The E-mail Banking News
(Bank Regulatory News)
November 2012

November 30 2012 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20121130ProhibitionOrder.aspx

November 30 2012 - NCUA - Border Lodge Credit Union Closes - The Vermont Department of Financial Regulation today closed the Border Lodge Credit Union of Derby Line, Vt., and appointed the National Credit Union Administration as liquidating agent. www.ncua.gov/News/Pages/NW20121130BorderLodgeCUCloses.aspx

November 30 2012 - OCC Issues First Quarter 2013 CRA Examination Schedule.  http://www2.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-169.html 

November 30 2012 - November Dialogue Explores "Emerging Giants: Perspectives on China and India".   www.stlouisfed.org/newsroom/multimedia/video/20121113-dialogue-part1.cfm

November 30, 2012 - Martin J. Gruenberg Designated as Chairman and Thomas M. Hoenig as Vice Chairman of FDIC - Martin J. Gruenberg and Thomas M. Hoenig were officially designated this week by the President as the Chairman and Vice Chairman of the FDIC. On November 15, 2012, the Senate confirmed both for their respective positions. www.fdic.gov/news/news/press/2012/pr12138.html

November 30, 2012 - FDIC Issues First Quarter 2013 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 2013. www.fdic.gov/news/news/press/2012/pr12137.html

November 30, 2012 - Makes Public October Enforcement Actions; One Administrative Hearing Scheduled for December 2012.   www.fdic.gov/news/news/press/2012/pr12136.html

November 30, 2012 - Speech by Governor Jeremy C. Stein - Large-Scale Asset Purchases.   www.federalreserve.gov/newsevents/speech/stein20121130a.htm

November 30, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

November 30, 2012 - Supervision Manuals - Commercial Bank Examination Manual.   www.federalreserve.gov/boarddocs/supmanual/default.htm

November 30, 2012 - Governor Jeremy C. Stein - Large-Scale Asset Purchases - At the Third Boston University/Boston Fed Conference on Macro-Finance Linkages, Boston, Massachusetts www.federalreserve.gov/newsevents/speech/stein20121130a.htm
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November 29, 2012 - Chief National Bank Examiner Testifies on Proposed Capital Rules Before House Financial Services Subcommittees.  www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-168.html

November 29, 2012 - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited), Third Quarter 2012.   www.federalreserve.gov/monetarypolicy/files/quarterly-report-20120930.pdf

November 29, 2012 - Quarterly Report on Federal Reserve Balance Sheet Developments, November 2012 - The Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public. www.federalreserve.gov/monetarypolicy/quarterly-balance-sheet-developments-report.htm

November 29, 2012 - Michael S. Gibson, Director, Division of Banking Supervision and Regulation - Basel III - Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/gibson20121114a.htm

November 29, 2012 - FinCEN, Federal Reserve Seek Comments on Bank Secrecy Act Definitions - The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board are seeking comments on a proposal to amend the definitions of "funds transfer" and "transmittal of funds" under the regulations implementing the Bank Secrecy Act. www.federalreserve.gov/newsevents/press/bcreg/20121129a.htm

November 29, 2012 - Federal Reserve Board announces termination of enforcement action with Johnson Financial Group, Inc. and Johnson Bank.   www.federalreserve.gov/newsevents/press/enforcement/20121129a.htm 

November 29, 2012 - ncua - Agenda for the 12/06/2012 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20121206.aspx 

November 28, 2012 - Fed’s Evans Addresses Canadian Think Tank - Chicago Fed President Charles Evans gave a speech November 27 about monetary policy challenges to members of the C.D. Howe Institute in Toronto. www.chicagofed.org/webpages/publications/speeches/2012/11_27_12_cdhowe.cfm

November 28, 2012 - Federal Reserve Releases November Beige Book and Related Sound Clip - Audio highlights of the Federal Reserve's Beige Book, which summarize economic conditions for the United States as a whole and the Fed's Eighth District, are available for downloading. www.stlouisfed.org/newsroom/displayNews.cfm?article=1600

November 28, 2012 - Revised Interagency Examination Procedures for Regulation Z.  www.federalreserve.gov/bankinforeg/caletters/CA_12-13.pdf

November 28, 2012 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/files/Beigebook_20121128.pdf

November 28, 2012 - Legal Developments - Orders Issued under the Bank Merger Act, FDI Act, Federal Reserve Act, and International Banking Act.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2012.htm

November 28, 2012 - Interest Rate and the Volatility and Correlation of Commodity Prices - Joseph W. Gruber and Robert J. Vigfusson - We purpose a novel explanation for the observed increase in the correlation of commodity prices over the past decade.  www.federalreserve.gov/pubs/ifdp/2012/1065/ifdp1065.pdf

November 28, 2012 - Foreign Banks in the U.S.: A Primer - William Goulding and Daniel E. Nolle - This paper describes the foreign banking landscape in the United States. It begins by establishing a vocabulary for discussion of the subject, and then identifies a number of important data-related issues. www.federalreserve.gov/pubs/ifdp/2012/1064/ifdp1064.pdf

November 28, 2012 - Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes - Christopher J. Erceg and Jesper Linde - This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal consolidation in a currency union.   www.federalreserve.gov/pubs/ifdp/2012/1063/ifdp1063.pdf

November 28, 2012 - Governor Daniel K. Tarullo - Regulation of Foreign Banking Organizations - At the Yale School of Management Leaders Forum, New Haven, Connecticut.  www.federalreserve.gov/newsevents/speech/tarullo20121128a.htm

November 27, 2012 - Midwest Manufacturing Output Decreased in October - The Chicago Fed Midwest Manufacturing Index decreased 1.2% in October, to a seasonally adjusted level of 92.1 (2007 = 100). www.chicagofed.org/webpages/publications/cfmmi/2012/october2012.cfm

November 27, 2012 - St. Louis Fed President James Bullard Will Speak at Little Rock Regional Chamber of Commerce Annual Meeting.   www.stlouisfed.org/newsroom/displayNews.cfm?article=1597

November 27, 2012 - Interagency Statement on Restrictions on Conversions of Troubled Banks.  www.federalreserve.gov/bankinforeg/srletters/sr1216.pdf

November 27, 2012 - Federal Reserve announces college Fed Challenge winners.  www.federalreserve.gov/newsevents/press/other/20121127a.htm

November 26, 2012 - NCUA Charters Thrivent FCU - New Credit Union Formed by Acquiring Assets and Liabilities of a Bank - The Office of Consumer Protection at the National Credit Union Administration has chartered Thrivent Federal Credit Union, which has acquired certain assets and liabilities formerly held by Thrivent Financial Bank. www.ncua.gov/News/Pages/NW20121126Thrivent.aspx

November 26, 2012 - St. Louis Fed Adds Free Educational Materials for Economics and Personal Finance - The Federal Reserve Bank of St. Louis has added a dozen new materials to an already-robust supply of free personal finance and economic education resources for students and consumers. www.stlouisfed.org/newsroom/displayNews.cfm?article=1596
 
November 26, 2012 - Interagency Statement on Section 612 of the Dodd-Frank Act, Restrictions on Conversions of Troubled Banks - Section 612 of the Dodd-Frank Wall Street Reform and Consumer Protection Act imposes restrictions on conversions of certain national banks or federal savings associations to state-chartered institutions and conversions of certain state-chartered banks or savings associations to national banks or federal savings associations. www.fdic.gov/news/news/financial/2012/fil12050.html

November 26, 2012 - Statistical Release - Finance Companies--G.20.  www.federalreserve.gov/releases/g20/current/

November 26, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

November 23, 2012 - Banking Structure - 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. The list includes only the top-tier company in each organization. www.federalreserve.gov/bankinforeg/fhc.htm
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November 21, 2012 - NCUA - Nominations Still Open for NCUA’s Small Credit Union Consulting Program - The National Credit Union Administration is now accepting nominations for credit union participation in the Consulting Program run by the Office of Small Credit Union Initiatives. www.ncua.gov/News/Pages/NW20121121OSCUIConsulting.aspx

November 20, 2012 - Midwest Farmland Values Stay High in Third Quarter Despite Drought - Latest AgLetter reports farmland values in the third quarter of 2012 were 13 percent higher than a year earlier. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/november_2012.pdf

November 20, 2012 - Leaders in Southwest Missouri Explore the Future of Community and Economic Development - Community leaders gathered this month in Bolivar, Mo., to discuss ways to better engage themselves in thinking innovatively about the future of traditional community and economic development. www.stlouisfed.org/newsroom/displayNews.cfm?article=1593

November 20, 2012 - Banker Teleconference Series - Timely and Comprehensive Compliance Information and Insights from the FDIC - Staff from the FDIC's Division of Depositor and Consumer Protection is hosting several banker teleconferences during 2012 to maintain open lines of communication and update you and your staff on important banking regulatory and emerging issues in the compliance and consumer protection area. www.fdic.gov/news/news/financial/2012/fil12049.html

November 20, 2012 - Chairman Ben S. Bernanke - The Economic Recovery and Economic Policy - At the New York Economic Club, New York, New York. www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm

November 20, 2012 - Agencies announce increases in dollar thresholds in regulations Z and M for exempt consumer credit and lease transactions.  www.federalreserve.gov/newsevents/press/bcreg/20121120a.htm 

November 20, 2012 - Minutes of the Board's discount rates meetings from September 24 through October 22, 2012.   www.federalreserve.gov/newsevents/press/monetary/monetary20121120a.pdf

November 19, 2012 - NCUA Posts New Economic Update Video - November Installment in YouTube Series Highlights Strengthening Economy and Likely Economic Impact of Hurricane Sandy on Credit Unions - The National Credit Union Administration (NCUA) released today the latest video in the agency’s free monthly economic update series.  www.ncua.gov/News/Pages/NW20121119EconVideo.aspx

November 19, 2012 - FDIC and FinCEN Assess Civil Money Penalty Against First Bank of Delaware - The Federal Deposit Insurance Corporation and the Financial Crimes Enforcement Network today announced the assessment of concurrent civil money penalties of $15 million against First Bank of Delaware, Wilmington, Delaware, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations.   www.fdic.gov/news/news/press/2012/pr12135.html

November 19, 2012 - The Integrated Macroeconomic Accounts of the United States - Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen - The integrated macroeconomic accounts (IMAs), produced jointly by the Bureau of Economic Analysis (BEA) and the Federal Reserve Board, present a sequence of accounts that relate income, saving, investment in real and financial assets, and asset revaluations to changes in net worth. In this paper we first provide some background information on the IMAs and on their construction. www.federalreserve.gov/pubs/feds/2012/201281/201281pap.pdf

November 19, 2012 - Fiscal consolidation using the example of Germany - Tobias Cwik - After the run up in debt-to-GDP ratios around the world in the aftermath of the financial crisis and the associated lower fiscal space, the question of prudent fiscal consolidation is back on the agenda.  www.federalreserve.gov/pubs/feds/2012/201280/201280pap.pdf

November 19, 2012 - CEO Successions and Firm Performance in the US Financial Industry - Antonio Falato and Dalida Kadyrzhanova - This paper examines the labor market for CEOs in the financial sector from 1988 to 2007, using a new hand-collected sample of 1,655 CEO successions.  www.federalreserve.gov/pubs/feds/2012/201279/201279pap.pdf

November 19, 2012 - Optimal CEO Incentives and Industry Dynamics - Antonio Falato and Dalida Kadyrzhanova - This paper develops a competitive equilibrium model of CEO compensation and industry dynamics. CEOs make product pricing and product improvement decisions subject to shareholders' compensation choices and idiosyncratic shocks to product quality.   www.federalreserve.gov/pubs/feds/2012/201278/201278pap.pdf

November 19, 2012 - Regulatory Reform - Communications with the public through November 19, 2012.   www.federalreserve.gov/newsevents/reform_meetings.htm

November 16, 2012 - CertusBank, National Association, Easley, South Carolina, Assumes All of the Deposits of Hometown Community Bank, Braselton, Georgia - Hometown Community Bank, Braselton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CertusBank, National Association, Easley, South Carolina, to assume all of the deposits of Hometown Community Bank. www.fdic.gov/news/news/press/2012/pr12134.html

November 16, 2012 - NCUA - NeighborWorks America Names Debbie Matz Vice Chair to Board of Directors - Today NeighborWorks America, a top community development organization, announced the appointment of Debbie Matz as Vice Chair to the Board of Directors. Matz replaces former Board Chair Christiane Gigi Hyland and succeeds Julie Williams as Vice Board Chair. www.ncua.gov/News/Pages/NW20121116MatzNeighbor.aspx

November 16, 2012 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-167.html

November 16, 2012 - St. Louis Fed Helps Launch New Data Tool to Guide Community Development - Nonprofit and community leaders gathered on Nov. 5, 2012, at the Federal Reserve Bank of St. Louis to discuss the ways a new data tool and good statistical information can lead to better St. Louis neighborhoods. www.stlouisfed.org/newsroom/displayNews.cfm?article=1590

November 16, 2012 - Revised Standards of Creditworthiness for Investment Securities - The FDIC is issuing this Financial Institution Letter to remind FDIC-supervised institutions of recent regulatory changes regarding the permissibility of certain investment activities. www.fdic.gov/news/news/financial/2012/fil12048.html

November 16, 2012 - CertusBank, National Association, Easley, South Carolina, Assumes All of the Deposits of Hometown Community Bank, Braselton, Georgia - Hometown Community Bank, Braselton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. www.fdic.gov/news/news/press/2012/pr12134.html

November 16, 2012 - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.   www.federalreserve.gov/releases/chargeoff/default.htm

November 16, 2012 - Investing in Securities without Reliance on Nationally Recognized Statistical Rating Organization Ratings.  www.federalreserve.gov/bankinforeg/srletters/sr1215.htm

November 16, 2012 - Statistical Release - Industrial Production and Capacity Utilization--G.17.   http://www.federalreserve.gov/whatsnew.htm __________________

November 15, 2012 - Midwest Farmland Values Stay High in Third Quarter Despite Drought - Latest AgLetter reports farmland values in the third quarter of 2012 were 13 percent higher than a year earlier. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/november_2012.pdf 

November 15, 2012 - Economic Development in Rural Wisconsin - Profitwise News and Views explores policies that speed, strengthen, and enchance economic development in Wisconsin's rural areas. www.chicagofed.org/webpages/publications/profitwise_news_and_views/2012/pnv_nov2012.cfm

November 15, 2012 - NCUA - The National Credit Union Administration Board convened its seventh open meeting of 2012 at the agency’s headquarters here today. Board members received updates on the performance of the National Credit Union Share Insurance Fund and Temporary Corporate Credit Union Stabilization Fund, revealed 2013 premium and assessment ranges, and unanimously approved three items: www.ncua.gov/about/Pages/Board%20Actions/BAB20121115.aspx

November 15, 2012 - OCC Releases Guidance on Large Bank Stress Testing Scenarios - The Office of the Comptroller of the Currency today released interim guidance that describes how the OCC will develop and distribute scenarios for use in annual stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-166.html

November 15, 2012 - Comptroller of the Currency Discusses Actions to Prevent the Next Fiscal Crisis - Comptroller of the Currency Thomas J. Curry today discussed steps being taken to prevent the next fiscal crisis during a speech before The Clearing House. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-165.html

November 15, 2012 - Drought-reduced incomes boost farm lending according to Agricultural Credit Survey - Drought cut Tenth District farm incomes in the third quarter, especially for livestock producers, boosting demand for farm operating loans, according to the Federal Reserve Bank of Kansas City’s quarterly Survey of Agricultural Credit Conditions. The drought had little impact, however, on District farmland markets. www.kc.frb.org/publicat/newsroom/2012pdf/press.release.11.15.12.acs.pdf

November 15, 2012 - Release dates for the Federal Reserve Bank of Kansas City's monthly manufacturing survey.   www.kc.frb.org/publicat/newsroom/2012pdf/press.release.11.15.12.pdf

November 15, 2012 - FDIC Releases Stress Test Scenarios - The Federal Deposit Insurance Corporation today released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for the upcoming round of stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.fdic.gov/news/news/press/2012/pr12133.html

November 15, 2012 - Chairman Ben S. Bernanke -Challenges in Housing and Mortgage Markets. 
At the Operation HOPE Global Financial Dignity Summit, Atlanta, Georgia www.federalreserve.gov/newsevents/speech/bernanke20121115a.htm

November 15, 2012 - Federal Reserve Board releases economic and financial market scenarios that will be used in next round of stress tests for large financial institutions.  www.federalreserve.gov/newsevents/press/bcreg/20121115a.htm

November 15, 2012 - Federal Reserve Board announces termination of enforcement actions with Bankers' Bank of the West Bancorp, Bankers' Bank of the West, Butte State Company, Butte State Bank, and National Bancorp.  www.federalreserve.gov/newsevents/press/enforcement/20121115a.htm

November 14, 2012 - Are Payment Card Systems Doing Enough to Prevent Data Breaches? - Economic Perspectives explores the adequacy of existing efforts to prevent, manage, and mitigate data breaches and other fraud in payment card systems. www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/4Q2012_part2_cheney_etal.pdf

November 14, 2012 - Chief National Bank Examiner Testifies on Proposed Capital Rules - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner John C. Lyons today testified on proposed capital rules to improve the safety and soundness of our nation's banking system by ensuring that banks and savings associations of all sizes have sufficient capital to weather adverse conditions and unforeseen losses. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-163.html

November 14, 2012 - Dialogue with the Fed: Beyond Today's Financial Headlines - It’s been four years since the bankruptcy of Lehman Brothers, the subsequent bailout of AIG and the government takeover of Fannie Mae and Freddie Mac. www.stlouisfed.org/newsroom/displayNews.cfm?article=1344

November 14, 2012 - FDIC Announces Closure of East Coast Temporary Satellite Office - The Federal Deposit Insurance Corporation today announced that its East Coast Temporary Satellite Office, located at 8800 Baymeadows Way West, Jacksonville, Florida, will close on April 5, 2014. www.fdic.gov/news/news/press/2012/pr12131.html

November 14, 2012 - Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach - Jon Faust, Simon Gilchrist, Jonathan H. Wright, and Egon Zakrajsek - Employing a large number of financial indicators, we use Bayesian Model Averaging to forecast real-time measures of economic activity. The indicators include credit spreads based on portfolios--constructed directly from the secondary market prices of outstanding bonds--sorted by maturity and credit risk. www.federalreserve.gov/pubs/feds/2012/201277/201277pap.pdf

November 14, 2012 - Michael S. Gibson, Director, Division of Banking Supervision and Regulation - Basel III - Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/gibson20121114a.htm

November 14, 2012 - Federal Reserve Board announces its approval of the application by Mitsubishi UFJ Financial Group, Inc., The Bank of Tokyo-Mitsubishi UFJ, Ltd., and UnionBanCal Corporation.  www.federalreserve.gov/newsevents/press/orders/20121114a.htm

November 14, 2012 - Agencies issue additional statement on supervisory practices regarding financial institutions and borrowers affected by Hurricane Sandy.  
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20121114a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-164.html
Press Release: www.ncua.gov/News/Pages/NW20121114HurricaneSandy.aspx

November 13, 2012 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 23-24, 2012. www.federalreserve.gov/newsevents/press/monetary/20121114a.htm

November 13, 2012 - NCUA - The November 2012 Issue of the NCUA Report is Now Available.  www.ncua.gov/News/NewsLtrs/Pages/default.aspx 

November 13, 2012 - Regulatory Reform - Communications with the public through November 13, 2012.   www.federalreserve.gov/newsevents/reform_meetings.htm

November 13, 2012 - Vice Chair Janet L. Yellen - Revolution and Evolution in Central Bank Communications At the Haas School of Business, University of California, Berkeley, Berkeley, California.  www.federalreserve.gov/newsevents/speech/yellen20121113a.htm

November 13, 2012 - Advertising reminds eligible borrowers of deadline to request Independent Foreclosure Review.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20121113a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-162.html

November 9, 2012 - Comptroller of the Currency Speaks to Community Bankers About Risk Management - Comptroller of the Currency Thomas J. Curry today spoke to community bankers about what makes a community bank successful and the importance of effective risk management. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-161.html

November 9, 2012 - Agencies Provide Guidance on Regulatory Capital Rulemakings - The U.S. federal banking agencies issued three notices of proposed rulemaking in June that would revise and replace the current regulatory capital rules. The proposals suggested an effective date of January 1, 2013.
Press Release: www.fdic.gov/news/news/press/2012/pr12130.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-160.html

November 9, 2012 - A State-Dependent Model for Inflation Forecasting - Andrea Stella and James H. Stock - We develop a parsimonious bivariate model of inflation and unemployment that allows for persistent variation in trend inflation and the NAIRU. www.federalreserve.gov/pubs/ifdp/2012/1062/ifdp1062.pdf

November 9, 2012 - Gauging The Effects of Fiscal Stimulus Packages In The Euro Area - Gunter Coenen, Roland Straub, and Mathias Trabandt - We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB’s New Area-Wide Model with a richly specified fiscal sector. www.federalreserve.gov/pubs/ifdp/2012/1061/default.htm

November 9, 2012 - Nonparametric HAC Estimation for Time Series Data with Missing Observations - Deepa Dhume Datta and Wenxin Du - The Newey and West estimator has become the standard way to estimate a heteroskedasticity and autocorrelation consistent covariance matrix, but it does not immediately apply to time series with missing observations. www.federalreserve.gov/pubs/ifdp/2012/1060/ifdp1060.pdf

November 9, 2012 - Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis - Ricardo Correa, Horacio Sapriza, and Andrei Zlate - This paper documents a new type of cross-border bank lending channel. The deepening of the European sovereign debt crisis in 2011 restrained the financial intermediation of European banks in the United States. www.federalreserve.gov/pubs/ifdp/2012/1059/ifdp1059.pdf

November 9, 2012 - The Return on U.S. Direct Investment at Home and Abroad - Stephanie E. Curcuru and Charles P. Thomas - A longstanding puzzle is that the United States is a net borrower from the rest of the world, yet continues to receive income on its external position. A large difference between the yields on direct investment at home and abroad is responsible and this paper examines potential explanations for this differential. www.federalreserve.gov/pubs/ifdp/2012/1057/ifdp1057.pdf

November 9, 2012 - Crisis and Calm: Demand for U.S. Currency at Home and Abroad From the Fall of the Berlin Wall to 2011 - Ruth Judson - U.S. currency has long been a desirable store of value and medium of exchange in times and places where local currency or bank deposits are inferior in one or more respects. www.federalreserve.gov/pubs/ifdp/2012/1058/ifdp1058.pdf

November 9, 2012 - Evaluating a Global Vector Autoregression for Forecasting - Neil R. Ericsson and Erica L. Reisman - Global vector autoregressions have several attractive features: multiple potential channels for the international transmission of macroeconomic and financial shocks, a standardized economically appealing choice of variables for each country or region examined, systematic treatment of long-run properties through cointegration analysis, and flexible dynamic specification through vector error correction modeling. www.federalreserve.gov/pubs/ifdp/2012/1056/ifdp1056.pdf

November 9, 2012 - Do Rising Top Income Shares Affect the Incomes or Earnings of Low and Middle-Income Families? -
Jeffrey P. Thompson and Elias Leight - This paper uses US state panel data to explore the relationship between the share of income received by affluent households and the level of income and earnings received by low and middle-income families. www.federalreserve.gov/pubs/feds/2012/201276/201276pap.pdf

November 9, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

November 9, 2012 - Speech by Governor Elizabeth A. Duke - Community Banks and Mortgage Lending.   www.federalreserve.gov/newsevents/speech/duke20121109a.htm

November 9, 2012 - Federal Reserve Board launches 2013 capital planning and stress testing program.   www.federalreserve.gov/newsevents/press/bcreg/20121109b.htm

November 9, 2012 - Agencies Provide Guidance on Regulatory Capital Rulemakings - The U.S. federal banking agencies issued three notices of proposed rulemaking in June that would revise and replace the current regulatory capital rules. The proposals suggested an effective date of January 1, 2013. www.federalreserve.gov/newsevents/press/bcreg/20121109a.htm
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November 8, 2012 - Legal Interpretation - Federal Reserve Act, November 5, 2012.   www.federalreserve.gov/bankinforeg/LegalInterpretations/fedreserseactint20121105.pdf

November 8, 2012 - Federal Reserve Board issues enforcement action with Foster Bankshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20121108a.htm

November 7, 2012 - Financial Conditions Edge Tighter in Week Ending November 2 - The NFCI edged up to –0.71 in the week ending November 2. The risk subindex improved slightly, the credit subindex deteriorated somewhat and the leverage subindex was unchanged from the prior week. www.chicagofed.org/webpages/research/data/nfci/background.cfm

November 7, 2012 - Detecting Early Signs of Financial Instability - Chicago Fed Letter explores new nonfinancial leverage measure as an early warning indicator for financial instability and its impact on economic growth. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfldecember2012_305.pdf

November 7, 2012 - Consumer credit increased at a seasonally adjusted annual rate of 4 percent in the third quarter. Revolving credit decreased at an annual rate of 1-1/2 percent, while nonrevolving credit increased 6-1/2 percent.  www.federalreserve.gov/releases/g19/current/default.htm

November 6, 2012 - NCUA - Matz: “Important Milestone” in Corporate Resolution Achieved - $1.5 Billion in Medium Term Notes for WesCorp Now Repaid - With the payment of a $1.5 billion obligation of the failed Western Corporate Federal Credit Union , the National Credit Union Administration has taken a major step forward in successfully completing the agency’s Corporate Resolution Plan. www.ncua.gov/News/Pages/NW20121106MTNRepayment.aspx

November 6, 2012 - Supervision of Technology Service Providers and Outsourcing Technology Services - The Federal Financial Institutions Examination Council issued the revised Information Technology Examination Booklet on the Supervision of Technology Service Providers and the updated IT Examination Booklet on Outsourcing Technology Services. www.fdic.gov/news/news/financial/2012/fil12046.html

November 6, 2012 - Federal Reserve Board announces termination of enforcement action with Boscobel Bancorp and Community First Bank.  www.federalreserve.gov/newsevents/press/enforcement/20121106a.htm

November 5, 2012 - OCC Names Two Senior National Bank Examiners - The Office of the Comptroller of the Currency today announced that it had designated William D. Haas and Scott J. Wilson Senior National Bank Examiners. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-159.html

November 5, 2012 - Notice of Expiration: Temporary Unlimited Coverage for Noninterest-Bearing Transaction Accounts - Pursuant to Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts, including Interest on Lawyer Trust Accounts, is scheduled to expire on December 31, 2012. www.fdic.gov/news/news/financial/2012/fil12045.html

November 5, 2012 - 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/2012/pr12129.html

November 5, 2012 - Reconciling Micro and Macro Estimates of the Frisch Labor Supply Elasticity - William B. Peterman - There are large differences between the microeconometeric estimates of the Frisch labor supply elasticity (0-0.5) and the values used by macroeconomists to calibrate general equilibrium models (2-4). www.federalreserve.gov/pubs/feds/2012/201275/201275pap.pdf

November 5, 2012 - Regulatory Reform - Communications with the public through November 5, 2012.   www.federalreserve.gov/newsevents/reform_meetings.htm

November 2, 2012 - Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Citizens First National Bank, Princeton, Illinois - Citizens First National Bank, Princeton, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Citizens First National Bank. www.fdic.gov/news/news/press/2012/pr12128.html

November 2, 2012 - Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Heritage Bank of Florida, Lutz, Florida - Heritage Bank of Florida, Lutz, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Centennial Bank, Conway, Arkansas, to assume all of the deposits of Heritage Bank of Florida. www.fdic.gov/news/news/press/2012/pr12127.html

November 2, 2012 - College Enrollment Up Since the Great Recession - Economic Perspectives article finds enrollment gains at two-year, four-year public, and four-year private institutions. www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/4Q2012_part1_barrow_davis.pdf

November 2, 2012 - The efficiency and integrity of payment card systems: Industry views on the risks posed by data breaches Julia S. Cheney, Robert M. Hunt, Katy R. Jacob, Richard D. Porter, and Bruce J. Summers www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/4Q2012_part2_cheney_etal.pdf

November 2, 2012 - NCUA Issues 2013 Board Meeting Schedule - The National Credit Union Administration Board released its monthly meeting schedule for 2013 today. www.ncua.gov/News/Pages/NW20121102BoardMeet.aspx

November 2, 2012 - NCUA Releases National Supervision Policy Manual to the Public - Chairman Matz: New Manual Provides “Consistency and Clarity” - The National Credit Union Administration today released a public version of its new National Supervision Policy Manual. The document describes the agency’s internal operations and procedures for supervisory staff. www.ncua.gov/News/Pages/NW20121102SuperPolManual.aspx

November 2, 2012 - OCC Releases CRA Evaluations for 30 National Banks and Federal Savings Associations - 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 1, 2012 through October 31, 2012. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-157.html

November 2, 2012 - Kansas City Fed announces officer appointment, promotions.   www.kc.frb.org/publicat/newsroom/2012pdf/press.release.11.02.12.pdf 

November 2, 2012 - FDIC to Hold Meeting of Advisory Committee on Community Banking - Agenda to Include Update of Community Banking Initiatives - The Federal Deposit Insurance Corporation has announced that it will hold a meeting of its Advisory Committee on Community Banking on Thursday, November 8, 2012.  www.fdic.gov/news/news/press/2012/pr12126.html

November 2, 2012 - Payment Systems - Quarterly data updates. www.federalreserve.gov/paymentsystems/default.htm

November 2, 2012 - 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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November 1, 2012 - Federal Reserve Board issues enforcement action with Liberty Bancorp of Georgia, Inc., and announces termination of enforcement action with Macatawa Bank Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20121101a.htm

November 1, 2012 - Revised Guidance on Supervision of Technology Service Providers.  www.federalreserve.gov/bankinforeg/srletters/sr1214.htm

November 1, 2012 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20121101Prohibition.aspx

November 1, 2012 - Projected Corporate Loss Range Shrinks - NCUA Updates NGN Program and Corporate System Resolution Costs Webpages - The upper end of total projected assessments associated with the Temporary Corporate Credit Union Stabilization Fund declined between December 2011 and June 2012.  www.ncua.gov/News/Pages/NW20121101ProjCorpLossRange.aspx