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November 30, 2006 - OCC and New York Banking Department Agree to
Share Consumer Complaints - Comptroller of the Currency John C. Dugan and
New York State Banking Department Superintendent Diana L. Taylor signed a
Memorandum of Understanding today that provides a mechanism for sharing
consumer complaint information between their two agencies.
November 30, 2006 - Proposal for Comment - Proposal to approve under
delegated authority the extension for three years, without revision, of the
following report: Written Security Program for State Member Banks.
November 30, 2006 - Governor Susan Schmidt Bies - A U.S. Perspective on
Basel II Implementation At the Institute for International Bankers Seminar
on the Impact of Basel II on Financial Markets and Business Strategies, New
York, New York.
November 30, 2006 - Deposit Insurance Assessments Final Rule on Part 327 -
Operational Processes Governing the Deposit Insurance Assessment System -
The FDIC Board of Directors has approved the attached final rule to amend
Part 327 of the FDIC Rules and Regulations. The amendments are being made
simultaneously with amendments implementing the Federal Deposit Insurance
Reform Act of 2005, and are intended to make the deposit insurance
assessment system react more quickly and more accurately to changes in
institutions' risk profiles and to ameliorate several causes for complaint
by insured depository institutions. The final rule takes effect on January
November 30, 2006 - Deposit Insurance Assessments Final Rules on Assessments
and the Designated Reserve Ratio - The FDIC Board of Directors has approved
the attached final rules to amend Part 327 of the FDIC Rules and Regulations
governing assessments. One rule creates a new system for risk-based
assessments and sets assessment rates beginning January 1, 2007. The other
rule sets the designated reserve ratio at 1.25 percent. The amendments are
being made to implement the Federal Deposit Insurance Reform Act of 2005.
The final rules take effect on January 1, 2007.
November 30, 2006 - FDIC Issues First 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 first quarter of 2007.
November 29, 2006 - NCUA - John E. Kutchey Named Director of Risk Management
- National Credit Union Administration Executive Director J. Leonard Skiles
has selected John E. Kutchey as Director of Risk Management. As Director of
Risk Management, Kutchey is responsible for overseeing NCUA's credit union
problem resolution program.
November 29, 2006 - Statistical Release - Large Commercial Banks - Insured
U.S.-Chartered Commercial Banks That Have Consolidated Assets Of $300
Million Or More, Ranked By Consolidated Assets As of September 30, 2006.
November 29, 2006 - Multivariate Estimation for Operational Risk with
Judicious Use of Extreme Value Theory," by Mahmoud El-Gamal, Hulusi Inanoglu,
and Mitch Stengel. Helps banks make full use of the disaggregation approach
when quantifying operational risk.
November 29, 2006 - The Federal Reserve Board on Wednesday announced the
names of five new members of its Thrift Institutions Advisory Council and
designated a new President and Vice President of the council for 2007.
November 28, 2006 - The Federal Reserve Bank of Kansas City announces the
results of recent elections for two positions on the Bank's Board of
November 28, 2006 - Licensing Manual Update, November 2006 - The revised
"Branches and Relocations" booklet is on the Web site for immediate use. It
discusses what is not considered a branch office, among other changes.
November 28, 2006 - The Federal Reserve Board announced Tuesday that it will
publish the annual revision to the G.17 statistical release, Industrial
Production and Capacity Utilization, on Monday, December 11, at 2 p.m. EST.
November 28, 2006 - Chairman Ben S. Bernanke - The Economic Outlook - Before
the National Italian American Foundation, New York, New York
November 28, 2006 - NCUA General Counsel Opinion 06-1025 - Member Business
Loan Requirements for Constructing Boats.
November 28, 2006 - OCC Reminds Consumers of Holiday Tips on Gift Cards - As
the holiday shopping season gets underway, the Office of the Comptroller of
the Currency wants consumers to know that it is important to check carefully
the terms and conditions that apply to gift cards they buy or receive.
November 27, 2006 - FRB Statistical Release - G.20 Finance Companies - Owned
And Managed Receivables Outstanding 2 - Seasonally adjusted.
November 27, 2006 - Real-Time Price Discovery in Global Stock, Bond and
Foreign Exchange Markets - Torben G. Andersen, Tim Bollerslev, Francis X.
Diebold and Clara Vega - Using a unique high-frequency futures dataset, we
characterize the response of U.S., German and British stock, bond and
foreign exchange markets to real-time U.S. macroeconomic news.
November 27, 2006 - Ramsey Meets Hosios: The Optimal Capital Tax and Labor
Market Efficiency - David M. Arseneau; Sanjay K. Chugh -Heterogeneity
between unemployed and employed individuals matters for optimal fiscal
policy. This paper considers the consequences of welfare heterogeneity
between these two groups for the determination of optimal capital and labor
income taxes in a model with matching frictions in the labor market. In line
with a recent finding in the literature, we find that the optimal capital
tax is typically non-zero because it is used to indirectly mitigate an
externality along the extensive labor margin that arises from search and
November 27, 2006 - Predictive Regressions with Panel Data - Erik
Hjalmarsson - This paper analyzes panel data inference in predictive
regressions with endogenous and nearly persistent regressors. The standard
fixed effects estimator is shown to suffer from a second order bias;
analytical results, as well as Monte Carlo evidence, show that the bias and
resulting size distortions can be severe.
November 24, 2006 - OTS Publishes CRA Proposal - The Office of Thrift
Supervision announced that it published for comment today in the Federal
Register a notice of proposed rulemaking to revise its rule implementing the
Community Reinvestment Act.
November 24, 2006 - OCC Announces New Electronic Interpretations and Actions
- November 2006.
November 22, 2006 - The Federal Reserve Board on Wednesday announced
an extension of the comment period on a consultation paper that is intended
to help the Board obtain broader information on intraday liquidity
management issues and to lay the groundwork for discussions about the
long-term evolution of its Payment System Risk Policy. The comment period
will be extended for ninety days to March 15, 2007.
November 22, 2006 - The Federal Reserve Board on Wednesday announced the
termination of the enforcement action - United National Corporation, First
Premier Bank, and Premier Bankcard, Inc., Sioux Falls, S.D.
November 21, 2006 - NCUA - Regulatory Alert 06-RA-06 - Regulation D
November 21, 2006 - Insured Banks and Thrifts Report Strong Third-Quarter
Earnings - Commercial banks and savings institutions insured by the Federal
Deposit Insurance Corporation reported net income of $37.6 billion for the
third quarter of 2006, the second-highest total ever. The record for
industry earnings is $38.0 billion reported in the second quarter.
November 21, 2006 - Minutes of Board discount rate meetings, October 10
through October 23, 2006.
November 21, 2006 - Governor Kevin M. Warsh - Financial Markets and the
Federal Reserve - At the New York Stock Exchange, New York, New York.
November 20, 2006 - OTS to Host National Housing Forum - The Office of
Thrift Supervision will sponsor a National Housing Forum on Monday, December
11, 2006 from 9:00 a.m. to 4:30 p.m. at the National Press Club in
November 20, 2006 - Revocation of the banking license of Pacific Savings
Bank, Ltd. - NECO Plaza, PO Box 399 Koror, Republic of Palau 96940.
November 20, 2006 - Release Dates for the Federal Reserve Bank of Kansas
City's Monthly Manufacturing Survey.
November 20, 2006 - OCC, CSBS Agree on Consumer Complaint
Information-Sharing Plan - The Office of the Comptroller of the Currency and
the Conference of State Bank Supervisors announced agreement today on
procedures for the exchange of consumer complaint information between state
banking departments and the OCC.
November 17, 2006 - NCUA - Share Insurance Appeals; Clarification of
Enforcement Authority of the NCUA Board.
November 17, 2006 - OCC Releases CRA Evaluations For 19 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 October 15, 2006 through November 14, 2006.
November 17, 2006 - Deposit Insurance Assessments One-Time Assessment Credit
Statement - The FDIC is reminding FDIC-insured depository institutions that
their Preliminary Statements of One-Time Assessment Credit are available for
viewing through FDICconnect. Insured depository institutions have only until
December 18, 2006, to submit a Request for Review to correct any errors in
November 17, 2006 - Financial Holding Companies - 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.
November 17, 2006 - The Federal Reserve Board on Friday announced the
appointment of the chairmen and deputy chairmen of the twelve Federal
Reserve Banks for 2007.
November 16, 2006 - Statement by Federal Reserve Chairman Ben S.
Bernanke on the passing of Milton Friedman.
November 16, 2006 - NCUA is revising the official sign indicating a credit
union's share accounts are insured by the NCUA to reflect recent share
insurance increases and by including a statement that NCUA-insured share
accounts are backed by the full faith and credit of the United States
Government. This rule is required to comply with the Federal Deposit
Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform
Conforming Amendments Act of 2005.
November 16, 2006 - OTS Director Reich Outlines Opportunities, Challenges in
Global Retail Lending - Office of Thrift Supervision Director John Reich
addressed a Special Seminar on International Banking and Finance in Tokyo,
Japan, yesterday on the topic of global retail finance.
November 16, 2006 - Comptroller of the Currency Visits Pittsburgh Community
Reinvestment Projects - Comptroller of the Currency John C. Dugan
highlighted the success of national bank investments under the Community
Reinvestment Act during a visit to Pittsburgh today.
November 16, 2006 - Latest FDIC Consumer News Features Common Mistakes that
Cost Bank Customers Money - To err is human…and sometimes it can be
expensive. That's why the latest FDIC Consumer News, published by the
Federal Deposit Insurance Corporation, features some of the more common and
costly mistakes consumers make when using their checking account, credit
card or other banking services, along with guidance on how to avoid these
November 16, 2006 - Industrial Production And Capacity Utilization -
Industrial production rose 0.2 percent in October after having decreased 0.6
percent in September; production in August was revised up to show a gain of
0.3 percent. At 113.7 percent of its 2002 average, the index in October was
4.9 percent higher than its year-earlier level. Manufacturing output
declined 0.2 percent in October; excluding motor vehicles and parts,
manufacturing output rose 0.1 percent.
November 16, 2006 - Governor Randall S. Kroszner - The Conquest of Worldwide
Inflation: Currency Competition and Its Implications for Interest Rates and
the Yield Curve - At the Cato Institute Monetary Policy Conference,
November 15, 2006 - NCUA Issues Results of Its Member Service Assessment -
The NCUA Board is releasing the results of the Member Service Assessment
November 15, 2006 - Stable Thrift Industry Performance Continues in Third
Quarter - The Office of Thrift Supervision reported today that the nation's
thrift industry posted strong numbers for earnings and solid profitability
in the third quarter of 2006. OTS noted that earnings and profitability were
strong by historical standards, although profitability was off from recent
November 15, 2006 - OCC Highlights Strategies for Reaching Minority Markets
- The Office of the Comptroller of the Currency today released a new
Community Developments Insights report, "Reaching Minority Markets:
Community Bank Strategies," examining a variety of methods that banks are
using to target specific minority markets in the United States.
November 15, 2006 - FDIC Board Approves Change in Control Notice for GMAC
Automotive Bank, Midvale, Utah - The Board of Directors of the Federal
Deposit Insurance Corporation unanimously approved an application by a
consortium of investors to obtain control of GMAC Automotive Bank, Midvale,
Utah, an industrial loan company that specializes in the purchase of
automobile loan and lease contracts.
November 15, 2006 - The Federal Reserve Board and the Federal Open Market
Committee on Wednesday released the attached minutes of the Committee
meeting held on October 24-25, 2006.
November 14, 2006 - The Federal Reserve Board on Tuesday approved fee
schedules for Federal Reserve Bank payment services for depository
institutions (priced services), effective January 2, 2007.
November 14, 2006 - Former NCUA Employee Pleads Guilty to Illegal Access of
a Government Computer - National Credit Union Administration Inspector
General William A. DeSarno announced today that former NCUA employee Raymond
Lindeman, Jr., of Coventry, Rhode Island, pleaded guilty yesterday to a
charge of unauthorized access of a government computer in violation of
November 14, 2006 - OCC Enforcement Actions - The Office of the Comptroller
of the Currency today released new enforcement actions taken against
national banks and individuals currently and formerly affiliated with
November 13, 2006 - Environmental Liability - Updated Guidelines for An
Environmental Risk Program - The FDIC is issuing updated Guidelines for an
Environmental Risk Program to reflect changes to the Comprehensive
Environmental Response, Compensation and Liability Act related to the
Environmental Protection Agency's All Appropriate Inquiry Rule
November 10, 2006 - Comptroller Dugan Tells Bankers that Managing Risk in
Derivatives Markets Is Essential to Maintain Public Confidence in Nation's
Financial Institutions - Comptroller of the Currency John C. Dugan said
today that ensuring effective management of the large credit risks that have
accumulated in the derivatives portfolios of the major trading banks is a
matter of concern for all banks, even those not active in derivatives
November 10, 2006 - Chairman Ben S. Bernanke - Monetary Aggregates and
Monetary Policy at the Federal Reserve: A Historical Perspective - At the
Fourth ECB Central Banking Conference, Frankfurt, Germany.
November 9, 2006 - A Model in Which Outside and Inside Money are
Essential - David C. Mills, Jr. - I present an environment for which
both outside and inside money are essential as means of payment. The
key model feature is that there is imperfect monitoring of issuers
of inside money. I use a random matching model of money where some
agents have private trading histories and others have trading
histories that can be publicly observed only after a lag.
November 9, 2006 - How Do FOMC Actions and U.S. Macroeconomic Data
Announcements Move Brazilian Sovereign Yield Spreads and Stock
Prices? - Patrice Robitaille; Jennifer E. Roush - This paper
provides a robust structural identification of the effects of U.S.
interest rates on an emerging economy's asset values. Using newly
available intraday data, we investigate how surprises associated
with U.S. macro data and FOMC announcements affectmove on
intra-daily movements in the yield spread on a benchmark Brazilian
government dollar-denominated bond and (the C-bond) as well as onthe
Brazilian broad stock price index. Our study covers the period
February 1999 to April 2005.
November 9, 2006 - Closing Open Economy Models - Martin Bodenstein
-Several methods have been proposed to obtain stationarity in open
economy models. I find substantial qualitative and quantitative
differences between these methods in a two-country framework, in
contrast to the results of Schmitt-Grohé and Uribe (2003).
November 9, 2006 - NCUA - La Casa FCU Closes - Member funds are
federally insured. - The National Credit Union Administration has
liquidated La Casa Federal Credit Union in Newark, New Jersey.
November 9, 2006 - Deposit Insurance Assessments - The FDIC Board of
Directors has approved the attached final rule to implement the Late
Assessment Penalties provisions of the Federal Deposit Insurance
Reform Act of 2005. The final rule takes effect on January 1, 2007.
November 8, 2006 - The Federal Reserve Board on Wednesday announced
its approval of the proposal by Capital One Financial Corporation,
McLean, Virginia, to acquire North Fork Bancorporation, Inc.,
Melville, and its subsidiaries, North Fork Bank, Mattituck, both of
New York, and Superior Savings of New England, National Association,
November 7, 2006 - Proposed Revisions to Regulatory Reports Filed by
Banks and Savings Associations - The Office of the Comptroller of
the Currency, the Federal Reserve Board, the Federal Deposit
Insurance Corporation, and the Office of Thrift Supervision are
requesting comment on the following proposed revisions to the
Consolidated Reports of Condition and Income and the Thrift
November 7, 2006 - FRB Statistical Release - G.19 Consumer Credit -
Consumer credit increased at an annual rate of 3-1/2 percent in the
third quarter. In September, consumer credit decreased at an annual
rate of 1/2 percent, as an increase in revolving credit was offset
by a decrease in nonrevolving credit.
November 7, 2006 - FRB Statistical Supplement to the Federal Reserve
Bulletin October 2006.
November 6, 2006 - OTS Introduces Enhanced NPV Model for Monitoring
Interest Rate Risk - The Office of Thrift Supervision announced
today that it is enhancing its state of the art Net Portfolio Value
Model. The Enhanced NPV Model will expand the OTS's off-site
monitoring capability of the interest rate risk exposure of
individual thrift institutions, and improve the efficiency and
effectiveness of on-site examinations.
November 6, 2006 - FRB Statistical Release - U.S. Reserve Assets;
Foreign Official Assets Held at Federal Reserve Banks.
November 6, 2006 - FDIC Issues List of Banks Examined for CRA
Compliance - The Federal Deposit Insurance Corporation today issued
its list of state nonmember banks recently evaluated for compliance
with the Community Reinvestment Act. The list covers evaluation
ratings that the FDIC assigned to institutions in August 2006.
November 3, 2006 - FRB Vice Chairman Donald L. Kohn - The Evolving
Role of the Federal Reserve Banks - At the American Bar Association,
Banking Law Section, Washington, D.C.
November 2, 2006 - FRB Governor Susan S. Bies - The Economic Outlook
-At the Drake-FEI Lecture, Des Moines, Iowa.
November 1, 2006 - Federal Reserve Bank of Kansas City Announces
November 2, 2006 - Natural Gas Prices: How Big an Impact on the
Economy? - Because many manufacturing industries and, increasingly, electric
utilities are heavy consumers of natural gas, it's assumed that record-high
levels of natural gas prices may have significant, adverse consequences for
the U.S. economy. An analysis by an economist at the Federal Reserve Bank of
St. Louis, however, suggests that crude oil prices have a much larger
November 2, 2006 - St. Louis Fed's Review: Rising Natural Gas Prices and
Real Economic Activity; The Transition to Electronic Communications Networks
in the Secondary Treasury Market; What Are the Odds? Option-Based Forecasts
of FOMC Target Changes; Money and Monetary Policy for the Twenty-First
Century; Chinese Growth: A Source of U.S. Export Opportunities.
November 2, 2006 - FDIC Approves New Risk-Based Premiums for Deposit
Insurance Changes will Reverse Decline in Reserve Ratio and Provide for a
More Stable System -The Federal Deposit Insurance Corporation today adopted
final regulations that implement the Federal Deposit Insurance Reform Act of
2005 passed by Congress earlier this year to create a stronger and more
stable insurance system.
November 2, 2006 - FDIC Board Approves Creation of Advisory Committee on
Economic Inclusion - The FDIC Board of Directors today approved the
establishment of an FDIC Advisory Committee on Economic Inclusion, a
committee to provide the FDIC with advice and recommendations on important
initiatives focused on expanding access to banking services by underserved
populations. This may include reviewing basic retail financial services such
as check cashing, money orders, remittances, stored value cards, short-term
loans, savings accounts, and other services that promote asset accumulation
by individuals and financial stability.
November 1, 2006 - Legal Interpretations - Federal Reserve Act, 2006 -
Letter to John Buchman, General Counsel, E*TRADE Bank, Arlington, Virginia,
granting exemptions from section 23A of the Federal Reserve Act and
Regulation W (12 U.S.C. 371c and 12 CFR part 223) in order that (i) the
bank's parent company, E*TRADE Financial Corporation, New York, New York,
may contribute all its equity interest in E*TRADE Clearing LLC ("Clearing"),
also in New York, to the bank; and (ii) Clearing, after it becomes a wholly
owned subsidiary of the bank, may continue to make margin loans to
customers, the proceeds of which would be transferred to affiliates of the
November 1, 2006 - FDIC Makes Public September Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in September. No administrative
hearing is scheduled for November.
November 1, 2006 - Survey of Small Business Finances -The Survey of Small
Business Finances collects information on small businesses (fewer than 500
employees) in the United States. Owner characteristics, firm size, use of
financial services, and the income and balance sheets of the firm are just
some examples of the types of information collected.
November 1, 2006 - Foreign Exchange Rates - The Table Below Shows The
Average Rates Of Exchange In October 2006 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.
November 1, 2006 - Chairman Ben S. Bernanke - Community Development
Financial Institutions: Promoting Economic Growth and Opportunity At the
Opportunity Finance Network's Annual Conference, Washington, D.C.
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