The E-mail Banking News
(Bank Regulatory News)
June 2012

June 29, 2012 - NCUA Issues Cease and Desist Order - The National Credit Union Administration has issued a cease and desist order to Thomas E. Swedberg, a former employee of Western Corporate Federal Credit Union, located in San Dimas, Calif. www.ncua.gov/News/Pages/NW20120629C-DOrder.aspx

June 29, 2012 - NCUA - Estimated Range of Future Stabilization Fund Assessments Narrows - Today, the National Credit Union Administration updated and expanded the webpages that increase public awareness of the costs of the Corporate System Resolution and the performance of the NCUA Guaranteed Notes Program.  www.ncua.gov/News/Pages/NW20120629StabilizaationFund.aspx

June 29, 2012 - St. Louis Fed’s Bullard: Current U.S. Monetary Policy Still Appropriately Calibrated - Federal Reserve Bank of St. Louis President James Bullard discussed “U.S. Monetary Policy: Still Appropriate” on Friday as part of a Dialogue with the Fed event sponsored by the Bank’s Little Rock Branch. www.stlouisfed.org/newsroom/displayNews.cfm?article=1460

June 29, 2012 - 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. www.fdic.gov/news/news/financial/2011/fil11050.html

June 29, 2012 - Consolidated Reports of Condition and Income for Second Quarter 2012 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2012, report date. www.fdic.gov/news/news/financial/2012/fil12029.html

June 29, 2012 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Colorado Affected by Wildfires - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Colorado affected by wildfires. www.fdic.gov/news/news/financial/2012/fil12030.html

June 29, 2012 - FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2012 - 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 for July 2012. www.fdic.gov/news/news/press/2012/pr12073.html

June 29, 2012 - Signal Extraction for Nonstationary Multivariate Time Series with Illustrations for Trend Inflation - Tucker S. McElroy and Thomas M. Trimbur - This paper advances the theory and methodology of signal extraction by introducing asymptotic and finite sample formulas for optimal estimators of signals in nonstationary multivariate time series. Previous literature has considered only univariate or stationary models. www.federalreserve.gov/pubs/feds/2012/201245/201245pap.pdf

June 29, 2012 - Flow and Stock Effects of Large-Scale Asset Purchases:Evidence on the Importance of Local Supply - Stefania D'Amico and Thomas B. King - The Federal Reserve's 2009 program to purchase $300 billion of U.S. Treasury securities represented an unprecedented intervention in the Treasury market and provides a natural experiment with the potential to shed light on the price elasticities of Treasuries and theories of supply effects in the term structure.   www.federalreserve.gov/pubs/feds/2012/201244/201244pap.pdf

June 29, 2012 - What Should Core Inflation Exclude? - Alan K. Detmeister - Consumer price inflation excluding food and energy often performs worse than other measures of underlying inflation in out-of-sample tests of predicting future inflation or tracking an ex-post measure of underlying trend inflation. www.federalreserve.gov/pubs/feds/2012/201243/201243pap.pdf

June 29, 2012 - Do Creditor Rights Increase Employment Risk? Evidence from Debt Covenants - Antonio Falato and Nellie Liang - This paper studies whether financial contracts exacerbate or mitigate agency conflicts among stakeholders. We consider a specific contractual provision, debt covenants, and examine how, by allocating control rights between shareholders and debtholders, debt covenants affect the employment relationship. www.federalreserve.gov/pubs/feds/2012/201242/201242pap.pdf

June 29, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 29, 2012 - Surveys and Reports - 2010 Survey of Consumer Finances -- Data - Three types of summary output are available on this page: a Federal Reserve Bulletin article; two sets of tables, in Excel format, that provide estimates comparable to the tables included in the Bulletin article, one using the the internal SCF data and another using the public SCF data; and a chartbook that includes time series charts using triennial SCF data covering the period 1989 to 2010. www.federalreserve.gov/econresdata/scf/scf_2010.htm

June 29, 2012 - 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 30, 2011.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120629c.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12075.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-104.html

June 29, 2012 - First Resolution Plans Due On or Before July 2 - The Federal Deposit Insurance Corporation and the Federal Reserve Board on Friday announced the process for receiving and evaluating the initial resolution plans--also known as living wills--from the largest banking organizations operating in the United States.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120629b.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12076.html

June 29, 2012 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2012 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/20120629a.htm 
Press Release: www.fdic.gov/news/news/press/2012/pr12074.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-102.html
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June 29, 2012 - FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2012 - 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 for July 2012. http://www.fdic.gov/news/news/press/2012/pr12073.html

June 28, 2012 - Ron Pasch Named Deputy Comptroller for International Banking Supervision - The Office of the Comptroller of the Currency announced today that Ron Pasch has been named Deputy Comptroller for the International Banking Supervision group within Large Bank Supervision. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-101.html

June 28, 2012 - OCC Survey Showed Banks' Underwriting Standards Largely Unchanged - The Office of the Comptroller of the Currency’s 18th Annual Survey of Credit Underwriting Practices, released today, shows that underwriting standards remained largely unchanged from l ast year, although some easing was noted in select commercial and retail products. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-100.html

June 28, 2012 - Testimony by Stephanie Martin, Associate General Counsel - Mobile payments.   www.federalreserve.gov/newsevents/testimony/martin20120628a.htm

June 28, 2012 - Statistical Release - E.2 Survey of Terms of Business Lending - These data are collected during the middle month of each quarter and are released in the middle of the succeeding month. The exact date and time of the release may be obtained by calling 202-452-3206. The dates shown below are the data collection periods. www.federalreserve.gov/releases/e2/current/e2.pdf

June 28, 2012 - The Federal Reserve Board on Thursday announced that it agreed with the Treasury Department that it was appropriate to reduce from $4.3 billion to $1.4 billion the credit protection Treasury is providing for the Term Asset-Backed Securities Loan Facility.   www.federalreserve.gov/newsevents/press/monetary/20120628a.htm

June 28, 2012 - Federal Reserve Board issues enforcement action with Village Bank and Trust Financial Corp.   www.federalreserve.gov/newsevents/press/enforcement/20120628a.htm

June 28 2012 - NCUA - Protecting Military Homeowners When Changing Duty Stations - NCUA Letter to Credit Unions Outlines Compliance with Interagency Guidance - The National Credit Union Administration released today a letter to credit unions addressing interagency guidance designed to protect military homeowners changing duty stations. NCUA joined the Consumer Financial Protection Bureau and federal banking regulators in issuing the guidance last week.    http://www.ncua.gov/News/Pages/NW20120628LCU12-CU-07.aspx

June 27, 2012 - Economic Growth Forecasts - Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2013. www.chicagofed.org/webpages/index.cfm

June 27 2012 - NCUA Issues Prohibition Orders - The National Credit Union Administration issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20120627Prohibition.aspx

June 27, 2012 - Mortgage Delinquencies Fall to Three-Year Low - The percentage of first-lien mortgages that were current and performing at the end of the first quarter of 2012 increased to the highest levels in three years, according to a report published today by the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-99.html

June 27, 2012 - Tenth District Consumer Debt Continues Moderate Decline In First Quarter - Average consumer debt in the Tenth Federal Reserve District continued to fall in the first quarter of 2012, according to latest issue of the Federal Reserve Bank of Kansas City’s quarterly
Consumer Credit Reports. www.kc.frb.org/publicat/newsroom/2012pdf/press.release.06.27.12.pdf

June 27, 2012 - The Federal Reserve Board announced on Wednesday that Chairman Ben S. Bernanke will host a town hall meeting with educators from across the country on August 7. The educators will join the Chairman in the Board Room of the Federal Reserve Board's main building in Washington, D.C., and will gather in Federal Reserve Bank offices throughout the country to participate via videoconference. www.federalreserve.gov/newsevents/press/other/20120627a.htm
 
June 26, 2012 - NCUA - Deadline for 2012 CDRLF Grants Draws Near - Low-Income Credit Unions Have until June 29 to Apply for $1.3 Million in Funds - The National Credit Union Administration reminded credit unions today about the 2012 application process for Community Development Revolving Loan Fund technical assistance grants and reduced-rate loans. Low-income designated credit unions have until Friday, June 29, at 5 p.m. to apply for CDRLF grants of up to $25,000. www.ncua.gov/News/Pages/NW20120626CDRLFGrantsDeadline.aspx

June 26, 2012 - Learning from Experience in the Stock Market - We study the dynamics of a Lucas-tree model with finitely lived individuals who "learn from experience." Individuals update expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits stochastic fluctuations around the rational expectations equilibrium. www.federalreserve.gov/pubs/feds/2012/201241/201241pap.pdf

June 26, 2012 - The Other, Other Half: Changes in the Finances of the Least Wealthy 50 Percent, 2007-2009 - Arthur B. Kennickell - In discussions of household wealth, it is not surprising that discussion often tends to focus on the upper half of the wealth distribution: According to the 2007 Survey of Consumer Finances, that group held 97.5 percent of all directly owned household wealth. www.federalreserve.gov/pubs/feds/2012/201240/201240pap.pdf

June 26 2012 - CEO Pay and the Market for CEOs - Antonio Falato, Dan Li, and Todd Milbourn - Competitive sorting models of the CEO labor market predict that differences in CEO productive abilities, or "talent", should be an important determinant of CEO pay. However, measuring CEO talent empirically represents a major challenge.  www.federalreserve.gov/pubs/feds/2012/201239/201239pap.pdf

June 26, 2012 - Credit and Liquidity Programs and the Balance Sheet - Monthly Report, June 2012.   www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport201206.pdf

June 26, 2012 - Federal Reserve Board issues enforcement actions with Crown Bankshares and Delmar Bancorp.   www.federalreserve.gov/newsevents/press/enforcement/20120626a.htm

June 25, 2012 - Economic Growth Slower in May - The Chicago Fed National Activity Index was –0.45 in May, down from +0.08 in April. www.chicagofed.org/digital_assets/publications/cfnai/2012/cfnai_june2012.pdf

June 25 2012 - NCUA Reschedules July Closed Board Meeting - The National Credit Union Administration Board has rescheduled the closed Board meeting set for Tuesday, July 24. The closed Board meeting is now scheduled for Monday, July 23, at 2 p.m. www.ncua.gov/News/Pages/NW20120625MtgDateChange.aspx

June 25, 2012 - Carrie Moore Named OCC Director for Congressional Liaison - The Office of the Comptroller of the Currency announced today that Carrie Moore has been named Director for Congressional Liaison. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-98.html

June 25, 2012 - Jeremy C. Stein and Jerome H. Powell were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony Monday in the atrium of the Board's main building in Washington. www.federalreserve.gov/newsevents/press/other/20120625a.htm

June 22, 2012 - NCUA - Stabilization Fund Earns Clean 2011 Audit - KPMG Issues Unqualified Opinion to NCUA for Second Year in a Row - The National Credit Union Administration released the 2011 audited financial statements for the Temporary Corporate Credit Union Stabilization Fund today.  www.ncua.gov/News/Pages/NW20120622StabilizationFundAudit.aspx

June 22, 2012 - OCC Focuses on Business Lending in Rural Areas - The Office of the Comptroller of the Currency today published a Community Developments Insights report that looks at bank participation in the USDA Business & Industry Guaranteed Loan Program. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-97.html

June 22, 2012 - OCC Reports First Quarter Trading Revenue of $7.0 Billion - Commercial banks and savings associations reported trading revenues of $7.0 billion in the first quarter of 2012, 178 percent higher than in the fourth quarter of 2011, but 5 percent lower than in the first quarter of 2011, 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/2012/nr-occ-2012-96.html 

June 22, 2012 - June Burgundy Book Shows Mixed Economic Picture for Little Rock Regional Economy.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1449

June 22, 2012 - June Burgundy Book Shows Mixed Economic Picture for Louisville Regional Economy.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1451

June 22, 2012 - June Burgundy Book Shows Mixed Economic Picture for Memphis Regional Economy.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1448

June 22, 2012 - Statistical Release - Household Debt Service and Financial Obligations Ratios - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm

June 22, 2012 - Government Performance and Results Act Annual Performance Report 2011.  www.federalreserve.gov/publications/gpra/default.htm

June 22, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 22, 2012 - Mortgage Servicing Practices Concerning Military Homeowners with Permanent Change of Station Orders.   www.federalreserve.gov/bankinforeg/caletters/caltr1208.htm
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June 21 2012 - New Horizons for Risk Management: Shifting Rules, Shifting Strategies - Chicago Fed Letter examines bank stress testing by regulators, Dodd–Frank implementation, and housing risk. www.chicagofed.org/webpages/index.cfm

June 21, 2012 - OCC Releases Status Report on Actions to Correct Deficient Foreclosure Processes - The Office of the Comptroller of the Currency today released its second interim report on the status of the Independent Foreclosure Review and actions required by consent orders issued in April 2011 to correct deficient mortgage servicing and foreclosure processes. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-95.html

June 21 2012 - Agencies Release Financial Remediation Guidance, Extend Deadline for Requesting a Free Independent Foreclosure Review to September 30, 2012 - The Office of the Comptroller of the Currency and the Federal Reserve Board Thursday released guidance that will be used in determining the compensation or other remedy that borrowers will receive for financial injury identified during the Independent Foreclosure Review.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120621a.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12072.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-94.html

June 21, 2012 - The Federal Reserve Board on Thursday joined with four other financial regulatory agencies in issuing guidance concerning mortgage servicing practices that may pose risks to homeowners serving in the military.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120620a.htm
Press Release: www.fdic.gov/news/news/financial/2012/fil12028.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-93.html

June 21, 2012 - Federal Reserve Board issues enforcement actions with Frontier National Corporation and One Financial Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20120621a.htm

June 20, 2012 - OCC Issues an Interim Final Lending Limit Rule - The Office of the Comptroller of the Currency has adopted an interim final rule amending its lending limit rule to apply to certain credit exposures arising from derivative transactions and securities financing transactions. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-92.html

June 20, 2012 - Watch the FOMC Press Conference. www.federalreserve.gov/monetarypolicy/fomcpresconf20120620.htm

June 20, 2012 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table and charts summarizing the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the June 19-20 meeting of the Committee.  www.federalreserve.gov/newsevents/press/monetary/20120620b.htm

June 20 2012 - Information received since the Federal Open Market Committee met in April suggests that the economy has been expanding moderately this year. However, growth in employment has slowed in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. www.federalreserve.gov/newsevents/press/monetary/20120620a.htm

June 19, 2012 - Comptroller Discusses Response to Losses Reported by JPMorgan Chase - Comptroller of the Currency Thomas J. Curry discussed his perspective on losses reported by JPMorgan Chase during today’s testimony before the House Financial Services Committee. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-91.html

June 19 2012 - Supervision Manuals - Consumer Compliance Handbook, June 2012 Update - The June 2012 update to the handbook reflects updated interagency examination procedures for Regulation Z - Truth in Lending. www.federalreserve.gov/Boarddocs/SupManual/cch/announce/recent_update.htm

June 18, 2012 - Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule - The federal bank regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking that would amend the advanced approaches risk-based capital rules to incorporate revisions to the Basel capital framework published by the Basel Committee on Banking Supervision.  www.fdic.gov/news/news/financial/2012/fil12024.html

June 18 2012 - Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Minimum Regulatory Capital Ratios, Capital Adequacy, and Transition Provisions - The federal bank regulatory agencies (the agencies) have jointly issued the attached Notice of Proposed Rulemaking that would revise the general risk-based capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision to the Basel capital framework.   www.fdic.gov/news/news/financial/2012/fil12025.html

June 18, 2012 - Risk-based Capital Rules - Final Rule on Risk-Based Capital Standards: Market Risk - The federal bank regulatory agencies have jointly issued the attached final rule modifying the risk-based capital standards for market risk. www.fdic.gov/news/news/financial/2012/fil12026.html

June 18 2012 - Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements - The federal bank regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking that would revise the measurement of risk-weighted assets by implementing changes made by the Basel Committee on Banking Supervision to international regulatory capital standards and by implementing aspects of the Dodd-Frank Act. www.fdic.gov/news/news/financial/2012/fil12027.html

June 18, 2012 - Regulatory Reform - Communications with the public through June 18, 2012.  www.federalreserve.gov/newsevents/reform_meetings.htm

June 18, 2012 - Scott G. Alvarez, General Counsel - Bank supervision and risk management - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20120619a.htm

June 15, 2012 - NCUA Expanding Services for Small and Low-Income Credit Unions - In a speech before the annual conference of the National Federation of Community Development Credit Unions here today, National Credit Union Administration Board Chairman Debbie Matz noted that low-income designated credit unions who serve 6.6 million Americans are lending more than other types of financial institutions and growing stronger as a result of NCUA assistance. www.ncua.gov/News/Pages/NW20120612MatzLowIncSpeech.aspx

June 15 2012 - OCC Enforcement Actions - Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-90.html

June 15, 2012 - Clayton Bank and Trust, Knoxville, Tennessee, Assumes All of the Deposits of the Farmers Bank of Lynchburg, Lynchburg, Tennessee - The Farmers Bank of Lynchburg, Lynchburg, Tennessee, was closed today by the Tennessee 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 Clayton Bank and Trust, Knoxville, Tennessee, to assume all of the deposits of The Farmers Bank of Lynchburg. http://www.fdic.gov/news/news/press/2012/pr12071.html

June 15, 2012 - Fidelity Bank, Atlanta, Georgia, Assumes All of the Deposits of Security Exchange Bank, Marietta, Georgia - Security Exchange Bank, Marietta, 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 Fidelity Bank, Atlanta, Georgia, to assume all of the deposits of Security Exchange Bank. www.fdic.gov/news/news/press/2012/pr12070.html

June 15, 2012 - Harbor Community Bank, Indiantown, Florida, Assumes All of the Deposits of Putnam State Bank, Palatka, Florida - Putnam State Bank, Palatka, 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 Harbor Community Bank, Indiantown, Florida, to assume all of the deposits of Putnam State Bank. www.fdic.gov/news/news/press/2012/pr12069.html

June 15 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 15, 2012 - Industrial production edged down 0.1 percent in May after having gained 1.0 percent in April. A decrease of 0.4 percent for manufacturing production in May partially reversed a large increase in April. Outside of manufacturing, the output of mines advanced 0.9 percent in May, while the output of utilities rose 0.8 percent. www.federalreserve.gov/releases/g17/current/
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June 14, 2012 - St. Louis Fed Introduces Quarterly Housing Market Conditions Report - The Federal Reserve Bank of St. Louis has released the first of its new quarterly Housing Market Conditions report on its web site at www.stlouisfed.org/community_development/HMC/.

June 14, 2012 - 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 submit the survey; institutions with only a main office are exempt. www.fdic.gov/news/news/financial/2012/fil12023.html

June 14 2012 - The Federal Reserve Board on Thursday announced the execution of the following enforcement actions: www.federalreserve.gov/newsevents/press/enforcement/20120614a.htm

June 13, 2012 - Comptroller Highlights Commercial Real Estate Credit Risk - Comptroller of the Currency Thomas J. Curry discussed commercial real estate risk during remarks at the 2012 CRE Finance Council Conference in Washington, D.C. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-89.html

June 13, 2012 - The Federal Reserve Board on Wednesday announced the issuance of a Consent Order of Prohibition against Jerry Williams, the former President, Chief Executive Officer and Chairman of the board of directors, and a former institution-affiliated party of Orion Bancorp, Naples, Florida, a former registered bank holding company, and Orion Bank, Naples, Florida, a former state-member bank that failed in November 2009. www.federalreserve.gov/newsevents/press/enforcement/20120613a.htm

June 12, 2012 - NCUA Issues Prohibition Orders - The National Credit Union Administration issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.  www.ncua.gov/News/Pages/NW20120612Prohibition.aspx

June 12 2012 - NCUA - Fryzel Engages CUNA’s Cheney in Open Dialogue on Industry Hot Topics - Fryzel Engages CUNA’s Cheney in Open Dialogue on Industry Hot Topics - Discussion at Annual Maryland-DC Credit Union Event Covers Broad Ground.   www.ncua.gov/News/Pages/NW20120612Fryzel-MDDC-CUAssoc.aspx

June 12, 2012 - Fiscal Rules, What Does the American Experience Tell Us? - Byron Lutz and Glenn Follette - We examine the effect of balanced budget rules on budget outcomes in the U.S. from the mid-1980s through the present. Rules at both the federal level and the state level are considered. www.federalreserve.gov/pubs/feds/2012/201238/201238pap.pdf

June 12, 2012 - Governor Daniel K. Tarullo - Shadow Banking After the Financial Crisis - At the Federal Reserve Bank of San Francisco Conference on Challenges in Global Finance: The Role of Asia, San Francisco, California.  www.federalreserve.gov/newsevents/speech/tarullo20120612a.htm

June 12, 2012 - Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule - The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation are seeking comment on three notices of proposed rulemaking that would revise and replace the agencies' current capital rules. The agencies also announced the finalization of the market risk capital rule that was proposed in 2011.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120612a.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12068.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-88.html

June 12 2012 - Federal Reserve Board issues enforcement actions against ColoEast Bankshares, Inc., and First Trust Corporation and termination of enforcement action with Baylake Corp. and Baylake Bank.  www.federalreserve.gov/newsevents/press/enforcement/20120612a.htm

June 11, 2012 - Pricing Risk-Free Treasury Securities - Economic Perspectives article discusses the pricing of risk-free Treasury securities via no-arbitrage arguments and illustrates how this approach works in models of the term structure of interest rates. www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/2Q2012_part2_ajello_benzoni_chyruk.pdf

June 11, 2012 - Surveys and Reports - 2010 Survey of Consumer Finances.  www.federalreserve.gov/pubs/bulletin/default.htm

June 8, 2012 - First Community Bank, Bluefield, Virginia, Assumes All of the Deposits of Waccamaw Bank, Whiteville, North Carolina - Waccamaw Bank, Whiteville, North Carolina, was closed today by the North Carolina Office of the 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 Community Bank, Bluefield, Virginia, to assume all of the deposits of Waccamaw Bank. www.fdic.gov/news/news/press/2012/pr12067.html

June 8, 2012 - First State Bank, Mendota, Illinois, Assumes All of the Deposits of Farmers and Traders State Bank, Shabbona, Illinois - Farmers and Traders State Bank, Shabbona, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First State Bank, Mendota, Illinois, to assume all of the deposits of Farmers and Traders State Bank. www.fdic.gov/news/news/press/2012/pr12066.html

June 8, 2012 - NCUA - Fryzel Highlights Dynamism of Credit Union Industry at New York Convention - Board Member Also Speaks with Young Professionals and Credit Union CEOs - In a featured conference speech before credit union advocates and members of the Credit Union Association of New York, National Credit Union Administration Board Member Michael E. Fryzel today highlighted the dynamic structure of the industry. www.ncua.gov/News/Pages/NW20120608FryzelCUANY.aspx

June 8, 2012 - McReynolds Joins St. Louis Fed’s Transportation Industry Council - Judy R. McReynolds, president and chief executive officer for Arkansas Best Corporation, Fort Smith, Ar., has been named to the Transportation Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=1436

June 8, 2012 - Bank of North Carolina, Thomasville, North Carolina, Assumes All of the Deposits of Carolina Federal Savings Bank, Charleston, South Carolina - Carolina Federal Savings Bank, Charleston, South Carolina, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Carolina Federal Savings Bank. www.fdic.gov/news/news/press/2012/pr12065.html

June 8, 2012 - F & M Bank, Edmond, Oklahoma, Assumes All of the Deposits of First Capital Bank, Kingfisher, Oklahoma - First Capital Bank, Kingfisher, Oklahoma, was closed today by the Oklahoma State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with F & M Bank, Edmond, Oklahoma, to assume all of the deposits of First Capital Bank. www.fdic.gov/news/news/press/2012/pr12064.html

June 8, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 8, 2012 - Term Structure Modelling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs - Canlin Li and Min Wei - This paper proposes and estimates an arbitrage-free term structure model with both observable yield factors and Treasury and Agency MBS supply factors, and applies it to evaluate the term premium effects of Federal Reserve's Large Scale Asset Purchase programs. www.federalreserve.gov/pubs/feds/2012/201237/201237pap.pdf

June 8, 2012 - Consumer credit increased at an annual rate of 3 percent in April. Revolving credit decreased at an annual rate of 4-3/4 percent, while nonrevolving credit increased at an annual rate of 7 percent. www.federalreserve.gov/releases/g19/current/default.htm

June 8, 2012 - Chairman Ben S. Bernanke - Economic Outlook and Policy - Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20120607a.htm

June 8, 2012 - The Federal Reserve Board on Thursday approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities. www.federalreserve.gov/newsevents/press/bcreg/20120607b.htm

June 8, 2012 - The Federal Reserve Board on Thursday invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns. www.federalreserve.gov/newsevents/press/bcreg/20120607a.htm

June 7, 2012 - Is There a Skills Mismatch in The Labor Market? - Analysis of supply and demand of workers by skill level finds some limited evidence of mismatch for workers in occupations that require moderate skills. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljuly2012_300.pdf

June 7, 2012 - Supervisory Insights Journal Summer 2012 Issue Now Available - The Summer 2012 issue of Supervisory Insights features articles of critical interest to examiners, bankers, and supervisors. www.fdic.gov/news/news/financial/2012/fil12022.html

June 7, 2012 - FDIC Publication Focuses on Community Banks and the Supervisory Process - "The Risk Management Examination and Your Community Bank," which appears in the Summer 2012 issue of Supervisory Insights released today, emphasizes the importance of open communication between community bankers and their regulators. www.fdic.gov/news/news/press/2012/pr12063.html

Term Structure Modelling with Supply Factors and the Federal Reserve's Large Scale Asset Purchase Programs - Canlin Li and Min Wei This paper proposes and estimates an arbitrage-free term structure model with both observable yield factors and Treasury and Agency MBS supply factors, and applies it to evaluate the term premium effects of Federal Reserve's Large Scale Asset Purchase programs. www.federalreserve.gov/pubs/feds/2012/201237/201237pap.pdf

June 7, 2012 - Consumer credit increased at an annual rate of 3 percent in April. Revolving credit decreased at an annual rate of 4-3/4 percent, while nonrevolving credit increased at an annual rate of 7 percent. www.federalreserve.gov/releases/g19/current/default.htm

June 7, 2012 - June 7, 2012 - Chairman Ben S. Bernanke - Economic Outlook and Policy - Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20120607a.htm

June 7, 2012 - The Federal Reserve Board on Thursday approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities. www.federalreserve.gov/newsevents/press/bcreg/20120607b.htm

June 7, 2012 - The Federal Reserve Board on Thursday invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns. www.federalreserve.gov/newsevents/press/bcreg/20120607a.htm
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June 6, 2012 - Is there a skills mismatch in the labor market? - by R. Jason Faberman, senior economist, and Bhashkar Mazumder, senior economist - This article reviews the concept of skills mismatch in the labor market and examines its role in explaining ongoing low levels of hiring and high levels of unemployment during the current economic recovery. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljuly2012_300.pdf

June 6, 2012 - Comptroller of the Currency Testifies on Regulatory Reform and Supervision - Comptroller of the Currency Thomas J. Curry today testified before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-86.html

June 6, 2012 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/beigebook201206.htm

June 6, 2012 - Governor Daniel K. Tarullo - Dodd-Frank Act Implementation - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20120606a.htm

June 5, 2012 - NCUA - Hyland Leads Community Clean-Up Effort in D.C. - On Saturday June 2nd, National Credit Union Administration Board Member Gigi Hyland, who also serves as the current chairman of NeighborWorks®, led a team of volunteers taking part in a neighborhood clean-up project in Ivy City, located in northeast Washington, DC.  www.ncua.gov/News/Pages/NW20120605HylandWkEnd.aspx

June 5, 2012 - NCUA Releases First Quarterly U.S. Map Review - The National Credit Union Administration today released the first NCUA Quarterly U.S. Map Review featuring analysis of key financial indicators on a state-by-state basis for federally insured credit unions. www.ncua.gov/News/Pages/NW20120605Q1Map.aspx

June 5, 2012 - Payment Systems - Check Services.  www.federalreserve.gov/paymentsystems/check_data.htm

June 5, 2012 - Revised Interagency Examination Procedures for the Fair Credit Reporting Act.   www.federalreserve.gov/bankinforeg/caletters/caltr1205.htm

June 5, 2012 - Federal Reserve Board issues enforcement action against Mariner's Bancorp and termination of enforcement action with Paradise Bank.   www.federalreserve.gov/newsevents/press/enforcement/20120605a.htm

June 4, 2012 - Solid Economic Growth Expected in 2012 and 2013, According to Chicago Fed Automotive Outlook Symposium Participants.   www.chicagofed.org/digital_assets/others/events/2012/aos/aos_press_release.pdf

June 4, 2012 - The Federal Reserve Board on Monday announced that it has restructured the G.19 statistical release, Consumer Credit, to reflect regulatory filing changes for U.S.-chartered depository institutions and, in addition to the data currently reported on level of credit outstanding, the release will now report data on the flow of credit. www.federalreserve.gov/newsevents/press/other/20120604a.htm

June 4, 2012 - Agencies Sign Memorandum of Understanding on Supervisory Coordination - Five federal supervisory agencies today released a Memorandum of Understanding that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120604a.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12061.html 
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-85.html
Press Release: www.ncua.gov/News/Pages/NW20120604FFIEC.aspx

June 1, 2012 - NCUA - Telesis Community Credit Union Purchased by Premier America Credit Union - Telesis Community Credit Union Purchased by Premier America Credit Union - The California Department of Financial Institutions placed Telesis Community Credit Union of Chatsworth, Calif., into liquidation today and appointed the National Credit Union Administration as liquidating agent. Premier America Credit Union of Chatsworth, Calif., immediately purchased and assumed Telesis Community Credit Union’s members, deposits, core facilities, and consumer loans. www.ncua.gov/News/Pages/NW20120601Telesis.aspx

June 1, 2012 - NCUA - Credit Union Industry Assets Top $1 Trillion - Industry Earns $2.1 Billion for 21.9 Percent Increase in Quarterly Net Income as Membership Climbs 667,000 to 92.5 Million in First Quarter.  www.ncua.gov/News/Pages/NW20120601AssetsTrillion.aspx

June 1, 2012 - OCC Issues Third Quarter 2012 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 2012. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-84.html

June 1, 2012 - OCC Releases CRA Evaluations for 37 National Banks and Federal Savings Associations.  www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-83.html

June 1, 2012 - Reports to the Congress - Profitability of Credit Card Operations of Depository Institutions, 2012.  www.federalreserve.gov/publications/other-reports/files/housing-white-paper-20120104.pdf

June 1, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm