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

The Community Banker
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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
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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
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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 

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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 
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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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