Bank Regulatory News

June 2011

June 30, 2011 - Pace of Midwest Growth Decreased in May - The Midwest Economy Index was +0.83 in May, down from +0.94 in April. http://www.chicagofed.org/webpages/publications/mei/index.cfm

June 30, 2011 - OCC Reviews Initiatives to Support Small Business Lending - The Office of the Comptroller of the Currency today published a Community Development Investments electronic newsletter that provides a guide for national banks seeking to expand their small business lending. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-86.html

June 30, 2011 - OCC Issues Guidance To Banks Regarding Foreclosure Practices - The Office of the Comptroller of the Currency today clarified expectations for the oversight and management of mortgage foreclosure activities by national banks. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-84.html 

June 30, 2011 - St. Louis Fed’s Bullard Discusses Effectiveness of QE2 - Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “QE2: An Assessment” at the St. Louis Fed’s Quantitative Easing Conference on Thursday. www.stlouisfed.org/newsroom/displayNews.cfm?article=107 6

June 30, 2011 - June Burgundy Book Shows Moderate Improvement for 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. The Louisville region covers 64 counties in western Kentucky and 24 counties in southern Indiana. www.stlouisfed.org/newsroom/displayNews.cfm?article=1080 

June 30, 2011 - June Burgundy Book Shows Continued Improvement for 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/displayNews.cfm?article=1081

June 30, 2011 - June Burgundy Book Paints a Mixed Economic Picture for 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. The Memphis region covers 21 counties in western Tennessee and 39 counties in northern Mississippi. www.stlouisfed.org/newsroom/displayNews.cfm?article=1082

June 30, 2011 - June Burgundy Book Paints a Mixed Economic Picture for 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. The St. Louis region covers 71 counties in eastern Missouri and 45 counties in southern Illinois. www.stlouisfed.org/newsroom/displayNews.cfm?article=1083

June 30, 2011 - FFIEC Supplement to Authentication in an Internet Banking Environment - The FDIC, with the other FFIEC agencies, has issued the attached guidance, which describes updated supervisory expectations regarding customer authentication, layered security, and other controls in an increasingly hostile online environment. Financial institutions will be expected to comply with the guidance no later than January 1, 2012. www.fdic.gov/news/news/financial/2011/fil11050.html 

June 30, 2011 - Mark Bialek has been appointed inspector general of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection, effective July 25. He will lead the Office of Inspector General staff in promoting the economy, efficiency, and effectiveness of the Board's and Bureau's programs and operations and in preventing and detecting waste, fraud, and abuse. www.federalreserve.gov/newsevents/press/other/20110630a.htm 

June 30, 2011 - Banking Agencies Issue Host State Loan-to-Deposit Ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios update data released on June 24, 2010. Press Release: www.fdic.gov/news/news/press/2011/pr11112.html
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110630a.htm

June 29, 2011 - Update on Financial Conditions - The National Financial Conditions Index reached a 30-week high in the week ending June 24, as financial conditions edged tighter for ninth consecutive week. Revisions to the ANFCI due to May's CFNAI and PCE inflation releases were negligible. www.chicagofed.org/webpages/publications/nfci/index.cfm 

June 29, 2011 - Mortgage Performance Improves During First Quarter of 2011 as Large Number of Troubled Loans Works Through the System.  
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-82.html
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=d7d320fd-b6fc-5490-c8e5-7b05c08b8850&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-85.html 

June 29, 2011 - OCC Issues Guidance on Prepaid Access - The Office of the Comptroller of the Currency issued guidance on prepaid access programs to national banks today. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-83.html

June 29, 2011 - First American Bank and Trust Company, Athens, Georgia, Assumes All of the Deposits of Mountain Heritage Bank, Clayton, Georgia - Mountain Heritage Bank, Clayton, 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 First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of Mountain Heritage Bank. www.fdic.gov/news/news/press/2011/pr11110.html

June 29, 2011 - Federal Reserve issues a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions.  www.federalreserve.gov/newsevents/press/bcreg/20110629a.htm

June 29, 2011 - Reports to the Congress - Presidential $1 Coin Program, June 2011.  www.federalreserve.gov/pubs/reports_other.htm 

June 29, 2011 - Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012.  www.federalreserve.gov/newsevents/press/monetary/20110629a.htm

June 29, 2011 - Governor Sarah Bloom Raskin - Economic and Financial Inclusion in 2011: What it Means for Americans and our Economic Recovery - At the New America Foundation Forum, Washington, D.C. www.federalreserve.gov/newsevents/speech/raskin20110629a.htm

June 29, 2011 - The Federal Reserve Board on Wednesday issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II, is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20110629a.htm

June 29, 2011 - The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank today announced an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012. The Bank of Japan will consider the extension at its next Monetary Policy Meeting. The swap arrangements, established in May 2010, had been authorized through August 1, 2011. www.federalreserve.gov/newsevents/press/monetary/20110629a.htm

June 28, 2011 - FFIEC Releases Supplemental Guidance on Internet Banking Authentication - The Federal Financial Institutions Examination Council1 today issued a supplement to the Authentication in an Internet Banking Environment guidance, issued in October 2005.  Financial institutions will be expected to comply with the guidance no later than January 1, 2012. 
www.ffiec.gov/press/pr062811.htm
www.ncua.gov/news/press_releases/2011/JR11-0628Auth-PR-FFIEC.pdf

June 28, 2011 - FFIEC Releases Supplemental Guidance on Internet Banking Authentication - The Federal Financial Institutions Examination Council1 today issued a supplement to the Authentication in an Internet Banking Environment guidance, issued in October 2005. www.fdic.gov/news/news/press/2011/pr11111.html

June 28, 2011 - Board issues enforcement actions with First Chatsworth Bankshares, Inc., First National Bancshares of Central Alabama, Inc., FC Holdings, Inc., and Southern Community Financial Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20110628a.htm

June 27, 2011 - Midwest Manufacturing Output Increased in May - The Chicago Fed Midwest Manufacturing Index increased 0.6% in May, to a seasonally adjusted level of 84.0. www.chicagofed.org/webpages/research/data/cfmmi/data_series.cfm 

June 27, 2011 - Trade Credit and International Trade During the 2008-09 Global Financial Crisis - Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate - This paper studies the role of the credit crunch in the severe contraction of trade and economic activity at the height of the 2008-09 global financial crisis, using firm-level data from six emerging market economies in Asia. www.federalreserve.gov/pubs/ifdp/2011/1020/ifdp1020.htm 

June 27, 2011 - The Federal Reserve Board on Monday announced its approval of the proposal by Bank of Taiwan, Taipei, Taiwan, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20110627a.htm

June 24, 2011 - First American Bank and Trust Company, Athens, Georgia, Assumes All of the Deposits of Mountain Heritage Bank, Clayton, Georgia - Mountain Heritage Bank, Clayton, 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 First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of Mountain Heritage Bank. www.fdic.gov/news/news/press/2011/pr11110.html 

June 24, 2011 - NCUA - St. James A.M.E. Federal Credit Union Purchased by North Jersey FCU - Member Deposits Protected up to $250,000; Member Service Continues Uninterrupted - The National Credit Union Administration liquidated St. James A.M.E. Federal Credit Union of Newark, N.J., today. North Jersey Federal Credit Union of Totowa, N.J., immediately assumed St. James A.M.E. Federal Credit Union’s members. www.ncua.gov/news/press_releases/2011/MR11-0624StJames.pdf

June 24, 2011 - FDIC Makes Public May Enforcement Actions; One Administrative Hearing Scheduled For July 2011 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in May. One administrative hearing is scheduled for July 2011. www.fdic.gov/news/news/press/2011/pr11109.html

June 24, 2011 - Banking Structure - Securities Underwriting and Dealing Subsidiaries.  www.federalreserve.gov/bankinforeg/suds.htm

June 24, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 24, 2011 - The minutes of the Federal Open Market Committee meeting of June 21-22, 2011, will be released at 2 p.m. EDT on Tuesday, July 12, 2011, a day earlier than usual. The release date was rescheduled in light of the timing of the House Financial Services Committee hearing on July 13 to receive the Federal Reserve Board's Monetary Policy Report to the Congress. www.federalreserve.gov/newsevents/press/monetary/20110624a.htm
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June 23, 2011 - Economic Growth Remained Below Average in May - The Chicago Fed National Activity Index was –0.37 in May, up from –0.56 in April. www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm 

June 23, 2011 - OCC Survey Showed Signs of Easing in Banks' Underwriting Standards - The Office of the Comptroller of the Currency released its 17th annual Survey of Credit Underwriting Practices today. After 3 years of broad tightening of underwriting standards, this year's survey showed some signs of easing especially in commercial products.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-80.html 

June 23, 2011 - Structure and Share Data for U.S. Banking Offices of Foreign Entities - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. Offices located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other U.S.-affiliated insular areas are excluded. The first report lists the offices by institution type.  www.federalreserve.gov/releases/iba/default.htm 

June 23, 2011 - Legal Entity Identifier: What Else Do You Need to Know? - Linda F. Powell, Chief, Economic Data Management and Analysis Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Mark Montoya, Chief, Data Strategy Section, Division of Insurance and Research, Federal Deposit Insurance Corporation Elena Shuvalov, Director, Financial Industry Regulatory Authority - The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act sparked discussion of creating a systematic code that uniquely identifies an entity. This code is commonly referred to as a legal entity identifier. www.federalreserve.gov/pubs/feds/2011/201131/index.html

June 23, 2011 - Agencies extend comment period on swap margin and capital proposed rulemaking - Five federal agencies have approved and will submit a Federal Register notice that extends the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to July 11, 2011, to allow interested persons more time to analyze the issues and prepare their comments.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110623a.htm
Press Release: www.fdic.gov/news/news/press/2011/pr11108.html 
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-81.html 

June 22, 2011 - Why are Manufacturers Struggling to Hire High-Skilled Workers? - Chicago Fed Letter examines education and wage trends to explore the apparent shortage of qualified workers. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflaugust2011_289.pdf

June 22, 2011 - Office of the Comptroller of the Currency Hosts Workshop in East Peoria, Illinois - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in East Peoria, Illinois, at the Embassy Suites, August 2, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-79.html 

June 22, 2011 - FDIC's Advisory Committee on Systemic Resolution Holds Inaugural Meeting - The Federal Deposit Insurance Corporation on Tuesday held the first meeting of the newly created Advisory Committee on Systemic Resolution. The FDIC created the advisory committee earlier this month to provide advice and recommendations on a broad range of issues relevant to the failure and resolution of a systemically important financial company. www.fdic.gov/news/news/press/2011/pr11107.html 

June 22, 2011 - FOMC statement - Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. www.federalreserve.gov/newsevents/press/monetary/20110622a.htm 

June 22, 2011 - Federal Reserve Board and FOMC release economic projections from the June 21-22 FOMC meeting.   www.federalreserve.gov/newsevents/press/monetary/20110622b.htm 

June 21, 2011 - NCUA Selects New Leaders in General Counsel, Examination & Insurance Offices - Fenner, Love Announce Retirements; McKenna, Fazio to Receive Promotions; Office of Capital Markets Integrated into Office of Examination & Insurance - National Credit Union Administration Board Chairman Debbie Matz today announced five senior personnel changes to take effect in August: www.ncua.gov/news/press_releases/2011/MR11-0621NCUAPromote%20NewLeadersinOGCEI.pdf 

June 21, 2011 - Acting Comptroller Highlights Regulatory Opportunity and Risk for the Centre for the Study of Financial Innovation - Acting Comptroller of the Currency John Walsh today discussed the far-reaching changes to regulatory and supervisory standards taking place in response to the financial crisis in a speech for the Centre for the Study of Financial Innovation in London. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-78.html

June 21, 2011 - Office of the Comptroller of the Currency Hosts Workshop in Waltham, Massachusetts - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Waltham, Massachusetts, at the Westin Waltham-Boston, July 26, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-77.html 

June 21, 2011 - Supervisory Insights Journal: Summer 2011 Issue Now Available.  www.fdic.gov/news/news/financial/2011/fil11049.html 

June 21, 2011 - FDIC Publication Provides Useful Information On SBA Lending to Bankers and Examiners - The FDIC continues to encourage banks to lend to creditworthy small businesses. As reported in the Summer 2011 issue of Supervisory Insights, released today, the guaranty that accompanies a Small Business Administration loan is increasingly attractive to institutions looking to expand lending opportunities. www.fdic.gov/news/news/press/2011/pr11106.html

June 21, 2011 - Limited Market Participation and Asset Prices in the Presence of Earnings Management - We examine the role of earnings management in explaining the properties of asset prices and stock market participation. We demonstrate that investors' uncertainty about the extent of manipulation can cause excess movements in stock price relative to fluctuations in output. www.federalreserve.gov/pubs/ifdp/2011/1019/ifdp1019.htm 

June 21, 2011 - The Federal Reserve Board on Tuesday announced its approval of the applications and notices by Bank of Montreal, Toronto, Canada, and its subsidiaries, Harris Financial Corp., Harris Bankcorp, Inc., and Mike Merger Sub, LLC, all of Chicago, Illinois, to acquire Marshall & Ilsley Corporation and M&I Marshall & Ilsley Bank, both of Milwaukee, Wisconsin, and M&I Bank of Mayville, Mayville, Wisconsin; M&I Bank FSB, Las Vegas, Nevada; and other nonbanking subsidiaries of Marshall & Ilsley Corporation. www.federalreserve.gov/newsevents/press/orders/20110621a.htm

June 20, 2011 - NCUA Suing Securities Firms to Recover Billions - Recoveries will benefit all federally insured credit unions -The National Credit Union Administration filed two suits today against securities firms alleging violations of federal and state securities laws and misrepresentations in the sale of hundreds of securities. Additional law suits may follow in order to recover losses from the purchase of securities that caused the failures of five, large wholesale credit unions. www.ncua.gov/news/press_releases/2011/MR11-0620NCUASues.pdf 

June 20, 2011 - The Federal Reserve Board on Monday announced its approval of the application by United Bankshares, Inc. and its wholly owned subsidiary, UBC Holding Company, Inc., both of Charleston, West Virginia, to acquire Centra Financial Holdings, Inc. and its subsidiary bank, Centra Bank, Inc., both of Morgantown, West Virginia. www.federalreserve.gov/newsevents/press/orders/20110620a.htm

June 20, 2011 - Federal Reserve proposes rules under Regulation B to clarify data collection compliance requirements for motor vehicle dealers.   www.federalreserve.gov/newsevents/press/bcreg/20110620a.htm

June 17, 2011 - Stonegate Bank, Fort Lauderdale, Florida, Assumes All of the Deposits of First Commercial Bank of Tampa Bay, Tampa, Florida - First Commercial Bank of Tampa Bay, Tampa, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of First Commercial Bank of Tampa Bay. www.fdic.gov/news/news/press/2011/pr11105.html 

June 17, 2011 - Risk-Based Capital Standards Final Rule on Advanced Capital Adequacy Framework—Basel II; Establishment of a Risk-Based Capital Floor - The federal bank regulatory agencies have jointly issued the attached final rule to amend the advanced risk-based capital adequacy standards to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and amend the general risk-based capital rules to provide limited flexibility consistent with Section 171of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. www.fdic.gov/news/news/financial/2011/fil11048.html 

June 17, 2011 - NCUA - Results of the 06/17/2011 NCUA Board Meeting are available..  www.ncua.gov/GenInfo/BoardandAction/Reports/2011/BAB11-0617.pdf 

June 17, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution.  www.ncua.gov/news/press_releases/2011/MR11-0617ProhibitionRattiff.pdf 

June 17, 2011 - OCC Reports First Quarter Trading Revenue of $7.4 Billion - Commercial banks reported trading revenue of $7.4 billion in the first quarter of 2011, 113 percent higher than the fourth quarter of 2010, but 10 percent lower than in the first quarter of 2010, the Office of the Comptroller of the Currency reported today in the OCC’s Quarterly Report on Bank Trading and Derivatives Activities. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-75.html 

June 17, 2011 - 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.gov/news-issuances/news-releases/2011/nr-occ-2011-76.html

June 17, 2011 - St. Louis Fed Announces Winners of 2011 National Economic Education - The Federal Reserve Bank of St. Louis has announced the winners of its third –semi-annual National Economic Education YouTube Video Contest for students. www.stlouisfed.org/newsroom/displayNews.cfm?article=1064 

June 17, 2011 - Hamilton State Bank, Hoschton, Georgia, Assumes All of the Deposits of McIntosh State Bank, Jackson, Georgia - McIntosh State Bank, Jackson, 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 Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits of McIntosh State Bank. www.fdic.gov/news/news/press/2011/pr11104.html

June 17, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

June 17, 2011 - Monetary Policy - Report on Credit and Liquidity Programs and the Balance Sheet, June 2011 www.federalreserve.gov/files/monthlyclbsreport201106.pdf
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June 16, 2011 - Creating a New Foundation for Risk Management - Chicago Fed Letter looks at recent developments in managing risk, including the impact of the Dodd–Frank Act. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljuly2011_288a.pdf

June 16, 2011 - Acting Comptroller Walsh Testifies on Bank Capital and Liquidity Requirements - Acting Comptroller of the Currency John Walsh today testified on efforts underway to revise bank capital and liquidity requirements. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-73.html 

June 16, 2011 - Proposed Guidance on Stress Testing for Banking Organizations with More Than $10 Billion in Total Consolidated Assets The federal banking regulatory agencies have jointly issued the attached proposed guidance on stress testing for banking organizations with more than $10 billion in total consolidated assets.   www.fdic.gov/news/news/financial/2011/fil11047.html 

June 16, 2011 - Statistical Releases - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/Current/default.htm 

June 15, 2011 - Creating a New Foundation for Risk Management - Chicago Fed Letter looks at recent developments in managing risk, including the impact of the Dodd–Frank Act. www.chicagofed.org/webpages/index.cfm 

June 15, 2011 - OCC Deputy Comptroller for Credit and Market Risk Testifies on Risk Management - OCC Deputy Comptroller for Credit and Market Risk David K. Wilson today testified on prudent risk management, sound underwriting, and other lessons learned from the economic challenges of 2008 and 2009. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-72.html

June 15, 2011 - Acting Comptroller Walsh Highlights Importance of Minority-Owned Depository Institutions - The acting Comptroller of the Currency today highlighted the vital role of minority-owned depository institutions in under-served communities during a speech at the Interagency Minority-Owned Depository Institutions Conference in New York. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-71.html

June 15, 2011 - OCC Assesses Civil Money Penalty Against JPMorgan Chase Bank, N.A. - The Office of the Comptroller of the Currency announced today that it has imposed a civil money penalty of $2 million against JPMorgan Chase Bank, N.A. related to the marketing and sale of a credit protection product by Chase Auto Finance, a division of the Bank, during January 2008 through May 2009. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-70.html

June 15, 2011 - The Summary of Deposits is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to file; institutions with only a main office are exempt. For most institutions, survey responses are required by July 31, 2011. www.fdic.gov/news/news/financial/2011/fil11044.html 

June 15, 2011 - Quantitative Easing and Bank Lending: Evidence - Prior to the recent financial crisis, one of the most prominent examples of unconventional monetary stimulus was Japan's "quantitative easing policy" Most analysts agree that QEP did not succeed in stimulating aggregate demand sufficiently to overcome persistent deflation.  www.federalreserve.gov/pubs/ifdp/2011/1018/ifdp1018.htm

June 15, 2011 - Federal Reserve Bulletin - Legal Developments: First Quarter, 2011 - Three orders were issued in this quarter, one for First Niagara Financial Group, Inc. and The Goldman Sachs Group, Inc. under Section 3 of the Bank Holding Company Act, and one for Chuo Mitsui Trust Holdings, Inc. under Sections 3 and 4 of the Bank Holding Company Act. www.federalreserve.gov/pubs/bulletin/2011/pdf/legalq111.pdf 

June 15, 2011 - Governor Daniel K. Tarullo - Capital and liquidity standards - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20110616a.htm

June 15, 2011 - Michael R. Foley, Senior Associate Director, Division of Banking Supervision and Regulation - Banking supervision - Before the Subcommittee on Financial Institutions and Consumer Protection, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/foley20110615a.htm 

June 15, 2011 - Michael S. Gibson, Senior Associate Director, Division of Research and Statistics - Implementation of Title VII of the Dodd-Frank Act - Before the Committee on Agriculture, Nutrition, and Forestry, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/gibson20110615a.htm 

June 14, 2011 - The Federal Reserve Board on Tuesday announced its approval of the proposal by Mitsubishi UFJ Financial Group, Inc., Tokyo, Japan, to acquire up to 24.9 percent of the voting shares of Morgan Stanley, New York, New York, and thereby indirectly acquire an interest in Morgan Stanley's subsidiary banks, Morgan Stanley Bank, National Association, Salt Lake City, Utah; and Morgan Stanley Private Bank, National Association, Purchase, New York. www.federalreserve.gov/newsevents/press/orders/20110614a.htm 

June 14, 2011 - Agencies Adopt a Final Rule to Establish a Risk-Based Capital Floor - Three federal banking regulatory agencies adopted a final rule that establishes a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule, finalized by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, is consistent with the requirements of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110614a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11103.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-69.html 

June 14, 2011 - Chairman Ben S. Bernanke - Fiscal Sustainability - At the Annual Conference of the Committee for a Responsible Federal Budget, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20110614a.htm

June 14, 2011 - Board issues enforcement action with Northwest Bancorporation of Illinois and termination of enforcement action with Heritage Commerce Corp. and Heritage Bank of Commerce.  www.federalreserve.gov/newsevents/press/enforcement/20110614a.htm 

June 13, 2011 - Deadline Extended for Action Plans under Foreclosure Practices Consent Order- The Office of the Comptroller of the Currency today announced it had extended the timelines for submission of plans, programs, policies, and procedures and foreclosure review engagement letters required by consent orders issued on April 13 against eight large national bank residential mortgage servicers.
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-68.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=89cce735-94a8-1f4c-1f13-1f82dd48ae35&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

June 13, 2011 - Regulatory Reform - Communications with the public through June 13, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

June 13, 2011 - The Federal Reserve Board on Monday published its annual adjustment to the amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount. www.federalreserve.gov/newsevents/press/bcreg/20110613c.htm

June 13, 2011 - The Federal Reserve Board on Monday adjusted Regulation Z and Regulation M by increasing the dollar threshold for exempt consumer credit and lease transactions. Transactions at or below the threshold are subject to the protections of the regulations. These adjustments reflect the annual percentage increase in the consumer price index that was in effect as of June 1, 2011. These annual adjustments are required by statute and will take effect on January 1, 2012. www.federalreserve.gov/newsevents/press/bcreg/20110613b.htm

June 13, 2011 - The Federal Reserve Board on Monday announced the adoption of an interim final rule that allows small bank holding companies that are S-Corps or that are organized in mutual form to exclude subordinated debt issued to Treasury under the Small Business Lending Fund from treatment as "debt" for purposes of the debt-to-equity standard under the Board's Small Bank Holding Company Policy Statement. www.federalreserve.gov/newsevents/press/bcreg/20110613a.htm

June 10, 2011 - New Tool Helps Estimate Derivatives Collateral - Software is now available from the Federal Reserve Bank of Chicago for use by national authorities, central banks and interested parties to estimate the aggregate amount of collateral that may be needed to implement financial reform initiatives in any jurisdiction. www.chicagofed.org/webpages/utilities/newsroom/news_releases/2011/06.09_collateral_release.cfm

June 10, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 10, 2011 - The Federal Reserve Board is seeking comment on a proposal to require top-tier U.S. bank holding companies with total consolidated assets of $50 billion or greater to submit annual capital plans for review. www.federalreserve.gov/newsevents/press/bcreg/20110610a.htm ____________________________

June 9, 2011 - New Tool Helps Estimate Derivatives Collateral - Software developed by the Federal Reserve Bank of Chicago is now available to help estimate the aggregate amount of collateral that may be needed to implement financial reform initiatives. www.chicagofed.org/webpages/utilities/newsroom/news_releases/2011/06.09_collateral_release.cfm 

June 9, 2011 - Vice Chair Janet L. Yellen - Housing Market Developments and Their Effects on Low- and Moderate-Income Neighborhoods - At the 2011 Federal Reserve Bank of Cleveland Policy Summit, Cleveland, Ohio.  www.federalreserve.gov/newsevents/speech/yellen20110609a.htm

June 9, 2011 - Agencies Seek Comment on Stress Testing Guidance -The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are seeking comment on proposed supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110609a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11102.html 
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-67.html 

June 8, 2011 - Federal Reserve Releases June Beige Book and Related Sound Clip - Audio highlights of the Federal Reserve's Beige Book, which summarize economic conditions for the United States as a whole and the Fed's Eighth District, are available for downloading. Produced in MP3 format, the entire audio clip can be accessed by logging on to: www.stlouisfed.org/newsroom/displayNews.cfm?article=1047

June 8, 2011 - Interview with Microfinance Expert and Kiva Co-founder Jessica Jackley.   www.stlouisfed.org/newsroom/multimedia/video/2011-jessica-jackley-interview.cfm 

June 8, 2011 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2011/20110608/default.htm

June 7, 2011 - NCUA Issues Cease & Desist Order to Borinquen Federal Credit Union - Member Deposits Insured up to $250,000 - The National Credit Union Administration issued an Order to Cease and Desist to Borinquen Federal Credit Union of Philadelphia.  www.ncua.gov/news/press_releases/2011/MR11-0607BorinquenCD.pdf 

June 7, 2011 - Chairman Ben S. Bernanke - The U.S. Economic Outlook - At the International Monetary Conference, Atlanta, Georgia.   www.federalreserve.gov/newsevents/speech/bernanke20110607a.htm 

June 7, 2011 - Agencies Extend Comment Period on Risk Retention Proposed Rulemaking - Six federal agencies have approved and will submit a Federal Register notice that extends the comment period on the proposed rules to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110607a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11101.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-66.html

June 7, 2011 - Board issues enforcement action with Cornerstone Holding Company.  www.federalreserve.gov/newsevents/press/enforcement/20110607a.htm 

June 6, 2011 - Fed Symposium Economic Outlook for 2011-2012 - Solid economic growth expected, according to Chicago Fed Automotive Outlook Symposium participants. www.chicagofed.org/webpages/events/2011/automotive_outlook_symposium/aos_press_release.cfm 

June 6, 2011 - Regulatory Reform - Communications with the public through June 6, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

June 3, 2011 - OTS Closes Atlantic Bank & Trust and Appoints FDIC Receiver -The Office of Thrift Supervision (OTS) today closed Atlantic Bank & Trust of Charleston, S.C., and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=5653bebb-ff8b-913a-8920-500fc67ebbfb&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

June 3, 2011 - OCC Newsletter Focuses on Charter School Financing - The Office of the Comptroller of the Currency today published a Community Developments Investments electronic newsletter which provides an in-depth look at bank financing for charter schools.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-65.html

June 3, 2011 - Advanced Measurement Approach: Supervisory Guidance - The FDIC, with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, is issuing guidance to clarify supervisory expectations and to highlight key considerations to implement an effective advanced measurement approach framework. www.fdic.gov/news/news/financial/2011/fil11041.html 

June 3, 2011 - First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, Assumes All of the Deposits of Atlantic Bank and Trust, Charleston, South Carolina - Atlantic Bank and Trust, Charleston, South Carolina, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Atlantic Bank and Trust. www.fdic.gov/news/news/press/2011/pr11100.html

June 3, 2011 - FDIC Board Creates Advisory Committee on Systemic Resolutions - First Meeting Scheduled for June 21st in Washington, D.C. - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) has approved the creation of the FDIC Advisory Committee on Systemic Resolutions to provide advice and guidance on a wide range of issues regarding the resolution of large, systemically important institutions.  www.fdic.gov/news/news/press/2011/pr11099.html 

June 3, 2011 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation (FDIC) 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 2011.  www.fdic.gov/news/news/press/2011/pr11098.html 

June 3, 2011 - Report to the Congress - Profitability of Credit Card Operations of Depository Institutions.   www.federalreserve.gov/pubs/reports_other.htm#creditcard 

June 3, 2011 - Supervisory Guidance on Implementation Issues Related to the Advanced Measurement Approaches for Operational Risk.   www.federalreserve.gov/boarddocs/srletters/2011/SR1108.htm

June 3, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

June 3, 2011 - Governor Daniel K. Tarullo -Regulating Systemically Important Financial Firms - At the Peter G. Peterson Institute for International Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20110603a.htm 

June 3, 2011 - The Federal Reserve Board announced Friday that the Consumer Advisory Council will hold its next meeting on Thursday, June 16. The meeting will take place in Dining Room E, Terrace Level, in the Board's Martin Building.  www.federalreserve.gov/newsevents/press/other/20110603a.htm _______________________

June 2, 2011 - Update on Financial Conditions - The NFCI returned to where it began the year, while the ANFCI reached a 14-month low in the week ending May 27. www.chicagofed.org/webpages/publications/nfci/index.cfm 

June 2, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration Board has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution.  www.ncua.gov/news/press_releases/2011/MR11-0602RobersonProhibition.pdf 

June 2, 2011 - Reports to the Congress - 97th Annual Report, 2010.  www.federalreserve.gov/boarddocs/rptcongress/default.htm#ar 

June 2, 2011 - Reports to the Congress - Annual Report: Budget Review, 2011.  www.federalreserve.gov/boarddocs/rptcongress/default.htm#br 

June 2, 2011 - Board issues enforcement action with F & M Holding Company.  www.federalreserve.gov/newsevents/press/enforcement/20110602a.htm 

June 2, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration Board has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0602RobersonProhibition.pdf 

June 1, 2011 - Vice Chair Janet L. Yellen - Assessing Potential Financial Imbalances in an Era of Accommodative Monetary Policy - At the 2011 International Conference: Real and Financial Linkage and Monetary Policy, Bank of Japan, Tokyo, Japan.   www.federalreserve.gov/newsevents/speech/yellen20110601a.htm 

June 1, 2011 - OCC Issues Third Quarter 2011 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the third quarter of 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-64.html 

June 1, 2011 - FDIC Recognizes Recipients of 2011 Chairman's Award for Excellence in Serving the Needs of Low- and Moderate-Income Consumers - The Federal Deposit Insurance Corporation today announced the recipients of the 2011 Chairman's Award for Excellence, which recognizes the work of individuals or small groups at FDIC-insured financial institutions who are instrumental in creating and promoting programs that meet the credit and deposit needs of low- and moderate-income consumers. The award winners are as follow: www.fdic.gov/news/news/press/2011/pr11096.html 

June 1, 2011 - Testimony of Scott G. Alvarez, General Counsel, and Thomas C. Baxter Jr., General Counsel, Federal Reserve Bank of New York Federal Reserve Lending Disclosures.  www.federalreserve.gov/newsevents/testimony/alvarez20110601a.htm 

June 1, 2011 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2011 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development." 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110601a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11097.html 
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-63.html