Bank
Regulatory News
September 2008
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September 30, 2008 - Statistical Release - E.15 Agricultural Finance
Databook.
www.federalreserve.gov/releases/e15/default_2008.htm
September 30, 2008 - The Federal Reserve Board announced Tuesday that the
Consumer Advisory Council will hold its next meeting on Thursday, October
23. The meeting will take place in Dining Room E, Terrace Level, in the
Board's Martin Building. The session will begin at 9:00 a.m. and is open to
the public. Anyone planning to attend the meeting should, for security
purposes, register no later than Tuesday, October 21, by completing the form
found online at:
www.federalreserve.gov/newsevents/press/other/20080930a.htm
September 30, 2008 - Federal Reserve Bank of St. Louis Announces Staff
Changes - The Federal Reserve Bank of St. Louis announced the following
staff changes.
www.stlouisfed.org/news/releases/2008/09_30_08.html
September 30, 2008 - Regulatory Capital Standards - Proposed Deduction of
Goodwill Net of Associated Deferred Tax Liability - The federal banking
agencies have jointly issued the attached Notice of Proposed Rulemaking
seeking comment on whether to allow goodwill, which must be deducted from
Tier 1 capital, to be reduced by the amount of any associated deferred tax
liability. The FDIC will accept comments on the NPR through October 30,
2008.
Press Release:
www.fdic.gov/news/news/financial/2008/fil08100.html
Press Release:
www.occ.treas.gov/ftp/bulletin/2008-25.html
September 30, 2008 - Statistical Release - G.20 Finance Companies.
www.federalreserve.gov/releases/g20/Current/
September 29, 2008 - NCUA - Kaiperm Federal Credit Union Liquidated; Members
Now Served by Alliant Credit Union - The National Credit Union
Administration announces today that Alliant Credit Union, of Chicago,
Illinois, has purchased the assets and assumed all member shares of the
recently liquidated Kaiperm Federal Credit Union of Oakland, California.
www.ncua.gov/news/press_releases/2008/MR08-0929.htm
September 29, 2008 - Community Reinvestment Act - Hurricanes Katrina and
Rita - The unprecedented damage caused by hurricanes Katrina and Rita in
2005 to housing, business, and public infrastructure in the Gulf Coast area
requires continued assistance for the area in the form of loans,
investments, and services. Therefore, the Office of the Comptroller of the
Currency, along with the Federal Deposit Insurance Corporation, the Board of
Governors of the Federal Reserve System, and the Office of Thrift
Supervision, is extending the time period for Community Reinvestment Act
consideration for activities in these designated disaster areas.
www.occ.treas.gov/ftp/bulletin/2008-24.html
September 29, 2008 - Midwest Manufacturing Output Drops in August - The
Chicago Fed Midwest Manufacturing Index declined 2.6% in August, to a
seasonally adjusted level of 103.5.
www.chicagofed.org/economic_research_and_data/files/cfmmi_august2008.pdf
September 29, 2008 - NCUA - Fryzel Statement on the Congressional Increase
in the CLF Lending Limit - "I am extremely pleased that Congress has
responded favorably to our request that NCUA be given authority to lend to
its statutorily set Central Liquidity Facility loan level, which is now $41
billion," NCUA Chairman Michael E. Fryzel stated. "The careful case that we
built in asking for the authority was based on the concept that I wanted to
be proactive and preventative, rather than reactive during a crisis, and I
commend Congress for providing NCUA an additional tool with which to address
liquidity needs that may develop."
www.ncua.gov/news/press_releases/2008/MA08-0927.htm
September 29, 2008 - Citigroup Agrees To Purchase Wachovia - Today the FDIC
assisted the acquisition of Wachovia, a large national bank, by Citigroup,
the nation's largest banking company.
www.occ.treas.gov/ftp/release/2008-116.htm
September 29, 2008 - Citigroup Inc. to Acquire Banking Operations of
Wachovia - FDIC, Federal Reserve and Treasury Agree to Provide Open Bank
Assistance to Protect Depositors - Citigroup Inc. will acquire the banking
operations of Wachovia Corporation; Charlotte, North Carolina, in a
transaction facilitated by the Federal Deposit Insurance Corporation and
concurred with by the Board of Governors of the Federal Reserve and the
Secretary of the Treasury in consultation with the President.
www.fdic.gov/news/news/press/2008/pr08088.html
September 29, 2008 - Annual adjustments for reserve calculations and deposit
reporting, Regulation D - The Federal Reserve Board on Monday announced the
annual indexing of the reserve requirement exemption amount and of the low
reserve tranche for 2009. These amounts are used in the calculation of
reserve requirements of depository institutions.
www.federalreserve.gov/newsevents/press/bcreg/20080929a.htm
September 29, 2008 - Federal Reserve Ready to Provide Liquidity in Wachovia
Transition - The banking operations of Wachovia Corp., which is
headquartered in Charlotte, N.C., are being acquired by Citigroup Inc. The
transaction is being facilitated by the Federal Deposit Insurance
Corporation and concurred with by the Board of Governors of the Federal
Reserve and the Secretary of the Treasury.
www.richmondfed.org/news_and_speeches/press_releases/news_release.cfm/588
September 29, 2008 - Federal Reserve and other central banks announce
further coordinated actions to expand significantly the capacity to provide
U.S. dollar liquidity - In response to continued strains in short-term
funding markets, central banks today are announcing further coordinated
actions to expand significantly the capacity to provide U.S. dollar
liquidity. Central banks will continue to work together closely and are
prepared to take appropriate steps as needed to address funding pressures.
www.federalreserve.gov/newsevents/press/monetary/20080929a.htm
September 29, 2008 - Statement by Chairman Bernanke on agreement by the
Congress and the Administration.
www.federalreserve.gov/newsevents/press/other/20080929a.htm
September 29, 2008 - The Federal Reserve Board on Monday announced the
issuance of a Consent Order of Prohibition against Donald W. Linville, a
former senior vice president for commercial real estate lending, and
institution-affiliated party of Compass Bank, Birmingham, Alabama.
www.federalreserve.gov/newsevents/press/enforcement/20080929b.htm
September 29, 2008 - The Federal Reserve Board on Monday announced the
issuance of a Consent Order of Assessment of a Civil Money Penalty against
Bank of Romney, Romney, West Virginia, a state member bank. Bank of Romney,
without admitting to any allegations, consented to the issuance of the Order
in connection with its alleged violations of the Board's Regulations
implementing the National Flood Insurance Act.
www.federalreserve.gov/newsevents/press/enforcement/20080929a.htm
September 26, 2008 - Risk-Based Capital - Money Market Mutual Funds -
Interim Final Rule - Request for Comments - This bulletin briefly summarizes
an interim final rule concerning the risk-based capital treatment for
certain asset-backed commercial paper purchased by national banks pursuant
to a special lending facility established by the Federal Reserve System. The
interim final rule was published today in the Federal Register by the Office
of the Comptroller of the Currency. The rule became effective September 19,
2008.
www.occ.treas.gov/ftp/bulletin/2008-23.html
September 26, 2008 - FDIC Makes Public August Enforcement Actions; No
Administrative Hearings are Scheduled for October - The Federal Deposit
Insurance Corporation today released a list of orders of administrative
enforcement actions taken against banks and individuals in August. No
administrative hearings are scheduled.
www.fdic.gov/news/news/press/2008/pr08087.html
September 26, 2008 - OCC Reports Second Quarter Bank Trading Revenue of $1.6
Billion - Insured U.S. commercial banks reported $1.6 billion in revenues
from trading cash and derivative instruments in the second quarter, compared
to revenues of $721 million in the first quarter of 2008, the Office of the
Comptroller of the Currency reported today in the OCC's Quarterly Report on
Bank Trading and Derivatives Activities.
www.occ.treas.gov/ftp/release/2008-115.htm
September 26, 2008 - OCC Approves Applications for JPMorgan Chase Bank - The
Office of the Comptroller of the Currency announced today it has approved
applications for JPMorgan Chase Bank, National Association, to acquire
assets and liabilities from Washington Mutual Bank, and to merge Washington
Mutual Bank FSB, into JPMorgan Chase Bank, National Association.
www.occ.treas.gov/ftp/release/2008-114.htm
September 26, 2008 - FDIC Simplifies Coverage Rules for Revocable Trust
Accounts - The FDIC's Board of Directors today adopted changes to simplify
the rules for determining the coverage available on revocable trust accounts
- commonly called payable-on-death accounts or living trust accounts. The
interim rules, which are effective immediately, eliminate the concept of
qualifying beneficiaries, so that coverage is based on the naming of
virtually any beneficiary.
www.fdic.gov/news/news/press/2008/pr08086.html
September 26, 2008 - JPMorgan Chase Acquires Banking Operations of
Washington Mutual - FDIC Facilitates Transaction that Protects All
Depositors and Comes at No Cost to the Deposit Insurance Fund - JPMorgan
Chase acquired the banking operations of Washington Mutual Bank in a
transaction facilitated by the Federal Deposit Insurance Corporation. All
depositors are fully protected and there will be no cost to the Deposit
Insurance Fund.
www.fdic.gov/news/news/press/2008/pr08085.html
September 26, 2008 - Expected Consumption Growth from Cross-Country Surveys:
Implications for Assessing International Capital Markets - Charles Engel and
John H. Rogers - Survey data show that the expected growth rates of
consumption across countries vary widely and are not highly correlated. This
data contradicts the simplest of open-economy models in which there is a
freely traded non- state-contingent bond and purchasing power parity holds.
www.federalreserve.gov/pubs/ifdp/2008/949/ifdp949.htm
September 26, 2008 - Exchange Rates and Fundamentals: A Generalization -
James M. Nason and John H. Rogers - Exchange rates have raised the ire of
economists for more than 20 years. The problem is that few, if any, exchange
rate models are known to systematically beat a naive random walk in out of
sample forecasts. Engel and West (2005) show that these failures can be
explained by the standard-present value model because it predicts random
walk exchange rate dynamics if the discount factor approaches one and
fundamentals have a unit root.
www.federalreserve.gov/pubs/ifdp/2008/948/ifdp948.htm
September 26, 2008 - Current Account Sustainability and Relative Reliability
- Stephanie E. Curcuru, Charles P. Thomas, and Francis E. Warnock - The
sustainability of the large and persistent U.S. current account deficits is
one of the biggest issues currently being confronted by international
macroeconomists. Some very plausible theories suggest that the substantial
global imbalances can continue in a benign manner, other equally plausible
theories predict a disorderly resolution, and in general it is very
difficult to discern between competing theories.
www.federalreserve.gov/pubs/ifdp/2008/947/ifdp947.htm
September 26, 2008 - Emerging Market Business Cycles with Remittance
Fluctuations - Ceyhun Bora Durdu and Serdar Sayan - This paper analyzes the
implications of remittance fluctuations for various macroeconomic variables
and Sudden Stops. The paper employs a quantitative two-sector model of a
small open economy with financial frictions calibrated to Mexican and
Turkish economies, two major recipients, whose remittance receipts feature
opposite cyclical characteristics.
www.federalreserve.gov/pubs/ifdp/2008/946/ifdp946.htm
September 26, 2008 - Escape From New York: The Market Impact of SEC Rule
12h-6 - Nuno Fernandes, Ugur Lel, and Darius P. Miller - We examine the
stock market impact of SEC Rule 12h-6 which eased the ability of foreign
firms to deregister with the SEC and as a result terminate their U.S.
disclosure obligations under the 1934 Securities Exchange Act.
www.federalreserve.gov/pubs/ifdp/2008/945/ifdp945.htm
September 26, 2008 - Payment Systems - Monthly Daylight Overdraft data
through July 2, 2008.
www.federalreserve.gov/paymentsystems/PSR/data.htm
September 26, 2008 - Payment Systems - Quarterly Reserve Bank Payments
Services data through 2008:Q2.
www.federalreserve.gov/paymentsystems/default.htm
September 26, 2008 - Central banks have been employing coordinated measures
designed to address the pressures in global money markets. Most recently,
central banks have acted together to inject dollars into the overnight
markets. Using their reciprocal currency arrangements (swap lines) with the
Federal Reserve, the Bank of England, the European Central Bank, and the
Swiss National Bank today are announcing the introduction of operations to
provide U.S. dollar liquidity with a one-week maturity. These operations are
designed to address funding pressures over quarter end. Central banks
continue to work together closely and are prepared to take further steps as
needed to address the ongoing pressures in funding markets.
www.federalreserve.gov/newsevents/press/monetary/20080926a.htm
September 25, 2008 - Washington Mutual Acquired by JPMorgan Chase -
Washington Mutual Bank, the $307 billion thrift institution headquartered in
Seattle, was acquired today by JPMorgan Chase, the Office of Thrift
Supervision announced.
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9c306c81-1e0b-8562-eb0c-fed5429a3a56&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
____________________________________
September 25, 2008 - New Streamlined Bank Application Process Announced - In
2009 the Fed will roll out an internet-based system for electronically
submitting application documents in a secure environment.
www.chicagofed.org/banking_information/index.cfm
September 25, 2008 - NCUA - Results of the 09/25/08 NCUA Board Meeting are
Available.
www.ncua.gov/NCUABoard/Calendars/board_calendar/ag08-0925_results.htm
September 25, 2008 - Open Letter to Bloomberg News about FDIC Deposit
Insurance Fund. Bloomberg reporter David Evans' piece ("FDIC May Need
$150 Billion Bailout as Local Bank Failures Mount," Sept. 25) does a serious
disservice to your organization and your readers by painting a skewed
picture of the FDIC insurance fund.
www.fdic.gov/news/news/press/2008/pr08084.html
September 25, 2008 - Supervision Manuals - A User's Guide for the Bank
Holding Company Performance Report, March 2008 update - Serves as an aid in
using the Bank Holding Company Performance Report. Provides definitions of
the financial ratios and items presented on each page of the BHCPR.
www.federalreserve.gov/boarddocs/supmanual/bhcpr/usersguide08/default.htm
September 25, 2008 - The Federal Reserve Board on Thursday announced its
approval of the proposal by Whitney Holding Corporation, New Orleans,
Louisiana, to acquire Parish National Corporation, Covington, Louisiana.
www.federalreserve.gov/newsevents/press/orders/20080925a.htm
September 25, 2008 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and between Vineyard National Bancorp,
registered bank holding company, and the Federal Reserve Bank of San
Francisco.
www.federalreserve.gov/newsevents/press/enforcement/20080925a.htm
September 24, 2008 - OCC Updates Policy Statement On Minority-Owned National
Banks - The Office of the Comptroller of the Currency announced today it has
reissued its Policy Statement on Minority-Owned National Banks. The updated
statement replaces a 2001 policy statement.
www.occ.treas.gov/ftp/release/2008-113.htm
September 24, 2008 - NCUA Initiates Share Insurance Call Center, Tool Kit -
Experts are available to answer questions about share insurance - The
National Credit Union Administration today opens a call center and posts an
electronic tool kit to help members and credit unions better understand the
insurance protection NCUA provides for member accounts.
www.ncua.gov/news/press_releases/2008/MA08-0923a.htm
September 24, 2008 - Testimony of Chairman Ben S. Bernanke - Economic
outlook - Before the Joint Economic Committee, U.S. Congress September 24,
2008.
www.federalreserve.gov/newsevents/testimony/bernanke20080924a.htm
September 24, 2008 - Legal Developments - Section 19 Letters, August 7,
2008.
www.federalreserve.gov/boarddocs/legaldevelopments/ordersother/section19/2008/20080807.pdf
September 24, 2008 - Today, the Federal Reserve, the Reserve Bank of
Australia, the Danmarks Nationalbank, the Norges Bank, and the Sveriges
Riksbank are announcing the establishment of temporary reciprocal currency
arrangements (swap lines) to address elevated pressures in U.S. dollar
short-term funding markets. These facilities, like those already in place
with other central banks, are designed to improve liquidity conditions in
global financial markets. Central banks continue to work together during
this period of market stress and are prepared to take further steps as the
need arises.
www.federalreserve.gov/newsevents/press/monetary/20080924a.htm
September 23, 2008 - The Federal Reserve Board on Tuesday announced the
execution of a Written Agreement by and among Community Banks of Northern
California, a state chartered member bank, the Federal Reserve Bank of
Kansas City, and the California Department of Financial Institutions.
www.federalreserve.gov/newsevents/press/enforcement/20080923a.htm
September 23, 2008 - Testimony of Chairman Ben S. Bernanke - U.S. financial
markets.
www.federalreserve.gov/newsevents/testimony/bernanke20080923a1.htm
September 23, 2008 - The Federal Reserve Board on Tuesday announced the
approval of an application by The Shizuoka Bank, Ltd., Shizuoka, Japan, to
establish a branch in New York, New York.
www.federalreserve.gov/newsevents/press/orders/20080923a.htm
September 23, 2008 - On September 22, 2008, the Federal Reserve conducted an
auction of $75 billion in 28-day credit through its Term Auction Facility.
Following are the results of the auction:
www.federalreserve.gov/newsevents/press/monetary/20080923a.htm
September 23, 2008 - The Federal Reserve Board on Tuesday announced the
execution of a Written Agreement by and among Community Bank of West
Georgia, a state chartered member bank, the Federal Reserve Bank of Atlanta,
and the Banking Commissioner of the State of Georgia.
www.federalreserve.gov/newsevents/press/enforcement/20080923b.htm
September 22, 2008 - August economic activity weak - The Chicago Fed
National Activity Index was -1.59 in August, down from -0.93 in July and
reaching its lowest level since 2001. All four broad categories of
indicators made negative contributions to the index in August.
www.chicagofed.org/economic_research_and_data/files/cfnai_september2008.pdf
September 22, 2008 - OCC Approves Application of Morgan Stanley Bank to
Convert to a National Bank - The Office of the Comptroller of the Currency
announced today it has conditionally approved the application of Morgan
Stanley Bank, Salt Lake City, Utah to convert to a national banking
association to be called Morgan Stanley Bank, National Association.
www.occ.treas.gov/ftp/release/2008-112.htm
September 22, 2008 - OCC Enforcement Actions - The Office of the Comptroller
of the Currency today released new enforcement actions taken against
national banks and individuals currently and formerly affiliated with
national banks.
www.occ.treas.gov/ftp/release/2008-111.htm
September 22, 2008 - FDIC Rolls out Deposit Insurance Awareness Campaign
Personal Finance Expert Suze Orman Featured in PSAs - The Federal Deposit
Insurance Corporation today launches a national campaign designed to help
consumers learn about the benefits and limitations of deposit insurance. The
campaign's public service announcements will feature personal finance expert
Suze Orman.
www.fdic.gov/news/news/press/2008/pr08083.html
September 22, 2008 - Statistical Release - 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 22, 2008 - The Federal Reserve Board on Monday announced the
approval of a policy statement on equity investments in banks and bank
holding companies. The policy statement provides additional guidance on the
Board's position on minority equity investments in banks and bank holding
companies that generally do not constitute "control" for purposes of the
Bank Holding Company Act.
www.federalreserve.gov/newsevents/press/bcreg/20080922c.htm
September 22, 2008 - Based on consultation with the Department of Justice
regarding the applications of Goldman Sachs and Morgan Stanley to become
bank holding companies, the Federal Reserve Board announced on Monday that
the transactions may be consummated immediately without the application of
the five-day antitrust waiting period.
www.federalreserve.gov/newsevents/press/bcreg/20080922a.htm
September 22, 2008 - On September 22, 2008, the Federal Reserve will offer
$75 billion in 28-day credit through its Term Auction Facility. Additional
information regarding the auction is listed below; the auction will be
conducted as specified in this announcement, Regulation A, and the terms and
conditions of the Term Auction Facility
www.federalreserve.gov/newsevents/press/monetary/20080922a.htm
September 21, 2008 - The Federal Reserve Board on Sunday approved, pending a
statutory five-day antitrust waiting period, the applications of Goldman
Sachs and Morgan Stanley to become bank holding companies.
www.federalreserve.gov/newsevents/press/bcreg/20080921a.htm
September 19, 2008 - Pioneer Community Bank, Inc., and the Citizens Savings
Bank Acquire All Deposits of Ameribank, Inc., Northfork, West Virginia - All
Insured and Uninsured Deposits Transferred to Acquiring Banks
www.fdic.gov/news/news/press/2008/pr08082.html
September 19, 2008 - OTS Closes Ameribank and Appoints FDIC Receiver - The
Office of Thrift Supervision today closed the $104 million Ameribank of
Northfork, West Virginia, and appointed the Federal Deposit Insurance
Corporation as receiver.
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=7ce8088e-1e0b-8562-eb41-d64803dcf8f7&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
September 19, 2008 - OCC Approves Interim Final Rule on Bank Purchases of
ABCP from Money Market Mutual Funds - The Office of the Comptroller of the
Currency announced today it has approved for publication an interim final
rule that would recognize the substantial protection from risk provided to
national banks under the Federal Reserve System's newly announced special
lending facility.
www.occ.treas.gov/ftp/release/2008-110.htm
September 19, 2008 - Board approves two interim final rules in connection
with initiative to provide liquidity to markets by extending loans to
banking organizations to finance their purchases of high-quality
asset-backed commercial paper from money market mutual funds
www.federalreserve.gov/newsevents/press/monetary/20080919c.htm
September 19, 2008 - The Federal Reserve Board on Friday announced the
execution of a Written Agreement by and among First Georgia Community Corp.,
Jackson, Georgia, First Georgia Community Bank, Jackson, Georgia, the
Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State
of Georgia.
www.federalreserve.gov/newsevents/press/enforcement/20080919a.htm
September 19, 2008 - OCC Publishes Newsletter Highlighting Multibank
Community Development Corporations - The Office of the Comptroller of the
Currency today released the Fall 2008 edition of Community Developments
Investments focusing on Multibank Community Development Corporations.
www.occ.treas.gov/ftp/release/2008-109.htm
September 19, 2008 - The Federal Reserve Board on Friday announced two
enhancements to its programs to provide liquidity to markets. One initiative
will extend non-recourse loans at the primary credit rate to U.S. depository
institutions and bank holding companies to finance their purchases of
high-quality asset-backed commercial paper from money market mutual funds.
This should assist money funds that hold such paper in meeting demands for
redemptions by investors and foster liquidity in the ABCP markets and
broader money markets.
www.federalreserve.gov/newsevents/press/monetary/20080919a.htm
September 18, 2008 - Nationwide Launch of Partnership for Progress - The
Federal Reserve System today announced the nationwide launch of Partnership
for Progress, an innovative outreach and technical assistance program for
minority-owned and de novo institutions. The program seeks to help these
institutions confront their unique challenges, cultivate safe and sound
practices, and compete more effectively in today's marketplace through a
combination of one-on-one guidance, workshops, and an extensive interactive
web-based resource and information center
www.frbsf.org/news/releases/2008/0618.html
______________________
September 18, 2008 - OCC Focuses on the Small Business
Administration's 7(a) Loan Guarantee Program - The Office of the Comptroller
of the Currency today published a Community Developments Insights report
which looks at bank participation in the SBA's 7(a) Loan Guarantee Program.
By reducing lender risk, this $17.5-billion-a-year initiative helps banks
supply credit to small enterprises nationwide. The report highlights how
banks can use the 7(a) program to develop new business, mitigate risk, and
help meet their Community Reinvestment Act goals.
www.occ.treas.gov/ftp/release/2008-108.htm
September 18, 2008 - Statement on Investments in Fannie Mae and Freddie Mac
Equity Securities - The Federal Deposit Insurance Corporation (FDIC) will
work with the limited number of institutions that have significant holdings
of common or perpetual preferred shares in Fannie Mae and Freddie Mac to
develop Capital Restoration Plans pursuant to federal regulations. These
equity investments should be reported as available-for-sale equity
securities, if not held for trading purposes, and any net unrealized losses
should be deducted from regulatory capital. Attached is the FDIC's
"Statement on Investments in Fannie Mae and Freddie Mac Equity Securities."
www.fdic.gov/news/news/financial/2008/fil08093.html
September 18, 2008 - Current Accounting Issues Telephone Seminar - Seminar
Open to Bank Officers and Employees of FDIC-Supervised Banks - The FDIC will
host a free telephone seminar on several accounting issues of current
interest to bankers. The seminar will be held on September 24, 2008, and run
approximately two hours. Employees of all FDIC-supervised banks are invited
to participate.
www.fdic.gov/news/news/financial/2008/fil08092.html
September 18, 2008 - Statistical Release - E.2 Survey of Terms of Business
Lending.
www.federalreserve.gov/releases/e2/default.htm
September 18, 2008 - NCUA Posts 2009 Board Meeting Schedule - The National
Credit Union Administration today announces its 2009 Board meeting schedule.
The Board plans to convene each month on a Thursday at 10 a.m. (except
August when the Board historically does not meet) on the following dates:
www.ncua.gov/news/press_releases/2008/MR08-0918a.htm
September 18, 2008 - NCUA Terminates Toledo Metro Federal Credit Union
Letter of Understanding - The National Credit Union Administration Board has
terminated a published Letter of Understanding signed February 16, 2006, by
Toledo Metro Federal Credit Union, Toledo, Ohio, recognizing the credit
union has resolved the issues discussed in the LUA and improved its
underwriting and compliance with NCUA rules and regulations.
www.ncua.gov/news/press_releases/2008/MR08-0918.htm
September 18, 2008 - Statistical Release - Z.1 Flow of Funds.
www.federalreserve.gov/releases/z1/Current/
September 18, 2008 - NCUA - Agenda for the 09/25/2008 NCUA Board Meeting is
available.
www.ncua.gov/NCUABoard/Calendars/board_calendar/ag08-0925.htm
September 18, 2008 - Today, the Bank of Canada, the Bank of England, the
European Central Bank, the Federal Reserve, the Bank of Japan, and the Swiss
National Bank are announcing coordinated measures designed to address the
continued elevated pressures in U.S. dollar short-term funding markets.
These measures, together with other actions taken in the last few days by
individual central banks, are designed to improve the liquidity conditions
in global financial markets. The central banks continue to work together
closely and will take appropriate steps to address the ongoing pressures.
www.federalreserve.gov/newsevents/press/monetary/20080918a.htm
September 17, 2008 - NCUA Issues Prohibition Orders - The National Credit
Union Administration Board has issued orders prohibiting the following
individuals from participating in the affairs of any federally insured
financial institution.
http://www.ncua.gov/news/press_releases/2008/MR08-0917a.htm
September 17, 2008 - NCUA Issues Prohibition Orders - The National Credit
Union Administration Board has issued orders prohibiting the following
individuals from participating in the affairs of any federally insured
financial institution.
www.ncua.gov/news/press_releases/2008/MR08-0917b.htm
September 17, 2008 - NCUA - Interfaith Federal Credit Union Closes - The
National Credit Union Administration placed Interfaith Federal Credit Union
of East Orange, New Jersey, into liquidation yesterday.
www.ncua.gov/news/press_releases/2008/MR08-0917.htm
September 17, 2008 - September Burgundy Book Shows Mixed Economy in the
Little Rock Region - The September edition of the Burgundy Book, the Federal
Reserve Bank of St. Louis' quarterly summary of detailed economic
information and data for the Arkansas region, is now available.
www.stlouisfed.org/news/releases/2008/09_17_08LittleRock.html
September 17, 2008 - September Burgundy Book Shows Continued Weakness in the
Louisville Regional Economy - The September edition of the Burgundy Book,
the Federal Reserve Bank of St. Louis' quarterly summary of detailed
economic information and data for the Louisville region, is now available.
The Louisville region covers 64 counties in western Kentucky and 24 counties
in southern Indiana.
www.stlouisfed.org/news/releases/2008/09_17_08Louisville.html
September 17, 2008 - September Burgundy Book Shows Continued Softening of
the Memphis Regional Economy - The September edition of the Burgundy Book,
the Federal Reserve Bank of St. Louis' quarterly summary of detailed
economic information and data for the Memphis region, is now available. The
Memphis region covers 21 counties in western Tennessee and 39 counties in
northern Mississippi.
www.stlouisfed.org/news/releases/2008/09_17_08Memphis.html
September 17, 2008 - September Burgundy Book Paints Somewhat Negative
Economic Picture for St. Louis Region - The September edition of the
Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of
detailed economic information and data for the St. Louis region, is now
available. The St. Louis region covers 71 counties in eastern Missouri and
45 counties in southern Illinois.
www.stlouisfed.org/news/releases/2008/09_17_08Stls.html
September 17, 2008 - The Federal Reserve Board on Wednesday announced the
execution of a Written Agreement by and between Hastings Bancorp, Inc.,
Hastings, Nebraska, a registered bank holding company that owns and controls
Hastings State Bank, Hastings, Nebraska, a state chartered nonmember bank,
and the Federal Reserve Bank of Kansas City.
www.federalreserve.gov/newsevents/press/enforcement/20080917a.htm
September 16, 2008 - 33rd Annual St. Louis Fed Conference Focuses on
Projecting Potential Economic Growth at Home and Abroad - Nationally
recognized economists, researchers and policymakers will meet at the Federal
Reserve Bank of St. Louis on Oct. 16 and 17 to discusss "Projecting
Potential Growth: Issues and Measurement," the theme of the St. Louis Fed's
33rd annual Economic Policy Conference.
www.stlouisfed.org/news/releases/2008/09_16_08.html
September 16, 2008 - The Federal Reserve Board on Tuesday, with the full
support of the Treasury Department, authorized the Federal Reserve Bank of
New York to lend up to $85 billion to the American International Group (AIG)
under section 13(3) of the Federal Reserve Act. The secured loan has terms
and conditions designed to protect the interests of the U.S. government and
taxpayers.
www.federalreserve.gov/newsevents/press/other/20080916a.htm
September 16, 2008 - Brochure Cites Benefits of Regional Coalitions for
Disaster Recovery - The Office of Thrift Supervision released a brochure
today that describes the benefits for members of the financial services
industry of joining a regional coalition to prepare for recovery after a
disaster.
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=6ca8f942-1e0b-8562-eb3c-03de7a6c2012&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
September 16, 2008 - Letter to Stakeholders - Second Quarter 2008 Edition of
FDIC'S Letter to Stakeholders - The FDIC has issued the attached Letter to
Stakeholders from FDIC Chairman Sheila Bair, which reports on the FDIC's
activities and accomplishments during the second quarter of 2008.
www.fdic.gov/news/news/financial/2008/fil08091.html
September 16, 2008 - Regulatory Relief Guidance to Help Financial
Institutions and Facilitate Recovery In Areas of Louisiana and Texas
Affected by Hurricane Ike - The Federal Deposit Insurance Corporation has
announced a series of steps intended to provide regulatory relief to
financial institutions and facilitate recovery in areas of Louisiana and
Texas affected by Hurricane Ike.
www.fdic.gov/news/news/financial/2008/fil08090.html
September 16, 2008 - The Federal Open Market Committee decided today to keep
its target for the federal funds rate at 2 percent. Strains in financial
markets have increased significantly and labor markets have weakened
further. Economic growth appears to have slowed recently, partly reflecting
a softening of household spending. Tight credit conditions, the ongoing
housing contraction, and some slowing in export growth are likely to weigh
on economic growth over the next few quarters. Over time, the substantial
easing of monetary policy, combined with ongoing measures to foster market
liquidity, should help to promote moderate economic growth.
www.federalreserve.gov/newsevents/press/monetary/20080916a.htm
September 15, 2008 - New Blog Features Discussion on Economic Topics - In
'Marginal Thoughts,' a new economics blog now online, Wade Rousse talks
about moral hazard.
http://marginalthoughts.chicagofedblogs.org/2008/09/moral_hazard.html
September 15, 2008 - OCC Releases CRA Evaluations For 19 National Banks.
www.occ.treas.gov/ftp/release/2008-106.htm
September 15, 2008 - Federal Deposit Insurance Corporation and the New York
State Banking Department Executed an Information-Sharing Agreement - The
Federal Deposit Insurance Corporation and the New York State Banking
Department executed an information-sharing agreement allowing for the
exchange of information relating to Money Services Businesses supervision.
This agreement will provide for a formal information-sharing process and is
designed to enhance the ongoing working relationship between the two
agencies.
www.fdic.gov/news/news/press/2008/pr08080.html
September 15, 2008 - Federal Deposit Insurance Corporation and the Texas
Department of Banking Executed an Information-Sharing Agreement - The
Federal Deposit Insurance Corporation and the Texas Department of Banking
executed an information-sharing agreement allowing for the exchange of
information relating to Money Services Businesses supervision. This
agreement will provide for a formal information-sharing process and is
designed to enhance the ongoing working relationship between the two
agencies.
www.fdic.gov/news/news/press/2008/pr08079.html
September 15, 2008 - Statistical Release - Minority-Owned Banks - The
Federal Reserve Board compiles quarterly data on financial institutions that
participate in the Department of the Treasury's Minority Bank Deposit
Program and releases the data about twelve weeks after the end of each
quarter.
www.federalreserve.gov/releases/mob/default.htm
September 15, 2008 - INDUSTRIAL Production And Capacity Utilization -
Industrial production decreased 1.1 percent in August and was revised down
in June and July to show smaller gains of 0.2 percent and 0.1 percent
respectively. After little movement over the previous three months, factory
output was down 1.0 percent in August, in part because of a drop of 11.9
percent in the production of motor vehicles and parts.
www.federalreserve.gov/releases/g17/Current/
September 15, 2008 - Interim Final Rule - Provides a temporary exception to
the limitations in section 23A of the Federal Reserve Act.
www.federalreserve.gov/newsevents/press/monetary/monetary20080914a1.pdf
September 15, 2008 - Federal Banking Agencies Evaluating FASB's Accounting
Proposals - The federal banking agencies are evaluating the amendments to
generally accepted accounting principles proposed today by the Financial
Accounting Standards Board.
Press Release:
www.federalreserve.gov/newsevents/press/bcreg/20080915b.htm
Press Release:
www.fdic.gov/news/news/press/2008/pr08081.html
Press Release:
www.occ.treas.gov/ftp/release/2008-107.htm
September 15, 2008 - Request for comment on draft interagency proposed rule
to permit a banking organization to reduce the amount of its goodwill
deduction from tier 1 capital by any associated deferred tax liability.
www.federalreserve.gov/newsevents/press/bcreg/20080915a.htm
September 14, 2008 - The Federal Reserve Board on Sunday announced several
initiatives to provide additional support to financial markets, including
enhancements to its existing liquidity facilities.
www.federalreserve.gov/newsevents/press/monetary/20080914a.htm
September 12, 2008 - Banking Award Presentation September 15 at Chicago Fed
- U.S. Treasury official to announce $20 million in awards to banks for work
in economically distressed communities.
www.cdfifund.gov/news_events/CDFI-2008-41-AwardstoBanksforWorkinCommunities.asp
September 12, 2008 - Agencies Release Joint Mortgage Metrics Report For the
Second Quarter of 2008 - The Office of the Comptroller of the Currency and
the Office of Thrift Supervision joined forces to issue a joint report today
on the performance of approximately 60 percent of all first lien mortgages
outstanding in the United States.
Press Release:
www.occ.treas.gov/ftp/release/2008-105.htm
Press Release:
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=56d7ace4-1e0b-8562-eb3e-26a39377538a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
September 12, 2008 - The Macroeconomic Effect of External Pressures on
Monetary Policy - Davide Debortoli and Ricardo Nunes - Central banks,
whether independent or not, may occasionally be subject to external
pressures to change policy objectives. We analyze the optimal response of
central banks to such pressures and the resulting macroeconomic
consequences. We consider several alternative scenarios regarding policy
objectives, the degree of commitment and the timing of external pressures.
www.federalreserve.gov/pubs/ifdp/2008/944/ifdp944.htm
September 12, 2008 - Constructive Data Mining: Modeling Argentine Broad
Money Demand - Neil R. Ericsson and Steven B. Kamin - This paper assesses
the empirical merits of PcGets and Autometrics--two recent algorithms for
computer-automated model selection--using them to improve upon Kamin and
Ericsson's (1993) model of Argentine broad money demand.
www.federalreserve.gov/pubs/ifdp/2008/943/ifdp943.htm
September 12, 2008 - Distress in the Financial Sector and Economic Activity
- Mark A. Carlson, Thomas B. King, and Kurt F. Lewis - This paper explores
the relationship between the health of the financial sector and the rest of
the economy. We develop an index of financial sector health using a
distance-to-default measure based on a Merton-style option pricing model.
www.federalreserve.gov/pubs/feds/2008/200843/index.html
September 12, 2008 - Borrowing From Yourself: 401(k) Loans and Household
Balance Sheets - Geng Li and Paul A. Smith - We examine 401(k) borrowing
since 1992 and identify a puzzle: despite potential gains from borrowing
against 401(k) assets instead of from other sources, most eligible
households eschew 401(k) loans, including many who carry relatively
expensive balances on credit cards and auto loans. We estimate that
households with access to 401(k) loans could have saved about $3.3 billion
in 2004--about $200 per household--by shifting debt to 401(k) loans.
www.federalreserve.gov/pubs/feds/2008/200842/index.html
September 12, 2008 - The Causes and Consequences of Economic Restructuring:
Evidence from the Early 21st Century - Andrew Figura and William Wascher - A
number of industries underwent large and permanent reductions in employment
growth at the beginning of this decade, a process we label as restructuring.
We describe how restructuring occurred and what its consequences were for
the economy.
www.federalreserve.gov/pubs/feds/2008/200841/index.html
September 12, 2008 - Effects of Liquidity on the Nondefault Component of
Corporate Yield Spreads: Evidence from Intraday Transactions Data - Song Han
and Hao Zhou - We estimate the nondefault component of corporate bond yield
spreads and examine its relationship with bond liquidity. We measure bond
liquidity using intraday transactions data and estimate the default
component using the term structure of credit default swaps spreads. With
swap rate as the risk free rate, the estimated nondefault component is
generally moderate but statistically significant for AA-, A-, and BBB-rated
bonds and increasing in this order.
www.federalreserve.gov/pubs/feds/2008/200840/index.html
September 12, 2008 - The Federal Reserve Board on Friday announced the
termination of the enforcement action ABN AMRO Bank N.V., Amsterdam, The
Netherlands Cease and Desist Order dated December 19, 2005 Terminated
September 10, 2008
www.federalreserve.gov/newsevents/press/enforcement/20080912a.htm
______________________
September 11, 2008 - OCC Allows National Bank Offices Affected by
Hurricane Ike to Close - The Office of the Comptroller of the
Currency today issued a proclamation allowing national bank offices
affected by Hurricane Ike to close at their discretion.
www.occ.treas.gov/ftp/release/2008-104.htm
September 11, 2008 - The Federal Financial Institutions Examination
Council today announced the availability of 2007 data on mortgage
lending transactions throughout the nation at 8,610 financial
institutions covered by the Home Mortgage Disclosure Act. 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 denials, and purchases of loans -
from 2007.
Press Please:
www.ffiec.gov/hmcrpr/hm091108.htm
Press Release:
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=51976ecb-1e0b-8562-eb34-209564319b49&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
Press Release:
www.ncua.gov/news/press_releases/2008/FFIEC_HMDA2007_datapressrelease.pdf
September 11, 2008 - Federal Reserve Bulletin Article - The 2007
HMDA Data (Draft of forthcoming article) - Robert B. Avery, Kenneth
P. Brevoort, and Glenn B. Canner.
www.federalreserve.gov/pubs/bulletin/2008/pdf/hmda07draft.pdf
September 11, 2008 - Vice Chairman Donald L. Kohn - Comments on
"Financial Regulation in a System Context," "Beyond Leveraged
Losses: The Balance Sheet Effects of the Home Price Downturn," and "The Central Role of House Prices in the Financial Crisis: How Will
the Market Clear?" - At the Brookings Panel on Economic Activity,
Washington, D.C.
www.federalreserve.gov/newsevents/speech/kohn20080911a.htm
September 10, 2008 - Comptroller Dugan Emphasizes Importance of Fair
Lending at New Orleans Conference - Comptroller of the Currency John
C. Dugan said today that the present turmoil in credit markets
should not distract bankers and lenders from the important priority
of fair lending.
www.occ.treas.gov/ftp/release/2008-103.htm
September 10, 2008 - Securities Activities of Banks Exceptions and
Exemptions for Banks from the Definition of "Broker" - The FDIC is
reminding banks that on the first day of an institution's fiscal
year beginning after September 30, 2008, the institution must comply
with the requirements of Regulation R, "Definitions of Terms and
Exemptions Relating to the 'Broker' Exceptions for Banks," and the
Gramm-Leach-Bliley Act of 1999.
www.fdic.gov/news/news/financial/2008/fil08089.html
September 10, 2008 - On September 9, 2008, the Federal Reserve
conducted an auction of $25 billion in 28-day credit through its
Term Auction Facility. Following are the results of the auction:
www.federalreserve.gov/newsevents/press/monetary/20080910a.htm
September 10, 2008 - The Federal Reserve Board on Wednesday
announced the execution of a Written Agreement by and among Newnan
Coweta Bancshares, Inc., a registered bank holding company,
Neighborhood Community Bank, a state chartered member bank, the
Federal Reserve Bank of Atlanta, and the Banking Commissioner of the
State of Georgia.
www.federalreserve.gov/newsevents/press/enforcement/20080910a.htm
September 9, 2008 - On September 8, 2008, the Federal Reserve
conducted an auction of $25 billion in 84-day credit through its
Term Auction Facility. Following are the results of the auction:
www.federalreserve.gov/newsevents/press/monetary/20080909a.htm
September 9, 2008 - On September 9, 2008, the Federal Reserve will
offer $25 billion in 28-day credit through its Term Auction
Facility. Additional information regarding the auction is listed
below; the auction will be conducted as specified in this
announcement, Regulation A, and the terms and conditions of the Term
Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20080909b.htm
September 9, 2008 - Chairman Ben S. Bernanke - Remarks on
historically black colleges and universities - At the 2008 National
Historically Black Colleges and Universities Week Conference,
Washington, D.C.
www.federalreserve.gov/newsevents/speech/bernanke20080909a.htm
September 9, 2008 - Economic Indicators as Proxy for Election Polls?
- One of the first things you learn in an economics class is that
it's all about the distribution of scarce resources.
http://marginalthoughts.chicagofedblogs.org/2008/09/economic_indicators_as_proxy_f_1.html
September 9, 2008 - Registration for College Fed Challenge Now Open
- Program provides college undergraduates an opportunity to
experience the Federal Reserve policy-making process.
www.chicagofed.org/education/cfc.cfm
September 8, 2008 - NCUA - John Kutchey Named Deputy Director,
Office of Examination and Insurance - NCUA Executive Director J.
Leonard Skiles announces the appointment of John Kutchey to the
position of Deputy Director of the Office of Examination and
Insurance at NCUA's headquarters in Alexandria.
www.ncua.gov/news/press_releases/2008/MA08-0908.htm
September 8, 2008 - Statistical Release - G.19 Consumer Credit -
Consumer credit increased at an annual rate of 2 percent in July.
Revolving credit rose at an annual rate of 4-3/4 percent, and
nonrevolving credit rose at an annual rate of 1/2 percent.
www.federalreserve.gov/releases/g19/Current/
September 8, 2008 - Legal Interpretations - Bank Holding
Company/Change in Control, July 31, 2008 - Letter to Gary Rice,
Esq., allowing for the exercise of an option, previously approved by
Board order, for voting shares of Israel Discount Bank, Tel Aviv,
Israel, the parent of Israel Discount Bank of New York, New York, by
two ownership groups without the filing of an application to the
Board under the Bank Holding Company Act.
http://www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20080731.pdf
September 8, 2008 - The Federal Reserve Board has approved
amendments to Appendix A of Regulation CC that reflect the
restructuring of the Federal Reserve's check processing operations
in the Sixth District.
www.federalreserve.gov/newsevents/press/bcreg/20080908a.htm
September 8, 2008 - On September 8, 2008, the Federal Reserve will
offer $25 billion in 84-day credit through its Term Auction
Facility. Additional information regarding the auction is listed
below; the auction will be conducted as specified in this
announcement, Regulation A, and the terms and conditions of the Term
Auction Facility.
www.federalreserve.gov/newsevents/press/monetary/20080908a.htm
September 7, 2008 - Federal Banking Agency Statement on GSE Exposure
- The federal banking agencies have been assessing the exposures of
banks and thrifts to Fannie Mae and Freddie Mac. The agencies
believe that, while many institutions hold common or preferred
shares of these two government-sponsored enterprises, a limited
number of smaller institutions have holdings that are significant
compared to their capital.
www.ots.treas.gov/?p=PressReleases&ContentRecord_id=3d4c773c-1e0b-8562-ebf0-966fe176db8a&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3
September 7, 2008 - The Federal Banking Agencies React to Takeover
of Fannie Mae and Freddie Mac - The federal banking agencies have
been assessing the exposures of banks and thrifts to Fannie Mae and
Freddie Mac. The agencies believe that, while many institutions hold
common or preferred shares of these two government-sponsored
enterprises, a limited number of smaller institutions have holdings
that are significant compared to their capital.
www.fdic.gov/news/news/press/2008/pr08078.html
September 7, 2008 - The federal banking agencies have been assessing
the exposures of banks and thrifts to Fannie Mae and Freddie Mac.
The agencies believe that, while many institutions hold common or
preferred shares of these two government-sponsored enterprises, a
limited number of smaller institutions have holdings that are
significant compared to their capital.
www.federalreserve.gov/newsevents/press/bcreg/20080907a.htm
September 7, 2008 - Statement by Chairman Bernanke on Fannie Mae and
Freddie Mac.
www.federalreserve.gov/newsevents/press/other/20080907a.htm
September 7, 2008 - Federal Banking Agencies Issue Joint Release on
Fannie Mae and Freddie Mac The federal banking agencies have been
assessing the exposures of banks and thrifts to Fannie Mae and
Freddie Mac. The agencies believe that, while many institutions hold
common or preferred shares of these two government-sponsored
enterprises, a limited number of smaller institutions have holdings
that are significant compared to their capital.
www.occ.treas.gov/ftp/release/2008-102.htm
September 5, 2008 - Nevada State Bank Acquires the Insured Deposits
of Silver State Bank, Henderson, Nevada - Silver State Bank, Henderson,
Nevada, was closed today by the Nevada Financial Institutions Division, and
the Federal Deposit Insurance Corporation was named Receiver. To protect the
depositors, the FDIC entered into a Purchase and Assumption Agreement with
Nevada State Bank, Las Vegas, Nevada, to assume the Insured Deposits of
Silver State Bank.
www.fdic.gov/news/news/press/2008/pr08077.html
September 5, 2008 - 2008 Hurricane Season and Supervisory Practices
Regarding Affected Banking Organizations - Hurricane Gustav hit
Louisiana on Monday, September 1, 2008, flooding parts of the
state's southern coastline near New Orleans. Although a large and
powerful storm, Hurricane Gustav did not wreak damage comparable to
Hurricane Katrina in August 2005. Various press reports indicated
that while there was considerable wind damage and widespread power
outages, basic infrastructure remained intact. At this time, three
additional storms are being tracked because of their potential
impact on the United States. The hurricane season runs until
November 30, 2008.
www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0806.htm
September 5, 2008 - Statistical Release - Large Commercial Banks -
The Federal Reserve Board compiles quarterly data on domestically
chartered insured commercial banks that have consolidated assets of
$300 million or more and releases the data about twelve weeks after
the end of each quarter. The data are obtained from the Consolidated
Reports of Condition and Income filed quarterly by banks (FFIEC 031
and 041) and from other information in the Board's National
Information Center database. Banks that are located in U.S.
territories and possessions are not included in the table.
www.federalreserve.gov/releases/lbr/default.htm
September 5, 2008 - FDIC Issues List of Banks Examined for CRA
Compliance - The Federal Deposit Insurance Corporation today issued
its list of state nonmember banks recently evaluated for compliance
with the Community Reinvestment Act. The list covers evaluation
ratings that the FDIC assigned to institutions in June 2008. The CRA
is a 1977 law intended to encourage insured banks and thrifts to
meet local credit needs, including those of low- and moderate-income
neighborhoods, consistent with safe and sound operations.
www.fdic.gov/news/news/press/2008/pr08076.html
_________________
September 4, 2008 - FDIC Report Highlights Suggestions for Expanding
Mortgage Loans to Low- and Moderate-Income Households - The FDIC
today issued a report on ways mortgage lenders can responsibly and
profitably expand the availability of home loans to low- and
moderate-income borrowers and still make a profit. The report -- a
summary of best practices discussed by participants at an FDIC forum
in July on problems in the mortgage market -- said that basic,
traditionally underwritten, 30-year fixed-rate mortgages are the
most suitable home loan for most LMI borrowers.
www.fdic.gov/news/news/press/2008/pr08075.html
September 4, 2008 - The Federal Reserve Board on Thursday announced
the issuance of a Consent Order of Prohibition against Roslyn Y.
Terry, a former employee and institution-affiliated party of
SunTrust Bank, Atlanta, Georgia.
www.federalreserve.gov/newsevents/press/enforcement/20080904a.htm
September 4, 2008 - Higher Oil Prices Could Lead to Higher Overall
and Core Inflation Rates: St. Louis Fed Analysis - Although the
price of petroleum has moderated recently, a permanent increase to
$150 per barrel by the end of 2008 could have a significant negative
effect on the rate of real gross domestic product, at least in the
short run, based on an analysis from the Federal Reserve Bank of St.
Louis.
www.stlouisfed.org/news/releases/2008/09_04_08.html
September 4, 2008 - Best Practices from the FDIC'S Forum on Mortgage
Lending for Low- and Moderate-Income Households - The FDIC is
issuing the attached document to highlight best practices that were
discussed at the FDIC's July 8, 2008, Forum on Mortgage Lending for
Low- and Moderate-Income Households. The purpose of the forum was to
explore a framework for LMI mortgage lending in the future, in light
of current problems in the mortgage market. The forum examined ways
to encourage profitable, responsible and sustainable mortgage
lending to lower-income households and strategies to rejuvenate the
secondary market for these loans.
www.fdic.gov/news/news/financial/2008/fil08088.html
September 4, 2008 - Legal Interpretation - Bank Holding Company Act,
August 5, 2008.
www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2008/20080805.pdf
September 3, 2008 - National Credit Union Administration Chairman
Michael E. Fryzel has announced the appointment of Sarah D. Vega, of
Chicago, Illinois, as Chief of Staff and Senior Policy Advisor to
the Chairman effective September 10, 2008. Vega will advise the
Chairman on the full range of issues before the NCUA and oversee the
day-to-day management of his office.
www.ncua.gov/news/press_releases/2008/MA08-0903.htm
September 3, 2008 - NCUA - The National Credit Union Administration
yesterday assumed control of the operations of Valley Credit Union,
a state-chartered, federally insured credit union headquartered in
San Jose, California.
www.ncua.gov/news/press_releases/2008/MR08-0903.htm
September 3, 2008 - OCC Allows National Bank Offices Affected by
Tropical Storm Hanna to Close - The Office of the Comptroller of the
Currency today issued a proclamation allowing national bank offices
affected by Tropical Storm Hanna to close at their discretion.
www.occ.treas.gov/ftp/release/2008-101.htm
September 3, 2008 - "Strengthening Neighborhoods in Weak Markets":
Fed Workshop to Offer Strategies for Communities to Mitigate Impact
of Foreclosures.
www.stlouisfed.org/news/releases/2008/09_03_08.html
September 3, 2008 - Regulatory Relief - Guidance to Help Financial
Institutions and to Facilitate Recovery in Areas of Alabama,
Mississippi, Louisiana and Texas Affected by Hurricane Gustav - 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 Alabama,
Mississippi, Louisiana and Texas affected by Hurricane Gustav.
www.fdic.gov/news/news/financial/2008/fil08087.html
September 3, 2008 - Beige Book - Informal review by the Federal
Reserve Banks of current economic conditions in their Districts.
www.federalreserve.gov/fomc/beigebook/2008/default.htm
September 3, 2008 - The Asian Financial Crisis, Uphill Flow of
Capital, and Global Imbalances: Evidence from a Micro Study Brahima
Coulibaly and Jonathan Millar - This study assesses the role of the
Asian financial crisis of the late 1990s in the emergence and
persistence of the large current account surpluses across non-China
emerging Asia, which have been a significant counterpart to the U.S.
current account deficit. Using panel data encompassing nearly 3,750
firms, we trace the current account surpluses to a marked and
broad-based decline in corporate expenditures on fixed investment in
the aftermath of the crisis that cuts across a wide spectrum of
countries, industries, and firms.
www.federalreserve.gov/pubs/ifdp/2008/942/ifdp942.htm
September 2, 2008 - Lessons from the 2007-08 Credit Crunch: What
Should Be Done? - In light of the consequences that followed the
policy responses to the "credit crunch" of 2007-2008, regulators
will need to increase their vigilance to avoid future crises, based
on a paper published by the Federal Reserve Bank of St. Louis.
www.stlouisfed.org/news/releases/2008/09_02_08.html
September 2, 2008 - Updated Interagency Examination Procedures for
Regulation E - The FFIEC Task Force on Consumer Compliance recently
approved the attached examination procedures for Regulation E. The
updated procedures incorporate all amendments to Regulation E since
the prior version was released in 1998.
www.federalreserve.gov/boarddocs/caletters/2008/0807/caltr0807.htm
September 2, 2008 - Interagency Examination Procedures for the
Affiliate Marketing Regulation - The FFIEC Task Force on Consumer
Compliance recently approved the attached examination module1 for
the affiliate marketing regulation. The regulation implements
Section 624 of the Fair Credit Reporting Act, as amended by the Fair
and Accurate Credit Transactions Act of 2003. The regulation was
incorporated into the Board's Regulation V and has a mandatory
compliance date of October 1, 2008.
www.federalreserve.gov/boarddocs/caletters/2008/0806/caltr0806.htm
September 2, 2008 - The Federal Reserve Board on Tuesday released
the minutes of its discount rate meetings from July 7 through August
4, 2008.
www.federalreserve.gov/newsevents/press/monetary/20080902a.htm
September 2, 2008 - Statistical Release - G.5 Foreign Exchange Rates
(Monthly) - Foreign Exchange Rates The Table Below Shows The Average
Rates Of Exchange In August 2008 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 2, 2008 - NCUA - 75th Federal Credit Union Anniversary
Symposium Set in D.C. - Board Member Gigi Hyland will be hosting a
Symposium recognizing the 75th Anniversary of the signing of the
Federal Credit Union Act. The program will be held June 9 and 10,
2009, at the Hyatt Regency Washington D.C. on Capitol Hill.
www.ncua.gov/news/press_releases/2008/MA08-0902.htm
September 2, 2008 - The Federal Reserve Board on Tuesday released
the minutes of its discount rate meetings from July 7 through August
4, 2008.
www.federalreserve.gov/newsevents/press/monetary/20080902a.htm
September 1, 2008 - Governor Randall S. Kroszner - The United States
in the International Financial System: A Separate Reality? Resolving
Two Puzzles in the International Accounts - At the Central Bank of
Argentina 2008 Money and Banking Conference, Buenos Aires,
Argentina.
www.federalreserve.gov/newsevents/speech/kroszner20080901a.htm
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