Bank Regulatory News

March 2010

March 31, 2010 - OTS Issues Information to Help Consumers Find the Right Mortgage Loans - The Office of Thrift Supervision issued information today in support of Financial Literacy Month to educate consumers about a new mortgage process required by the Real Estate Settlement Procedures Act and about the impact of a consumer's credit score on the interest rate of a mortgage loan. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b49ab5e8-0518-b795-2a57-da315c7f01ad&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 31, 2010 - Richard C. Blum Joins San Francisco Fed Economic Advisory Council - Richard C. Blum, chairman and founder of San Francisco-based Blum Capital Partners, has joined the Federal Reserve Bank of San Francisco's Economic Advisory Council for a three-year term ending December 31, 2012. www.frbsf.org/news/releases/2010/0331.html 

March 31, 2010 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

March 31, 2010 - Governor Elizabeth A. Duke - Restoring Credit to Communities - At the Fifty-third Annual Western Independent Bankers Conference, Scottsdale, Arizona.  www.federalreserve.gov/newsevents/speech/duke20100331a.htm 

March 31, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Atlantic BancGroup, Inc., Jacksonville Beach, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100331b.htm 

March 31, 2010 - The Federal Reserve Board on Wednesday announced the issuance of a Prompt Corrective Action Directive against Midwest Bank and Trust Company, Elmwood Park, Illinois, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100331a.htm

March 30, 2010 - Chicago Fed President Discusses Economy, Regulatory Reform - Chicago Fed President Charles Evans talks about current economic conditions and regulatory reform during an interview with Bloomberg TV in Hong Kong. www.youtube.com/watch?v=CTjHy5RjdJ0 

March 30, 2010 - Interagency Examination Procedures Regarding the Duties of Furnishers of Information - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached examination module 1 for the regulations (12 CFR 222.40 - .43) pertaining to the duties of furnishers of consumer information to a consumer reporting agency.  www.federalreserve.gov/boarddocs/caletters/2010/1005/caltr1005.htm 

March 30, 2010 - Submission of Consumer Credit Card Agreements - The purpose of this letter is to reiterate and highlight Regulation Z (Truth in Lending) requirements related to the submission of consumer credit card agreements. Under the Credit Card Accountability Responsibility and Disclosure Act of 2009, credit card issuers must submit their consumer credit card agreements to the Federal Reserve Board (Board) for posting on the Board's Web site. www.federalreserve.gov/boarddocs/caletters/2010/1004/caltr1004.htm 

March 30, 2010 - Lapse of FEMA's Authority to Issue Flood Insurance Contracts - The authority of the Federal Emergency Management Agency to issue flood insurance contracts under the National Flood Insurance Program lapsed at midnight on March 28, 2010. www.federalreserve.gov/boarddocs/caletters/2010/1003/caltr1003.htm 

March 30, 2010 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/ 

March 30, 2010 - 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. The list includes only the top-tier company in each organization. www.federalreserve.gov/generalinfo/fhc/ 

March 30, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among BankTennessee Bancshares, Inc., Collierville, Tennessee, a registered bank holding company, BankTennessee, Collierville, Tennessee, a state chartered member bank, and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/newsevents/press/enforcement/20100330b.htm 

March 29, 2010 - OTS Assesses $5 Million Penalty Against Pamrapo Savings Bank - The Office of Thrift Supervision announced today the assessment of a civil money penalty of $5 million against Pamrapo Savings Bank, SLA, of Bayonne, N.J., for violations of the Bank Secrecy Act. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=aaa23403-f31d-df26-5cae-d036dea8e37b&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 29, 2010 - The federal banking agencies today announced improvements in the production and distribution of the Uniform Bank Performance Report by transitioning these processes to the interagency Central Data Repository. Beginning today, UBPR data and reports are available to the public through the CDR Public Data Distribution Web site. www.ffiec.gov/press/pr032910.htm 

March 29, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Granvalor Holding, Ltd., Tortola, British Virgin Islands, International Bancorp of Miami, Inc., Coral Gables, Florida, both registered bank holding companies, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100329b.htm 

March 29, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Anchor Commercial Bank, Juno Beach, Florida, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20100329a.htm 

March 26, 2010 - The Federal Reserve Board on Friday announced its approval of the applications and notice under sections 3 and 4 of the Bank Holding Company Act by First Niagara Financial Group, Inc., Buffalo, New York.  www.federalreserve.gov/newsevents/press/orders/20100326a.htm 

March 26, 2010 - OTS Closes Key West Bank and Appoints FDIC Receiver - The Office of Thrift Supervision today closed Key West Bank of Key West, Florida, and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9c249470-1e0b-8562-eba7-734a405ada10&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 26, 2010 - OCC Appoints Receiver for Unity National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Unity National Bank, Cartersville, Georgia. As of December 31, 2009, the bank had approximately $300 million of total assets. www.occ.treas.gov/ftp/release/2010-37.htm 

New York Community Bank, Westbury, New York, Assumes All of the Deposits of Desert Hills Bank, Phoenix, Arizona - Desert Hills Bank, Phoenix, Arizona, was closed today by the Arizona 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 New York Community Bank, Westbury, New York, to assume all of the deposits of Desert Hills Bank. www.fdic.gov/news/news/press/2010/pr10069.html 

March 26, 2010 - Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Unity National Bank, Cartersville, Georgia - Unity National Bank, Cartersville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Unity National Bank. www.fdic.gov/news/news/press/2010/pr10068.html 

March 26, 2010 - Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Key West Bank, Key West, Florida - Key West Bank, Key West, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Key West Bank. www.fdic.gov/news/news/press/2010/pr10067.html 

March 26, 2010 - CharterBank, West Point, Georgia, Assumes All of the Deposits of McIntosh Commercial Bank, Carrollton, Georgia - McIntosh Commercial Bank, Carrollton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CharterBank, West Point, Georgia, to assume all of the deposits of McIntosh Commercial Bank. www.fdic.gov/news/news/press/2010/pr10066.html 

March 26, 2010 - Governor Daniel K. Tarullo - Lessons from the Crisis Stress Tests - At the Federal Reserve Board International Research Forum on Monetary Policy, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20100326a.htm 

March 26, 2010 - St. Louis Fed's Bullard Addresses Importance of Structural Economic Modeling in Policymaking - St. Louis Fed President James Bullard made the case Friday that not only is structural economic modeling an indispensible tool for macroeconomists, it is also a vital component for designing effective economic policy. www.stlouisfed.org/newsroom/displayNews.cfm?article=647 

March 26, 2010 - FDIC Makes Public February Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2010/pr10065.html 

March 26, 2010 - Credit and Liquidity Programs and the Balance Sheet - March 2010 report.  www.federalreserve.gov/monetarypolicy/bst_reports.htm 

March 26, 2010 - Governor Kevin Warsh - An Ode to Independence - At the Shadow Open Market Committee, New York, New York.  www.federalreserve.gov/newsevents/speech/warsh20100326a.htm 

March 26, 2010 - The Federal Reserve Board on Friday announced its approval of the applications and notice under sections 3 and 4 of the Bank Holding Company Act by First Niagara Financial Group, Inc., Buffalo, New York. www.federalreserve.gov/newsevents/press/orders/20100326a.htm
________________________

March 25, 2010 - Truth in Lending Act: Guidance - Federal Reserve Board letter provides guidance regarding Regulation Z's repayment ability rule for certain higher-priced balloon mortgage loans. www.occ.treas.gov/ftp/bulletin/2010-14.html 

March 25, 2010 - OCC and OTS Release Mortgage Metrics Report for Fourth Quarter of 2009 - Performance on home mortgages serviced by the largest national banks and federally regulated thrifts declined for the seventh consecutive quarter in the fourth quarter of 2009, though home foreclosures slowed and new home retention actions continued strong, according to a report released today by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
Press Release: www.occ.treas.gov/ftp/release/2010-36.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=95f08411-1e0b-8562-eb24-b4219aeb00ef&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3

March 25, 2010 - Alan S. Blinder to Discuss "Quantitative Easing: Entrance and Exit Strategies" at St. Louis Fed's Annual Homer Jones Memorial Lecture.  www.stlouisfed.org/newsroom/displayNews.cfm?article=645 

March 25, 2010 - Modernization of the Uniform Bank Performance Report - The federal banking agencies[1] are modernizing the production and distribution of the Uniform Bank Performance Report by moving these processes to the Central Data Repository. The improvements are scheduled to be implemented by the end of March 2010. www.fdic.gov/news/news/financial/2010/fil10010.html 

March 25, 2010 - FDIC Advisory Committee to Highlight Safe Transactional and Savings Products, Future Strategic Focus - The Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion will meet on Thursday, April 1st, to discuss the design and promotion of safe bank accounts for underserved consumers, as well as the committee's strategic focus going forward. www.fdic.gov/news/news/press/2010/pr10064.html 

March 25, 2010 - Interest on Excess Reserves as a Monetary Policy Instrument: The Experience of Foreign Central Banks - David Bowman, Etienne Gagnon, and Mike Leahy - This paper reviews the experience of eight major foreign central banks with policy interest rates comparable to the interest rate on excess reserves paid by the Federal Reserve.  www.federalreserve.gov/pubs/ifdp/2010/996/ifdp996.htm 

March 25, 2010 - Offshore Production and Business Cycle Dynamics with Heterogeneous Firms - Andrei Zlate - Cross-country variation in production costs encourages the relocation of production facilities to other countries, a process known as offshoring through vertical foreign direct investment. I examine the effect of offshoring on the international transmission of business cycles. www.federalreserve.gov/pubs/ifdp/2010/995/ifdp995.htm 

March 25, 2010 - How Did a Domestic Housing Slump Turn into a Global Financial Crisis? - Steven B. Kamin and Laurie Pounder DeMarco - The global financial crisis clearly started with problems in the U.S. subprime sector and spread across the world from there. But was the direct exposure of foreigners to the U.S. financial system a key driver of the crisis, or did other factors account for its rapid contagion across the world?   www.federalreserve.gov/pubs/ifdp/2010/994/ifdp994.htm 

March 25, 2010 - Term Structure Forecasting Using Macro Factors And Forecast Combination - Michiel De Pooter, Francesco Ravazzolo, and Dick van Dijk - We examine the importance of incorporating macroeconomic information and, in particular, accounting for model uncertainty when forecasting the term structure of U.S. interest rates.   www.federalreserve.gov/pubs/ifdp/2010/993/ifdp993.htm 

March 25, 2010 - Comments to the Basel Committee on Banking Supervision Regarding Proposals to Strengthen the Resiliency of the Banking Sector.   www.federalreserve.gov/boarddocs/srletters/2010/sr1007.htm 

March 25, 2010 - Chairman Ben S. Bernanke - Federal Reserve's exit strategy - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20100325a.htm 

March 25, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Royal Bancshares of Pennsylvania, Inc., Narberth, Pennsylvania, a registered bank holding company, and the Federal Reserve Bank of Philadelphia. www.federalreserve.gov/newsevents/press/enforcement/20100325c.htm 

March 25, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among United Security Bancshares, Inc., a registered bank holding company, United Security Bank, a state chartered member bank, both of Fresno, California, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100325b.htm 

March 25, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Coconut Grove Bank, Miami, Florida, a state chartered member bank, the Federal Reserve Bank of Atlanta, and the State of Florida, Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20100325a.htm 

March 24, 2010 - Vice Chairman Donald L. Kohn - Homework Assignments for Monetary Policymakers - At the Cornelson Distinguished Lecture at Davidson College, Davidson, North Carolina.  www.federalreserve.gov/newsevents/speech/kohn20100324a.htm 

March 24, 2010 - OCC Announces New Electronic Interpretations and Actions - March 2010.  www.occ.treas.gov/interp/mar10/intmar10.htm 

March 24, 2010 - Interest on Required Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

March 24, 2010 - Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/releases/e15/default_2010.htm 

March 24, 2010 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/ 

March 24, 2010 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Credit scoring - Before the Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/braunstein20100323a.htm 

March 23, 2010 - NCUA - Matz Shares Progress toward Corporate Resolution Plan - National Credit Union Administration Chairman
Debbie Matz today said NCUA aims to announce a plan to remove corporate credit unions' "legacy assets" by the end of June. www.ncua.gov/news/press_releases/2010/MA10-0323MatzCorporateResolutionPlan.pdf 

March 23, 2010 - FDIC Holds Roundtable With Private Investors of Failing Banks - Senior officials of the Federal Deposit Insurance Corporation yesterday held a roundtable discussion with a wide variety of interested groups, including public interest organizations, pension funds, private investors, investment managers, and others, to discuss the application of the FDIC Statement of Policy on the Acquisition of Failed Insured Institutions, published on September 2, 2009.  www.fdic.gov/news/news/press/2010/pr10063.html 

March 23, 2010 - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. The data are obtained from the Consolidated Reports of Condition and Income filed quarterly by banks and from other information in the Board's National Information Center database. Banks that are located in U.S. territories and possessions are not included in the table. www.federalreserve.gov/releases/lbr/default.htm 

March 23, 2010 - The Federal Reserve Board on Tuesday announced final rules to restrict the fees and expiration dates that may apply to gift cards. The rules protect consumers from certain unexpected costs and require that gift card terms and conditions be clearly stated. www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm 

March 22, 2010 - Economic Activity Slowed in February - The Chicago Fed National Activity Index was -0.64 in February, down from -0.04 in January. www.chicagofed.org/webpages/research/data/cfnai/current_data.cfm  

March 22, 2010 - NCUA-IRS Expand VITA Program - Credit Unions Facilitate Access to over $20 Million in Tax - Refunds; Updated Partnership Planned www.ncua.gov/news/press_releases/2010/MA10-0322.pdf 

March 22, 2010 - Liquidity: Final Interagency Policy Statement on Funding and Liquidity Risk Management - Statement summarizes principles of sound funding and liquidity risk management, emphasizing importance of cash flow projections, diversified funding sources, stress testing, and other management tools. www.occ.treas.gov/ftp/bulletin/2010-13.html 

March 22, 2010 - Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty - Hao Zhou - This paper presents predictability evidence from the difference between implied and expected variances or variance risk premium that: (1) the variance difference measure predicts a significant positive risk premium across equity, bond, and credit markets; (2) the predictability is short-run, in that it peaks around one to four months and dies out as the horizon increases; and (3) such a short-run predictability is complementary to that of the standard predictor variables--P/E ratio, forward spread, and short rate. www.federalreserve.gov/pubs/feds/2010/201014/index.html 

March 22, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Belvedere Capital Partners II LLC, San Francisco, California; Belvedere Capital Fund II LP, San Francisco, California; Socal Bancorporation, San Francisco, California, registered bank holding companies, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100322a.htm 

March 20, 2010 - Chairman Ben S. Bernanke - Preserving a Central Role for Community Banking - At the Independent Community Bankers of America National Convention, Orlando, Florida.  www.federalreserve.gov/newsevents/speech/bernanke20100320a.htm 

March 19, 2010 - Northern State Bank, Ashland, Wisconsin, Assumes All of the Deposits of State Bank of Aurora, Aurora, Minnesota - State Bank of Aurora, Aurora, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northern State Bank, Ashland, Wisconsin, to assume all of the deposits of State Bank of Aurora. www.fdic.gov/news/news/press/2010/pr10062.html 

March 19, 2010 - Citizens South Bank, Gastonia, North Carolina, Assumes All of the Deposits of Bank of Hiawassee, Hiawassee, Georgia - Bank of Hiawassee, Hiawassee, 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 Citizens South Bank, Gastonia, North Carolina, to assume all of the deposits of Bank of Hiawassee. www.fdic.gov/news/news/press/2010/pr10060.html 

March 19, 2010 - First Citizens Bank, Luverne, Alabama, Assumes All of the Deposits of First Lowndes Bank, Fort Deposit, Alabama - First Lowndes Bank, Fort Deposit, Alabama, was closed today by the Alabama 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 First Citizens Bank, Luverne, Alabama, to assume all of the deposits of First Lowndes Bank. www.fdic.gov/news/news/press/2010/pr10061.html 

March 19, 2010 - Community & Southern Bank, Carrollton, Georgia, Assumes All of the Deposits of Appalachian Community Bank, Ellijay, Georgia - Appalachian Community Bank, Ellijay, 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 Community & Southern Bank, Carrollton, Georgia, to assume all of the deposits of Appalachian Community Bank. www.fdic.gov/news/news/press/2010/pr10059.html 

March 19, 2010 - OCC Appoints Receiver for American National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for American National Bank, Parma, Ohio. As of December 31, 2009, the bank had approximately $70.3 million of total assets. www.occ.treas.gov/ftp/release/2010-35.htm 

March 19, 2010 - 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/2010-34.htm 

March 19, 2010 - OCC Reports Declining Derivatives Credit Exposures - The credit exposure from derivatives activities declined 18 percent in the fourth quarter of 2009, and by 50 percent during the year, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. www.occ.treas.gov/ftp/release/2010-33.htm 

March 19, 2010 - Comptroller Dugan Urges Action on Commercial Real Estate Concentrations - Comptroller of the Currency John C. Dugan said today that the recent surge in community bank failures raises difficult questions for policymakers, and said that commercial real estate concentrations warrant special attention. www.occ.treas.gov/ftp/release/2010-32.htm 

March 19, 2010 - March Burgundy Book Shows a Mixed Economic Picture in the St. Louis Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the St. Louis region, is now available. The St. Louis region covers 71 counties in eastern Missouri and 45 counties in southern Illinois. www.stlouisfed.org/newsroom/displayNews.cfm?article=640 

March 19, 2010 - March Burgundy Book Shows Continued Weakness in the Little Rock Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Arkansas region, is now available. www.stlouisfed.org/newsroom/displayNews.cfm?article=637 

March 19, 2010 - March Burgundy Book Shows Continued Weakness in the Memphis Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Memphis region, is now available. The Memphis region covers 21 counties in western Tennessee and 39 counties in northern Mississippi. www.stlouisfed.org/newsroom/displayNews.cfm?article=639 

March 19, 2010 - March Burgundy Book Shows Signs of Improvement in the Louisville Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Louisville region, is now available. The Louisville region covers 64 counties in western Kentucky and 24 counties in southern Indiana. www.stlouisfed.org/newsroom/displayNews.cfm?article=638 

March 19, 2010 - FDIC Approves the Payout of the Insured Deposits of Advanta Bank Corp., Draper, Utah - The Federal Deposit Insurance Corp. approved the payout of the insured deposits of Advanta Bank Corp., Draper, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver. www.fdic.gov/news/news/press/2010/pr10058.html 

March 19, 2010 - Bank of Upson, Thomaston, Georgia, Assumes All of the Deposits of Century Security Bank, Duluth, Georgia - Century Security Bank, Duluth, 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 Bank of Upson, Thomaston, Georgia, to assume all of the deposits of Century Security Bank. www.fdic.gov/news/news/press/2010/pr10057.html 

March 19, 2010 - The National Bank and Trust Company, Wilmington, Ohio, Assumes All of the Deposits of American National Bank, Parma, Ohio - American National Bank, Parma, Ohio, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The National Bank and Trust Company, Wilmington, Ohio, to assume all of the deposits of American National Bank.
www.fdic.gov/news/news/press/2010/pr10056.html 

March 19, 2010 - Letter to Jay Levine, Esq., The Royal Bank of Scotland plc, Edinburgh, Scotland, terminating the exemption that the Board granted on October 12, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318f.pdf 

March 19, 2010 - Letter to Alan B. Kaplan, Esq., Barclays Bank PLC, London, United Kingdom, terminating the exemption that the Board granted on October 11, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318e.pdf 

March 19, 2010 - Letter to Michael L. Kadish, Esq., Deutsche Bank AG, Frankfurt, Germany, terminating the exemption that the Board granted on September 12, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318d.pdf 

March 19, 2010 - Letter to Kathleen A. Juhase, Esq., JPMorgan Chase & Co., New York, New York, terminating the exemption that the Board granted on August 20, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318c.pdf
 
March 19, 2010 - Letter to Carl Howard, Esq., Citigroup Inc., New York, New York, terminating the exemption that the Board granted on August 20, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S. C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318b.pdf 

March 19, 2010 - Letter to Patrick S. Antrim, Esq., Bank of America Corporation, Charlotte, North Carolina, terminating the exemption that the Board granted on August 20, 2007, from the restrictions of section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2010/20100318/20100318a.pdf 

March 18, 2010 - Governor Daniel K. Tarullo - Toward an Effective Resolution Regime for Large Financial Institutions - At the Symposium on Building the Financial System of the 21st Century, Armonk, New York www.federalreserve.gov/newsevents/speech/tarullo20100318a.htm _______________________

March 18, 2010 - Midwest Manufacturing Output Increased in January - The Chicago Fed Midwest Manufacturing Index increased 1.9% in January, to a seasonally adjusted level of 83.1. www.chicagofed.org/webpages/research/data/cfmmi/data_series.cfm 

March 18, 2010 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2010/MR10-0318Prohibition.pdf 

March 18, 2010 - OCC Releases CRA Evaluations For 28 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of February 15, 2010 through March 14, 2010. The list contains only national banks and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. www.occ.treas.gov/ftp/release/2010-31.htm 

March 18, 2010 - Jon D. Greenlee, Associate Director, Division of Banking Supervision and Regulation - Insurance holding company supervision - Before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/greenlee20100318a.htm 

March 17, 2010 - OCC Assesses Civil Money Penalty Against Wachovia - The Office of the Comptroller of the Currency announced today a $50 million Civil Money Penalty and a Cease and Desist Order against Wachovia Bank, N.A. for violations of the Bank Secrecy Act as part of a coordinated action with the Department of Justice, the Financial Crimes Enforcement Center and other federal agencies. www.occ.treas.gov/ftp/release/2010-30.htm 

March 17, 2010 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Shreveport, Louisiana - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks in Shreveport, Louisiana, at the Hilton Shreveport, April 20-21, 2010. www.occ.treas.gov/ftp/release/2010-29.htm 

March 17, 2010 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Philadelphia - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks in Philadelphia, at the Park Hyatt Philadelphia, April 12-14, 2010. www.occ.treas.gov/ftp/release/2010-28.htm 

March 17, 2010 - Interest on Required Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

March 17, 2010 - 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 17, 2010 - A Reliable and Computationally Efficient Algorithm for Imposing the Saddle Point Property in Dynamic Models - Gary S. Anderson - Abstract: This paper describes a set of algorithms for quickly and reliably solving linear rational expectations models.   www.federalreserve.gov/pubs/feds/2010/201013/index.html 

March 17, 2010 - Chairman Ben S. Bernanke - The Federal Reserve's role in bank supervision - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20100317a.htm 

March 17, 2010 - Federal Banking Agencies Issue Policy Statement on Funding and Liquidity Risk Management - The federal banking agencies,1 in conjunction with the Conference of State Bank Supervisors, released a policy statement today on their expectations for sound funding and liquidity risk management practices. This policy statement, adopted by each of the agencies, summarizes the principles of sound liquidity risk management issued previously and, when appropriate, supplements them with the "Principles for Sound Liquidity Risk Management and Supervision" issued in September 2008 by the Basel Committee on Banking Supervision.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20100317a.htm 
Press Release: www.fdic.gov/news/news/press/2010/pr10055.html 
Press Release: www.occ.treas.gov/ftp/release/2010-27.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=6c30d909-1e0b-8562-eb90-982f1516bc2b&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2010/JR10-0317FundingLiquidityRiskMgmt.pdf 
Press Release: www.federalreserve.gov/boarddocs/srletters/2010/sr1006.htm 

March 16, 2010 - Scam and Eggs: A Seminar on Consumer Protection Comes to Louisville, KY. www.stlouisfed.org/newsroom/displayNews.cfm?article=633 

March 16, 2010 - Information received since the Federal Open Market Committee met in January suggests that economic activity has continued to strengthen and that the labor market is stabilizing. Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit.   www.federalreserve.gov/newsevents/press/monetary/20100316a.htm 

March 15, 2010 - Freedom of Information Act - Report of the Chief FOIA Officer, March 2010 - The Secretary of the Board of Governors of the Federal Reserve System and Chief FOIA Officer, Jennifer J. Johnson, hereby submits the Chief FOIA Officer Report on behalf of the Board in accordance with the template provided by the Department of Justice.  www.federalreserve.gov/generalinfo/foia/foiaofficerreport2010.htm 

March 15, 2010 - FDIC Offers 10 Tips for Safe Online Banking, Bill Paying and Shopping - Other topics in the latest FDIC Consumer News include ways to limit overdraft costs, manage medical debts and finance a small business - Online banking, bill paying and shopping are conveniences that most people want to enjoy.  www.fdic.gov/news/news/press/2010/pr10054.html 

March 15, 2010 - Federal Open Market Committee - Report of the Chief FOIA Officer, March 2010.   www.federalreserve.gov/fomc/foia/fomcservicecenter.htm 

March 15, 2010 - Statistical Release - G.17 Industrial Production - Industrial production edged up 0.1 percent in February following a gain of 0.9 percent in January.  www.federalreserve.gov/releases/g17/Current/default.htm 

March 15, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among First Chicago Bancorp, a registered bank holding company, First Chicago Bank & Trust, a state chartered member bank, both of Chicago, Illinois, the Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation, Division of Banking. www.federalreserve.gov/newsevents/press/enforcement/20100315b.htm 

March 15, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between FNB Bancorp, Layton, Utah, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100315a.htm 

March 12, 2010 - 46th Annual Conference on Bank Structure and Competition - Federal Reserve Bank of Chicago will hold its 46th Annual Conference on Bank Structure and Competition, May 5-7, 2010. The conference has a rich tradition as a leading forum for dialogue on public policy issues affecting the financial services industry. www.chicagofed.org/webpages/events/2010/bank_structure_conference.cfm 

March 12, 2010 - Money Smart Week Coming Soon - Money Smart Week® is a series of free classes and activities designed to help consumers better manage their personal finances. Events will be held April 17-24, 2010 in Illinois, Iowa and Michigan.   www.chicagofed.org/webpages/education/msw/chi/index.cfm 

March 12, 2010 - Registration Underway for Payments Conference - Industry leaders will discuss payment innovations in the wake of the financial crisis. www.chicagofed.org/webpages/events/2010/payments_conference.cfm 

March 12, 2010 - Blocker Joins St. Louis Fed's Transportation Industry Council - Robert M. Blocker, director of planning and business development with AEP River Operations in Chesterfield, Mo., has joined the Transportation Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=632 

March 12, 2010 - Home Bank, Lafayette, Louisiana, Assumes All of the Deposits of Statewide Bank, Covington, Louisiana - Statewide Bank, Covington, Louisiana, was closed today by the Louisiana Office 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 Home Bank, Lafayette, Louisiana, to assume all of the deposits of Statewide Bank. www.fdic.gov/news/news/press/2010/pr10053.html 

March 12, 2010 - Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Old Southern Bank, Orlando, Florida - Old Southern Bank, Orlando, 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 Centennial Bank, Conway, Arkansas, to assume all of the deposits of Old Southern Bank. www.fdic.gov/news/news/press/2010/pr10052.html 

March 12, 2010 - Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of the Park Avenue Bank, New York, New York - The Park Avenue Bank, New York, New York, was closed today by the New York 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 Valley National Bank, Wayne, New Jersey, to assume all of the deposits of The Park Avenue Bank. www.fdic.gov/news/news/press/2010/pr10051.html 

March 12, 2010 - FDIC Closes on Sale of $1.8 Billion of Notes Backed by Mortgage-Backed Securities - Transaction Adds Liquidity to DIF and Stimulates Investor Demand - The Federal Deposit Insurance Corporation today closed on a sale of notes backed by residential mortgage backed securities (RMBS) from seven failed bank receiverships. The sale was conducted through a private placement priced and allocated on March 5th. The transaction was met with robust investor demand, with over 70 investors participating across fixed and floating rate series. The investors included banks, investment funds, insurance funds and pension funds. All investors were qualified institutional buyers. www.fdic.gov/news/news/press/2010/pr10050.html 

March 12, 2010 - Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York - LibertyPointe Bank, New York, New York, was closed today by the New York 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 Valley National Bank, Wayne, New Jersey, to assume all of the deposits of LibertyPointe Bank. www.fdic.gov/news/news/press/2010/pr10049.html 

March 12, 2010 - FDIC Board Approves An Extension Regarding the Safe Harbor Protection for Securitizations - The Board of Directors of the Federal Deposit Insurance Corporation today approved by notational vote an extension through September 30, 2010 of the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation.  www.fdic.gov/news/news/press/2010/pr10048.html 

March 12, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

March 12, 2010 - Federal Open Market Committee - Historical Materials, 1956-63.  www.federalreserve.gov/monetarypolicy/fomc_historical.htm 

March 12, 2010 - Revised Interagency Questions and Answers on Community Reinvestment - The Federal Reserve, along with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision recently approved the publication of new and revised Interagency Questions and Answers Regarding Community Reinvestment.   www.federalreserve.gov/boarddocs/caletters/2010/1002/caltr1002.htm 
 
March 12, 2010 - The Federal Reserve Board on Friday announced the issuance of a Final Decision and Order of Prohibition against Adam L. Benarroch, a former employee of Midwest Bank and Trust of Elmwood Park, Illinois. This Order is the result of an action brought by the Board alleging that Mr. Benarroch fabricated documents, forged signatures, and altered loan agreements in his former position as Assistant Vice President and commercial lender at Midwest. As a result of the Order of Prohibition, Mr. Benarroch will be prohibited from participating in the conduct of the affairs of any financial institution or holding company. www.federalreserve.gov/newsevents/press/enforcement/20100312a.htm 

You can rely on the Review to help you prepare for your IT examination.  Designed especially for IT management, The Weekly IT Security Review provides a analysis of IT security issues covered in the FFIEC IT Examination Handbook, which will help in preparing for your IT examination.  For more information and to subscribe visit http://www.yennik.com/it-review/.
_________________________

March 11, 2010 - Community Reinvestment Act: 2010 Interagency Questions and Answers - New guidance provides examples of ways an institution can determine whether its community services target intended persons. Agencies also adopted revisions relating to mixed-income housing provision. www.occ.treas.gov/ftp/bulletin/2010-12.html 

March 11, 2010 - Community Reinvestment Act - Revisions to Interagency Questions and Answers The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have published revisions to the Interagency Questions and Answers Regarding Community Reinvestment.  www.fdic.gov/news/news/financial/2010/fil10009.html 

March 11, 2010 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/Current/ 

March 11, 2010 - Payment Systems - Quarterly and Annual Automated Clearinghouse Operations, Check Services, Fedwire Funds Services, Fedwire Securities Services, and National Settlement Service data through 2009: Q4 www.federalreserve.gov/paymentsystems/default.htm 

March 11, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Florida First City Banks, Fort Walton Beach, Florida, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20100311b.htm 

March 11, 2010 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among NW Services Corporation, Ringgold, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20100311a.htm 

March 10, 2010 - "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover" by Irina Barakova and Ajay Palvia - This paper revisits the topic of relative performance evaluation of top management using a large panel of community banks. www.occ.treas.gov/ftp/workpaper/wp2008-3.pdf 

March 10, 2010 - Henry L. (Skip) Kotkins Jr. Appointed to Seattle Branch Federal Reserve Board - Henry L. (Skip) Kotkins Jr. - The Federal Reserve Bank of San Francisco has appointed Henry L. Kotkins Jr., chairman and chief executive of Skyway Luggage Company to its Seattle Branch board of directors. His appointment is for a three-year term and is effective immediately. www.frbsf.org/news/releases/2010/0310.html 

March 10, 2010 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending March 10, 2010 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

March 10, 2010 - The Federal Reserve Board announced Wednesday that the Consumer Advisory Council will hold its next meeting on Thursday, March 25. The meeting will take place in Dining Room E, Terrace Level, in the Board's Martin Building. www.federalreserve.gov/newsevents/press/other/20100310a.htm 

March 10, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Idaho Bancorp, a registered bank holding company, Idaho Banking Company, a state chartered member bank, both of Boise, Idaho, the Federal Reserve Bank of San Francisco and the State of Idaho Department of Finance. www.federalreserve.gov/newsevents/press/enforcement/20100310b.htm 

March 10, 2010 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Olmsted Holding Corporation, Rochester, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20100310a.htm 

March 9, 2010 - On March 8, 2010, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20100309a.htm 

March 9, 2010 - The Federal Reserve Board on Tuesday announced the issuance of a Prompt Corrective Action Directive against Horizon Bank, Bradenton, Florida, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20100309b.htm 

March 9, 2010 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Ravalli County Bankshares, Inc., a registered bank holding company, Ravalli County Bank, a state chartered member bank, both of Hamilton, Montana, the Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20100309a.htm 

March 8, 2010 - FDIC to Provide Quick Tips for Consumers Over the Internet - New service announced in conjunction with National Consumer Protection Week - At any age or stage in life, it's important to stay informed about ways to save and protect your money. The FDIC, in observance of National Consumer Protection Week March 7-13 and its theme of helping people of all ages exercise their consumer rights, announced today that the agency will begin to regularly deliver timely tips on money management on the agency's Web site and through an e-mail subscription service. www.fdic.gov/news/news/press/2010/pr10047.html 

March 8, 2010 - On March 8, 2010, the Federal Reserve will offer $25 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/20100308a.htm 

March 8, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Heritage Oaks Bancorp, Paso Robles, California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100308a.htm 

March 5, 2010 - FDIC Approves the Payout of the Insured Deposits of Centennial Bank, Ogden, Utah - The Federal Deposit Insurance Corporation approved the payout of the insured deposits of Centennial Bank, Ogden, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver. www.fdic.gov/news/news/press/2010/pr10046.html 

March 5, 2010 - FDIC Creates a New Depository Institution to Assume the Operations of Waterfield Bank, Germantown, Maryland - Waterfield Bank, Germantown, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the insured depositors, the FDIC created Waterfield Bank, FA-a new depository institution chartered by the OTS and insured by the FDIC-to take over the operations of Waterfield Bank. The new institution will remain open until April 5, 2010, to allow depositors access to their insured funds and time to move accounts to other insured institutions. www.fdic.gov/news/news/press/2010/pr10045.html 

March 5, 2010 - Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Bank of Illinois, Normal, Illinois - Bank of Illinois, Normal, Illinois, was closed today by the Illinois Department of Financial Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Bank of Illinois. www.fdic.gov/news/news/press/2010/pr10044.html 

March 5, 2010 - First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Sun American Bank, Boca Raton, Florida - Sun American Bank, Boca Raton, 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 First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Sun American Bank. www.fdic.gov/news/news/press/2010/pr10043.html 

March 5, 2010 - 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 2009. www.fdic.gov/news/news/press/2010/pr10042.html 

March 5, 2010 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-1/2 percent in January 2010. Revolving credit decreased at an annual rate of 2-1/4 percent, and nonrevolving credit increased at an annual rate of 5 percent. www.federalreserve.gov/releases/g19/Current/g19.htm 

March 5, 2010 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

March 5, 2010 - Interagency Guidance on Obtaining and Retaining Beneficial Ownership Information - The Federal Reserve, together with the Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, and in consultation with the Commodity Futures Trading Commission, has issued the attached interagency Guidance on Obtaining and Retaining Beneficial Ownership Information.
Press Release: www.federalreserve.gov/boarddocs/srletters/2010/SR1005.htm#access 
Press Release: www.fdic.gov/news/news/financial/2010/fil10008.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2010-11.html 
______________________

March 4, 2010 - Chicago Fed President Submits Letter to Congress on Regulatory Reform - Chicago Fed President Charles Evans wrote a letter to United States Senators representing the Seventh Federal Reserve District states expressing his views on regulatory reform and the role of the Federal Reserve. www.chicagofed.org/webpages/utilities/newsroom/news_releases/2010/03.04_ce_letter_release.cfm 

March 4, 2010 - St. Louis Fed's Bullard Discusses "The Fed at a Crossroads" - Fallout from the financial turmoil of 2008 and 2009 has placed the Fed at a crossroads on three dimensions, St. Louis Fed President James Bullard said in remarks today at St. Cloud State University's 48th annual Winter Institute. "First, the political independence of the Fed is at risk. Second, regulatory reform legislation threatens to hamstring the Fed's ability to respond to a future crisis. Third, the Fed adopted a near-zero interest rate policy and successfully carried out its stabilization policy through quantitative easing," he said. www.stlouisfed.org/newsroom/displayNews.cfm?article=630 

March 4, 2010 - Mergers and Sequential Innovation: Evidence from Patent Citations - Jessica C. Stahl - An extensive literature has investigated the effect of market structure on innovation. A persistent concern is that market structure may be endogenous to innovation. Firms may choose to merge so as to capture information spillovers or they may choose to merge so as to dampen competition in innovation. These two scenarios have very different welfare implications. www.federalreserve.gov/pubs/feds/2010/201012/index.html 

March 4, 2010 - Managing Beliefs about Monetary Policy under Discretion - Elmar Mertens - In models of monetary policy, discretionary policymaking often lacks the ability to manage public beliefs, which explains the theoretical appeal of policy rules and commitment strategies. But as shown in this paper, when a policymaker possesses private information, belief management becomes an integral part of optimal discretion policies and improves their performance. www.federalreserve.gov/pubs/feds/2010/201011/index.html 

March 4, 2010 - Bank Holding Company Supervision Manual - January 2010 update - Provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries. The supervisory objectives of the inspection program are to ascertain whether the financial strength of the bank holding company is being maintained on an ongoing basis and to determine the effects or consequences of transactions between a holding company or its nonbanking subsidiaries and its subsidiary banks. www.federalreserve.gov/boarddocs/supmanual/#bhcsm 

March 3, 2010 - NCUA Board Issues Cease and Desist Order - The NCUA Board has issued an Order to Cease and Desist to the Rapid City Telco Federal Credit Union, Rapid City, South Dakota. The Order addresses various regulatory and safety and soundness concerns related to the credit union's plans to build a new main office. The credit union officials have agreed to the terms of the Order. www.ncua.gov/news/press_releases/2010/MR10-0303CD.pdf 

March 3, 2010 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending March 3, 2010.   www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

March 3, 2010 - Federal Reserve Bulletin - Legal Developments, Fourth Quarter 2009.  www.federalreserve.gov/pubs/bulletin/2010/pdf/legalq409.pdf 

March 3, 2010 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2010/20100303/default.htm 

March 3, 2010 - Technology Shocks: Novel Implications for International Business Cycles - Andrea Raffo - Understanding the joint dynamics of international prices and quantities remains a central issue in international business cycles. International relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. www.federalreserve.gov/pubs/ifdp/2010/992/ifdp992.htm 

March 3, 2010 - Heterogeneous Firms and Import Quality: Evidence from Transaction-Level Prices - Benjamin R. Mandel - A key emerging insight in international economics is that the scope for quality differentiation can help to explain patterns in export prices at the level of products or firms. In this paper, a unified theoretical framework of firm heterogeneity in cost and quality is brought to bear on an expansive data set of U.S. import transaction prices collected by the Bureau of Labor Statistics.   www.federalreserve.gov/pubs/ifdp/2010/991/ifdp991.htm 

March 3, 2010 - The Federal Reserve Board on Wednesday proposed a rule amending Regulation Z to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates. www.federalreserve.gov/newsevents/press/bcreg/20100303a.htm 

March 2, 2010 - OCC Announces New Electronic Interpretations and Actions - February 2010.  www.occ.treas.gov/interp/feb10/intfeb10.htm 

March 2, 2010 - Risk Weight for FDIC Claims and Guarantees: Joint Interagency Statement - Statement clarifies the risk weights for claims on or guaranteed by the FDIC for purposes of banking organizations' risk-based capital requirements. www.occ.treas.gov/ftp/bulletin/2010-10.html 

March 2, 2010 - Federal Reserve Banks Complete Check Processing Infrastructure Changes - The Federal Reserve Banks announced today that they have completed the reduction in paper check processing infrastructure that was begun in late 2003. With the discontinuation of paper check processing at the Atlanta office on Friday, Feb. 26, 2010, all paper check processing is now handled at the Cleveland office. The Atlanta office serves as the Reserve Banks' processing location for electronic check processing. www.federalreserve.gov/newsevents/press/other/20100302a.htm 

March 1, 2010 - NCUA - Credit Union Net Worth Remains Strong; Shares Expand, Lending Slows in 2009 - Credit unions finished 2009 with nearly 10 percent net worth, while loan demand and delinquencies showed weakness in the face of economic stress, according to Call Report data released today by the National Credit Union Administration. Membership in the nation's 7,554 federally insured credit unions increased to nearly 90 million, and shares grew at a robust rate of 10.5 percent. www.ncua.gov/news/press_releases/2010/MA10-0301NetWorth.pdf 

March 1, 2010 - Comptroller Dugan Says Basel Proposals Designed to Promote More Resilient Banking Sector - Comptroller of the Currency John C. Dugan said today that the central challenge for bank regulators over the coming year will be to strike the right balance between capital and credit availability. www.occ.treas.gov/ftp/release/2010-26.htm 

March 1, 2010 - OCC Issues Second Quarter 2010 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 2010. www.occ.treas.gov/ftp/release/2010-25.htm 

March 1, 2010 - Foreign exchange rates - the table below shows the average rates of exchange in february 2010 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/ 

March 1, 2010 - Donald L. Kohn submitted his intent to resign Monday as a member of the Board of Governors of the Federal Reserve System, effective at the expiration of his term as Vice Chairman on June 23, 2010. www.federalreserve.gov/newsevents/press/other/20100301a.htm 

March 1, 2010 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Northwest Community Bancorp, Inc., Shoreline, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20100301a.htm