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R. Kinney Williams
Yennik, Inc.

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Bank Regulatory News

November 2007

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November 30, 2007 - "Mortgage Lending in St. Louis: From HMDA to Home improvement" - What is the status of mortgage lending in greater St. Louis? How has the subprime market affected the community? What are some possible remedies to address foreclosures? www.stlouisfed.org/news/releases/2007/11_30_07.html 

November 30, 2007 - Statistical Release - G.20 Finance Companies - Owned And Managed Receivables Outstanding 2 Seasonally adjusted.   www.federalreserve.gov/releases/g20/Current/ 

November 30, 2007 - Governor Randall S. Kroszner - Innovation, Information, and Regulation in Financial Markets - At the Philadelphia Fed Policy Forum, Philadelphia, Pennsylvania.  www.federalreserve.gov/newsevents/speech/kroszner20071130a.htm 

November 30, 2007 - The Federal Reserve Board on Friday announced its approval of the proposal by First Citizens Banc Corp, Sandusky, Ohio, to acquire Futura Banc Corporation and its subsidiary bank, Champaign National Bank, both of Urbana, Ohio. www.federalreserve.gov/newsevents/press/orders/20071130a.htm 

November 30, 2007 - OCC Issues First 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 first quarter of 2008. www.occ.treas.gov/ftp/release/2007-130.htm 

November 30, 2007 - FDIC Issues First 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 first quarter of 2008. www.fdic.gov/news/news/press/2007/pr07099.html 

November 30, 2007 - Monthly Estimates of U.S. Cross-Border Securities Positions - Carol C. Bertaut and Ralph W. Tryon - This paper reports monthly estimates of U.S. cross-border securities positions obtained by combining the (now) annual TIC surveys with monthly transactions data adjusted for various differences in the two reporting standards. www.federalreserve.gov/pubs/ifdp/2007/910/ifdp910.htm 

November 30, 2007 - Quantitative Implications of Indexed Bonds in Small Open Economies - Ceyhun Bora Durdu - This paper analyzes the macroeconomic implications of real-indexed bonds, indexed to the terms of trade or GDP, using a general equilibrium model of a small open economy with financial frictions. www.federalreserve.gov/pubs/ifdp/2007/909/ifdp909.htm 

November 30, 2007 - The Evolution of Household Income Volatility - Karen E. Dynan, Douglas W. Elmendorf, and Daniel E. Sichel - Using data from the PSID, we find that household income has become noticeably more volatile during the past thirty years. We estimate that the standard deviation of percent changes in household income rose one-fourth between the early 1970s and early 2000s. www.federalreserve.gov/pubs/feds/2007/200761/index.html 

November 29, 2007 - Speech by Chairman Ben S. Bernanke - National and regional economic overview.   www.federalreserve.gov/newsevents/speech/bernanke20071129a.htm

November 29, 2007 - Midwest Economic Activity Continues to Expand - According to the Beige Book, economic activity expanded in October and early November, but slower than in previous period. - Economic activity in the Seventh District continued to expand in October and early November, but at a slower pace than in the previous reporting period. Consumer spending was mixed, and business spending rose at a reduced pace. Labor market conditions varied by industry and location. www.federalreserve.gov/fomc/beigebook/2007/20071128/7.htm 

November 29, 2007 - Governor Frederic S. Mishkin - The Federal Reserve's Enhanced Communication Strategy and the Science of Monetary Policy - To the Undergraduate Economics Association, Massachusetts Institute of Technology, Cambridge, Massachusetts.   www.federalreserve.gov/newsevents/speech/mishkin20071129a.htm 

November 29, 2007 - Agencies Issue Proposed Rules and Guidelines that Address Accuracy and Integrity of Consumer Report Information and Rules to Allow Direct Disputes - The federal financial regulatory agencies and the Federal Trade Commission have approved proposed regulations and guidelines to help ensure the accuracy and integrity of information provided to consumer reporting agencies and to allow consumers to directly dispute inaccuracies with financial institutions and other entities that furnish information to consumer reporting agencies. This information is widely used to determine eligibility for credit, employment, insurance and rental housing.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20071129a.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07098.html 
Press Release: www.occ.treas.gov/ftp/release/2007-129.htm 
Press Release: www.ots.treas.gov/docs/7/777086.html 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-1129.pdf 

November 29, 2007 - Federal Open Market Committee - Minutes: Historical Series, 1978-1992.   www.federalreserve.gov/monetarypolicy/fomc_historical.htm 

November 28, 2007 - OCC Chief Counsel Addresses - Harvard University's Joint Center for Housing Studies - Chief Counsel and First Senior Deputy Comptroller Julie L. Williams discussed different approaches to consumer protection regulation of consumer credit in a speech today to Harvard University's Joint Center for Housing Studies. www.occ.treas.gov/ftp/release/2007-128.htm

November 28, 2007 - NCUA - Final Regulation 12 CFR 701.23 - Purchase, Sale, and Pledge of Eligible Obligations.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-701-23.pdf 

November 28, 2007 - Net Income Falls to $28.7 Billion in the Third Quarter at FDIC-Insured Institutions - Federal Deposit Insurance Corporation-insured commercial banks and savings institutions reported net income of $28.7 billion for the third quarter of 2007, a decline of $9.4 billion (24.7 percent) from the third quarter of 2006. www.fdic.gov/news/news/press/2007/pr07097.html 

November 28, 2007 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2007/20071128/default.htm 

November 28, 2007 - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets Of $300 Million Or More, Ranked By Consolidated Assets As of September 30, 2007.  www.federalreserve.gov/releases/lbr/current/default.htm 

November 28, 2007 - External Governance and Debt Agency Costs of Family Firms - Andrew Ellul, Levent Guntay, and Ugur Lel - We investigate the impact of family blockholders on the firm's debt agency costs under different investor protection environments. On one hand, families--through their undiversified investments, inter-generation presence, and reputation concerns--can mitigate debt agency costs. www.federalreserve.gov/pubs/ifdp/2007/908/ifdp908.htm 

November 28, 2007 - A Residual-Based Cointegration Test for Near Unit Root Variables - Erik Hjalmarsson and Par Osterholm - Methods of inference based on a unit root assumption in the data are typically not robust to even small deviations from this assumption. In this paper, we propose robust procedures for a residual-based test of cointegration when the data are generated by a near unit root process. www.federalreserve.gov/pubs/ifdp/2007/907/ifdp907.htm 

November 28, 2007 - The Transmission of Domestic Shocks in the Open Economy - Christopher J. Erceg, Christopher Gust, and David Lopez-Salido - This paper uses an open economy DSGE model to explore how trade openness affects the transmission of domestic shocks. For some calibrations, closed and open economies appear dramatically different, reminiscent of the implications of Mundell-Fleming style models. www.federalreserve.gov/pubs/ifdp/2007/906/ifdp906.htm 

November 28, 2007 - Vice Chairman Donald L. Kohn - Financial Markets and Central Banking - C. Peter McColough Series on International Economics, Council on Foreign Relations, New York, New York.  www.federalreserve.gov/newsevents/speech/kohn20071128a.htm 

November 27, 2007 - Midwest Manufacturing Output Edges Down in October - The Chicago Fed Midwest Manufacturing Index slipped 0.6% in October to a seasonally adjusted level of 105.1 (2002 = 100). www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

November 27, 2007 - Nation's Foremost Experts Headline National Housing Forum Next Week - Senior leaders in housing and mortgage finance from across the government and private sector will headline the second National Housing Forum hosted by the Office of Thrift Supervision next week in Washington. www.ots.treas.gov/docs/7/777085.html 

November 27, 2007 - The latest Report of the Ombudsman is released. It contains an in-depth discussion of the Customer Assistance Group, the National Bank Appeals Process, as well as the results of the Examination Questionnaire. www.occ.treas.gov/Ombudsman/Ombudsman.htm 

November 27, 2007 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from October 1 through October 31, 2007. www.federalreserve.gov/newsevents/press/monetary/20071127a.htm 

November 26, 2007 - October Economic Growth Below Average - The Chicago Fed National Activity Index was -0.73 in October, down from -0.30 in September - Three of the four broad categories of indicators-employment, production, and consumption and housing-made negative contributions to the index in October. www.chicagofed.org/economic_research_and_data/files/cfnai_november2007.pdf  

November 21, 2007 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks - These data are compiled from the quarterly FFIEC Consolidated Reports of Condition and Income. Data for each calendar quarter become available approximately sixty days after the end of the quarter. www.federalreserve.gov/releases/chargeoff/ 

November 21, 2007 - Hyperbolic Discounting and Uniform Savings Floors - Benjamin A. Malin - Previous research suggests that, in partial equilibrium, individuals whose decision-making exhibits a present-bias--such as hyperbolic discounters who tend to over-consume--will be in favor of having a floor imposed on their savings. In this paper, I show it is quite difficult for the introduction of a savings floor to be Pareto-improving in general equilibrium. Indeed, a necessary condition for the floor to be Pareto-improving is that it is high enough to be binding for all individuals. www.federalreserve.gov/pubs/feds/2007/200759/200759abs.html 

November 21, 2007 - OCC Reminds Consumers to Read Gift Cards' Fine Print - The Office of the Comptroller of the Currency reminds consumers to read the terms and conditions when you receive or purchase gift cards this holiday season. www.occ.treas.gov/ftp/release/2007-127.htm 

November 21, 2007 - Supervision Manuals - Commercial Bank Examination Manual, October 2007 update.   www.federalreserve.gov/boarddocs/supmanual/supervision_cbem.htm 

November 21, 2007 - The Federal Reserve Board on November 21, 2007, announced the termination of the enforcement action of Putnam County Bank, Hurricane, West Virginia Written Agreement dated November 19, 2003 Terminated November 13, 2007.   www.federalreserve.gov/newsevents/press/enforcement/20071121a.htm 

November 20, 2007 - Weakness in Housing and Credit Markets Reduces Thrift Earnings - Continued weakness in the housing and credit markets caused earnings in the thrift industry to decline by 84 percent during the third quarter of 2007, compared with the comparable quarter a year ago, the Office of Thrift Supervision reported today. www.ots.treas.gov/docs/7/777084.html 

November 20, 2007 - Gauging the Uncertainty of the Economic Outlook from Historical Forecasting Errors - David Reifschneider and Peter Tulip - Participants in meetings of the Federal Open Market Committee regularly produce individual projections of real activity and inflation that are published in summary form. These summaries indicate participants' views about the most likely course for the macroeconomy but, by themselves, are not enough to gauge the full range of possible outcomes -- that is, the uncertainty surrounding the outlook. www.federalreserve.gov/pubs/feds/2007/200760/200760abs.html 

November 20, 2007 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on October 30-31, 2007. A Summary of Economic Projections made by Federal Reserve Board members and Reserve Bank presidents is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20071120a.htm 

November 20, 2007 - NCUA - Loan and Share Growth Continues - Federally insured credit unions reported strong asset and share growth through September 30, 2007, according to third-quarter 2007 Call Report data submitted by the nation's 8,163 federally insured credit unions. www.ncua.gov/news/press_releases/2007/MR07-1120.htm 

November 20, 2007 - Weakness in Housing and Credit Markets Reduces Thrift Earnings - Continued weakness in the housing and credit markets caused earnings in the thrift industry to decline by 84 percent during the third quarter of 2007, compared with the comparable quarter a year ago, the Office of Thrift Supervision reported today. www.ots.treas.gov/docs/7/777084.html 

November 19, 2007 - Chicago Fed's Detroit Branch Announces 2008 Board Members - Chicago Fed's Detroit Branch Board will include two new members, a reappointed chairman and current board member. www.chicagofed.org/news_room/news/2007_11_19_detroit_board_announcement.cfm 

November 19, 2007 - NCUA - Huron River Credit Union Liquidated; Members Now Served by Detroit Edison Credit Union - The National Credit Union Administration yesterday liquidated Huron River Area Credit Union of Ann Arbor, Michigan. Its members' accounts were purchased and assumed by Detroit Edison Credit Union of Detroit, Michigan, providing Huron River members with uninterrupted credit union service. www.ncua.gov/news/press_releases/2007/MR07-1119.htm 

November 19, 2007 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2007-126.htm 

November 19, 2007 - FDIC Chairman Sheila Bair Completes Trip to Japan and Korea - Trip Culminates in Memorandum of Understanding Between the Korea Deposit Insurance Corporation and the FDIC - FDIC Chairman Sheila C. Bair on Friday addressed employees of the Korea Deposit Insurance Corporation in a speech that marked the conclusion of a five- day trip to Tokyo, Japan, and Seoul, Korea. The visit to the KDIC was highlighted by the signing of a memorandum of understanding by FDIC Chairman Bair and KDIC Chairman and President Jang-Bong Choi that will further the relationship between the two Corporations. www.fdic.gov/news/news/press/2007/pr07096.html 

November 19, 2007 - Federal Reserve announces centralized resource for consumers experiencing problems with banks or other financial institutions - Help for consumers who experience a problem with a bank or other financial institution is just a click, or a phone call, away. www.federalreserve.gov/newsevents/press/other/20071119a.htm 

November 16, 2007 - Legal Interpretations - Bank Holding Company/Change in Control, November 5, 2007 - Letter to Leonard J. Essig granting an exemption from the Board's risk-based capital guidelines for bank holding companies (12 CFR Part 225, App. A) to permit Stifel Financial Corp., St. Louis, Missouri, to assign a 10% risk weight to its Regulation T margin loans. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2007/20071105.pdf 

November 16, 2007 - Chicago Fed Announces New Directors; Federal Advisory Council Representative Reappointed - The Federal Reserve Bank of Chicago today announced three new members of its board of directors and one current member re-elected to the board, as well as the reappointment of its Federal Advisory Council representative. All are effective January 1, 2008. www.chicagofed.org/news_room/news/2007_11_16_new_directors_fac.cfm 

November 16, 2007 - OCC Releases CRA Evaluations For 46 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, 2007 through November 14, 2007. www.occ.treas.gov/ftp/release/2007-125.htm 

November 16, 2007 - The FDIC Issues Tips on Shopping for and Negotiating a Good Mortgage in the New, Tougher Climate for Loans - Other topics in the latest FDIC Consumer News include answers to common questions about deposit insurance and money-wise suggestions for the tax season.   www.fdic.gov/news/news/press/2007/pr07095.html 

November 16, 2007 - Industrial Production And Capacity Utilization - Industrial production decreased 0.5 percent in October after having increased 0.2 percent in September. At 114.0 percent of its 2002 average, total industrial production in October was 1.8 percent above its year-earlier level. Output in the manufacturing sector fell 0.4 percent in October. The output of utilities dropped 1.6 percent, primarily because of a decline in gas utilities; the output at mines fell 0.6 percent, reversing September's gain. Capacity utilization for total industry declined to 81.7 percent, a rate equal to its year-earlier level but 0.7 percentage point above its 1972-2006 average. www.federalreserve.gov/releases/G17/Current/ 

November 16, 2007 - Governor Randall S. Kroszner - Risk Management and the Economic Outlook - At the Conference on Competitive Markets and Effective Regulation, Institute of International Finance, New York, New York.  www.federalreserve.gov/newsevents/speech/kroszner2007116a.htm 

November 15, 2007 - Farm Incomes Surge in Third Quarter, Survey Finds www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-29.pdf 

November 15, 2007 - Profitwise News and Views Special Edition - October 2007 Issue - Do Colleges and Universities Have a Role in Local and Regional Economic Development? It has become almost hackneyed to suggest that we now live in a knowledgebased economy. Firms prosper and die based on their ability to add intellectual value to their products and services.   www.chicagofed.org/community_development/profitwise_news_and_views.cfm 

November 15, 2007 - OTS Director Reich to Discuss Thrift Industry Third Quarter - The Office of Thrift Supervision will hold a news briefing at 10 a.m. on Tuesday, November 20, 2007, to release and discuss performance data for federally regulated thrifts for the third quarter of 2007. OTS Director John M. Reich will conduct the briefing. www.ots.treas.gov/docs/7/777083.html 

November 15, 2007 - Identity Theft Red Flags - Interagency Final Regulation and Guidelines - The FDIC, along with the other federal financial institution regulatory agencies and the Federal Trade Commission, has issued the attached final rule and guidelines on identity theft "red flags" and address discrepancies. The rule requires that financial institutions and creditors implement a written identity theft prevention program, that card issuers assess the validity of change of address requests, and that users of consumer reports reasonably verify the identity of the subject of a consumer report in the event of a notice of address discrepancy. www.fdic.gov/news/news/financial/2007/fil07100.html 

November 15, 2007 - Personal Securities Transactions - Quarterly Reporting of Bank Officers' and Certain Employees' Personal Securities Transactions - The FDIC has amended its regulation governing the reporting of personal securities transactions by bank officers and certain employees. The amendment extends the deadline for providing quarterly reports of personal securities transactions from ten business days to 30 calendar days after the end of the calendar quarter. www.fdic.gov/news/news/financial/2007/fil07099.html 

November 14, 2007 - Identity Theft Red Flags and Address Discrepancies - Final rules require certain financial institutions to develop and implement identity theft prevention programs. Related rules prompt banks to provide accurate addresses of consumers to consumer reporting agencies. www.occ.treas.gov/ftp/bulletin/2007-45.html 

November 14, 2007 - Chairman Ben S. Bernanke - Federal Reserve Communications - At the Cato Institute 25th Annual Monetary Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20071114a.htm 

November14, 2007 - FOMC announces it will increase the frequency and expand the content of economic projections released to the public - The Federal Open Market Committee announced on Wednesday that, as part of its ongoing commitment to improve the accountability and public understanding of monetary policy making, it will increase the frequency and expand the content of the economic projections that are made by Federal Reserve Board members and Reserve Bank presidents and released to the public. www.federalreserve.gov/newsevents/press/monetary/20071114a.htm 

November 13, 2007 - Governor Randall S. Kroszner - Implementing Basel II in the United States - At the Standard & Poor's Bank Conference 2007, New York, New York.  www.federalreserve.gov/newsevents/speech/kroszner20071113a.htm 

November 9, 2007 - Test Your Knowledge of Consumer Fraud - In recognition of International Fraud Awareness Week take our quiz to increase your understanding of consumer fraud. www.chicagofed.org/consumer_information/consumer_fraud_quiz.cfm 

November 9, 2007 - FDIC Honors Armed Services with Veterans Day Celebration; FDIC Recognized for Commitment to the Military - On November 8th, Former Senate Majority Leader Robert Dole joined Federal Deposit Insurance Corporation Chairman Sheila Bair in honoring the men and women who have served or who are currently serving in the military. In recognition of the FDIC's efforts to promote affordable lending alternatives for U.S. military members and their families.  www.fdic.gov/news/news/press/2007/pr07094.html 

November 9, 2007 - Imperfect Monitoring and the Discounting of Inside Money - David C. Mills, Jr. - One of the fundamental questions concerning inside money is whether its issuers should be regulated and how. This paper evaluates the efficiency of one prevalent regulatory recommendation -- a requirement that private issuers redeem inside money on demand at par -- in a random-matching model of money where the issuers of inside money are only imperfectly monitored. www.federalreserve.gov/pubs/feds/2007/200758/200758abs.html 

November 9, 2007 - Consumer Compliance Examination Procedures for the Unfair or Deceptive Acts or Practices Provisions of Section 5 of the Federal Trade Commission Act, CA 07-8.  www.federalreserve.gov/boarddocs/caletters/2007/0708/caltr0708.htm 

November 9, 2007 - Chicago Fed Announces New Chairman and Deputy Chairman - The Federal Reserve Bank of Chicago today announced the appointment of a new chairman and deputy chairman of its Board of Directors effective January 1, 2008. www.chicagofed.org/news_room/news/2007_11_09_new_chairman_deputy_chairman.cfm  

November 8, 2007 - The Federal Reserve Board on Thursday announced its approval of the application of Midwest Regional Bancorp, Inc., Festus, Missouri, to become a bank holding company and to acquire all the voting shares of Federated Bancshares, Inc., Stilwell, Kansas, and thereby acquire control of its subsidiary bank, The Bank of Otterville, Otterville, Missouri. www.federalreserve.gov/newsevents/press/orders/20071108b.htm 

November 8, 2007 - The Federal Reserve Board on Thursday approved the application by China Merchants Bank Co., Ltd., Shenzhen, People's Republic of China, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20071108a.htm 

November 8, 2007 - Board announces appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2008.   www.federalreserve.gov/newsevents/press/other/20071108a.htm 

November 8, 2007 - Fair Credit Reporting Affiliate Marketing Regulations: Final Rule - Final Rule implements section 214 of the FACT Act that provides consumers with a limited right to restrict information about them that affiliated companies use for marketing purposes. www.occ.treas.gov/ftp/bulletin/2007-44.html 

November 8, 2007 - Chairman Ben S. Bernanke - The economic outlook - Before the Joint Economic Committee, U.S. Congress.   www.federalreserve.gov/newsevents/testimony/bernanke20071108a.htm 

November 7, 2007 - NCUA General Counsel Opinion 07-1022 - Receipt by Federal Credit Unions of Stock in Visa, Inc. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2007/07-1022_110207.pdf 

November 7, 2007 - Governor Kevin Warsh - The End of History? - To the New York Association for Business Economics, New York, New York.   www.federalreserve.gov/newsevents/speech/warsh20071107a.htm 

November 7, 2007 - The Federal Reserve Board on Wednesday announced its approval of the proposal by Allied Irish Banks, p.l.c., Dublin, Ireland, and M&T Bank Corporation, Buffalo, New York, to acquire Partners Trust Financial Group, Inc. and its banking and nonbanking subsidiaries, including Partners Trust Bank and Partners Trust Municipal Bank, all of Utica, New York. www.federalreserve.gov/newsevents/press/orders/20071107a.htm 

November 7, 2007 - Fair and Accurate Credit Transactions Act - Final Interagency Regulations on Affiliate Marketing - The FDIC, the other federal financial institution regulatory agencies, the Securities and Exchange Commission, and the Federal Trade Commission have jointly published the attached final rules to implement the affiliate marketing provisions of the Fair Credit Reporting Act as amended by the Fair and Accurate Credit Transactions Act.   www.fdic.gov/news/news/financial/2007/fil07098.html 

November 7, 2007 - Stan Ivie Named San Francisco Regional Director - Sandra L. Thompson, Director of the Federal Deposit Insurance Corporation's Division of Supervision and Consumer Protection, today announced the appointment of Stan Ivie as Regional Director of DSC's San Francisco Region. www.fdic.gov/news/news/press/2007/pr07093.html 

November 7, 2007 - Financial Holding Companies - As of November 2, 2007 - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. www.federalreserve.gov/generalinfo/fhc/ 

November 7, 2007 - Governor Frederic S. Mishkin - Availability of credit to small businesses - Before the Committee on Small Business, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/mishkin20071107a.htm 

November 6, 2007 - Supervision Manuals - Consumer Compliance Handbook, November 2007 update.   www.federalreserve.gov/boarddocs/supmanual/cch/200711/cch200711.pdf 

November 6, 2007 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/ 

November 6, 2007 - Chairman Ben S. Bernanke - Microfinance in the United States - At the ACCIÓN Texas Summit on Microfinance in the United States, San Antonio, Texas.  www.federalreserve.gov/newsevents/speech/bernanke20071106a.htm 

November 6, 2007 - Comptroller Dugan Supports FACT Act Implementation Rule To Help Consumers Resolve Disputes with Financial Institutions - Comptroller of the Currency John C. Dugan, at a meeting of the Federal Deposit Insurance Corporation's Board of Directors late yesterday, made the following statement on the implementation of Section 312 of the FACT Act.  www.occ.treas.gov/ftp/release/2007-124.htm 

November 6, 2007 - Federal Reserve Bank of Kansas City Board of Directors Elections In Progress.  www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-27.pdf 

November 6, 2007 - Volunteer Income Tax Assistance - Potential CRA and Business Opportunities may be Available Before the Start of Tax Season - Volunteer Income Tax Assistance sites offer an opportunity for financial institutions to provide a financial service to underserved low- and moderate-income consumers. Recent amendments to Internal Revenue Service rules have created more opportunities for financial institutions to help consumers save a portion of their refund.  www.fdic.gov/news/news/financial/2007/fil07097.html 

November 6, 2007 - The Federal Reserve Board on Tuesday announced the approval of fee schedules for Federal Reserve Bank payment services for depository institutions, effective January 2, 2008. www.federalreserve.gov/newsevents/press/other/20071106a.htm 

November 5, 2007 - Federal Reserve Consumer Help Offers Simplified Consumer Complaint Process.   www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-26.pdf 

November 5, 2007 - NCUA Closes Green Tree Federal Credit Union - The National Credit Union Administration (NCUA) Board today liquidated the insolvent Green Tree Federal Credit Union, a $7 million association based credit union in Feasterville, Pennsylvania, that served Friends of Briar Bush, a nonprofit nature conservancy located in Glenside, Pennsylvania. www.ncua.gov/news/press_releases/2007/MR07-1105-3.htm 

November 5, 2007 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2007/pr07092.html 

November 5, 2007 - FDIC Approves Implementation of Basel II Capital Rule - The Federal Deposit Insurance Corporation today approved the final rule implementing the Advanced Approaches of the Basel II Capital Accord. The new rules are a significant change in regulatory practice, in that they require some large banks to calculate capital requirements using their own internal, model-driven risk estimates. www.fdic.gov/news/news/press/2007/pr07091.html 

November 5, 2007 - CAL State 9 Credit Union Is Placed Into Conservatorship - CAL State 9 Credit Union Continues to Operate and Member Accounts are Safe and Federally Insured - The National Credit Union Administration today assumed control of the operations of Cal State 9 Credit Union, a state-chartered, federally insured, community-based credit union in Concord, California. www.ncua.gov/news/press_releases/2007/MR07-1105.htm 

November 5, 2007 - Governor Frederic S. Mishkin - Financial Instability and Monetary Policy At the Risk USA 2007 Conference, New York, New York.  www.federalreserve.gov/newsevents/speech/mishkin20071105a.htm 

November 2, 2007 - The Federal Reserve Board on Friday announced its approval of the proposal by KeyCorp, Cleveland, Ohio, to acquire U.S.B. Holding Co., Inc., Orangeburg, and thereby indirectly acquire its subsidiary, Union State Bank, Nanuet, both of New York. www.federalreserve.gov/newsevents/press/orders/20071102a.htm 

November 2, 2007 - Interagency Report on Reducing Regulatory Burden Released - The Office of Thrift Supervision announced the release of a report to Congress on the interagency regulatory burden reduction effort spearheaded by OTS Director John Reich. The report details progress of the federal bank, thrift and credit union agencies on eliminating outdated, unnecessary and overly burdensome regulations. www.ots.treas.gov/docs/7/777081.html 

November 2, 2007 - Foreign Aid: Who Benefits? - An analysis by the Federal Reserve Bank of St. Louis suggests that the level of aid given to a country tends to increase along with the country's infant mortality rates, civil and political rights and government effectiveness, and decreases with its per capita GDP. www.stlouisfed.org/news/releases/2007/11_01_07.htm 

November 2, 2007 - St. Louis Fed's Review: The Determinants of Aid in the Post-Cold War Era; The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle?; Measuring Commercial Bank Profitability: Proceed with Caution Open Market Operations and the Federal Funds Rate.   www.stlouisfed.org/news/releases/2007/11_01_07b.htm 

November 2, 2007 - Annual Audit and Reporting Requirements - The FDIC is requesting comments on the attached proposed amendments to Part 363 of its regulations, which sets forth annual independent audit and reporting requirements for insured institutions with $500 million or more in total assets. www.fdic.gov/news/news/financial/2007/fil07096.html 

November 2 2007 - FDIC Vice Chairman Martin Gruenberg to Lead International Association of Deposit Insurers -FDIC Vice Chairman Martin Gruenberg was appointed today by the International Association of Deposit Insurers to serve as Chairman of its Executive Council and President of the Association. IADI, an international organization with 48 member deposit insurance agencies, contributes to the stability of financial systems around the world by promoting international cooperation and encouraging wide international contact among deposit insurers and other interested parties. www.fdic.gov/news/news/press/2007/pr07090.html 

November 2, 2007 - The Federal Reserve Board on Friday approved final rules to implement new risk-based capital requirements in the United States for large, internationally active banking organizations. The new advanced capital adequacy framework, known as Basel II, more closely aligns regulatory capital requirements with actual risks and should further strengthen banking organizations' risk-management practices.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20071102a.htm 
Press Release: www.occ.treas.gov/ftp/release/2007-123.htm 

November 2, 2007 - The Federal Reserve Board on Friday announced the issuance of consent Order of Assessment of a Civil Money Penalty against Farmers and Merchants Bank of Long Beach, Long Beach, California, a state member bank. Farmers and Merchants Bank of Long Beach, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. www.federalreserve.gov/newsevents/press/enforcement/20071102a.htm 

November 1, 2007 - The Federal Reserve Board on Thursday announced the adoption of amendments to five consumer financial services and fair lending regulations to clarify the requirements for providing consumer disclosures in electronic form. www.federalreserve.gov/newsevents/press/bcreg/20071101a.htm 

November 1, 2007 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Boston, Philadelphia, Cleveland, Minneapolis, Kansas City, and Dallas, decreasing the discount rate at the Banks from 5-1/4 percent to 5 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20071101a.htm 

November 1, 2007 - OCC Approves Basel II Capital Rule - The Office of the Comptroller of the Currency announced today it has approved a final rule implementing the advanced approaches of the Basel II Capital Accord. This rule establishes regulatory and supervisory expectations for credit risk, through the Internal Ratings Based Approach, and operational risk, through the Advanced Measurement Approach, and articulates enhanced standards for the supervisory review of capital adequacy and public disclosures for the largest U.S. banks.
Press Release: www.occ.treas.gov/ftp/release/2007-123.htm 
Press Release: www.ots.treas.gov/docs/7/777080.html 

November 1, 2007 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In October 2007 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/ 


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