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October 31, 2007 - Frequency of Observation and the Estimation of
Integrated Volatility in Deep and Liquid Financial Markets - Alain Chaboud,
Benjamin Chiquoine, Erik Hjalmarsson, and Mico Loretan - Using two newly
available ultrahigh-frequency datasets, we investigate empirically how
frequently one can sample certain foreign exchange and U.S. Treasury
security returns without contaminating estimates of their integrated
volatility with market microstructure noise.
October 31, 2007 - Agencies Issue Final Rules on Identity Theft Red Flags
and Notices of Address Discrepancy - The federal financial institution
regulatory agencies and the Federal Trade Commission have sent to the
Federal Register for publication final rules on identity theft "red flags"
and address discrepancies. The final rules implement sections 114 and 315 of
the Fair and Accurate Credit Transactions Act of 2003.
October 31, 2007 - FOMC statement and Board approval of discount rate
requests of the Federal Reserve Banks of New York, Richmond, Atlanta,
Chicago, St. Louis, and San Francisco.
October 30, 2007 - OTS Encourages Thrifts to Assist Customers Affected by
Wildfires - The Office of Thrift Supervision today urged thrifts in areas
affected by Southern California wildfires to consider all reasonable steps
to meet customers' financial needs.
October 30, 2007 - OCC Chief of Staff Testifies Before House Oversight and
Investigations Subcommittee - Chief of Staff and Public Affairs John G.
Walsh discussed the Office of the Comptroller of the Currency's progress in
promoting and preserving minority-owned financial institutions in testimony
today before the Subcommittee on Oversight and Investigations of the House
Committee on Financial Services.
October 30, 2007 - Financial Market Perceptions of Recession Risk - Thomas
B. King, Andrew T. Levin, and Roberto Perli - Over the Great Moderation
period in the United States, we find that corporate credit spreads embed
crucial information about the one-year-ahead probability of recession, as
evidenced by both in- and out-of-sample fit. Furthermore, the incidence of
"false positive" predictions of recession is dramatically reduced by
utilizing a bivariate model that includes a measure of credit spreads along
with the slope of the yield curve; indeed, these bivariate models provide
much better forecasting performance than any combination of univariate
October 30, 2007 - Welfare-Maximizing Monetary Policy under Parameter
Uncertainty - Rochelle M. Edge, Thomas Laubach, and John C. Williams - This
paper examines welfare-maximizing monetary policy in an estimated
micro-founded general equilibrium model of the U.S. economy where the
policymaker faces uncertainty about model parameters. Uncertainty about
parameters describing preferences and technology implies not only
uncertainty about the dynamics of the economy.
October 30, 2007 - OTS Appoints Barbara Shycoff Managing Director of
External Affairs - The Office of Thrift Supervision announced today the
appointment of Barbara Shycoff as Managing Director of External Affairs.
October 30, 2007 - Proposed Guidance on Garnishment of Exempt Federal
Benefit Funds: Request for Comment - Guidance encourages financial
institutions to minimize hardships on federal benefits recipients while
still complying with applicable law.
October 30, 2007 - FDIC Launches Study to Identify Alternatives to Payday
Loans; Applications to Participate Accepted Through November 20th - The
Federal Deposit Insurance Corporation is now accepting bankers' applications
to participate in its Affordable and Responsible Consumer Credit pilot
program, which will begin in January 2008. Between 20 and 40 participants
will be selected from interested institutions based on information
describing their small-dollar loan programs. Applications will be accepted
through November 20, 2007.
October 30, 2007 - Sandra F. Braunstein, Director, Division of Consumer and
Community Affairs - Minority-owned banks - Before the Subcommittee on
Oversight and Investigations, Committee on Financial Services, U.S. House of
October 29, 2007 - Managing Risk When Private Equity has Gone Big - Chicago
Fed Letter examines whether risk management in private equity has kept pace
with rapid growth.
October 29, 2007 - Statistical Release - G.20 Finance Companies.
October 29, 2007 - Oppedahl on the agriculture R&D conference By Guest
Blogger David Oppedahl - Have you ever wondered how the U.S. can produce so
much food with relatively few farmers? On September 24, 2007, at the Federal
Reserve Bank of Chicago you could have learned some of the reasons behind
the cornucopia of output from U.S. agriculture at our conference The Role of
R&D in Agriculture and Related Industries: Today and Tomorrow.
October 29, 2007 - Bank Securities Activities: SEC's and Federal Reserve's
Final Regulation R - Final rules define the extent to which securities
brokerage activities of banks are subject to SEC regulation." These rules
will implement certain provisions of GLBA.
October 29, 2007 - Reports to Congress - Availability of Credit to Small
Businesses, October 2007.
October 26, 2007 - Improving the Economic Mobility of Workers - In Chicago
Fed Letter Economist Maude Toussaint-Comeau previews conference exploring
issues affecting low-wage workers.
October 26, 2007 - OTS Issues Monthly Market Monitor - The Office of Thrift
Supervision releases today its first public issue of the Monthly Market
Monitor. Going forward, the publication will be carried by the OTS as an
online publication providing timely information on the capital markets, the
economy and mortgage loan performance.
October 26, 2007 - Implied Interest Rate Skew, Term Premiums, and the
"Conundrum" - J. Benson Durham - The skew, irrespective of the mean and
variance, of investors' interest rate expectations may affect required bond
yields over expected short rates. Indeed, evidence suggests that the
near-term skew of the option-implied distribution of expected short-term
interest rates correlates with distant-horizon term premiums, as derived
from a latent-factor affine term structure model. Reduced-form models that
include skew generally fit the data well and actually better "explain"
variation in the term premium during the so-called "conundrum" than during
other periods of the May 1989 to May 2006 sample.
October 26, 2007 - Legal Interpretations - Bank Holding Company/Change in
Control, October 12, 2007 - Letter to Citigroup, describing the risk-based
capital requirements under the Board's capital adequacy guidelines (12 CFR
parts 208 and 225, Appendix A) for bank holding companies and state member
banks that provide liquidity facilities to a structured finance vehicle, the
Master Liquidity Enhancement Conduit.
October 26, 2007 - Legal Interpretations - Federal Reserve Act, October 23,
2007 - Letter to Carl Howard, Esq., Citigroup Inc., New York, New York,
granting a modification to an exemption from section 23A of the Federal
Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) that the
Board granted on August 20, 2007; this modification will permit Citibank,
N.A., to engage in certain securities financing transactions with its
European securities affiliate, Citigroup Global Markets Ltd., London, United
October 26, 2007 - Reserve Requirement Systems in OECD Countries - Yueh-Yun
C. O'Brien - This paper compares the reserve requirements of OECD countries.
Reserve requirements are the minimum percentages or amounts of liabilities
that depository institutions are required to keep in cash or as deposits
with their central banks. To facilitate monetary policy implementation,
twenty-four of the thirty OECD countries impose reserve requirements to
influence their banking systems' demand for liquidity.
October 26, 2007 - Governor Frederic S. Mishkin - Financial Instability and
the Federal Reserve as a Liquidity Provider - At the Museum of American
Finance Commemoration of the Panic of 1907, New York, New York.
October 26, 2007 - NCUA External Affairs Deputy Moves to Treasury - National
Credit Union Administration Associate Director of External Affairs Justin
Grove was selected to serve on special detail at the U.S. Department of
Treasury. Grove will advise and assist Treasury officials with task forces
and initiatives dealing with financial education and current issues facing
October 26, 2007 - OCC Reports Quarterly Bank Trading Revenues of $6.2
Billion - Insured U.S. commercial banks generated $6.2 billion in trading
revenues during the second quarter of 2007, up 30 percent from a year
earlier, the Office of the Comptroller of the Currency reported today in the
OCC's Quarterly Report on Bank Derivatives Activities. Revenues for the
quarter were the second highest ever recorded, trailing only this year's
October 26, 2007 - Regulatory Relief - Guidance to Help Financial
Institutions and to Facilitate Recovery in Areas of California Affected by
Major Fires - The Federal Deposit Insurance Corporation has announced a
series of steps intended to provide regulatory relief to financial
institutions and to facilitate recovery in areas of California damaged by
October 25, 2007 - Final Regulation R - Exceptions and Exemptions
for Banks from the Definition of "Broker" - On October 3, 2007, the Board of
Governors of the Federal Reserve System and the U.S. Securities and Exchange
Commission published the attached final rules that implement provisions of
the Gramm-Leach-Bliley Act that except banks from the definition of "broker"
under the Securities Exchange Act of 1934 when they conduct certain
securities transactions. Known as "Regulation R," the rules clarify
permissible bank brokerage activities that can be conducted under the GLBA
October 25, 2007 - Letter to Stakeholders - Third Quarter 2007 Edition of
FDIC's Letter to Stakeholders - The FDIC has issued the attached Letter to
Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's
priorities and activities for the third quarter of 2007.
October 25, 2007 - Documentation of the Research and Statistics Division's
Estimated DSGE Model of the U.S. Economy: 2006 Version - Rochelle M. Edge,
Michael T. Kiley, and Jean-Philippe Laforte - This paper provides
documentation for the large-scale estimated DSGE model of the U.S. economy
used in Edge, Kiley, and Laforte. The model represents part of an ongoing
research project in the Macroeconomic and Quantitative Studies section of
the Federal Reserve Board aimed at developing a DSGE model that can be used
to address practical policy questions and the model documented here is the
version that was current at the end of 2006.
October 25, 2007 - Agencies Issue Final Rules on Affiliate Marketing - The
federal financial regulatory agencies issued final rules today that provide
consumers with an opportunity to "opt out" before a financial institution
uses information provided by an affiliated company to market its products
and services to the consumer. The final rules on affiliate marketing
implement section 214 of the Fair and Accurate Credit Transactions Act of
2003, which amends the Fair Credit Reporting Act.
October 25, 2007 - NCUA - Final Regulation 12 CFR 701 - Reincorporation of
FCU Bylaws into NCUA regulations.
October 25, 2007 - NCUA - Results of the 10/25/2007 NCUA Board Meeting are
October 24, 2007 - OCC Chief of Staff Addresses the Kennedy School of
Government - Chief of Staff and Public Affairs John G. Walsh discussed the
Office of the Comptroller of the Currency's approach to prudential
supervision in a speech today to the Kennedy School of Government.
October 24, 2007 - OCC Deputy Comptroller for Compliance Policy Ann F.
Jaedicke Testifies Before House Oversight and Government Reform Subcommittee
- Deputy Comptroller for Compliance Policy Ann F. Jaedicke discussed the
Office of the Comptroller of the Currency's fair lending and Community
Reinvestment Act examination processes in testimony today before the
Subcommittee on Domestic Policy of the House Committee on Oversight and
October 24, 2007 - Sandra F. Braunstein, Director, Division of Consumer and
Community Affairs - The Community Reinvestment Act and fair lending
examination processes - Before the Subcommittee on Domestic Policy,
Committee on Oversight and Government Reform, U.S. House of Representatives.
October 24, 2007 - Chairman Johnson Testifies On Mortgage Reform - National
Credit Union Administration Chairman JoAnn Johnson testified today before
the House Financial Services Committee on mortgage reform. The Legislative
Proposals on Reforming Mortgage Practices hearing included three panels --
federal regulators and state banking supervisors, consumer groups, and
industry trade associations.
October 24, 2007 - Comptroller Dugan Discusses Subprime Legislation in
Testimony Before House Committee on Financial Services.
October 24, 2007 - Examination Cycle - Joint Final Rules on Expanded
Examination Cycle for Certain Small Insured Depository Institutions and U.S.
Branches and Agencies of Foreign Banks - The FDIC and the other federal
financial institution regulatory agencies have jointly adopted the attached
final rules permitting insured depository institutions that have up to $500
million in total assets, and that meet certain other criteria, to qualify
for an 18 month on site examination cycle.
October 24, 2007 - Governor Randall S. Kroszner - Legislative proposals on
reforming mortgage practices - Before the Committee on Financial Services,
U.S. House of Representatives.
October 24, 2007 - Consumers need to keep five tips in mind for managing
their checking accounts and safeguarding their funds from unauthorized
transfers by criminals, according to a new Federal Reserve Board
October 23, 2007 - Thirteen Executives Named to St. Louis Fed's Community
Development Advisory Council - Federal Reserve Bank of St. Louis has created
a Community Development Advisory Council and named executives from 13
organizations that represent nonprofits, financial institutions,
universities, governments and foundations throughout the Eighth Federal
Reserve District. The Council will meet twice annually.
October 23, 2007 - OCC Allows National Bank Offices Affected by Wildfires in
Southern California to Close - The Office of the Comptroller of the Currency
today issued a proclamation allowing national bank offices affected by the
wildfires in southern California to close at their discretion.
October 23, 2007 - Comptroller Dugan Tells Conference of Basel II Capital
Accord Forward Progress - Comptroller of the Currency John C. Dugan said
today Federal bank regulators are nearing completion of the supervisory and
regulatory framework for Basel II in the United States, with tangible
progress to report as it relates to both rulemaking efforts regarding Pillar
1 - minimum capital requirements and Pillar 2 - supervisory review of
capital adequacy at individual firms.
October 23, 2007 - Do High Debt Payments Hinder Household Consumption
Smoothing? - Kathleen W. Johnson and Geng Li - Recently, U.S. households
have committed a rising share of disposable personal income to required
principal and interest payments on household debt. Studies of the direct
link between the household debt service ratio and consumption show mixed
results-perhaps because debt may instead alter the relationship between
consumption and income.
October 22, 2007 - September economic growth below average - The Chicago Fed
National Activity Index was -0.45 in September, up from -0.68 in August. All
four broad categories of indicators made negative contributions to the index
in September. However, contributions from three categories-production,
employment, and sales, orders, and inventories - improved in September from
October 22, 2007 - Truth in Savings Act-Regulation DD: Revised Examination
Procedures - Procedures reflect changes in regulation that address
uniformity and adequacy of information provided to consumers when they
overdraw their deposit accounts.
October 22, 2007 - Governor Randall S. Kroszner - Recent Events in Financial
Markets - At the Institute of International Bankers Annual Breakfast
Dialogue, Washington, D.C.
October 20, 2007 - Governor Frederic S. Mishkin - Headline versus Core
Inflation in the Conduct of Monetary Policy - At the Business Cycles,
International Transmission and Macroeconomic Policies Conference, HEC
Montreal, Montreal, Canada.
October 19, 2007 - NCUA - The October 2007 NCUA Newsletter is available.
October 19, 2007 - OCC Releases CRA Evaluations For 32 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 September 15, 2007 through October 14, 2007.
October 19, 2007 - The Federal Reserve Board on Friday approved the
application by ICICI Bank Limited, Mumbai, India, to establish a federal
branch in New York, New York.
October 19, 2007 - Mid-year jobs report - By Guest Blogger Vanessa Haleco-Meyer,
Associate Economist - Economists and policymakers often pay close attention
to payroll job numbers because they are among the most current and
wide-ranging economic indicators available for states and regions. However,
payroll job numbers should be viewed with caution as they are subject to
revision; that is, an annual revision is undertaken during early March for
the data of the previous five years.
October 19, 2007 - FDIC Advisory Committee on Economic Inclusion to Examine
Money Services Businesses' Access to Banking System - The FDIC Advisory
Committee on Economic Inclusion will convene on October 24 to examine money
services businesses and their access to banking services. The committee will
hear from experts on the challenges facing the MSB industry as well as from
bankers who have successful relationships with MSBs.
October 19, 2007 - Chairman Ben S. Bernanke - Monetary Policy under
Uncertainty - At the 32nd Annual Economic Policy Conference, Federal Reserve
Bank of St. Louis
October 18, 2007 - The Mixing of Banking and Commerce: A conference
summary - Nisreen H. Darwish Douglas D. Evanoff - Acquisitions of
industrial loan corporations by commercial firms have renewed the
debate over the separation between banking and commerce in the U.S.
On May 16-18, 2007, policymakers and academics weighed in on this
debate during the Chicago Fed's 43rd annual Conference on Bank
Structure and Competition, titled The Mixing of Banking and
October 18, 2007 - Letter to Jay Levine, The Royal Bank of Scotland
plc, Edinburgh, Scotland, granting an exemption from section 23A of
the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR
Part 223) for certain securities financing transactions between the
New York, New York, and Greenwich, Connecticut, branches of The
Royal Bank of Scotland plc and their U.S. securities affiliate,
Greenwich Capital Markets, Inc.
October 18, 2007 - Deposit Insurance Assessments - Advance Notice of
Proposed Rulemaking on Dividends - Corrections to Federal Register
Notice - On September 26, 2007, the FDIC issued FIL-85-2007 seeking
comment on an Advance Notice of Proposed Rulemaking on alternative
methods for allocating dividends as part of a final rule to
implement the dividend requirements of the Federal Deposit Insurance
Reform Act of 2005 and the Federal Deposit Insurance Reform
Conforming Amendments Act of 2005.
October 18, 2007 - Consumer Information - 5 Tips for Protecting Your
October 17, 2007 - Midwest Economic Activity Expands at Modest Pace
- "Beige Book" reports on economic conditions during September in
the Seventh Federal Reserve District.
October 17, 2007 - Limitations on Terms of Consumer Credit Extended
to Military Service Members and Dependents: Department of Defense
Final Rule - which applies to specific payday loans, vehicle title
loans, and tax refund anticipation loans, limits interest on those
loans, among other requirements.
October 17, 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.
October 17, 2007 - Statistical Release - U.S. Reserve Assets;
Foreign Official Assets Held at Federal Reserve Banks.
October 17, 2007 - Beige Book - Informal review by the Federal
Reserve Banks of current economic conditions in their Districts.
October 16, 2007 - OCC 2007-39, Revisions to 12 CFR 4: 18-Month
Examination Cycle: Final Rule - Final rule amends 12 CFR 4 to expand
description of banks qualified for the 18-month examination cycle.
October 16, 2007 - Legal Interpretations - Federal Reserve Act,
October 11, 2007.
October 16, 2007 - The Federal Reserve Board on Tuesday released the
minutes of its discount rate meetings from August 16 through
September 18, 2007.
October 16, 2007 - NCUA Issues Prohibition Orders - The National
Credit Union Administration Board has issued orders prohibiting the
following individuals from participating in the affairs of any
federally insured financial institution.
October 16, 2007 - Financial Holding Companies As of October 12,
2007 - 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.
October 16, 2007 - Industrial Production And Capacity Utilization -
Industrial production increased 0.1 percent in September after
having been unchanged in August. At 114.4 percent of its 2002
average, total industrial production in September was 1.9 percent
above its year-earlier level.
October 15, 2007 - Speech by Chairman Ben S. Bernanke - The Recent
Financial Turmoil and its Economic and Policy Consequences.
October 15, 2007 - Comptroller Dugan Tells Conference that Consumers
Will Benefit From More Unified Interagency Approach to Complaint
Handling - Comptroller of the Currency John C. Dugan said today that
customers of banks, thrifts, and credit unions could benefit
significantly from an interagency initiative to create a more
streamlined and consumer-friendly approach to handling questions and
October 15, 2007 - "Monetary Policy Under Uncertainty," the Federal
Reserve Bank of St. Louis' 32nd Annual Economic Policy Conference.
October 15, 2007 - Statistical Supplement to the Federal Reserve
Bulletin September 2007.
October 15, 2007 - Updated Examination Procedures for Regulation DD
- The FFIEC Task Force on Consumer Compliance recently approved the
attached examination procedures for Regulation DD. The updated
procedures incorporate all amendments to Regulation DD since the
original release of the procedures in 1993.
October 15, 2007 - The Federal Reserve Board on Monday announced the
termination of the enforcement action against Progress Bancshares,
Inc., Sullivan, Missouri.
October 15, 2007 - Consumer Affairs Letters - Federal Reserve
Address Change for Complaints - Affecting Regulations AA, B, and the
Fair Housing Act, CA 07-06.
October 15, 2007 - Vice Chairman Donald L. Kohn - At the Conference
on John Taylor's Contributions to Monetary Theory and Policy,
Federal Reserve Bank of Dallas, Dallas, Texas.
October 12, 2007 - Federal Reserve Bulletin: Legal Developments -
Second Quarter, 2007.
October 12, 2007 - The Federal Reserve Board on Friday announced its
determination, after consultation with the Secretary of the
Treasury, that the acquisition, management, and operation in the
United Kingdom by Citigroup Inc., New York, New York, of certain
defined benefit pension plans established by unaffiliated third
parties are activities that are financial in nature and permissible
for Citigroup Inc., as a financial holding company, to engage in
under section 4 of the Bank Holding Company Act.
October 12, 2007 - OTS Director Reich Addresses National Bankers
Association - Office of Thrift Supervision Director John Reich
addressed the National Bankers Association today during its Annual
Convention in Durham, N.C.
October 12, 2007 - Chairman Ben S. Bernanke - Opening remarks - To
the Conference on John Taylor's Contributions to Monetary Theory and
Policy, Federal Reserve Bank of Dallas, Dallas, Texas
October 11, 2007 - The role of securitization in mortgage lending by
Richard J. Rosen, senior economist and economic advisor - Recent media
coverage on the problems in the subprime mortgage market has featured an
alphabet soup of abbreviations, such as MBS, CDO, and SIV. What do these
terms stand for? And how do they fit into the mortgage financing process?
October 11, 2007 - Working with Borrowers: Statement on Residential Real
Estate Loan Structurings for Serviced Loans - Statement encourages servicers
to identify borrowers at risk of default and to pursue loss mitigation
strategies that could preserve their homeownership.
October 11, 2007 - The Effects of Past Entry, Market Consolidation, and
Expansion by Incumbents on the Probability of Entry - Robert M. Adams and
Dean F. Amel - The threat of entry is an important factor in the evaluation
of the potential competitive effects of proposed mergers and acquisitions.
In the evaluation of proposed bank mergers, a high probability of entry, or
strong potential competition, is often found to mitigate the potential
anticompetitive effect of a proposed horizontal merger.
October 11, 2007 - Choice of Mortgage Contracts: Evidence from the Survey of
Consumer Finances - Brahima Coulibaly and Geng Li - This study revisits the
empirical question of the determinants of the choice between fixed and
adjustable-rate mortgages using more comprehensive data from the Survey of
Consumer Finances (SCF) that overcome some of the data limitations in
previous studies. The results from a Logit model of mortgage choice indicate
that pricing variables and affordability are important considerations.
October 11, 2007 - Operational Problems and Aggregate Uncertainty in the
Federal Funds Market - Elizabeth Klee -This paper uses operational problems
at commercial banks in sending Fedwire payments as a proxy for aggregate
uncertainty in end-of-day Fed account positions and then examines funds
market behavior on those days. The results suggest that increased
uncertainty is associated with a deviation of the federal funds rate from
the FOMC's target rate, the magnitude depending on the severity of the
difficulty, the payment volume of the affected participant, and the time of
October 11, 2007 - Governor Randall S. Kroszner - Markets, Financial
Institutions, and Consumers: The Roles of the Federal Reserve - At the
National Bankers Association 80th Annual Convention, Durham, North Carolina.
October 10, 2007 - OCC Chief of Staff Addresses the National Bankers
Association - The Office of the Comptroller of the Currency's Chief of Staff
John G. Walsh discussed minority banking outreach efforts, new foreclosure
prevention initiatives, and pending Part 24 legislation today in a speech
today to the National Bankers Association.
October 9, 2007 - Garnishment of Exempt Federal Benefit Funds - Proposed
Interagency Guidance - The five federal financial regulatory agencies are
seeking public comment on the attached proposed guidance encouraging
federally regulated financial institutions to follow best practices to
protect federal benefit payments from garnishment orders.
October 9, 2007 - NCUA - Regulatory Alert 07-RA-08 - Department of Defense
Final Rule, 32 C.F.R. Part 232.
October 9, 2007 - Habit Persistence, Non-separability Between Consumption
and Leisure, or Rule-of-Thumb Consumers: Which Accounts for the
Predictability of Consumption Growth? - Michael T. Kiley - Consumption
growth is predictable, a basic violation of the permanent-income hypothesis.
This paper examines three possible explanations: rule-of-thumb behavior, in
which households allow consumption to track per-period income flows rather
than permanent income; habit persistence; and non-separability in
preferences over consumption and leisure. The data appear most consistent
with non-separable preferences over consumption and leisure.
October 9, 2007 - Credit Derivatives and Risk Management - Michael S. Gibson
- The striking growth of credit derivatives suggests that market
participants find them to be useful tools for risk management. I illustrate
the value of credit derivatives with three examples. A commercial bank can
use credit derivatives to manage the risk of its loan portfolio. An
investment bank can use credit derivatives to manage the risks it incurs
when underwriting securities.
October 9, 2007 - Cracking the Conundrum - David Backus and Jonathan H.
Wright -From 2004 to 2006, the FOMC raised the target federal funds rate by
4.25 percentage points, yet long-maturity yields and forward rates fell. We
consider several possible explanations for this "conundrum."
October 9, 2007 - Does Health Affect Portfolio Choice? - Paul Smith and
David Love - Previous studies find a strong and positive empirical
connection between health status and the share of risky assets held in
household portfolios. But is this relationship truly causal, in the sense
that households respond to changes in health by altering their portfolio
allocation, or does it simply reflect unobserved differences across
October 9, 2007 - The Federal Reserve Board and the Federal Open Market
Committee on Tuesday released the attached minutes of the Committee meeting
held on September 18, 2007.
October 8, 2007 - Comptroller Dugan Urges Improved Underwriting Standards on
Third Party Loans - Comptroller of the Currency John C. Dugan said today
that banks need to strengthen their underwriting standards, particularly on
loans sold to third party investors.
October 5 , 2007 - Governor Kevin Warsh - Financial Stability and the
Federal Reserve - At the New York State Economics Association 60th Annual
Conference, Loudonville, New York.
October 5, 2007 - FDIC Makes Public July Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in July. No administrative
hearings are scheduled for August.
October 5, 2007 - Statistical Release - G.19 Consumer Credit -Consumer
credit increased at an annual rate of 6 percent in August. Revolving credit
increased at an annual rate of 8 percent, and nonrevolving credit increased
at an annual rate of 4-3/4 percent.
October 5, 2007 - Joint Interagency Proposed Guidance on Garnishment of
Federal Benefit Payments.
October 5, 2007 - NCUA - Chairman Johnson Addresses NYC Unbanked Conference
- Acknowledging the problem, providing financial education, and expanding
service to the unbanked are key to needed change.
October 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. The list covers evaluation ratings that the FDIC assigned
to institutions in July 2007.
October 5, 2007 - Vice Chairman Donald L. Kohn - Economic Outlook - At the
Greater Philadelphia Chamber of Commerce 207th Annual Meeting, Philadelphia,
October 4, 2007 - OCC Survey Finds Bank Underwriting Standards
Continue to Ease - The Office of the Comptroller of the Currency
released today its thirteenth annual Survey of Credit Underwriting
Practices and reported that commercial and retail underwriting
standards continued to ease for the fourth consecutive year.
October 4, 2007 - FDIC Approves the Assumption of the Insured
Deposits of Miami Valley Bank, Lakeview, Ohio - The Board of
Directors of the Federal Deposit Insurance Corporation today
approved the assumption of the insured deposits of Miami Valley
Bank, Lakeview, Ohio, by The Citizens Banking Company, Sandusky,
October 4, 2007 - A User's Guide for the Bank Holding Company
Performance Report - Serves as an aid in using the Bank Holding
Company Performance Report. Provides definitions of the financial
ratios and items presented on each page of the BHCPR.
October 4, 2007 - The Federal Reserve Board announced Thursday that
the Consumer Advisory Council will hold its next meeting on
Thursday, October 25. The meeting will take place in Dining Room E,
Terrace Level, in the Board's Martin Building. The session will
begin at 9:00 a.m. and is open to the public. Anyone planning to
attend the meeting should, for security purposes, register no later
than Tuesday, October 23, by completing the form found online at:
October 4, 2007 - Patricia E. Yarrington of Chevron joins SF Fed
Economic Advisory Council - The Federal Reserve Bank of San
Francisco announced today that Patricia E. Yarrington, vice
president and treasurer of Chevron Corporation in San Ramon,
California, has joined the San Francisco Fed's Economic Advisory
Council for a three-year term to conclude in 2010.
October 4, 2007 - FDIC Reorganizes Legal Division - The Federal
Deposit Insurance Corporation today announced a reorganization of
its Legal Division to strengthen the Legal Division's contribution
to the overall mission of the Corporation. The reorganization will
divide the Supervision & Legislation Branch into two distinct units,
the Supervision Branch and the Consumer & Legislation Branch.
Changes will not be made to other areas of the Division.
October 4, 2007 - Scott G. Alvarez, General Counsel - Industrial
loan companies - Before the Committee on Banking, Housing, and Urban
Affairs, U.S. Senate.
October 3, 2007 - OTS Director Reich Addresses British Bankers -
Office of Thrift Supervision Director John Reich addressed the
British Bankers' Association today in London.
October 3, 2007 - OCC Will Hold Hearing on Charges Against Carlos
Loumiet, Esq.; - Agency Seeks Cease and Desist Order and Civil Money
Penalty - The Office of the Comptroller of the Currency today
announced a public hearing before an Administrative Law Judge
beginning Tuesday, October 9, 2007, concerning an enforcement
proceeding against Carlos Loumiet, Esq., former counsel for the
failed Hamilton Bank, N.A., Miami, Florida.
October 3, 2007 - The Federal Reserve Board on Wednesday announced
the termination of the enforcement action listed below. Terminations
of enforcement actions are listed on the Federal Reserve's public
October 2, 2007 - OCC and Texas Agree to Share Consumer Complaints,
Bringing Total of Such Agreements to Twenty-Eight - Comptroller of
the Currency John C. Dugan and Texas Banking Commissioner Randall S.
James signed a Memorandum of Understanding today that provides a
mechanism for sharing consumer complaints between their two
October 2, 2007 - Comptroller Dugan Urges Stronger Risk Management
For Commercial Real Estate Loans, And Discusses Money Laundering
Supervision - Pointing to potential stresses ahead in commercial
real estate lending, Comptroller of the Currency John C. Dugan said
community banks engaged in this business need to assess the strength
of borrowers and identify problem credits at an early stage.
October 2, 2007 - St. Louis Fed Analysis: What's the Potential
Impact of a Bird Flu Pandemic? - In the event of a widespread
influenza pandemic in the United States, the odds are that residents
in major metropolitan areas would suffer greater mortality rates
than those in rural areas, while some businesses could see a
decrease in revenues and others, such as healthcare firms, could
October 2, 2007 - St. Louis Fed's The Regional Economist: Bird Flu
Pandemic Trading Barbs: A Primer on the Globalization Debate U.S.
Exporters: Rare but Beneficial Community Profile: Jasper, Ind. - The
October edition of The Regional Economist, the Federal Reserve Bank
of St. Louis' quarterly publication of economic and business issues,
features the following articles.
October 1, 2007 - Statistical Release - G.5 Foreign Exchange Rates
(Monthly) - The Table Below Shows The Average Rates Of Exchange In
September 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.
October 1, 2007 - Agencies Propose Joint Rule to Implement Unlawful
Internet Gambling Enforcement Act - The Department of the Treasury
and the Board of Governors of the Federal Reserve System on Monday
announced the release of a joint proposed rule to implement the
Unlawful Internet Gambling Enforcement Act. The Act prohibits
gambling businesses from accepting payments in connection with
unlawful Internet gambling, including payments made through credit
cards, electronic funds transfers, and checks.
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