Bank Regulatory News

May 2011

May 31, 2011 - Midwest Manufacturing Output Decreased in April The Chicago Fed Midwest Manufacturing Index decreased 0.9% in April, to a seasonally adjusted level.  www.chicagofed.org/webpages/publications/cfmmi/2011/april2011.cfm

May 31, 2011 - Pace of Midwest Growth Leveled Off in April - The Midwest Economy Index was +0.83 in April, up from +0.79 in March. www.chicagofed.org/digital_assets/publications/mei/2011/mei_april2011.pdf 

May 31, 2011 - How Do Private Firms Use Credit Lines? - Economic Perspectives explores use of bank lines of credit by firms that cannot raise funds in the equity markets. www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/2qtr2011_part2_agarwal_etal.pdf 

May 31, 2011 - What Happens to the Unemployment Rate When Benefits are Exhausted? - Chicago Fed Letter examines the connection between the recent decline in the unemployment rate and the exhaustion of unemployment benefits. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljuly2011_288.pdf 

May 31, 2011 - NCUA -Credit Union Industry Financials Improve Despite Economic Hurdles - First Quarter Strategic Indicators Reflect “Resilience” in Credit Union System - Key credit union financial indicators show improvement in the first quarter of 2011, but economic conditions continue to pose a challenge for the system.  www.ncua.gov/news/press_releases/2011/MR11-0531Q1CallReport.pdf 

May 31, 2011 - Electronic Filing by Banks Reporting to the FDIC Under The Securities Exchange Act of 1934 and Part 335 of the FDIC's Regulations - Voluntary Transition Period for Publicly Owned FDIC-Supervised Banks - FDIC-supervised banks and associated parties are encouraged to use FDICConnect to access an electronic filing system for Securities Exchange Act filings and submit periodic reports, proxy materials, other securities disclosure documents, and related correspondence to the FDIC. Publicly available securities disclosure documents filed via FDICConnect generally will be immediately accessible on the FDIC's Web site. www.fdic.gov/news/news/financial/2011/fil11040.html 

May 31, 2011 - FDIC Issues Third Quarter 2011 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 2011. www.fdic.gov/news/news/press/2011/pr11095.html 

May 31, 2011 - Regulatory Reform - Communications with the public through May 31, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

May 31, 2011 - Supervision Manual - Commercial Bank Examination Manual, April, 2011 update.  www.federalreserve.gov/boarddocs/supmanual/default.htm 

May 31, 2011 - David J. Stockton, director of the Division of Research and Statistics, will retire on September 30 after 30 years of service with the Federal Reserve Board, including 11 years as the director of the division. In addition to overseeing the division's 325 employees, he has been responsible for briefing the Federal Open Market Committee on the outlook for the U.S. economy. www.federalreserve.gov/newsevents/press/other/20110531a.htm 

May 31, 2011 - Board issues enforcement actions with Community Banks of Georgia, Inc., PlainsCapital Bank, and PrimeLending.   www.federalreserve.gov/newsevents/press/enforcement/20110531a.htm 

May 27, 2011 - Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of First Heritage Bank, Snohomish, Washington - First Heritage Bank, Snohomish, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of First Heritage Bank. www.fdic.gov/news/news/press/2011/pr11094.html 

May 27, 2011 - FDIC Makes Public April Enforcement Actions; No Administrative Hearing Scheduled for June 2011 - 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/2011/pr11093.html 

May 27, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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May 19, 2011 - Acting Comptroller Walsh Addresses The Financial Services Roundtable - Acting Comptroller of the Currency John Walsh discussed issues facing the mortgage lending and servicing industries during a speech today before the Housing Policy Council of The Financial Services Roundtable. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-60.html 

May 18, 2011 - First Quarter Midwest Farmland Values Surge - Latest AgLetter reports farmland values for the first quarter of 2011 were 16 percent higher than a year ago. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/may_2011.pdf 

May 18, 2011 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 26-27, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 26-27, 2011 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20110518a.htm 

May 17, 2011 - Industrial production was unchanged in April after having increased 0.7 percent in March. Output in February is now estimated to have declined 0.3 percent; previously it was reported to have edged up 0.1 percent. www.federalreserve.gov/releases/G17/Current/default.htm 

May 17, 2011 - Financial Capital and the Macroeconomy: Policy Considerations - Michael T. Kiley and Jae W. Sim - We develop a macroeconomic model in which the balance sheet/liquidity condition of financial institutions plays an important role in the determination of asset prices and economic activity. www.federalreserve.gov/pubs/feds/2011/201128/index.html 

May 17, 2011 - Financial Capital and the Macroeconomy: A Quantitative Framework - Michael T. Kiley and Jae W. Sim - Financial intermediation transforms short-term liquid assets into long-term capital assets. As a result, risk taking, in the form of long-term commitments despite unresolved short-term funding risk, is an essential element of intermediation. www.federalreserve.gov/pubs/feds/2011/201127/index.html

May 16, 2011 - Unemployment Insurance Extensions and Unemployment Rate - Chicago Fed Letter examines whether workers who receive unemployment insurance extensions tend to take longer to find new employment. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflapril2011_285.pdf 

May 16, 2011 - What Caused Unemployment Rate to Drop Recently? - Chicago Fed Letter looks at possible explanations, including fewer people losing their jobs or more people finding new jobs. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfljune2011_287.pdf 

May 16, 2011 - NCUA Earns Clean Audits on 2010 - The National Credit Union Administration today released 2010 audited financial reports for its four permanent funds, including the National Credit Union Share Insurance Fund. All four funds received unqualified or “clean” audit opinions. www.ncua.gov/news/press_releases/2011/MR11-0516NCUAEarnsCleanAudits.pdf 

May 16, 2011 - FDIC Announces Bret Edwards as the Director of the Division of Resolutions and Receiverships - The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Bret Edwards as the Director of the Division of Resolutions and Receiverships www.fdic.gov/news/news/press/2011/pr11088.html 

May 16, 2011 - The FDIC Issues Consumer Tips on How to "Shop and Save" on Loans, Credit Cards and Deposit Accounts - The Federal Deposit Insurance Corporation today issued tips to help consumers shop for a variety of bank products and services by carefully evaluating their needs, contacting multiple institutions and reading the fine print before making a decision. www.fdic.gov/news/news/press/2011/pr11087.html 

May 13, 2011 - Chairman Ben S. Bernanke - Promoting Research and Development: The Government's Role - At the Conference on "New Building Blocks for Jobs and Economic Growth." www.federalreserve.gov/newsevents/speech/bernanke20110516a.htm 

May 13, 2011 - Chairman Ben S. Bernanke - Brief remarks - At the United States-Mexico Chamber of Commerce Annual Gala, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20110512a.htm 

May 13, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update. www.federalreserve.gov/newsevents/press/orders/20110513a.htm 

May 13, 2011 - The Federal Reserve Board on Friday announced its approval of the application of Hancock Holding Company, Gulfport, Mississippi, to acquire Whitney Holding Corporation, and indirectly acquire Whitney's wholly owned subsidiary bank, Whitney National Bank, both of New Orleans, Louisiana. www.federalreserve.gov/newsevents/press/orders/20110513a.htm 

May 12, 2011 - Chairman Ben S. Bernanke - Brief remarks At the United States-Mexico Chamber of Commerce Annual Gala, Washington, D.C. www.federalreserve.gov/newsevents/default.htm 
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May 12, 2011 - Acting Comptroller Testifies on FSOC - Acting Comptroller of the Currency John Walsh discussed the Financial Stability Oversight Council in testimony before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-59.html 

May 12, 2011 - St. Louis Fed President James Bullard Will Speak at Money Marketeers Event.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1017 

May 12, 2011 - Friedman's Monetary Economics in Practice - Edward Nelson - This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. www.federalreserve.gov/pubs/feds/2011/201126/index.html 

May 12, 2011 - Household Income Uncertainties over Three Decades - James Feigenbaum and Geng Li - We study the trend in household income uncertainty using a novel approach that measures income uncertainty as the variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income shocks. www.federalreserve.gov/pubs/feds/2011/201125/index.html 

May 12, 2011 - Board issues enforcement actions with HCSB Financial Corporation, Johnson Financial Group, Inc. and Johnson Bank, Liberty Shares, Inc., Metropolitan Bank Group, Inc., and Mid-Wisconsin Financial Services, Inc. www.federalreserve.gov/newsevents/press/enforcement/20110512a.htm 

May 12, 2011 - The Federal Reserve Board on Thursday requested public comment on a proposed rule that would create new protections for consumers who send remittance transfers to recipients located in a foreign country. www.federalreserve.gov/newsevents/press/bcreg/20110512a.htm

May 12, 2011 - FDIC Board Approves Proposed Rule on Retail Foreign Exchange Transactions - The Board of Directors of the Federal Deposit Insurance Corporation has approved a proposed rule to adopt requirements for FDIC-supervised institutions that may engage in certain foreign exchange transactions with retail customers which fall under the provisions of section 742 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  www.fdic.gov/news/news/press/2011/pr11086.html 

May 12, 2011 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2011/MR5-12WeidenhofProhibitionOrder.pdf 

May 12, 2011 - Testimony by Chairman Ben S. Bernanke - Dodd-Frank Implementation: Monitoring Systemic Risk and Promoting Financial Stability.   www.federalreserve.gov/newsevents/testimony/bernanke20110512a.htm 

May 11, 2011 - Office of the Comptroller of the Currency Hosts Workshops in New York - The Office of the Comptroller of the Currency will host workshops for directors of nationally chartered community banks and federal savings associations in New York at the Hilton New York, June 28-29, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-58.html 

May 11, 2011 - Current FAQ - What is the Federal Reserve doing to help small businesses get credit? www.federalreserve.gov/faqs/banking_13254.htm 

May 11, 2011 - Chairman Ben S. Bernanke - Dodd-Frank Implementation: Monitoring Systemic Risk and Promoting Financial Stability - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20110512a.htm

May 10, 2011 - Forecasting Recessions Using Stall Speeds - Jeremy J. Nalewaik - This paper presents evidence that the economic stall speed concept has some empirical content, and can be moderately useful in forecasting recessions. Specifically, output tends to transition to a slow-growth phase at the end of expansions before falling into a recession, and the paper designs Markov-switching models that behave in that way. www.federalreserve.gov/pubs/feds/2011/201124/index.html 

May 10, 2011 - Fed Gov. Elizabeth Duke Gives Opening Keynote at 2011 Exploring Innovation Conference - In remarks Tuesday at 2011's Exploring Innovation Conference, Federal Reserve Governor Elizabeth Duke told attendees that conditions for U.S. small businesses are improving and discussed ways in which the Federal Reserve and other agencies are working to find ways to encourage further growth. www.stlouisfed.org/newsroom/displayNews.cfm?article=1014 

May 10, 2011 - Governor Elizabeth A. Duke - Fostering Innovation in Community Development Finance - At the 2011 Exploring Innovation Conference on Community Development Finance, St. Louis, Missouri.  www.federalreserve.gov/newsevents/speech/duke20110510a.htm 

May 9, 2011 - Local governments on the brink by Richard H. Mattoon, senior economist and economic advisor - This article examines the likelihood of local governments defaulting on their debt or filing for bankruptcy. Despite the challenging fiscal environment today, the vast majority of local governments are not likely to do either, if history serves as a guide for the future. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflmay2011_286a.pdf 

May 9, 2011 - NCUA - Agenda Released for Allowance for Loan and Lease Losses Webinar - Interactive class is free and open to the public Alexandria, Va. - The National Credit Union Administration will host a webinar Thursday, May 26, entitled “Current Allowance for Loan and Lease Losses Exam Issues and Practical Ways to Factor Q&E Adjustments into the Methodology.” www.ncua.gov/news/press_releases/2011/MR11-0509ALLLWebinarAgenda.pdf

May 9, 2011 - FDIC Announces Chairman Bair's Official Departure Date - The Federal Deposit Insurance Corporation today announced Chairman Sheila C. Bair's official departure will be effective July 8th, 2011. Consistent with previous public statements, Chairman Bair has announced her intention to depart the agency following the expiration of her term as Chairman. The FDIC will hold a board meeting during the first week of July. This will be Chairman Bair's final board meeting. www.fdic.gov/news/news/press/2011/pr11085.html 

May 9, 2011 - Regulatory Reform - Communications with the public through May 2, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm 

May 6, 2011 - Job Recovery in the Seventh District - In a blog posting, Chicago Fed’s William Testa and Max Lichtenstein look at the pace of job growth in the Midwest. http://midwest.chicagofedblogs.org/archives/2011/04/job_recovery_in.html

May 6, 2011 - Community and Economic Development in Detroit - Decades of population loss coupled with the foreclosure crisis has created a pivotal moment in which the city must reinvent itself. View projects taking place that are part of the process. www.chicagofed.org/webpages/in_focus/community_economic_development/index.cfm 

May 6, 2011 - NCUA Issues Prohibition Orders - The National Credit Union Administration Board has issued orders prohibiting the following individual from participating in the affairs of any federally insured financial institution. www.ncua.gov/news/press_releases/2011/MR11-0506RoweProhibitionOrder.pdf 

May 6, 2011 - St. Louis Fed’s Bullard Discusses Monetary Policy and Commodity Prices - Federal Reserve Bank of St. Louis President James Bullard delivered remarks titled “U.S. Monetary Policy and Commodity Prices” at the Arkansas State Banking Department’s “A Day with the Bank Commissioner” event today. www.stlouisfed.org/newsroom/displayNews.cfm?article=1009 

May 6, 2011 - Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of Coastal Bank, Cocoa Beach, Florida - Coastal Bank, Cocoa Beach, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Coastal Bank. www.fdic.gov/news/news/press/2011/pr11084.html 

May 6, 2011 - OTS Closes Coastal Bank and Appoints FDIC Receiver - The Office of Thrift Supervision today closed Coastal Bank of Cocoa Beach, Fla., and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=c5fb75d1-f177-48c6-c83a-d10364d03cbe&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

May 6, 2011 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3 percent in March, with revolving and nonrevolving credit increasing at a similar rate.  In the first quarter, consumer credit also increased at an annual rate of 3 percent.   www.federalreserve.gov/releases/g19/current/default.htm 

May 6, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

May 6, 2011 - Vice Chair Janet L. Yellen - Reaping the Full Benefits of Financial Openness - At the Bank of Finland 200th Anniversary Conference, Helsinki, Finland www.federalreserve.gov/newsevents/speech/yellen20110506a.htm
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May 5, 2011 - How Do Private Firms Use Credit Lines? - Economic Perspectives looks at the reasons why companies borrow from investors.  www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/2qtr2011_part2_agarwal_etal.pdf   

May 5, 2011 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2011/pr11083.html 

May 5, 2011 - The First Line of Defense: The Discount Window During the Early Stages of the Financial Crisis - Elizabeth Klee Board of Governors of the Federal Reserve System January 25, 2011 - This paper develops a theoretical model of trading in the federal funds market that captures characteristics of discount window borrowing and the federal funds market during the first year of the financial crisis, including the narrowing of the spread between the discount rate and the target rate; the increased incidence of high-rate trading; and the decline in participation in the federal funds market. www.federalreserve.gov/pubs/feds/2011/201123/index.html 

May 5, 2011 - Chairman Ben S. Bernanke - Implementing a Macroprudential Approach to Supervision and Regulation - At the 47th Annual Conference on Bank Structure and Competition, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/bernanke20110505a.htm

May 4, 2011 - NCUA - Hmong American Federal Credit Union Placed into Conservatorship - The National Credit Union Administration placed Hmong American Federal Credit Union of St. Paul, Minnesota, into conservatorship today. The credit union remains open and operating, although services have moved to a new location. While continuing normal member services, NCUA will work to resolve issues affecting the institution’s safety and soundness. www.ncua.gov/news/press_releases/2011/MR11-0504HmongAmericanFCU.pdf 

May 4, 2011 - NCUA - Valued Members Federal Credit Union Placed into Conservatorship - The National Credit Union Administration today placed Valued Members Federal Credit Union of Jackson, Mississippi, into conservatorship.Valued Members Federal Credit Union remains open and operating. While continuing normal member services, NCUA will work to resolve issues affecting the Valued Members Federal Credit Union’s safety and soundness. www.ncua.gov/news/press_releases/2011/MR11-0504ValuedMemberConservatorship.pdf 

May 4, 2011 - FDIC Report Highlights Review of Foreclosure Practices - The Special Foreclosure Edition of Supervisory Insights, released today, highlights lessons learned from an interagency horizontal review of the 14 largest residential mortgage servicers. This review resulted in Consent Orders with all entities reviewed. www.fdic.gov/news/news/press/2011/pr11082.html 

May 4, 2011 - David K. Wilson Named Senior Deputy Comptroller for Bank Supervision Policy - The Office of the Comptroller of the Currency today announced that David K. Wilson will become the Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner on July 1, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-57.html 

May 4, 2011 - NCUA Chairman’s Letter to Federal Reserve Chairman Bernanke on Interchange Fees Proposed Rule www.ncua.gov/news/press_releases/2011/MR11-0504LtrChBernanke.pdf 

May 3, 2011 - NCUA - National Credit Union Administration Board Member Gigi Hyland participated in a podcast on April 15, 2011, regarding current issues facing the credit union system. www.ncua.gov/news/press_releases/2011/MR11-0503RegulatoryTechIssuestoPodcastAudience.pdf 

May 3, 2011 - FDIC Closes on Pilot Securitization of Performing Commercial Mortgage Loans from 13 Failed Institutions - The Federal Deposit Insurance Corporation today closed on a sale of securities as part of a securitization backed by approximately $394.3 million of performing commercial and multi-family mortgages from 13 failed banks. www.fdic.gov/news/news/press/2011/pr11081.html

May 3, 2011 - Board issues enforcement actions with Calwest Bancorp, First Financial Service Corporation,and Regent Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/20110503a.htm

May 2, 2011 - Munn Re-elected as Chairman of The FFIEC State Liaison Committee - The State Liaison Committee of the Federal Financial Institutions Examination Council announced today the re-election of John Munn as its Chairman for the period of May 1, 2011 through April 30, 2012. Munn is the Director of the Nebraska Department of Banking and Finance, where he has served since January 2005. www.ncua.gov/news/press_releases/2011/JR11-0502SLCReElectionChairJohnMunn.pdf 

May 2, 2011 - NCUA - Vice Reappointed to the FFIEC State Liaison Committee - The Federal Financial Institutions Examination Council announced today the reappointment of Charles A. Vice, Commissioner, Kentucky Department of Financial Institutions, to the Council’s State Liaison Committee.   www.ncua.gov/news/press_releases/2011/JR11-0502SLCReappointsVice.pdf 

May 2, 2011 - The FFIEC issued a Press Release announcing the reappointment of Charles A. Vice, Commissioner, Kentucky Department of Financial Institutions, to the Council's State Liaison Committee.  www.ffiec.gov/press/pr050211.htm 

May 2, 2011 - Regulatory Reform - Communications with the public through May 2, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

May 2, 2011 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The April 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, loans to businesses and households over the past three months.  www.federalreserve.gov/boarddocs/snloansurvey/201104/default.htm