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

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Bank Regulatory News

September 2005

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September 30, 2005 - All Hurricane Rita Affected Credit Unions Operational - The fifty federally insured credit unions with assets totaling $1.9 billion that were temporarily closed due to Hurricane Rita are all now reporting operational status in Louisiana and Texas. Even though some credit unions may be operating from back-up sites, members should have access to their funds. www.ncua.gov/news/press_releases/2005/NR05-0930.htm 

September 30, 2005 - OCC Releases Quarterly Journal, Vol. 24, No. 3 (September 2005) on the Web - Includes second quarter 2005 condition and performance tables; special supervision and enforcement, licensing decisions; appeals; links to speeches, testimony, and interpretations; and corporate structure data. www.occ.treas.gov/qj/qj.htm 

September 30, 2005 - OCC Reports Derivatives Volume Tops $96 Trillion - Derivatives held by U.S. commercial banks increased by $5.1 trillion in the second quarter of 2005, to $96.2 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=MC44FU0H.xml 
Attachment: www.occ.treas.gov/ftp/deriv/dq205.pdf 

September 30, 2005 - Country Exposure Lending Survey /1: June 30, 2005 - Table I. Claims On Foreign Borrowers Held by U.S. Banks - Transfer Risk Claims (Includes Adjustments to Reflect Guarantees and Indirect Borrowings) www.ffiec.gov/pdf/e16/e16_200506.pdf 

September 30, 2005 - FRB Statistical Release - E.15 Agricultural Finance Databook - The contents of each edition of the databook are as follows:
Section A: Amount and Characteristics of Farm Loans Made by Commercial Banks, Section
B: Selected Statistics from the Quarterly Reports of Condition of Commercial Banks, Section
C: Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.
www.federalreserve.gov/Releases/E15/default_2005.htm 

September 30, 2005 - Banking Structure - Financial Holding Companies -Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/generalinfo/fhc/default.htm 

September 30, 2005 - Banking Agencies Announce Revised Plan for Implementation of Basel II Framework - The four Federal banking agencies today announced their revised plans for the U.S. implementation of the "International Convergence of Capital Measurement and Capital Standards: A Revised Framework," otherwise known as Basel II.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050930/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr9805.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=VVGUAMFR.xml 
Press Release: www.ots.treas.gov/docs/7/77535.html 

September 30, 2005 - NCUA - Credit Union Workshops Announced in New York, NY and Boston, MA.   www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

September 29, 2005 - Governor Donald L. Kohn- Inflation Modeling: A Policymaker's Perspective At the Quantitative Evidence on Price Determination Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050929/default.htm
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September 29, 2005 - FRB Statistical Release - G.20 Finance Companies. www.federalreserve.gov/Releases/G20/Current/default.htm 

September 29, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson Regarding The President's Intention To Nominate Gigi Hyland To NCUA Board.   www.ncua.gov/news/press_releases/2005/ST05-0929.htm 

September 29, 2005 - Federal Reserve Bank of San Francisco to Relocate Portland Branch into Leased Space - The Federal Reserve Bank of San Francisco today announced plans to relocate its branch staff into leased space at 1500 SW First Avenue in downtown Portland and put its building at 915 SW Stark Street on the market for sale later this year. www.frbsf.org/news/releases/2005/0929.html 

September 29, 2005 - "Stroke-of-the-Pen" Risks are a Potential Concern for Banks: FDIC Report Examines Implications of Policy Changes Outside of Bank Regulation - Policy changes that originate outside of bank regulation represent a special class of risks to depository institutions, according to the Fall 2005 edition of FDIC Outlook. www.fdic.gov/news/news/press/2005/pr9705.html 

September 29, 2005 - The Federal Reserve Board announced Thursday that the Consumer Advisory Council will hold its next meeting on Thursday, October 27. 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. www.federalreserve.gov/boarddocs/press/other/2005/20050929/ 

September 28, 2005 - NCUA to Hold Fifth Budget Briefing and Public Forum October 19 - National Credit Union Administration announced today that the agency's fifth annual Budget Briefing and Public Forum is scheduled for Wednesday, October 19 at 10:00 a.m. in the NCUA's Alexandria headquarters Board room. Conducted by NCUA Executive Director Len Skiles, the briefing will introduce the proposed 2006 budget to stakeholders and invite public input and comment. www.ncua.gov/news/press_releases/2005/NR05-0928.htm 

September 28, 2005 - OCC Announces New Electronic Interpretations and Actions - September 2005.  www.occ.treas.gov/interp/sep05/intsep05.htm

September 28, 2005 - OCC Releases CRA Evaluations For 35 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 August 15, 2005 through September 14, 2005. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=35UDGH6U.xml 

September 28, 2005 - Agencies Announce Orders Exempting Bank Transfer Agents Affected by Hurricane Katrina - The federal banking agencies today announced the issuance of orders granting emergency relief to bank transfer agents affected by Hurricane Katrina. The orders cover national banks, state member banks, state nonmember banks, bank holding companies, and bank subsidiaries.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050928/default.htm 
Press Release: www.fdic.gov/news/news/press/2005/pr9605.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=WLJ5BO9X.xml 

September 28, 2005 - Vice Chairman Roger W. Ferguson, Jr. - U.S. currency - At the unveiling of the new $10 note design, New York, New York.  www.federalreserve.gov/boarddocs/speeches/2005/20050928/default.htm 

September 28, 2005 - The Federal Reserve Board on Wednesday announced the issuance of an Order of Prohibition against Jessica Faris, a former employee and institution-affiliated party of SunTrust Bank, Atlanta, Georgia. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050928/default.htm 

September 28, 2005 - FDIC Makes Public August 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 August. www.fdic.gov/news/news/press/2005/pr9505.html 

September 27, 2005 - NCUA - October 2005 NCUA Newsletter is available. www.ncua.gov/news/newsletter/NCUA/05October.pdf 

September 27, 2005 - Regulatory Relief Guidance to Assist Financial Institutions in Responding to Hurricane Rita - The FDIC recognizes that the damage caused by Hurricane Rita may affect the operations of financial institutions and their ability to meet the needs of their communities. In the wake of Hurricane Katrina, the Federal Deposit Insurance Corporation issued a series of Financial Institution Letters providing guidance to facilitate the recovery process and to provide regulatory relief. www.fdic.gov/news/news/financial/2005/fil9705.html 

September 27, 2005 - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets of $300 Million or More, Ranked by Consolidated Assets as June 30, 2005. www.federalreserve.gov/Releases/lbr/current/default.htm 

September 27, 2005 - Chairman Alan Greenspan - Economic flexibility To the National Association for Business Economics Annual Meeting, Chicago, Illinois. www.federalreserve.gov/boarddocs/speeches/2005/20050927/default.htm 

September 26, 2005 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting each of the following individuals from participating in any manner in the affairs of federally insured financial institutions.  www.ncua.gov/news/press_releases/2005/NR05-0926-4.htm 

September 26, 2005 - National Credit Union Administration Issues Civil Money Penalties - The National Credit Union Administration has issued orders of assessment of civil money penalties against 16 federally insured credit unions for late submissions of data required by the Home Mortgage Disclosure Act.  www.ncua.gov/news/press_releases/2005/NR05-0926-3.htm 

September 26, 2005 - Comptroller Dugan Tells Bankers that Long Fight to Shed Outdated Laws Promoted Innovation and Broad Range of New Consumer Products and Services - Comptroller of the Currency John C. Dugan said in a speech today that both consumers and banks have benefited from the long fight to shed outdated laws and regulations, and he expressed pride in the role he played in those efforts.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=GXQOBE6Z.xml 
Attachment: www.occ.treas.gov/ftp/release/2005-95a.pdf 

September 26, 2005 - FDIC Chairman Says Action at Federal Level Needed to Preserve Healthy Dual Banking System - Voicing concern about the future of the dual U.S. banking system, FDIC Chairman Donald E. Powell today called for action at the federal level to preserve healthy federal and state banking systems. www.fdic.gov/news/news/press/2005/pr9405.html 

September 26, 2005 - Monetary Policy and House Prices: A Cross-Country Study - Alan G. Ahearne; John Ammer; Brian M. Doyle; Linda S. Kole; Robert F. Martin - This paper examines periods of pronounced rises and falls of real house prices since 1970 in eighteen major industrial countries, with particular focus on the lessons for monetary policy. www.federalreserve.gov/pubs/ifdp/2005/841/ifdp841.pdf 

September 26, 2005 - Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences - Alan Greenspan and James Kennedy - Since 1997, when the Department of Housing and Urban Development discontinued its quarterly gross mortgage flow system, there has been no systematic attempt to disaggregate the net change in outstanding home mortgage debt into its constituent gross flows. www.federalreserve.gov/pubs/feds/2005/200541/200541pap.pdf 

September 26, 2005 - Chairman Alan Greenspan - Mortgage banking - To the American Bankers Association Annual Convention, Palm Desert, California.  www.federalreserve.gov/boarddocs/speeches/2005/200509262/default.htm 

September 26, 2005 - The Federal Reserve Board on Monday announced the termination of the enforcement for First State Bank of Warner, Warner, S. Dak., Midwest Banc Holdings, Inc., Melrose Park, Ill. and Midwest Bank and Trust Company, Elmwood Park, Ill.  www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050926/default.htm 

September 26, 2005 - NCUA General Counsel Opinion 05-0723 - Denial of Services to Joint Share Account Owners.  www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0723.pdf 

September 26, 2005 - NCUA Activates Disaster Assistance in Response to Hurricane Rita - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and their members repair and rebuild in areas where offices and homes were damaged by Hurricane Rita. www.ncua.gov/news/press_releases/2005/NR05-0926-2.htm 

September 26, 2005 - Governor Susan Schmidt Bies - Basel II Developments in the United States - Before the Institute of International Bankers, Washington, D.C.  www.federalreserve.gov/boarddocs/speeches/2005/20050926/default.htm 

September 23, 2005 - NCUA And Export-Import Bank of the US sign Memorandum of Cooperation - The National Credit Union Administration and the Export-Import Bank of the United States signed a memorandum of cooperation focusing on strengthening financing support for America's small businesses. www.ncua.gov/news/press_releases/2005/NR05-0926.htm 

September 23, 2005 - NCUA - Savings of Account Holders Affected by Hurricane Rita are Insured. If you are a member of a credit union located in the states most affected by Hurricane Rita - Louisiana or Texas - please be assured that your funds are federally insured by the National Credit Union Administration www.ncua.gov/news/press_releases/2005/PSA05-0923.htm 

September 23, 2005 - NCUA - 5300 Reporting Guidance - The United States Post Offices in New Orleans, Louisiana and in cities primarily to the south and east of New Orleans have currently suspended mail delivery operations. In addition, there are other federally insured credit unions located in areas affected by Hurricane Katrina with available mail service that may need additional time to submit an accurate 5300 Call Report due to ongoing challenges related to the aftermath of the hurricane. www.ncua.gov/news/press_releases/2005/NR05-0923-2.htm 

September 23, 2005 - NCUA - Dallas Access Across America Summit Postponed - The National Credit Union Administration announced today the Access Across America Economic Empowerment Summit scheduled for Dallas on October 12, is postponed due to the expected hurricane effects on Texas. www.ncua.gov/news/press_releases/2005/NR05-0923.htm 

September 23, 2005 - Chief Counsel and First Deputy Comptroller Julie L. Williams Testifies before House Committee on Financial Services on Regulatory Relief and support to Katrina Recovery Efforts. 
www.occ.treas.gov/ftp/release/2005_923_oral.pdf 
www.occ.treas.gov/ftp/release/2005_923_testimony.pdf 

September 23, 2005 - Federal Reserve Bulletin - All articles, legal developments, and announcements from the Summer 2005 issue.  www.federalreserve.gov/pubs/bulletin/2005/05summerbulletin.htm 

September 23, 2005 - Risk, Uncertainty, and Asset Prices - Geert Bekaert, Eric Engstrom, and Yuhang Xing - We identify the relative importance of changes in the conditional variance of fundamentals (which we call "uncertainty") and changes in risk aversion ("risk" for short) in the determination of the term structure, equity prices, and risk premiums. www.federalreserve.gov/pubs/feds/2005/200540/200540pap.pdf 

September 23, 2005 - Do Nonfinancial Firms Use Interest Rate Derivatives to Hedge? - Daniel Covitz and Steven A. Sharpe - We compile and analyzed detailed information on the debt structure and interest rate derivative positions of nonfinancial firms in 2000 and 2002. We find that differences in debt structure across firms and time tend to be counterbalanced by difference in derivative positions. www.federalreserve.gov/pubs/feds/2005/200539/200539pap.pdf 

September 23, 2005 - How Biased are Measures of Cyclical Movements in Productivity and Hours? - Stephanie Aaronson and Andrew Figura - The movement of hours worked over the business cycle is an important input into the estimation of many key parameters in macroeconomics. Unfortunately, the available data on hours do not correspond precisely to the concept required for accurate inference. www.federalreserve.gov/pubs/feds/2005/200538/200538pap.pdf 

September 23, 2005 - NCUA and other FFIEC agencies issue Frequently Asked Questions on Residential Tract Development Lending.  www.ncua.gov/letters/2005/CU/05-CU-12-Encl.pdf 

September 23, 2005 - Conference Attracts Bankers, Community Groups and Public Officials to Bring Hispanic Immigrants "Into the Mainstream" of Financial Services - With about 130,000 Hispanics living in Kentucky-and that number growing steadily-the opportunities to market financial services to them are wide open. Many bankers, however, aren't participating fully in this untapped market because of barriers such as language, culture and education. www.stlouisfed.org/news/releases/2005/9_23_05.htm
____________________

September 22, 2005 - Testimony of Robert Fenner Before the Subcommittee on Financial Institutions and Consumer Credit U.S. House of Representatives.  www.ncua.gov/news/speeches/2005/Fenner/Fenner-09-22-2005.pdf 

September 22, 2005 - FDIC Supports Regulatory Relief in House Testimony, Endorses Action by Congress to Help Banks in Hurricane Zone - The FDIC strongly supports continuing efforts to eliminate unnecessary regulatory burden and to streamline and modernize laws and regulations for the financial industry, FDIC General Counsel William F. Kroener, III, today testified before the House Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services. http://www.fdic.gov/news/news/press/2005/pr9205.html 

September 22, 2005 - The Federal Reserve Board announced on Thursday that beginning in 2006, the content of the Federal Reserve Bulletin will be published on the Board's public web site (www.federalreserve.gov) on a continuing basis, as it becomes available. www.federalreserve.gov/boarddocs/press/other/2005/20050922/ 

September 22, 2005 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Cleveland, Atlanta, and Dallas, increasing the discount rate at the Banks from 4-1/2 percent to 4-3/4 percent, effective immediately. www.federalreserve.gov/boarddocs/press/monetary/2005/20050922/default.htm 

September 22, 2005 - Hurricane Katrina: Notification Requirements for Closing Branches in Hurricane-Impacted Areas - Section 42 of the Federal Deposit Insurance Act requires institutions to provide certain advance notifications to their federal regulator and customers before permanently closing a branch. However, the FDIC understands that the severe damage caused by Hurricane Katrina may affect institutions' compliance with publishing and other requirements for branch closings. www.fdic.gov/news/news/financial/2005/fil9505.html 

September 22, 2005 - Katrina Related Marketing Practices Invoking the Name of the Federal Reserve.  www.federalreserve.gov/boarddocs/srletters/2005/sr0517.htm 

September 22, 2005 - Governor Mark Olson - Regulatory relief - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/boarddocs/testimony/2005/20050922/default.htm 

September 21, 2005 - Consumer Complaints and Assistance - The Customer Assistance Group's Consumer Call Center will be closed Thursday and Friday, September 22nd and 23rd because of Hurricane Rita. We plan to reopen the Call Center on Monday, September 26th at 9:00 a.m. CDT. You may contact us via e-mail (customer.assistance@occ.treas.gov) or fax (713-336-4301) and we will respond as quickly as possible. www.occ.treas.gov/customer.htm 

September 21, 2005 - International Capital Flows and U.S. Interest Rates - Francis E. Warnock; Veronica C. Warnock - Foreign flows have an economically large and statistically significant impact on long-term interest rates. Controlling for various macroeconomic factors we estimate that had there been no foreign flows into U.S. bonds over the past year, the 10-year Treasury yield would currently be 150 basis points higher; even a step-down to average inflows would imply an increase of 105 basis points. www.federalreserve.gov/pubs/ifdp/2005/840/ifdp840.pdf 

September 21, 2005 - Federal Reserve statistical release - Flow of Funds Summary Statistics Second Quarter 2005.   www.federalreserve.gov/Releases/Z1/Current/z1.pdf 

September 21, 2005 - Vice Chairman Roger W. Ferguson - The Financial Stability Forum meeting - To be delivered at the International Monetray and Financial Committee Meeting, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20050924/default.htm 

September 21, 2005 - OCC Encourages National Banks to Work with Customers Affected by Hurricane Rita - The Office of the Comptroller of the Currency has outlined measures to assist national banks and their customers affected by Hurricane Rita. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=QPIMQZ34.xml 

September 20, 2005 - John G. Walsh Named OCC's Chief of Staff - The Comptroller of the Currency named John G. Walsh his Chief of Staff and Public Affairs, today. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=1L5HLRQC.xml 

September 20, 2005 - OCC Allows National Bank Offices - Affected by Tropical Storm/Hurricane Rita to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Tropical Storm/Hurricane Rita to close at their discretion. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=ZW2PISS0.xml 

September 20, 2005 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-3/4 percent. www.federalreserve.gov/boarddocs/press/monetary/2005/20050920/default.htm 

September 20, 2005 - The Federal Reserve Board on Tuesday announced the issuance of a Final Decision and Order of Prohibition against Brian Bonetti, a former employee of National City Bank, Cleveland, Ohio. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050920/default.htm 

September 20, 2005 - St. Louis Fed Names David Sapenaro As First Vice President and COO - David A. Sapenaro, 42, has been named first vice president and chief operating officer of the Federal Reserve Bank of St. Louis. He succeeds W. LeGrande Rives, who is retiring as of Jan. 2, 2006. www.stlouisfed.org/news/releases/2005/09_20_05b.htm 

September 19, 2005 - Hurricane Katrina: Supervisory Guidance - Guidance and new sections of the OCC's Web site and BankNet provide help and Katrina-related information and links for national banks and their customers. www.occ.treas.gov/ftp/bulletin/2005-33.txt 

September 19, 2005 - OCC Issues Fourth Quarter 2005 CRA Examination Schedule FFIEC announces working group to address issues facing the financial industry following Hurricane Katrina and will "call upon any needed resources across our respective agencies and the FFIEC's established task forces to accomplish this goal," said Comptroller of the Currency and FFIEC Chairman John C. Dugan.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=D32TTQ6E.xml 
Attachment: www.occ.treas.gov/cra/craq405.pdf 

September 19, 2005 - The quality of syndicated bank credits showed continued improvement this year, according to the Shared National Credit 2 review released today by federal bank and thrift regulators. The review, which encompassed credits of at least $20 million that are shared by three or more financial institutions, also found that most industries exhibit much improved credit quality from peak problem levels experienced only a few years ago. www.ots.treas.gov/docs/7/77533.pdf 

September 19, 2005 - The "Capital and Dividends" booklet of the Licensing Manual has been revised. This update incorporates an advisory on reverse stock splits. With this issuance, AL 2002-6 is rescinded. www.occ.treas.gov/corpbook/group3/public/pdf/capital3.pdf 

September 19, 2005 - The Federal Financial Institutions Examination Council is announcing the formation of an interagency working group to enhance the agencies' coordination and communication on, and supervisory responses to, issues facing the industry in the aftermath of Hurricane Katrina.
Press Release: www.ffiec.gov/press/pr091905.htm 
Press Release: www.ots.treas.gov/docs/7/77534.html 
Press Release: www.ncua.gov/news/press_releases/2005/JR05-0919.pdf 

September 17, 2005 - Chairman Alan Greenspan names Governor Donald L. Kohn as his designee on four federal loan guarantee boards www.federalreserve.gov/boarddocs/press/other/2005/20050817/ 

September 16, 2005 - NCUA - Special Notice for Depository Institutions Update to US. Treasury Guidance on Cashing FEMA Disaster Assistance Checks and Government Benefit Checks Issued by the U.S. Treasury www.ncua.gov/Katrina/Announcement.pdf 

September 16, 2005 - All Hurricane Katrina Affected Credit Unions Operational - The 139 federally insured credit unions with assets totaling $3.4 billion that were temporarily closed due to Hurricane Katrina are all now reporting operational status in Louisiana, Mississippi and Alabama. Even though some credit unions may be operating from back-up sites, members should have access to their funds. www.ncua.gov/news/press_releases/2005/NR05-0916.htm 

September 16, 2005 - The Office of the Comptroller of the Currency (OCC) today announced 25 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and four terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-91.htm 

September 16, 2005 - Governor Mark W. Olson - Business Trends and Management Challenges for the Banking Industry - At the Annual Economic Outlook Conference, Middle Tennessee State University, Murfreesboro, Tennessee www.federalreserve.gov/boarddocs/speeches/2005/20050916/default.htm
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September 15, 2005 - The Federal Reserve Board on Thursday announced the issuance of an Order of Prohibition against Hanspeter Walder, a former employee and officer of the New York Branch of UBS AG, Zurich, Switzerland. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050915/default.htm 

September 15, 2005 - NCUA - Audit Requirement for Credit Union Service Organizations.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-712.pdf 

September 15, 2005 - NCUA - Board Action Bulletins A Summary of Actions Taken at the 9/15/2005 NCUA Board Meetings.   www.ncua.gov/NCUABoard/board_reports/board_reports.html 

September 15, 2005 - The National Credit Union Administration hosted a delegation of Kenyan credit union officials and professionals today at NCUA headquarters in Alexandria. The visit was sponsored by the World Council of Credit Unions. www.ncua.gov/news/press_releases/2005/NR05-0915.htm 

September 15, 2005 - Statistical Release - E.2 Survey of Terms of Business Lending www.federalreserve.gov/Releases/E2/Current/default.htm 

September 15, 2005 - NCUA Announces Technical Assistance Grant Relief for Low-Income Credit Unions in Federally Designated Disaster Areas Affected by Hurricane Katrina - The National Credit Union Administration Board Chairman JoAnn Johnson announced today the availability of Community Development Revolving Loan Fund technical assistance grants for disaster relief for low-income credit unions located in the counties and parishes in Alabama, Louisiana, and Mississippi that are designated disaster areas resulting from Hurricane Katrina. www.ncua.gov/news/press_releases/2005/NR05-0914-2.htm 

September 15, 2005 - Supervisory Practices Regarding Banking Organizations and Consumers Affected by Hurricane Katrina - The Federal Reserve is issuing this statement to advise banking organizations that we will work actively to respond to issues that arise in the wake of the damage caused by Hurricane Katrina. In particular, it is the long-standing policy of the Federal Reserve to encourage bankers to work with borrowers and other customers in communities and regions affected by disasters. www.federalreserve.gov/BoardDocs/SRLetters/2005/SR0516.htm 

September 15, 2005 - Board statement on supervisory practices for financial institutions and borrowers affected by Hurricane Katrina - The Federal Reserve Board on Thursday encouraged banking organizations to work with borrowers and other customers in communities affected by Hurricane Katrina. www.federalreserve.gov/boarddocs/press/bcreg/2005/  

September 15, 2005 - Data show continued improvement in credit quality and increase in credit commitment volume - The quality of syndicated bank credits showed continued improvement this year, according to the Shared National Credit review released today by federal bank and thrift regulators. The review, which encompassed credits of at least $20 million that are shared by three or more financial institutions, also found that most industries exhibit much improved credit quality from peak problem levels experienced only a few years ago
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050915/PR-2005%20SNC.pdf 
Press Release: www.fdic.gov/news/news/press/2005/pr9105.html 
Press Release: www.occ.treas.gov/ftp/release/2005-90.pdf 

September 14, 2005 - Chicago Fed Announces Promotion - The Federal Reserve Bank of Chicago has announced that Alison Schlickman has been promoted to assistant vice president, statistical and financial reports. She previously served as manager, statistical and financial reports. The Statistics department collects and analyzes reports and data used to monitor economic conditions and examine banks and bank holding companies. www.chicagofed.org/news_and_conferences/news/2005_09_14_alison_schlickman.cfm 

September 14, 2005 - OCC Allows National Bank Offices Affected by Hurricane Ophelia to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by Hurricane Ophelia to close at their discretion. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=4PBTFJ72.xml 

September 14, 2005 - Banks Opening More Branches in Areas Affected by Hurricane Katrina, Helping Communities Rebuild - Powell, Local Officials Tour a Branch with 6 Banks under One Roof in Jefferson Parish - Banks have resumed operations and are working to open even more branches to help serve both customers and non-customers in areas affected by Hurricane Katrina. www.fdic.gov/news/news/press/2005/pr9005.html 

September 14, 2005 - 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 September. www.fdic.gov/news/news/press/2005/pr8905.html 

September 14, 2005 - A Computationally Efficient Characterization of Pure Strategy Nash Equilibria in Large Entry Games - Andrew Cohen - This note presents a simple algorithm for characterizing the set of pure strategy Nash equilibria in a broad class of entry games. The algorithm alleviates much of the computational burden associated with recently developed econometric techniques for estimating payoff functions inferred from entry games with multiple equlibria. www.federalreserve.gov/pubs/feds/2005/200537/200537pap.pdf 

September 14, 2005 - Large Investors: Implications for Equilibrium Asset, Returns, Shock Absorption, and Liquidity - Matthew Pritsker - The growing share of financial assets that are held and managed by large institutional investors whose desired trades move asset prices is at odds with the traditional competitive assumption that investors are small and take prices as given. This paper relaxes the traditional price-taking assumption and instead presents a dynamic multiple asset model of imperfect competition in asset markets among large investors who differ in their risk aversion. www.federalreserve.gov/pubs/feds/2005/200536/200536pap.pdf 

September 14, 2005 - FRB Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/0805assets.htm 

September 14, 2005 - FRB Statistical Release - G.17 Industrial Production - Industrial production rose 0.1 percent in August, and at 119.7 percent of its 1997 average, was 3.1 percent above its year-earlier level. Manufacturing output increased 0.3 percent; excluding motor vehicles and parts, manufacturing production was unchanged from July. The output at mines declined 0.6 percent, and the output at utilities decreased 0.5 percent. www.federalreserve.gov/releases/g17/current/default.htm 

September 14, 2005 - FRB Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks.   www.federalreserve.gov/releases/iba/default.htm 

September 13, 2005 - "Searching for an Optimal Strategy for Identifying Files to Review for Fair Lending Exams," Jason Dietrich - Uses Monte Carlo simulation to compare how well six outlier identification strategies identify disadvantaged mortgage applicants. http://www.occ.treas.gov/wp2005-3.htm 

September 13, 2005 - Deposit Insurance Banker Seminars Nationwide Seminars for Bank Employees on FDIC's Deposit Insurance Resources and Recent Changes to the Rules for Insurance Coverage of Living Trust Accounts - The FDIC has scheduled three nationwide one-hour seminars to demonstrate how your institution can use the FDIC's many deposit insurance tools and resources to help employees explain FDIC insurance coverage to depositors. www.fdic.gov/news/news/financial/2005/fil9205.html 

September 13, 2005 - Federal Reserve Bulletin Article - New Information Reported under HMDA and Its Application in Fair Lending Enforcement - Article in the forthcoming Summer 2005 issue of the Federal Reserve Bulletin that analyzes new data that mortgage lenders were required to report for the first time in 2004 under revisions to the Federal Reserve Board's Regulation C, which implements the Home Mortgage Disclosure Act
Press Release: www.federalreserve.gov/pubs/bulletin/2005/3-05hmda.pdf 
Press Release: www.ffiec.gov/hmcrpr/hm091305.htm 
Press Release: www.ots.treas.gov/docs/7/77532.html 
Press Release: www.ncua.gov/news/press_releases/2005/JR05-0913.pdf 

September 12, 2005 - Matz Resigns from NCUA Board Effective September 30, 2005 - Citing the need to move on with her career now that her term on the NCUA Board has ended, Board Member Debbie Matz today submitted her resignation to the President. The resignation will be effective September 30, 2005. www.ncua.gov/news/press_releases/2005/NR05-0912-2.htm 

September 12, 2005 - Frequently Asked Questions Regarding the Bank Secrecy Act - Summary: The federal bank, thrift and credit union regulatory agencies and the Financial Crimes Enforcement Network have issued responses to frequently asked questions regarding the Bank Secrecy Act
Press Release: www.fdic.gov/news/news/financial/2005/fil9105.html 
Press Release: www.ncua.gov/reg_alerts/2005/05-RA-06.pdf 

September 9, 2005 - FAQs for Financial Institutions on the Bank Secrecy Act and Hurricane Katrina Victims - The Board of Governors of the Federal Reserve System, in consultation with the other federal banking agencies and the Financial Crimes Enforcement Network, have issued the attached responses to questions frequently asked by financial institutions regarding the applicability of certain provisions of the Bank Secrecy Act in providing services to victims of Hurricane Katrina.
www.federalreserve.gov/BoardDocs/SRLetters/2005/SR0515.htm 

September 9, 2005 - NCUA - Guidance for the sale of held-to-maturity (HTM) debt securities under Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities, for federally insured credit unions materially affected by hurricane Katrina. www.ncua.gov/GuidesManuals/accounting_bulletins/AB-05-2.pdf 

September 9, 2005 - NCUA - Credit Union Service Greatly Improved - September 9, 2005, Alexandria, Va. - Hurricane Katrina temporarily closed 139 federally insured credit unions with assets totally $3.4 billion in Louisiana, Mississippi and Alabama. Currently, 102 of those credit unions representing $3.25 billion and 94 percent of the members have returned to operation. www.ncua.gov/news/press_releases/2005/NR05-0909.htm 

September 9, 2005 - NCUA - Letter to Credit Unions 05-CU-11 - Credit Union Financial Trends for the First Half of 2005.   www.ncua.gov/letters/2005/CU/05-CU-11.pdf 

September 9, 2005 - NCUA Meets with Credit Union Executives - The NCUA Board and top staff from central and regional offices met yesterday with credit union, trade and league executives to discuss the challenges to facilitate a rapid response, deal with the impact on credit union operations, and discuss how best to coordinate efforts in response to Hurricane Katrina and its aftermath. www.ncua.gov/news/press_releases/2005/NR05-0908.htm 

September 9, 2005 - The Federal Open Market Committee on Friday announced a change in its tentative meeting schedule for 2006. www.federalreserve.gov/boarddocs/press/monetary/2005/20050909/default.htm 
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September 8, 2005 - Interagency FAQs on Residential Tract Development Lending - The Federal Reserve and the other federal financial institutions regulatory agencies are jointly issuing the attached Frequently Asked Questions to assist regulated institutions in complying with the agencies' appraisal regulations and real estate lending requirements when financing residential construction in a tract development.
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0514.htm
Press Release: www.occ.treas.gov/ftp/bulletin/2005-32.doc 

September 8, 2005 - Statistical Release G.19 Consumer Credit - Consumer credit increased at an annual rate of 2-1/2 percent in July after rising at close to a 4 percent pace in the second quarter. In July, a moderate increase in nonrevolving credit was partly offset by a small decline in revolving credit. www.federalreserve.gov/Releases/G19/Current/default.htm 

September 8, 2005 - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by Associated Banc-Corp, Green Bay, to acquire State Financial Services Corporation, Milwaukee, and its subsidiary bank, State Financial Bank, National Association, Hales Corners, all of Wisconsin. www.federalreserve.gov/boarddocs/press/orders/2005/20050908/default.htm 

September 8, 2005 - NCUA Reports to Congress on Hurricane Katrina Response - Edward P. Dupcak, Region II Director and Chairman of NCUA's Hurricane Katrina Task Force provided the House Financial Service Committee, Senate Banking Committee and Members of Congress from Louisiana, Mississippi and Alabama with the status of the 139 federally insured credit unions within the path of the hurricane and explained steps taken to mobilize agency resources to ensure members have financial service. www.ncua.gov/news/press_releases/2005/NR05-0907.htm 

September 8, 2005 - OTS Lists 43 CRA Exams Scheduled for Fourth Quarter 2005 - The Office of Thrift Supervision announced today that 43 savings associations are scheduled for Community Reinvestment Act examinations during the fourth quarter of 2005. www.ots.treas.gov/docs/7/77531.html 

September 8, 2005 - NCUA - Agenda for the 9/15/2005 NCUA Board Meeting is Available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-0915.htm 

September 8, 2005 - NCUA - U.S. Treasury Provides Guidance on Government Benefit Checks and the Use of Third Party Drafts - In response to Hurricane Katrina, the U.S. Department of the Treasury encourages depository institutions to ease their customary identification requirements for presenting Treasury checks for Social Security, Office of Personnel Management, and Railroad Retirement benefit payments. www.ncua.gov/Katrina/FlexibilitySSAChecks.pdf

September 8, 2005 - Federal Bank, Thrift and Credit Union Regulatory Agencies Provide Brochure with Information on Internet "Phishing" - The federal bank, thrift and credit union agencies today announced the publication of a brochure with information to help consumers identify and combat a new type of Internet scam known as "phishing." www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=CYVFS1NN.xml 

September 8, 2005 - Residential Tract Development Lending Frequently Asked Questions - Summary: The federal banking, thrift and credit union regulatory agencies are issuing the attached frequently asked questions on residential tract development lending. The FAQs will assist institutions in complying with the agencies' appraisal and real estate lending requirements for residential tract developments. www.fdic.gov/news/news/financial/2005/fil9005.html 

September 8, 2005 - Banks Resuming Operations in Hurricane-Affected Areas Chairman to Tour Areas Hit by Storm, Meet with State Banking Commissioners - Most banks in the areas affected by Hurricane Katrina are operating and providing financial services to customers and non-customers, according to the FDIC, which has now been able to contact all of the 280 institutions in the area. www.fdic.gov/news/news/press/2005/pr8805.html 

September 8, 2005 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/FOMC/BeigeBook/2005/20050907/Default.htm 

September 8, 2005 - Patrick Parkinson Deputy Director, Division of Research and Statistics Commodity Futures Modernization Act of 2000 - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/boarddocs/testimony/2005/20050908/default.htm 

September 7, 2005 - NCUA - The Office of Small Credit Union Initiatives has a variety of credit union events. Two of our largest undertakings this year are the Access Across America Events and the Partnership and Leadership Successes Events. The following is a list of up coming Credit Union Conferences hosted by the Office of Small Credit Union Initiatives. www.ncua.gov/CreditUnionDevelopment/Events/Index.htm 

September 7, 2005 - The Federal Reserve Board on Wednesday proposed expanding the definition of a small bank holding company (BHC) under the Board's Small Bank Holding Company Policy and the Board's risk-based and leverage capital guidelines for bank holding companies. The policy statement facilitates the transfer of ownership of small community banks by permitting debt levels at small BHCs that are higher than what would be permitted for larger BHCs. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050907/default.htm 

September 6, 2005 - Hurricane Katrina - Social Security Payments and Benefits for Veterans - Updated information about Social Security and Veterans Benefits Administration payments for those affected by Hurricane Katrina is available on the Internet. www.fdic.gov/news/news/financial/2005/fil8805.html 

September 6, 2005 - More Information for Credit Union Members Affected by Hurricane Katrina - Frequently Asked Questions and Credit Union Contact Information Provided.  www.ncua.gov/news/press_releases/2005/NR05-0905.htm 

September 6, 2005 - FDIC Issues September List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. www.fdic.gov/news/news/press/2005/pr8705.html 

September 6, 2005 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from July 18 through August 9, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20050906/default.htm 

September 2, 2005 - Agencies Encourage Insured Depository Institutions to Assist Displaced Customers - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, and the Conference of State Bank Supervisors are asking insured depository institutions to consider all reasonable and prudent steps to assist customers' and credit union members' cash and financial needs in areas affected by Hurricane Katrina.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20050901/ 
Press Release: www.fdic.gov/news/news/press/2005/pr8505.html 
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=64B58LZM.xml 
Press Release: www.ncua.gov/news/press_releases/2005/JR05-0902.pdf 
Press Release: www.fdic.gov/news/news/financial/2005/fil8905.html 

September 1, 2005 - Liquidity, Default, Taxes and Yields on Municipal Bonds - Junbo Wang, Chunchi Wu, and Frank Zhang - We examine the relative yields of Treasuries and municipals using a generalized model that includes liquidity as a state factor. Using a unique transaction dataset, we are able to estimate the liquidity risk of municipals and its effect on bond yields. We find that a substantial portion of the maturity spread between long- and short-maturity municipal bonds is attributable to the liquidity premium. http://www.federalreserve.gov/pubs/feds/2005/200535/200535pap.pdf 

September 1, 2005 - Optimal Policy Projections - Lars E.O. Svensson and Robert J. Tetlow - We outline a method to provide advice on optimal monetary policy while taking policymakers' judgment into account. The method constructs optimal policy projections by extracting the judgment terms that allow a model, such as the Federal Reserve Board staff economic model, FRB/US, to reproduce a forecast, such as the Greenbook forecast. http://www.federalreserve.gov/pubs/feds/2005/200534/200534pap.pdf 

September 1, 2005 - An Arbitrage-Free Three-Factor Term Structure Model and the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates - Don H. Kim and Jonathan H. Wright - This paper reviews a simple three-factor arbitrage-free term structure model estimated by Federal Reserve Board staff and reports results obtained from fitting this model to U.S. Treasury yields since 1990. http://www.federalreserve.gov/pubs/feds/2005/200533/200533pap.pdf 

September 1, 2005 - The Household Spending Response to the 2003 Tax Cut: Evidence from Survey Data - Julia Lynn Coronado, Joseph P. Lupton, and Louise M. Sheiner - The Jobs and Growth Tax Relief and Reconciliation Act of 2003 has been described as textbook fiscal stimulus. Using household survey data on the self-reported qualitative response to the tax cuts, we estimate that the boost to aggregate personal consumption expenditures from the child credit rebate and the reduction in withholdings added about 3/4 percentage point at an annual rate to GDP growth in the second half of 2003 and 1/2 percentage point to GDP growth in the first half of 2004. www.federalreserve.gov/pubs/feds/2005/200532/200532pap.pdf 

September 1, 2005 - Has Output Become More Predictable? Changes in Greenbook Forecast Accuracy - Peter Tulip - Several researchers have recently documented a large reduction in output volatility. In contrast, this paper examines whether output has become more predictable. Using forecasts from the Federal Reserve Greenbooks, I find the evidence is somewhat mixed. Output seems to have become more predictable at short horizons, but not necessarily at longer horizons. The reduction in unpredictability is much less than the reduction in volatility. Associated with this, recent forecasts had little predictive power. www.federalreserve.gov/pubs/feds/2005/200531/200531pap.pdf
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September 1, 2005 - NCUA Continues Effort in Response to Hurricane Katrina - Agency coordinates with federal government, trade associations and leagues to assist credit union members www.ncua.gov/news/press_releases/2005/NR05-0901.htm 

September 1, 2005 - The Federal Reserve Board published, in the August 9, 2005, Federal Register, its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. The Home Ownership and Equity Protection Act of 1994 established rules for home-secured loans in which the total points and fees payable by the consumer at or before loan closing exceed the greater of $400 or 8 percent of the total loan amount. www.occ.treas.gov/ftp/bulletin/2005-31.doc 

September 1, 2005 - OCC Issues Fourth Quarter 2005 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the fourth quarter of 2005.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=D32TTQ6E.xml 
Attachment: www.occ.treas.gov/cra/craq405.pdf 

September 1, 2005 - Proposed Revisions to the Reports of Condition and Income - The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation are requesting comment on proposed revisions to the Reports of Condition and Income. The proposal, which has been approved by the Federal Financial Institutions Examination Council, represents the agencies' first set of revisions to the content of the Call Report since March 2002 that would significantly affect banks of all sizes. www.fdic.gov/news/news/financial/2005/fil8605.html 

September 1, 2005 - Statistical Release G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In August 2005 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/default.htm   

 

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