Bank
Regulatory News
May 2007
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May 31, 2007 - Federal Reserve Bulletin Article - Industrial
Production and Capacity Utilization: The 2006 Annual Revision.
Press Release:
www.federalreserve.gov/pubs/bulletin/2007/industrial.pdf
Press Release:
www.fdic.gov/news/news/press/2007/pr07044.html
Press Release:
www.occ.treas.gov/ftp/release/2007-49.htm
Press Release:
www.ots.treas.gov/docs/7/777038.html
Press Release:
www.ncua.gov/news/press_releases/2007/JR07-0531.pdf
May 31, 2007 - Agencies Issue Final Illustrations of Consumer Information
for Nontraditional Mortgage Products - The federal bank, thrift, and credit
union regulatory agencies on Thursday issued final illustrations of consumer
information intended to help institutions implement the consumer protection
portion of the Interagency Guidance on Nontraditional Mortgage Product Risks
that the agencies adopted October 4, 2006.
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070531/default.htm
May 31, 2007 - FDIC Issues Third Quarter 2007 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 2007.
www.fdic.gov/news/news/press/2007/pr07043.html
May 31, 2007 - Insured Banks and Thrifts Earned $36 Billion in the First
Quarter - Commercial banks and savings institutions insured by the Federal
Deposit Insurance Corporation reported net income of $36.0 billion in the
first quarter of 2007, slightly below the $36.9 billion they earned in the
first quarter of 2006 but still the fourth-highest ever reported by the
industry.
www.fdic.gov/news/news/press/2007/pr07042.html
May 30, 2007 - Insured U.S.-Chartered Commercial Banks That Have
Consolidated Assets Of $300 Million Or More, Ranked By Consolidated Assets
As Of March 31, 2007.
www.federalreserve.gov/releases/lbr/current/default.htm
May 30, 2007 - The Federal Reserve Board and the Federal Open Market
Committee on Wednesday released the attached minutes of the Committee
meeting held on May 9, 2007.
www.federalreserve.gov/boarddocs/press/monetary/2007/20070530/default.htm
May 30, 2007 - 2006 Annual Report Published - The Federal Reserve Bank of
Chicago's 2006 annual report is now available online.
www.chicagofed.org/about_the_fed/annual_report.cfm
May 29, 2007 - Midwest Manufacturing Output Rises in April - The Chicago Fed
Midwest Manufacturing Index (CFMMI) rose 0.6% in April 2007, to a seasonally
adjusted level of 104.9 (2002 = 100).
www.chicagofed.org/economic_research_and_data/cfmmi.cfm
May 29, 2007 - Economist Discusses Housing Market - Research Department Vice
President Bill Testa provides an update on the housing market in the Seventh
Federal Reserve District.
http://midwest.chicagofedblogs.org/archives/2007/05/seventh_distric.html
May 29, 2007 - NCUA - Registration Now Open for NCUA Task Force "Town Hall"
Meeting in Los Angeles - National Credit Union Administration. Board Member
Gigi Hyland announced that registration is now open for an upcoming Outreach
Task Force "Town Hall" meeting to be held in Los Angeles, CA on Monday, July
16.
www.ncua.gov/news/press_releases/2007/MA07-0529.htm
May 29, 2007 - The Federal Reserve Board on Tuesday announced the approval
of a final rule that would implement section 601 of the Financial Services
Regulatory Relief Act of 2006, which eliminated several statutory reporting
and disclosure requirements relating to insider lending by insured
depository institutions.
www.federalreserve.gov/boarddocs/press/bcreg/2007/200705292/default.htm
May 29, 2007 - Karen H. Johnson, director of the Division of International
Finance, will retire at the end of October, after 28 years of service with
the Federal Reserve Board, including nearly 10 years as division director.
www.federalreserve.gov/boarddocs/press/other/2007/20070529/default.htm
May 29, 2007 - The Federal Reserve Board on Tuesday announced the discussion
topics for its June 14 public hearing under the Home Ownership and Equity
Protection Act. The purpose of the hearing is to gather information about
how the Board might use its rulemaking authority to curb abusive lending
practices in the home mortgage market, including the subprime sector, in a
way that preserves incentives for responsible lenders to provide credit to
borrowers.
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070529/default.htm
May 25, 2007 - NCUA - Final Regulation - Technical Corrections - NCUA is
amending a number of its regulations by making minor technical corrections,
clarifications and grammatical changes. Among those amendments is the
addition of a cross-reference between two regulations addressing credit
union borrowing authority; addition of a statement in the provision on
insurance coverage for volunteer officials to note, when a federal credit
union cancels coverage, it must comply with any other applicable laws
allowing an official to continue coverage at his or her own expense; and
clarification that indemnification for dual employees is limited to
activities on behalf of the FCU.
www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-TechCorr.pdf
May 25, 2007 - Robert G. Jones Appointed to Federal Advisory Council - The
board of directors of the Federal Reserve Bank of St. Louis has appointed
Robert G. Jones, president and CEO of Old National Bancorp in Evansville,
Ind., to serve on the Federal Advisory Council for the unexpired portion of
a one-year term that ends on Dec. 31, 2007.
www.stlouisfed.org/news/releases/2007/05_25_07.html
May 25, 2007 - Regulatory Relief Guidance to Help Financial Institutions and
to Facilitate Recovery in Storm- and Flood-Affected Areas of South Dakota -
The Federal Deposit Insurance Corporation has announced a series of steps
intended to provide regulatory relief to financial institutions and to
facilitate recovery in areas of South Dakota that suffered major damage from
storms and flooding, which started on May 4, 2007.
www.fdic.gov/news/news/financial/2007/fil07042.html
May 25, 2007 - The NCUA 2006 Annual Report is available.
www.ncua.gov/ReportsAndPlans/annualrpt/2006AR.pdf
May 25, 2007 - Financial Holding Companies - As of May 25, 2007 - Under the
Bank Holding Company Act, bank holding companies may elect to be financial
holding companies. Following is a list of those companies whose elections to
become or be treated as financial holding companies are effective.
www.federalreserve.gov/generalinfo/fhc/
May 24, 2007 - Governor Frederic S. Mishkin - Estimating Potential Output -
At the Conference on Price Measurement for Monetary Policy, Federal Reserve
Bank of Dallas, Dallas, Texas
www.federalreserve.gov/boarddocs/speeches/2007/20070524/default.htm
_________________
May 24, 2007 - Farmland Values Edge Up in First Quarter of 2007
- The year-over-year change in Seventh District farmland values rose to 10
percent from 9 percent.
www.chicagofed.org/publications/agletter/may_2007.pdf
May 24, 2007 - NCUA - Proposed Rule - Reincorporation of FCU Bylaws into
NCUA Regulations - NCUA is proposing to reincorporate the Federal Credit
Union Bylaws into NCUA regulations. This change clarifies NCUA's ability to
use a range of enforcement authorities, in appropriate cases, to enforce the
FCU Bylaws. In addition, NCUA is adding a bylaw provision on director
succession, an issue it has previously addressed in legal opinions, and is
revising the introduction to the Bylaws to conform it to these changes.
www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-701.pdf
May 24, 2007 - Statistical Release - Charge-Off and Delinquency Rates on
Loans at Commercial Banks - These data are compiled from the quarterly FFIEC
Consolidated Reports of Condition and Income. Data for each calendar quarter
become available approximately sixty days after the end of the quarter.
www.federalreserve.gov/releases/chargeoff/
May 24, 2007 - The Federal Reserve Board on Thursday announced its approval
of the proposal filed by C-B-G, Inc., West Liberty, Iowa, to acquire up to
35 percent of the voting shares of Washington Bancorp and thereby indirectly
acquire an additional interest in Federation Bank, both of Washington, Iowa.
www.federalreserve.gov/boarddocs/press/orders/2007/20070524/default.htm
May 23, 2007 - Thrift Industry Performance Solid in First Quarter - The
Office of Thrift Supervision reported today that the nation's thrift
industry posted solid earnings and profitability in the first quarter of
2007 despite continued weakness in the housing market and a flat-to-inverted
yield curve.
http://www.ots.treas.gov/docs/7/777037.html
May 23, 2007 - The Federal Reserve Board on Wednesday issued for public
comment proposed amendments to Regulation Z that are intended to improve the
effectiveness of the disclosures consumers receive in connection with credit
card accounts and other revolving credit plans by ensuring that information
is provided in a timely manner and in a form that is readily understandable.
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070523/default.htm
May 23, 2007 - Governor Randall S. Kroszner - Creating More Effective
Consumer Credit Disclosures At the George Washington University School of
Business, Financial Services Research Program Policy Forum, Washington, D.C.
www.federalreserve.gov/boarddocs/speeches/2007/20070523/default.htm
May 23, 2007 - The Federal Reserve Board on Wednesday announced the issuance
of a consent Order of Assessment of a Civil Money Penalty against First
Sentinel Bank, Richlands, Virginia, a state member bank. First Sentinel
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/2007/20070523/default.htm
May 23, 2007 - The Federal Reserve Board on Wednesday announced the issuance
of a consent Order of Assessment of a Civil Money Penalty against East West
Bank, Pasadena, California, a state member bank. East West 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/2007/200705232/default.htm
May 23, 2007 - Comptroller Dugan Expresses Concern Over 'Stated Income'
Subprime Loans - Comptroller of the Currency John C. Dugan said today he is
increasingly troubled by the growing use of unverified "stated income" in
subprime lending, and said he believes the federal agencies should address
the practice in pending guidance.
www.occ.treas.gov/ftp/release/2007-48.htm
May 23, 2007 - Bank Secrecy Act 2007 National Money Laundering Strategy -
The U.S. Departments of Treasury, Justice, and Homeland Security have
jointly released the 2007 National Money Laundering Strategy, which responds
directly to the first U.S. Money Laundering Threat Assessment, released in
December 2005.
www.fdic.gov/news/news/financial/2007/fil07041.html
May 22, 2007 - NCUA - The 2006 Year End Statistics for Federally Insured
Credit Unions is available.
www.ncua.gov/ReportsAndPlans/statistics/YearEnd2006.pdf
May 22, 2007 - Central High Team Takes Top Honors in National "Fed
Challenge" - A team of students from Little Rock Central High School won
first place in the Fed Challenge, a national economics competition sponsored
by the Federal Reserve System.
www.stlouisfed.org/news/releases/2007/05_22_07.htm
May 22, 2007 - Chairman Ben S. Bernanke - Recognizing Leadership - At the
Princeton Prize in Race Relations Awards Program, Washington, D.C.
www.federalreserve.gov/boarddocs/speeches/2007/20070522/default.htm
May 21, 2007 - OTS Director Reich to Discuss Thrift Industry First Quarter -
The Office of Thrift Supervision will hold a news briefing at 10 a.m.,
Wednesday, May 23, 2007, to unveil performance data for federally regulated
thrifts for the first quarter of 2007. The briefing will be conducted by OTS
Director John Reich.
www.ots.treas.gov/docs/7/777036.html
May 21, 2007 - OCC Releases CRA Evaluations For 29 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, 2007 through May 14, 2007.
www.occ.treas.gov/ftp/release/2007-47.htm
May 21, 2007 - April economic growth below average - The Chicago Fed
National Activity Index was -0.10 in April, little changed from -0.11 in
March. The production and income category made a positive contribution to
the index, which was offset by the negative contributions in the other three
categories of indicators- - employment, consumption and housing, and sales.
www.chicagofed.org/economic_research_and_data/files/cfnai_may2007.pdf
May 21, 2007 - Sandra Braunstein, Director, Division of Consumer and
Community Affairs Bank mergers, Community Reinvestment Act enforcement,
subprime mortgage lending, and foreclosures - Before the Subcommittee on
Domestic Policy, Committee on Oversight and Government Reform, U.S. House of
Representatives, at the Carl B. Stokes U.S. Court House, Cleveland, Ohio
www.federalreserve.gov/boarddocs/testimony/2007/20070521/default.htm
May 18, 2007 - Community Reinvestment Act: Income Level, Median Family
Income - U.S. Census and Department of Housing and Urban Development data
are used to determine income levels of geographies in Community Reinvestment
Act performance evaluations.
www.occ.treas.gov/ftp/bulletin/2007-18.html
_________________________
May 17, 2007 - Remarks by Sheila C. Bair - Chairman, Federal
Deposit Insurance Corporation Federal Reserve Bank of Chicago -
43rd Annual Conference on Bank Structure and Competition
Chicago, Illinois.
www.fdic.gov/news/news/press/2007/pr07041.html
May 17, 2007 - The Federal Reserve Board announced Thursday that
the Consumer Advisory Council will hold its next meeting on
Thursday, June 21. The meeting will take place in Dining Room E,
Terrace Level, in the Board's Martin Building. The session will
begin at 9:00 a.m. and is open to the public.
www.federalreserve.gov/boarddocs/press/other/2007/20070517/default.htm
May 17, 2007 - Chairman Ben S. Bernanke - The Subprime Mortgage
Market - At the Federal Reserve Bank of Chicago's 43rd Annual
Conference on Bank Structure and Competition, Chicago, Illinois.
http://www.federalreserve.gov/boarddocs/speeches/2007/20070517/default.htm
May 16, 2007 - 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/2007-46.htm
May 17, 2007 - National Credit Union
Administration Vice Chairman Rodney E. Hood addressed a
conference hosted by the Hispanic Alliance for Progress
Institute in Austin, TX. The conference focused on the state of
consumer finance and solutions to predatory lending.
www.ncua.gov/news/press_releases/2007/MA07-0517.htm
May 16, 2007 - California Community Reinvestment Corporation
President Joins SF Fed's Economic Advisory Council Mary F.
Kaiser - The Federal Reserve Bank of San Francisco announced
today that Mary F. Kaiser of California Community Reinvestment
Corporation has joined the Bank's Economic Advisory Council.
www.frbsf.org/news/releases/2007/0516.html
May 16, 2007 - Deposit Insurance Assessments - Assessment Rate
Adjustment Guidelines for Large Institutions and Insured Foreign
Branches in Risk Category I - On May 8, 2007, the FDIC Board of
Directors approved guidelines for determining how adjustments of
up to 0.50 basis points (never to exceed the maximum rate or
fall below the minimum rate) will be made to the quarterly
assessment rates of insured institutions defined as large
(generally, over $10 billion in assets) Risk Category I
institutions (generally, well-capitalized institutions with
CAMELS composite ratings of 1 or 2), and insured foreign
branches in Risk Category I, according to the recently adopted
Assessments Regulation (12 C.F.R. § 327.9).
www.fdic.gov/news/news/financial/2007/fil07040.html
May 16, 2007 - Some Simple Tests of the Globalization and
Inflation Hypothesis - Jane Ihrig, Steven B. Kamin, Deborah
Lindner, and Jaime Marquez - This paper evaluates the hypothesis
that globalization has increased the role of international
factors and decreased the role of domestic factors in the
inflation process in industrial economies. Toward that end, we
estimate standard Phillips curve inflation equations for 11
industrial countries and use these estimates to test several
predictions of the globalization and inflation hypothesis.
www.federalreserve.gov/Pubs/IFDP/2007/891/ifdp891.htm
May 16, 2007 - The Federal Reserve Board on Wednesday announced
the issuance of a consent Order of Assessment of a Civil Money
Penalty against Orrstown Bank, Shippensburg, Pennsylvania, a
state member bank. Orrstown 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/2007/20070516/default.htm
May 16, 2007 - Industrial Production And Capacity Utilization -
Industrial production increased 0.7 percent in April after a
decrease of 0.3 percent in March. Output in the manufacturing
sector moved up 0.5 percent in April; the increase was led by
advances in motor vehicles and parts and in high-technology
goods.
www.federalreserve.gov/Releases/G17/Current/default.htm
May 16, 2007 - Vice Chairman Donald L. Kohn - Financial
stability and policy issues At the Federal Reserve Bank of
Atlanta's 2007 Financial Markets Conference, Sea Island,
Georgia.
www.federalreserve.gov/boarddocs/speeches/2007/200705162/default.htm
May 16, 2007 - Governor Randall S. Kroszner - Globalization and
Capital Markets: Implications for Inflation and the Yield Curve
At the Center for Financial Stability, Buenos Aires, Argentina.
www.federalreserve.gov/boarddocs/speeches/2007/20070516/default.htm
May 15, 2007 - OTS and Citi to Hold Affordable Housing
Conference - The Office of Thrift Supervision is joining with
Citi to hold a conference on June 4 to address shortages of
affordable housing in New York City and other high-cost urban
areas.
www.ots.treas.gov/docs/7/777035.html
May 15, 2007 - Latest FDIC Consumer News Features Faster Ways to
Pay and Bank Using High-Tech Cards and Phones Other Topics
Include Facing Problems Paying a Mortgage and Guarding Against
Investment Scams.
www.fdic.gov/news/news/press/2007/pr07040.html
May 15, 2007 - The Federal Reserve Board on Tuesday announced
the approval of amendments to Appendix A of Regulation CC that
reflect the restructuring of the check processing operations of
the Federal Reserve Bank of Atlanta and provide notice relating
to future changes to Appendix A.
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070515/default.htm
May 15, 2007 - The Federal Reserve Board on Tuesday announced
its approval of the application under section 3 of the Bank
Holding Company Act by 1st Source Corporation, South Bend, to
acquire FINA Bancorp, Inc. and its subsidiary bank, First
National Bank, Valparaiso, both of Valparaiso, all of Indiana.
www.federalreserve.gov/boarddocs/press/orders/2007/20070515/default.htm
May 15, 2007 - Remarks by Governor Randall S. Kroszner - At the
Banco Central de la Republica Argentina Seminar, Central Bank of
Argentina, Buenos Aires, Argentina May 15, 2007.
www.federalreserve.gov/boarddocs/speeches/2007/200705152/default.htm
May 15, 2007 - 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/2007/pr07039.html
May 15, 007 - Federal Open Market Committee - Meeting
transcripts, 2001.
www.federalreserve.gov/FOMC/Transcripts/transcripts_2001.htm
May 15, 2007 - U.S. Cross-Border Derivatives Data: A User's
Guide - Stephanie E. Curcuru, of the Board's Division of
International Finance, prepared this article. Jonas J. Robison
provided research assistance.
www.federalreserve.gov/pubs/bulletin/2007/crossborder.pdf
May 15, 2007 - Chairman Ben S. Bernanke - Regulation and
Financial Innovation - To the Federal Reserve Bank of Atlanta's
2007 Financial Markets Conference, Sea Island, Georgia.
www.federalreserve.gov/boarddocs/speeches/2007/20070515/default.htm
May 14, 2007 - Congestion tolling and privately operated roads -
An idea whose time has come? As our roads become increasingly
congested, tolling and privatization of highways will be
increasingly important lifelines, especially for large urban
economies. The idea that motorists should pay tolls when driving
on congested highways has long been advocated by economists.
http://midwest.chicagofedblogs.org/
May 14, 2007 - Farmland Values Surge To Record Levels, Survey
Finds - Fueled by high crop prices, farmland values surged at a
pace not seen since the 1980s, according to the Federal Reserve
Bank of Kansas City's quarterly Survey of Agricultural Credit
Conditions.
www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-11.pdf
May 14, 2007 - OTS Appoints Sharon L. Stark Senior Economic and
Policy Advisor - The Office of Thrift Supervision announced
today the appointment of Sharon L. Stark as the agency's Senior
Economic and Policy Advisor.
www.ots.treas.gov/docs/7/777034.html
May 14, 2007 - Comptroller of the Currency Hosts Community Bank
Directors Workshop on Credit Risk in Cape May, New Jersey - The
Office of the Comptroller of the Currency will host a credit
risk workshop for national community bank directors at the
Congress Hotel, Cape May, New Jersey, June 19.
www.occ.treas.gov/ftp/release/2007-45.htm
May 14, 2007 - Surveys and Reports - April 2007 Senior Loan
Officer Opinion Survey on Bank Lending Practices - The April
2007 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. In light of recent developments in the subprime mortgage
market, banks were queried separately about standards on and
demand for prime, nontraditional, and subprime residential
mortgages.
www.federalreserve.gov/boarddocs/snloansurvey/200705/default.htm
May 14, 2007 - Expanded Examination Cycle for Certain Financial
Institutions - On April 3, 2007, the Federal Reserve Board, the
Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, and the Office of Thrift
Supervision jointly issued interim rules implementing section
605 of the Financial Services Regulatory Relief Act of 2006, and
Public Law No. 109-473.
www.federalreserve.gov/boarddocs/srletters/2007/SR0708.htm
May 11, 007 - NCUA - Media Advisory - NCUA Expresses Concerns to
Everest National Insurance About Coverage Claims - National
Credit Union Administration General Counsel Robert M. Fenner has
sent a letter to Everest National Insurance Company expressing
the agency's concern over pending litigation between Everest
National and former officials of Centrix Financial, LLC
www.ncua.gov/news/press_releases/2007/MA07-0511.htm
_________
May 10, 2007 - 18-Month Examination Cycle - On April 10, 2007,
the OCC published in the Federal Register the attached interim
rule amending 12 CFR 4, which governs the frequency of
examination of national banks. The interim rule extends the
18-month examination cycle to qualified, well-managed banks with
less than $500 million in total assets. At present, the 18-month
cycle is available only for banks with less than $250 million in
assets.
www.occ.treas.gov/ftp/bulletin/2007-16.html
May 10, 2007 - Regulatory Relief - Guidance to Help Financial
Institutions and to Facilitate Recovery in Kiowa County, Kansas
- The Federal Deposit Insurance Corporation has announced a
series of steps intended to provide regulatory relief to
financial institutions and to facilitate recovery in Kiowa
County, Kansas, which suffered major damage from tornadoes on
May 4, 2007.
www.fdic.gov/news/news/financial/2007/fil07039.html
May 10, 2007 - NCUA - Letter to Corporate Credit Unions 2007-03
- FedLine Advantage Monitoring and Control Guidelines - The
purpose of this letter is to ensure corporate credit unions
received the FedLine Advantage Monitoring and Control Guidelines
and have implemented the multilayered controls needed to
maintain the integrity and security of the FedLine Advantage
access solution.
www.ncua.gov/CorporateCU/CorpLetters/2007/2007-03.pdf
May 10, 2007 - Sharebuilders Federal Credit Union Closes -
Member funds are federally insured and checks have been issued -
The National Credit Union Administration liquidated
Sharebuilders Federal Credit Union, of Northridge, Calif., April
25, 2007.
www.ncua.gov/news/press_releases/2007/MR07-0509-2.htm
May 10, 2007 - FRB Reports to the Congress - Annual Report,
Budget Review, 2007.
www.federalreserve.gov/boarddocs/rptcongress/default.htm#br
May 10, 007 - Governor Randall S. Kroszner - The Future of
Payments: Challenges and Opportunities At the 2007 Payments
Conference titled Competitive Forces Shaping the Payments
Environment: What's Next? Federal Reserve Bank of Chicago,
Chicago, Illinois.
www.federalreserve.gov/boarddocs/speeches/2007/20070510/default.htm
May 9, 2007 - Guidance on Filing Notices of Proposed Class
Action Settlements - The Board of Governors of the Federal
Reserve System is issuing this SR/CA letter to provide guidance
to banking organizations under its supervision of requirements
for filing notice of proposed settlements of class action
litigation.
www.federalreserve.gov/boarddocs/srletters/2007/SR0707.htm
May 9, 2007 - The Contribution of Multinational Corporations to
U.S. Productivity Growth, 1977-2000 Carol Corrado, Paul
Lengermann, and Larry Slifman - In this paper, we decompose
aggregate labor productivity growth in order to gauge the
relative importance of multinational corporations to the
economic performance of the United States in the 1990s. As we
define it, the MNC sector refers to the U.S. activities of
multinational corporations operating in the United States.
www.federalreserve.gov/pubs/feds/2007/200721/200721abs.html
May 9, 2007 - NCUA Issues Prohibition Orders - The National
Credit Union Administration has issued orders prohibiting the
following individuals from participating in the affairs of any
federally insured financial institution.
www.ncua.gov/news/press_releases/2007/MR07-0509.htm
May 9, 2007 - 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/2007/pr07038.html
May 9, 2007 - The Federal Open Market Committee decided today to
keep its target for the federal funds rate at 5-1/4 percent.
Economic growth slowed in the first part of this year and the
adjustment in the housing sector is ongoing. Nevertheless, the
economy seems likely to expand at a moderate pace over coming
quarters.
www.federalreserve.gov/boarddocs/press/monetary/2007/20070509/default.htm
May 8, 2007 - Thom H. Terwilliger Named FDIC's Chief Learning
Officer - FDIC Chairman Sheila Bair has announced the
appointment of Thom H. Terwilliger to the position of Chief
Learning Officer of the FDIC's Corporate University. He replaces
David C. Cooke.
www.fdic.gov/news/news/press/2007/pr07037.html
May 8, 2007 - The Federal Financial Institutions Examination
Council announced today two new appointments to its State
Liaison Committee. - The National Association of State Credit
Union Supervisors has appointed Sandra Branson, Director,
Missouri Division of Credit Unions, to the State Liaison
Committee to replace Jerrie J. Lattimore from the Credit Union
Division of the North Carolina Commerce Department, whose term
expired.
www.ffiec.gov/press/pr050807.htm
May 8, 2007 - Bret D. Edwards Appointed Director of FDIC's
Division of Finance -FDIC Chairman Sheila C. Bair announced
today the appointment of FDIC veteran Bret D. Edwards to lead
the agency's Division of Finance. Edwards has served as Senior
Advisor to the Deputy to the Chairman and Chief Financial
Officer since 2003. Edwards replaces DOF Director Frederick S.
Selby, who is retiring.
www.fdic.gov/news/news/press/2007/pr07036.html
May 7, 2007 - Statistical Supplement to the Federal Reserve
Bulletin April 2007.
www.federalreserve.gov/pubs/supplement/2007/04/default.htm
May 4, 2007 - SEC Chairman to Speak at Conference - Christopher
Cox will discuss the mixing of banking and commerce at annual
Bank Structure Conference May 16-18.
www.chicagofed.org/news_and_conferences/conferences_and_events/2007_bsc.cfm
May 4, 007 - Latest Economic Perspectives Now Online - This
edition features a variety of articles including one about
currency use among Chicago's Latin American immigrants.
www.chicagofed.org/economic_research_and_data/economic_perspectives.cfm
May 4, 2007 - NCUA Issues Prohibition Orders - The National
Credit Union Administration has issued orders prohibiting the
following individuals from participating in the affairs of any
federally insured financial institution.
www.ncua.gov/news/press_releases/2007/MR07-0504.htm
May 4, 2007 - Federal Open Market Committee Minutes of Federal
Open Market Committee, 1993 to 1995.
www.federalreserve.gov/fomc/previouscalendars.htm#1995
May 4, 2007 - The Federal Reserve Board on Friday announced the
appointment of Elizabeth A. Coleman as Inspector General for the
Board, effective May 6.
www.federalreserve.gov/boarddocs/press/other/2007/20070504/default.htm
May 3, 2007 - Letter to Stakeholders - First Quarter 2007
Edition of FDIC's Letter to Stakeholders -The FDIC has issued
the attached quarterly Letter to Stakeholders, which reports on
the FDIC's priorities and activities for the first quarter of
2007.
www.fdic.gov/news/news/financial/2007/fil07038.html
___________
May 3, 2007 - OTS Director Reich Addresses New
Jersey Community Bankers - Office of Thrift Supervision Director
John Reich addressed the annual conference of the New Jersey
League of Community Bankers today in Scottsdale, Arizona. In his
prepared remarks, Reich highlighted concerns about the future of
community banking, discussed the thrift charter, and spoke on
current issues with subprime lending.
www.ots.treas.gov/docs/7/777031.html
May 3, 2007 - Unauthorized Banking: Ready State Bank of Panama -
Ready State Bank of Panama is not authorized to conduct the
business of banking in or from within the Republic of Panama.
www.occ.treas.gov/ftp/alert/2007-25.html
May 3, 2007 - Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks - Statistical
Supplement to the Federal Reserve Bulletin, April 2007.
www.federalreserve.gov/releases/bulletin/0407assets.htm
May 3, 2007 - Globalization and Rural America Examined - Fed
Letter looks at how U.S. rural communities can remain
competitive in farming and nonfarm jobs.
www.chicagofed.org/publications/fedletter/cfljune2007_239.pdf
May 3, 2007 - The Federal Reserve Board on Thursday announced
that it will hold a public hearing under the Home Ownership and
Equity Protection Act on June 14, to gather information on how
it might use its rulemaking authority to curb abusive lending
practices in the home mortgage market, including the subprime
sector.
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070503/default.htm
May 2, 2007 - Markets Believe FOMC Has an Implicit Inflation
Target: St. Louis Fed Analysis - While the Federal Open Market
Committee has not adopted an inflation target, the financial
market's reaction to FOMC statements suggests that the markets
believe the central bank has an implicit long-run inflation
objective.
www.stlouisfed.org/news/releases/2007/05_02_07.html
May 2, 2007 - St. Louis Fed's Review: Do the Markets Believe the
Fed Has an Implicit Inflation Target?; Milton Friedman and U.S.
Monetary Policy: 1961-2006; Granger Causality and Equilibrium
Business Cycle Theory; The GSEs: Where Do We Stand? - 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/2007/05_02_07b.html
May 2, 2007 - Bank Secrecy Act - Wolfsberg Group, Clearing House
Joint Statement on Payment Message Standards - The Wolfsberg
Group and The Clearing House Association L.L.C. have issued the
attached joint statement endorsing measures to enhance the
transparency of international wire transfers.
www.fdic.gov/news/news/financial/2007/fil07037.html
May 2, 2007 - The Federal Reserve Board in May will begin a
statistical study of household finances, the Survey of Consumer
Finances, that will provide policymakers with important insight
into the economic condition of all types of American families.
www.federalreserve.gov/boarddocs/press/other/2007/20070502/default.htm
May 1, 2007 - Glover Named to St. Louis Fed's Agribusiness
Industry Council - Keith Glover, president and CEO of Producers
Rice Mill Inc. in Stuttgart, Ark., has been named to the
Agribusiness Industry Council of the Federal Reserve Bank of St.
Louis.
www.stlouisfed.org/news/releases/2007/05_01_07.html
May 1, 2007 - OCC Announces New Electronic Interpretations and
Actions - April 2007.
www.occ.treas.gov/interp/apr07/intapr07.htm
May 1, 2007 - Foreign Exchange Rates - The Table Below Shows The
Average Rates Of Exchange In April 2007 Together With Comparable
Figures For Other Months. Averages Are Based On Daily Noon
Buying Rates For Cable Transfers In New York City Certified For
Customs Purposes By The Federal Reserve Bank Of New York.
www.federalreserve.gov/releases/g5/current/default.htm
May 1, 007 - Chairman Ben S. Bernanke - Embracing the Challenge
of Free Trade: Competing and Prospering in a Global Economy - At
the Montana Economic Development Summit 2007, Butte, Montana.
www.federalreserve.gov/boarddocs/speeches/2007/20070501/default.htm
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