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

The Community Banker
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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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