statistics 125th Anniversary Celebration, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20090626a.htm 

June 26, 2009 - The Federal Reserve Board on Friday announced its approval of the proposal by Morgan Stanley to retain up to 9.9 percent of the voting shares of Herald National Bank, both of New York, New York. www.federalreserve.gov/newsevents/press/orders/20090626b.htm 

June 26, 2009 - The Federal Reserve Board on Friday announced its approval of the proposal by Morgan Stanley, New York, New York, to acquire up to 9.9 percent of the voting shares of Chinatrust Financial Holding Company, Ltd., Taipei, Taiwan, and thereby increase its indirect interest in Chinatrust Bank, Torrance, California. www.federalreserve.gov/newsevents/press/orders/20090626a.htm 

June 26, 2009 - Agencies Issue Interim Final Rule for Mortgage Loans Modified Under the Making Home Affordable Program - The federal bank and thrift regulatory agencies today invited public comment on an interim final rule that provides that mortgage loans modified under the U.S. Department of the Treasury's Making Home Affordable Program will retain the risk weight applicable before modification.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090626a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09100.html 
Press Release: www.fdic.gov/news/news/financial/2009/fil09036.html 
Press Release: www.occ.treas.gov/ftp/release/2009-73.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=1db32672-1e0b-8562-eb1a-20ba44ef7fa3&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
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FDIC Makes Public May Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled. http://www.fdic.gov/news/news/press/2009/pr09099.html

June 25, 2009 - OCC Announces New Electronic Interpretations and Actions - June 2009.  www.occ.treas.gov/interp/jun09/intjun09.htm 

June 25, 2009 - June Burgundy Book Shows Continued Weakening in the Little Rock Regional Economy - The June edition of the Burgundy Book, the Federal Reserve Bank of St. Louis quarterly summary of detailed economic information and data for the Arkansas region, is now available. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=18AFEE44F4D7798DBEB5CD569DD12858 

June 25, 2009 - June Burgundy Book Shows Continued Weakening in the Louisville Regional Economy - The June edition of the Burgundy Book, the Federal Reserve Bank of St. Louis quarterly summary of detailed economic information and data for the Louisville region, is now available.   www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=18BC19E4EB6714A5194345BE49710FD0 

June 25, 2009 - June Burgundy Book Shows Continued Weakening in the Memphis Regional Economy - The June edition of the Burgundy Book, the Federal Reserve Bank of St. Louis quarterly summary of detailed economic information and data for the Memphis region, is now available. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=18B9A6A7EA2576929BA44C4B026EAE97 

June 25, 2009 - June Burgundy Book Shows Continued Weakening in the St. Louis Regional Economy - The June edition of the Burgundy Book, the Federal Reserve Bank of St. Louis quarterly summary of detailed economic information and data for the St. Louis region, is now available. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=18B56C69022EE17754CF945DA4908B46 

June 25, 2009 - Federal Reserve Bulletin: Legal Developments - First Quarter, 2009.   www.federalreserve.gov/pubs/bulletin/2009/default.htm 

June 25, 2009 - Chairman Ben S. Bernanke - Acquisition of Merrill Lynch by Bank of America - Before the Committee on Oversight and Government Reform, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20090625a.htm 

June 25, 2009 - The Federal Reserve on Thursday announced extensions of and modifications to a number of its liquidity programs. Conditions in financial markets have improved in recent months, but market functioning in many areas remains impaired and seems likely to be strained for some time. As a consequence, to promote financial stability and support the flow of credit to households and businesses, the Federal Reserve is extending a number of facilities through early 2010. www.federalreserve.gov/newsevents/press/monetary/20090625a.htm 

June 25, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between IT & S of Iowa, Inc., Oskaloosa, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090625a.htm 

June 24, 2009 - Fuel Efficiency Challenges in the Auto Industry - In a blog posting, Thomas Klier addresses the auto industry's challenges in meeting stricter fuel efficiency standards. http://midwest.chicagofedblogs.org/archives/2009/06/fuel_efficiency.html 

June 24, 2009 - OCC Releases CRA Evaluations For 22 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, 2009 through June 14, 2009. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. www.occ.treas.gov/ftp/release/2009-70.htm 

June 24, 2009 - Agencies Announce Notice of Proposed Rulemaking for Community Reinvestment Act - The federal bank and thrift regulatory agencies today proposed revisions to regulations implementing the Community Reinvestment Act to require the agencies to consider low-cost education loans provided to low-income borrowers when assessing a financial institution's record of meeting community credit needs.
Press Release: www.fdic.gov/news/news/press/2009/pr09098.html 
Press Release: www.fdic.gov/news/news/financial/2009/fil09035.html 
Press Release: www.occ.treas.gov/ftp/release/2009-71.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=13d2dc42-1e0b-8562-eb50-ee88db407c05&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release:  www.federalreserve.gov/newsevents/press/bcreg/20090624a.htm 

June 24, 2009 - FDIC Appoints Ellen Lazar as Senior Advisor to the Chairman for Consumer Policy - The Federal Deposit Insurance Corporation today announced the appointment of Ellen Lazar as Senior Advisor for Consumer Policy to FDIC Chairman Sheila Bair. In this new position, Ms. Lazar will advise the Chairman on issues relating to the Corporation's consumer policy and programs. www.fdic.gov/news/news/press/2009/pr09097.html 

June 24, 2009 - Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months.  www.federalreserve.gov/newsevents/press/monetary/20090624a.htm 

June 24, 2009 - The Federal Reserve Board on Wednesday announced the issuance of a Prompt Corrective Action Directive against BankFirst, Sioux Falls, South Dakota, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20090624a.htm 

June 23, 2009 - New KC Fed Article Explores Evolving Credit Conditions for Rural Business Owners.   www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.12.pdf 

June 23, 2009 - Potential Extension of the Transaction Account Guarantee Program - The FDIC is seeking comment on all aspects of the attached notice of proposed rulemaking, which presents two alternatives for the conclusion of the Transaction Account Guarantee Program, a component of the FDIC's Temporary Liquidity Guarantee Program. Comments are due 30 days following the NPR's publication in the Federal Register. www.fdic.gov/news/news/financial/2009/fil09034.html 

June 23, 2009 - Annual Audit and Reporting Requirements - Final Amendments to Part 363 - The FDIC has amended Part 363 of its regulations, which sets forth annual independent audit and reporting requirements for insured institutions with $500 million or more in total assets. The FDIC Board of Directors adopted these amendments in light of changes in the industry; certain sound audit, reporting, and audit committee practices incorporated in the Sarbanes-Oxley Act of 2002; and the FDIC's experience in administering Part 363. www.fdic.gov/news/news/financial/2009/fil09033.html 

June 23, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among CCB Financial Corporation, Jonesboro, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20090623b.htm 

June 23, 2009 - The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed Bank of Canton, Canton, Pennsylvania Written Agreement dated October 10, 2008 Terminated June 1, 2009.    www.federalreserve.gov/newsevents/press/enforcement/20090623a.htm 

June 22, 2009 - NCUA - Fryzel Cites NCUA Commitment to Improved Corporate System - NCUA Chairman Michael E. Fryzel cited NCUA's continued commitment to an improved corporate credit union system last week at the Florida Credit Union League's Annual Convention in Orlando, FL. www.ncua.gov/news/press_releases/2009/MA09-0622.htm 

June 22, 2009 - *Media Advisory* St. Louis Fed President Bullard To Address Fed's Exit Strategy.   www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=08EF3346E0B116C30AAFFF92856395F7 

June 22, 2009 - St. Louis Fed To Establish a Supervision Office at its Little Rock Branch - The Federal Reserve Bank of St. Louis is establishing a new satellite banking supervision office in Little Rock. The new office will represent a physical expansion within the Fed's existing Branch facility located in downtown Little Rock's Stephens Building. By the end of this year, seven examiners will be housed in the new office, with plans to add three more next year. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=087CE9C3FB6A9EA793F7B808A1B57E2D 

June 22, 2009 - South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability - Brahima Coulibaly and Trevon D. Logan - During Apartheid, there was little need for redistributional policies or to borrow for public works since the vast majority of the population was underserved. With the arrival of a representative democracy in 1994, however, South Africa faced a unique problem--providing new and improved public services for the majority of its citizens while at the same time ensuring that filling this void would not undermine macroeconomic stability. www.federalreserve.gov/pubs/ifdp/2009/974/ifdp974.htm 

June 22, 2009 - Patricia White, Associate Director, Division of Research and Statistics - Over-the-counter derivatives - Before the Subcommittee on Securities, Insurance, and Investment, Committee of Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/white20090622a.htm 

June 22, 2009 - The Federal Reserve Board announced on Monday that it is seeking nominations for appointments to its Consumer Advisory Council. www.federalreserve.gov/newsevents/press/other/20090622a.htm 

June 22, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among 1st Financial Bank, Overland Park, Kansas, a state chartered member bank, the Federal Reserve Bank of Kansas City, and the Kansas Office of the State Banking Commissioner. www.federalreserve.gov/newsevents/press/enforcement/20090622a.htm 

June 19, 2009 - Bank of Kansas, South Hutchinson, Kansas, Assumes All of the Deposits of First National Bank of Anthony, Anthony, Kansas - First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Kansas, South Hutchinson, Kansas, to assume all of the deposits of First National Bank of Anthony.
Press Release: www.fdic.gov/news/news/press/2009/pr09096.html 
Press Release: www.occ.treas.gov/ftp/release/2009-69.htm 

June 19, 2009 - First Bank, Troy, North Carolina, Assumes All of the Deposits of Cooperative Bank, Wilmington, North Carolina - Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Bank, Troy, North Carolina, to assume all of the deposits of Cooperative Bank, except those from brokers. www.fdic.gov/news/news/press/2009/pr09095.html 

June 19, 2009 - United Community Bank, Blairsville, Georgia Assumes All of the Deposits of Southern Community Bank, Fayetteville, Georgia - Southern Community Bank, Fayetteville, Georgia was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Community Bank, Blairsville, Georgia, to assume all of the deposits of Southern Community Bank. www.fdic.gov/news/news/press/2009/pr09094.html 

June 19, 2009 - Polakoff to Retire from the OTS - effective on July 3, 2009. - Today, Scott M. Polakoff announced his intent to retire from the Office of Thrift Supervision, effective on July 3, 2009.  www.ots.treas.gov/?p=PressReleases&ContentRecord_id=f8d1eb3f-1e0b-8562-eb01-f2702aa632a6&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 19, 2009 - 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/2009-68.htm 

June 19, 2009 - Kansas City Fed Names New First Vice President - Federal Reserve Bank of Kansas City President Thomas M. Hoenig announced today that Esther L.George, executive vice president in charge of the Supervision and Risk Management Division, has been promoted to first vice president and chief operating officer, effective Aug. 1. www.kc.frb.org/pubaffrs/pressrel/2009pdf/press.release.09.11.pdf 

June 19, 2009 - Third-Party Referrals Promising Above-Market Rates on Certificates of Deposit - FDIC-insured institutions should be aware of any unsolicited deposits received through third- party referrals. Certain insurance companies and other financial services firms are advertising above-market rate certificates of deposit to attract customers. www.fdic.gov/news/news/financial/2009/fil09032.html 

June 19, 2009 - FDIC Announces Settlement With Insurance Company for Misuse of the FDIC Logo and Seal and Misrepresentation of Insured Financial Products - The Federal Deposit Insurance Corporation announced a settlement with AL Amerilife, LLC, an entity responsible for managing Amerilife First Financial, LLC, of Clearwater, Florida, formerly known as Interstate First Financial, LLC and other commonly controlled entities. www.fdic.gov/news/news/press/2009/pr09093.html 

June 19, 2009 - Confidence Intervals for Long-Horizon Predictive Regressions via Reverse Regressions - Min Wei and Jonathan Wright - Long-horizon predictive regressions in finance pose formidable econometric problems when estimated using the sample sizes that are typically available. A remedy that has been proposed by Hodrick (1992) is to run a reverse regression in which short-horizon returns are projected onto a long-run mean of some predictor. www.federalreserve.gov/pubs/feds/2009/200927/index.html 

June 19, 2009 - What is the Chance that the Equity Premium Varies Over Time? Evidence from Predictive Regressions - Missaka Warusawitharana and Jessica A. Wachter - We examine the evidence on excess stock return predictability in a Bayesian setting in which the investor faces uncertainty about both the existence and strength of predictability.  www.federalreserve.gov/pubs/feds/2009/200926/index.html 

June 19 2009 - Whither the Liquidity Effect: The Impact of Federal Reserve Open Market Operations in Recent Years - Ruth Judson and Elizabeth Klee - Previous research indicated that the daily liquidity effect, or the change in the federal funds rate associated with an exogenous change in Fed balances, varies with several factors including the day of the maintenance period. In this paper, we examine the data over the recent period of increased Federal Reserve transparency and find that the liquidity effect stabilized across days of the maintenance period. www.federalreserve.gov/pubs/feds/2009/200925/index.html 

June 19, 2009 - Demand-driven Job Separation: Reconciling Search Models with the Ins and Outs of Unemployment - Regis Barnichon - This paper presents a search model of unemployment with a new mechanism of job separation based on firms' demand constraints. www.federalreserve.gov/pubs/feds/2009/200924/index.html 

June 19, 2009 - Reports to the Congress - 95th Annual Report, 2008.  www.federalreserve.gov/boarddocs/rptcongress/annual08/default.htm 

June 19, 2009 - Legal Developments - Section 19 Letters, April 23 and May 11, 2009.  
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2009/20090423.pdf 
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2009/20090511.pdf 

June 19, 2009 - Federal Open Market Committee - Bluebooks and Greenbooks, 1967-77 - The most detailed record of FOMC meeting proceedings is the transcript. Beginning with the 1994 meetings, the FOMC Secretariat has produced the transcripts shortly after each meeting from an audio recording of the proceedings, lightly editing the speakers' original words, where necessary, to facilitate the reader's understanding. Meeting participants are given an opportunity within the subsequent several weeks to review the transcript for accuracy. www.federalreserve.gov/monetarypolicy/fomc_historical.htm 

June 18, 2009 - OCC Chief of Staff Addresses the National Association of Real Estate Editors - Chief of Staff and Public Affairs John G. Walsh discussed loan modifications and ways to provide assistance to consumers for preventable foreclosures in a speech today to the National Association of Real Estate Editors. www.occ.treas.gov/ftp/release/2009-67.htm 
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June 18 2009 - FedFOCUS: "Rebalancing Our National Housing Policy to Create Sustainable Neighborhoods" - It's time to rethink our nation's housing policies and expand the focus to affordable renting, said Michael Bodaken, a leading expert on affordable housing and historic preservation during a recent presentation held at the St. Louis Fed's Louisville branch. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=F4DA9DB89CA5930BEC22702A522003DA 

June 18, 2009 - FDIC Marks End of 75th Anniversary by Releasing Virtual Exhibit - The FDIC has released an interactive virtual exhibit on its website that details the work and history of the Corporation. This week marks the close of the FDIC's 75th anniversary year, during which the FDIC engaged in a broad based public awareness campaign to educate the public about basic deposit insurance information. The online exhibit features photos, videos and audio files taking visitors through the FDIC's history and explores how the FDIC and the banking industry have changed over time. www.fdic.gov/news/news/press/2009/pr09092.html 

June 18, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Mirae Bancorp, Los Angeles, California, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the State of California Department of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20090618a.htm 

June 18, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between First National Bancshares, Inc., Spartanburg, South Carolina, a registered bank holding company, and the Federal Reserve Bank of Richmond. www.federalreserve.gov/newsevents/press/enforcement/20090618b.htm 

June 17, 2009 - Description: New Notice Requirements for Sweep Accounts - This bulletin reminds national banks of a new Federal Deposit Insurance Corporation rule that requires banks to provide notices to sweep account customers. Specifically, the rule requires that, beginning July 1, 2009, each depository institution prominently disclose, in writing to its sweep account customers, whether the customers' swept funds are "deposits" within the meaning of 12 USC 1813(l), and, if not, the status of such funds in the event of the institution's failure. www.occ.treas.gov/ftp/bulletin/2009-19.html

June 17, 2009 - FDIC Chairman Sheila C. Bair Comments on the Obama Administration's Regulatory Reform Plan - FDIC Chairman Sheila C. Bair said, "I commend President Obama for his leadership on financial regulatory reform and his inclusive approach to policy development. There are key areas of reform within our regulatory structure that should be addressed in any effort to strengthen the oversight of our financial markets, enhance consumer protection and promote market discipline. www.fdic.gov/news/news/press/2009/pr09091.html 

June 17, 2009 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

June 17, 2009 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending June 17, 2009 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

June 17 2009 - Speech by Chairman Ben S. Bernanke - Community Development Financial Institutions: Challenges and Opportunities.   www.federalreserve.gov/newsevents/speech/bernanke20090617a.htm 

June 17 2009 - Chairman Ben S. Bernanke - Community Development Financial Institutions: Challenges and Opportunities - At the Global Financial Literacy Summit, Washington, D.C. www.federalreserve.gov/newsevents/default.htm 

June 16, 2009 - Supervisory Insights Journal Summer 2009 Issue Now Available - The Summer 2009 issue of Supervisory Insights features articles of critical interest to examiners, bankers and supervisors, including a chronology of the unprecedented financial developments of 2008 and a discussion of how these events may affect the future focus of bank supervision; an overview of new requirements mandated by amendments to Regulation Z and the Home Ownership and Equity Protection Act; and a discussion of risks and appropriate risk management strategies associated with Remote Deposit Capture technology. www.fdic.gov/news/news/financial/2009/fil09031.html 

June 16, 2009 - FDIC Report Reviews Events and Lessons of 2008 - he Summer 2009 issue of Supervisory Insights, released today, documents some of the major financial events of a tumultuous 2008 and highlights areas of current and future supervisory emphasis, including key regulatory developments and the ongoing technological evolution of bank products. www.fdic.gov/news/news/press/2009/pr09090.html 

June 16, 2009 - Industrial Production And Capacity Utilization - Industrial production decreased 1.1 percent in May after having fallen a downward-revised 0.7 percent in April. The average decrease in industrial production during the first three months of the year was 1.6 percent. www.federalreserve.gov/releases/g17/Current/default.htm 

June 16, 2009 - Payment Systems - Quarterly Reserve Bank Payment Services: Check Services data through 2009:Q1.   www.federalreserve.gov/paymentsystems/Fedach/achquarterly.htm 

June 16, 2009 - Governor Kevin Warsh - Defining Deviancy - At the Institute of International Bankers Annual Meeting, New York, New York.   www.federalreserve.gov/newsevents/speech/warsh20090616a.htm 

June 16, 2009 - On June 15, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090616a.htm 

June 15, 2009 - Governor Elizabeth A. Duke - Containing the Crisis and Promoting Economic Recovery - At the Women in Housing and Finance Annual Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/duke20090616a.htm 

June 15, 2009 - Joint Forum Final Release of Paper, Stocktaking on the use of credit ratings - Comptroller of the Currency John C. Dugan said that a paper released today provides valuable information on the use of credit ratings. The Joint Forum, which he chairs, released the paper, Stocktaking on the use of credit ratings. The paper had already been released to the Financial Stability Board in December 2008 as part of the process associated with the G7 - Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience. www.occ.treas.gov/ftp/release/2009-66.htm 

June 15, 2009 - FDIC, White House Initiative on Historically Black Colleges and Universities Launch Partnership - The Federal Deposit Insurance Corporation and the White House Initiative on Historically Black Colleges and Universities today announced a partnership that will assist the WHI-HBCU in its mission of expanding the scope, impact and relevance of the nation's historically black colleges on their students and faculty, and the communities they serve. www.fdic.gov/news/news/press/2009/pr09089.html 

June 15, 2009 - Governor Daniel K. Tarullo - Large Banks and Small Banks in an Era of Systemic Risk Regulation - At the North Carolina Bankers Association Annual Convention, Chapel Hill, North Carolina.  www.federalreserve.gov/newsevents/speech/tarullo20090615a.htm 

June 15, 2009 - On June 15, 2009, the Federal Reserve will offer $150 billion in 84-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/20090615a.htm 

June 12, 2009 - Community Reinvestment Act: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - 2009 list of designated geographies in which bank revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development" is available. www.occ.treas.gov/ftp/bulletin/2009-18.html 

June 12, 2009 - Statistical Release - Minority-Owned Banks - The Federal Reserve Board compiles quarterly data on financial institutions 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 Board's National Information Center database and from the quarterly reports of condition that commercial banks and thrift institutions file with their federal supervisory agencies. www.federalreserve.gov/releases/mob/ 

June 12, 2009 - The Federal Reserve notes the Financial Accounting Standards Board's publication today of Statements of Financial Accounting Standards No. 166 and 167, which will have a material effect on banking organizations' accounting for off-balance sheet vehicles. These statements, which become effective in 2010, address weaknesses in accounting and disclosure standards for off-balance sheet vehicles. www.federalreserve.gov/newsevents/press/bcreg/20090612a.htm 

June 12, 2009 - The Federal Reserve Board on Friday announced the termination of the enforcement action listed Bank of New York, New York, New York Written Agreement dated April 21, 2006 Terminated June 5, 2009.  www.federalreserve.gov/newsevents/press/enforcement/20090612a.htm

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June 11, 2009 - Agencies Issue Frequently Asked Questions on Identity Theft Rules - Six federal agencies issued a set of frequently asked questions today to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address.
Press Release: www.occ.treas.gov/ftp/release/2009-65.htm  
Press Release: www.ncua.gov/news/press_releases/2009/PressReleaseRedFlagsFINALFORRELEASE6-09-09.pdf 

June 11, 2009 - Identity Theft Red Flags, Address Discrepancies, And Change of Address Regulations Frequently Asked Questions - The FDIC, along with the other federal financial institution regulatory agencies and the Federal Trade Commission, has issued the attached frequently asked questions on identity theft "red flags," address discrepancies, and change of address requests. www.fdic.gov/news/news/financial/2009/fil09030.html 

June 11, 2009 - Agencies Issue Frequently Asked Questions on Identity Theft Rules - Six federal agencies issued a set of frequently asked questions today to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address. www.fdic.gov/news/news/press/2009/pr09088.html 

June 11, 2009 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/Releases/Z1/Current/ 

June 11, 2009 - Scott G. Alvarez, General Counsel -Executive compensation - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20090611a.htm 

June 11, 2009 - Roger T. Cole, the director of the Division of Banking Supervision and Regulation, will retire on August 1 after 30 years of service to the Federal Reserve Board. www.federalreserve.gov/newsevents/press/other/20090611a.htm

June 11, 2009 - Agencies Issue Frequently Asked Questions on Identity Theft Rules - Six federal agencies issued a set of frequently asked questions today to help financial institutions, creditors, users of consumer reports, and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address. www.federalreserve.gov/newsevents/press/bcreg/20090611a.htm 

June 11, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among SEB Bancorp, Inc., Marietta, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia.
www.federalreserve.gov/newsevents/press/enforcement/20090611a.htm 

June 11, 2009 - NCUA Media Advisory - Successful 75th Anniversary Symposium Stresses Sustainability -Sustainability, collaboration and change were the resounding themes of the 75th Anniversary Symposium hosted by NCUA Board Member Gigi Hyland. Nearly 200 attendees participated in the Symposium, a free, two-day event, which offered a forum for lively discussion of the future of the credit union system. www.ncua.gov/news/press_releases/2009/MA09-0611.htm 

June 10, 2009 - OCC Approves Final Rules and Guidelines Implementing Accuracy and Integrity Provisions of the FACT Act - The Office of the Comptroller of the Currency has approved for publication in the Federal Register final rules and guidelines, which implement section 312 of the Fair and Accurate Credit Transactions Act of 2003 regarding the accuracy and integrity of information furnished to consumer reporting agencies. www.occ.treas.gov/ftp/release/2009-64.htm 

June 10, 2009 - Comptroller of the Currency to Co-Sponsor Community Development Workshops - The Office of the Comptroller of the Currency will co-sponsor three community development workshops for bankers in June. These workshops will provide information to bankers on ways to participate in various community development programs and will show how participation can positively impact their bank's Community Reinvestment Act rating.  www.occ.treas.gov/ftp/release/2009-63.htm 

June 10, 2009 - New St. Louis Fed Web Site Offers More Features, Functionality - The Federal Reserve Bank of St. Louis has launched a redesigned web site that offers a new look and feel, along with several new features that include dynamic economic data charts, a multimedia section and expanded sections for the Bank's Little Rock, Louisville and Memphis branches. www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=C61174C9A65C6A9CE2ED17591E7BC774 

June 10, 2009 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2009/default.htm 

June 10, 2009 - Governor Elizabeth A. Duke - The Systemic Importance of Consumer Protection - At the 2009 Community Development Policy Summit, Cleveland, Ohio.  www.federalreserve.gov/newsevents/speech/duke20090610a.htm 

June 10, 2009 - The Federal Reserve on Wednesday issued the first of an ongoing series of monthly reports providing considerable new information on its credit and liquidity programs. The report, entitled Federal Reserve Credit and Liquidity Programs and the Balance Sheet, makes public a wide range of data concerning borrowing patterns and collateral. www.federalreserve.gov/newsevents/press/monetary/20090610a.htm 

June 10, 2009 - The Federal Reserve Board on Wednesday announced the issuance of a consent cease and desist order against Nexity Financial Corporation, Birmingham, Alabama, a registered bank holding company. www.federalreserve.gov/newsevents/press/enforcement/20090610b.htm 

June 10, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among, Sterling Bank, Lantana, Florida, a state member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20090610a.htm 

June 9, 2009 - Act Mortgage Loan Originator Registration Requirements: Joint Proposed Rule - Joint proposed rule would require residential mortgage loan originators employed by national banks to register with the Nationwide Mortgage Licensing System and Registry to enhance consumer protection. www.occ.treas.gov/ftp/bulletin/2009-17.html 

June 9, 2009 - Interchange Fees and Payment Card Networks: Economics, Industry Developments, and Policy Issues - Robin A. Prager, Mark D. Manuszak, Elizabeth K. Kiser, and Ron Borzekowski - In many countries around the world, electronic card-based payments have been replacing older types of payments at a rapid rate. In the United States, use of both debit cards and credit cards has been rising rapidly, while check volumes have been declining. The increased use of electronic payment methods has generated a number of public policy debates. www.federalreserve.gov/pubs/feds/2009/200923/index.html 

June 9, 2009 - A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis - Ruth Judson and Elizabeth Klee - This paper provides new estimates of banks' demand for excess reserve balances on a period average basis. Consistent with theoretical work, we find that the demand for excess depends critically on uncertainty of flows in and out of reserve accounts.   www.federalreserve.gov/pubs/feds/2009/200922/index.html 

June 8, 2009 - Chicago Fed Symposium Economic Outlook for 2009 and 2010 - Solid economic growth expected in 2010, according to Chicago Fed Automotive Outlook Symposium participants. www.chicagofed.org/economic_research_and_data/2009_aos_release.cfm 

June 8, 2009 - Comptroller Dugan Urges More Consumer Protections for Reverse Mortgages - Comptroller of the Currency John C. Dugan warned today that reverse mortgages pose significant compliance risks and said regulators should get out in front of this issue, before real problems develop, so that these loans are made “in a way that is prudent for both lenders and borrowers.” www.occ.treas.gov/ftp/release/2009-61.htm 

June 8, 2009 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2009 list of distressed or underserved nonmetropolitan middle-income geographies in which revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development."
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20090608a.htm  
Press Release: www.fdic.gov/news/news/press/2009/pr09087.html 
Press Release: www.occ.treas.gov/ftp/release/2009-62.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=c09ff854-1e0b-8562-ebb0-c978ec1bb41d&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 8, 2009 - Governor Daniel K. Tarullo - Financial Regulation in the Wake of the Crisis - At the Peterson Institute for International Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20090608a.htm 

June 8, 2009 - Banking organizations have submitted capital plans to bolster their capital buffers as required by the Supervisory Capital Assessment Program - The 10 banking organizations required by the Supervisory Capital Assessment Program to bolster their capital buffers have all submitted capital plans that, if implemented, would provide sufficient capital to meet the required buffer under the assessment's more-adverse scenario. As supervisors, we will be working with the institutions to ensure their plans are implemented quickly and effectively. www.federalreserve.gov/newsevents/press/bcreg/20090608b.htm 

June 8, 2009 - The Federal Reserve Board on Monday announced the termination of the enforcement action listedFirst Citizens Bank of Butte, Butte, Montana Written Agreement dated June 30, 2005 Terminated May 28, 2009.  www.federalreserve.gov/newsevents/press/enforcement/20090608b.htm 

June 8, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among First Commerce Community Bankshares, Inc., Douglasville, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20090608a.htm 

June 5, 2009 - NCUA - Weekly Corporate Credit Union Update - June 5, 2009 - Information related to the PIMCO review of corporate credit unions available under the Freedom of Information Act has been posted under a link titled “Frequently Requested Records” on the FOIA section of NCUA's website. www.ncua.gov/news/press_releases/2009/MA09-0604a.htm 

June 5, 2009 - NCUA - PIMCO Report Is Available Online - The National Credit Union Administration has posted online a redacted version of a report prepared by the Pacific Investment Management Company LLC on behalf of the NCUA. www.ncua.gov/news/press_releases/2009/MA09-0604.htm 

June 5, 2009 - 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. The list covers evaluation ratings that the FDIC assigned to institutions in March 2009. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. www.fdic.gov/news/news/press/2009/pr09085.html 

June 5, 2009 - Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Bank of Lincolnwood, Lincolnwood, Illinois - Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of Bank of Lincolnwood. http://www.fdic.gov/news/news/press/2009/pr09086.html

June 5, 2009 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

June 5, 2009 - Statistical Release - G.19 Consumer Credit - Consumer credit decreased at an annual rate of 7-1/2 percent in April 2009. Revolving credit decreased at an annual rate of 11 percent, and nonrevolving credit decreased at an annual rate of 5-1/4 percent. www.federalreserve.gov/releases/g19/current/g19.htm 
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June 4, 2009 - What's the State of Our Interstates? - Chicago Fed Economist Jeffrey Campbell measures the condition of our interstate highway system. www.chicagofed.org/publications/fedletter/cfljuly2009_264.pdf 

June 4, 2009 - OTS Announces 2009 Dates for National Training Seminars for Thrift Directors - The Office of Thrift Supervision announced today the 2009 schedule for National Training Seminars for members of the Boards of Directors of thrift institutions. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=ad00ad03-1e0b-8562-eb9b-df19d9ae6a08&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 4, 2009 - Comptroller of the Currency to Co-Sponsor Community Development Lending Seminar - Chief Economist and Deputy Comptroller for Global Banking and Financial Analysis Nancy Wentzler will address a regulatory seminar on community development lending on June 10 in Houston. www.occ.treas.gov/ftp/release/2009-60.htm 

June 4, 2009 - Regulatory Relief Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky 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 facilitate recovery in areas of Kentucky affected by recent severe storms, tornadoes, mudslides and flooding. www.fdic.gov/news/news/financial/2009/fil09029.html 

June 4, 2009 - Consumption Response to Expected Future Income - Laurie Pounder - This paper shows empirical evidence in favor of forward-looking household consumption--that consumption today depends directly on household-specific ex-ante expectations of future income. This analysis is unique in using a direct consumption measure combined with an ex-ante household-specific measure of expected future income, constructed from detailed survey and administrative data on Social Security, pensions, and retirement plans. www.federalreserve.gov/pubs/ifdp/2009/971/default.htm 

June 4, 2009 - Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks - Lutz Kilian and Robert Vigfusson - A common view in the literature is that the effect of energy price shocks on macroeconomic aggregates is asymmetric in energy price increases and decreases. We show that widely used asymmetric vector autoregressive models of the transmission of energy price shocks are misspecified, resulting in inconsistent parameter estimates, and that the implied impulse responses have been routinely computed incorrectly. www.federalreserve.gov/pubs/ifdp/2009/970/ifdp970.htm 

June 4, 2009 - Chairman Ben S. Bernanke - Welcoming Remarks - At the Conference on Financial Markets and Monetary Policy, Federal Reserve Board, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20090604a.htm 

June 4, 2009 - Tentative 2010 FOMC meeting schedule - The Federal Open Market Committee on Thursday announced its tentative meeting schedule for 2010: www.federalreserve.gov/newsevents/press/monetary/20090604a.htm 

June 4, 2009 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Tradition Bancshares, Inc., a registered bank holding company, and Tradition Bank, a state chartered member bank, both of Houston, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. www.federalreserve.gov/newsevents/press/enforcement/20090604a.htm 

June 3, 2009 - Secure and Fair Enforcement for Mortgage Licensing Act of 2008 - Joint Notice of Proposed Rulemaking - The federal banking agencies, the National Credit Union Administration, and the Farm Credit Administration are seeking comment on the attached proposed rule regarding the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Goals of the SAFE Act include improving accountability and tracking of mortgage loan originators, enhancing consumer protection, reducing fraud, and providing consumers with easily accessible information about the professional background of MLOs.  www.fdic.gov/news/news/financial/2009/fil09028.html 

June 3, 2009 - Summary of Deposits Survey - Filing for June 30, 2009 - 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, 2009. Institutions with only a main office are exempt.   www.fdic.gov/news/news/financial/2009/fil09027.html 

June 3, 2009 - FDIC Statement on the Status of the Legacy Loans Program - The FDIC today formally announced that development of the Legacy Loans Program will continue, but that a previously planned pilot sale of assets by open banks will be postponed. In making the announcement, Chairman Bair stated, "Banks have been able to raise capital without having to sell bad assets through the LLP, which reflects renewed investor confidence in our banking system. www.fdic.gov/news/news/press/2009/pr09084.html 

June 3, 2009 - Do Constraints on Market Work Hours Change Home Production Efforts? - Geng Li - We study variations in housework time and leisure consumption when workers are subject to labor market work hours constraints that prevent them from working the optimal number of hours. Using data from two large nationwide longitudinal surveys, we first document that such constraints are widespread--about 50 percent of all households in our sample had been bound by such constraints in at least one year, highlighting the significance of studying household behaviors in labor markets under binding constraints. www.federalreserve.gov/pubs/feds/2009/200921/index.html 
 
June 3, 2009 - Legal Interpretation - Bank Holding Company Act, May 28, 2009 - Letter to Paul E. Glotzer granting an extension of time to BNP Paribas, Paris, France, to divest of a merchant banking investment.  www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2009/20090528.pdf 

June 3, 2009 - Chairman Ben S. Bernanke - Current economic and financial conditions and the federal budget - Before the Committee on the Budget, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20090603a.htm 

June 2, 2009 - Profitwise News and Views Now Online - Latest issue looks at locations of non-prime mortgages in the Midwest in order to identify communities most affected by foreclosures. www.chicagofed.org/community_development/files/PNV_June2009_ReEd_WEB.pdf 

June 2, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Denver, Colorado - The Office of the Comptroller of the Currency will host a workshop for national community bank directors in Denver, Colorado, at the Westin Tabor Center, July 6-8, 2009. www.occ.treas.gov/ftp/release/2009-59.htm 

June 2, 2009 - Federal Reserve Bulletin - Profits and Balance Sheet Developments at U.S. Commercial Banks in 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 2008 and early 2009 were related to changes in financial markets and in the broader economy. www.federalreserve.gov/pubs/bulletin/2009/pdf/bankprofits09.pdf 

June 2, 2009 - On June 1, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:   www.federalreserve.gov/newsevents/press/monetary/20090602a.htm 

June 1, 2009 - National Conference Assembles Key Practitioners and Experts to Address Challenges of Property Vacancy and Abandonment.   www.stlouisfed.org/newsroom/news_releases/newsrelease.cfm?ArticleID=9D7B966A065D2FE9370CF420E945C70E 

June 1, 2009 - Regulation Z -Truth in Lending Early Disclosure Requirements - During 2008, the Federal Reserve promulgated revisions to Regulation Z closed-end mortgage early disclosure requirements that were to take effect October 1, 2009. However, these changes were superseded by the enactment of the Mortgage Disclosure Improvement Act of 2008. As a result, the Federal Reserve has revised Regulation Z to incorporate the MDIA amendments. Compliance with the revised early disclosure requirements is mandatory on July 30, 2009. www.fdic.gov/news/news/financial/2009/fil09026.html 

June 1, 2009 - Statistical Release - G.5 Foreign Exchange Rates (Monthly) - Revised: Exchange Rate Averages Revised To Exclude Memorial Day, May 25, 2009, A U.S. Federal Holiday. - The Table Below Shows The Average Rates Of Exchange In May 2009 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 1, 2009 - The Federal Reserve Board announced Monday that the Consumer Advisory Council will hold its next meeting on Thursday, June 18. The meeting will take place in Dining Room E, Terrace Level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. Anyone planning to attend the meeting should, for security purposes, register no later than Tuesday, June 16, by completing the form found online at: www.federalreserve.gov/newsevents/press/other/20090601a.htm 

June 1, 2009 - The Federal Reserve Board on Monday outlined the criteria it will use to evaluate applications to redeem U.S. Treasury capital from the 19 bank holding companies (BHC) that participated in the Supervisory Capital Assessment Program.   www.federalreserve.gov/newsevents/press/bcreg/20090601b.htm 

June 1, 2009 - Federal Agencies Propose Rule to Implement S.A.F.E. Act Mortgage Loan Originator Registration Requirements - The Federal financial institution regulatory agencies are together issuing for public comment proposed rules requiring mortgage loan originators who are employees of agency-regulated institutions to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.  
Press release: http://www.federalreserve.gov/newsevents/press/bcreg/20090601a.htm 
Press Release: www.fdic.gov/news/news/press/2009/pr09083.html 
Press Release: www.occ.treas.gov/ftp/release/2009-58.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9c934601-1e0b-8562-eb1e-6ebb334d106a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2009/5-29JointAgencyReleaseSafeAct.pdf 

June 1, 2009 - On June 1, 2009, the Federal Reserve will offer $150 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/20090601a.htm