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

The Community Banker
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Bank Regulatory News

March 2008

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March 31, 2008 - Profitwise News and Views Now Online - Latest issue looks at initiatives underway to prevent foreclosures. www.chicagofed.org/community_development/profitwise_news_and_views.cfm 

March 31, 2008 - NCUA - Statement of NCUA Board in Response to Treasury Department Report on Financial Regulatory Structure - The Executive Summary of the Treasury Report raises important issues about the optimal structure for governmental oversight of U.S. financial markets. While NCUA agrees with the premise of the report that the ultimate objective of that oversight is "a sound and competitive financial services industry grounded in robust consumer protection and stable and innovative markets," we have significant concerns that the many consumer benefits of the credit union system would be threatened by any restructuring proposal that may blur the credit union charter and that eliminates the separate regulatory and insurance function for federally insured credit unions. www.ncua.gov/news/press_releases/2008/MR08-0331.htm 

March 31, 2008 - "Management Turnover, Regulatory Oversight, and Performance: Evidence from Banks," by Ajay A. Palvia - Finds that turnover in bank management resulting from regulatory supervision is positively related to a bank's future performance. www.occ.treas.gov/ftp/workpaper/wp2008-1.pdf 

March 31, 2008 - Statement of Comptroller of the Currency John C. Dugan On the Department of Treasury Blueprint for a Stronger Regulatory Structure - Comptroller of the Currency John C. Dugan today issued the following statement on the Department of Treasury Blueprint for a Modernized Financial Regulatory Structure. www.occ.treas.gov/ftp/release/2008-35.htm 

March 31, 2008 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Arkansas Affected by Severe Storms, Tornadoes and Flooding - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Arkansas affected by recent severe storms, tornadoes and flooding. www.fdic.gov/news/news/financial/2008/fil08027.html 

March 31, 2008 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/ 

March 31, 2008 - Federal Reserve Banks Announce Restructuring Schedule Changes As Electronic Check Processing Continues to Accelerate - The Federal Reserve Banks today announced modifications to the schedule for previously announced check processing infrastructure changes as consumers and businesses continue the shift from using paper checks toward electronic payments and as financial institutions rapidly adopt electronic check processing. www.federalreserve.gov/newsevents/press/other/20080331a.htm 

March 28, 2008 - Federal Reserve Chairman to Speak at Conference - Ben S. Bernanke will be a keynote speaker at the 44th annual Conference on Bank Structure and Competition. www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc.cfm 

March 28, 2008 - Statistical Release - G.17 Industrial Production and Capacity Utilization - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization. Although rates of change from January 1972 through February 2008 are affected, the revision has its largest impact on data from 2003 onward. Relative to earlier estimates, measured from fourth quarter to fourth quarter, total IP is now reported to have increased more slowly in 2006, but changes to output in other recent years were more modest. www.federalreserve.gov/releases/g17/Revisions/Current/default_rev.htm 

March 28, 2008 - Cross-border Bank Acquisitions: Is there a Performance Effect? - Ricardo Correa - This paper uses a unique database that includes deal and bank balance sheet information for 220 cross-border acquisitions between 1994 and 2003 to analyze the characteristics and performance effects of international takeovers on target banks. A discrete choice estimation shows that banks are more likely to get acquired in a cross-border deal if they are large, bad performers, in a small country, and when the banking sector is concentrated. www.federalreserve.gov/pubs/ifdp/2008/922/ifdp922.htm 

March 28, 2008 - Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility on April 7 and April 21, 2008 www.federalreserve.gov/newsevents/press/monetary/20080328a.htm
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March 27, 2008 - Federal Reserve Chairman to Speak at Conference - Ben S. Bernanke will be a keynote speaker at the 44th annual Conference on Bank Structure and Competition. www.chicagofed.org/news_and_conferences/conferences_and_events/2008_bsc.cfm 

March 27, 2008 - OCC Announces New Electronic Interpretations and Actions - March 2008.  www.occ.treas.gov/interp/mar08/intmar08.htm 

March 27, 2008 - The Federal Reserve Board on Thursday announced its approval of the notice under section 4 of the Bank Holding Company Act by The Royal Bank of Scotland Group plc, Edinburgh, Scotland, to engage, on a limited basis, in physical commodity trading, energy management services, and energy tolling as activities that are complementary to a financial activity. www.federalreserve.gov/newsevents/press/orders/20080327b.htm 

March 27, 2008 - The Federal Reserve Board on Thursday announced that public meetings will be held next month in Los Angeles, California, and Chicago, Illinois, on the notice by Bank of America Corporation to acquire Countrywide Financial Corporation. www.federalreserve.gov/newsevents/press/orders/20080327a.htm 

March 27, 2008 - Fiduciary Activities of National Banks - Annual Reviews of Fiduciary Accounts Pursuant to 12 CFR 9.6(c) - The Office of the Comptroller of the Currency is providing guidance to national banks on the annual review requirement contained in OCC fiduciary regulation 12 CFR 9.6(c). Under the regulation, at least once during every calendar year, a national bank is required to conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account. www.occ.treas.gov/ftp/bulletin/2008-10.html 

March 27, 2008 - Regulatory Relief Guidance to Help Financial Institutions and to Facilitate Recovery In Areas of Missouri Affected by Severe Storms and Flooding - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Missouri affected by recent severe storms and flooding. www.fdic.gov/news/news/financial/2008/fil08025.html 

March 27, 2008 - Governor Randall S. Kroszner - Protecting Homeowners and Sustaining Homeownership - At the National Association of Hispanic Real Estate Professionals Legislative Conference 2008, Washington, D.C. www.federalreserve.gov/newsevents/speech/kroszner20080327a.htm 

March 26, 2008 - Statistical Release - E.15 Agricultural Finance Databook.   www.federalreserve.gov/releases/e15/default_2008.htm

March 26, 2008 - William Haas Named Deputy Comptroller for Midsize Banks - William Haas was named the Deputy Comptroller for Midsize Bank Supervision, the Office of the Comptroller of the Currency announced today. He will be based in Chicago and will replace Jennifer Kelly, who will become Senior Deputy Comptroller for Mid-Size and Community Bank Supervision. www.occ.treas.gov/ftp/release/2008-34.htm 

March 26, 2008 - Deposit Insurance Assessments - Notice of Proposed Rulemaking on Dividends - The FDIC Board of Directors has approved the attached Notice of Proposed Rulemaking, which seeks comments on regulations to implement dividend requirements in the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Conforming Amendments Act of 2005. www.fdic.gov/news/news/financial/2008/fil08024.html 

March 25, 2008 - NCUA Issues Prohibition Orders.  www.ncua.gov/news/press_releases/2008/MR08-0325.htm 

March 25, 2008 - Legal Interpretations = Banking Holding Company/Change in Control, January 8, 2008.   www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20080108.pdf 

March 25, 2008 - Proposal to approve under OMB delegated authority the extension for three years, with revision, of the following reports: FR Y-3, FR Y-3N, FR Y-4, FR K-1 and FR 1379.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

March 25, 2008 - William Poole, president of the Federal Reserve Bank of St. Louis, has accepted positions at the Cato Institute in Washington, D.C., and the University of Delaware in Newark, Del. www.stlouisfed.org/news/releases/2008/03_25_08b.html 

March 25, 2008 - Dr. James B. Bullard has been appointed president and chief executive officer of the Federal Reserve Bank of St. Louis by the bank's board of directors. Board Chairman Irl F. Engelhardt said the appointment occurred yesterday after an extensive search by the board and was approved by the Board of Governors of the Federal Reserve System. www.federalreserve.gov/newsevents/press/other/20080325b.htm 

March 25, 2008 - Federal Reserve Study Reveals Biggest Share of Checks Are Consumer to Business - The Federal Reserve's 2007 study of the composition of the check market released today shows that nearly 50 percent of checks written are consumer-to-business checks. The Check Sample Study reports on the composition of the check market based on responses from nine large financial institutions that together account for about one quarter of total U.S. paid check volume. www.federalreserve.gov/newsevents/press/other/20080325a.htm 

March 25, 2008 - On March 24, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080325a.htm 

March 24, 2008 - Community Reinvestment Act: Income Level, Median Family Income - U.S. Census and Department of Housing and Urban Development data are used to determine income levels of geographies in Community Reinvestment Act performance evaluations. www.occ.treas.gov/ftp/bulletin/2008-9.html 

March 24, 2008 - Lending Limits: Interim Final Rule - Interim final rule allows the OCC to approve exceptions to the national bank lending limit for essential funding transactions in emergencies. www.occ.treas.gov/ftp/bulletin/2008-8.html 

March 24, 2008 - Payment Systems - Quarterly Fedwire data through 2007: Q4 - Annual and quarterly data are available on Fedwire transfers of funds and book-entry securities and on National Settlement Service transactions. The average daily volume and average daily value of transfers are based on the number of business days in each period. www.federalreserve.gov/paymentsystems/fedwire/wirequarterly.htm

March 24, 2008 - February Economic Activity Sluggish - The Chicago Fed National Activity Index was -1.04 in February, down from -0.68 in January. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

March 24, 2008 - On March 24, 2008, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility www.federalreserve.gov/newsevents/press/monetary/20080324a.htm 

March 21, 2008 - OCC Releases CRA Evaluations For 32 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, 2008 through March 14, 2008. www.occ.treas.gov/ftp/release/2008-33.htm 

March 21, 2008 - The Trajectory of Wealth in Retirement - David A. Love, Michael G. Palumbo, and Paul A. Smith - As the baby boomers begin to retire, a great deal remains unknown about the evolution of wealth toward the end of life. In this paper, we develop a new measure of household resources that converts total financial, nonfinancial, and annuitized assets into an expected annual amount of wealth per person. We use this measure, which we call "annualized comprehensive wealth," to investigate spend-down behavior among older households in the Health and Retirement Study. www.federalreserve.gov/pubs/feds/2008/200813/index.html 

March 21, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks www.federalreserve.gov/releases/bulletin/0208assets.htm 

March 21, 2008 - Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance - The federal bank, thrift, credit union, and Farm Credit System regulatory agencies today requested public comment on new and revised interagency questions and answers regarding flood insurance.
Press Release: www.fdic.gov/news/news/press/2008/pr08026.html 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20080321a.htm 
Press Release: www.fdic.gov/news/news/financial/2008/fil08023.html 
Press Release: www.occ.treas.gov/ftp/release/2008-32.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2008-7.html 
Press Release: www.ots.treas.gov/docs/7/778012.html 
Press Release: www.ncua.gov/news/press_releases/2008/MR08-0321.htm
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March 20, 2008 - The Federal Reserve Board announced Thursday that it will publish the annual revision to the G.17 statistical release, Industrial Production and Capacity Utilization, on Friday, March 28, at 2 p.m. EDT. www.federalreserve.gov/newsevents/press/other/20080320a.htm 

March 20, 2008 - The Federal Reserve Board on Thursday approved action by the Board of Directors of the Federal Reserve Bank of Philadelphia, decreasing the discount rate at the Banks from 3-1/2 percent to 2-1/2 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080320a.htm

March 20, 2008 - NCUA - Results of the 03/20/2008 NCUA Board Meeting are available.  www.ncua.gov/NCUABoard/board_reports/BAB08-0320.pdf

March 19, 2008 - Statistical Supplement to the Federal Reserve Bulletin - February 2008.   www.federalreserve.gov/pubs/supplement/2008/02/default.htm 

March 19, 2008 - St. Louis Fed Introduces "Burgundy Book" of Memphis Regional Economy - the Federal Reserve Bank of St. Louis will release its first-ever "Burgundy Book." Similar to the Fed's Beige Book, the quarterly Burgundy Book will provide a more detailed summary of economic data for the Memphis region, which covers 21 counties in western Tennessee and 39 counties in northern Mississippi. www.stlouisfed.org/news/releases/2008/03_19_08Memphis.html 

March 19, 2008 - St. Louis Fed Introduces "Burgundy Book" of Louisville Regional Economy - the Federal Reserve Bank of St. Louis will release its first-ever "Burgundy Book." Similar to the Fed's Beige Book, the quarterly Burgundy Book will provide a more detailed summary of economic data for the Louisville region, which covers 64 counties in western Kentucky and 24 counties in southern Indiana. www.stlouisfed.org/news/releases/2008/03_19_08Louisville.html 

March 19, 2008 - St. Louis Fed Introduces "Burgundy Book" of Little Rock Regional Economy - the Federal Reserve Bank of St. Louis will release its first-ever "Burgundy Book." Similar to the Fed's Beige Book, the quarterly Burgundy Book will provide a more detailed summary of economic data for the Little Rock region. www.stlouisfed.org/news/releases/2008/03_19_08LittleRock.html 

March 19, 2008 - St. Louis Fed Introduces "Burgundy Book" of St. Louis Regional Economy - the Federal Reserve Bank of St. Louis will release its first-ever "Burgundy Book." Similar to the Fed's Beige Book, the quarterly Burgundy Book will provide a more detailed summary of economic data for the St. Louis region, which covers 71 counties in eastern Missouri and 45 counties in southern Illinois. www.stlouisfed.org/news/releases/2008/03_19_08Stls.html 

March 19, 2008 - The Federal Reserve Board on Wednesday approved actions by the Boards of Directors of the Federal Reserve Banks of Richmond and Minneapolis, decreasing the discount rate at the Banks from 3-1/4 percent to 2-1/2 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080319a.htm 

March 19, 2008 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action of enforcement actions CAB Holding, LLC Cease and Desist Order dated May 6, 2004 Terminated March 13, 2008. www.federalreserve.gov/newsevents/press/enforcement/20080319a.htm 

March 19, 2008 - The Federal Financial Institutions Examination Council released an updated Business Continuity Planning Booklet, which replaces the version issued in March 2003. The Business Continuity Planning Booklet is one of 12 that, in total, comprise the FFIEC IT Examination Handbook. 
Press Release: www.occ.treas.gov/ftp/bulletin/2008-6.html 
Press Release: www.ots.treas.gov/docs/7/778011.html 
Press Release : www.ffiec.gov/press/pr031908.htm 
Press Release: www.ncua.gov/news/press_releases/2008/MR08-0319.htm 
Press Release: www.federalreserve.gov/boarddocs/srletters/2008/SR0803.htm 

March 19, 2008 - FDIC Highlights Bank Strategies for Encouraging Low- and Moderate-Income Households to Save - FDIC Quarterly Also Reports on Feasibility of Raising Insurance Coverage for Municipal Deposits - In the current issue of FDIC Quarterly, released today, the FDIC examines the challenges that lower-income households face in increasing personal saving, incentives banks have for encouraging these households to build assets, and strategies for banks to broaden their relationships with these customers. The FDIC also reports on the results of a congressionally mandated study on the feasibility of increasing insurance coverage for municipal deposits. www.fdic.gov/news/news/press/2008/pr08025.html 

March 18, 2008 - NCUA - Enclosed is a report highlighting credit union financial trends for 2007. We based our analysis on data compiled from the quarterly call reports submitted by all federally insured credit unions. www.ncua.gov/letters/2008/CU/08-CU-04.pdf 

March 18, 2008 - The Federal Reserve Board on Tuesday approved actions by the Boards of Directors of the Federal Reserve Banks of Cleveland, Chicago, and Kansas City, decreasing the discount rate at the Banks from 3-1/4 percent to 2-1/2 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080318b.htm 

March 18, 2008 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are three reports showing the same structure and asset information for each U.S. office, but in different orders. The first report lists the offices by institution type. The second report is by country of the foreign bank "family" owning the office. Report three shows the same offices by Federal Reserve district and state. www.federalreserve.gov/releases/iba/default.htm 

March 18, 2008 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent. www.federalreserve.gov/newsevents/press/monetary/20080318a.htm 

March 17, 2008 - Statistical Release - G.17 Industrial Production - Industrial production fell 0.5 percent in February after having increased 0.1 percent in January. Much of the decrease in February resulted from a weather-related drop of 3.7 percent in the output of utilities. In the manufacturing sector, output decreased 0.2 percent in February, and declines were fairly widespread across industries. www.federalreserve.gov/releases/g17/Current/ 

March 17, 2008 - Midwest Metropolitan Exports Examined - In his recent blog, William Testa, director of regional programs, looks at the region's considerable export statistics. http://midwest.chicagofedblogs.org/archives/2008/03/bill_vanessas_e.html 

March 17, 2008 - Midwest Manufacturing Output Edges Down in January - The Chicago Fed Midwest Manufacturing Index edged down 0.1% in January, to a seasonally adjusted level of 105.3. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

March 17, 2008 - NCUA - Vice Chairman Hood Underscores Need To Increase Homeownership Among The Underserved - National Credit Union Administration Vice Chairman Rodney E. Hood addressed the Flandreau Santee Sioux Tribe's Town Hall Meeting hosted by MidAmerica Credit Union Association at the Tribe's reservation north of Sioux Falls, South Dakota, March 13, 2008. www.ncua.gov/news/press_releases/2008/MA08-0317-2.htm 

March 17, 2008 - NCUA - Frequently Asked Questions to Board Member Hyland's "Key Examination Issues Webinar" Now Available.   www.ncua.gov/news/press_releases/2008/MA08-0317.htm 

March 17, 2008 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2008-31.htm 

March 17, 2008 - Federal Deposit Insurance Corporation Stresses Importance of Managing Commercial Real Estate Concentrations - The Federal Deposit Insurance Corporation has issued a letter re-emphasizing the importance of strong capital and loan loss allowance levels, and robust credit risk-management practices for state nonmember institutions with significant concentrations of commercial real estate loans, and construction and development loans. www.fdic.gov/news/news/press/2008/pr08024.html 

March 17, 2008 - Approval of the discount rate action of the Federal Reserve Banks of Boston, Cleveland, Richmond, Chicago, Minneapolis, Kansas City, and San Francisco.  www.federalreserve.gov/newsevents/press/monetary/20080317a.htm 

March 17, 2008 - Federal Reserve announces two initiatives designed to bolster market liquidity and promote orderly market functioning.   www.federalreserve.gov/newsevents/press/monetary/20080316a.htm 

March 14, 2008 - FRB Statistical Release -- E.2 Survey of Terms of Business Lending.   www.federalreserve.gov/releases/e2/current/default.htm 

March 14, 2008 - Comptroller of the Currency Hosts Workshop for New Community Bank Directors in Fort Myers, Florida - The Office of the Comptroller of the Currency will host a workshop for new national community bank directors at the Sanibel Harbour Resort in Fort Myers, Florida, April 14-16. www.occ.treas.gov/ftp/release/2008-30.htm 

March 14, 2008 - FDIC Board Votes to Maintain Assessment Rates for Banks and Thrifts - The Board of Directors of the Federal Deposit Insurance Corporation today voted to keep the assessment rates charged to insured banks and savings associations for the Deposit Insurance Fund unchanged for 2008. The existing assessment rate schedule is 5 to 43 basis points per year; most institutions will be charged a rate between 5 and 7 basis points. www.fdic.gov/news/news/press/2008/pr08023.html 

March 14, 2008 - Chairman Ben S. Bernanke - Fostering Sustainable Homeownership - At the National Community Reinvestment Coalition Annual Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20080314a.htm 

March 14, 2008 - The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system. The Board voted unanimously to approve the arrangement announced by JPMorgan Chase and Bear Stearns this morning. www.federalreserve.gov/newsevents/press/monetary/20080314a.htm 

March 13, 2008 - The Federal Reserve Board on Thursday announced its approval of the proposal by Toronto-Dominion Bank, Toronto, Canada, to form bank holding companies, and to acquire Commerce Bancorp, Inc., Cherry Hill, New Jersey, and Commerce's two subsidiary banks, Commerce Bank/North, Ramsey, New Jersey, and Commerce Bank, National Association, Philadelphia, Pennsylvania; and to acquire Commerce's minority interest in Pennsylvania Commerce Bancorp, Inc., Harrisburg, a bank holding company that controls one subsidiary bank, Commerce Bank/Harrisburg, National Association, Lemoyne, both of Pennsylvania. www.federalreserve.gov/newsevents/press/orders/20080313a.htm
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March 13, 2008 - A New $5 Bill Enters Circulation Today Enhanced Security Features Are Easy to Check - The first new $5 bill was issued by the Federal Reserve today during a commemorative transaction at President Lincoln's Cottage at the Soldiers' Home in Washington, D.C., a historic site used by the former president as a White House summer retreat. Officials from the Federal Reserve Board, U.S. Treasury, Bureau of Engraving and Printing and U.S. Secret Service ushered the new $5 bill into circulation at the Lincoln Cottage gift shop. www.federalreserve.gov/newsevents/press/other/20080313a.htm 

March 13, 2008 - NCUA - Larry Fazio Named NCUA Deputy Executive Director - National Credit Union Administration Executive Director J. Leonard Skiles has selected NCUA Office of Examination and Insurance Deputy Director Larry Fazio to be Deputy Executive Director of the NCUA, assisting Executive Director Skiles in managing the daily operation of the agency. www.ncua.gov/news/press_releases/2008/MR08-0313.htm 

March 13, 2008 - OTS Announces CRA Exam Schedule for Second Quarter 2008 - The Office of Thrift Supervision announced today that 89 savings associations are scheduled for Community Reinvestment Act examinations during the second quarter of 2008. www.ots.treas.gov/docs/7/778010.html 

March 12, 2008 - Chicago Fed Announces 7th District Advisory Council Members - Twelve new members, six returning members appointed to Council on Agriculture, Small Business, and Labor. www.chicagofed.org/news_room/news/2008_03_04_seventh_dist_advisory_council.cfm 

March 12, 2008 - FDIC Advisory Committee on Economic Inclusion to Examine Asset-Building Opportunities for Individuals and Banks - The FDIC Advisory Committee on Economic Inclusion will meet on March 19th to explore saving and asset-building opportunities for individuals and banks. The committee will hear from a panel of experts, who will address: "Asset Building for Low- and Moderate-Income Individuals: Policy and Market-Based Approaches" "Strategies That Build Assets for Consumers and Profitable Relationships for Banks" "FDIC's Role in Asset Building - Past, Present and Future." www.fdic.gov/news/news/press/2008/pr08022.html 

March 12, 2008 - The Effect of Satellite Entry on Product Quality for Cable Television - Chenghuan Sean Chu - In vertically differentiated markets, the effects of firm entry are contingent upon whether incumbent firms can respond to entry by adjusting product quality in addition to simply lowering prices. Using market-level data, I estimate a structural model of supply and demand for subscription television that takes into account the endogeneity of quality choice. www.federalreserve.gov/pubs/feds/2008/200812/index.html 

March 11, 2008 - OTS Appoints Clarence K. Lee Midwest Regional Director - The Office of Thrift Supervision announced today the appointment of Clarence K. "C.K." Lee as Regional Director of the OTS Midwest Region. www.ots.treas.gov/docs/7/778009.html 

March 11, 2008 - Statistical Release - Household Debt Service and Financial Obligations Ratios - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm 

March 11, 2008 - The fiscal state of the states (and municipalities): Not so good - By Rick Mattoon - Plenty of evidence is emerging that state and local governments are headed into a major fiscal pinch. Tax revenues are decreasing across the board, as everything from corporate profits to employment declines. http://midwest.chicagofedblogs.org/ 

March 11, 2008 - NCUA - World Economic Forum Announces Rodney E. Hood As A 2008 Young Global Leader - Rodney E. Hood joins 245 leading executives, public figures and intellectuals - all age 40 or younger - chosen from around the world - The World Economic Forum today announced that National Credit Union Administration Vice Chairman Rodney E. Hood has been selected as a Young Global Leader 2008. www.ncua.gov/news/press_releases/2008/MA08-0311.htm 

March 11, 2008 - Governor Randall S. Kroszner - The Importance of Fundamentals in Risk Management - At the American Bankers Association Spring Summit Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/kroszner20080311a.htm 

March 11, 2008 - On March 10, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20080311b.htm 

March 11, 2008 - Since the coordinated actions taken in December 2007, the G-10 central banks have continued to work together closely and to consult regularly on liquidity pressures in funding markets. Pressures in some of these markets have recently increased again. We all continue to work together and will take appropriate steps to address those liquidity pressures. www.federalreserve.gov/newsevents/press/monetary/20080311a.htm 

March 10, 2008 - Profitwise News and Views Now Online - Latest issue looks at initiatives underway to prevent foreclosures. - The Home Ownership Preservation Initiative - A Critical Foreclosure Intervention Initiative Seeks Expanded Role for Mainstream Mortgage Servicers and Adoption of New Tools.  www.chicagofed.org/community_development/profitwise_news_and_views.cfm 

March 10, 2008 - Country Risk Management - Revised booklet in the Comptroller's Handbook describes the country risk management process and provides risk-focused examination procedures for evaluating that process in internationally active banks.  www.occ.treas.gov/Handbook/CountryRisk.pdf 

March 10, 2008 - Community Reinvestment Act - Annual Asset-Size Threshold Adjustment - The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have published the attached joint final rule amending the Community Reinvestment Act to make the annual adjustment to the asset-size threshold used to define "small bank" and "intermediate small bank" under the Act. The final rule also corrects a paragraph heading that is inaccurate as a result of annual revisions to the small institution threshold. www.fdic.gov/news/news/financial/2008/fil08018.html 

March 10, 2008 - On March 10, 2008, the Federal Reserve will offer $50 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20080310a.htm 

March 7, 2008 - FDIC Approves the Assumption of the Insured Deposits of Hume Bank, Hume, Missouri - Hume Bank, Hume, Missouri, was closed today by the Commissioner of Missouri's Division of Finance, and the Federal Deposit Insurance Corporation was named receiver. To protect depositors, the FDIC Board of Directors approved the assumption of Hume Bank's insured deposits by Security Bank, Rich Hill, Missouri. www.fdic.gov/news/news/press/2008/pr08021.html 

March 7, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3-1/4 percent in January, revolving credit increased at an annual rate of 7 percent, and nonrevolving credit increased at an annual rate of 1 percent. www.federalreserve.gov/releases/g19/Current/ 

March 7, 2008 - NCUA -"Key Examination Issues for 2008: Evaluation of 3rd Party Relationships and Strategic Planning" Webinar Featuring Board Member Hyland Now Live and Available for Viewing.  www.ncua.gov/news/press_releases/2008/MA08-0307.htm 

March 7, 2008 - Vice Chairman Donald L. Kohn - Implications of Globalization for the Conduct of Monetary Policy - At the International Symposium of the Banque de France, Paris, France.  www.federalreserve.gov/newsevents/speech/kohn20080307a.htm 

March 7, 2008 - Governor Frederic S. Mishkin - Exchange Rate Pass-Through and Monetary Policy - At the Norges Bank Conference on Monetary Policy, Oslo, Norway.  www.federalreserve.gov/newsevents/speech/mishkin20080307a.htm 

March 7, 2008 - The Federal Reserve on Friday announced two initiatives to address heightened liquidity pressures in term funding markets. First, the amounts outstanding in the Term Auction Facility will be increased to $100 billion. The auctions on March 10 and March 24 each will be increased to $50 billion--an increase of $20 billion from the amounts that were announced for these auctions on February 29. www.federalreserve.gov/newsevents/press/monetary/20080307a.htm
_____________________

March 7, 2008Hume Bank, Hume, Missouri, was closed today by the Commissioner of Missouri's Division of Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect depositors, the FDIC Board of Directors approved the assumption of Hume Bank's insured deposits by Security Bank, Rich Hill, Missouri. http://www.fdic.gov/news/news/press/2008/pr08021.html

March 6, 2008 - Midwest Economic Activity Expands at Slow Pace - Federal Reserve's Beige Book indicates stable labor market, decline in residential construction, strong export demand. www.federalreserve.gov/fomc/beigebook/2008/20080305/7.htm 

March 6, 2008 - Chairman Johnson Testifies on Credit Union Regulatory Improvements - National Credit Union Administration Chairman JoAnn Johnson testified before the U.S. House Financial Services Committee hearing on "The Need for Credit Union Regulatory Relief." The hearing provided a comprehensive examination of needed regulatory relief for credit unions, including a review of current legislative proposals and industry issues. www.ncua.gov/news/press_releases/2008/MA08-0306.htm 

March 6, 2008 - Conflicts of Interest: Risk Management Guidance-Divestiture of Certain Asset Management Businesses Practices - Guidance describes how banks can avoid the potential conflicts of interest they may encounter when selling affiliated investment management businesses to unaffiliated parties. www.occ.treas.gov/ftp/bulletin/2008-5.html 

March 6, 2008 - Senior Supervisors Group Issues Report on Risk Management Practices - Senior financial supervisors from five countries today issued a report that assesses a range of risk management practices among a sample of major global financial services organizations. www.occ.treas.gov/ftp/release/2008-29.htm 

March 6, 2008 - FRB Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/ 

March 6, 2008 - Federal Reserve Consumer Help, a resource center for consumers experiencing problems with a bank or other financial institution, now offers a Spanish-language version of its website. This new feature, which is part of a continuing effort to better meet the needs of Spanish-speaking consumers, will provide answers to questions and assistance with a wide range of issues relating to financial products and services and consumer protection laws. www.federalreserve.gov/newsevents/press/other/20080306a.htm 

March 6, 2008 - Senior Supervisors Group Issues Report on Risk Management Practices - Senior financial supervisors from five countries today issued a report that assesses a range of risk management practices among a sample of major global financial services organizations. www.newyorkfed.org/newsevents/news/banking/2008/rp080306.html 

March 5, 2008 - FRB - Denver Subprime Loan Report (March 5, 2008).  www.kc.frb.org/Pubaffrs/Pressrel/2008pdf/pr08-03.pdf

March 5, 2008 - Cross-Border Returns Differentials - Stephanie E. Curcuru, Tomas Dvorak, and Francis E. Warnock - Were the U.S. to persistently earn substantially more on its foreign investments ("U.S. claims") than foreigners earn on their U.S. investments ("U.S. liabilities"), the likelihood that the current environment of sizeable global imbalances will evolve in a benign manner increases. www.federalreserve.gov/pubs/ifdp/2008/921/ifdp921.htm 

March 5, 2008 - Lipstein Named Deputy Chair of St. Louis Fed Board - Steven H. Lipstein, president and CEO of BJC HealthCare, has been named deputy chair of the board of directors of the Federal Reserve Bank of St. Louis. A member of the Reserve Bank's board since 2007, Lipstein is also a member of the board's executive committee. www.stlouisfed.org/news/releases/2008/03_04_08.html 

March 5, 2008 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in December 2007. www.fdic.gov/news/news/press/2008/pr08020.html 

March 5, 2008 - Summary of Commentary on Current Economic Conditions by Federal Reserve District - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. www.federalreserve.gov/fomc/beigebook/2008/default.htm 

March 5, 2008 - New York Fed Announces Closing of Buffalo Branch, Effective October 31 - The Federal Reserve Bank of New York today announced that the Board of Governors of the Federal Reserve System has approved its proposal to close the Bank's Buffalo Branch, effective October 31, 2008. www.newyorkfed.org/newsevents/news/aboutthefed/2008/an080305.html 

March 5, 2008 - Scott G. Alvarez, General Counsel - Sovereign wealth funds - Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, and the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Committee on Financial Services, U.S. House of Representatives www.federalreserve.gov/newsevents/testimony/alvarez20080305a.htm 

March 5, 2008 - The Federal Reserve Board on Wednesday announced the issuance of a Consent Order of Assessment of a Civil Money Penalty against Tradition Bank, Bellaire, Texas, a state member bank. Tradition 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/newsevents/press/enforcement/20080305b.htm 

March 5, 2008 - The Federal Reserve Board on Wednesday announced the issuance of a Consent Order of Prohibition against Russell K. Henry, a former employee and institution-affiliated party of the former FNB Southeast. www.federalreserve.gov/newsevents/press/enforcement/20080305a.htm 

March 4, 2008 - Chairman JoAnn Johnson testimony on "Condition of the Banking Industry" before the United States Senate Committee on Banking, Housing, and Urban Affairs. www.ncua.gov/news/speeches/2008/StateOfIndustry-ChairmanJohnson.pdf 

March 4, 2008 - FRB - The Factors Behind Higher Food Prices.  www.kc.frb.org/Pubaffrs/Pressrel/2008pdf/pr08-02.pdf 

March 4, 2008 - Flu Pandemic: Is the U.S. Ready? - If history is any guide, a modern-day influenza pandemic in the United States would likely hit city dwellers and non-whites the hardest, based on an economic analysis from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/03_03_08.html 

March 4, 2008 - St. Louis Fed's Review: 1918 Influenza Pandemic and Its Modern-Day Implications; A Comparison of Monetary Policy Rules; A Primer on the Empirical Identification of Government Spending Shocks; In Memoriam: Anatol "Ted" Balbach; Market Bailouts and the "Fed Put." www.stlouisfed.org/news/releases/2008/03_03_08b.html 

March 4, 2008 - Midwest Farmland Values Increase - In latest AgLetter, Economist David Oppedahl explains largest gain in farmland values over past three decades. www.chicagofed.org/economic_research_and_data/ag_conditions.cfm 

March 4, 2008 - Comptroller Dugan Tells Senate that Industry is Fundamentally Sound, Though Credit Market Disruptions and Economic Slowdown Test Banks - Comptroller of the Currency John C. Dugan told a Senate Committee today that while the banking system is fundamentally sound, it is being tested by large and unprecedented credit market disruptions plus the slowdown in the economy. www.occ.treas.gov/ftp/release/2008-28.htm 

March 4, 2008 - Governor Frederic S. Mishkin - Outlook and Risks for the U.S. Economy - At the National Association for Business Economics Washington Policy Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/mishkin20080304a.htm 

March 4, 2008 - Vice Chairman Donald L. Kohn - Condition of the U.S. banking system - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/newsevents/testimony/kohn20080304a.htm 

March 4, 2008 - Chairman Ben S. Bernanke - Reducing Preventable Mortgage Foreclosures - At the Independent Community Bankers of America Annual Convention, Orlando, Florida.  www.federalreserve.gov/newsevents/speech/bernanke20080304a.htm 

March 3, 2008 - Federal Reserve Board encourages institutions to report on loan modification efforts in consistent way - The Federal Reserve Board on Monday encouraged the institutions it supervises to report on their loan modification efforts in a consistent way and to consider using the HOPE NOW alliance's loan modification reporting standards for their serviced loans.
Press Release: http://www.federalreserve.gov/newsevents/press/bcreg/20080303a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08019.html 
Press Release: www.fdic.gov/news/news/financial/2008/fil08017.html
Press Release: www.occ.treas.gov/ftp/release/2008-27.htm
Press Release: http://www.ots.treas.gov/docs/7/778006.html

March 3, 2008 - Comptroller Dugan Tells International Bankers that Basel II U.S. Implementation on a Prudent, Deliberate Path - Comptroller of the Currency John C. Dugan today said that many national banks in the United States have indicated they will take advantage of the flexibility provided by the 36-month window for Basel II implementation provided in the final U.S. rule. www.occ.treas.gov/ftp/release/2008-26.htm 

March 3, 2008 - FDIC Highlights Financial Education Efforts as Part of Observance of National Consumer Protection Week - No matter what a person's age or financial situation, it's important to learn the financial facts of life. www.fdic.gov/news/news/press/2008/pr08018.html 

March 3, 2008 - Statistical Release - G.5 Foreign Exchange Rates - Foreign Exchange Rates The Table Below Shows The Average Rates Of Exchange In February 2008 Together With Omparable 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/ 

March 3, 2008 - Governor Randall S. Kroszner - Liquidity-Risk Management in the Business of Banking - At the Institute of International Bankers Annual Washington Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/kroszner20080303a.htm 

February 29, 2008 - Statement of Comptroller of the Currency John C. Dugan Following Tour of Harlem and the Bronx - Comptroller of the Currency John C. Dugan spoke of the need for revisions to the Community Reinvestment Act and national banks' public welfare investment authority to help areas plagued by foreclosures on a tour of bank initiatives and community development projects in New York today. www.occ.treas.gov/ftp/release/2008-25.htm 

February 29, 2008 - OCC to Require Data from Large Bank Mortgage Servicers - The Office of the Comptroller of the Currency is requiring large national banks that service mortgages to provide comprehensive mortgage data on a monthly basis. The required data will build upon the efforts of the HOPE NOW alliance, a cooperative effort between investors, lenders and counselors that is intended to help distressed homeowners. www.occ.treas.gov/ftp/release/2008-24.htm 

February 29, 2008 - OCC Issues Second Quarter 2008 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 2008. www.occ.treas.gov/ftp/release/2008-23.htm 

February 29, 2008 - Governor Frederic S. Mishkin On "Leveraged Losses: Lessons from the Mortgage Meltdown" - At the U.S. Monetary Policy Forum, New York, New York.  www.federalreserve.gov/newsevents/speech/mishkin20080229a.htm 

February 29, 2008 - The Federal Reserve will conduct two auctions of 28-day credit through its Term Auction Facility in March. It will offer $30 billion in an auction to be held on Monday, March 10 and $30 billion in an auction to be held on Monday, March 24. www.federalreserve.gov/newsevents/press/monetary/20080229a.htm 

February 29, 2008 - FDIC Issues Guide to Help Professionals Calculate Insurance Coverage for Revocable and Irrevocable Trusts - The Federal Deposit Insurance Corporation today released a new comprehensive resource for bankers and other financial professionals on how to calculate properly insurance coverage for deposits held by revocable and irrevocable trusts at insured financial institutions. www.fdic.gov/news/news/press/2008/pr08017.html 

February 29, 2008 - FDIC Issues Second Quarter 2008 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the second quarter of 2008. www.fdic.gov/news/news/press/2008/pr08016.html  

 

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