Bank Regulatory News

March 2011

March 31, 2011 - Mortgage Performance Slightly Better in Fourth Quarter of 2010 - Serious Delinquencies Drop for the Fourth Consecutive Quarter - The credit quality of first-lien mortgages serviced by large national banks and thrifts improved slightly during the fourth quarter of 2010, according to a report released today.
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-38.html
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=0845ce23-9df5-5add-557b-023f1cef9df3&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 31, 2011 - Senior Credit Officer Opinion Survey on Dealer Financing Terms - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets. www.federalreserve.gov/econresdata/releases/scoos.htm 

March 31, 2011 - Governor Daniel K. Tarullo - Regulating Systemic Risk - At the 2011 Credit Markets Symposium, Charlotte, North Carolina.   www.federalreserve.gov/newsevents/speech/tarullo20110331a.htm 

March 31, 2011 - The Federal Reserve Board on Thursday announced its approval of the application by First Niagara Financial Group, Inc. and FNFG Merger Sub, Inc., both of Buffalo, New York, to acquire NewAlliance Bancshares, Inc. and its subsidiary bank, NewAlliance Bank, both of New Haven, Connecticut.   www.federalreserve.gov/newsevents/press/orders/20110331a.htm 

March 31, 2011 - Agencies Seek Comment on Risk Retention Proposal - Six federal agencies are seeking comment on a proposed rule that would require sponsors of asset-backed securities to retain at least 5 percent of the credit risk of the assets underlying the securities and would not permit sponsors to transfer or hedge that credit risk. In crafting the proposed rule, the agencies sought to ensure that the amount of credit risk retained is meaningful, while reducing the potential for the rule to negatively affect the availability and cost of credit to consumers and businesses.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110331a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11062.html 
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-39.html 

March 31, 2011 - Board issues enforcement action with First Financial Holding Co. and First Commercial Bank.   www.federalreserve.gov/newsevents/press/enforcement/20110331a.htm

March 30, 2011 - Office of the Comptroller of the Currency Hosts Workshops in Houston - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in Houston at the InterContinental Houston, May 10-11, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-36.html 

March 30, 2011 - St. Louis Fed’s Bullard Discusses U.S. Monetary Policy and the Path to Normalization - Federal Reserve Bank of St. Louis President James Bullard addressed members of various financial institutions on Wednesday at the UBS Macro Dinner in London. He delivered remarks titled “U.S. Monetary Policy and the Path to Normalization.” www.stlouisfed.org/newsroom/displayNews.cfm?article=958 

March 30, 2011 - The Federal Reserve Board on Wednesday requested comment on a proposed rule that implements two provisions of Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the supervision of financial market utilities designated as systemically important by the Financial Stability Oversight Council. www.federalreserve.gov/newsevents/press/other/20110330a.htm 

March 30, 2011 - Agencies Seek Comment on Proposed Rule on Incentive Compensation - Federal financial regulatory agencies request comment on a joint proposed rule to ensure that regulated financial institutions design their incentive compensation arrangements to take account of risk.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110330a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11061.html
Press Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-37.html 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=080a8765-d85d-f60d-029f-2fc5a00e65b1&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
Press Release: www.ncua.gov/news/press_releases/2011/JR11-0330DFAincentiveCompAllAgency.pdf 

March 29, 2011 - OCC Releases CRA Evaluations for 14 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, 2011 through March 14, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-35.html 

March 29, 2011 - Statement of Acting Comptroller Walsh on the Proposed Rulemaking on Credit Risk Retention Requirements - Acting Comptroller of the Currency John Walsh discussed the proposed Rulemaking on Credit Risk Retention Requirements at a meeting of the Federal Deposit Insurance Corporation’s Board of Directors today. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-34.html 

March 29, 2011 - St. Louis Fed’s Bullard Discusses Recent Developments in U.S. Monetary Policy - On Tuesday, Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “U.S. Monetary Policy: Recent Developments” as part of a central bankers panel discussion at the 19th European Banking and Financial Forum in Prague. www.stlouisfed.org/newsroom/displayNews.cfm?article=953 

March 29, 2011 - FDIC Board Approves Joint Proposed Rule on Resolution Plans and Credit Exposure Reports for Covered Systemic Organizations - The Board of Directors of the Federal Deposit Insurance Corporation today approved a joint Notice of Proposed Rulemaking for certain organizations to file and report resolution plans and credit exposure reports as required in Title I, Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.   www.fdic.gov/news/news/press/2011/pr11060.html 

March 29, 2011 - Chairman Bair's Statement on Credit Risk Retention Notice of Proposed Rulemaking - FDIC Chairman Sheila C. Bair delivered the following statement at the FDIC's Board Meeting today: "This morning we are proposing to address a key driver of the housing crisis: misaligned economic incentives arising from the widespread use of private securitization to fund mortgage lending. Almost 90 percent of subprime and Alt-A originations in the peak years of 2005 and 2006 were privately securitized. www.fdic.gov/news/news/press/2011/statement03292011.html 

March 29, 2011 - The Federal Reserve Board on Tuesday proposed a rule that would require sponsors of asset-backed securities to retain at least 5 percent of the credit risk of the assets underlying the securities. www.federalreserve.gov/newsevents/press/bcreg/20110329a.htm 

March 29, 2011 - Board issues enforcement action with First American International Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20110329a.htm 

March 28, 2011 - THOMAS M. HOENIG CAREER BACKGROUNDER - Thomas M. Hoenig, currently the most senior participant on the Federal Reserve’s policy-setting Federal Open Market Committee, will retire as the longest-tenured president in the history of the Federal Reserve Bank of Kansas City’s nearly 100-year history. www.kc.frb.org/publicat/newsroom/2011pdf/press-release-career-3-25-11.pdf 

March 28, 2011 - THOMAS M. HOENIG RETIRING OCT. 1, KANSAS CITY BOARD FORMS SEARCH COMMITTEE - Federal Reserve Bank of Kansas City President Thomas M. Hoenig today announced his intent to retire on Oct. 1, 2011, as required under the Federal Reserve Board’s mandatory retirement rules for Federal Reserve Bank presidents. www.kc.frb.org/publicat/newsroom/2011pdf/press-release-retirement-3-25-11.pdf 

March 28, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking.  www.federalreserve.gov/newsevents/reform_meetings.htm 

March 28, 2011 - The Federal Reserve Board on Monday launched a new interactive web-based guide to the Flow of Funds Accounts. The tools and descriptions in the guide will help users explore the structure and content of the quarterly Flow of Funds statistical release and the Integrated Macroeconomic Accounts for the United States. www.federalreserve.gov/newsevents/press/other/20110328a.htm

March 28, 2011 - Agencies Announce Consideration of Risk Retention Notice of Proposed Rulemaking - The staffs of the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Federal Housing Finance Agency, and the Department of Housing and Urban Development (together, the agencies) announced that the agencies this week are considering for approval a notice of proposed rulemaking that addresses section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20110328a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11059.html
Presws Release: www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-33.html

March 25, 2011 - Advantage National Bank Group, Elk Grove Village, Illinois, Assumes All of the Deposits of The Bank of Commerce, Wood Dale, Illinois -The Bank of Commerce, Wood Dale, 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 Advantage National Bank Group, Elk Grove Village, Illinois, to assume all of the deposits of The Bank of Commerce. www.fdic.gov/news/news/press/2011/pr11058.html 

March 25, 2011 - Chicago Fed's 2010 Financial Statement Now Available - The Federal Reserve released combined annual comparative financial statements for Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, and LLCs created to respond to strains in financial markets. www.federalreserve.gov/monetarypolicy/files/BSTChicagofinstmt2010.pdf 

March 25, 2011 - Address Change for FDIC's Consumer Response Center - The Federal Deposit Insurance Corporation is announcing a change in address for its national Consumer Response Center within the Division of Depositor and Consumer Protection. This address change requires all FDIC-supervised financial institutions to update certain consumer notices, as described below, as soon as practicable. www.fdic.gov/news/news/financial/2011/fil11018.html 

March 25, 2011 - FDIC Makes Public February Enforcement Actions; One Administrative Hearing Scheduled for April 2011 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in February. One administrative hearing is scheduled for April 2011. www.fdic.gov/news/news/press/2011/pr11057.html 

March 25, 2011 - INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION: THE 2011 HISTORICAL AND ANNUAL REVISION - The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization. Although the revisions affect these data for January 1972 through February 2011, the most significant effects are for the period from 2008 through 2010. www.federalreserve.gov/releases/g17/revisions/Current/default_rev.htm 

March 25, 2011 - Monthly Report on Credit and Liquidity Programs and the Balance Sheet - The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public. www.federalreserve.gov/monetarypolicy/clbsreports.htm 

March 25, 2011 - The Federal Reserve Board on Friday adopted two rules that would expand the coverage of consumer protection regulations to credit transactions and leases of higher dollar amounts.
www.federalreserve.gov/newsevents/press/bcreg/20110325a.htm 
www.federalreserve.gov/newsevents/speech/duke20110324a.htm 

March 25, 2011 - The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2012: www.federalreserve.gov/newsevents/press/monetary/20110325a.htm 
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March 24, 2011 - OCC and FinCEN Assess Civil Money Penalties Against - Pacific National Bank, Miami, Florida - The Office of the Comptroller of the Currency today announced the assessment of a $7 million civil money penalty against Pacific National Bank, Miami, Florida for violations of an OCC Consent Order, the Bank Secrecy Act and the USA PATRIOT Act.  www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-32.html 

March 24, 2011 - St. Louis Fed President James Bullard Will Speak to Members of Various Financial Institutions.   www.stlouisfed.org/newsroom/displayNews.cfm?article=947 

March 24, 2011 - Where are Global and U.S. Trade Heading in the Aftermath of the Trade Collapse: Issues and Alternative Scenarios - Joseph W. Gruber , Filippo di Mauro, Bernd Schnatz, and Nico Zorell - Global and U.S. trade declined dramatically in the wake of the global financial crisis in late 2008 and early 2009. The subsequent recovery in trade, while vigorous at first, gradually lost momentum in 2010.  www.federalreserve.gov/pubs/ifdp/2011/1017/ifdp1017.htm 

March 24 2011 - Surveying the Aftermath of the Storm: Changes in Family Finances from 2007 to 2009 - Jesse Bricker, Brian Bucks, Arthur Kennickell, Traci Mach, and Kevin Moore - In 2009, the Federal Reserve Board implemented a survey of families that participated in the 2007 Survey of Consumer Finances (SCF) to gain detailed information on the effects of the recent recession on all types of households. www.federalreserve.gov/pubs/feds/2011/201117/index.html

March 24, 2011 - Guidance on Accepting Accounts from Foreign Embassies, Consulates and Missions - The FDIC, in conjunction with the other federal banking agencies and the Financial Crimes Enforcement Network (Agencies), is issuing supplemental guidance regarding account services for foreign embassies, consulates, and missions.
www.federalreserve.gov/boarddocs/srletters/2011/sr1106.htm 
www.fdic.gov/news/news/financial/2011/fil11017.html

March 24, 2011 - Chairman Ben S. Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions. www.federalreserve.gov/newsevents/press/monetary/20110324a.htm 

March 23, 2011 - Acting Comptroller Walsh Addresses the ICBA - Acting Comptroller of the Currency John Walsh discussed the implementation of the Dodd-Frank legislation during a speech today at the Annual Convention of the Independent Community Bankers of America. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-31.html 

March 23, 2011 - OCC Releases CRA Evaluations for 14 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 January 15, 2011 through February 14, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-30.html 

March 23, 2011 - St. Louis Fed President James Bullard Will Participate in Panel at the 2011 European Banking & Financial Forum - U.S. Monetary Policy: Recent Developments. www.stlouisfed.org/newsroom/displayNews.cfm?article=944

March 23, 2011 - Chairman Ben S. Bernanke - Community Banking in a Period of Recovery and Change - At the Independent Community Bankers of America National Convention, San Diego, California.  www.federalreserve.gov/newsevents/speech/bernanke20110323a.htm 

March 22, 2011 - Chicago Fed's 2010 Financial Statement Now Available - The Federal Reserve released combined annual comparative financial statements for Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, and LLCs created to respond to strains in financial markets. www.federalreserve.gov/monetarypolicy/files/BSTChicagofinstmt2010.pdf 

March 22, 2011 - Fed Governor Duke To Give Opening Keynote at 2011 "Exploring Innovation" Conference - Federal Reserve Governor Elizabeth Duke will give the opening keynote for Exploring Innovation-A Conference on Community Development Finance, which will be held May 9-11, 2011, at the Chase Park Plaza in St. Louis.  www.stlouisfed.org/newsroom/displayNews.cfm?article=942 

March 22, 2011 - The Federal Reserve System on Tuesday released the 2010 combined annual comparative financial statements for the Federal Reserve Banks, as well as for the 12 individual Federal Reserve Banks, the limited liability companies that were created to respond to strains in financial markets, and the Board of Governors. These financial statements are audited annually by an independent auditing firm. www.federalreserve.gov/newsevents/press/other/20110322a.htm 

March 22, 2011 - Board issues enforcement actions with Northern States Financial Corporation and Tidelands Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20110322a.htm

March 21, 2011 - Index shows economic growth near average in February - The Chicago Fed National Activity Index ticked down to –0.04 in February from –0.01 in January. Three of the four broad categories of indicators that make up the index made positive contributions in February, but for the second consecutive month they were offset by continued weakness in the consumption and housing category. www.chicagofed.org/digital_assets/publications/cfnai/2011/cfnai_march2011.pdf 

March 21, 2011 - 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/2011/MR11-0321ProhibitionOrders.pdf 

March 21, 2011 - Office of the Comptroller of the Currency Hosts Workshops in Oak Brook, Illinois - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in Oak Brook, Illinois, at the Westin Lombard, May 3-4, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-29.html 

March 21, 2011 - U.S. International Equity Investment and Past Prospective Returns - Stephanie E. Curcuru, Charles P. Thomas, Francis E. Warnock, and Jon Wongswan - Counter to extant stylized facts, using newly available data on country allocations in U.S. investors' foreign equity portfolios.    www.federalreserve.gov/pubs/ifdp/2011/1016/ifdp1016.htm 

March 21, 2011 - Revised Interagency Examination Procedures for Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached interagency examination procedures for Regulation Z - Truth in Lending.  www.federalreserve.gov/boarddocs/caletters/2011/1103/caltr1103.htm 

March 21, 2011 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

March 18, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-28.html 

March 18, 2011 - March Burgundy Book Paints a Mixed Economic Picture for 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.  www.stlouisfed.org/newsroom/displayNews.cfm?article=934

March 18, 2011 - 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.  www.stlouisfed.org/newsroom/displayNews.cfm?article=935 

March 18, 2011 - March Burgundy Book Paints a Mixed Economic Picture for 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.  www.stlouisfed.org/newsroom/displayNews.cfm?article=936 

March 18, 2011 - March Burgundy Book Shows Continued Improvement for 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=937 

March 18, 2011 - Legal Interpretation - Federal Reserve Act, March 14, 2011 - Letter to John P. Soukenik, Esq., Elias, Matz, Tiernan & Herrick L.L.P., granting an exemption from Section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) for First Command Bank to purchase certain real property from its parent holding company, First Command Financial Services, Inc., both of Fort Worth, Texas. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2011/20110314/20110314.pdf 

March 18, 2011 - The Federal Reserve Board on Friday approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of prior Board rules implementing the Credit Card Accountability Responsibility and Disclosure Act of 2009. This rule is intended to enhance protections for consumers who use credit cards and to resolve areas of uncertainty so that card issuers fully understand their compliance obligations. www.federalreserve.gov/newsevents/press/bcreg/20110318b.htm

March 18, 2011 - The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review, its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies. www.federalreserve.gov/newsevents/press/bcreg/20110318a.htm _____________________________

March 18, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-28.html

March 17, 2011 - OCC Reports Fourth Quarter Trading Revenue of $3.5 Billion - Commercial banks reported trading revenue of $3.5 billion in the fourth quarter of 2010, 80 percent higher than the fourth quarter of 2009 and 17 percent lower than the third quarter of 2010, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. For the full year of 2010, trading revenues totaled $22.5 billion, nearly matching the record $22.6 billion in 2009. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-27.html

March 17, 2011 - The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.1% in January, to a seasonally adjusted level of 84.1. www.chicagofed.org/webpages/research/data/cfmmi/data_series.cfm 

March 17, 2011 - Proposal to revise the FFIEC Call Reports and to revise the FFIEC Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks and Report of Assets and Liabilities of a Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign Bank.  www.federalreserve.gov/boarddocs/press/foiadocs/2011/20110316/foia20110316.pdf 

March 17, 2011 - Proposal to approve under OMB delegated authority the extension for three years, without revision, of the following report: The Recordkeeping and Disclosure Requirements Associated with the Guidance on Response Programs for Unauthorized Access to Customer Information.  www.federalreserve.gov/boarddocs/press/foiadocs/2011/20110317/foia20110317.pdf 

March 17, 2011 - INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production declined 0.1 percent in February after having risen 0.3 percent in January; output in January was previously estimated to have edged down 0.1 percent. Manufacturing output increased 0.4 percent in February, and the gain in January was revised up to 0.9 percent. www.federalreserve.gov/releases/g17/Current/

March 17, 2011 - 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 25, at noon EDT. www.federalreserve.gov/newsevents/press/other/20110317a.htm 

March 17, 2011 - NCUA BOARD MEETING RESULTS FOR MARCH 17, 2011 - The National Credit Union Administration Board convened its third open meeting in 2011 at agency headquarters and unanimously approved all agenda items presented, including: a proposed rule on interest rate risk policy; a proposed rule updating definitions of “net worth” and “equity ratio”; a final rule broadening the definition of “low-risk assets”; and final rules on corporate credit union delegations of authority and technical corrections. www.ncua.gov/GenInfo/BoardandAction/Reports/2011/BAB11-0317.pdf 

March 15, 2011 - Acting Comptroller Walsh Addresses the American Bankers Association - Acting Comptroller of the Currency John Walsh discussed the Dodd-Frank Wall Street Reform and Consumer Protection Act during a speech today at the American Bankers Association Government Relations Summit. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-26.html 

March 15, 2011 - Information received since the Federal Open Market Committee met in January suggests that the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. www.federalreserve.gov/newsevents/press/monetary/20110315a.htm 

March 15, 2011 - Overdraft Payment Program Supervisory Guidance Staff Teleconference on Implementation - Staff from the FDIC's Division of Depositor and Consumer Protection (DCP) will host a teleconference on March 29, 2011, to discuss the 2010 Overdraft Payment Program Supervisory Guidance issued in November 2010.  www.fdic.gov/news/news/financial/2011/fil11016.html

March 15, 2011 - Bank Secrecy Act - Reorganization of FinCEN's Bank Secrecy Act Regulations - The FDIC, in conjunction with the other federal banking agencies and the State Liaison Committee of the Federal Financial Institutions Examination Council, is issuing a statement regarding the revision of the Bank Secrecy Act regulations effective March 1, 2011. The rule does not alter existing BSA regulatory obligations or impose new requirements.  www.fdic.gov/news/news/financial/2011/fil11015.html

March 15, 2011 - FDIC Board Approves Proposed Rule to Set Claims Process Under the Dodd-Frank Act's Orderly Liquidation Authority Provisions - The Board of Directors of the Federal Deposit Insurance Corporation today approved a Notice of Proposed Rulemaking to further clarify application of the orderly liquidation authority contained in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, "Orderly Liquidation Authority."   www.fdic.gov/news/news/press/2011/pr11056.html 

March 15, 2011 - The Federal Reserve Board on Tuesday announced its approval of the application and notice by Chuo Mitsui Trust Holdings, Inc., Tokyo, to become a bank holding company by acquiring The Sumitomo Trust & Banking Co., Ltd., Osaka, both of Japan, thereby acquiring indirectly STB's wholly owned subsidiary bank Sumitomo Trust and Banking Co. Hoboken, New Jersey, and thereafter engage in certain nonbanking activities.   www.federalreserve.gov/newsevents/press/orders/20110315a.htm 

March 15, 2011 - Information received since the Federal Open Market Committee met in January suggests that the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually. Household spending and business investment in equipment and software continue to expand. www.federalreserve.gov/newsevents/press/monetary/20110315a.htm 

March 15, 2011 - Board issues enforcement actions with Pembina County Bankshares, Rurban Financial, and Tonganoxie Bankshares.   www.federalreserve.gov/newsevents/press/enforcement/20110315a.htm

March 14, 2011 - 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, 2011 - OCC Appoints Receiver for The First National Bank of Davis - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for The First National Bank of Davis, Davis, Oklahoma. As of December 31, 2010, the bank had approximately $90 million of total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-25.html 

March 11, 2011 - Seaway Bank and Trust Company, Chicago, Illinois Assumes All of the Deposits of Legacy Bank, Milwaukee, Wisconsin - Legacy Bank, Milwaukee, Wisconsin, was closed today by the Wisconsin 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 Seaway Bank and Trust Company, Chicago, Illinois, to assume all of the deposits of Legacy Bank. www.fdic.gov/news/news/press/2011/pr11055.html

March 11, 2011 - The Pauls Valley National Bank, Pauls Valley, Oklahoma, Assumes All of the Deposits of The First National Bank of Davis, Davis, Oklahoma - The First National Bank of Davis, Davis, Oklahoma, 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 Pauls Valley National Bank, Pauls Valley, Oklahoma, to assume all of the deposits of The First National Bank of Davis. www.fdic.gov/news/news/press/2011/pr11054.html 

March 11, 2011 - St. Louis Fed Revs Up Reg Reform Rules Web Site with Additional Functionality - The Federal Reserve Bank of St. Louis has added additional features to its web site that helps users keep track of the rules being written as part of the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.stlouisfed.org/newsroom/displayNews.cfm?article=930

March 11, 2011 - Legal Developments - Section 19 letters, December 6, 2010 (6 letters), January 21 (3 letters), 26 (1 letter), and 31 (2 letters), 2011.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2011.htm 

March 11, 2011 - The Federal Reserve Board on Friday announced its approval of the proposal by The Goldman Sachs Group, Inc., New York, New York, to retain 9.8 percent of the voting shares of Avenue Financial Holdings, Inc. and indirectly retain voting shares of Holdings' wholly owned subsidiary bank, Avenue Bank, both of Nashville, Tennessee. www.federalreserve.gov/newsevents/press/orders/20110311a.htm 
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March 10, 2011 - U.S. Regulators Encourage Comments on the CPSS-IOSCO Consultative Report on the Principles for Financial Market Infrastructures - The Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commission today released for comment the consultative report on the Principles for Financial Market Infrastructures.  www.federalreserve.gov/newsevents/press/other/20110310a.htm

March 10, 2011 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/Current/ 

March 9, 2011 - NCUA - Matz Launches NCUA’s MyCreditUnion.gov - Unveiled during National Consumer Protection Week, Website Offers a One-Stop Financial Information Toolbox for Individuals. National Credit Union Administration Board Chairman Debbie Matz today unveiled a new, free consumer tool.   www.ncua.gov/news/press_releases/2011/MR11-0309MyCreditUnionDotGovWebsiteLaunch.pdf 

March 9, 2011 - Federal Reserve Bulletin - Legal developments, fourth quarter 2010 - Three orders were issued in this quarter, one for SKBHC Holdings LLC under Section 3 of the Bank Holding Company Act, one for Caja de Ahorros de Valencia, Castellón y Alicante, Bancaja and one for Banco Financiero y de Ahorros, S.A. under Sections 3 and 4 of the Bank Holding Company Act, and one for Centennial Bank under the Bank Merger Act.   www.federalreserve.gov/pubs/bulletin/default.htm  

March 8, 2011 - Read New Issue of Research Journal - The Federal Reserve Bank of St. Louis Review - A journal of national and international economic developments, particularly focusing on their monetary aspects.   http://research.stlouisfed.org/publications/review/current/ 

March 8, 2011 - FDIC Announces Settlement With World's Foremost Bank, Sidney, Nebraska, for Unfair and Deceptive Practices - The Federal Deposit Insurance Corporation announced a settlement with World's Foremost Bank, Sidney, Nebraska for alleged unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act as well as violations of the Truth in Lending Act in connection with WFB's credit card programs. Under the settlement, WFB has agreed to stipulate to a Consent Order, provide restitution of approximately $10.1 million to current and former cardholders; and pay a civil money penalty of $250,000. www.fdic.gov/news/news/press/2011/pr11053.html 

March 8, 2011 - Payment Systems - Annual and Quarterly Data Updates: Automated Clearinghouse Operations, Check Services, Fedwire Funds Services, Fedwire Securities Services, and National Settlement Services.  www.federalreserve.gov/paymentsystems/default.htm 

March 8, 2011 - Board issues enforcement actions with Farmers and Merchants Bancshares, Inc., Florida Bank Group, Inc. and Florida Bank, Rosholt Bancorporation, Inc., and Stark Bank Group, Ltd. and First American Bank.  www.federalreserve.gov/newsevents/press/enforcement/20110308a.htm 

March 7, 2011 - Office of the Comptroller of the Currency Hosts Workshop in Charlottesville, Virginia - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Charlottesville, Virginia, at the Omni Charlottesville, April 11-13, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-24.html 

March 7, 2011 - FDIC Announces "Top 10" List of Online Resources for Consumers Services Highlighted in Conjunction With National Consumer Protection Week - Consumers of all ages are increasingly turning to the Internet for help with managing their finances, but knowing where to go online for reliable, practical money tips can be challenging.  www.fdic.gov/news/news/press/2011/pr11052.html

March 7, 2011 - Consumer credit increased at an annual rate of 2-1/2 percent in January 2011. Nonrevolving credit increased at an annual rate of 7 percent, while revolving credit decreased at an annual rate of 6-1/2 percent. www.federalreserve.gov/releases/g19/Current/ 

March 4, 2011 - NCUA - Wisconsin Heights Credit Union Closes; Members Now Served by CoVantage Credit Union - Service to Members Continues Uninterrupted; Deposits Federally Insured up to $250,000 - The National Credit Union Administration today was appointed liquidating agent of Wisconsin Heights Credit Union of Ogema, Wisconsin, by the Wisconsin Office of Credit Unions. www.ncua.gov/news/press_releases/2011/MR11-0304WisconsinHeightsCUClosesMembersServedbyCoVantageCU.pdf 

March 4, 2011 - 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. www.fdic.gov/news/news/press/2011/pr11051.html 

March 4, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

March 4, 2011 - Vice Chair Janet L. Yellen - Improving the International Monetary and Financial System - At the Banque de France International Symposium, Paris, France.  www.federalreserve.gov/newsevents/speech/yellen20110304a.htm 

March 4, 2011 - William R. Nelson, Deputy Director, Division of Monetary Affairs - Term Asset-Backed Securities Loan Facility - Before the Congressional Oversight Panel for the Troubled Asset Relief Program, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/nelson20110304a.htm  ___________________

March 3, 2011 - Unemployment Insurance Extensions and Unemployment Rate - Chicago Fed Letter examines whether workers who receive unemployment insurance extensions tend to take longer to find new employment. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflapril2011_285.pdf 

March 3, 2011 - Deposit Insurance Coverage – Comprehensive Training Free Nationwide Seminars for Bank Officers and Employees - The FDIC will conduct ten identical telephone seminars for bank officers and employees that will provide comprehensive training on deposit insurance coverage rules and regulations.   www.fdic.gov/news/news/financial/2011/fil11014.html 

March 3, 2011 - Bank Holding Company Supervision Manual, January 2011 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/bhc/bhc.pdf 

March 3, 2011 - Spanish Translation of the FFIEC BSA/AML Examination Manual.  www.federalreserve.gov/boarddocs/srletters/2011/sr1105.htm 

March 3, 2011 - Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility - Sean Campbell, Daniel Covitz, William Nelson, and Karen Pence - In response to the near collapse of US securitization markets in 2008, the Federal Reserve created the Term Asset-Backed Securities Loan Facility, which offered non-recourse loans to finance investors' purchases of certain highly rated asset-backed securities. www.federalreserve.gov/pubs/feds/2011/201116/index.html 

March 3, 2011 - The Expected Real Return to Equity - Missaka Warusawitharana - The expected return to equity--typically measured as a historical average--is a key variable in the decision making of investors. A recent literature based on analysts forecasts and practitioner surveys finds estimates of expected returns that are sometimes much lower than historical averages. www.federalreserve.gov/pubs/feds/2011/201114/index.html

March 3, 2011 - Agency Problems in Public Firms: Evidence from Corporate Jets in Leveraged Buyouts - Jesse Edgerton - This paper uses rich, new data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average jet fleets at least 40 percent smaller than observably similar publicly-traded firms. Similar fleet reductions are observed within firms that go private in leveraged buyouts. www.federalreserve.gov/pubs/feds/2011/201115/index.html 

March 3, 2011 - The Federal Reserve Board on Thursday requested public comment on proposed amendments to Regulation CC to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the "exception" hold periods on deposited funds. www.federalreserve.gov/newsevents/press/bcreg/20110303a.htm 

March 3, 2011 - Board issues enforcement action with Outsource Holdings.  www.federalreserve.gov/newsevents/press/enforcement/20110303a.htm 

March 3, 2011 - NCUA - Credit Unions Expand Earnings, Control Delinquencies and Charge-offs - Year-End 2010 Data Indicate Higher Net Income, Declining Loan Demand, and Stable Loan Delinquencies and Charge-offs - Credit union earnings, shares, assets, and investments grew despite slowing loan demand and the continuing economic challenges, according to fourthquarter Call Reports submitted by the nation’s 7,339 federally insured credit unions.   www.ncua.gov/news/press_releases/2011/MA11-0303-2010Q4CallReportRelease.pdf 

March 2, 2011 - Chairman Ben S. Bernanke - Challenges for State and Local Governments - At the 2011 Annual Awards Dinner of the Citizens Budget Commission, New York, New York.  www.federalreserve.gov/newsevents/speech/bernanke20110302a.htm 

March 2, 2011 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2011/default.htm 

March 2, 2011 - Interagency Statement on Reorganization of FinCEN’s Bank Secrecy Act Regulations - The Federal Reserve, together with the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the State Liaison Committee of the Federal Financial Institutions Examination Council, has issued the attached interagency statement entitled Reorganization of FinCEN’s Bank Secrecy Act Regulations. www.federalreserve.gov/boarddocs/srletters/2011/sr1104.htm 

March 2, 2011 - Preferences for Banking and Payment Services Among Low- and Moderate-Income Households - Michael S. Barr, Jane K. Dokko, and Eleanor M. Feit - This paper characterizes the features of an account-based payment card--including bank debit cards, prepaid debit cards, and payroll cards--that elicit a high take-rate among low- and moderate-income households, particularly those without bank accounts.  www.federalreserve.gov/pubs/feds/2011/201113/index.html 

March 2, 2011 - Explaining the Energy Consumption Portfolio in a Cross-Section of Countries: Are the BRICs Different? - David M. Arseneau - This paper uses disaggregated data from a broad cross-section of countries to empirically assess differences in energy consumption profiles across countries.   www.federalreserve.gov/pubs/ifdp/2011/1015/ifdp1015.htm 

March 1, 2011 - Thrift Industry Reports First Annual Profit Since Financial Crisis Began - The U.S. thrift industry posted a profit of $6.6 billion in 2010, the first profitable year for the industry since 2006, the Office of Thrift Supervision reported today.  www.ots.treas.gov/?p=PressReleases&ContentRecord_id=7222723c-cf18-bbac-f533-8c7c981d77a7&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 1, 2011 - OCC Issues Second Quarter 2011 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the second quarter of 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-23.html 

March 1, 2011 - Reminder on FDIC Examination Findings - The FDIC takes pride in the professionalism and quality of its examination force. The FDIC encourages financial institutions to provide feedback on FDIC examinations, Reports of Examination, and other supervisory processes. www.fdic.gov/news/news/financial/2011/fil11013.html 

March 1, 2011 - FDIC to Hold Roundtable on Brokered Deposits - As part of the implementation of the Dodd Frank Wall Street Reform and Consumer Protection Act, the Federal Deposit Insurance Corporation will host the fifth in a series of roundtable discussions with key stakeholders. The discussion will focus on a study of core and brokered deposits, as required under the Act, and will take place Friday, March 18, 2011 from 10 a.m. to noon. www.fdic.gov/news/news/press/2011/pr11050.html 

March 1, 2011 - Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings - Kathleen Weiss Hanley and Gerard Hoberg - Current version: January 2011 - Using word content analysis on the time-series of IPO prospectuses, we find evidence that issuers trade off underpricing and strategic disclosure as potential hedges against litigation risk.  www.federalreserve.gov/pubs/feds/2011/201112/index.html 

March 1, 2011 - How Useful are Estimated DSGE Model Forecasts? - Rochelle M. Edge Federal Reserve Board, Refet S. Gurkaynak Bilkent University, DSGE models are a prominent tool for forecasting at central banks and the competitive forecasting performance of these models relative to alternatives-including official forecasts-has been documented. www.federalreserve.gov/pubs/feds/2011/201111/index.html 

March 1, 2011 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20110301a.htm 

March 1, 2011 - Dr. John C. Williams Appointed President and CEO - of the Federal Reserve Bank of San Francisco - Dr. John C. Williams has been appointed president and chief executive officer of the Federal Reserve Bank of San Francisco, according to an announcement by Douglas W. Shorenstein, chairman of the San Francisco bank’s board of directors.  Press Release: www.frbsf.org/news/releases/2011/0301.html 

March 1, 2011 - The Federal Reserve Board and the Federal Trade Commission on Tuesday proposed regulations regarding the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20110301a.htm 

March 1, 2011 - Board issues enforcement action with Bridgeview Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/20110301a.htm