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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.


Bank Regulatory News

November 2006

With more than 40 years auditing only financial institutions, my experience to test your Internet
and internal IT operations for vulnerabilities and understand your IT operation is unmatched. 
Please visit http://www.yennik.com for more detailed information.

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. www.occ.treas.gov/ftp/release/2006-128.htm 

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.  www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

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.   www.federalreserve.gov/boarddocs/speeches/2006/20061130/default.htm 

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 1, 2007. www.fdic.gov/news/news/financial/2006/fil06102.html 

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. www.fdic.gov/news/news/financial/2006/fil06103.html 

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.   www.fdic.gov/news/news/press/2006/pr06106.html 

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. www.ncua.gov/news/press_releases/2006/MR06-1129.htm 

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.  www.federalreserve.gov/Releases/lbr/current/default.htm 

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. www.occ.treas.gov/ftp/workpaper/wp2006-3.pdf 

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. www.federalreserve.gov/boarddocs/press/other/2006/20061129/default.htm 

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 Directors. www.kc.frb.org/pubaffrs/pressrel/pr06-22.pdf 

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. www.occ.treas.gov/corpbook/group2/public/pdf/branches.pdf 

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. www.federalreserve.gov/boarddocs/press/other/2006/20061128/default.htm 

November 28, 2006 - Chairman Ben S. Bernanke - The Economic Outlook - Before the National Italian American Foundation, New York, New York www.federalreserve.gov/boarddocs/speeches/2006/20061128/default.htm 

November 28, 2006 - NCUA General Counsel Opinion 06-1025 - Member Business Loan Requirements for Constructing Boats.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2006/06-1025.pdf 

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. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=EDDIBFTG.xml 

November 27, 2006 - FRB Statistical Release - G.20 Finance Companies - Owned And Managed Receivables Outstanding 2 - Seasonally adjusted.   www.federalreserve.gov/releases/g20/Current/ 

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.  www.federalreserve.gov/pubs/ifdp/2006/871/ifdp871.htm 

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 matching frictions. www.federalreserve.gov/pubs/ifdp/2006/870/ifdp870.htm 

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. www.federalreserve.gov/pubs/ifdp/2006/869/ifdp869.htm 

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. www.ots.treas.gov/docs/7/776054.html 

November 24, 2006 - OCC Announces New Electronic Interpretations and Actions - November 2006.  www.occ.treas.gov/interp/nov06/intnov06.htm

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. www.federalreserve.gov/boarddocs/press/other/2006/20061122/default.htm 

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.  www.federalreserve.gov/boarddocs/press/Enforcement/2006/20061122/default.htm 

November 21, 2006 - NCUA - Regulatory Alert 06-RA-06 - Regulation D Amendment.  www.ncua.gov/reg_alerts/2006/06-RA-06.pdf 

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. www.fdic.gov/news/news/press/2006/pr06105.html 

November 21, 2006 - Minutes of Board discount rate meetings, October 10 through October 23, 2006.   www.federalreserve.gov/boarddocs/press/monetary/2006/20061121/default.htm 

November 21, 2006 - Governor Kevin M. Warsh - Financial Markets and the Federal Reserve - At the New York Stock Exchange, New York, New York.  www.federalreserve.gov/boarddocs/speeches/2006/20061121/default.htm 

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 Washington, DC. www.ots.treas.gov/docs/7/776053.html 

November 20, 2006 - Revocation of the banking license of Pacific Savings Bank, Ltd. - NECO Plaza, PO Box 399 Koror, Republic of Palau 96940.  www.occ.treas.gov/ftp/alert/2006-67.html 

November 20, 2006 - Release Dates for the Federal Reserve Bank of Kansas City's Monthly Manufacturing Survey.   www.kc.frb.org/pubaffrs/pressrel/pr06-21.pdf 

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. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=D39TFJ65.xml&JNR=1 

November 17, 2006 - NCUA - Share Insurance Appeals; Clarification of Enforcement Authority of the NCUA Board.    www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/IF-747.pdf 

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. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=Z1DGC8I4.xml 

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 their Statements. www.fdic.gov/news/news/financial/2006/fil06101.html 

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. www.federalreserve.gov/GeneralInfo/FHC/default.htm 

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. www.federalreserve.gov/boarddocs/press/other/2006/20061117/default.htm

November 16, 2006 - Statement by Federal Reserve Chairman Ben S. Bernanke on the passing of Milton Friedman.   www.federalreserve.gov/boarddocs/press/other/2006/20061116/default.htm 

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.  www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-740.pdf 

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. www.ots.treas.gov/docs/7/776052.html 

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. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=9Z75PHY3.xml 

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 errors. www.fdic.gov/news/news/press/2006/pr06104.html 

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. www.federalreserve.gov/Releases/G17/Current/default.htm 

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, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2006/20061116/default.htm 

November 15, 2006 - NCUA Issues Results of Its Member Service Assessment - The NCUA Board is releasing the results of the Member Service Assessment Pilot Program.   www.ncua.gov/news/press_releases/2006/MR06-1115-2.htm 

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 highs. www.ots.treas.gov/docs/7/776051.html  

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. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=2MK9VOR7.xml 

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. www.fdic.gov/news/news/press/2006/pr06103.html 

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. www.federalreserve.gov/boarddocs/press/monetary/2006/20061115/default.htm 

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. www.federalreserve.gov/boarddocs/press/other/2006/20061114/default.htm 

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 federal law. www.ncua.gov/news/press_releases/2006/MR06-1114.htm 

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 national banks. www.occ.treas.gov/ftp/release/2006-122.htm 

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 www.fdic.gov/news/news/financial/2006/fil06098.html 

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 markets. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=HI14R11T.xml 

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.  www.federalreserve.gov/boarddocs/speeches/2006/20061110/default.htm

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. www.federalreserve.gov/pubs/feds/2006/200638/index.html 

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. www.federalreserve.gov/pubs/ifdp/2006/868/ifdp868.htm 

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). www.federalreserve.gov/pubs/ifdp/2006/867/ifdp867.htm

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. www.ncua.gov/news/press_releases/2006/MR06-1109.htm 

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. www.fdic.gov/news/news/financial/2006/fil06097.html 

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, Branford, Connecticut. www.federalreserve.gov/boarddocs/press/orders/2006/20061108/default.htm 

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 Financial Report.   www.fdic.gov/news/news/financial/2006/fil06095.html 

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. www.federalreserve.gov/Releases/G19/Current/default.htm 

November 7, 2006 - FRB Statistical Supplement to the Federal Reserve Bulletin October 2006.   www.federalreserve.gov/pubs/supplement/2006/10/default.htm
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. www.ots.treas.gov/docs/7/776050.html 

November 6, 2006 - FRB Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/1006assets.htm 

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. www.fdic.gov/news/news/press/2006/pr06102.html 

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. www.federalreserve.gov/boarddocs/speeches/2006/20061103/default.htm 

November 2, 2006 - FRB Governor Susan S. Bies - The Economic Outlook -At the Drake-FEI Lecture, Des Moines, Iowa.   www.federalreserve.gov/boarddocs/speeches/2006/20061102/default.htm 

November 1, 2006 - Federal Reserve Bank of Kansas City Announces Officer Promotions.  www.kc.frb.org/pubaffrs/pressrel/pr06-19.pdf

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 impact. www.stlouisfed.org/news/releases/2006/11_02_06.html 

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.  www.stlouisfed.org/news/releases/2006/11_02_06b.html 

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. www.fdic.gov/news/news/press/2006/pr06101.html 

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. www.fdic.gov/news/news/press/2006/pr06100.html 

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 bank. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2006/20061024/20061024.pdf 

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. www.fdic.gov/news/news/press/2006/pr06099.html 

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. www.federalreserve.gov/pubs/oss/oss3/nssbftoc.htm 

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.  www.federalreserve.gov/Releases/G5/Current/default.htm 

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. www.federalreserve.gov/boarddocs/speeches/2006/20061101/default.htm 


You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
https://yennik.com/newletter_page.htm.  There is no charge for the e-newsletter.  
Contact Kinney Williams at examiner@yennik.com if you have any questions.

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

VISTA - Does your financial institution need an affordable Internet security penetration-vulnerability test?  Our clients in 41 states rely on VISTA to ensure their IT security settings, as well as meeting the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The VISTA penetration study and Internet security test is an affordable-sophisticated process than goes far beyond the simple scanning of ports and focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.

Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119


Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, © Copyright Yennik, Incorporated