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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

May 2006

With more than 40 years auditing only financial institutions, my experience to test your Internet
and internal IT operations for vulnerabilities and understand your IT operation is unmatched. 
Please visit http://www.yennik.com for more detailed information.



May 31, 2006 - National Credit Union Administration - Vice Chairman Rodney E. Hood announced during the recent Annual Meeting and Future Forum of WesCorp Credit Union, that he plans to call a summit of natural person and corporate credit unions to meet together and share a dialogue of the most current and sophisticated tools to mitigate balance sheet risks for credit unions of all asset levels and explore alterative investment opportunities. http://www.ncua.gov/news/press_releases/2006/NR06-0531.htm 

May 31, 2006 - NCUA Vice Chairman States Credit Unions Are Positioned to be at the Forefront of Today's Growing Economy - National Credit Union Administration Vice Chairman Rodney E. Hood said today that America's credit unions, serving over 85 million members, are positioned to be the catalyst for empowering more Americans to achieve the American Dream and continue the "tremendous economic growth the nation has realized in years."  www.ncua.gov/news/press_releases/2006/NR06-0530.htm 

May 31, 2006 - OCC Licensing Manual Update, April 2006 - The revised "Business Combinations" booklet contains guidance on perfecting dissenters shareholder rights and requesting a stock appraisal. With this issuance, Banking Circular 259 is rescinded. www.occ.treas.gov/corpbook/group2/public/pdf/bizcombo.pdf 

May 31, 2006 - Federal Reserve Banks Announce Restructuring Of Cash And Check Operations - The Federal Reserve Bank of Kansas City, in conjunction with the other Reserve Banks throughout the nation, today announced a further streamlining of its cash and check-processing services. www.kc.frb.org/pubaffrs/pressrel/pr06-13.htm 

May 31, 2006 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on May 10, 2006. www.federalreserve.gov/boarddocs/press/monetary/2006/20060531/default.htm 

May 31, 2006 - FDIC Issues Third Quarter 2006 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the third quarter of 2006. www.fdic.gov/news/news/press/2006/pr06053.html 

May 31, 2006 - FRB Legal Interpretations - Letter to Elizabeth T. Davy, on behalf of UBS AG, confirming that certain transactions in physical commodities are extensions of credit permissible for a bank holding company under section 225.28(b)(1) of the Board's Regulation Y. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2006/20060531/attachment.pdf 

May 31, 2006 - Federal Reserve Banks Announce Change to Cash Infrastructure - After completing a two-year review of their cash infrastructure, the Federal Reserve Banks today announced that the cash processing operation at the Federal Reserve Bank of Kansas City's Omaha, Neb., branch will be changed to a cash depot. www.federalreserve.gov/boarddocs/press/other/2006/200605312/default.htm 

May 31, 2006 - Federal Reserve Banks Announce Changes To Increase Check Service Efficiency - The Federal Reserve Banks today announced changes to their check operations as consumers and businesses continue the shift from using paper checks toward electronic payments. As part of these changes, the Federal Reserve Banks will discontinue check processing at locations in San Francisco, Kansas City, Mo., and Helena, Mont. www.federalreserve.gov/boarddocs/press/other/2006/20060531/default.htm 

May 30, 2006 - NCUA Chairman JoAnn Johnson's Statement Regarding Treasury Secretary John W. Snow.   www.ncua.gov/news/press_releases/2006/ST06-0530.htm 

May 30, 2006 - Midwest Manufacturing Output Rises in April - The Chicago Fed Midwest Manufacturing Index rose 0.6% in April, to a seasonally adjusted level of 116.5 (2002=100). www.chicagofed.org/economic_research_and_data/files/cfmmi_april2006.pdf 

May 30, 2006 - The Federal Reserve Board on Tuesday announced amendments to Appendix A of Regulation CC that reflect the previously-announced restructuring of the Federal Reserve's check processing operations in the Second and Third Districts. www.federalreserve.gov/boarddocs/press/bcreg/2006/20060530/default.htm 

May 30, 2006 - OCC Announces New Electronic Interpretations and Actions - May 2006.  
www.occ.treas.gov/interp/may06/intmay06.htm 

May 30, 2006 - Statement by Federal Reserve Board Chairman Ben S. Bernanke - "I have greatly enjoyed the opportunity to work with Secretary Snow. I commend him for his years of dedicated and able service. Mr. Paulson is highly respected throughout the financial world. I look forward to a close working relationship with him in this new role." www.federalreserve.gov/boarddocs/press/other/2006/20060530/default.htm 

May 26, 2006 - NCUA Chairman JoAnn Johnson's Statement Regarding Senate Passage of the Financial Services Regulatory Relief Act of 2006.   www.ncua.gov/news/press_releases/2006/ST06-0526.htm 

May 26, 2006 - OTS Director Reich Commends Senate on Passage of Regulatory Relief Legislation - John Reich, Director of the Office of Thrift Supervision, and the lead regulator for the federal banking agencies' regulatory relief efforts, commended the U.S. Senate for its passage yesterday of the "Financial Services Regulatory Relief Act of 2006," the regulatory burden relief bill for the financial services industry. www.ots.treas.gov/docs/7/776026.html 

May 25, 2006 - Fair Credit Reporting Act Examination Procedures for the New Regulations on Medical Information - The Federal Financial Institutions Examination Council Task Force on Consumer Compliance has approved the attached examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. www.fdic.gov/news/news/financial/2006/fil06047.html
________________

May 25, 2006 - The Federal Reserve Board on Thursday announced its approval of the proposal filed by Banco Santander Central Hispano, S.A., Madrid, Spain, to acquire up to 24.99 percent of the voting shares of Sovereign Bancorp, Inc. and indirectly acquire control of Sovereign's subsidiary savings association, Sovereign Bank, both of Wyomissing, Pennsylvania, and Independence Community Bank Corp. and its subsidiary savings bank, Independence Community Bank, both of Brooklyn, New York. www.federalreserve.gov/boarddocs/press/orders/2006/20060525/default.htm 

May 25, 2006 - Governor Mark W. Olson - Community Development and the Bigger Picture - At the Social Compact Visionary Awards, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20060525/default.htm 

May 25, 2006 - NCUA - Credit Unions Demonstrate Consistent Strength - Savings expand as delinquencies near six year low - Credit unions are experiencing solid share growth and declining loan delinquencies according to first quarter 2006 Call Report data submitted by the nation's 8,617 federally insured credit unions. www.ncua.gov/news/press_releases/2006/NR06-0525.htm 

May 25, 2006 - Fair Credit Reporting Act Examination Procedures for the New Regulations on Medical Information - The Federal Financial Institutions Examination Council Task Force on Consumer Compliance has approved the attached examination procedures to assess compliance with the medical information regulations that became effective on April 1, 2006. www.fdic.gov/news/news/financial/2006/fil06047.html 

May 25, 2006 - Banks and Thrifts Report Record Earnings in First Quarter Commercial loan growth picks up momentum, asset quality indicators remain strong - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported a record quarterly net income of $37.3 billion for the first three months of 2006, eclipsing the previous quarterly high of $34.6 billion set in the third quarter of 2005. www.fdic.gov/news/news/press/2006/pr06052.html 

May 24, 2006 - NCUA - The 2006 Credit Union Directory is available.  www.ncua.gov/data/directory/2006/CuDirectory06.pdf 

May 24, 2006 - Richard Hartt Named Deputy Director of FDIC's Division of Information Technology - Richard W. Hartt has been named Deputy Director of the Federal Deposit Insurance Corporation's Division of Information Technology. Mr. Hartt will head the division's Enterprise Technology Branch. www.fdic.gov/news/news/press/2006/pr06051.html 

May 24, 2006 - Governor Randall S. Kroszner - Innovative Statistics for a Dynamic Economy - At the National Association for Business Economics Professional Development Seminar for Journalists, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20060524/default.htm 

May 23, 2006 - NCUA - Board Member Hyland Participates in First Meeting of President's Identity Theft Task Force - National Credit Union Administration Board Member Gigi Hyland represented the agency yesterday at the inaugural meeting of President Bush's Identity Theft Task Force. www.ncua.gov/news/press_releases/2006/NR06-0523-2.htm 

May 23, 2006 - NCUA - Vice Chairman Hood Highlights Board Development and Succession Planning During Conference in California - National Credit Union Administration Vice Chairman Rodney Hood recently served as a featured speaker for the National Association of Federal Credit Union's 25th Annual Volunteer Conference in Los Angeles, California. www.ncua.gov/news/press_releases/2006/NR06-0523.htm 

May 23, 2006 - Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? - Roc Armenter, Martin Bodenstein - We provide a tractable model to study monetary policy under discretion. We focus on Markov equilibria. For all parametrizations with an equilibrium inflation rate around 2%, there is a second equilibrium with an inflation rate just above 10%. Thus the model can simultaneously account for the low and high inflation episodes in the U.S. We carefully characterize the set of Markov equilibria along the parameter space and find our results to be robust. www.federalreserve.gov/pubs/ifdp/2006/860/ifdp860.htm 

May 23, 2006 - Comptroller of the Currency Hosts Community Bank Directors Workshop in Morristown, N.J. - The Office of the Comptroller of the Currency will host a workshop for national community bank directors at the Westin Governor Morris Hotel, Morristown, N.J., on June 27. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=4LEA12FR.xml 

May 23, 2006 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Springfield, Ill. - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the President Abraham Lincoln Hotel, Springfield, Ill., on June 20-21. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=4PXZ1CM5.xml 

May 23, 2006 - The Federal Reserve Board on Tuesday announced its approval of the proposal by M&P Community Bancshares, Inc. 401(k) Employee Stock Ownership Plan, Newport, to become a bank holding company by acquiring an additional 1.63 percent, for a total of 26.58 percent, of the voting shares of M&P Community Bancshares, Inc., Newport, and its subsidiaries, Merchants & Planters Bank, Newport, and Greers Ferry Lake State Bank, Heber Springs, all of Arkansas. www.federalreserve.gov/boarddocs/press/orders/2006/20060523/default.htm 

May 23, 2006 - Chairman Ben S. Bernanke - Financial literacy Committee on Banking, Housing, and Urban Affairs, U.S. Senate.   www.federalreserve.gov/boarddocs/testimony/2006/20060523/default.htm 

May 22, 2006 - NCUA General Counsel Opinion 06-0446 - Removal of Directors by Members at a Special Meeting.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0446.pdf 

May 22, 2006 - NCUA General Counsel Opinion 06-0406 - Permissibility of Investment in Mutual Fund for a 457(f) Plan www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0406.pdf 

May 19, 2006 - Comptroller Dugan Tells Bankers That Supervisory Process Must Support a Competitive, Safe and Sound Banking Industry - Comptroller of the Currency John C. Dugan said today that the supervisory process must support a competitive banking industry that takes risks and innovates, while also ensuring a safe and sound system that avoids excessive risks. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=17GZO4EX.xml 

May 19, 2006 - Thrift Industry Performance Remains Strong in First Quarter - The Office of Thrift Supervision reported today that the nation's thrift industry posted strong earnings and profitability, solid loan growth and healthy asset quality in the first quarter of 2006. www.ots.treas.gov/docs/7/776023.html 

May 19, 2006 - FDIC Acting Chairman Gruenberg Outlines Basel II Capital Objectives - Affirms commitment to improve risk management without a significant reduction in aggregate risk-based minimum capital - In a speech today before the Conference of State Bank Supervisors in Norfolk, Virginia, Federal Deposit Insurance Corporation Acting Chairman Martin Gruenberg outlined overall capital objectives contained in the proposed rule for proceeding with Basel II in the U.S. Basel II is a new, international standard for the way the largest banks calculate their capital levels. www.fdic.gov/news/news/press/2006/pr06050.html 

May 19, 2006 - Financial Crimes Enforcement Network, Federal Deposit Insurance Corporation, and New York State Banking Department Assess Civil Money Penalties Against Liberty Bank of New York -The Financial Crimes Enforcement Network, Federal Deposit Insurance Corporation, and New York State Banking Department announced today the assessment of civil money penalties totaling $600,000 against Liberty Bank of New York for violations of federal and state anti-money laundering laws and regulations. Liberty Bank, without admitting or denying the allegations, consented to payment of the civil money penalties. www.fdic.gov/news/news/press/2006/pr06049.html 

May 19, 2006 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Texas State Bank, McAllen, Texas, the Federal Reserve Bank of Dallas, and the Texas Department of Banking. www.federalreserve.gov/boarddocs/press/Enforcement/2006/200605192/default.htm 

May 19, 2006 - The Federal Reserve Board on May 19,2006, announced the issuance of an Order of Prohibition against Yolanda Salido, a former institution-affiliated party of Gulf Bank, Miami, Florida. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060519/default.htm 

May 18, 2006 - CFNAI Shows Economic Growth Above Trend Again in April www.chicagofed.org/economic_research_and_data/cfnai.cfm __________

May 18, 2006 - OCC Releases CRA Evaluations For 24 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 April 15, 2005 through May 14, 2006. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=DNCXU1WL.xml 

May 18, 2006 - 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/2006-59.htm 

May 18, 2006 - Statement of Comptroller of the Currency John C. Dugan Following Tour of Chicago Community Development Projects - Comptroller of the Currency John C. Dugan issued the following statement following a tour of community development projects in Chicago yesterday. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=AQYYC5LC.xml 

May 18, 2006 - St. Louis Fed's Poole "A Bit Puzzled by Inversion/Recession Talk" - Bill Poole says he's "been a bit puzzled" by talk beginning last fall that an inverted yield curve would likely herald a recession. www.stlouisfed.org/news/releases/2006/05_18_06.htm 

May 18, 2006 - Deposit Insurance Assessments Proposed Rules on Credits, Dividends, and Procedural and Operational Changes to Assessment Regulations - The FDIC Board of Directors is seeking comment on the attached three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005. The proposed rules would implement a one-time assessment credit, dividends, and procedural and operational changes to the assessment regulations. www.fdic.gov/news/news/financial/2006/fil06046.html 

May 18, 2006 - Updated Examination Procedures for the Fair Credit Reporting Act - The FFIEC Task Force on Consumer Compliance recently approved an examination module for the medical information regulation that implements Section 604(g) of the Fair Credit Reporting Act.1 This rule was incorporated into the Board's Regulations V and FF2 which became effective April 1, 2006 (70 Federal Register 70664). Section 604(g) generally prohibits creditors from obtaining and using medical information in connection with any determination of the consumer's eligibility, or continued eligibility, for credit unless permitted by regulation. The medical information regulations create exceptions to the statute's general prohibition. www.federalreserve.gov/boarddocs/caletters/2006/0610/caltr0610.htm 

May 18, 2006 - Statement by Federal Reserve Board Governor Donald L. Kohn: - "I am deeply honored that President Bush has chosen to nominate me as Vice Chairman of the Federal Reserve Board. It has been a great privilege to serve with my colleagues on the Board, the Open Market Committee and the staff. www.federalreserve.gov/boarddocs/press/other/2006/20060518/default.htm 

May 18, 2006 - Remarks by Governor Donald L. Kohn - At the Conference on New Directions for Understanding Systemic Risk, New York, New York May 18, 2006 - The Evolving Nature of the Financial System: Financial Crises and the Role of the Central Bank.   www.federalreserve.gov/boarddocs/speeches/2006/200605182/default.htm 

May 18, 2006 - NCUA - Chairman Johnson Addresses Financial Literacy and Education Commission meeting at Department of Treasury - Chairman JoAnn Johnson served as a featured speaker at the Financial Literacy and Education Commission meeting held at the Department of Treasury. Chairman Johnson discussed the importance of providing financial literacy to Americans of all ages and highlighted the many ways credit unions are contributing to this effort throughout the Nation. www.ncua.gov/news/press_releases/2006/NR06-0517.htm 

May 17, 2006 - Trade Adjustment and the Composition of Trade - Christopher Erceg, Luca Guerrieri, Christopher Gust - A striking feature of U.S. trade is that both imports and exports are heavily concentrated in capital goods and consumer durables. However, most open economy general equilibrium models ignore the marked divergence between the composition of trade flows and the sectoral composition of U.S. expenditure, and simply posit import and exports as depending on an aggregate measure of real activity. www.federalreserve.gov/pubs/ifdp/2006/859/ifdp859.htm 

May 17, 2006 - Currency Hedging and Corporate Governance: A Cross-country Analysis - Ugur Lel - Corporate governance can provide mechanisms to effectively monitor the use of derivatives. Using a sample of firms from 34 countries over the period 1990 to 1999, I find that firms with strong governance use currency derivatives for value-maximizing reasons as established by theory. www.federalreserve.gov/pubs/ifdp/2006/858/ifdp858.htm 

May 17, 2006 - Remarks by Chairman Ben S. Bernanke - At the Federal Reserve Bank of Chicago's 42nd Annual Conference on Bank Structure and Competition, Chicago, Illinois May 18, 2006.  www.federalreserve.gov/boarddocs/speeches/2006/20060518/default.htm 

May 16, 2006 - Remarks by Chairman Ben S. Bernanke - At the Federal Reserve Bank of Atlanta's 2006 Financial Markets Conference, Sea Island, Georgia May 16, 2006.  www.federalreserve.gov/boarddocs/speeches/2006/200605162/default.htm 

May 16, 2006 - Comptroller Dugan Highlights Importance of Financial Literacy - Comptroller of the Currency John C. Dugan attended his inaugural meeting of the Financial Literacy and Education Commission today and highlighted the importance of educating consumers about financial products. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=K4HUYGHH.xml 

May 16, 2006 - Complex Structured Finance Activities Interagency Statement on Sound Practices for Activities With Elevated Risk - The FDIC, along with the other federal banking agencies and the Securities and Exchange Commission, is issuing the attached statement for public comment. The statement informs financial institutions of the internal controls and risk-management procedures that should be used to identify, manage and address the heightened legal or reputational risks that may arise from their involvement in certain complex structured finance transactions. www.fdic.gov/news/news/financial/2006/fil06045.html 

May 16, 2006 - Latest FDIC Consumer News Features the Top 10 Misconceptions About FDIC Deposit Insurance - Other topics include the basics of debit cards and financial tips for traveling abroad - While most people have a pretty good idea about how FDIC insurance works, a surprisingly large number of consumers have potentially costly misconceptions. The biggest concern: Some depositors who believe that their funds are fully insured may inadvertently have some money over the insurance limits and risk losing that portion if their bank fails. www.fdic.gov/news/news/press/2006/pr06048.html 

May 16, 2006 - Remarks by Governor Mark W. Olson - To the Financial Services Roundtable and the Morin Center for Banking and Financial Services, Washington, D.C. May 16, 2006.   www.federalreserve.gov/boarddocs/speeches/2006/20060516/default.htm 

May 16, 2006 - Industrial Production And Capacity Utilization - Industrial production rose 0.8 percent in April after an increase of 0.6 percent in March. The levels of the output index for January through March were revised upward, and industrial production is now reported to have increased at an annual rate of 5.4 percent in the first quarter. www.federalreserve.gov/releases/g17/current/default.htm 

May 16, 2006 - Remarks by Governor Susan Schmidt Bies - At the Global Association of Risk Professionals' Basel II & Banking Regulation Forum, Barcelona, Spain May 16, 2006.   www.federalreserve.gov/boarddocs/speeches/2006/200605163/default.htm 

May 16, 2006 - Patrick M. Parkinson - Deputy Director, Division of Research and Statistics -The Role of Hedge Funds in the Capital Market Before the Subcommittee on Securities and Investment, Committee on Banking, Housing, and Urban Affairs, U.S. Senate.   www.federalreserve.gov/boarddocs/testimony/2006/20060516/default.htm 

May 15, 2006 - NCUA - Vice Chairman Hood Visits State Regulatory Agencies - National Credit Union Administration Vice Chairman Rodney Hood recently made his first visit to a state regulatory agency when he visited the Kentucky Office of Financial Institutions. He met with Cordell Lawrence, Executive Director and Mr. Keith Tally, Sr. Deputy Executive Director, to discuss issues common to state and federally chartered credit unions including taxation, fields of membership, and data collection. www.ncua.gov/news/press_releases/2006/NR06-0515-2.htm 

May 15, 2006 - NCUA - Vice Chairman Hood Visits Credit Unions in Chicago - During his trip to Chicago last week, National Credit Union Vice Chairman Rodney Hood visited Mid-States Corporate Federal Credit Union, Hawthorn Credit Union, and also served as a lunchtime speaker during NASCUS' Board Meetings.  www.ncua.gov/news/press_releases/2006/NR06-0515.htm 

May 15, 2006 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The April 2006 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey also contained a set of special questions on the minimum required payment on outstanding credit card balances of individuals and households. www.federalreserve.gov/boarddocs/snloansurvey/200605/ 

May 12, 2006 - Fred S. Carns Named Director of FDIC's Office of International Affairs - Fred S. Carns has been named Director of the FDIC's Office of International Affairs, replacing Michael Zamorski, who retired from the FDIC after 29 years of service. Mr. Carns will be responsible for coordinating the FDIC's international banking activities with a focus on building strong relationships with foreign regulators and deposit insurers, U.S. government entities and international organizations. www.fdic.gov/news/news/press/2006/pr06047.html  
__________________

|May 11, 2006 - FRB Statistical Supplement to the Federal Reserve Bulletin - April 2006.  www.federalreserve.gov/pubs/supplement/2006/04/default.htm 

May 11, 2006 - The Federal Reserve Board on Thursday approved action by the Board of Directors of the Federal Reserve Bank of Kansas City, increasing the discount rate at the Bank from 5-3/4 percent to 6 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2006/20060511/default.htm

May 11, 2006 - NCUA - The May 2006 NCUA Newsletter is available.  www.ncua.gov/news/newsletter/NCUA/06May.pdf 

May 11, 2006 - NCUA - Chairman Johnson testifies on conversion issues - Johnson stresses disclosure and member rights are paramount before the House Subcommittee on Financial Institutions and Consumer Credit.  www.ncua.gov/news/press_releases/2006/NR06-0511.htm 

May 11, 2006 - Governor Donald L. Kohn - Investing in Payment Innovations: A Federal Reserve Perspective - At the 2006 Payments Conference, Federal Reserve Bank of Chicago, Chicago, Illinois.  www.federalreserve.gov/boarddocs/speeches/2006/20060511/default.htm 

May 11, 2006 - NCUA - Chairman Johnson's Testimony Before the Subcommittee on Financial Institutions and Consumer Credit.  www.ncua.gov/news/speeches/2006/Johnson/Senate05-11-2006.pdf 

May 10, 2006 - Effect of the Federal Deposit Insurance Reform Act on the Reports of Condition and Income.  www.ffiec.gov/pdf/ffiec_forms/FFIEC031_041_FIL44_20060510.pdf 

May 10, 2006 - NCUA - Keith Morton Named Region IV Director - The National Credit Union Administration Board has named Keith C. Morton director of Region IV effective May 14, 2006. www.ncua.gov/news/press_releases/2006/NR06-0510.htm 

May 10, 2006 - FinCEN Guidance to Financial Institutions on Providing Financial Services to Belarusian Senior Regime Elements - This bulletin transmits the Financial Crimes Enforcement Network advisory to U.S. financial institutions so that they may guard against a potential money laundering threat involving Belarusian government senior foreign political officials, their immediate family members, or persons widely and publicly known to be close associates seeking to move misappropriated Belarusian state assets as well as proceeds from illicit arms sales to or through the U.S. financial systems. Press release:  www.occ.treas.gov/ftp/bulletin/2006-23.txt 
Attachment:  http://www.fincen.gov/advisory_belarus040706.html

May 10, 2006 - Effect of the Federal Deposit Insurance Reform Act on the Reports of Condition and Income - The Federal Deposit Insurance Reform Act of 2005, enacted in February 2006, increased the deposit insurance limit for certain retirement plan deposit accounts from $100,000 to $250,000. The basic insurance limit for other depositors individuals, joint accountholders, businesses, government entities, and trusts remains at $100,000. The Federal Deposit Insurance Corporation issued an interim rule to implement this increase in coverage and other provisions of the Reform Act pertaining to deposit insurance coverage effective April 1, 2006 www.fdic.gov/news/news/financial/2006/fil06044.html 

May 10, 2006 - Deposit Insurance Coverage - Updated Publications Available Reflecting Increased Coverage for Retirement Accounts -The FDIC has updated its deposit insurance publications Insuring Your Deposits, Your Insured Deposits and Financial Institution Employee's Guide to Deposit Insurance to reflect the increase in coverage to $250,000 for certain retirement accounts and other recent regulatory changes resulting from implementation of the Federal Deposit Insurance Reform Act of 2005. These changes to the FDIC's insurance rules took effect on April 1, 2006. www.fdic.gov/news/news/financial/2006/fil06043.html 

May 10, 2006 - FRB Statistical Release - U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/0406assets.htm 

May 10, 2006 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 5 percent. www.federalreserve.gov/boarddocs/press/monetary/2006/20060510/default.htm 

May 10, 2006 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action Huntington Bancshares Incorporated, Columbus, Ohio Written Agreement dated February 28, 2005 Terminated May 10, 2006.   www.federalreserve.gov/boarddocs/press/Enforcement/2006/200605102/default.htm 

May 10, 2006 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against United Bank, Parkersburg, West Virginia, a state member bank. United Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/boarddocs/press/Enforcement/2006/20060510/default.htm 

May 10, 2006 - A Retrospective Evaluation of the Effects of Temporary Partial Expensing - Darrel Cohen and Jason Cummins - This paper examines how business investment responded to temporary partial expensing, first enacted in 2002 and expanded in 2003. In principle, partial expensing boosted the incentive to invest which should have had a discernable impact on spending. www.federalreserve.gov/pubs/feds/2006/200619/index.html 

May 9, 2006 - NCUA - Board Member Hyland Participatesin Ribbon Cutting Ceremony to Celebrate Opening of Community Branch Office - National Credit Union Administration Board Member Gigi Hyland recently participated in a ribbon cutting ceremony to commemorate the opening of a community branch of HEW Federal Credit Union. www.ncua.gov/news/press_releases/2006/NR06-0509-2.htm 

May 9, 2006 - FDIC Seeks Public Comment on Proposed Rules Governing Deposit Insurance Assessments, Including a One-Time Credit - The FDIC's Board of Directors today approved for public comment three proposed rules governing deposit insurance assessments under the Deposit Insurance Reform Act of 2005, including one that would allocate a one-time $4.7 billion assessment credit among insured institutions.  www.fdic.gov/news/news/press/2006/pr06046.html 

May 9, 2006 - FDIC Board Votes to Maintain Premium Rates for Banks and Thrifts - The Board of Directors of the Federal Deposit Insurance Corporation today voted to keep the assessment rates charged to insured banks and savings associations unchanged for the second half of 2006. www.fdic.gov/news/news/press/2006/pr06045.html 

May 9, 2006 - Agencies Request Comment on Revised Statement Concerning Elevated Risk Complex Structured Finance Activities - Five federal agencies today requested public comment on a revised proposed statement on the complex structured finance activities of financial institutions. The revised statement describes the types of internal controls and risk management procedures that should help financial institutions identify, manage and address the heightened legal and reputational risks that may arise from certain complex structured finance transactions. 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2006/20060509/default.htm 
Press Release: www.fdic.gov/news/news/press/2006/pr06044.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=VNI6MMC3.xml 
Press Release: www.ots.treas.gov/docs/7/776022.html 

May 9, 2006 - NCUA - Vice Chairman Hood Observes Firsthand How Military Credit Unions Serve the Underserved - NCUA Vice Chairman Rodney Hood recently visited a branch location of Service Credit Union located on a U.S. Military Base in Garmisch, Germany. Vice Chairman Hood toured the location, met with several of the credit union's officials, and participated in a roundtable discussion regarding the services provided to underserved members. www.ncua.gov/news/press_releases/2006/NR06-0509.htm 

May 5, 2006 - NCUA - Chairman Johnson to Testify on Credit Union Charter Conversions - National Credit Union Administration Chairman JoAnn Johnson will testify on "H.R. 3206, Credit Union Charter Choice Act" and the issue of credit union charter conversions in general before the House of Representatives Subcommittee on Financial Institutions and Consumer Credit. www.ncua.gov/news/press_releases/2006/MA06-0505.htm 

May 5, 2006 - Vice Chairman Hood to Serve as Featured Speakerat Conference in Germany - National Credit Union Administration Vice Chairman Rodney Hood will serve as the Featured Speaker on Friday at the 34th Annual European Credit Union Council Overseas Conference being held in Garmisch-Partenkirchen, Germany. The Conference is co-hosted by Andrews Federal Credit Union and the Defense Credit Union Council. www.ncua.gov/news/press_releases/2006/NR06-0505.htm 

May 5, 2006 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-3/4 percent in the first quarter. Revolving credit was about unchanged in March, whereas nonrevolving credit rose at a 2-1/2 percent pace.  www.federalreserve.gov/Releases/G19/Current/default.htm 

May 4, 2006 - Bank Secrecy Act - Guidance on Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities - The Department of the Treasury's Financial Crimes Enforcement Network has issued the attached "Guidance to Financial Institutions on the Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities." www.fdic.gov/news/news/financial/2006/fil06041.html 

May 4, 2006 - Bank Secrecy Act - Increasing Trend of Smuggling Currency from the U.S. into Mexico - The Department of the Treasury's Financial Crimes Enforcement Network has issued the attached advisory to U.S. financial institutions to guard against potential money laundering threats involving the smuggling of bulk U.S. currency into Mexico and the possible abuse of their financial services by certain Mexican financial institutions, including Mexican "casas de cambio." www.fdic.gov/news/news/financial/2006/fil06040.html 

May 4, 2006 - 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 February 2006. www.fdic.gov/news/news/press/2006/pr06043.html 

May 4, 2006 - Governor Susan Schmidt Bies - Supervisory Perspective on Current Bank Capital, Market Risk, and Loan Product Issues At the Bank Administration Institute Treasury Management Conference, Orlando, Florida www.federalreserve.gov/boarddocs/speeches/2006/20060504/default.htm  ________________

May 4, 2006 - OTS Director Reich Commends Senate Banking Committee Regulatory Burden Relief Efforts - John Reich, Director of the Office of Thrift Supervision, and the lead regulator spearheading the federal banking agencies' regulatory relief efforts, commended the Senate Banking Committee and particularly the hard work of Senator Mike Crapo for the Committee vote today reporting out the "Financial Services Regulatory Relief Act of 2005," the Committee's regulatory burden relief bill for the financial services industry. www.ots.treas.gov/docs/7/776021.html 

May 4, 2006 - Office of Foreign Assets Control - Specially Designated Nationals and Blocked Persons -The President of the United States has issued the attached Executive Order Blocking Property of Persons in Connection With the Conflict in Sudan's Darfur Region. As a result of this Executive Order, the Department of the Treasury's Office of Foreign Assets Control has added new entries to its list of Specially Designated Nationals and Blocked Persons. www.fdic.gov/news/news/financial/2006/fil06042.html 

May 4, 2006 - Guidance on Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities -The Department of the Treasury's Financial Crimes Enforcement Network has issued the attached "Guidance to Financial Institutions on the Provision of Financial Services to Belarusian Senior Regime Elements Engaged in Illicit Activities." www.fdic.gov/news/news/financial/2006/fil06041.html 

May 4, 2006 - Bank Secrecy Act - Increasing Trend of Smuggling Currency from the U.S. into Mexico -The Department of the Treasury's Financial Crimes Enforcement Network has issued the attached advisory to U.S. financial institutions to guard against potential money laundering threats involving the smuggling of bulk U.S. currency into Mexico and the possible abuse of their financial services by certain Mexican financial institutions, including Mexican "casas de cambio." www.fdic.gov/news/news/financial/2006/fil06040.html 

May 4, 2006 - 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 February 2006. www.fdic.gov/news/news/press/2006/pr06043.html 

May 4 2006 - Governor Susan Schmidt Bies -Supervisory Perspective on Current Bank Capital, Market Risk, and Loan Product Issues - At the Bank Administration Institute Treasury Management Conference, Orlando, Florida.  www.federalreserve.gov/boarddocs/speeches/2006/20060504/default.htm 

May 3, 2006 - NCUA - Chairman Johnson Co-chairs Financial Literacy Session at Anacostia Economic Summit - National Credit Union Administration Chairman JoAnn Johnson joined government, private sector, and non-profit leaders in Anacostia, a SE Washington, D.C. neighborhood for a one-day economic Summit which was organized to celebrate the 1st anniversary of the Hope Center, which is dedicated to improving the economic quality of life in emerging markets. www.ncua.gov/news/press_releases/2006/NR06-0503.htm 

May 3, 2006 - Comptroller Dugan Underscores Banks' Responsibility To Serve Credit Needs of All Community Members - Comptroller of the Currency John C. Dugan told a community development economic summit that banks and other lenders have a responsibility to serve the credit needs of all members of the communities in which they establish branches, including low- and moderate-income communities.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=NAQMMODK.xml 
Attachment: www.occ.treas.gov/ftp/release/2006-55a.pdf 

May 3, 2006 - St. Louis Fed's Review: The Geography, Economics and Politics of Lottery Adoption; The 1990s Acceleration in Labor Productivity: Causes and Measurement; The Learnability Criterion and Monetary Policy; Inflation Targeting - The May/June issue of Review, the Federal Reserve Bank of St. Louis' journal of economic and business issues, features the following articles. www.stlouisfed.org/news/releases/2006/05_03_06b.htm 

May 3, 2006 - St. Louis Fed Analysis Looks at Why States Adopt Lotteries - States that have higher per capita incomes are more likely to adopt a lottery, while opposition from some religious groups tends to inhibit states from adopting a lottery, based on an analysis from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2006/05_03_06.htm 

May 3, 2006 - FDIC Makes Public March Enforcement Actions - No Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in March. No administrative hearing is scheduled for May. www.fdic.gov/news/news/press/2006/pr06042.html 

May 3, 2006 - Modeling Direct Investment Valuation Adjustments and Estimating Quarterly Positions - Jane Ihrig, Jaime Marquez - This paper takes an in-depth look at U.S. direct investment valuation adjustments. We develop a methodology to generate valuation adjustments at the quarterly frequency, which can be combined with the Bureau of Economic Analysis's quarterly direct investment flows to obtain quarterly estimates of direct investment assets and liabilities. www.federalreserve.gov/pubs/ifdp/2006/857/ifdp857.htm 

May 3, 2006 - Chairman Ben S. Bernanke - Community Revitalization: Lessons from Anacostia - At Operation HOPE's Anacostia Economic Summit, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20060503/default.htm 

May 3, 2006 - NCUA - NCUA General Counsel Opinion 06-0343 - Preferential Loan Rates to Employees under 12 C.F.R.701.21(d)(5).   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-0343.pdf 

May 3, 2006 - Comptroller of the Currency Names Craig D. Stone Deputy Ombudsman for Customer Assistance - The Office of the Comptroller of the Currency today named Craig D. Stone its Deputy Ombudsman for Customer Assistance. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=VYGLYS41.xml 

May 2, 2006 - Bank Secrecy Act - Access to Banking Services by Money Services Businesses - The Department of the Treasury's Financial Crimes Enforcement Network is seeking public comment on the attached Advance Notice of Proposed Rulemaking regarding the impact of Bank Secrecy Act regulations on the ability of money services businesses to open and maintain accounts and obtain other banking services at banks and other depository institutions. www.fdic.gov/news/news/financial/2006/fil06037.html 

May 2, 2006 - Federal Reserve Bulletin - Report on the Condition of the U.S. Banking Industry: Third Quarter, 2005.   www.federalreserve.gov/pubs/bulletin/default.htm#bankcondition 

May 1, 2006 - The Federal Reserve Board on Monday invited consumers, consumer advocacy organizations, lenders, and other interested parties to participate in four public hearings on the home equity lending market. www.federalreserve.gov/boarddocs/press/bcreg/2006/20060501/default.htm 

May 1, 2006 - Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut - Jeffrey R. Brown, Nellie Liang, and Scott Weisbenner - Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to shareholders, we test whether stock holdings among company executives is an important determinant of payout policy. www.federalreserve.gov/Pubs/FEDS/2006/200614/index.html 

May 1, 2006 - FRB Statistical Release - G.5 Foreign Exchange Rates.  www.federalreserve.gov/Releases/G5/Current/default.htm 

 

You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
https://yennik.com/newletter_page.htm.  There is no charge for the e-newsletter.  
Contact Kinney Williams at examiner@yennik.com if you have any questions.

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

 
VISTA - Does your financial institution need an affordable Internet security penetration-vulnerability test?  Our clients in 41 states rely on VISTA to ensure their IT security settings, as well as meeting the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The VISTA penetration study and Internet security test is an affordable-sophisticated process than goes far beyond the simple scanning of ports and focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.


Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119
Examiner@yennik.com

 

Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, Copyright Yennik, Incorporated