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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.
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.
September 28, 2007 - OCC Announces New Electronic Interpretations
and Actions - September 2007.
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.
September 28, 2007 - NCUA - Final Regulation 12 CFR 701.3 - Member
Inspection of Credit Union Books, Records, and Minutes.
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:
September 28, 2007 - Reports of Condition and Income for Third
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,
September 27, 2007 - NCUA - Results of the 9/27/2007 NCUA Board
Meeting are available.
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.
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).
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.
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.
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
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.
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.
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.
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
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
September 25, 2007 - Statistical Release - G.20 Finance Companies.
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.
September 24, 2007 - August Economic Growth Below Average - The Chicago Fed
National Activity Index was -0.57 in August.
September 24, 2007 - NCUA - Credit Union Financial Trend for the First Half
of 2007 published.
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.
September 24, 2007 - Consumer Affairs Letters - The Department of Defense's
Final Rule on Limitations on Consumer Credit Extended to Service Members and
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.
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
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.
September 21, 2007 - Statistical Release - E.15 Agricultural Finance
September 21, 2007 - Governor Kevin Warsh - Financial Market Developments -
To the State University of New York at Albany's School of Business, Albany,
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.
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,
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.
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.
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.
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.
September 20, 2007 - Statistical Supplement to the Federal Reserve Bulletin
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.
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.
September 19, 2007 - Legal Interpretations - Bank Holding Company/Change in
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.
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.
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.
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).
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.
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.
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
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.
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.
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.
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
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.
September 17, 2007 - Federal Reserve statistical release - Z.1 - Flow of
Funds Accounts of the United States.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
September 11, 2007 - The Federal Reserve Board on Tuesday announced the
termination of the enforcement action Putnam-Greene Financial Corporation,
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.
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.
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.
September 11, 2007 -Chairman Ben S. Bernanke - At the Bundesbank Lecture,
Berlin, Germany September 11, 2007 - Global Imbalances: Recent Developments
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
September 6, 2007 - Report Outlines Midwest Economic Activity -
Beige Book reports modest economic expansion during July and August
in the Seventh District.
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.
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.
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.
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.
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.
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
September 5, 2007 - Beige Book - Informal review by the Federal
Reserve Banks of current economic conditions in their Districts.
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.
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.
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.
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.
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.
September 4, 2007 - The Federal Reserve Board on Tuesday released
the minutes of its discount rate meetings from July 9 through August
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.
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.
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.
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