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

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Bank Regulatory News

October 2005

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October 31, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson Regarding Billion-Dollar Credit Union Home Loan Payment Relief Mortgage Program for Low-Income Homebuyers.  www.ncua.gov/news/press_releases/2005/NR05-1101.htm 

October 31, 2005 - Legal Interpretation - Advising Capital Group Companies that it may acquire up to 15 percent of any class of voting securities of a bank holding company or bank without being deemed to have acquired control of that institution under the Bank Holding Company Act or the Change in Bank Control Act when the acquisition complies with certain conditions. www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2002/20020813/default.htm 

October 31, 2005 - NCUA November 2005 Newsletter is available.  www.ncua.gov/news/newsletter/NCUA/05November.pdf 

October 31, 2005 - The National Credit Union Administration has issued an order of assessment of civil money penalty against Arrowhead Central Credit Union, San Bernadino, California for late submissions of data required by the Home Mortgage Disclosure Act.   www.ncua.gov/news/press_releases/2005/NR05-1031-2.htm 

October 31, 2005 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions.   www.ncua.gov/news/press_releases/2005/NR05-1031.htm 

October 31, 2005 - Proposals for Comment - Proposals to approve the extension for three years, without revision, of the following reports: Record keeping and Disclosure Requirements in Connection with Regulation B and Recordkeeping and Disclosure Requirements in Connection with Regulation E.   www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

October 31, 2005 - NCUA - Regulatory Alert 05-RA-08 - Home Ownership and Equity Protection Act.  www.ncua.gov/reg_alerts/2005/05-RA-08.pdf 

October 28, 2005 - FRB Statistical Release - G.20 Finance Companies www.federalreserve.gov/Releases/G20/Current/default.htm 

October 28, 2005 - NCUA Board Releases Draft NCUA Strategic Plan 2006-2011 for Public Comment - The National Credit Union Administration Board has released Draft NCUA Strategic Plan 2006-2011 for public comment. This plan builds upon NCUA Strategic Plan 2003-2008, which reflected an evolution toward a more risk-focused agency. www.ncua.gov/news/press_releases/2005/NR05-1027.htm 

October 28, 2005 - The Response of Global Equity Indexes to U.S. Monetary Policy Announcements - Jon Wongswan - This paper documents the impact of U.S. monetary policy announcement surprises on equity indexes in sixteen countries, covering both developed and emerging economies. Using high-frequency intraday data, I find a large and significant response of Asian, European, and Latin American equity indexes to U.S. monetary policy announcement surprises at short time horizons. www.federalreserve.gov/Pubs/IFDP/2005/844/ifdp844.pdf
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October 27, 2005 - Comptroller Dugan Discusses Credit Risk - Comptroller of the Currency John C. Dugan addressed a meeting of OCC examiners today and discussed credit risk.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=2HUO7PYF.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-107a.pdf 

October 27, 2005 - FDIC Chairman Powell Praises House Committee Passage of Deposit Insurance Reform Vote an Important Step Toward Possible Passage by Year's End - The following is a statement from Federal Deposit Insurance Corporation Chairman Don Powell on the House Financial Services Committee's passage of deposit insurance reform legislation that would improve the deposit insurance system.   www.fdic.gov/news/news/press/2005/pr10705.html
 
October 27, 2005 - NCUA - America's Credit Unions Realize Significant Growth in Member Business Lending - Credit unions surpass 1,000 loans and $120 million in SBA loan guarantees.  www.ncua.gov/news/press_releases/2005/NR05-1026.htm 

October 27, 2005 - Collective Investment Funds - Comptroller's Handbook - New booklet examines bank-administered trusts for the commingled assets of fiduciary accounts and establishes a framework for managing their risks. www.occ.treas.gov/handbook/CIFfinal.pdf 

October 27, 2005 - Chairman Alan Greenspan - Opening remarks - At the dedication of the Houston Branch building of the Federal Reserve Bank of Dallas, Houston, Texas.  www.federalreserve.gov/boarddocs/speeches/2005/20051027/default.htm 

October 26, 2005 - Term Structure Estimation with Survey Data on Interest Rate Forecasts Don H. Kim and Athanasios Orphanides - The estimation of dynamic no-arbitrage term structure models with a flexible specification of the market price of risk is beset by a severe small-sample problem arising from the highly persistent nature of interest rates. www.federalreserve.gov/Pubs/FEDS/2005/200548/200548pap.pdf 

October 26, 2005 - NCUA - Statement of Rodney E. Hood Nominee to be a Member of the National Credit Union Administration Board.   www.ncua.gov/news/press_releases/2005/St05-1025.pdf 

October 26, 2005 - NCUA - Statement of Gigi Hyland Nominee to be a Member of the National Credit Union Administration Board.  www.ncua.gov/news/press_releases/2005/St05-1025-2.pdf 

October 26, 2005 - Chairman Alan Greenspan - Remarks on receipt of the Truman Medal for Economic Policy - Before the Truman Medal Award and Economics Conference, Kansas City, Missouri.  www.federalreserve.gov/boarddocs/speeches/2005/20051026/default.htm 

October 26, 2005 - The Federal Reserve Board on Wednesday announced the termination of the enforcement action on AmericasBank Corp. and AmericasBank, Towson, Md. Written Agreement dated August 3, 2001 Terminated October 12, 2005.   www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051026/default.htm 

October 25, 2005 - OCC Releases CRA Evaluations For 22 National Banks.  www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=T41URBOO.xml 

October 25, 2005 - Regulatory Relief Steps to Help Rebuild Areas Affected by Hurricane Wilma - The Federal Deposit Insurance Corporation has announced a series of steps intended to facilitate the rebuilding process in areas damaged by Hurricane Wilma and associated severe storms. www.fdic.gov/news/news/financial/2005/fil10605.html 

October 25, 2005 - FDIC Asks Banks to Work Constructively with Borrowers Affected by Hurricane Wilma - Provides Toll-Free Consumer Hotline to Answer Banking Questions.  www.fdic.gov/news/news/press/2005/pr10605.html 

October 25, 2005 - The Federal Reserve Board on Tuesday announced the approval of an application by Deutsche Genossenschafts-Hypothekenbank AG, Hamburg, Germany, to establish a representative office in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2005/20051025/default.htm 

October 25, 2005 - OCC Announces New Electronic Interpretations and Actions - October 2005.  www.occ.treas.gov/interp/oct05/intoct05.htm 

October 25, 2005 - The Federal Reserve Board on Tuesday announced the termination of the enforcement action on Ridgedale State Bank, Minnetonka, Minn.  Written Agreement dated July 29, 2004, Terminated October 25, 2005.  www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051025/default.htm 

October 24, 2005 - NCUA Chairman Johnson Declares "New Day at the NCUA" - Chairman Johnson Highlights the Important Role of America's Community Credit Unions in Providing Access to Affordable Financial Services.   www.ncua.gov/news/press_releases/2005/NR05-1024-3.htm 

October 24, 2005 - The Federal Reserve Board on Monday announced the issuance of a Consent Notice of Suspension and Prohibition against William R. Kahler, an officer of Primebank, LeMars, Iowa, a state nonmember bank. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051024/default.htm 

October 24, 2005 - NCUA General Counsel Opinion 05-1019 - Credit Union Charter Conversions.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-1019.pdf 

October 24, 2005 - NCUA Closes Insolvent Korean-American Chamber of Commerce Federal Credit Union.  www.ncua.gov/news/press_releases/2005/NR05-1024-2.htm 

October 24, 2005 - NCUA Activates Disaster Assistance in Response to Hurricane Wilma - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and their members repair and rebuild in areas where businesses and homes are damaged by Hurricane Wilma. www.ncua.gov/news/press_releases/2005/NR05-1024.htm 

October 24, 2005 - OCC Encourages National Banks to Work with Customers Affected by Hurricane Wilma - The Office of the Comptroller of the Currency has outlined measures to assist national banks and their customers affected by Hurricane Wilma. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=KR6YRE42.xml 

October 24, 2005 - Statement by Federal Reserve Board Chairman Alan Greenspan: - "The President has made a distinguished appointment in Ben Bernanke. www.federalreserve.gov/boarddocs/press/other/2005/20051024/ 

October 21, 2005 - NCUA - National Credit Union Administration Issues Prohibition Orders - October 21, 2005, Alexandria, Va. - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions:
Mary Helen Melendez, former employee of Technology Credit Union, San Jose, California.
Isaac Barrocas, former chief executive officer of Vernon Commerce Credit Union, Commerce, California.
Kirby Dela Cruz, former employee of San Mateo Credit Union, Redwood City, California.
www.ncua.gov/news/press_releases/2005/NR05-1021.htm 

October 21, 2005 - 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/GeneralInfo/FHC/default.htm 

October 21, 2005 - OCC Allows National Bank Offices Affected by Hurricane Wilma to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Wilma to close at their discretion. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=U11WQZ43.xml 

October 21, 2005 - Corporate Codes Of Conduct Guidance on Implementing an Effective Ethics Program - The FDIC is providing the attached guidance to financial institutions to remind them of the importance of an effective internal corporate code of conduct or written ethics policy. www.fdic.gov/news/news/financial/2005/fil10505.html 

October 21, 2005 - Accounting Standards and Information: Inferences from Cross-Listed Financial Firms - John Ammer; Nathanael Clinton; Greg Nini - Publicly traded financial firms within the European Union will be required to adhere to International Accounting Standards in their financial reporting beginning in 2005, which can entail a higher degree of financial disclosure than was previously mandated under national accounting standards. www.federalreserve.gov/Pubs/IFDP/2005/843/ifdp843.pdf 

October 21, 2005 - Stock Market Volatility and the Great Moderation - Sean D. Campbell - Using data on corporate profits forecasts from the Survey of Professional Forecasters, I decompose real stock returns into a fundamental news component and a return news component and analyze the effects of the Great Moderation on each. Empirically, the response of each component of real stock returns to the Great Moderation has been quite different. www.federalreserve.gov/Pubs/FEDS/2005/200547/200547pap.pdf
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October 20, 2005 - Risk-Based Capital Rules Advance Notice of Proposed Rulemaking on Modifications to the Risk-Based Capital - The federal bank and thrift regulatory agencies have jointly issued the attached advance notice of proposed rulemaking on possible modifications to the risk-based capital standards for all domestic banks, bank holding companies and savings associations. The agencies are seeking public comment on the proposal. www.fdic.gov/news/news/financial/2005/fil10405.html 

October 20, 2005 - Federal Banking Agencies Request Comment on Suggested Domestic Risk-Based Capital Modifications - The four federal banking agencies--the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision--today published an interagency advance notice of proposed rulemaking regarding potential revisions to the existing risk-based capital framework. These changes would apply to banks, bank holding companies, and savings associations.
Press Release: www.fdic.gov/news/news/press/2005/pr10505.html 
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20051020/default.htm 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=PY24EX.xml 
Press Release: www.ots.treas.gov/docs/7/77538.html 

October 20, 2005 - NCUA November Board Meeting Rescheduled - The November National Credit Union Administration Board meeting has been rescheduled to Tuesday, November 29, 2005, to provide time to accommodate the two new NCUA Board member nominees. www.ncua.gov/news/press_releases/2005/MA05-1020.htm 

October 20, 2005 - NCUA - Results of NCUA's of 10/20/2005 Board Meeting are available.  www.ncua.gov/NCUABoard/board_reports/board_reports.html 

October 20, 2005 - NCUA - Final Rule -Fidelity Bond and Insurance Coverage for Federal Credit Unions.  www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F713-741.pdf 

October 20, 2005 - NCUA General Counsel Opinion 05-0919 - Permissibility of CUSO's Purchases of Nonperforming Loans for Debt Collection.  www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0919.pdf 

October 20, 2005 - NCUA General Counsel Opinion 05-0702 - Overdraft Regulations and Guidance.  www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0702.pdf 

October 20, 2005 - FRB Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/Releases/bulletin/0905assets.htm 

October 19, 2005 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions.  www.ncua.gov/news/press_releases/2005/NR05-1019-3.htm 

October 19, 2005 - National Credit Union Administration Issues Civil Money Penalty Assessment - The National Credit Union Administration has issued an order of assessment of civil money penalty against Paradise Federal Credit Union, National City, Calif., for late submissions of data required by the Home Mortgage Disclosure Act. www.ncua.gov/news/press_releases/2005/NR05-1019-2.htm 

October 19, 2005 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/fomc/beigebook/2005/20051019/default.htm 

October 19, 2005 - Governor Donald L. Kohn - The Economic Outlook - At the 2006 Global Economic and Investment Outlook Conference, Carnegie-Mellon University, Pittsburgh, Pennsylvania.  www.federalreserve.gov/boarddocs/speeches/2005/20051019/default.htm 

October 19, 2005 - NCUA Holds 5th Annual Budget Briefing and Public Forum - The National Credit Union Administration conducted its fifth annual Budget Briefing and Public Forum here today to unveil its projected 2006 agency budget and to accept comments from stakeholders. www.ncua.gov/news/press_releases/2005/NR05-1019.htm 

October 19, 2005 - NCUA Board Budget Briefing and Public Forum Presentation.  www.ncua.gov/ReportsAndPlans/special/budget/index.html 

October 18, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Economic Outlook for the United States To the Metropolitan Trenton African American Chamber of Commerce, Trenton, New Jersey.  www.federalreserve.gov/boarddocs/speeches/2005/20051018/default.htm 

October 18, 2005 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from August 22 through September 20, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20051018/default.htm 

October 18, 2005 - Powell Praises Senate Committee Passage of Deposit Insurance Reform Legislation - The following is a statement from Federal Deposit Insurance Corporation Chairman Don Powell on the Senate Banking Committee's passage of deposit insurance reform legislation that would improve the deposit insurance system.  www.fdic.gov/news/news/press/2005/pr10405.html 

October 18, 2005 - OCC Issues Consent Order Against KeyBank, Cleveland, OH.  www.occ.treas.gov/ftp/EAs/ea2005-141.pdf 

October 18, 2005 - Time of Transition to Follow Record-Setting Housing Boom, Powell Cautions 'Non-traditional' mortgages may elevate risks for some banks and homeowners - Residential mortgage lenders and borrowers need to be prepared for more challenging conditions ahead as U.S. housing markets enter a time of transition, said Federal Deposit Insurance Corporation Chairman Don Powell today in remarks at the America's Community Bankers Annual Convention in Orlando, Florida. www.fdic.gov/news/news/press/2005/pr10305.html 

October 17, 2005 - Fed Letter Looks at Potential of Biotech Industry in the Midwest - Industrial production long was the heartbeat of the Midwest economy. But as that industry's role in the region diminishes, policymakers have explored new directions. At a series of conferences, local experts discussed the potential of the biotech industry as the Midwest's next frontier. www.chicagofed.org/news_and_conferences/news/2005_10_17_fed_letter.cfm 

October 17, 2005 - Speech by Chairman Alan Greenspan - Energy - Before the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives, Tokyo, Japan October 17, 2005.  www.federalreserve.gov/boarddocs/speeches/2005/20051017/default.htm 

October 17, 2005 - Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions - Lawrence J. Christiano; Martin Eichenbaum; Robert J. Vigfusson - We show that the standard procedure for estimating long-run identified vector autoregressions uses a particular estimator of the zero-frequency spectral density matrix of the data. We develop alternatives to the standard procedure and evaluate the properties of these alternative procedures using Monte Carlo experiments in which data are generated from estimated real business cycle models. www.federalreserve.gov/pubs/ifdp/2005/842/ifdp842.pdf 

October 17, 2005 - OCC Announces 17 Enforcement Actions and Three Terminations - The Office of the Comptroller of the Currency today announced 17 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and three terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-102.htm 

October 17, 2005 - Alternative Procedures for Estimating Vector Autoregressions Identified with Long-Run Restrictions - Lawrence J. Christiano; Martin Eichenbaum; Robert J. Vigfusson - We show that the standard procedure for estimating long-run identified vector autoregressions uses a particular estimator of the zero-frequency spectral density matrix of the data. We develop alternatives to the standard procedure and evaluate the properties of these alternative procedures using Monte Carlo experiments in which data are generated from estimated real business cycle models. www.federalreserve.gov/pubs/ifdp/2005/842/ifdp842.pdf 

October 14, 2005 - Questions and Answers for Financial Institutions in Response to Hurricanes Katrina and Rita - The federal banking agencies have prepared additional supervisory guidance on regulatory and reporting issues related to Hurricanes Katrina and Rita.
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0520.htm 
Press Release: www.occ.treas.gov/ftp/bulletin/2005-36.doc 

October 14, 2005 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and between Surety Capital Corporation, Fort Worth, Texas and the Federal Reserve Bank of Dallas. www.federalreserve.gov/boarddocs/press/Enforcement/2005/200510142/default.htm 

October 14, 2005 - Banks May Soon Pay More for Deposit Insurance, Powell Says Higher BIF assessment rates could take effect next year - With the Bank Insurance Fund's reserve ratio trending toward a key statutory tripwire and Congress considering deposit insurance reforms, some change in the way banks pay for their deposit insurance is more likely, said Federal Deposit Insurance Corporation Chairman Don Powell today in remarks at the National Bankers Association's Annual Convention in Los Angeles. www.fdic.gov/news/news/press/2005/pr10205.html 

October 14, 2005 - Proposal for Comment - Agency Information Collection Activities - Proposal to approve the extension for three years, without revision, of the following reports: Reg H-2 and Reg BB. Joint proposal to request approval to revise the following reports: FFIEC 009 and FFIEC 009a. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
 
October 14, 2005 - Industrial Production And Capacity Utilization - Industrial production dropped 1.3 percent in September, as Hurricanes Katrina and Rita and a strike at a major aircraft producer significantly reduced output. At 118.0 percent of its 1997 average, output in September was 2.0 percent above its year-earlier level; for the third quarter as a whole, production rose 1.3 percent at an annual rate. www.federalreserve.gov/Releases/G17/Current/default.htm 

October 14, 2005 - The Federal Reserve Board and the New York State Banking Department on Friday announced the execution of a Written Agreement by and among the Deutsche Bank Trust Company Americas, New York, N.Y., the Federal Reserve Bank of New York, and the New York State Banking Department. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051014/default.htm
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October 13, 2005 - FFIEC Agencies Announce Additional Guidance for Financial Institutions in Response to Hurricanes Katrina and Rita - The Federal Financial Institutions Examination Council member agencies today announced the availability of additional supervisory guidance on regulatory and reporting issues related to Hurricane Katrina and Hurricane Rita. www.ots.treas.gov/docs/7/77536.html 

October 12, 2005 - NCUA - Letter to Credit Unions 05-CU-15 - Increasing Risks in Mortgage Lending - The purpose of this Letter is to provide all Federally Insured Credit Unions with the same guidance provided to NCUA field staff about recent trends and emerging risks in the mortgage lending arena. www.ncua.gov/letters/2005/CU/05-CU-15.pdf 

October 12, 2005 - NCUA Chairman Says Credit Unions Should Remain Focused on Safe and Sound Mortgage Lending.   www.ncua.gov/news/press_releases/2005/NR05-1012.htm 

October 12, 2005 - OCC and FinCEN Assess $3million Penalty Against Banco de Chile, New York, New York.  www.occ.treas.gov/ftp/EAs/ea2005-140.pdf 

October 12, 2005 - FFIEC Guidance - Authentication in an Internet Banking Environment - The Federal Financial Institutions Examination Council has issued the attached guidance, "Authentication in an Internet Banking Environment." For banks offering Internet-based financial services, the guidance describes enhanced authentication methods that regulators expect banks to use when authenticating the identity of customers using the on-line products and services. Examiners will review this area to determine a financial institution's progress in complying with this guidance during upcoming examinations. Financial Institutions will be expected to achieve compliance with the guidance no later than year-end 2006.
Press Release: www.fdic.gov/news/news/financial/2005/fil10305.html 
Press Release: www.ffiec.gov/press/pr101205.htm 
Press Release: www.ncua.gov/news/press_releases/2005/FFIEC05-1012.pdf 
Press Release: www.ots.treas.gov/docs/7/77537.html 

October 12, 2005 - The Federal Reserve Board on Wednesday announced modifications to the methodology used to calculate the private sector adjustment factor, which is used in setting fees for certain payment services provided to depository institutions. www.federalreserve.gov/boarddocs/press/other/2005/20051012/ 

October 12, 2005 - The Federal Reserve Board on Wednesday announced amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve's check processing operations in the Fourth, Tenth, and Eleventh Districts. These amendments are part of a series of amendments to Appendix A that will take place through the first quarter of 2006, associated with the previously-announced restructuring of the Reserve Banks' check processing operations. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051012/default.htm 

October 12, 2005 - Governor Mark Olson - Update on the U.S. Economy and Fiscal Outlook - At the Fraser Institute Roundtable Luncheon, Vancouver, British Columbia, Canada.  www.federalreserve.gov/boarddocs/speeches/2005/200510123/default.htm 

October 12, 2005 - Governor Susan Schmidt Bies - Regulatory Issues - At the National Bankers Association Annual Convention, Beverly Hills, California.  www.federalreserve.gov/boarddocs/speeches/2005/200510122/default.htm 

October 12, 2005 - Chairman Alan Greenspan - Economic flexibility Before the National Italian American Foundation, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20051012/default.htm 

October 11, 2005 - Governor Donald L. Kohn - Globalization, Inflation, and Monetary Policy At the James R. Wilson Lecture Series, The College of Wooster, Wooster, Ohio.  www.federalreserve.gov/boarddocs/speeches/2005/20051011/default.htm 

October 11, 2005 - Letter To Stakeholders - Third Quarter 2005 Edition of the FDIC's Letter to Stakeholders - The FDIC has issued its quarterly Letter to Stakeholders, which reports on the FDIC's priorities and activities for the third quarter of 2005. www.fdic.gov/news/news/financial/2005/fil10205.html 

October 11, 2005 - Waiver of the Appraisal Regulation for Regulated Institutions Affected by Hurricanes Katrina and Rita - The Federal Reserve and the other federal financial institutions regulatory agencies have granted a waiver of their appraisal regulations for three years to regulated financial institutions that are entering into transactions with borrowers affected by Hurricanes Katrina and Rita.  www.federalreserve.gov/boarddocs/srletters/2005/sr0518.htm 

October 11, 2005 - The Federal Reserve Board on Tuesday issued for public comment a second advance notice of proposed rulemaking concerning the open-end credit rules of the Board's Regulation Z, which implements the Truth in Lending Act. The second ANPR solicits public comments on how the Board should implement amendments to TILA made by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.   www.federalreserve.gov/boarddocs/press/bcreg/2005/20051011/default.htm 

October 11, 2005 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on September 20, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20051011/default.htm 

October 7, 2005 - FRB Statistical Release - G.19 Consumer Credit - Consumer credit rose at an annual rate of 2-3/4 percent in August. www.federalreserve.gov/Releases/G19/Current/default.htm 

October 7, 2005 - Regulatory Relief Information for Bankers in Hurricane-Affected Areas - Summary: The FDIC is providing flexibility in the administration of regulatory requirements for brokered deposit waivers, main office and branch relocations, and appraisals for institutions affected by Hurricanes Katrina and Rita. www.fdic.gov/news/news/financial/2005/fil10105.html 

October 7, 2005 - The Federal Reserve Board on Thursday announced its approval of an order waiving its appraisal requirements for three years for regulated financial institutions affected by Hurricanes Katrina and Rita. This action was coordinated with the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Office of Thrift Supervision, and National Credit Union Administration, collectively referred to as "the agencies." www.federalreserve.gov/boarddocs/press/bcreg/2005/200510062/default.htm
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October 6, 2005 - Electronic Filing and Disclosure of Beneficial Ownership Reports: Final Rule - The rule requires insiders of national banks with equity securities registered with the OCC to file certain beneficial ownership reports electronically.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-34.txt 
Attachment: www.occ.treas.gov/fr/fedregister/70fr46403.pdf 

October 6, 2005 - Comptroller Dugan Initiates Process to Improve Risk-Based Capital Rules - Comptroller of the Currency John C. Dugan approved today an advance notice of proposed rule making seeking public comment on a proposal intended to improve risk-based capital rules for U.S. institutions without the expense and complexity of the Basel II framework.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=TLBBYIKN.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-101a.pdf 

October 6, 2005 - Relationship Manager Program Enhancements to the Supervision Program - On September 30, 2005, the FDIC implemented the Relationship Manager Program for all FDIC-supervised financial institutions. The RMP is designed to strengthen lines of communication between bankers and the FDIC, as well as improve the coordination, continuity and effectiveness of FDIC supervision. www.fdic.gov/news/news/financial/2005/fil9805.html 

October 6, 2005 - ATM Surcharge Bans and Bank Market Structure: The Case of Iowa and its Neighbors - Timothy H. Hannan - It is frequently claimed that high ATM surcharges actually attract customers to the banks that impose them, particularly if they operate large ATM networks. By exploiting as "natural experiments" two events associated with the lifting of surcharge bans in Iowa and in the states that neighbor Iowa, this paper seeks to test for the implications of this phenomenon as it applies to the market shares of banking institutions and to several aspects of market structure. www.federalreserve.gov/pubs/feds/2005/200546/200546pap.pdf 

October 6, 2005 - The Effects of Welfare Reform and Related Policies on Single Mothers' Welfare Use and Employment in the 1990s - Adam Looney - This paper examines how changes in tax policy, welfare programs, public health insurance, and economic conditions during the 1990s affected welfare use and employment among single mothers. Drawing on panel data from the Survey of Income and Program Participation, I give new estimates of the effects of specific policy changes and use those estimates to explain changes in economic behavior. www.federalreserve.gov/pubs/feds/2005/200545/200545pap.pdf 

October 6, 2005 - The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable Income - Adam Looney and Monica Singhal - We use anticipated changes in tax rates associated with changes in family composition to estimate intertemporal labor supply elasticities and elasticities of taxable income with respect to the net-of-tax wage rate. A number of provisions of the tax code are tied explicitly to child age and dependent status. www.federalreserve.gov/pubs/feds/2005/200544/200544pap.pdf 

October 6, 2005 - The Effects of Mortgage Prepayments on M2 - Yueh-Yun C. O'Brien - Mortgage prepayments can contribute significantly to fluctuations in M2 growth rates. These mortgage prepayment effects are primarily driven by certain rules of mortgage-backed-security insurers that require mortgage servicers to hold in M2-type deposits the prepayment proceeds due to MBS investors. www.federalreserve.gov/pubs/feds/2005/200543/200543pap.pdf 

October 6, 2005 - Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases Domenico Giannone, Lucrezia Reichlin, and David Small - This paper formalizes the process of updating the nowcast and forecast on output and inflation as new releases of data become available. The marginal contribution of a particular release for the value of the signal and its precision is evaluated by computing "news" on the basis of an evolving conditioning information set. www.federalreserve.gov/pubs/feds/2005/200542/200542pap.pdf 

October 6, 2005 - FDIC Board Approves Start of Rulemaking Process on Basel 1-A Initiative will address competitive issues posed by Basel II - The Board of Directors of the Federal Deposit Insurance Corporation today approved an interagency advance notice of proposed rulemaking to solicit comments on the way that the vast majority of banks and thrifts in the U.S. calculate their minimum capital requirements. www.fdic.gov/news/news/press/2005/pr10105.html 

October 6, 2005 - The Federal Reserve Board on Thursday decided to request public comment on proposed revisions to the U.S. risk-based capital standards for banking organizations. These current standards are based upon the 1988 Basel Capital Accord, also known as Basel I. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051006/default.htm 

October 5, 2005 - NCUA Issues 2006 Board Meeting Schedule - The National Credit Union Administration today announces its 2006 Board meeting schedule. The Board plans to convene Thursday at 10 a.m. each month (except August when the Board historically does not meet) on the following dates in 2006.  www.ncua.gov/news/press_releases/2005/NR05-1004-2.htm 

October 5, 2005 - FDIC Issues October List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.   www.fdic.gov/news/news/press/2005/pr10005.html 

October 4, 2005 - NCUA Chairman Johnson Encourages Credit Unions To Answer the Call of Service for Volunteers with Project Restore HOPE.   www.ncua.gov/news/press_releases/2005/NR05-1004.htm 

October 4, 2005 - OCC and Operation HOPE Sign Agreement on Hurricane Relief - The Office of the Comptroller of the Currency and Operation HOPE, Inc. signed an agreement today to assist victims of the recent Gulf Coast hurricanes who have been financially displaced. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=5PHSYPFQ.xml 

October 4, 2005 - The Federal Reserve Board on Tuesday announced the annual indexing of the low reserve tranche and of the reserve requirement exemption amount for 2006. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective September 2006. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051004/default.htm 

October 4, 2005 - Nation's Strongest Economic and Banking Conditions Remain Concentrated in Coastal Regions - FDIC analysts review banking and economic conditions across the nation, including initial assessment of impact of Hurricanes Katrina and Rita.   www.fdic.gov/news/news/press/2005/pr9905.html 
 

 

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