Bank Regulatory Press Releases

Bank Regulatory News

May 2008

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May 30, 2008 - FDIC Approves the Assumption of All the Deposits of First Integrity Bank, National Association, Staples, Minnesota - First Integrity, National Association, Staples, Minnesota, with $54.7 million in total assets and $50.3 million in total deposits as of March 31, 2008, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. www.fdic.gov/news/news/press/2008/pr08041.html

May 30, 2008 - OCC Closes First Integrity Bank, N.A. and Appoints FDIC Receiver - First Integrity Bank, N.A., Staples, Minnesota, was closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed receiver. First Integrity Bank's primary markets were Staples and Motley, Minnesota. www.occ.treas.gov/ftp/release/2008-62.htm

May 30, 2008 - St. Louis Fed Introduces Review "Part II" - The St. Louis Fed has expanded its economic research publication, Review, with "Part II" of the May/June issue. Unlike the traditional Review's focus on work by St. Louis Fed economists, this supplementary Part II series includes research from economists throughout the Federal Reserve System. www.stlouisfed.org/news/releases/2008/05_30_08.html

May 30, 2008 - FDIC Issues Third Quarter 2008 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 2008. www.fdic.gov/news/news/press/2008/pr08040.html

May 30, 2008 - FRB Statistical Release - G.20 Finance Companies www.federalreserve.gov/releases/g20/Current/

May 30, 2008 - OCC Issues Third Quarter 2008 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the third quarter of 2008. www.occ.treas.gov/ftp/release/2008-61.htm

May 30, 2008 - Federal Open Market Committee - Historical materials, 1978-2002 - The most detailed record of FOMC meeting proceedings is the transcript. Beginning with the 1994 meetings, the FOMC Secretariat has produced the transcripts shortly after each meeting from an audio recording of the proceedings, lightly editing the speakers' original words, where necessary, to facilitate the reader's understanding.
www.federalreserve.gov/monetarypolicy/fomc_historical.htm

May 30, 2008 - Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2008 list of distressed or underserved nonmetropolitan middle-income geographies where bank revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development."
Press Release www.federalreserve.gov/newsevents/press/bcreg/20080530a.htm
Press Release www.fdic.gov/news/news/press/2008/pr08039.html
Press Release www.occ.treas.gov/ftp/release/2008-60.htm
Press Release www.ots.treas.gov/docs/7/778024.html

May 29, 2008 - Vice Chairman Donald L. Kohn - Money Markets and Financial Stability - At the Federal Reserve Bank of New York and Columbia Business School Conference on the Role of Money Markets, New York, New York www.federalreserve.gov/newsevents/speech/kohn20080529a.htm
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May 29, 2008 - FDIC and Neighborworks to Co-Host a Series of One-Day Seminars on Foreclosure Prevention - The Federal Deposit Insurance Corporation and NeighborWorks America today kicked off a series of one-day foreclosure prevention seminars in five high-foreclosure cities. The seminars will be geared toward private- and public-sector organizations that work with consumers who are at risk of foreclosure. www.fdic.gov/news/news/press/2008/pr08038.html

May 29, 2008 - Chairman Ben S. Bernanke - At the Federal Reserve Bank of Atlanta Financial Markets Conference, Sea Island, Georgia. www.federalreserve.gov/newsevents/speech/bernanke20080513.htm

May 29, 2008 - OTS Director Reich Calls for Consistent Regulation of Mortgage Industry - The essential lesson of the U.S. housing crisis is that the mortgage industry needs consistent regulation, Office of Thrift Supervision Director John Reich said today. www.ots.treas.gov/docs/7/778023.html

May 29, 2008 - Subprime Mortgage Products - Interagency Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products - The federal bank, thrift and credit union regulatory agencies have published the attached Illustrations of Consumer Information for Hybrid Adjustable Rate Mortgage Products, which are intended to assist institutions as they implement the Consumer Protection Principles portion of the interagency Statement on Subprime Mortgage Lending. www.fdic.gov/news/news/financial/2008/fil08040.html

May 29, 2008 - Insured Banks and Thrifts Earned $19.3 Billion in the First Quarter Troubled Real Estate Loans Trigger Higher Provisions for Losses, Weaker Profits - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $19.3 billion in the first quarter of 2008, a decline of $16.3 billion (45.7 percent) from the $35.6 billion that the industry earned in the first quarter of 2007. www.fdic.gov/news/news/press/2008/pr08037.html

May 29, 2008 - The Federal Reserve will conduct three auctions of 28-day credit through its Term Auction Facility in June. www.federalreserve.gov/newsevents/press/monetary/20080529a.htm

May 28, 2008 - Does Education Improve Health? - Bhashkar Mazumder re-examines evidence from compulsory schooling laws.   www.chicagofed.org/publications/economicperspectives/ep_2qtr2008_part1_mazumder.pdf

May 28, 2008 - How EITC Recipients Spend Their Refunds - Leslie McGranahan and Andrew Goodman-Bacon report that Earned Income Tax Credits most likely used on transportation. www.chicagofed.org/publications/economicperspectives/ep_2qtr2008_part2_goodman_etal.pdf

May 28, 2008 - Are Inflation Targets Good Inflation Forecasts? - Benoît Mojon and Marie Diron show that quantified inflation objectives can be used as rule-of-thumb forecasting devices. www.chicagofed.org/publications/economicperspectives/ep_2qtr2008_part3_diron_mojon.pdf

May 28, 2008 - Reich Supports President's Council on Responsible Subprime Lending - Office of Thrift Supervision Director John Reich commended the President's Advisory Council on Financial Literacy today for focusing on ways to foster responsible subprime lending. www.ots.treas.gov/docs/7/778022.html

May 28, 2008 - OTS Announces CRA Exam Schedule for Third Quarter 2008 - The Office of Thrift Supervision announced today that 62 savings associations are scheduled for Community Reinvestment Act examinations during the third quarter of 2008. www.ots.treas.gov/docs/7/778021.html

May 28, 2008 - OCC and Idaho Agree to Share Consumer Complaints - Comptroller of the Currency John C. Dugan and Idaho Department of Finance Director Gavin Gee signed a Memorandum of Understanding today to promote the sharing of consumer complaints between their two agencies. www.occ.treas.gov/ftp/release/2008-59.htm

May 28, 2008 - The Effect of Taxation on Lifecycle Labor Supply: Results from a Quasi-Experiment - Jane K. Dokko - In predicting the magnitude of the labor supply response to taxation, the standard lifecycle labor supply model distinguishes between unanticipated and anticipated changes in the after-tax return to working. Exploiting age-eligibility rules for claiming a dependent on a tax return facilitates a comparison of the labor supply outcomes of households who are equivalent but for the tax schedule they face. www.federalreserve.gov/pubs/feds/2008/200824/index.html

May 28, 2008 - Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area than in the United States? - Meredith J. Beechey, Benjamin K. Johannsen, and Andrew T. Levin - This paper compares the recent evolution of long-run inflation expectations in the euro area and the United States, using evidence from financial markets and surveys of professional forecasters. www.federalreserve.gov/pubs/feds/2008/200823/index.html

May 28, 2008 - Frederic S. Mishkin submitted his resignation on Wednesday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2008. www.federalreserve.gov/newsevents/press/other/20080528a.htm

May 27, 2008 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from March 31 through April 30, 2008. www.federalreserve.gov/newsevents/press/monetary/20080527a.htm

May 27, 2008 - Midwest Manufacturing Output is Down in April - The Chicago Fed Midwest Manufacturing Index decreased 1.7% in April, to a seasonally adjusted level of 105.7. www.chicagofed.org/economic_research_and_data/cfmmi.cfm

May 27, 2008 - Continued Housing Downturn Drives First Quarter Thrift Industry Loss - The Office of Thrift Supervision reported today that the nation's thrift industry posted a $617 million loss during the first quarter of 2008 after setting aside record provisions for loan losses expected from the continued downturn in the housing market. www.ots.treas.gov/docs/7/778020.html

May 27, 2008 - Comptroller Dugan provides the OCC's views on an agreement between the Office of Federal Housing Enterprise Oversight, the New York Attorney General, Fannie Mae, and Freddie Mac. www.occ.treas.gov/ftp/release/letter_20080527.pdf

May 27, 2008 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08036.html

May 27, 2008 - Governor Randall S. Kroszner - Prospects for Recovery and Repair of Mortgage Markets. www.federalreserve.gov/newsevents/speech/kroszner20080522a.htm

May 23, 2008 - NCUA - Share Growth Surges, Charge-offs Increase in First Quarter of 2008 - Federally insured credit unions reported significant share growth in the first three months of 2008, and the loan delinquency ratio declined slightly primarily because of increased charge-offs according to Call Report data submitted by the nation's 8,049 federally insured credit unions. www.ncua.gov/news/press_releases/2008/MR08-0522-3.htm

May 23, 2008 - Vice Chairman Rodney Hood Dissenting Comments on the NCUA Board Vote on New Data Collection Requirements.   www.ncua.gov/news/press_releases/2008/MA08-0522-4.htm

May 23, 2008 - FRB Reports to Congress - Annual Report: Budget Review, 2008. www.federalreserve.gov/boarddocs/rptcongress/default.htm#br

May 23, 2008 - The Federal Reserve Board on Friday announced the approval of an application by SNS Property Finance B.V., Hoevelaken, the Netherlands, to establish a representative office in Arlington, Virginia. www.federalreserve.gov/newsevents/press/orders/20080523a.htm
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May 22, 2008 - NCUA Selects Patelco Credit Union to Absorb Cal State 9 - The National Credit Union Administration today selected Patelco Credit Union's bid to purchase the assets and assume the shares of Cal State 9 Credit Union of Concord, California. www.ncua.gov/news/press_releases/2008/MR08-0522-2.htm

May 22, 2008 - Comptroller Dugan Tells Lenders that Unprecedented Home Equity Loan Losses Show Need for Higher Reserves and Return to Stronger Underwriting Practices - Comptroller of the Currency John C. Dugan said today that accelerating losses in the home equity business show the need to build reserves and to return to the stronger underwriting standards of past years. www.occ.treas.gov/ftp/release/2008-58.htm

May 22, 2008 - Governor Randall S. Kroszner - Prospects for Recovery and Repair of Mortgage Markets - At the Conference of State Bank Supervisors Annual Conference, Amelia Island Plantation, Florida. www.federalreserve.gov/newsevents/speech/kroszner20080522a.htm

May 22, 2008 - Federal financial regulators issue final illustrations of consumer information for hybrid adjustable-rate mortgage products.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20080522a.htm
Press Release: www.fdic.gov/news/news/press/2008/pr08035.html
Press Release: www.occ.treas.gov/ftp/release/2008-57.htm
Press Release: www.ots.treas.gov/docs/7/778019.html
Press Release: www.ncua.gov/news/press_releases/2008/MR08-0522-1.htm

May 21, 2008 - Assessing the Landscape of Payment Fraud - Chicago Fed Letter previews issues to be covered at the Bank's eighth payments conference on June 5-6, 2008. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm

May 21, 2008 - 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. www.federalreserve.gov/Releases/ChargeOff/

May 21, 2008 - Governor Kevin Warsh - The Federal Funds Rate in Extraordinary Times - At the Exchequer Club Luncheon, Washington, D.C. www.federalreserve.gov/newsevents/speech/warsh20080521a.htm

May 21, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 29-30, 2008. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 29-30, 2008 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20080521a.htm

May 20, 2008 - OTS Director Reich to Discuss Thrift Industry First Quarter - The Office of Thrift Supervision will hold a news briefing from 10 a.m. to 11:30 a.m. on Tuesday, May 27, 2008, to release and discuss performance data for federally regulated thrifts for the first quarter of 2008. OTS Director John M. Reich will conduct the briefing. www.ots.treas.gov/docs/7/778018.html

May 20, 2008 - The FDIC Issues Money-Management Tips for All Ages - Special Edition of FDIC Consumer News Features Ideas for Different Stages of Life www.fdic.gov/news/news/press/2008/pr08034.html

May 20, 2008 - Profitwise News and Views Now Online - Latest issue looks at insurance and asset building. www.chicagofed.org/community_development/profitwise_news_and_views.cfm

May 20, 2008 - April Economic Activity Weakened Further - The Chicago Fed National Activity Index was -1.17 in April, down from -0.98 in March. www.chicagofed.org/economic_research_and_data/cfnai.cfm

May 20, 2008 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2008/MR08-0520.htm

May 20, 2008 - Central High School Captures Top Honors for the Second Straight Year at National "Fed Challenge" Championship - For the second year in a row, a team of students from Central High School in Little Rock, Ark., captured first place in the Federal Reserve's National "Fed Challenge," an economics competition sponsored by the Federal Reserve System. www.stlouisfed.org/news/releases/2008/05_20_08.html

May 20, 2008 - Vice Chairman Donald L. Kohn - The Economic Outlook - At the National Conference on Public Employee Retirement Systems Annual Conference, New Orleans, Louisiana www.federalreserve.gov/newsevents/speech/kohn20080520a.htm

May 20, 2008 - Federal Reserve announces results of auction of $75 billion in 28-day credit held on May 19, 2008.   www.federalreserve.gov/newsevents/press/monetary/20080520a.htm

May 19, 2008 - Statistical Release - Corporate Medium-Term Notes, 2006 update - Medium-term notes outstanding at the end of 2006 totaled $870 billion, up from $713 billion in 2005. Outstandings for financial corporations accounted for slightly over 90 percent of total outstandings in 2006 and continued to trend up, increasing $155 billion. The largest increase in MTNs outstanding among financial corporations--more than $45 billion--was in the "other" category, which consists of insurance and real estate firms and miscellaneous investing institutions; the second-largest increase, $42 billion, was in asset-backed programs. www.federalreserve.gov/releases/medterm/

May 19, 2008 - On May 19, 2008, the Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20080519a.htm

May 16, 2008 - OFHEO Director Addresses Chicago Fed Conference - James B. Lockhart III talks about lessons learned from mortgage market turmoil. www.ofheo.gov/newsroom.aspx?ID=433&q1=0&q2=0

May 16, 2008 - OCC Releases CRA Evaluations For 32 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, 2008 through May 14, 2008.   www.occ.treas.gov/ftp/release/2008-56.htm

May 16, 2008 - Bank Secrecy Act - Bank Secrecy Act/Anti-Money Laundering Teleconference - The FDIC's Anti-Money Laundering Section will conduct a teleconference on Thursday, June 5, 2008, to discuss the Bank Secrecy Act requirement to provide adequate independent testing as part of the BSA/AML compliance program. www.fdic.gov/news/news/financial/2008/fil08039.html

May 16, 2008 - Bank Secrecy Act - Provision for Independent Testing for BSA/AML Compliance - The independent test of the Bank Secrecy Act/Anti-Money Laundering Compliance Program can improve the efficiency and reduce the burden of the examination process. www.fdic.gov/news/news/financial/2008/fil08038.html

May 16, 2008 - OCC Offers Consumer Tips to Avoid Foreclosure Rescue Scams - The Office of the Comptroller of the Currency issued an advisory today that provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams. www.occ.treas.gov/ftp/release/2008-55.htm

May 15, 2008 - Foreign Direct Investment in the Midwest - In a recent blog, Chicago Fed Economist Bill Testa examines overseas investments as part of a productive business climate.- Americans sometimes harbor mixed feelings about investment in enterprises on U.S. soil that are owned and directed by companies domiciled abroad. Yet for the most part, investment from overseas represents a validation of the productive business climate in the domestic economy. http://midwest.chicagofedblogs.org/archives/2008/05/targetting_fore.html

May 15, 2008 - Industrial Production And Capacity Utilization - Industrial production declined 0.7 percent in April after having risen 0.2 percent in March. Manufacturing output fell 0.8 percent in April. As was the case in March, factory output in April was held down by a large drop in the index for motor vehicles and parts; strikes and strike-related parts shortages resulted in suspended production at many facilities. Excluding motor vehicles and parts, manufacturing production fell back 0.4 percent after having increased 0.3 percent in March. www.federalreserve.gov/releases/g17/Current/

May 15, 2008 - Speech by Governor Frederic S. Mishkin - How Should We Respond to Asset Price Bubbles? www.federalreserve.gov/newsevents/speech/mishkin20080515a.htm
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May 15, 2008 - 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/2008-54.htm

May 15, 2008 - Liquidity-Providing Innovations Discussed - New York Fed executive offers update at banking conference. - May You Live in Interesting Times: The Sequel www.newyorkfed.org/newsevents/speeches/2008/dud080515.html

May 15, 2008 - OTS Appoints Charlotte Bahin Senior Counsel for Special Projects - The Office of Thrift Supervision announced today the appointment of Charlotte M. Bahin as Senior Counsel for Special Projects. www.ots.treas.gov/docs/7/778017.html

May 15, 2008 - Survey Finds Farm Credit Conditions May Have Peaked - District bankers report that robust gains in farm income, capital spending and farmland values are expected to slow, according to the Federal Reserve Bank of Kansas City's first quarter Survey of Agricultural Credit Conditions. www.kc.frb.org/Pubaffrs/Pressrel/2008pdf/pr08-05.pdf

May 15, 2008 - Chairman Ben S. Bernanke - Risk Management in Financial Institutions - At the Federal Reserve Bank of Chicago's Annual Conference on Bank Structure and Competition, Chicago, Illinois www.federalreserve.gov/newsevents/speech/bernanke20080515a.htm

May 14, 2008 - The Federal Reserve Board announced Wednesday that the Consumer Advisory Council will hold its next meeting on Thursday, June 19. The meeting will take place in Dining Room E, Terrace Level, in the Board's Martin Building. www.federalreserve.gov/newsevents/press/other/20080514a.htm

May 14, 2008 - Governor Randall S. Kroszner - Risk Management and Basel II - At the Federal Reserve Bank of Boston AMA Conference, Boston, MA www.federalreserve.gov/newsevents/speech/kroszner20080514a.htm

May 13, 2008 - OTS Enhances Consumer Service - The Office of Thrift Supervision launched an enhanced, centralized service today for assisting customers of OTS-regulated savings institutions. www.ots.treas.gov/docs/7/778016.html

May 13, 2008 - Chairman Ben S. Bernanke - Liquidity Provision by the Federal Reserve - At the Federal Reserve Bank of Atlanta Financial Markets Conference, Sea Island, Georgia (Via Satellite) www.federalreserve.gov/newsevents/speech/bernanke20080513.htm

May 13, 2008 - The Federal Reserve Board has approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Sixth and Eighth Districts, and provided notice relating to future changes to Appendix A. www.federalreserve.gov/newsevents/press/bcreg/20080513a.htm

May 12, 2008 - The Two-Period Rational Inattention Model: Accelerations and Analyses - Kurt F. Lewis - This paper demonstrates the properties of and a solution method for the more general two-period Rational Inattention model of Sims (2006). www.federalreserve.gov/pubs/feds/2008/200822/index.html

May 12, 2008 - Father Burke Federal Credit Union Closes - The National Credit Union Administration placed Father Burke Federal Credit Union of Bronx, New York, into liquidation May 12, 2008. www.ncua.gov/news/press_releases/2008/MR08-0512.htm

May 12, 2008 - OCC Names Ned Pollock Deputy Comptroller Overseeing Retail and Commercial Credit Risk - The Office of the Comptroller of the Currency announced today that Ned Pollock has been appointed Deputy Comptroller for Credit and Market Risk. www.occ.treas.gov/ftp/release/2008-53.htm

May 9, 2008 - OCC Closes ANB Financial, National Association and Appoints FDIC Receiver - ANB Financial, National Association, Bentonville, Arkansas, was closed today by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation was appointed receiver. ANB Financial, National Association's primary markets were northwest Arkansas and Utah. The bank, with approximately $1.9 billion in assets, was chartered as a national bank in 1994. www.occ.treas.gov/ftp/release/2008-52.htm

May 9, 2008 - FDIC Approves the Assumption of the Insured Deposits of ANB Financial, National Association, Bentonville, Arkansas - ANB Financial, National Association, Bentonville, Arkansas, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver. To protect depositors, the FDIC's Board of Directors approved the assumption of the insured deposits of ANB Financial by Pulaski Bank and Trust Company, Little Rock, Arkansas. www.fdic.gov/news/news/press/2008/pr08033.html

May 9, 2008 - Chicago Fed's Economic Perspectives Now Available - Second quarter 2008 edition explores education & health, tax, and inflation topics. www.chicagofed.org/economic_research_and_data/economic_perspectives.cfm

May 9, 2008 - Information Security: Application Security - This bulletin reminds national banks and their technology service providers that application security is an important component of their information security program. www.occ.treas.gov/ftp/bulletin/2008-16.html

May 8, 2008 - Proposals for Comment - Request for comment on proposed amendments to the Board's regulation implementing the Privacy Act of 1974 www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
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May 8, 2008 - Supervision Manuals - Commercial Bank Examination Manual, April 2008 update - Commercial Bank Examination Manual - Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/boarddocs/supmanual/supervision_cbem.htm

May 8, 2008 - Agencies Issue Proposed Rules on Risk-Based Pricing Notices - The Federal Reserve Board and the Federal Trade Commission today announced proposed regulations that generally would require a creditor to provide a consumer with a risk-based pricing notice when, based in whole or in part on the consumer's credit report, the creditor offers or provides credit to the consumer on terms less favorable than the terms it offers or provides to other consumers. www.federalreserve.gov/newsevents/press/bcreg/20080508a.htm

May 7, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 5-1/2 percent in the first quarter of 2008. In that quarter, revolving credit increased at an annual rate of 6-3/4 percent, and nonrevolving credit increased at an annual rate of 4-1/2 percent. In March, consumer credit increased at an annual rate of 7-1/4 percent. www.federalreserve.gov/releases/g19/Current/

May 7, 2008 - Speech by Governor Randall S. Kroszner - Mitigating the Impact of Foreclosures on Neighborhoods.   www.federalreserve.gov/newsevents/speech/kroszner20080507a.htm

May 6, 2008 - Public Meeting Bank of America Corporation and Countrywide Financial Corporation - Held on Monday, April 28, 2008, and Tuesday, April 29, 2008, at the Los Angeles Branch of Federal Reserve Bank of San Francisco - Transcript of the Public Meeting held on April 28-29, 2008, on the application of Bank of America Corporation to acquire Countrywide Financial Corporation. www.federalreserve.gov/events/publicmeeting/20080428/

May 6, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Integrity Bancshares, Inc., Alpharetta, Georgia, a registered bank holding company that owns and controls Integrity Bank, Alpharetta, Georgia, a state chartered nonmember bank, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20080506a.htm

May 6, 2008 - Federal Reserve announces results of auction of $75 billion in 28-day credit held on May 5, 2008.   www.federalreserve.gov/newsevents/press/monetary/20080506a.htm

May 6, 2008 - 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/2008/pr08032.html

May 5, 2008 - Speech by Chairman Ben S. Bernanke - At the Columbia Business School's 32nd Annual Dinner, New York, New York -Mortgage Delinquencies and Foreclosures. www.federalreserve.gov/newsevents/speech/Bernanke20080505a.htm

May 5, 2008 - Corporate Hedging, Investment and Value - Jose M. Berrospide, Amiyatosh Purnanandam, and Uday Rajan - We consider the effect of hedging with foreign currency derivatives on Brazilian firms in the period 1997 through 2004, a period that includes the Brazilian currency crisis of 1999. We find that, derivative users have valuations that are 6.7--7.8% higher than non-user firms. www.federalreserve.gov/pubs/feds/2008/200822/index.html

May 5, 2008 - The April 2008 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.1 Special questions in the survey queried banks about changes in terms on home equity lines of credit and about their student loan programs. This article is based on responses from 56 domestic banks and 21 U.S. branches and agencies of foreign banks. www.federalreserve.gov/boarddocs/SnLoanSurvey/200805/

May 5, 2008 - NCUA - St. Luke Baptist Federal Credit Union Closes - The National Credit Union Administration placed St. Luke Baptist Federal Credit Union of Laurelton, New York, into liquidation May 3, 2008. www.ncua.gov/news/press_releases/2008/MR08-0505.html

May 5, 2008 - On May 5, 2008, the Federal Reserve will offer $75 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility www.federalreserve.gov/newsevents/press/monetary/20080505a.htm

May 2, 2008 - The Federal Reserve Board on Friday proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances. www.federalreserve.gov/newsevents/press/bcreg/20080502a.htm

May 2, 2008 - The Federal Reserve Board on Friday announced its approval of the application of Rolling Hills Bank & Trust, Atlantic, Iowa, to establish a branch at 502 Broad Street, Adair, Iowa. www.federalreserve.gov/newsevents/press/orders/20080502a.htm

May 2, 2008 - 2007 Annual Report Now Online - Examines market disruptions last year and the role financial innovation plays in fostering such disruptions. www.chicagofed.org/about_the_fed/annual_report.cfm

May 2, 2008 - Does the Great Depression Hold the Answers for the Current Mortgage Distress? - While the nation's current level of mortgage distress seems reminiscent of the Great Depression, a closer examination reveals the underlying causes are far from similar, according to an economic analysis from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/05_02_08.html

May 2, 2008 - St. Louis Fed's Review: Federal Response to Home Mortgage Distress; FOMC Consensus Forecasts; Laffer Traps and Monetary Policy; Forecasting Inflation and Output: Comparing Data-Rich Models with Simple Rules. www.stlouisfed.org/news/releases/2008/05_02_08b.html

May 2, 2008 - Banking Information & Regulation - Transcript of April 22 meeting on the application of Bank of America Corporation to acquire Countrywide Financial Corporation. www.federalreserve.gov/events/publicmeeting/20080422/20080422.htm

May 2, 2008 - Central banks have continued to work together and to consult regularly on liquidity conditions in financial markets. In view of the persistent liquidity pressures in some term funding markets, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing an expansion of their liquidity measures. www.federalreserve.gov/newsevents/press/monetary/20080502a.htm
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May 1, 2008 - 2007 Annual Report Now Online - Examines market disruptions last year and the role financial innovation plays in fostering such disruptions. - Financial markets have been characterized by significant turmoil since the summer of 2007. Even as this annual report went to press in April of 2008, credit conditions remained tight, and market volatility continued to be high. www.chicagofed.org/about_the_fed/annual_report.cfm

May 1, 2008 - OTS Submits Comment Letter on Home Valuation Code and Agreements - The Office of Thrift Supervision filed a formal comment letter yesterday with Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight regarding their agreement with the New York Attorney General to establish a code of conduct for real estate appraisal practices. www.ots.treas.gov/docs/7/778015.html

May 1, 2008 - OTS Advances Proposal on Unfair and Deceptive Practices - The Office of Thrift Supervision today approved a proposal to prohibit savings associations from engaging in unfair or deceptive acts or practices regarding credit cards and overdraft services that violate the Federal Trade Commission Act.
Press Release: www.ots.treas.gov/docs/7/778014.html
Press Release: www.ncua.gov/news/press_releases/2008/MR08-0501.html

May 1, 2008 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Richmond, Minneapolis, and Dallas, decreasing the discount rate at the Banks from 2-1/2 percent to 2-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20080501a.htm

May 1, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among First Bank of Snook, Snook, Texas, the Federal Reserve Bank of Dallas, and the State of Texas Department of Banking. www.federalreserve.gov/newsevents/press/enforcement/20080501a.htm

May 1, 2008 - What's the Role of Insurance Among Low-Income Households? - Chicago Fed Letter looks at connections between insurance, wealth building and preservation, and financial access for low-income consumers. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm

May 1, 2008 - Preserving Affordable Multifamily Rental Housing: - How Banks Help Sustain the Nation's Supply of Affordable Rental Housing - The Office of the Comptroller of the Currency today released the Spring 2008 edition of Community Developments focusing on the preservation of affordable rental housing. www.occ.treas.gov/ftp/release/2008-51.htm

May 1, 2008 - Letter to Stakeholders First Quarter 2008 Edition of FDIC'S Letter to Stakeholders - The FDIC has issued the attached Letter to Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's activities and accomplishments during the first quarter of 2008. www.fdic.gov/news/news/financial/2008/fil08036.html

May 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates - The Average Rates Of Exchange In April 2008 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/

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