Bank Regulatory Agencies

Bank Regulatory News

March 2005

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March 31, 2005 - Roosevelt High School Students Win State 'Fed Challenge' Competition - A team of students from Roosevelt High School in Des Moines today won a state-wide competition testing their knowledge of how the Federal Reserve creates policy to foster a strong and stable economy. www.chicagofed.org/news_and_conferences/news/2005_03_31_ia_fed_challenge_release.cfm
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March 31, 2005 - Governor Susan Schmidt Bies - Home Mortgage Disclosure Act, Bank Secrecy Act, and Capital Issues - At the Financial Services Roundtable Annual Meeting, Palm Beach, Florida www.federalreserve.gov/boarddocs/speeches/2005/20050331/default.htm

March 31, 2005 - Capital Standards Supervisory Guidance on the Use of Internal Risk Ratings for Assigning Risk-Based Capital on Exposures to Asset-Backed Commercial Paper Programs - The FDIC, along with the other federal banking and thrift regulatory agencies, has issued the attached supervisory guidance that explains the qualifying criteria for using an internal risk-rating system for assigning risk-based capital on exposures to asset-backed commercial paper programs. www.fdic.gov/news/news/financial/2005/fil2605.html

March 31, 2005 - Agencies Announce Answers to Frequently Asked Questions About New HMDA Data - The federal bank, credit union, and thrift supervisory agencies, along with the Department of Housing and Urban Development, today released a set of "Answers to Frequently Asked Questions" that address the new home loan price data disclosed this year for the first time under the Home Mortgage Disclosure Act.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050331/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr3005.html
Press Release: www.ncua.gov/news/press_releases/2005/NR05-0331.pdf
Attachment: www.ncua.gov/GuidesManuals/HMDA_reporting/HMDAFAQ.pdf
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=IZLQRDB.xml
Attachment: www.occ.treas.gov/ftp/release/2005-37a.pdf

March 31, 2005 - The Federal Reserve Board on Thursday announced the issuance of a Cease and Desist Order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050331/default.htm

March 30, 2005 - The Financial Crimes Enforcement Network and the federal banking, thrift and credit union agencies issued today a statement to clarify their expectations regarding banking organizations' obligations under the Bank Secrecy Act when opening and maintaining accounts for money services businesses.
Press Release: www.occ.treas.gov/JointMSBStatement.pdf
Press Release: www.ncua.gov/news/press_releases/2005/NR05-0330.htm
Press Release: www.fdic.gov/news/news/financial/2005/fil2405.html
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0507.htm

March 30, 2005 - Statistical Release - E.2 Survey of Terms of Business Lending www.federalreserve.gov/releases/e2/current/default.htm

March 30, 2005 - Risk-Based Capital Treatment for Unrated Direct Credit Substitutes Extended to Asset-Backed Commercial Paper Programs - On November 29, 2001, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision amended their risk-based capital standards by adopting a new capital framework for banking organizations engaged in securitization activities. www.federalreserve.gov/boarddocs/srletters/2005/sr0506.htm

March 30, 2005 - The Federal Reserve Board on Wednesday announced its approval of the application filed pursuant to the Bank Holding Company Act by Banco Bilbao Vizcaya Argentaria, S.A., Bilbao, Spain, to acquire all of the outstanding shares of Laredo National Bancshares, Inc., Laredo, Texas; Laredo National Bancshares of Delaware, Inc., Wilmington, Delaware; and The Laredo National Bank and South Texas National Bank of Laredo, both of Laredo, Texas. www.federalreserve.gov/boarddocs/press/orders/2005/20050330/default.htm

March 30, 2005 - Governor Ben S. Bernanke - Implementing Monetary Policy At the Redefining Investment Strategy Education Symposium, Dayton, Ohio www.federalreserve.gov/boarddocs/speeches/2005/20050330/default.htm

March 30, 2005 - Deposit Insurance Publications - Two New Deposit Insurance Publications Available in Korean and Chinese - The FDIC is issuing two brochures for bank customers - Insuring Your Deposits and Your Insured Deposits: FDIC's Guide to Deposit Insurance Coverage - in Korean and Chinese. www.fdic.gov/news/news/financial/2005/fil2305.html

March 30, 2005 - Legal Interpretations - To Sherman Financial Group LLC clarifying its acquisition of control of First National Bank of Marin, Las Vegas, Nevada www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2005/20050218/default.htm

March 29, 2005 - FDIC Makes Public February Enforcement Actions; One Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in February. One administrative hearing is scheduled for April. www.fdic.gov/news/news/press/2005/pr2905.html

March 28, 2005 - Comments Requested on Proposed Classification of Commercial Credit Exposures - The federal bank and thrift regulatory agencies requested comment today on proposed changes to the supervisory framework for the classification of commercial credit exposures.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050328/default.htm
Press Release: www.occ.treas.gov/ftp/bulletin/2005-8.txt
Attachment: www.occ.treas.gov/fr/fedregister/70fr15681.pdf
Press Release: www.fdic.gov/news/news/press/2005/pr2805.html
Press Release: www.fdic.gov/news/news/financial/2005/fil2205.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=WYBRM5FH.xml
Attachment: www.occ.treas.gov/ftp/release/2005-36a.pdf
Press Release: www.ots.treas.gov/docs/7/77511.html

March 25, 2005 -Unauthorized Banking: Current List of OCC Alerts on Unauthorized Banking - The OCC issues alerts to provide information about entities engaged in unauthorized banking, both offshore and domestic. This alert provides an alphabetical listing of all such entities named in OCC alerts from 1996 to date.
Press Release: www.occ.treas.gov/ftp/alert/2005-6.txt
Attachment: www.occ.treas.gov/ftp/alert/2005-6a.pdf

March 25, 2005 - FRB Statistical Release Minority-Owned Banks. www.federalreserve.gov/Releases/mob/current/default.htm

March 25, 2005 - NCUA - Applications for Third-Party Intermediaries' Credit Union Training Program Grants are now available. www.ncua.gov/CreditUnionDevelopment/Programs/programs.html

March 25, 2005 - NCUA - Randolph County Federal Credit Union Closes - Member funds are insured and will be released within five days - The National Credit Union Administration has liquidated Randolph County Federal Credit Union of Elkins, W.Va. www.ncua.gov/news/press_releases/2005/NR05-03-25.htm

March 25, 2005 - FDIC Awards Contract for Information Technology Application Services - The Federal Deposit Insurance Corporation today announced the award of a Multiple Award Contract for Information Technology Application Services to Booz Allen Hamilton, IBM, Lockheed Martin and Pragmatics. www.fdic.gov/news/news/press/2005/pr2705.html
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March 24, 2005 - NCUA - March/April 2005 NCUA News is available. www.ncua.gov/news/newsletter/NCUA/05MarchApril.pdf

March 24, 2005 - NCUA General Counsel Opinion 04-1144 - Regional Regional Dividend Rates. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-1144.pdf

March 24, 2005 - The Federal Reserve Board on Thursday approved an action by the Board of Directors of the Federal Reserve Bank of Dallas increasing the discount rate at the Bank from 3-1/2 percent to 3-3/4 percent, effective immediately. On Wednesday, the Board approved an action by the Board of Directors of the Federal Reserve Bank of Kansas City increasing the discount rate at that Bank from 3-1/2 percent to 3-3/4 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2005/20050324/default.htm

March 24, 2005 - NCUA - Updated Consumer Compliance Manual is available.   www.ncua.gov/GuidesManuals/ConsumerCompliance/ComplianceManual.pdf

March 24, 2005 - NCUA - February 2005 Regional Directors Actions Taken Under Delegation of Authority is available. www.ncua.gov/ReportsAndPlans/delegated/FEB05.pdf

March 24, 2005 - Fair Credit Reporting Act: Final rule: Prescreen Opt-Out Disclosure This bulletin announces that the Federal Trade Commission published a final rule improving the required notice to consumers of their right to opt out of prescreened solicitations for credit or insurance. The rule was published on January 31, 2005, and becomes effective August 1.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-7.txt
Attachment: www.occ.treas.gov/fr/fedregister/70fr5021.pdf

March 23, 2005 - International Academy High School Students Win State 'Fed Challenge' Competition - A team of students from International Academy in Bloomfield Hills today won a state-wide competition testing their knowledge of how the Federal Reserve creates policy to foster a strong and stable economy. www.chicagofed.org/news_and_conferences/news/2005_03_23_fed_challenge_mi_state_winners.cfm

March 23, 2005 - Federal Bank and Thrift Regulatory Agencies Jointly Issue Interagency Guidance on Response Programs for Security Breaches - The federal bank and thrift regulatory agencies have jointly issued Interagency Guidance on Response Programs for Unauthorized Access to Customer Information and Customer Notice.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050323/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr2605.html
Press Release: www.ots.treas.gov/docs/7/77510.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=3FSRJOC3.xml
Attachment: www.occ.treas.gov/consumer/Customernoticeguidance.pdf

March 22, 2005 - OTS Lists 43 CRA Exams Scheduled for Second Quarter 2005 - The Office of Thrift Supervision announced today that 43 savings associations are scheduled for Community Reinvestment Act examinations during the second quarter of 2005. www.ots.treas.gov/docs/7/77509.html

March 22, 2005 - Community Reinvestment Act - The federal bank regulatory agencies are seeking comment on the attached proposed rule regarding the Community Reinvestment Act. The rule would reduce regulatory burden for banks with assets between $250 million and $1 billion, while encouraging meaningful community development loans, investments and services by these banks in their communities. Comments must be received by May 10, 2005. www.fdic.gov/news/news/financial/2005/fil2105.html

March 22, 2005 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and San Francisco.   www.federalreserve.gov/boarddocs/press/monetary/2005/20050322/default.htm

March 22, 2005 - Appraisal Regulations and the Interagency Statement on Independent Appraisal and Evaluation Functions: Frequently Asked Questions - This bulletin announces that the OCC, FRB, FDIC, OTS, and the NCUA are jointly issuing frequently asked questions concerning the independence of the collateral valuation process.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-6.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2005-6a.pdf
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0505.htm
Press Release: www.fdic.gov/news/news/financial/2005/fil2005.html

March 21, 2005 - Community Reinvestment Act: Notice of Proposed Rulemaking - This bulletin announces a recently published joint agency notice of proposed rulemaking concerning revisions to the agencies' CRA regulations. Four changes are proposed: increasing the threshold for a "small bank" to banks with assets of less than $1 billion; adding a new community development test; expanding the definition of community development; and revising the regulation to address the impact of illegal practices on a bank's CRA rating.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-5.txt
Attachment: www.occ.treas.gov/fr/fedregister/70fr12148.pdf

March 21, 2005 - Acting Comptroller Williams Highlights Changes in Retail Credit Products and Risks; Stresses Need for Lenders to Adjust Techniques for Measuring and Monitoring Risk In Retail Loan Portfolios - Acting Comptroller of the Currency Julie L. Williams said today that retail lending has undergone a dramatic transformation in recent years and she urged bankers to respond by altering the way they think about consumer credit and adopting new approaches to managing it.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=W9ZRJOJB.xml
Attachment: www.occ.treas.gov/ftp/release/2005-34a.pdf

March 21, 2005 - Optimal Inflation Persistence: Ramsey Taxation with Capital and Habits - Sanjay Chugh - Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital.   www.federalreserve.gov/pubs/ifdp/2005/829/ifdp829.pdf

March 18, 2005 - NCUA - Proposed Regulation - Audit Requirement for Credit Union Service Organizations.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-712-12.pdf

March 18, 2005 - OCC Announces New Electronic Interpretations and Actions - March 2005. www.occ.treas.gov/interp/mar05/intmar05.htm

March 18, 2005 - Chairman Alan Greenspan - Empowering Communities, Attracting Development Capital, and Creating Opportunities At the 2005 National Community Reinvestment Coalition Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050318/default.htm ____________________________

March 17, 2005 - NCUA - Results of the March 17, 2005 NCUA Board Meeting are available. www.ncua.gov/NCUABoard/board_reports/board_reports.html

March 17, 2005 - NCUA Board Approves Pilot Investment Program Designed To Enhance Credit Union Member Business Lending. www.ncua.gov/news/press_releases/2005/NR05-0317.htm

March 17, 2005 - FRB Statistical Release - U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks. www.federalreserve.gov/Releases/bulletin/0205assets.htm

March 17, 2005 - Reports of Condition and Income for First Quarter 2005 - The enclosed materials pertain to the Reports of Condition and Income for the March 31, 2005, report date. www.fdic.gov/news/news/financial/2005/fil1705.html

March 16, 2005 - Structure and Share Data for U.S. Offices of Foreign Banks - Structure and share data are collected as of the end of the month for March, June, September, and December and generally are released four months after the as-of month. www.federalreserve.gov/Releases/Iba/default.htm

March 16, 2005 - The Federal Reserve Board on Wednesday announced its approval of the application filed by Citigroup Inc., New York, New York, to acquire First American Bank, SSB, Bryan, Texas, immediately upon its conversion to a national bank. www.federalreserve.gov/boarddocs/press/orders/2005/20050316/default.htm

March 16, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson -National Credit Union Administration Chairman JoAnn Johnson issued the following statement today regarding H.R. 749, The Expanded Access to Financial Services Act of 2005. http://www.ncua.gov/news/press_releases/2005/ST05-03-16.htm

March 16, 2005 - National Credit Union Administration Issues Prohibition Orders- The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions. www.ncua.gov/news/press_releases/2005/NR05-03-16.htm

March 16, 2005 - OCC Announces 34 Enforcement Actions and Six Terminations - The Office of the Comptroller of the Currency today announced 34 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and six terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-33.htm

March 16, 2005 - OCC Releases CRA Evaluations For 21 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 February 15, 2004 through March 14, 2005. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=TTE12F02.xml

March 16, 2005 - FDIC to Hold Public Hearing on Preemption Petition - The Federal Deposit Insurance Corporation has scheduled a public hearing on May 24, 2005, on a preemption petition from the Financial Services Roundtable, a trade association for integrated financial services companies. www.fdic.gov/news/news/press/2005/pr2505.html

March 16, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against the Midwest Bankcentre, St. Louis, Missouri, a state member bank. Midwest Bankcentre, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2005/200503163/default.htm

March 16, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against the HomeFederal Bank, Columbus Ohio, a state member bank. HomeFederal Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2005/200503162/default.htm

March 16, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against the First Interstate Bank, Billings, Montana, a state member bank. First Interstate Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050316/default.htm

March 16, 2005 - Consumer Affairs Letters - Consumer Affairs letters address significant policy and procedural matters related to the Federal Reserve System's consumer compliance supervisory responsibilities. The letters are sent to banking supervision staff at the Board and the Reserve Banks and, in some instances, to supervised banking organizations. www.federalreserve.gov/boarddocs/caletters/default.htm

March 16, 2005 - Industrial Production - Industrial production increased 0.3 percent in February after an upwardly revised gain of 0.1 percent in January; the increases in November and in December were also revised up slightly. In February, manufacturing output rose 0.5 percent, the output of mines advanced 0.2 percent, and the output of utilities fell 1.1 percent. At 118.4 percent of the 1997 average, overall industrial output in February was 3.5 percent above its February 2004 level. The rate of capacity utilization for total industry in February rose 0.2 percentage point, to 79.4 percent, a rate 1.6 percentage points below its 1972-2004 average. www.federalreserve.gov/releases/g17/current/default.htm

March 15, 2005 - Federal Reserve Bank Of Kansas City Announces Sale Of Headquarters Building - The Federal Reserve Bank of Kansas City announces it has reached agreement on the sale of its headquarters building at 925 Grand Blvd. and surrounding properties to Townsend, LLC. www.kc.frb.org/pubaffrs/pressrel/pr05-05.htm

March 15, 2005 - Deposit Insurance Coverage Video-Overview on Deposit Insurance Coverage for Bank Employees and Customers - The FDIC has produced a video on CD-ROM for bank employees and bank customers about the FDIC's rules and requirements for deposit insurance coverage. www.fdic.gov/news/news/financial/2005/fil1605.html

March 15, 2005 - John Wagner Named Director for Bank Secrecy Act and Anti-Money Laundering Compliance - The Office of the Comptroller of the Currency announced today that John Wagner is the new Director for Bank Secrecy Act and Anti-Money Laundering Compliance. He will report to Deputy Comptroller Ann Jaedicke. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=NAEIRZ91.xml

March 15, 2005 - Chairman Alan Greenspan - Future of the Social Security program and economics of retirement Before the Special Committee on Aging, U.S. Senate. www.federalreserve.gov/boarddocs/testimony/2005/20050315/default.htm

March 14, 2005 - Acting Comptroller Williams Tells International Bankers Of Challenges Ahead, OCC Commitment to Integrity of Basel Rulemaking Process - Acting Comptroller of the Currency Julie L. Williams said today in a speech before the Institute of International Bankers that the greatest challenges in the Basel process lie ahead.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=FC7GR7K.xml
Attachment: www.occ.treas.gov/ftp/release/2005-30a.pdf

March 14, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson - National Credit Union Administration Chairman JoAnn Johnson issued the following statement today regarding the passage of S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. www.ncua.gov/news/press_releases/2005/ST05-03-14.htm

March 14, 2005 - NCUA - Matz Announces Summer PALS Workshop to Help Credit Unions "Knock Out Predatory Lenders and Improve Your Bottom Line" www.ncua.gov/news/press_releases/2005/NR05-03-14.htm

March 14, 2005 - Remarks by Donald E. Powell Chairman, Before ICBA National Convention San Antonio, Texas March 12, 2005. www.fdic.gov/news/news/press/2005/pr2405.html

March 14, 2005 - Governor Susan Schmidt Bies - Bank Secrecy Act and Capital Compliance Issues At the Institute of International Bankers Annual Washington Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050314/default.htm

March 11, 2005 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. The list includes only the top-tier company in each organization. www.federalreserve.gov/GeneralInfo/FHC/default.htm

March 11, 2005 - NCUA - Letter To Credit Unions 05-CU-05 - Community Development Revolving Loan Fund Technical Assistance Grant Program.   www.ncua.gov/letters/2005/CU/05-CU-05.pdf

March 11, 2005 - NCUA General Counsel Opinion 05-0115 - Electronic Remote Deposit Service for Members. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0115.pdf

March 11, 2005 - OCC Reports Derivatives Volume Continues to Increase - Derivates held by U.S. commercial banks increased by $3.7 trillion in the fourth quarter of 2004, to $87.9 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=VVXPA5OA.xml
Attachment: www.occ.treas.gov/ftp/deriv/dq404.pdf

March 11, 2005 - Acting Comptroller Williams Tells Bankers Regulatory Burden Relief Should be a National Priority - Acting Comptroller of the Currency Julie L. Williams told an audience of community bankers today that compliance requirements represent a serious drain on their resources and said regulatory relief should be a national priority.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=0BUIEUW.xml
Attachment: www.occ.treas.gov/ftp/release/2005-29a.pdf

March 11, 2005 - Federal Banking Agencies Publish Proposed Revisions to Community Reinvestment Act Regulations - The federal banking agencies today published a joint notice of proposed rulemaking in the Federal Register that would revise certain provisions in their regulations implementing the Community Reinvestment Act.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050311/default.htm
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=CRWOIKPC.xml
Attachment: www.occ.treas.gov/ftp/release/2005-27a.pdf

March 11, 2005 - Chairman Alan Greenspan - Bank regulation Before the Independent Community Bankers of America National Convention, San Antonio, Texas www.federalreserve.gov/boarddocs/speeches/2005/20050311/default.htm
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March 10, 2005 - NCUA General Counsel Opinion 04-0936 - Disparate Impact Discrimination Inquiry. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2004/04-0936.pdf

March 10, 2005 - NCUA - Agenda for the March 17, 2005 NCUA Board Meeting is available. www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-0317.htm

March 10, 2005 - FDIC Makes Public January Enforcement Actions; One Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in January. One administrative hearing is scheduled for March. www.fdic.gov/news/news/press/2005/pr2205.html

March 10, 2005 - Statistical Release - Household Debt-Service Burden - 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

March 10, 2005 - NCUA - TAG Grant Guidelines are available. www.ncua.gov/CreditUnionDevelopment/Programs/TAG2005.pdf

March 10, 2005 - NCUA Chairman Johnson Announces 2005 Technical Assistance Grant Program For Low-Income Designated Credit Unions.   www.ncua.gov/news/press_releases/2005/NR05-0309.pdf

March 10, 2005 - The FDIC Reports on How Banking Institutions are Managing the Challenges from Rising Interest Rates - Rising short-term interest rates and a flattening yield curve are posing challenges for FDIC-insured institutions in terms of their ability to maintain interest margins, limit credit losses and fund asset growth. How the banking industry is addressing these challenges is the subject of a series of articles issued today by the Federal Deposit Insurance Corporation in the Spring 2005 issue of FDIC Outlook. www.fdic.gov/news/news/press/2005/pr2105.html

March 9, 2005 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts www.federalreserve.gov/fomc/beigebook/2005/20050309/default.htm

March 9, 2005 - The Federal Financial Institutions Examination Council is pleased to announce that Steven L. Antonakes was appointed as a member of the State Liaison Committee to replace Helen Howell, former Commissioner of Banks for Washington State. www.ffiec.gov/press/pr030905.htm

March 8, 2005 - NCUA - KO-AM Federal Credit Union Closes - Member funds are insured and will be released within five days - The National Credit Union Administration has liquidated KO-AM Federal Credit Union of Oakland, California. www.ncua.gov/news/press_releases/2005/NR05-03-08.htm

March 8, 2005 - Governor Ben S. Bernanke - The Economic Outlook - At a Finance Committee luncheon of the Executives' Club of Chicago, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2005/20050308/default.htm

March 7, 2005 - Statistical Release G.19 Consumer Credit - Consumer credit increased at an annual rate of 6-1/2 percent in January, up from a 4-3/4 percent pace in the fourth quarter. Both revolving and nonrevolving credit posted moderate gains in January. www.federalreserve.gov/releases/g19/current/default.htm

March 7, 2005 - FDIC Issues March List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly 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 December 2004. www.fdic.gov/news/news/press/2005/pr2005.html

March 7, 2005 - A Nonlinear Look at Trend MFP Grwoth and the Business Cycle: Result from a Hybrid Kalman/Markov Switching Model Mark W. French - The cycle in output and hours worked is not symmetric: it behaves differently around recessions than in expansions. Similarly, the trend in multifactor productivity (MFP) seems to pass through different regimes; there was an extended period of slow MFP growth from about 1973 through 1995, and faster growth thereafter. www.federalreserve.gov/pubs/feds/2005/200512/200512pap.pdf

March 7, 2005 - Job-Hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundation of a High Technology Cluster - In Silicon Valley's computer cluster, skilled employees are reported to move rapidly between competing firms. If true, this job-hopping facilitates the reallocation of resources towards firms with superior innovations, but it also creates human capital externalities that reduce incentives to invest in new knowledge. www.federalreserve.gov/pubs/feds/2005/200511/200511pap.pdf

March 7, 2005 - Banking Structure Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/generalinfo/fhc/default.htm

March 7, 2005 - FRB Statistical Release - Large Commercial Banks - Insured U.S. - Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as December 31, 2004. www.federalreserve.gov/releases/lbr/current/default.htm

March 4, 2005 - NCUA - Letter to Credit Unions 05-CU-03 -Overdraft Protection Programs. www.ncua.gov/letters/2005/CU/05-CU-03.pdf

March 4, 2005 - NCUA - Matz Announces Agenda for Free PALS Workshop on April 28 in St. Louis, Missouri. www.ncua.gov/news/press_releases/2005/NR05-03-04.htm

March 4, 2005 - The OCC issues a civil money penalty against City National Bank, Beverly Hills, California. www.occ.treas.gov/ftp/eas/EA2005-17.pdf

March 4, 2005 - OCC enters into a consent order with City National Bank, Beverly Hills, California. www.occ.treas.gov/ftp/eas/EA2005-16.pdf

March 4, 2005 - Toney Bland Named Deputy Comptroller of Northeastern District - The Office of the Comptroller of the Currency announced today that Toney Bland has been appointed Deputy Comptroller of the Northeastern District. Mr. Bland will report to Timothy W. Long, Senior Deputy Comptroller for Mid-Size/Community Banks. He replaces Fred Finke, who now serves as Basel II senior policy liaison. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=JEDM32R7.xml

March 4, 2005 - Federal Open Market Committee 1999 meeting transcripts. www.federalreserve.gov/fomc/transcripts/transcripts_1999.htm

March 3, 2005 - Sharon Priest Appointed to St. Louis Fed's Little Rock Branch Board - The board of directors of the Federal Reserve Bank of St. Louis has appointed Sharon Priest, executive director of The Downtown Partnership, to fill the unexpired portion of a three-year term on the board of directors of the St. Louis Fed's Little Rock Branch. www.stlouisfed.org/news/releases/2005/3_03_05.html

March 2, 2005 - St. Louis Fed Study Analyzes History of Social Security vs. Private Retirement Accounts - With most indicators pointing to the Social Security system becoming insolvent in the next several decades, an analysis by the Federal Reserve Bank of St. Louis suggests that a great majority of current retirees would have higher retirement income with private accounts than the present system. http://www.stlouisfed.org/news/releases/2005/3_02_05.html

March 1, 2005 - Land Value and Credit Conditions Survey - Representatives of participating banks provide information quarterly on land values and credit conditions in the areas they serve. The next Land Value and Credit Conditions Survey will be available April 1st. www.chicagofed.org/economic_research_and_data/ag_conditions.cfm
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March 3, 2005 - Chairman Alan Greenspan - The tax system Before the President's Advisory Panel on Federal Tax Reform, Washington, D.C. www.federalreserve.gov/boarddocs/testimony/2005/20050303/default.htm

March 2, 2005 - Governor Edward M. Gramlich - The Importance of Raising National Saving At the Benjamin Rush Lecture, Dickinson College, Pennsylvania www.federalreserve.gov/boarddocs/speeches/2005/20050302/default.htm

March 2, 2005 - NCUA Chairman JoAnn Johnson's Statement Regarding the Net Worth Amendment For Credit Unions Act. www.ncua.gov/news/press_releases/2005/ST05-03-02.htm

March 2, 2005 - Federal Reserve Bulletin - All articles, legal developments, and announcements from the Winter 2005 issue. www.federalreserve.gov/pubs/bulletin/default.htm

March 2, 2005 - The Federal Reserve Board on Wednesday released the minutes of its discount rate meetings from January 3 through February 2, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20050302/default.htm

March 2, 2005 - OCC Publishes Edition of Insights Addressing Individual Development Accounts - The Office of the Comptroller of the Currency today published an edition of Community Developments Insights addressing Individual Development Accounts, or IDAs. "Individual Development Accounts: An Asset Building Product for Lower-Income Consumers" describes how banks can use these matched savings programs as a tool to encourage lower-income persons and families to save money and thus build assets for particular financial goals.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=EQI3IFRB.xml
Attachment: www.occ.treas.gov/ftp/release/2005-25a.pdf

March 2, 2005 - Office Of Foreign Assets Control - The Department of the Treasury's Office of Foreign Assets Control has amended the Cuban Assets Control Regulations regarding authorized sales of agricultural exports to Cuba. www.fdic.gov/news/news/financial/2005/fil1505.html

March 2, 2005 - Payday Lending Programs - The FDIC is issuing the attached revised examination guidance on payday lending programs. The revisions provide more specific guidance to FDIC-supervised institutions to ensure that this high-cost, short-term credit product is not provided repeatedly to customers with longer-term credit needs. There is currently a small number of FDIC-supervised institutions engaged in payday lending. www.fdic.gov/news/news/financial/2005/fil1405.html

March 2, 2005 - FDIC Revises Payday Lending Guidance - The Federal Deposit Insurance Corporation today revised and clarified its July 2003 examination guidance for FDIC-supervised institutions that offer payday loans. Payday loans are small-dollar, unsecured, short-term advances that have high fees relative to the size of the loan. www.fdic.gov/news/news/press/2005/pr1905.html

March 2, 2005 - Investment-Specific and Multifactor Productivity in Multi-Sector Open Economies: Data and Analysis - Luca Guerrieri; Dale W. Henderson; Jinill Kim - In the last half of the 1990s, labor productivity growth rose in the U.S. and fell almost everywhere in Europe. We document changes in both capital deepening and multifactor productivity growth in both the information and communication technology and non-ICT sectors. www.federalreserve.gov/pubs/ifdp/2005/828/ifdp828.pdf

March 2, 2005 - Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies - Hilary Croke; Steven B. Kamin; Sylvain Leduc - Much has been written about prospects for U.S. current account adjustment, including the possibility of what is sometimes referred to as a "disorderly correction": a sharp fall in the exchange rate that boosts interest rates, depresses stock prices, and weakens economic activity. This paper assesses some of the empirical evidence bearing on the likelihood of the disorderly correction scenario, drawing on the experience of previous current account adjustments in industrial economies. www.federalreserve.gov/pubs/ifdp/2005/827/ifdp827.pdf

March 2, 2005 - International Risk-Sharing and the Transmission of Productivity Shocks - Giancarlo Corsetti; Luca Dedola; Sylvain Leduc - A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to efficient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that a standard international business cycle model with incomplete asset markets augmented with distribution services can account quantitatively for these properties of real exchange rates. www.federalreserve.gov/pubs/ifdp/2005/826/ifdp826.pdf

March 2, 2005 - Chairman Alan Greenspan - Economic outlook and current fiscal issues Before the Committee on the Budget, U.S. House of Representatives www.federalreserve.gov/boarddocs/testimony/2005/20050302/default.htm

March 1, 2005 - OCC Issues Second Quarter 2005 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 second quarter of 2005.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=8X3V7RN.xml
Attachment: www.occ.treas.gov/cra/craq205.pdf

March 1, 2005 - The Federal Reserve Board on Tuesday requested public comment on a proposal to amend its Regulation CC to set forth rules governing remotely created checks. In place of a signature, a remotely created check generally bears a statement that the customer authorized the check or bears the customer's printed or typed name. www.federalreserve.gov/boarddocs/press/bcreg/2005/200503012/default.htm

March 1, 2005 - The Federal Reserve Board on Tuesday announced the issuance of a Final Decision and Order of Prohibition against Kenneth L. Coleman, a former employee of PNC Bank and Mellon Bank, N.A., both of Pittsburgh, Pennsylvania. www.federalreserve.gov/boarddocs/press/Enforcement/2005/200503012/default.htm

March 1, 2005 - NCUA - Board Member Matz's speech to the Credit Union National Association's Governmental Affairs Conference www.ncua.gov/news/speeches/2005/matz/MatzGAC2005.pdf

March 1, 2005 - NCUA General Counsel Opinion 05-0135 - Interest-Only Payments in a Home Equity Line of Credit Program www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0135.pdf

March 1, 2005 - NCUA - Matz Urges Credit Unions to Knock Out Predatory Lenders - In an impassioned speech to 4,000 participants at the Credit Union National Association's Governmental Affairs Conference, NCUA Board Member Debbie Matz suggested that credit unions "look beyond banks and challenge other, perhaps more menacing, opponents - predatory lenders." www.ncua.gov/news/press_releases/2005/NR05-03-01.htm

March 1, 2005 - OCC Enters Into Formal Written Agreement with Huntington National Bank - The Office of the Comptroller of the Currency announced today a formal written agreement, dated February 28, 2005, was entered into with Huntington National Bank, Columbus, Ohio. The agreement addresses management, internal audit, accounting policy and procedures, and allowance for loan and lease losses.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=6UN0HVKR.xml
Attachment: www.occ.treas.gov/ftp/release/2005-23a.pdf

March 1, 2005 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In February 2005 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/default.htm

March 1, 2005 - The Federal Reserve Board on Tuesday adopted a final rule that allows the continued limited inclusion of trust preferred securities in the tier 1 capital of bank holding companies. Under the final rule, trust preferred securities and other restricted core capital elements will be subject to stricter quantitative limits. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050301/default.htm

March 1, 2005 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Huntington Bancshares Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050301/default.htm

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