Bank Regulatory News

November 2008

November 28, 2008 - OCC Announces New Electronic Interpretations and Actions.  www.occ.treas.gov/interp/nov08/intnov08.htm 

November 28, 2008 - OCC Issues First Quarter 2009 CRA Examination Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act examinations to be conducted in the first quarter of 2009. www.occ.treas.gov/ftp/release/2008-141.htm 

November 28, 2008 - FDIC Makes Public October Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in October. No administrative hearings are scheduled. www.fdic.gov/news/news/press/2008/pr08129.html 

November 28, 2008 - FDIC Issues First Quarter 2009 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the first quarter of 2009. This list is published pursuant to revised CRA regulations published in May 1995 that require each federal bank and thrift regulator to publish a quarterly CRA examination schedule at least 30 days before the beginning of each quarter. www.fdic.gov/news/news/press/2008/pr08128.html 
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November 26, 2008 - Midwest Manufacturing Output Declines in October - Chicago Fed Midwest Manufacturing Index declined 1.0% in October, to a seasonally adjusted level of 98.6. www.chicagofed.org/economic_research_and_data/files/cfmmi_october2008.pdf 

November 26, 2008 - OCC Focuses on Historic Tax Credit Program - The Office of the Comptroller of the Currency today published a Community Developments Insights report that describes how banks participate in the Historic Tax Credit program which is used to rehabilitate and restore certified historic properties. www.occ.treas.gov/ftp/release/2008-140.htm 

November 26, 2008 - FDIC Expands Bidder List for Troubled Institutions - Plan Allows Those Without a Bank Charter to Participate in the Process - The FDIC is establishing a modified bidder qualification process to expand the pool of qualified bidders for the deposits and assets of failing depository institutions. The process will allow interested parties that do not currently have a bank charter to participate in the bid process through which failing depository institutions are resolved. www.fdic.gov/news/news/press/2008/pr08127.html 

November 26, 2008 - Statistical Release - G.20 Finance Companies - Owned And Managed Receivables Outstanding 2,3 Seasonally adjusted.   www.federalreserve.gov/releases/g20/Current/Default.htm 

November 26, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/1108assets.htm 

November 26, 2008 - Legal Interpretation - Federal Reserve Act, November 24, 2008 - Letter to Daniel F. Kaplan, Esq., Perry, Guthery, Haase & Gessford, P.C., L.L.O., granting an exemption from Section 23A of the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12 CFR Part 223) to allow Union Bank and Trust Company to purchase federally guaranteed student loans from an affiliate, Nelnet, Inc, all of Lincoln, Nebraska. www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20081126/20081126.pdf 

November 26, 2008 - Statistical Supplement to the Federal Reserve Bulletin - November 2008.  www.federalreserve.gov/pubs/supplement/2008/default.htm 

November 26, 2008 - The Federal Reserve Board on Wednesday announced its approval of the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Merrill Lynch & Company, Inc., New York, New York, and thereby indirectly acquire Merrill Lynch Bank & Trust Co., FSB, New York, New York; Merrill Lynch Bank USA, Salt Lake City, Utah; and Merrill Lynch Yatirim Bank A.S., Istanbul, Turkey. www.federalreserve.gov/newsevents/press/orders/20081126a.htm 

November 25, 2008 - OCC Releases CRA Evaluations For 38 National Banks - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of October 15, 2008 through November 14, 2008. www.occ.treas.gov/ftp/release/2008-139.htm 

November 25, 2008 - Revisions to the Guide to the Interagency Country Exposure Review Committee Process - The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have revised the ICERC procedures and adjusted the criteria for applying ICERC ratings. As a result, the agencies are issuing a revised Guide to the Interagency Country Exposure Review Committee Process. www.federalreserve.gov/boarddocs/SRLETTERS/2008/SR0812.htm 

November 25, 2008 - Insured Banks and Thrifts Earned $1.7 Billion in the Third Quarter - Provisions for Loan Losses Continue to Be High, But Capital Levels Remain Strong - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $1.7 billion in the third quarter of 2008, a decline of $27.0 billion (94 percent) from the $28.7 billion that the industry earned in the third quarter of 2007. With the exception of the fourth quarter of last year, the latest earnings were the lowest for the industry since the fourth quarter of 1990. http://www.fdic.gov/news/news/press/2008/pr08126.html 

November 25, 2008 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from September 29 through October 29, 2008. www.federalreserve.gov/newsevents/press/monetary/20081125d.htm 

November 25, 2008 - On November 24, 2008, the Federal Reserve conducted an auction of $150 billion in 13-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 23, 2008. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20081125c.htm 

November 25, 2008 - The Federal Reserve announced on Tuesday that it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises --Fannie Mae, Freddie Mac, and the Federal Home Loan Banks--and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae. Spreads of rates on GSE debt and on GSE-guaranteed mortgages have widened appreciably of late. www.federalreserve.gov/newsevents/press/monetary/20081125b.htm 

November 25, 2008 - The Federal Reserve Board on Tuesday announced the creation of the Term Asset-Backed Securities Loan Facility, a facility that will help market participants meet the credit needs of households and small businesses by supporting the issuance of asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.   www.federalreserve.gov/newsevents/press/monetary/20081125a.htm 

November 25, 2008 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and among Team Financial, Inc., Paola, Kansas, Post Bancorp, Inc., Colorado Springs, Colorado, Team Financial Acquisition Subsidiary, Inc., Paola, Kansas, all registered bank holding companies, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20081125a.htm 

November 24, 2008 - Chicago Fed Announces New Member of Detroit Branch Board -Reappointed chairman and board member also announced. www.chicagofed.org/news_room/news/2008_11_25_detroit_directors_release.cfm 

November 24, 2008 - October Economic Activity Weakened Somewhat - Chicago Fed National Activity Index was -1.06 in October, up from -3.11 in September. www.chicagofed.org/economic_research_and_data/files/cfnai_november2008.pdf 

November 24, 2008 - On November 24, 2008, the Federal Reserve will offer $150 billion in 13-day credit through its Term Auction Facility. This is a forward auction designed to provide term funding over year-end--awarded loans will settle on December 23, 2008. www.federalreserve.gov/newsevents/press/monetary/20081124a.htm 

November 23, 2008 - Joint Statement by Treasury, Federal Reserve, and the FDIC on Citigroup - The U.S. government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this commitment, the U.S. government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20081123a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08125.html 

November 23, 2008 - U.S. Bank Acquires All the Deposits of Two Southern California Institutions Downey Savings & Loan Association, Newport Beach and PFF Bank & Trust, Pomona - U.S. Bank, National Association, Minneapolis, MN, acquired the banking operations, including all the deposits, of Downey Savings and Loan Association, F.A., Newport Beach, CA, and PFF Bank & Trust, Pomona, CA, in a transaction facilitated by the Federal Deposit Insurance Corporation. www.fdic.gov/news/news/press/2008/pr08124.html 

November 21, 2008 - Bank of Essex, Tappahannock, Virginia Acquires All the Deposits of The Community Bank, Loganville, GA - The Community Bank, Loganville, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Essex, to assume all of the deposits of The Community Bank. www.fdic.gov/news/news/press/2008/pr08123.html 

November 21, 2008 - FDIC Board of Directors Approves TLGP Final Rule Industry Funded Program Fully Backed by FDIC Guarantee; Will Promote Lending - The Board of Directors of the Federal Deposit Insurance Corporation today approved a final rule to strengthen the agency's Temporary Liquidity Guarantee Program. The Program guarantees newly issued senior unsecured debt of banks, thrifts, and certain holding companies, and provides full coverage of non-interest bearing deposit transaction accounts. www.fdic.gov/news/news/press/2008/pr08122.html 

November 21, 2008 - NCUA - Credit Unions Post Asset, Savings, Loan and Member Growth - While federally insured credit unions remain financially sound, the industry's financial results reflect some repercussions of the current economic turmoil. Confidence in the credit union system has resulted in asset, loan and share growth, as well as a membership increase to 88.5 million according to September 30, 2008, Call Report data submitted by the nation's 7,904 federally insured credit unions. www.ncua.gov/news/press_releases/2008/MR08-1121.htm 

November 21, 2008 - NCUA - Results of the 11/20/2008 NCUA Board Meeting are available. www.ncua.gov/NCUABoard/Calendars/board_calendar/ag08-1120_results.htm 

November 21, 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/2008-138.htm 

November 21, 2008 - OCC Conditionally Approves First National Bank "Shelf Charter" to Expand Pool of Qualified Bidders for Troubled Institutions - The Office of the Comptroller of the Currency announced today it had granted its first conditional preliminary approval of a new type of national bank "shelf-charter," designed to facilitate new equity investments in troubled depository institutions. www.occ.treas.gov/ftp/release/2008-137.htm 

November 21, 2008 - St. Louis Fed Earns 2008 Missouri Quality Award - The Federal Reserve Bank of St. Louis has won a Missouri Quality Award (MQA), one of only five organizations in the state to be so honored this year. Modeled after the prestigious Malcolm Baldrige National Quality Award, the MQA is recognized as one of the strongest state-level quality award programs in the nation. www.stlouisfed.org/news/releases/2008/11_21_08.html 

November 21, 2008 - The Rigidity of Choice. Lifecycle savings with information-processing limits - Antonella Tutino - This paper studies the implications of information-processing limits on the consumption and savings behavior of households through time. It presents a dynamic model in which consumers rationally choose the size and scope of the information they want to process concerning their financial possibilities, constrained by a Shannon channel. www.federalreserve.gov/pubs/feds/2008/200862/index.html 

November 21, 2008 - The Evolving Relationship between Community Banks and Small Businesses: Evidence from the Surveys of Small Business Finances - Robin A. Prager and John D. Wolken - This paper uses data from the Federal Reserve Board's 1998 and 2003 Surveys of Small Business Finances to examine the evolving relationship between community banks and small businesses. The SSBFs provide extensive data on the types of financial services used by small businesses and the sources of those services. www.federalreserve.gov/pubs/feds/2008/200860/index.html 

November 21, 2008 - Do Energy Prices Respond to U.S. Macroeconomic News? A Test of the Hypothesis of Predetermined Energy Prices - Models that treat innovations to the price of energy as predetermined with respect to U.S. macroeconomic aggregates are widely used in the literature. For example, it is common to order energy prices first in recursively identified VAR models of the transmission of energy price shocks. Since exactly identifying assumptions are inherently untestable, this approach in practice has required an act of faith in the empirical plausibility of the delay restriction used for identification. www.federalreserve.gov/pubs/ifdp/2008/957/ifdp957.htm 

November 21, 2008 - A Non-Random Walk Revisited: Short- and Long-Term Memory in Asset Prices - Paul Eitelman and Justin Vitanza - In this paper, we test for short and long memory in asset prices across 44 emerging and industrialized economies. Using methodology from Lo and MacKinlay (1988) and Lo (1991), we find that markets with a poor Sharpe ratio are more likely to reject the random walk than better performing markets. www.federalreserve.gov/pubs/ifdp/2008/956/ifdp956.htm 

November 21, 2008 - Federal Reserve Bulletin: Legal Developments - Third Quarter, 2008.   www.federalreserve.gov/pubs/bulletin/2008/pdf/legalq308.pdf 

November 21, 2008 - Supervision Manuals - Consumer Compliance Handbook, November 2008 update www.federalreserve.gov/BoardDocs/SupManual/supervision_cch.htm  
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November 20, 2008 - New Member of Chicago Fed Board Announced - Re-elected board member and reappointment of Federal Advisory Council representative also announced. - The Federal Reserve Bank of Chicago today announced one new member of its board of directors and one current member re-elected to the board, as well as the reappointment of its Federal Advisory Council representative. All are effective January 1, 2009. www.chicagofed.org/news_room/news/2008_11_20_directors_release.cfm 

November 20, 2008 - Persistent Housing Market Weakness Causes Thrift Industry Loss in Third Quarter of 2008 - Persistent weakness in the U.S. housing market continued to take a toll on the U.S. thrift industry in the third quarter of 2008, as the industry again set aside large reserves for loan losses, resulting in a $4 billion loss, the Office of Thrift Supervision reported today. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=bbe56b8f-1e0b-8562-eb2b-b2a696841821&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

November 20, 2008 - A new report from the Federal Reserve Bank of St. Louis looks at local business cycles in 23 major cities, including Louisville, and how they influence crime rates. Presenting their findings will be St. Louis Fed economist Thomas A. Garret and senior research associate Lesli S. Ott. www.stlouisfed.org/news/releases/2008/11_20_08a.html 

November 20, 2008 - FDIC Announces Availability of IndyMac Loan Modification Model "Mod in a Box" Road Map Now Available to Institutions - The Federal Deposit Insurance Corporation announces the availability of a comprehensive package of information to give servicers and financial institutions all of the tools necessary to implement a systematic and streamlined approach to modifying loans based on the FDIC Loan Modification Program initiated at IndyMac Federal Bank.  www.fdic.gov/news/news/press/2008/pr08121.html 

November 20, 2008 - FDIC Chairman Bair Delivers Remarks to the Johns Hopkins Carey Business School - Discusses Imminent Board Action to Finalize Rules on Temporary Liquidity Guarantee Program.  www.fdic.gov/news/news/press/2008/pr08120.html 

November 20, 2008 - 5 Tips for Improving Your Credit Score - Explains how to obtain your credit report, how credit scores are determined, how to verify reported information, and how to improve and maintain a good credit score. www.federalreserve.gov/pubs/creditscore/default.htm 

November 20, 2008 - 5 Tips for Getting the Most from Your Credit Card - Suggests do's and don'ts to manage your credit card account and help maintain a high credit score. www.federalreserve.gov/pubs/creditcardtips/default.htm 

November 20, 2008 - The Rise in Mortgage Defaults - Christopher J. Mayer, Karen M. Pence, and Shane M. Sherlund - The main factors underlying the rise in mortgage defaults appear to be declines in house prices and deteriorated underwriting standards, in particular an increase in loan-to-value ratios and in the share of mortgages with little or no documentation of income.  www.federalreserve.gov/pubs/feds/2008/200859/index.html 

November 20, 2008 - The Federal Open Market Committee on Thursday announced it would expand its December meeting to two days to allow additional time for discussion. The upcoming meeting, previously planned as a one-day meeting, will begin on the afternoon of Monday December 15 and conclude on Tuesday December 16. The Committee's statement will be released as previously planned, around 2:15 p.m. EST on Tuesday. www.federalreserve.gov/newsevents/press/monetary/20081120a.htm 

November 20, 2008 - NCUA - Statement of Board Member Gigi Hyland on the November 20, 2008 Board Meeting - Today's NCUA Board meeting will have significant impact on all credit unions ranging from safety and soundness considerations to credit union outreach to underserved and low-income communities. www.ncua.gov/news/press_releases/2008/MR08-1120.htm 

November 20, 2008 - Midwest Farmland Values Increase - In latest AgLetter, Economist David Oppedahl (left) explains expectations toward stable farmland values. www.chicagofed.org/economic_research_and_data/ag_conditions.cfm 

November 20, 2008 - Northwestern University Wins Regional Chicago Fed Competition - Five-person team will travel to Washington, D.C. Dec. 2 to take part in the national Fed Challenge finals at Federal Reserve Board. www.chicagofed.org/news_room/news/2008_11_13_college_fc_release.cfm 

November 20, 2008 - National Youth Organization Honors St. Louis Fed's Memphis Branch Executive - Martha Perine Beard, senior branch executive of the Memphis Branch of the Federal Reserve Bank of St. Louis, has been recognized with the Harriet Tubman Award, the highest accolade of the national Youth About Business organization. www.stlouisfed.org/news/releases/2008/11_20_08.html 

November 20, 2008 - Governor Randall S. Kroszner - Effects of the financial crisis on small business - Before the Committee on Small Business, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/kroszner20081120a.htm 

November 20, 2008 - Patrick M. Parkinson, Deputy Director, Division of Research and Statistics - Credit derivatives - Before the Committee on Agriculture, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/parkinson20081120a.htm 

November 19, 2008 - NCUA - Fryzel to Congress: NCUA Ready to Help with Assets - National Credit Union Administration Chairman Michael E. Fryzel today called upon Congress to encourage Treasury to equip NCUA with additional flexibility in dealing with troubled assets in the credit union industry. www.ncua.gov/news/press_releases/2008/MA08-1119a.htm 

November 19, 2008 - Truth in Savings Act - Regulation DD: Revised Examination Procedures - Revised examination procedures for Regulation DD in the "Depository Services" booklet of the Comptroller's Handbook for Consumer Compliance clarify requirements for e-communication and the regulation's relationship to the E-Sign Act. www.occ.treas.gov/ftp/bulletin/2008-33.html 

November 19, 2008 - Estimating the Parameters of a Small Open Economy DSGE Model: Identifiability and Inferential Validity - Daniel O. Beltran and David Draper - This paper estimates the parameters of a stylized dynamic stochastic general equilibrium model using maximum likelihood and Bayesian methods, paying special attention to the issue of weak parameter identification. Given the model and the available data, the posterior estimates of the weakly identified parameters are very sensitive to the choice of priors. www.federalreserve.gov/pubs/ifdp/2008/955/ifdp955.htm 

November 19, 2008 - Housing Market Risks in the United Kingdom - Robert F. Martin - House prices in the United Kingdom rose rapidly in recent years. The run-up, larger than any other in U.K. history, leveled off early last year. House prices are currently declining at rates faster than those seen in the early 1990's downturn. www.federalreserve.gov/pubs/ifdp/2008/954/ifdp954.htm 

November 19, 2008 - Fryzel Emphasizes Proactivity, Member Service to MD/DC Chapter - National Credit Union Administration Chairman Michael E. Fryzel last Thursday addressed the importance of continued regulatory proactivity to over 80 credit union officials at the Maryland and DC Credit Union League's Suburban Chapter Meeting. www.ncua.gov/news/press_releases/2008/MA08-1119.htm 

November 19, 2008 - Comptroller Dugan Says CRA not Responsible for Subprime Lending Abuses - Comptroller of the Currency John C. Dugan said he categorically disagrees with suggestions that the Community Reinvestment Act is partly responsible for the ongoing credit crisis. www.occ.treas.gov/ftp/release/2008-136.htm 

November 19, 2008 - Appraisal and Evaluation Guidelines - Proposed Revisions to the Interagency Appraisal and Evaluation Guidelines and Request for Comments - The federal bank, thrift and credit union regulatory agencies are requesting comments on the attached proposed revisions to the Interagency Appraisal and Evaluation Guidelines, which address supervisory matters relating to real estate appraisals and evaluations used to support real estate-related financial transactions. www.fdic.gov/news/news/financial/2008/fil08131.html 

November 19, 2008 - Vice Chairman Donald L. Kohn - Monetary Policy and Asset Prices Revisited - At the Cato Institute's Twenty-Sixth Annual Monetary Policy Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/kohn20081119a.htm 

November 19, 2008 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 28-29, 2008 and of the conference calls held on September 29, 2008 and October 7, 2008.   www.federalreserve.gov/newsevents/press/monetary/20081119a.htm 

November 19, 2008 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among FirstBank Financial Services, Inc., McDonough, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20081119b.htm 

November 19, 2008 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and among Southern Community Bancshares, Inc., Fayetteville, Georgia, a registered bank holding company, the Federal Reserve Bank of Atlanta, and the Banking Commissioner of the State of Georgia. www.federalreserve.gov/newsevents/press/enforcement/20081119a.htm 

November 18, 2008 - NCUA - Fryzel Announces Mortgage Relief Program for Consumers - National Credit Union Administration Chairman Michael E. Fryzel today unveiled a new initiative aimed at assisting credit union members who are experiencing mortgage-related financial difficulties to preserve their homeownership. www.ncua.gov/news/press_releases/2008/MA08-1118a.htm 

November 18, 2008 - FDIC Announces Location of Temporary West Coast Satellite Office - The Federal Deposit Insurance Corporation today announced it will open a temporary office in Irvine, California, to manage receiverships and to liquidate assets from failed financial institutions primarily located in the western states. www.fdic.gov/news/news/press/2008/pr08119.html 

November 18, 2008 - FDIC Opens Exhibit Celebrating the Agency's 75-Year History - In honor of the 75th anniversary of the Federal Deposit Insurance Corporation, the agency today unveiled a public exhibit celebrating the history of the FDIC. The exhibit, which is free and open to the public, is located at the agency's headquarters in downtown Washington, within easy walking distance of the White House, museums and other attractions. www.fdic.gov/news/news/press/2008/pr08118.html 

November 18, 2008 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/ 

November 18, 2008 - Imperfect Information and Monetary Models: Multiple Shocks and their Consequences - Leon W. Berkelmans - This paper examines the role of multiple aggregate shocks in monetary models with imperfect information. Because agents can draw mistaken inferences about which shock has occurred, the existence of multiple aggregate shocks profoundly influences macroeconomic dynamics. www.federalreserve.gov/pubs/feds/2008/200858/index.html 

November 18, 2008 - Chairman Ben S. Bernanke - Troubled Asset Relief Program and the Federal Reserve's liquidity facilities - Before the Committee on Financial Services, U.S. House of Representatives.  www.federalreserve.gov/newsevents/testimony/bernanke20081118a.htm 

November 18, 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 Seventh District. www.federalreserve.gov/newsevents/press/bcreg/20081118a.htm 

November 18, 2008 - On November 17, 2008, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20081118a.htm 

November 18, 2008 - The Federal Reserve Board on Tuesday announced the issuance of a Consent Order of Prohibition against David Lee, former managing director of the Commodities Trading Group and institution-affiliated party of the Chicago, Illinois, branch of the Bank of Montreal.   www.federalreserve.gov/newsevents/press/enforcement/20081118a.htm 

November 17, 2008 - Farm Credit Conditions Expected to Soften, According to Survey.  www.kc.frb.org/pubaffrs/pressrel/2008pdf/press.release.08-16.pdf 

November 17, 2008 - OCC Enters Into Cease and Desist Order With Vernon W. Hill, II - The Office of the Comptroller of the Currency today announced that it has entered into a consent cease and desist order with Vernon W. Hill, II, former Chairman and CEO of Commerce Bank, N.A., Philadelphia, PA. www.occ.treas.gov/ftp/release/2008-135.htm 

November 17, 2008 - OCC Allows National Bank Offices Affected by Fires in Southern California to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by fires in southern California to close at their discretion. www.occ.treas.gov/ftp/release/2008-134.htm 

November 17, 2008 - Industrial Production And Capacity Utilization - Industrial production increased 1.3 percent in October after a downwardly revised decline of 3.7 percent in September.  www.federalreserve.gov/releases/g17/Current/default.htm 

November17, 2008 - School Desegregation, School Choice and Changes in Residential Location Patterns by Race - Nathaniel Baum-Snow and Byron Lutz - This paper examines the residential location and school choice responses to desegregation of large public school districts. Unique data and variation in the timing of desegregation orders facilitate the analysis.  www.federalreserve.gov/pubs/feds/2008/200857/index.html 

November 17, 2008 - Uncertainty and Disagreement in Economic Forecasting - Stefania D'Amico and Athanasios Orphanides - Using the probabilistic responses from the Survey of Professional Forecasters, we study the evolution of uncertainty and disagreement associated with inflation forecasts in the United States since 1968.  www.federalreserve.gov/pubs/feds/2008/200856/index.html 

November 17, 2008 - Specification Analysis of Structural Credit Risk Models - Jing-zhi Huang and Hao Zhou - In this paper we conduct a specification analysis of structural credit risk models, using term structure of credit default swap spreads and equity volatility from high-frequency return data. Our study provides consistent econometric estimation of the pricing model parameters and specification tests based on the joint behavior of time-series asset dynamics and cross-sectional pricing errors. www.federalreserve.gov/pubs/feds/2008/200855/index.html 

November 17, 2008 - On November 17, 2008, the Federal Reserve will offer $150 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/20081117a.htm 

November 14, 2008 - PWG Announces Initiatives to Strengthen OTC Derivatives Oversight and Infrastructure - The President's Working Group on Financial Markets today announced a series of initiatives to strengthen oversight and the infrastructure of the over-the-counter derivatives market. www.ustreas.gov/press/releases/hp1272.htm 

November 14, 2008 - Legal Developments - Section 19 Letters, October 8, 8, and 10, 2008.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2008.htm#1988 

November 14, 2008 - Chairman Ben S. Bernanke - Policy Coordination Among Central Banks - At the Fifth European Central Bank Central Banking Conference, The Euro at Ten: Lessons and Challenges, Frankfurt, Germany www.federalreserve.gov/newsevents/speech/bernanke20081214a.htm  _________________________

November 13, 2008 - National Credit Union Administration Chairman Michael E. Fryzel today called upon Treasury Secretary Henry M. Paulson to reconsider the announced reversal of the asset purchase function of the Troubled Assets Relief Program.   www.ncua.gov/news/press_releases/2008/MA08-1113.htm 

November 13, 2008 - Stored Value Cards and Other Nontraditional Access Mechanisms - New General Counsel's Opinion No. 8 - The FDIC's Board of Directors has approved the attached new General Counsel's opinion on the insurability of funds underlying stored value cards and other nontraditional access mechanisms. The new General Counsel's Opinion No. 8 replaces the previous General Counsel's Opinion No. 8, published in 1996. www.fdic.gov/news/news/financial/2008/fil08129.html 

November 13, 2008 - Agencies Seek Comment on Proposed Interagency Appraisal and Evaluation Guidelines - The federal bank, thrift, and credit union regulatory agencies today jointly issued for comment proposed Interagency Appraisal and Evaluation Guidelines that reaffirm supervisory expectations for sound real estate appraisal and evaluation practices. The proposed guidance builds on the existing federal regulatory framework to clarify risk management principles and internal controls for ensuring that financial institutions' real estate collateral valuations are reliable and support their real estate-related transactions. The initiative is intended to respond to heightened concerns over appraisals and credit quality.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20081113a.htm 
Press Release: www.fdic.gov/news/news/press/2008/pr08117.html 
Press Release: www.occ.treas.gov/ftp/release/2008-133.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=9700d0c5-1e0b-8562-eba2-84c5dcd00a86&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2008/MR08-1113.htm 

November 13, 2008 - The Federal Reserve Board and the New York State Banking Department on Thursday announced the issuance of a consent Cease and Desist Order against Dresdner Bank AG, Frankfurt, Germany and the bank's branch in New York, New York. www.federalreserve.gov/newsevents/press/enforcement/20081113a.htm 

November12, 2008 - NCUA General Counsel Opinion 08-1011 - Construction and Development Lending.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-1011.pdf 

November 12, 2008 - NCUA General Counsel Opinion 08-0731 - Prepayment Penalty in the Member Business Loans Context.   www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2008/08-0731.pdf 

November 12, 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/MR08-1112.htm 

November 12, 2008 - OCC Responds on Credit Card Proposal - The Office of the Comptroller of the Currency responded today to a request that it approve a new workout program for troubled credit card borrowers. In its response, the agency noted that while the OCC strongly encourages national banks to work with distressed borrowers, the agency cannot approve a plan that defers the timely recognition of losses, since that would compromise the transparency and integrity of a bank's financial reports and could lead to a loss of public confidence in the banking system. www.occ.treas.gov/ftp/release/2008-132.htm 

November 12, 2008 - St. Louis Fed Promotes Huang to VP - The Federal Reserve Bank of St. Louis has promoted James L. Huang to vice president of Treasury Relations and Systems Support. Huang joined the St. Louis Fed in 1996 as a management analyst. He has a bachelor's degree in business administration from Washington University in St. Louis and a master's degree in business from the University of Florida. www.stlouisfed.org/news/releases/2008/11_12_08.html 

November 12, 2008 - Interest on Required Reserve Balances and Excess Balances - Regulation D Reserve requirements - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204). www.federalreserve.gov/monetarypolicy/reqresbalances.htm 

November 12, 2008 - Agencies Issue Final Rule to Implement Unlawful Internet Gambling Enforcement Act - The Department of the Treasury and the Federal Reserve Board today announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks. www.federalreserve.gov/newsevents/press/bcreg/20081112b.htm 

November 12, 2008 - Vice Chairman Donald L. Kohn - Productivity and Innovation in Financial Services - At the Official Celebration of the 10th Anniversary of the Banque Centrale du Luxembourg, Luxembourg, Luxembourg.  www.federalreserve.gov/newsevents/speech/kohn20081112a.htm 

November12, 2008 - Interagency Statement on Meeting the Needs of Creditworthy Borrowers - The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market conditions. These programs make new capital widely available to U.S. financial institutions, broaden and increase the guarantees on bank deposit accounts and certain liabilities, and provide backup liquidity to U.S. banking organizations. These efforts are designed to strengthen the capital foundation of our financial system and improve the overall functioning of credit markets.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20081112a.htm 
Press Release:: www.fdic.gov/news/news/press/2008/pr08115.html 
Press Release: www.occ.treas.gov/ftp/release/2008-131.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=912275af-1e0b-8562-eb24-7c8442d1e8d3&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

November 12, 2008 - On November 10, 2008, the Federal Reserve conducted an auction of $150 billion in 17-day credit through its Term Auction Facility. This was a forward auction designed to provide term funding over year-end--the awarded loans will settle on December 22, 2008. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20081112a.htm 

November 10, 2008 - Reduced Number of Check-Processing Sites Announced - Cleveland Fed to handle paper check processing and adjustments; Atlanta Fed to be electronic-processing office. www.federalreserve.gov/newsevents/press/other/20081106a.htm 

November 10, 2008 - What Are Covered Bonds? - In Chicago Fed Letter, Richard Rosen explains covered bonds as alternative to mortgage-backed securities for home financing. www.chicagofed.org/publications/fedletter/cfldecember2008_257.pdf 

November 10, 2008 - Professional Employer Organizations: What Are They? - Economic Perspectives explains what Professional Employer Organizations (PEO) are, who uses them and why. www.chicagofed.org/publications/economicperspectives/ep_4qtr2008_part1_lombardi_ono.pdf 

November 10, 2008 - Does Credit Supply Affect Small-Firm Finance? - Tara Rice and Philip E. Strahan - States were granted authority to limit interstate branching following passage of Federal legislation in 1994, relaxing restrictions on geographical expansion by banks. We show that differences in state's branching restrictions affect credit supply. In states more open to branching, small firms borrow at interest rates 25 to 45 basis points lower than firms operating in less open states. Firms in open states also are more likely to borrow from banks. www.federalreserve.gov/pubs/feds/2008/200854/index.html 

November 10, 2008 - The Effect of Capital Gains Taxation on Home Sales: Evidence from the Taxpayer Relief Act of 1997 - Hui Shan - he Taxpayer Relief Act of 1997 significantly changed the tax treatment of housing capital gains in the United States. Before 1997, homeowners were subject to capital gains taxation when they sold their houses unless they purchased replacement homes of equal or greater value. Since 1997, homeowners can exclude $500,000 of capital gains when they sell their houses. www.federalreserve.gov/pubs/feds/2008/200853/index.html 

November 10, 2008 - The Federal Reserve Board and the U.S. Treasury on Monday announced the restructuring of the government's financial support to the American International Group in order to keep the company strong and facilitate its ability to complete its restructuring process successfully. These new measures establish a more durable capital structure, resolve liquidity issues, facilitate AIG's execution of its plan to sell certain of its businesses in an orderly manner, promote market stability, and protect the interests of the U.S. government and taxpayers. www.federalreserve.gov/newsevents/press/other/20081110a.htm 

November 10, 2008 - On November 10, 2008, the Federal Reserve will offer $150 billion in 17-day credit through its Term Auction Facility. This is a forward auction designed to provide term funding over year-end--awarded loans will settle on December 22, 2008. www.federalreserve.gov/newsevents/press/monetary/20081110a.htm 

November 7, 2008 - Pacific Western Bank Acquires All the Deposits of Security Pacific Bank, Los Angeles, California - Security Pacific Bank, Los Angeles, California, was closed today by the Commissioner of the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, Los Angeles, California, to assume all of the deposits of Security Pacific. www.fdic.gov/news/news/press/2008/pr08114.html 

November 7, 2008 - Prosperity Bank Acquires All the Deposits of Franklin Bank, S.S.B., Houston, Texas - Franklin Bank, S.S.B., Houston, Texas, was closed today by the Texas Department of Savings and Mortgage Lending, and the Federal Deposit Insurance Corporation was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Prosperity Bank, El Campo, Texas, to assume all of the deposits, including those that exceeded the insurance limit, of Franklin Bank. www.fdic.gov/news/news/press/2008/pr08113.html 

November 7, 2008 - Guidance on Payment Processor Relationships - The FDIC is issuing the attached guidance that describes potential risks associated with relationships with entities that process payments for telemarketers and other merchant clients. These types of relationships pose a higher risk and require additional due diligence and close monitoring. This guidance outlines risk management principles for this type of higher-risk activity. www.fdic.gov/news/news/financial/2008/fil08127.html 

November 7, 2008 - Deposit Insurance Assessments 30-Day Extension of Comment Period for Portions of Proposed Assessment Rules That Would Become Effective April 1, 2009 - The FDIC has extended for 30 days (until December 17, 2008) the comment period for only those portions of its October 7, 2008, proposed rulemaking on risk-based assessments that would become effective April 1, 2009, i.e., the portions altering the way in which the risk-based assessment system differentiates for risk, changing deposit insurance assessment rates, and making technical and other changes to the rules governing the risk-based assessment system. www.fdic.gov/news/news/financial/2008/fil08126.html 

November 7, 2008 - FDIC Extends Comment Period for Portions of Proposed Rulemaking on Risk-Based Assessments - The FDIC has extended for 30 days (until December 17, 2008) the comment period for those portions of its October 7, 2008, proposed rulemaking on risk-based assessments that would become effective April 1, 2009. Comments on the portion of the rulemaking that would become effective January 1, 2009 - raising current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only - continue to be due by November 17, 2008. www.fdic.gov/news/news/press/2008/pr08112.html 

November 7, 2008 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 1-1/4 percent in the third quarter. Revolving credit increased at an annual rate of 2-1/2 percent, and nonrevolving credit increased at an annual rate of 1/2 percent.In September, consumer credit increased at an annual rate of 3-1/4 percent. www.federalreserve.gov/releases/g19/Current/default.htm 

November 6, 2008 - Governor Kevin Warsh - The Promise and Peril of the New Financial Architecture - At the Money Marketeers of New York University, New York, New York www.federalreserve.gov/newsevents/speech/warsh20081106a.htm
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November 6, 2008 - What Are Covered Bonds? - In Chicago Fed Letter, Richard Rosen explains covered bonds as alternative to mortgage-backed securities for home financing. www.chicagofed.org/publications/fedletter/cfldecember2008_257.pdf 

November 6, 2008 - Professional Employer Organizations: What Are They? - Economic Perspectives explains what Professional Employer Organizations are, who uses them and why. www.chicagofed.org/publications/economicperspectives/ep_4qtr2008_part1_lombardi_ono.pdf 

November 6, 2008 - A Look at Immigrants and Self-Employment - Maude Toussaint-Comeau assesses how ethnic enclaves and networks affect self-employment decisions. www.chicagofed.org/publications/economicperspectives/ep_4qtr2008_part3_toussaint.pdf 

November 6, 2008 - Economics of Payment Cards: A Status Report - Economic Perspectives surveys the recent theoretical literature on payment cards. www.chicagofed.org/publications/economicperspectives/ep_4qtr2008_part2_bolt_etal.pdf 

November 6, 2008 - OCC Announces New Electronic Interpretations and Actions - October 2008.  www.occ.treas.gov/interp/oct08/intoct08.htm 

November 6, 2008 - "Building the Capacity To Serve" will help organizations overcome funding limitations by teaching them how to work more efficiently by working together. www.stlouisfed.org/news/releases/2008/11_06_08.html 

November 6, 2008 - Federal Reserve Banks Announce Reduced Number of Check Processing Sites and Accelerated Restructuring Schedule - The Federal Reserve Banks today announced that the Federal Reserve Bank of Cleveland will serve as the single paper check processing and adjustments site and that the Federal Reserve Bank of Atlanta will serve as the single electronic check processing site for the Federal Reserve System. The Reserve Banks also announced they will utilize a flexible restructuring schedule that scales back or shifts operations at their other sites when paper check volumes no longer justify the existing operation. www.federalreserve.gov/newsevents/press/other/20081106a.htm 

November 6, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and between Currie Bancorporation, Inc., Currie, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20081106b.htm 

November 6, 2008 - The Federal Reserve Board on Thursday announced the issuance of a consent Cease and Desist Order against CapitalSouth Bancorp, Birmingham, Alabama, a registered bank holding company, and CapitalSouth Bank, Birmingham, Alabama, a state-chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20081106a.htm 

November 6, 2008 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among Paramount Bancorp, Inc., a registered bank holding company, Paramount Bank, a state chartered member bank, both of Farmington Hills, Michigan, the Federal Reserve Bank of Chicago, and the Michigan Office of Financial and Insurance Regulation. www.federalreserve.gov/newsevents/press/enforcement/20081106c.htm 

November 5, 2008 - OCC Releases Newsletter Focusing on Gulf Coast Redevelopment - The Office of the Comptroller of the Currency today released the fall 2008 edition of the Community Developments newsletter focusing on the recovery efforts in the Gulf Coast region. www.occ.treas.gov/ftp/release/2008-130.htm 

November 5, 2008 - Mortgage Relief Legislation May Produce Winners and Losers: St. Louis Fed Analysis - If the U.S. experience during the Great Depression offers any guidance, imposing a temporary ban on foreclosures in response to the current financial turmoil could create unintended costs, based on an analysis from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2008/11_04_08.html 

November 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 August 2008. www.fdic.gov/news/news/press/2008/pr08111.html 

November 5, 2008 - The Federal Reserve Board on Wednesday announced the approval of an application by Banco Espírito Santo de Investimento, S.A., Lisbon, Portugal, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/20081105a.htm 

November 5, 2008 - Federal Reserve announces it will alter formulas used to determine interest rates paid to depository institutions on required reserve balances and excess reserve balances. www.federalreserve.gov/newsevents/press/monetary/20081105a.htm 

November 4, 2008 - Temporary Liquidity Guarantee Program Extension of Deadlines and Election Instructions - On October 14, 2008, the FDIC announced the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system. All eligible entities are covered under the program unless they opt out of one or both of the components by December 5, 2008 (extended from November 12, 2008); otherwise, fees will apply for future participation. www.fdic.gov/news/news/financial/2008/fil08125.html 

November 4, 2008 - FDIC Extends Opt-Out Deadline for Participation in the Temporary Liquidity Guarantee Program - Unveils the Election Form to Opt Out of the Program - The Federal Deposit Insurance Corporation today announced that it has extended the opt-out deadline for participation in its Temporary Liquidity Guarantee Program to December 5, 2008. The original deadline was November 12. www.fdic.gov/news/news/press/2008/pr08110.html 

November 4, 2008 - Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/1008assets.htm 

November 4, 2008 - The Federal Reserve Board on Tuesday alerted the public to instances of questionable solicitations directed at consumers. These solicitations promise consumers access to personal loans through a nonexistent Federal Reserve lending program. www.federalreserve.gov/newsevents/press/other/20081104a.htm 

November 4, 2008 - On November 3, 2008, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. www.federalreserve.gov/newsevents/press/monetary/20081104a.htm 

November 3, 2008 - The Growth and Volatility of State Tax Revenue Sources in the Tenth District.   www.kc.frb.org/pubaffrs/pressrel/2008pdf/pressrelease08-12.pdf 

November 3, 2008 - Monetary Policy Transparency and Private Sector Forecasts: Evidence from Survey Data.   www.kc.frb.org/pubaffrs/pressrel/2008pdf/pressrelease08-15.pdf 

November 3, 2008 - Can Smart Cards Reduce Payments Fraud and Identity Theft? www.kc.frb.org/pubaffrs/pressrel/2008pdf/pressrelease08-14.pdf 

November 3, 2008 - Child Development Accounts: A Research and Policy Symposium - For many Americans, a college education is essential for economic stability, but most families have to look beyond their regular sources of income to meet the financial demands of college expenses. Options include asset accumulation before college, college aid, and/or debt. College aid, however, has been in a long decline and asset accumulation is more attractive than going into debt. This symposium will bring together internationally recognized experts to offer suggestions on how "child development accounts" can make a college education a reality. www.stlouisfed.org/news/releases/2008/11_03_08.html 

November 3, 2008 - The October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices - The October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/SnLoanSurvey/200811/ 

November 3, 2008 - "Limits to Relative Performance Evaluation: Evidence from Bank Executive Turnover," by Irina Barakova and Ajay Palvia. - Provides evidence that banks expect management to anticipate and prepare for such exogenous events as economic downturns. www.occ.treas.gov/ftp/workpaper/wp2008-3.pdf 

November 3, 2008 - Deposit Insurance Seminars - Additional Free Seminars for Bank Employees on How to Calculate Deposit Insurance Coverage - The FDIC will host four additional deposit insurance seminars identical to the eight telephone seminars for bankers announced in FIL-85-2008. The free seminars will cover the recent insurance coverage rule changes and guide bank employees through the process of determining a customer's deposit insurance coverage. www.fdic.gov/news/news/financial/2008/fil08120.html 

November 3, 2008 - Statistical Release - G.5 Foreign Exchange Rates - Foreign Exchange Rates The Table Below Shows The Average Rates Of Exchange In October 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/ 

November 3, 2008 - Legal Interpretation - Federal Reserve Act, October 29, 2008.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2008/20081029/20081029.pdf 

November 3, 2008 - On November 3, 2008, the Federal Reserve will offer $150 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/20081103a.htm 

November 3, 2008 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among Riverside Gulf Coast Banking Company, Riverside Bank of the Gulf Coast, both of Cape Coral, Florida, the Federal Reserve Bank of Atlanta, and the State of Florida Office of Financial Regulation. www.federalreserve.gov/newsevents/press/enforcement/20081103a.htm