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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.

 

Bank Regulatory News

September 2007

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September 28, 2007 - FDIC Approves The Assumption of The Insured Deposits of Netbank, Alpharetta, Georgia -The Board of Directors of the Federal Deposit Insurance Corporation today approved the assumption of the insured deposits of NetBank, Alpharetta, Georgia, by ING Bank, fsb, Wilmington, Delaware. www.fdic.gov/news/news/press/2007/pr07081.html 

September 28, 2007 - OTS Appoints FDIC Receiver of NetBank - The Office of Thrift Supervision announced today that it closed $2.5 billion NetBank, headquartered in Alpharetta, Georgia, and appointed the Federal Deposit Insurance Corporation as receiver. www.ots.treas.gov/docs/7/777071.html 

September 28, 2007 - OCC Announces New Electronic Interpretations and Actions - September 2007.  www.occ.treas.gov/interp/sep07/intsep07.htm

September 28, 2007 - St. Louis Fed Promotes Hart to Officer - Anna M. Hart has been promoted to officer in the Information Technology Services division of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2007/09_28_07.htm 

September 28, 2007 - NCUA - Final Regulation 12 CFR 701.3 - Member Inspection of Credit Union Books, Records, and Minutes.  www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-701Inspect.pdf 

September 28, 2007 - NCUA Announces 2008 Board Meeting Schedule - The National Credit Union Administration today announces its 2008 Board meeting schedule. The Board plans to convene in 2008 on a Thursday at 10 a.m. each month (except August when the Board historically does not meet) on the following dates: www.ncua.gov/news/press_releases/2007/MR07-0928.htm 

September 28, 2007 - Reports of Condition and Income for Third Quarter 2007 www.fdic.gov/news/news/financial/2007/fil07086.html 

September 28, 2007 - Governor Frederic S. Mishkin - Systemic Risk and the International Lender of Last Resort - At the Tenth Annual International Banking Conference, Federal Reserve Bank of Chicago, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/mishkin20070928a.htm  ___________________

September 27, 2007 - NCUA - Results of the 9/27/2007 NCUA Board Meeting are available.   www.ncua.gov/NCUABoard/board_reports/board_reports.html 

September 27, 2007 - Comptroller Dugan Urges Federal Reserve to Consider Rule Allowing Consumers to Opt Out of Higher Credit Card Rates - Comptroller of the Currency John C. Dugan said today that consumers should be given the opportunity to "opt out" of certain credit card rate increases and be given the alternative of paying off the card balance at the old rate. www.occ.treas.gov/ftp/release/2007-104.htm 

September 27, 2007 - Midwest Manufacturing Output Decreases in August - The Chicago Fed Midwest Manufacturing Index decreased 0.3% in August 2007, to a seasonally adjusted level of 105.6 (2002 = 100). www.chicagofed.org/economic_research_and_data/files/cfmmi_august2007.pdf 

September 27, 2007 - Bajinder Paul Named Chief Information Officer at the OCC - Comptroller of the Currency John C. Dugan announced today that he has named Bajinder Paul to be the Office of the Comptroller of the Currency's next Chief Information Officer. www.occ.treas.gov/ftp/release/2007-103.htm 

September 26, 2007 - Deposit Insurance Assessments - Advance Notice of Proposed Rulemaking on Dividends - The FDIC Board of Directors has approved the attached Advance Notice of Proposed Rulemaking. The ANPR seeks comments on alternative methods for allocating dividends as part of a final rule to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005. The final rule will replace the existing FDIC regulation on dividends, which will expire on December 31, 2008. Comments are due by November 19, 2007. www.fdic.gov/news/news/financial/2007/fil07085.html 

September 26, 2007 - The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2008. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2008. www.federalreserve.gov/newsevents/press/bcreg/20070926a.htm 

September 26, 2007 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between Great River Bank & Trust, Davenport, Iowa, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20070926a.htm 

September 26, 2007 - Bank Supervision Process" Booklet in the Comptroller's Handbook - This booklet, which replaces the 1996 version, incorporates examination planning, control, and communications standards that were published in the "Examination Planning and Control" booklet in 1997.   www.occ.treas.gov/handbook/banksup.pdf 

September 25, 2007 - Deposit Insurance Seminars -Nationwide Series of Free Seminars for Bank Employees on Deposit Insurance Coverage - The FDIC will host two identical series of telephone seminars for bankers on the FDIC's rules for deposit insurance coverage one series in October and one in November. Each series will consist of four one-hour sessions on these topics: Basic Concepts of Deposit Insurance Coverage, Coverage for Retirement and Employee Benefit Plan Accounts, Trust Account Coverage, and Coverage for Business and Government Accounts.   www.fdic.gov/news/news/financial/2007/fil07084.html 

September 25, 2007 - Shared National Credit Results Reflect Large Increase in Credit1 Commitment Volume and Satisfactory Credit Quality - The volume of Shared National Credits rose by 21% in 2006, the fastest pace since 1998, reflecting, in part, significant merger and acquisition lending, according to the SNC 2 review results released today by federal bank and thrift regulators.
Press Release: www.fdic.gov/news/news/press/2007/pr07080.html 
Press Release: www.occ.treas.gov/ftp/release/2007-102.htm 
Press Release: www.ots.treas.gov/docs/7/777070.pdf 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20070925a.htm 

September 25, 2007 - The Role of China in Asia: Engine, Conduit, or Steamroller? -Jane T. Haltmaier, Shaghil Ahmed, Brahima Coulibaly, Ross Knippenberg, Sylvain Leduc, Mario Marazzi, and Beth Anne Wilson - This paper assesses China's role in Asia as an independent engine of growth, as a conduit of demand from the industrial countries, and as a competitor for export markets.  www.federalreserve.gov/pubs/ifdp/2007/904/ifdp904.htm 

September 25, 2007 - Statistical Release - G.20 Finance Companies.  www.federalreserve.gov/releases/g20/Current/ 

September 25, 2007 - The Federal Reserve Board on Tuesday announced its approval of the applications of County Bank, Merced, California, to purchase the assets and assume the liabilities of eleven California branches of National Bank of Arizona, Tucson, Arizona, and to establish and operate branches at those branch locations. www.federalreserve.gov/newsevents/press/orders/20070925b.htm 

September 24, 2007 - August Economic Growth Below Average - The Chicago Fed National Activity Index was -0.57 in August. www.chicagofed.org/economic_research_and_data/cfnai.cfm 

September 24, 2007 - NCUA - Credit Union Financial Trend for the First Half of 2007 published.  www.ncua.gov/letters/2007/CU/07-CU-10.pdf 

September 24, 2007 - Comptroller Dugan named Chairman of Joint Forum - Comptroller of the Currency John C. Dugan has been named chairman of the Joint Forum, a group of senior financial sector regulators from the United States, Canada, Europe, Japan, and Australia. www.occ.treas.gov/ftp/release/2007-101.htm  

September 24, 2007 - Consumer Affairs Letters - The Department of Defense's Final Rule on Limitations on Consumer Credit Extended to Service Members and Dependents.
Press Release: www.federalreserve.gov/boarddocs/caletters/2007/0705/caltr0705.htm
Press Release:  www.fdic.gov/news/news/financial/2007/fil07083.html 

September 24, 2007 - Chairman Ben S. Bernanke - At the U.S. Chamber Education and Workforce Summit, Washington, D.C. September 24, 2007 - Education and Economic Competitiveness.  www.federalreserve.gov/newsevents/speech/bernanke20070924a.htm 

September 24, 2007 - Agencies Adopt Final Rules to Implement the Bank "Broker" Provisions of the Gramm-Leach-Bliley Act - The Securities and Exchange Commission and Board of Governors of the Federal Reserve System on Monday announced the adoption of final joint rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934.   www.federalreserve.gov/newsevents/press/bcreg/20070924a.htm 

September 21, 2007 - OCC Releases CRA Evaluations For 30 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, 2007 through September 14, 2007. www.occ.treas.gov/ftp/release/2007-100.htm 

September 21, 2007 - Statistical Release - E.15 Agricultural Finance Databook.  www.federalreserve.gov/releases/e15/default_2007.htm 

September 21, 2007 - Governor Kevin Warsh - Financial Market Developments - To the State University of New York at Albany's School of Business, Albany, New York.  www.federalreserve.gov/newsevents/speech/warsh20070921a.htm 

September 21, 2007 - Will Monetary Policy Become More of a Science? - Frederic S. Mishkin - This paper reviews the progress that the science of monetary policy has made over recent decades. This progress has significantly expanded the degree to which the practice of monetary policy reflects the application of a core set of "scientific" principles. However, there remains, and will likely always remain, elements of art in the conduct of monetary policy. www.federalreserve.gov/pubs/feds/2007/200744/index.html 

September 21, 2007 - Vice Chairman Donald L. Kohn - Success and Failure of Monetary Policy since the 1950s - At Monetary Policy over Fifty Years, a conference to mark the fiftieth anniversary of the Deutsche Bundesbank, Frankfurt, Germany.   www.federalreserve.gov/newsevents/speech/kohn20070921a.htm 

September 21, 2007 - Agencies Issue Final Rules On Expanded Examination Cycle for Certain Institutions - The federal bank and thrift agencies issued final rules on Friday expanding the range of small institutions eligible for an extended 18-month on-site examination cycle. The final rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20070921a.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07079.html 
Press Release: www.occ.treas.gov/ftp/release/2007-99.htm 
Press Release: www.ots.treas.gov/docs/7/777069.html 
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September 20, 2007 - The Federal Reserve Board on Thursday approved actions by the Boards of Directors of the Federal Reserve Banks of Philadelphia and Chicago, decreasing the discount rate at the Banks from 5-3/4 percent to 5-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20070920a.htm 

September 20, 2007 - OCC First Senior Deputy Comptroller and Chief Counsel Testifies Before Senate Committee About the Hardships Created By Garnishment of Federal Benefits - First Senior Deputy Comptroller and Chief Counsel Julie L. Williams discussed hardships faced by recipients of federal benefits due to garnishment orders in testimony today before the Senate Committee on Finance. www.occ.treas.gov/ftp/release/2007-98.htm 

September 20, 2007 - Trading Activity and Exchange Rates in High-Frequency EBS Data - Alain P. Chaboud, Sergey V. Chernenko, and Jonathan H. Wright - The absence of data has, until now, precluded virtually all research on trading volume in the foreign exchange market. This paper introduces a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market. www.federalreserve.gov/pubs/ifdp/2007/903/default.htm 

September 20, 2007 - Statistical Supplement to the Federal Reserve Bulletin August 2007.   www.federalreserve.gov/pubs/supplement/2007/08/default.htm 

September 20, 2007 - Chairman Ben S. Bernanke - Subprime mortgage lending and mitigating foreclosures Before the Committee on Financial Services, U.S. House of Representatives September 20, 2007.  www.federalreserve.gov/newsevents/testimony/bernanke20070920a.htm 

September 20, 2007 - New $5 Bill Debuts During "Wi-5" Event - First-Ever "Digital Unveiling" of a Redesigned Bill Introduction Scheduled for Early 2008 - The U.S. government today digitally unveiled a new, more secure design for the $5 bill that will be issued and enter circulation in early 2008. A new $100 bill will follow. This is the first time in history that U.S. paper money has ever been unveiled entirely online. www.federalreserve.gov/newsevents/press/other/20070920a.htm 

September 19, 2007 - Legal Interpretations - Bank Holding Company/Change in Control. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2007/20070917.pdf 

September 19, 2007 - Federal Financial Regulatory Agencies Request Comment on Statement of Best Practices on Garnishment Orders of Exempt Federal Benefit Funds - The federal financial regulatory agencies today requested public comment on a proposed statement encouraging federally regulated financial institutions to follow best practices to protect federal benefit payments from garnishment orders.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20070919a.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07078.html 
Press Release: www.occ.treas.gov/ftp/release/2007-97.htm 

September 19, 2007 - The Federal Reserve Board on Wednesday approved actions by the Boards of Directors of the Federal Reserve Banks of Richmond, Atlanta, and Dallas, decreasing the discount rate at the Banks from 5-3/4 percent to 5-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20070919a.htm 

September 19, 2007 - OTS Director Reich Addresses Exchequer Club - Office of Thrift Supervision Director John Reich addressed the Exchequer Club today, citing the need in his remarks for greater transparency and a level playing field in the home mortgage market. www.ots.treas.gov/docs/7/777067.html 

September 19, 2007 - Exchange Rate Pass-Through to Export Prices: Assessing Some Cross-Country Evidence - Robert J. Vigfusson, Nathan Sheets, and Joseph Gagnon - A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. Our paper complements this work by examining pass-through from the other side of the transaction; that is, we assess the exchange rate sensitivity of export prices (denominated in the exporter's currency). www.federalreserve.gov/pubs/ifdp/2007/902/ifdp902.htm 

September 19, 2007 - Real-Time Measurement of Business Conditions - S. Boragan Aruoba, Francis X. Diebold, and Chiara Scotti 2007-901 - We construct a framework for measuring economic activity in real time (e.g., minute-by-minute), using a variety of stock and flow data observed at mixed frequencies. Specifically, we propose a dynamic factor model that permits exact filtering, and we explore the efficacy of our methods both in a simulation study and in a detailed empirical example. www.federalreserve.gov/pubs/ifdp/2007/901/ifdp901.htm 

September 19, 2007 - Household Debt Service and Financial Obligations Ratios - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt. www.federalreserve.gov/releases/housedebt/default.htm 

September 18, 2007 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2007-96.htm 

September 18, 2007 - Combining Forecasts From Nested Models - Todd E. Clark and Michael W. McCracken - Motivated by the common finding that linear autoregressive models forecast better than models that incorporate additional information, this paper presents analytical, Monte Carlo, and empirical evidence on the effectiveness of combining forecasts from nested models. In our analytics, the unrestricted model is true, but as the sample size grows, the data generating process converges to the restricted model. www.federalreserve.gov/pubs/feds/2007/200743/index.html 

September 18, 2007 - Legal Interpretations - Federal Reserve Act, September 12, 2007 - Letter to Michael L. Kadish, Esq., Deutsche Bank AG, Frankfurt, Germany, granting an exemption from section 23A of the Federal Reserve Act (12 U.S.C. 371c) and Regulation W (12 CFR Part 223) for certain securities financing transactions between Deutsche Bank AG's New York branch and its U.S. securities affiliate, Deutsche Bank Securities Inc. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2007/20070912/20070912.pdf

September 18, 2007 - The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4-3/4 percent.Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. www.federalreserve.gov/newsevents/press/monetary/20070918a.htm 

September 17, 2007 - FinCEN and OCC Assess Civil Money Penalties Against Union Bank of California - The Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency today announced the assessment of concurrent civil money penalties, each $10 million, against Union Bank of California, N.A. of San Francisco, California, for violations of the Bank Secrecy Act. Union Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which will be satisfied by a single payment of $10 million to the U.S. Department of the Treasury. www.occ.treas.gov/ftp/release/2007-95.htm 

September 17, 2007 - The Federal Reserve Board's website has a new look and additional features designed to improve usability. Intuitive navigational tools, new fonts, and updated graphics and layouts will help users access information more quickly and easily. www.federalreserve.gov/newsevents/press/other/20070917a.htm 

September 17, 2007 - Federal Reserve statistical release - Z.1 - Flow of Funds Accounts of the United States.   www.federalreserve.gov/releases/z1/current/z1.pdf 

September 14, 2007 - Orion Samuelson to Speak at Chicago Fed Ag Conference - WGN's Orion Samuelson will speak at a Chicago Fed conference, The Role of R&D in Agriculture September 24, 2007. www.chicagofed.org/news_and_conferences/conferences_and_events/2007_agriculture.cfm 

September 14, 2007 - Industrial Production And Capacity Utilization - Industrial production rose 0.2 percent in August after an increase of 0.5 percent in July. At 114.4 percent of its 2002 average, total industrial production in August was 1.7 percent above its year-earlier level. Manufacturing output fell 0.3 percent in August after five consecutive months of increases, mining output dropped 0.6 percent, but unusually hot weather contributed to an increase of 5.3 percent in the output of utilities. Capacity utilization for total industry was unchanged, at 82.2 percent, a rate 0.2 percentage point below its level in August 2006 but 1.2 percentage points above its 1972-2006 average. www.federalreserve.gov/releases/g17/current/default.htm 

September 14, 2007 - The Federal Reserve Board on Friday announced its approval of the application of Bank of America Corporation, Charlotte, North Carolina, to acquire ABN AMRO North America Holding Company and thereby indirectly acquire LaSalle Bank Corporation, both of Chicago, Illinois, and its subsidiary banks, LaSalle Bank National Association, Chicago, and LaSalle Bank Midwest National Association, Troy, Michigan. www.federalreserve.gov/newsevents/press/orders/20070914a.htm
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September 13, 2007 - NCUA Challenges Lawsuit - The National Credit Union Administration filed a motion on September 7, 2007, with the U.S. District Court for the Eastern District of Virginia, to dismiss a suit challenging credit union conversion rules promulgated by NCUA. The organization that filed the suit, the Coalition for Credit Union Charter Options, claims in its complaint that it seeks to preserve charter choice for credit unions.  www.ncua.gov/news/press_releases/2007/MR07-0913.htm

September 12, 2007 - OTS Announces Issuance of Prohibition and Civil Money Penalty Against Former President of Fox Chase Bank - The Office of Thrift Supervision announced today that it issued two enforcement orders against Gregory S. Cipa, the former president of Fox Savings Bank of Hatboro, Pa. www.ots.treas.gov/docs/7/777066.html 

September 12, 2007 - OTS Announces Training Seminars for Thrift Directors - The Office of Thrift Supervision announced today a series of training seminars for members of the Boards of Directors of thrift institutions. www.ots.treas.gov/docs/7/777065.html 

September 12, 2007 - Whose part is it? - Measuring domestic content of vehicles - Thomas H. Klier James M. Rubenstein - Today, the distinction between "American" and "foreign" vehicles is not so clear: Some models produced by the American-owned Detroit Three carmakers have a smaller share of domestic parts than models produced by foreign-owned carmakers. This article examines how much domestic content goes into motor vehicles sold in the U.S. www.chicagofed.org/publications/fedletter/cfloctober2007_243.pdf 

September 12, 2007 - The Federal Financial Institutions Examination Council today announced the availability of 2006 data on mortgage lending transactions at 8,886 financial institutions covered by the Home Mortgage Disclosure Act in metropolitan statistical areas throughout the nation. Covered institutions include, but are not limited to, banks, savings associations, credit unions, and independent mortgage companies. The HMDA data made available today cover lending activity--applications for loans, loan originations, and purchases of loans--from 2006.
Press Release: www.ffiec.gov/hmcrpr/hm091207.htm 
Press Release: www.ots.treas.gov/docs/7/777064.html 
Press Release: www.federalreserve.gov/pubs/bulletin/2007/pdf/hmda06draft.pdf 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0912.pdf 

September 12, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-Affected Areas of Illinois - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Illinois that suffered major damage from storms and flooding. www.fdic.gov/news/news/financial/2007/fil07081.html 

September 12, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Additional Storm- and Flood-Affected Areas of Ohio and Wisconsin - In an update to FIL-75-2007, the Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Ohio and Wisconsin that are suffering from storms and flooding. www.fdic.gov/news/news/financial/2007/fil07080.html 

September 11, 2007 - The Federal Reserve Board on Tuesday announced the termination of the enforcement action Putnam-Greene Financial Corporation, Eatonton, GA.  www.federalreserve.gov/newsevents/press/enforcement/20070911a.htm 

September 11, 2007 - FDIC Reports Second Quarter 2007 Financial Results for the Deposit Insurance Fund - The Federal Deposit Insurance Corporation today announced that the Deposit Insurance Fund earned $1.06 billion in comprehensive income for the first six months of 2007, increasing the fund balance to $51.2 billion as of June 30, 2007. DIF's comprehensive income for the six-month year-to-date period was higher compared to a year ago. www.fdic.gov/news/news/press/2007/pr07077.html 

September 11, 2007 - Averaging Forecasts from VARs with Uncertain Instabilities - Todd E. Clark and Michael W. McCracken - A body of recent work suggests commonly-used VAR models of output, inflation, and interest rates may be prone to instabilities. In the face of such instabilities, a variety of estimation or forecasting methods might be used to improve the accuracy of forecasts from a VAR. www.federalreserve.gov/pubs/feds/2007/200742/index.html 

September 11, 2007 - Forecasting with Small Macroeconomic VARs in the Presence of Instabilities - Todd E. Clark and Michael W. McCracken - Small-scale VARs are widely used in macroeconomics for forecasting U.S. output, prices, and interest rates. However, recent work suggests these models may exhibit instabilities. As such, a variety of estimation or forecasting methods might be used to improve their forecast accuracy. www.federalreserve.gov/pubs/feds/2007/200741/index.html 

September 11, 2007 -Chairman Ben S. Bernanke - At the Bundesbank Lecture, Berlin, Germany September 11, 2007 - Global Imbalances: Recent Developments and Prospects.  www.federalreserve.gov/newsevents/speech/bernanke20070911a.htm 

September 10, 2007 - St. Louis Federal Reserve Bank To Conduct Search for New President - The Federal Reserve Bank of St. Louis announced today that it is beginning the search for a successor to President and CEO William Poole, who will retire from that position in March 2008. www.stlouisfed.org/news/releases/2007/09_10_07.html 

September 10, 2007 - Consumer credit increased at an annual rate of 3-3/4 percent in July. Revolving credit increased at an annual rate of 6-1/2 percent, and nonrevolving credit increased at an annual rate of 2 percent. www.federalreserve.gov/releases/g19/Current/ 

September 10, 2007 - The Federal Reserve Board on Monday announced the appointment of D. Nathan Sheets as director of the Division of International Finance, effective September 23, 2007. www.federalreserve.gov/newsevents/press/other/20070910a.htm 

September 7, 2007 - OTS Announces CRA Exam Schedule for Fourth Quarter 2007 - The Office of Thrift Supervision announced today that 58 savings associations are scheduled for Community Reinvestment Act examinations during the fourth quarter of 2007. www.ots.treas.gov/docs/7/777063.html 

September 7, 2007 - The Federal Reserve Board on Friday announced its determination that disease management and mail-order pharmacy activities are complementary to the financial activity of underwriting and selling health insurance and are therefore permissible for a financial holding company under the Bank Holding Company Act. www.federalreserve.gov/boarddocs/press/other/2007/20070907/default.htm 

September 7, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshops on Credit Risk in Grapevine, Texas - The Office of the Comptroller of the Currency will host a credit risk workshop for national community bank directors at the Gaylord Texan, Grapevine, Texas, October 10. www.occ.treas.gov/ftp/release/2007-94.htm 

September 7, 2007 - St. Louis Fed's Review: The Effectiveness of Monetary Policy; Currency Design in the United States and Abroad; Experiments in Financial Liberalization: The Mexican Banking Sector; How Well Does Employment Predict Output? - The September/October issue of Review, the Federal Reserve Bank of St. Louis' journal of economic and business issues, features the following articles. www.stlouisfed.org/news/releases/2007/09_07_07b.htm 

September 7, 2007 - How Effective Has Monetary Policy Been? - Central banks that have a specific, numeric target for inflation appear to have a good record of hitting those targets, but an analysis from the Federal Reserve Bank of St. Louis suggests that such targets may not be a prerequisite for achieving low and stable inflation. www.stlouisfed.org/news/releases/2007/09_07_07.htm 

September 7, 2007 - Bank Holding Company Supervision Manual July 2007 update - Provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries. The supervisory objectives of the inspection program are to ascertain whether the financial strength of the bank holding company is being maintained on an ongoing basis and to determine the effects or consequences of transactions between a holding company or its nonbanking subsidiaries and its subsidiary banks. www.federalreserve.gov/boarddocs/supmanual/supervision_bhc.htm
 
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September 6, 2007 - Bargaining, Fairness, and Price Rigidity in a DSGE Environment - David M. Arseneau and Sanjay K. Chugh - A growing body of evidence suggests that an important reason why firms do not change prices nearly as much as standard theory predicts is out of concern for disrupting ongoing customer relationships because price changes may be viewed as "unfair". Existing models that try to capture this concern regarding price-setting are all based on goods markets that are fundamentally Walrasian. www.federalreserve.gov/pubs/ifdp/2007/900/ifdp900.htm 

September 6, 2007 - Governor Randall S. Kroszner - Analyzing and Assessing Banking Crises - At the Federal Reserve Bank of San Francisco, Conference on the Asian Financial Crisis Revisited, San Francisco, California.  www.federalreserve.gov/boarddocs/speeches/2007/20070906/default.htm 

September 6, 2007 - Report Outlines Midwest Economic Activity - Beige Book reports modest economic expansion during July and August in the Seventh District. www.federalreserve.gov/fomc/beigebook/2007/20070905/7.htm 

September 5, 2007 - Fraudulent Debt Elimination Schemes - The Office of the Comptroller of the Currency is aware that the volume and variety of fraudulent schemes supposedly designed to "eliminate" debt is increasing. These schemes are being promoted via the Internet and in seminars throughout the United States. The fraudulent schemes are being marketed to ordinary people, not just the wealthy or sophisticated, including borrowers who are current on their payments and those approaching foreclosure.  www.occ.treas.gov/ftp/alert/2007-55.html 

September 5, 2007 - Comptroller Dugan Tells House Committee that National Banking System Remains Safe and Sound despite Challenging Credit and Mortgage Markets - Comptroller of the Currency John C. Dugan told a House committee today that despite challenging conditions in mortgage and credit markets, the national banking system remains safe and sound. He emphasized that the OCC is closely monitoring conditions so that the agency can quickly address any problems that might arise. www.occ.treas.gov/ftp/release/2007-93.htm 

September 5, 2007 - Submitting Electronic Applications - Enhancements to FDICconnect Will Allow Secure Two-Way Communication on Branch Applications - FDICconnect has been upgraded to allow two-way communication with the FDIC for electronic submissions of branch applications, including those to establish or relocate a domestic branch or office. FDIC-supervised institutions are encouraged to use the system to quickly and securely transmit application information to the agency. www.fdic.gov/news/news/financial/2007/fil07078.html 

September 5, 2007 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2007/pr07076.html 

September 5, 2007 - FDIC Reports on Privatizing Deposit Insurance and Effectiveness of Money Smart Financial Education Program - The results of two studies - one on the feasibility and consequences of privatizing deposit insurance and the other on the effectiveness of the FDIC's Money Smart financial education program - are highlighted in the current issue of FDIC Quarterly, released today. www.fdic.gov/news/news/press/2007/pr07075.html

September 5, 2007 - Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages - The Federal Reserve along with the other federal financial agencies and Conference of State Bank Supervisors issued the attached statement to encourage regulated institutions and state supervised entities that service residential mortgages to pursue strategies to mitigate losses while preserving homeownership to the extent possible and appropriate www.federalreserve.gov/boarddocs/srletters/2007/SR0716.htm 

September 5, 2007 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/fomc/beigebook/2007/20070905/default.htm 

September 5, 2007 - Statement of Chairman Ben S. Bernanke on the death of Edward M. Gramlich, former member of the Board of Governors of the Federal Reserve System.  www.federalreserve.gov/boarddocs/press/other/2007/20070905/default.htm 

September 4, 2007 - OCC Issues Fourth Quarter 2007 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 2007. www.occ.treas.gov/ftp/release/2007-92.htm 

September 4, 2007 - FDIC, CSBS and AARMR Suggest Servicers Avoid Debt-to-Income Ratios Above 50 Percent for Modified Obligations - The Federal Deposit Insurance Corporation, the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators are cautioning their supervised institutions about DTI ratios above 50 percent when applying loss mitigation techniques intended to achieve long-term sustainable obligations to provide stability to borrowers, investors, and the marketplace.
Press Release: www.fdic.gov/news/news/press/2007/pr07074.html 
Press Release: www.fdic.gov/news/news/financial/2007/fil07076.html 
Press Release: www.fdic.gov/news/news/financial/2007/fil07077.html 

September 4, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-Affected Areas of Minnesota, Wisconsin and Ohio - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Minnesota, Wisconsin and Ohio that have suffered major damage from storms and flooding. www.fdic.gov/news/news/financial/2007/fil07075.html 

September 4, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Storm- and Flood-affected Areas of Oklahoma - In an update to FIL-61-2007 and FIL-68-2007, the Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in additional areas of Oklahoma that are suffering from storms and flooding. www.fdic.gov/news/news/financial/2007/fil07074.html 

September 4, 2007 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from July 9 through August 6, 2007. www.federalreserve.gov/boarddocs/press/monetary/2007/20070904/default.htm 

September 4, 2007 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In August 2007 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/default.htm 

September 4, 2007 - Federal Financial Regulatory Agencies and CSBS Issue Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages - The federal financial regulatory agencies and the Conference of State Bank Supervisors on Tuesday issued a statement encouraging federally regulated financial institutions and state-supervised entities that service securitized residential mortgages to review to determine the full extent of their authority under pooling and servicing agreements to identify borrowers at risk of default and pursue appropriate loss mitigation strategies designed to preserve homeownership.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070904/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07073.html 
Press Release: www.occ.treas.gov/ftp/release/2007-91.htm 
Press Release: www.ots.treas.gov/docs/7/777062.html 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0904.pdf 

September 1, 2007 - Housing and the Monetary Transmission Mechanism - Frederic S. Mishkin - The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy. www.federalreserve.gov/pubs/feds/2007/200740/index.html 

 

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