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

The Community Banker
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Bank Regulatory News

October 2008

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October 31, 2008 - Statistical Supplement to the Federal Reserve Bulletin October 2008.  www.federalreserve.gov/pubs/supplement/2008/10/default.htm 

October 31, 2008 - Fifth Third Bank Acquires All the Deposits of Freedom Bank, Bradenton, Florida - Freedom Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Fifth Third Bank, Grand Rapids, Michigan, to assume all of the deposits of Freedom Bank. www.fdic.gov/news/news/press/2008/pr08109.html 

October 31, 2008 - Chairman Ben S. Bernanke - The Future of Mortgage Finance in the United States - At the UC Berkeley/UCLA Symposium: The Mortgage Meltdown, the Economy, and Public Policy, Berkeley, California.  www.federalreserve.gov/newsevents/speech/bernanke20081031a.htm 

October 31, 2008 - Agencies Announce Decision on Impact of Tax Change on Indirect Investments in Fannie Mae and Freddie Mac Preferred Stock -The federal banking and thrift regulatory agencies announced today they are extending the applicability of their October 24, 2008 Interagency Statement on direct investments to certain indirect investments in Fannie Mae and Freddie Mac preferred stock.
Press Release:: www.federalreserve.gov/newsevents/press/bcreg/20081031a.htm 
Press Release:: www.fdic.gov/news/news/press/2008/pr08108.html 
Press Release:: www.occ.treas.gov/ftp/release/2008-129.htm 
Press Release:: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=54a144c6-1e0b-8562-eb42-47145f8b5f3a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

October 31, 2008 - The Federal Reserve Board on Friday approved an action by the Board of Directors of the Federal Reserve Bank of Atlanta, decreasing the discount rate at the Bank from 1-3/4 percent to 1-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20081031a.htm 

October 31, 2008 - NCUA - Revised 2009 NCUA Board Meeting Schedule Issued - The National Credit Union Administration has revised numerous 2009 monthly Board meetings since the scheduled was originally published in September. The NCUA Board will meet, except during August, on the third or fourth Thursday of the month at 10 a.m. www.ncua.gov/news/press_releases/2008/MA08-1030a.htm 

October 31, 2008 - Risk-Based Capital Rules - Proposed Rulemaking on Capital Treatment of Certain Claims on or Guaranteed by Fannie Mae and Freddie Mac - The federal bank and thrift regulatory agencies are seeking comment on the attached joint notice of proposed rulemaking to permit banks, bank holding companies and savings associations to assign a 10 percent risk weight to claims on or guaranteed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. www.fdic.gov/news/news/financial/2008/fil08113.html 

October 31, 2008 - FDIC Makes Public September Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08107.html
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October 30, 2008 - Change in Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation: Notice of Proposed Rulemaking - Request for Comments - Rulemaking would permit financial institutions to assign a 10% risk weight to Fannie Mae and Freddie Mac debt and the securities these entities guarantee. www.occ.treas.gov/ftp/bulletin/2008-32.html 

October 30, 2008 - Statistical Release - G.20 Finance Companies - Owned And Managed Receivables Outstanding 2,3 Seasonally adjusted.   www.federalreserve.gov/releases/g20/Current/ 

October 30, 2008 - Federal Reserve Bulletin Article - Economic Development Incentives: Research Approaches and Current Views.   www.federalreserve.gov/pubs/bulletin/2008/pdf/econdev08.pdf 

October 30, 2008 - Federal Reserve Bulletin Article - Recent Payment Trends in the United States.  www.federalreserve.gov/pubs/bulletin/2008/pdf/payments08.pdf 

October 30, 2008 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Philadelphia, Richmond, Minneapolis, and Dallas, decreasing the discount rate at the Banks from 1-3/4 percent to 1-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20081030a.htm 

October 30, 2008 - Economist Discusses Chicago Business Cycles - In his recent blog, economist William Testa talks about Chicago's employment and business conditions. http://midwest.chicagofedblogs.org/archives/2008/10/chicago_busines.html 

October 30, 2008 - Regulatory Capital Impact of Losses on Fannie Mae and Freddie Mac Preferred Stock - 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 have issued the attached interagency statement to notify banks, bank holding companies, and thrifts that the agencies will allow banking organizations to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 in their third-quarter 2008 regulatory capital calculations. www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0810.htm 

October 30, 2008 - The Federal Reserve Board on Thursday announced the approval of fee schedules for payment services the Federal Reserve Banks provide to depository institutions, effective January 2, 2009. www.federalreserve.gov/newsevents/press/other/20081030a.htm 

October 30, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between State Holding Company, Thermopolis, Wyoming, a registered bank holding company, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20081030a.htm 

October 29, 2008 - Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities? - Carol C. Bertaut - Since 2001, foreign investors have acquired roughly $5 trillion in U.S. securities--more than doubling their holdings of U.S. equities and bonds--as both official and private inflows have financed record U.S. current account deficits. www.federalreserve.gov/pubs/ifdp/2008/950/ifdp950.htm 

October 29, 2008 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent. www.federalreserve.gov/newsevents/press/monetary/20081029a.htm 

October 29, 2008 - Approval of the discount rate action of the Federal Reserve Banks of Chicago, Kansas City, and St. Louis.   www.federalreserve.gov/newsevents/press/monetary/20081029c.htm 

October 29, 2008 - Federal Reserve, Banco Central do Brasil, Banco de Mexico, Bank of Korea, and Monetary Authority of Singapore announce the establishment of temporary reciprocal currency arrangements.  www.federalreserve.gov/newsevents/press/monetary/20081029b.htm 

October 29, 2008 - Regulatory Capital Calculations Tax Effect of Losses on Fannie Mae and Freddie Mac Preferred Stock - Section 301 of the Emergency Economic Stabilization Act of 2008 provides tax relief to banks that have suffered losses on certain holdings of Federal National Mortgage Association and Federal Home Loan Mortgage Corporation perpetual preferred stock by changing the character of these losses from capital to ordinary for federal income tax purposes. www.fdic.gov/news/news/financial/2008/fil08112.html 

October 28, 2008 - OCC Releases CRA Evaluations For 24 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, 2008 through October 14, 2008. www.occ.treas.gov/ftp/release/2008-128.htm 

October 28, 2008 - Comptroller Dugan Responds to Congressman LaTourette - Comptroller of the Currency John C. Dugan responded today to questions raised by Congressman LaTourette about the acquisition of National City Corporation by PNC Financial Services Group. www.occ.treas.gov/ftp/release/2008-127.htm 

October 28, 2008 - St. Louis Fed Promotes Paese and Torbett - The Federal Reserve Bank of St. Louis announced the following promotions.   www.stlouisfed.org/news/releases/2008/10_28_08a.html 

October 28, 2008 - The Road to Financial Stability: Local Programs Map the Way - Fed symposium to increase awareness and use of community-based initiatives and practices that can help working low- and moderate-income families become economically self-sufficient. www.stlouisfed.org/news/releases/2008/10_28_08.html 

October 28, 2008 - Today, the Federal Reserve and the Reserve Bank of New Zealand are announcing the establishment of a temporary reciprocal currency arrangement (swap line) to address ongoing, elevated pressures in U.S. dollar short-term funding markets. This facility, like those already established with other central banks, is designed to help improve liquidity conditions in global financial markets. www.federalreserve.gov/newsevents/press/monetary/20081028a.htm 

October 28, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Remo DuQuoin LLC, Privee LLC, Republic Federal Bancorp, Inc., registered bank holding companies, Miami, Florida, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20081028a.htm 

October 27, 2008 - Midwest Manufacturing Output Drops in September - Chicago Fed Midwest Manufacturing Index declined 2.6% in September, to a seasonally adjusted level of 100.6. www.chicagofed.org/economic_research_and_data/files/cfmmi_september2008.pdf 

October 27, 2008 - San Francisco Fed Study Examines Poverty in West Fresno - The challenges facing high poverty communities around the nation are the focus of a recently released Federal Reserve System report, "The Enduring Challenge of Concentrated Poverty in America: Case Studies from Communities Across the U.S." Each of the 12 Reserve Banks examined a high poverty area in its District; The Federal Reserve Bank of San Francisco contributed to this report with a case study on West Fresno, a neighborhood that has seen an increasing poverty rate over the past 30 years. www.frbsf.org/news/releases/2008/1027.html 

October 24, 2008 - Comptroller Dugan Details OCC Response to Extraordinary Market Events and Offers Lessons Learned - In a speech to OCC managers this week, Comptroller of the Currency John C. Dugan discussed the agency's response to market events of the past year and lessons learned from those events. www.occ.treas.gov/ftp/release/2008-126.htm 

October 24, 2008 - Regulatory Capital Impact of Losses on Fannie Mae and Freddie Mac Preferred Stock: Interagency Statement - The Interagency Statement discusses the effect of the tax change in the Economic Stabilization Act of 2008 on third-quarter 2008 regulatory capital calculations. www.occ.treas.gov/ftp/bulletin/2008-31.html 

October 24, 2008 - Pickering and Sanders Join St. Louis Fed's Transportation Council - John Pickering, chief operating officer of Cass Information Systems Inc.'s Transportation Services Division, and Donald Sanders Jr., president of Nightline Express Inc., have joined the Transportation Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/10_24_08.html 

October 24, 2008 - Stearns Bank, National Association Acquires the Insured Deposits of Alpha Bank & Trust, Alpharetta, GA - Alpha Bank and Trust, Alpharetta, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank, National Association, St. Cloud, Minnesota, to assume the insured deposits of Alpha Bank & Trust. www.fdic.gov/news/news/press/2008/pr08106.html 

October 24, 2008 - Poverty Report Offers Case Studies - A new Federal Reserve study of the dynamics of concentrated poverty in the U.S. includes a section about parts of Milwaukee. www.frbsf.org/cpreport/ 

October 24, 2008 - OTS Issues New Examination Procedures on Identity Theft Red Flags and Address Discrepancies - The Office of Thrift Supervision issued examination procedures today on identity theft and address discrepancies. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=3024cbb3-1e0b-8562-eba9-2264928a6151&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

October 24, 2008 - Servicemembers Civil Relief Act: Legal Requirements, - The 2008 Housing and Economic Recovery Act has mandated changes in the Servicemembers Civil Relief Act. www.occ.treas.gov/ftp/bulletin/2008-30.html 

October 24, 2008 - Deposit Insurance Coverage - Mortgage Servicing Accounts - The FDIC Board of Directors has adopted the attached interim rule to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. Under the interim rule, the FDIC will be able to make deposit insurance determinations on mortgage servicing accounts - as well as pay deposit insurance - more quickly. Comments on the interim rule, which took effect on October 10, 2008, are due by December 16, 2008. www.fdic.gov/news/news/financial/2008/fil08111.html 

October 24, 2008 - Temporary Liquidity Guarantee Program - Interim Rule - Following a systemic risk determination pursuant to section 141 of the Federal Deposit Insurance Corporation Improvement Act of 1991, in an effort to avoid or mitigate serious adverse effects on economic conditions and financial stability, the FDIC has issued the attached interim rule establishing the Temporary Liquidity Guarantee Program. The FDIC is soliciting comment on all aspects of this interim rule. Comments are due 15 days after the interim rule's publication in the Federal Register, which is expected soon. Coverage under the TLGP was established by the FDIC as of October 14, 2008. www.fdic.gov/news/news/financial/2008/fil08110.html 

October 24, 2008 - FDIC Issues Interim Rule to Implement the Temporary Liquidity Guarantee Program -Lays Out Framework and Operating Details of the Program - The Board of Directors of the Federal Deposit Insurance Corporation approved an interim rule to govern its newly created Temporary Liquidity Guarantee Program. www.fdic.gov/news/news/press/2008/pr08105.html 

October 24, 2008 - Legal Developments - Section 19 Letters, September 17, 18, and 19, 2008
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2008/20080917.pdf 
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2008/20080919.pdf 
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2008/200809192.pdf 
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2008/200809193.pdf 

October 24, 2008 - The factors that gave rise to high-poverty neighborhoods, and the challenges these communities face, are the focus of a Systemwide Federal Reserve research effort that examines the diverse landscape of concentrated poverty in America. www.federalreserve.gov/newsevents/press/other/20081024a.htm    
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October 22, 2008 - The Federal Reserve Board on Wednesday approved the application by Corpbanca, Santiago, Chile, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20081022a.htm 

October 22, 2008 - A new report from the Federal Reserve Bank of St. Louis looks at local business cycles in 23 major cities, including St. Louis, and how they influence crime rates. Presenting their findings will be St. Louis Fed economist Thomas A. Garret and senior research associate Lesli S. Ott. www.stlouisfed.org/news/releases/2008/10_21_08.html 

October 22, 2008 - FDIC to Host 7th Annual Conference of the International Association of Deposit Insurers - "The Role of Deposit Insurance in Promoting Financial Stability and Economic Inclusion" The FDIC today announced that it will host the 7th Annual Conference of the International Association of Deposit Insurers on October 29 and 30, 2008. www.fdic.gov/news/news/press/2008/pr08104.html 

October 23, 2008 - NCUA Seeks Non-Interest Account Coverage for Credit Unions - National Credit Union Administration Chairman Michael E. Fryzel has requested credit union inclusion in Treasury Department's recently expanded deposit insurance coverage of non-interest bearing deposit accounts. www.ncua.gov/news/press_releases/2008/MA08-1023.htm 

October 23, 2008 - Governor Elizabeth A. Duke - Foreclosure prevention efforts and market stability - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/newsevents/testimony/duke20081023a.htm 

October 22, 2008 - The Federal Reserve Board on Wednesday announced that it will alter the formula used to determine the interest rate paid to depository institutions on excess balances. www.federalreserve.gov/newsevents/press/monetary/20081022a.htm 

October 22, 2008 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Bank of Canton, Canton, Pennsylvania, a state chartered member bank, and the Federal Reserve Bank of Philadelphia. www.federalreserve.gov/newsevents/press/enforcement/20081022a.htm 

October 21, 2008 - Board issues statement concerning its approval of the proposal by Wells Fargo and Company to acquire Wachovia Corporation.   www.federalreserve.gov/newsevents/press/orders/20081021a.htm 

October 21, 2008 - September Economic Activity Weakened Further - The Chicago Fed National Activity Index was -2.57 in September, down from -1.61 in August. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

October 21, 2008 - Recent Information on the Treasury Capital Purchase Program - Additional details on the plan are now available. www.chicagofed.org/banking_information/index.cfm 

October 21, 2008 - Chicago Fed President Offers Economic Update - Charles Evans speaks in central Wisconsin about U.S. economy. www.chicagofed.org/news_room/speeches/fond%20du%20lac_Speech.cfm 

October 21, 2008 - On October 20, 2008, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20081021b.htm 

October 21, 2008 - The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility, which will support a private-sector initiative designed to provide liquidity to U.S. money market investors. www.federalreserve.gov/newsevents/press/monetary/20081021a.htm 

October 20, 2008 - NCUA - CLF Available to Meet Liquidity Needs - National Credit Union Administration Chairman Michael E. Fryzel issued a Letter to Credit Unions Friday, October 17,reminding credit unions that the Central Liquidity Facility is available as a source of contingent liquidity during the current market turbulence. www.ncua.gov/news/press_releases/2008/MA08-1020.htm 

October 20, 2008 - Covered Bonds: Issuances of U.S. Covered Bonds by National Banks - Bulletin describes how national banks' covered bond issuances may satisfy FDIC policy statement requirement and qualify for expedited access to certain pledged covered bond collateral. www.occ.treas.gov/ftp/bulletin/2008-29.html 

October 20, 2008 - Applications to the Troubled Asset Relief Program's Capital Purchase Program - State nonmember institutions are encouraged to participate in the Troubled Asset Relief Program's Capital Purchase Program to strengthen their capital positions and ability to prudently make credit available in their lending markets. All financial institutions are eligible to apply for a capital injection from the U.S. Department of Treasury. www.fdic.gov/news/news/financial/2008/fil08109.html 

October 20, 2008 - The Federal Reserve Board on Monday approved final amendments to Regulation C that revise the rules for reporting price information on higher-priced mortgage loans. The changes are intended to improve the accuracy and usefulness of data reported under the Home Mortgage Disclosure Act. www.federalreserve.gov/newsevents/press/bcreg/20081020b.htm 

October 20, 2008 - Deposit Insurance Assessments - Proposed Rule on Assessments - The FDIC Board of Directors is seeking comment on the attached proposed rule, which would amend the system for risk-based assessments and change assessment rates. Comments on the proposed rule are due by November 17, 2008. www.fdic.gov/news/news/financial/2008/fil08106.html 

October 20, 2008 - Governor Randall S. Kroszner - Strategic Risk Management in an Interconnected World - At the Risk Management Association Annual Risk Management Conference, Baltimore, Maryland.  www.federalreserve.gov/newsevents/speech/kroszner20081020a.htm 

October 20, 2008 - Chairman Ben S. Bernanke - Economic outlook and financial markets - Before the Committee on the Budget, U.S. House of Representatives.   www.federalreserve.gov/newsevents/testimony/bernanke20081020a.htm 

October 20, 2008 - Agencies Encourage Participation in Treasury's Capital Purchase Program, FDIC's Temporary Liquidity Guarantee Program - The federal banking and thrift regulatory agencies encourage all eligible institutions to use the Treasury Department's Capital Purchase Program and the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. On October 14, 2008, the U.S. government announced a series of initiatives to strengthen market stability, improve the strength of financial institutions, and enhance market liquidity.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20081020a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08103.html 
Press Release: www.occ.treas.gov/ftp/release/2008-125.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=1ae6d144-1e0b-8562-ebc5-a0472270ff7d&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

October 20, 2008 - On October 20, 2008, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20081020a.htm 

October 17, 2008 - Economist Discusses Fresh Water Issues - In his recent blog, the Chicago Fed's William Testa talks about upcoming conference on Great Lakes' resources. http://midwest.chicagofedblogs.org/archives/2008/10/gl_water_future.html 

October 17, 2008 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2008-123.htm 

October 17, 2008 - Proposals for Comment - Proposals to approve under OMB delegated authority the extension for three years, without revision, of the following reports: Recordkeeping 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#icp 

October 17, 2008 - Federal Open Market Committee - Historical materials, 1967-1977.  www.federalreserve.gov/monetarypolicy/fomc_historical.htm 

October 17, 2008 - Agencies Announce Decision on Regulatory Capital Impact of Emergency Economic Stabilization Act of 2008 on Fannie Mae and Freddie Mac Preferred Stock - The federal banking and thrift regulatory agencies announced today that they will allow banks, bank holding companies, and thrifts to recognize the effect of the tax change enacted in Section 301 of the Emergency Economic Stabilization Act of 2008 in their third quarter 2008 regulatory capital calculations.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20081017a.htm 
Press Release: www.occ.treas.gov/ftp/release/2008-124.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08102.html
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=0c2cc723-1e0b-8562-eb3e-51bddd201475&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

October 16, 2008 - The Federal Reserve Board on Thursday announced the adoption of an interim final rule that will allow bank holding companies to include in their Tier 1 capital without restriction the senior perpetual preferred stock issued to the Treasury Department under the capital purchase program announced by the Treasury on October 14, 2008. Treasury established the capital purchase program under the Emergency Economic Stabilization Act of 2008, which became law on October 3, 2008. www.federalreserve.gov/newsevents/press/bcreg/20081016b.htm 

October 16, 2008 - High Desert Federal Credit Union Placed Into Conservatorship - High Desert Federal Credit Union is Open and Operating, Member Accounts are Safe and Federally Insured www.ncua.gov/news/press_releases/2008/MR08-1016.htm
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October 16, 2008 - NCUA Approves Corporate Credit Union Loan Guarantee Program - The National Credit Union Administration Board today approved a temporary corporate credit union liquidity guarantee program that will operate from October 16, 2008, through June 30, 2009. www.ncua.gov/news/press_releases/2008/MA08-1016.htm 

October 16, 2008 - OCC Deputy Comptroller for International Banking Supervision Addresses the International Association of Insurance Supervisors - Deputy Comptroller for International Banking Supervision Delora Jee today addressed the International Association of Insurance Supervisors. Ms. Jee spoke about credit risk transfer and other financial market issues studied by the Joint Forum, an international group that brings together senior supervisors of the insurance, securities and banking sectors. www.occ.treas.gov/ftp/release/2008-122.htm 

October 16, 2008 - Identity Theft Red Flags, Address Discrepancies, and Change of Address Regulations Examination Procedures - The FDIC has issued the attached examination procedures on identity theft "red flags," address discrepancies, and change of address requests. www.fdic.gov/news/news/financial/2008/fil08105.html 

October 16, 2008 - Trust Examination Manual Revised FDIC Trust Examination Manual is Available - The FDIC has updated its Trust Examination Manual and is making it available to the public on its Web site and in CD-ROM format. www.fdic.gov/news/news/financial/2008/fil08104.html 

October 16, 2008 - Temporary Liquidity Guarantee Program FDIC Announces Temporary Program to Encourage Liquidity and Confidence in the Banking System - On October 14, 2008, the FDIC announced the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system. The new program will (1) guarantee newly issued senior unsecured debt of eligible institutions, including FDIC-insured banks and thrifts, as well as certain holding companies, and (2) provide full deposit insurance coverage for non-interest bearing deposit transaction accounts in FDIC-insured institutions, regardless of the dollar amount. www.fdic.gov/news/news/financial/2008/fil08103.html 

October 16, 2008 - FDIC Announces Series of Banker Calls on Its Temporary Liquidity Guarantee Program Launches Dedicated Web Page for the Program - Beginning today, the Federal Deposit Insurance Corporation will hold the first in a series of conference calls with the banking industry to answer technical questions regarding the newly announced Temporary Liquidity Guarantee Program. Today's call will commence at 2 p.m. Eastern and will run for one hour. www.fdic.gov/news/news/press/2008/pr08101.html 

October 16, 2008 - Consolidated Supervision of Bank Holding Companies and the Combined U.S. Operations of Foreign Banking Organizations - The continuing growth in the size and complexity of many banking organizations exposes these firms to a wide array of potential risks, while at the same time making it more challenging for a single supervisor to have a complete view of firmwide risks and controls. In response to these trends, and to better fulfill both its responsibilities as consolidated supervisor and its other central bank objectives, the Federal Reserve continues to refine and enhance its programs for the consolidated supervision of bank holding companies and the combined U.S. operations of foreign banking organizations. www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0809.htm 

October 16, 2008 - Compliance Risk Management Programs and Oversight at Large Banking Organizations with Complex Compliance Profiles - In recent years, banking organizations have greatly expanded the scope, complexity, and global nature of their business activities. At the same time, compliance requirements associated with these activities have become more complex. As a result, organizations have confronted significant risk management and corporate governance challenges, particularly with respect to compliance risks that transcend business lines, legal entities, and jurisdictions of operation. www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0808.htm 

October 16, 2008 - The Federal Reserve Board on Thursday announced its approval of the proposal by Caja de Ahorros y Monte de Piedad de Madrid and Caja Madrid Cibeles S.A., both of Madrid, Spain, and CM Florida Holdings, Inc., Coral Gables, Florida, to acquire 83 percent of the voting securities of City National Bancshares, Inc. and thereby acquire control of its subsidiary bank, City National Bank of Florida, both of Miami, Florida. www.federalreserve.gov/newsevents/press/orders/20081016a.htm 

October 16, 2008 - The Federal Reserve on Thursday issued enhanced guidance that refines and clarifies its programs for the consolidated supervision of bank holding companies and the combined U.S. operations of foreign banking organizations. The Federal Reserve also released guidance clarifying supervisory expectations with respect to firmwide compliance risk management. www.federalreserve.gov/newsevents/press/bcreg/20081016a.htm 

October 16, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Alliance Bancshares California, a registered bank holding company, and the Federal Reserve Bank of San Francisco. www.federalreserve.gov/newsevents/press/enforcement/20081016b.htm 

October 16, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among AmericasBank, Towson, Maryland, a state chartered member bank, the Federal Reserve Bank of Richmond, and the Maryland Division of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20081016a.htm 

October 15, 2008 - Profitwise News and Views Now Online - Issue looks at strategies for improving economic mobility of workers. - In November 2007, the Chicago Fed, in partnership with Upjohn Institute for Employment Research, co-hosted a conference that opened the door to an informative dialogue on how to promote economic opportunities for disadvantaged workers. www.chicagofed.org/community_development/profitwise_news_and_views.cfm 

October 15, 2008 - Fair Credit Reporting Act: Additions to FCRA Examinations Procedures - Updated procedures address affiliate marketing, opt-out notices to limit solicitations, duties of credit report users regarding address discrepancies, duties of credit card issuers regarding changes of address, and identity theft prevention. http://www.occ.treas.gov/ftp/bulletin/2008-28.html

October 15, 2008 - Interest on Required Reserve Balances and Excess Balances - Maintenance period ending on October 15, 2008 - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204). www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

October 15, 2008 - NCUA to Hold Eighth Annual Budget Briefing and Public Forum - The National Credit Union Administration will hold its eighth annual Budget Briefing and Public Forum in October. Executive Director Len Skiles will introduce the proposed 2009 budget and the public is invited to attend and provide input. www.ncua.gov/news/press_releases/2008/MA08-1015.htm 

October 15, 2008 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/FOMC/BeigeBook/2008/Default.htm 

October 15, 2008 - Speech by Chairman Ben S. Bernanke - Stabilizing the Financial Markets and the Economy.   www.federalreserve.gov/newsevents/speech/bernanke20081015a.htm 

October 14, 2008 - Comptroller of the Currency Issues Statement on U.S. Banking Plan - Comptroller of the Currency John C. Dugan issued the following statement regarding plans to strengthen the U.S. banking and financial system. www.occ.treas.gov/ftp/release/2008-121.htm 

October 14, 2008 - FDIC Announces Plan to Free Up Bank Liquidity Creates New Program to Guarantee Bank Debt and Fully Insure Non-Interest Bearing Deposit Transaction Accounts - The Federal Deposit Insurance Corporation announces a new program-the Temporary Liquidity Guarantee Program-to strengthen confidence and encourage liquidity in the banking system by guaranteeing newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and by providing full coverage of non-interest bearing deposit transaction accounts, regardless of dollar amount. www.fdic.gov/news/news/press/2008/pr08100.html 

October 14, 2008 - FOMC authorizes an increase in the size of its temporary reciprocal currency arrangement with the Bank of Japan - The Federal Open Market Committee has authorized an increase in the size of its temporary reciprocal currency arrangement (swap line) with the Bank of Japan, so that the Bank of Japan can provide U.S. dollar funding in quantities sufficient to meet demand. www.federalreserve.gov/newsevents/press/monetary/20081014d.htm 

October 14, 2008 - Minutes of Board discount rate meetings, August 18 through September 15, 2008.   www.federalreserve.gov/newsevents/press/monetary/20081014c.htm 

October 14, 2008 - The Federal Reserve Board on Tuesday announced additional details regarding the Commercial Paper Funding Facility, including that it would begin funding purchases of commercial paper on October 27, 2008. www.federalreserve.gov/newsevents/press/monetary/20081014b.htm 

October 14, 2008 - Joint statement by Federal Reserve, U.S. Department of the Treasury, and Federal Deposit Insurance Corporation - The following statement was made by Treasury Secretary Henry M. Paulson, Jr, Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila C. Bair:
www.federalreserve.gov/newsevents/press/monetary/20081014a.htm 

October 14, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Irwin Financial Corporation, Columbus, Indiana, a registered bank holding company, Irwin Union Bank and Trust Company, Columbus, Indiana, a state chartered member bank, the Federal Reserve Bank of Chicago, and the Indiana Department of Financial Institutions. www.federalreserve.gov/newsevents/press/enforcement/20081014a.htm
 
October 13, 2008 - Federal Reserve and other central banks announce further measures to provide broad access to liquidity and funding to financial institutions - In order to provide broad access to liquidity and funding to financial institutions, the Bank of England, the European Central Bank, the Federal Reserve, the Bank of Japan, and the Swiss National Bank are jointly announcing further measures to improve liquidity in short-term U.S. dollar funding markets. www.federalreserve.gov/newsevents/press/monetary/20081013a.htm 

October 12, 2008 - The Federal Reserve Board on Sunday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by Wells Fargo & Company, San Francisco, California, to acquire Wachovia Corporation and its subsidiary banks, Wachovia Bank, National Association, both of Charlotte, North Carolina, and Wachovia Bank Delaware, National Association, Wilmington, Delaware, and the nonbanking subsidiaries of Wachovia Corporation. www.federalreserve.gov/newsevents/press/orders/20081012a.htm 

October 10, 2008 - National Bank Acquires All the Deposits of Meridian Bank, Eldred, Illinois - Meridian Bank, Eldred, Illinois, was closed today by the Illinois Department of Financial Professional Regulation-Division of Banking, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC approved the assumption of all the deposits of Meridian Bank by National Bank, Hillsboro, Illinois. www.fdic.gov/news/news/press/2008/pr08099.html 

October 10, 2008 - Monroe Bank & Trust Acquires All the Deposits of Main Street Bank, Northville, Michigan - Main Street Bank, Northville, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC approved the assumption of all the deposits of Main Street Bank, by Monroe Bank & Trust, Monroe, Michigan. www.fdic.gov/news/news/press/2008/pr08098.html 

October 10, 2008 - NCUA General Counsel Opinion 08-0735 - Permissible Arrangements Involving ATM Providers.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0735.pdf 

October 10, 2008 - NCUA General Counsel Opinion 08-0843 - Secure and Fair Enforcement for Mortgage Licensing Act of 2008.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0843.pdf 

October 10, 2008 - Interagency Examination Procedures for the Identity Theft Red Flags and Other Regulations under the Fair Credit Reporting Act.   www.federalreserve.gov/boarddocs/srletters/2008/SR0807.htm 

October 10, 2008 - FDIC Simplifies Coverage Rules for Mortgage Servicing Accounts - The FDIC Board of Directors today adopted an interim final rule, effective immediately, to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers. www.fdic.gov/news/news/press/2008/pr08097.html 

October 9, 2008 - Statement on the efforts of Citigroup and Wells Fargo to reach an accord regarding the acquisition of Wachovia Corporation www.federalreserve.gov/newsevents/press/bcreg/20081009a.htm 
_______________________

October 9, 2008 - Explaining the decline in the auction rate securities market - Adrian D'Silva Haley Gregg David Marshall - Auction rate securities are an example of a relatively obscure financial market instrument that has been caught up in the recent negative sentiment affecting the financial markets. This article examines these securities and sheds some light on recent events. www.chicagofed.org/publications/fedletter/cflnovember2008_256.pdf 

October 9, 2008 - Navigating the New World of Private Equity - A conference summary - William Mark Steven VanBever - The Federal Reserve System's Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed in 2000 shortly after the passage of the Gramm-Leach-Bliley Act, sponsors an annual conference on new industry developments. www.chicagofed.org/publications/fedletter/cflnovember2008_256a.pdf 

October 8, 2008 - Approval of the discount rate action of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, Dallas, San Francisco, and St. Louis.  www.federalreserve.gov/newsevents/press/monetary/20081008b.htm 

October 8, 2008 - The Connection Between House Price Appreciation and Property Tax Revenues - Byron F. Lutz - This paper explores two aspects of the connection between property tax revenues and house prices. First, I estimate the elasticity of property tax revenues with respect to house prices. This elasticity does not necessarily equal one as governments may adjust effective tax rates to offset changes in property values. www.federalreserve.gov/pubs/feds/2008/200848/200848pap.pdf 

October 8, 2008 - Productivity, Aggregate Demand and Unemployment Fluctuations - Regis Barnichon - Abstract: This paper presents new empirical evidence on the cyclical behavior of US unemployment that poses a challenge to standard search and matching models. The correlation between cyclical unemployment and the cyclical component of labor productivity switched sign in the mid 80s: from negative it became positive, while standard search models imply a negative correlation. www.federalreserve.gov/pubs/feds/2008/200847/200847pap.pdf 

October 8, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/default.htm 

October 8, 2008 - The Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group, under section 13(3) of the Federal Reserve Act. www.federalreserve.gov/newsevents/press/other/20081008a.htm 

October 8, 2008 - Shared National Credits Program1 Reports Large Increase in Credit Volume and Significant Deterioration in Credit Quality - The volume of Shared National Credits,2 loan commitments of $20 million or more and held by three or more federally supervised institutions, rose 22.6 percent to $2.8 trillion, and the volume of criticized credits increased to $373.4 billion, or 13.4 percent of the SNC portfolio, according to the 2008 SNC review results released today by federal bank and thrift regulators. www.federalreserve.gov/newsevents/press/bcreg/20081008a.htm 

October 8, 2008 - Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets. www.federalreserve.gov/newsevents/press/monetary/20081008a.htm 

October 7, 2008 - Agencies Seek Public Comment on Proposed Rulemaking to Lower Risk Weights for Claims on, or Guaranteed by, Fannie Mae and Freddie Mac - The federal bank and thrift regulatory agencies announced today that they will request public comment on a joint notice of proposed rulemaking to allow a banking organization to assign a 10 percent risk weight to claims on, and portions of claims guaranteed by, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.  www.federalreserve.gov/newsevents/press/bcreg/20081007a.htm 

October 7, 2008 - Statistical Supplement to the Federal Reserve Bulletin - September 2008.   www.federalreserve.gov/pubs/supplement/2008/09/default.htm 

October 7, 2008 - OCC Deputy Comptroller for Community Affairs Addresses the Summit on Housing - Deputy Comptroller for Community Affairs Barry Wides highlighted community stabilization in the foreclosure crisis on a panel today of the Summit on Housing: Partnering for Responsible Policy sponsored by the Department of Housing and Urban Development and the Department of Treasury. www.occ.treas.gov/ftp/release/2008-118.htm 

October 7, 2008 - FDIC Board Adopts Restoration Plan -- Proposes Higher Assessments on Insured Banks - Also, Proposes Improvements to the Risk-based Assessment System - The Board of Directors of the Federal Deposit Insurance Corporation today voted to adopt a restoration plan accompanied by a notice of proposed rulemaking that would increase the rates banks pay for deposit insurance, while at the same time making adjustments to the system that determines what rate a bank pays the FDIC. www.fdic.gov/news/news/press/2008/pr08094.html 

October 7, 2008 - Emergency Economic Stabilization Act of 2008 Temporarily Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per Depositor - On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009. www.fdic.gov/news/news/press/2008/pr08093.html 

October 7, 2008 - Central banks recently announced coordinated actions to expand the provision of U.S. dollar liquidity. Today, the central banks are announcing schedules for term and forward auctions of U.S. dollar liquidity conducted during the fourth quarter of this year. These schedules include dates of any 28-day and 84-day term auctions and two preliminary dates for any forward auctions of U.S. dollar liquidity over the year-end. Scheduling of the forward auctions is still tentative and may be adjusted in response to financial market conditions. www.federalreserve.gov/newsevents/press/monetary/20081007b.htm 

October 7, 2008 - Board announces creation of the Commercial Paper Funding Facility to help provide liquidity to term funding markets - The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility, a facility that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle that will purchase three-month unsecured and asset-backed commercial paper directly from eligible issuers. www.federalreserve.gov/newsevents/press/monetary/20081007c.htm 

October 7, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on September 16, 2008. www.federalreserve.gov/newsevents/press/monetary/20081007a.htm 

October 7, 2008 - Federal Reserve announces results of auction of $150 billion in 85-day credit held on October 6, 2008.   www.federalreserve.gov/newsevents/press/monetary/20081007d.htm 

October 6, 2008 - The Federal Reserve Board on Monday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act by Mitsubishi UFJ Financial Group, Inc., Tokyo, Japan, to acquire up to 24.9 percent of the voting shares of Morgan Stanley, New York, New York, and to acquire an indirect interest in Morgan Stanley's subsidiary bank, Morgan Stanley Bank, National Association, Salt Lake City, Utah; subsidiary savings association, Morgan Stanley Trust, Jersey City, New Jersey; and subsidiary trust company, Morgan Stanley Trust National Association, Wilmington, Delaware. www.federalreserve.gov/newsevents/press/orders/20081006a.htm 

October 6, 2008 - NCUA - N&W Poca Division Federal Credit Union Closes - The National Credit Union Administration placed N&W Poca Division Federal Credit Union of Bluefield, West Virginia, into liquidation October 3, 2008. www.ncua.gov/news/press_releases/2008/MR08-1006.htm 

October 6, 2008 - NCUA - TEXDOT-WF Credit Union Closes; Members Now Served by Postal Family Credit Union - The National Credit Union Administration announces today that Postal Family Credit Union, of Wichita Falls, Texas, has purchased the assets and assumed member shares of the recently liquidated TEXDOT-WF Credit Union of Wichita Falls, Texas. www.ncua.gov/news/press_releases/2008/MR08-1003b.htm 

October 6, 2008 - NCUA Revises Insurance Coverage on Revocable Trust Accounts - The NCUA Board today adopted changes to simplify the rule determining the coverage available on revocable trust accounts - commonly called payable-on-death accounts or living trust accounts. www.ncua.gov/news/press_releases/2008/MR08-1003a.htm 

October 6, 2008 - Truth in Lending Act - Regulation Z: Revised Examination Procedures - Revised examination procedures reflect changes to Regulation Z that simplify and clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. www.occ.treas.gov/ftp/bulletin/2008-27.html 

October 6, 2008 - St. Louis Fed Study Argues U.S. Income Inequality Is Not So Bad - Many people view income inequality as a social ill, but public policies that seek to redistribute wealth would probably result in lower economic growth for everyone. That's one point emphasized by economist Thomas A. Garrett in the October issue of The Regional Economist, the quarterly journal of business and economic issues published by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/10_06_08.html 

October 6, 2008 - St. Louis Fed Releases Latest Issue of Regional Economic Development - The Federal Reserve Bank of St. Louis recently released the October edition of Regional Economic Development, the St. Louis Fed's journal of local and regional economic development issues. Published infrequently, the series includes research from Federal Reserve economists. www.stlouisfed.org/news/releases/2008/10_06_08a.html 

October 6, 2008 - Deposit Insurance Coverage Temporary Increase in Coverage - On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009. www.fdic.gov/news/news/financial/2008/fil08102.html 

October 6, 2008 - Letter to a bank granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) for certain asset purchases by the bank from its affiliated money market mutual funds. www.federalreserve.gov/BoardDocs/LegalInt/FederalReserveAct/2008/20081006/20081006.pdf 

October 6, 2008 - Federal Reserve will offer $150 billion in 85-day credit through its Term Auction Facility today - On October 6, 2008, the Federal Reserve will offer $150 billion in 85-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.   www.federalreserve.gov/newsevents/press/monetary/20081006b.htm 

October 6, 2008 - Board announces that it will begin to pay interest on depository institutions' required and excess reserve balances - The Federal Reserve Board on Monday announced that it will begin to pay interest on depository institutions' required and excess reserve balances. The payment of interest on excess reserve balances will give the Federal Reserve greater scope to use its lending programs to address conditions in credit markets while also maintaining the federal funds rate close to the target established by the Federal Open Market Committee. www.federalreserve.gov/newsevents/press/monetary/20081006a.htm

October 3, 2008 - NCUA - Chairman Fryzel Statement On Passage Of The Emergency Economic Stabilization Act.   www.ncua.gov/news/press_releases/2008/MA08-1003.htm 

October 3, 2008 - Responding to Disasters: Supervisory Guidance - Reminds banks that they have discretion to decide whether to open or close during a natural disaster or other emergency, and encourages banks to work with affected borrowers. www.occ.treas.gov/ftp/bulletin/2008-26.html

October 3, 2008 - Statement by the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency - A new proposal to acquire Wachovia has emerged from Wells Fargo. www.occ.treas.gov/ftp/release/2008-117.htm 

October 3, 2008 - FDIC Chairman Bair Comments on Enactment of Financial Rescue Package.  www.fdic.gov/news/news/press/2008/pr08092.html 

October 3, 2008 - 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 2008. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. www.fdic.gov/news/news/press/2008/pr08091.html 

October 3, 2008 - FDIC Chairman Sheila Bair Comments on Agreement to Merge by Wells Fargo and Wachovia.   www.fdic.gov/news/news/press/2008/pr08090.html 

October 3, 2008 - Statement by the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency - A new proposal to acquire Wachovia has emerged from Wells Fargo. The Citigroup proposal has undergone extensive review by the Federal Reserve and the Office of the Comptroller of the Currency. www.federalreserve.gov/newsevents/press/bcreg/20081003a.htm 

October 3, 2008 - Statement by Chairman Bernanke on action taken by Congress.   www.federalreserve.gov/newsevents/press/other/20081003a.htm  ________________________

October 2, 2008 - Extension of CRA Consideration Period for Community Development Activities in Hurricanes Rita and Katrina Disaster Areas for an Additional 36 Months.  www.federalreserve.gov/boarddocs/caletters/2008/0809/caltr0809.htm 

October 2, 2008 - NCUA Charters New Texas Credit Union - The National Credit Union Administration has issued a new federal charter for Oak Cliff Christian Federal Credit Union in Dallas, Texas. www.ncua.gov/news/press_releases/2008/MA08-1002.htm

October 2, 2008 - The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against John H. Lohmeier, a former Senior Vice-President, trust officer and institution-affiliated party of Hinsbrook Bank & Trust, Oakbrook, Illinois. www.federalreserve.gov/newsevents/press/enforcement/20081002a.htm 

October 1, 2008 - OCC Announces New Electronic Interpretations and Actions - September 2008.  www.occ.treas.gov/interp/sep08/intsep08.htm 

October 1, 2008 - Banking Department and FDIC Lift Order Against Bank of Tokyo-Mitsubishi UFJ Trust Company - Bank of Tokyo-Mitsubishi UFJ Trust Company Meets Required Anti-Money Laundering and Bank Secrecy Act Standards.  www.fdic.gov/news/news/press/2008/pr08089.html 

October 1, 2008 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. Offices located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other U.S.-affiliated insular areas are excluded. The first report lists the offices by institution type. The second report is by the home country of the foreign bank. www.federalreserve.gov/releases/iba/default.htm 

October 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates (Monthly).  www.federalreserve.gov/releases/g5/current/ 

October 1, 2008 - The Federal Reserve Board announced on Wednesday the termination of the enforcement action listed: Mitsubishi UFJ Financial Group, Inc., Tokyo, Japan, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo, Japan, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, New York, New York.  Written Agreement dated December 18, 2006 Terminated September 29, 2008.  www.federalreserve.gov/newsevents/press/enforcement/20081001b.htm 

October 1, 2008 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Warren Bancorp, Inc., a registered bank holding company, Warren Bank, a state-chartered member bank, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation. www.federalreserve.gov/newsevents/press/enforcement/20081001a.htm 

 

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