Bank Regulatory News

August 2011

September 1, 2011 - Federal Reserve Board issues enforcement actions with Bank of the Carolinas Corporation, Community State Bank, Lindell Bank and Trust Company, Pacific Commerce Bank, and Whitaker Bank.  www.federalreserve.gov/newsevents/press/enforcement/20110901a.htm

September 1, 2011 - Statistical Release G.20 Finance Companies.  www.federalreserve.gov/releases/g20/current/g20.htm

September 1, 2011 - Governor Elizabeth A. Duke - Rebalancing the Housing Market - At the Federal Reserve Board Policy Forum: “The Housing Market Going Forward: Lessons Learned from the Recent Crisis”, Washington, D.C. www.federalreserve.gov/newsevents/speech/duke20110901a.htm 

September 1, 2011 - Federal Reserve Board announces a formal enforcement action against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA.   www.federalreserve.gov/newsevents/press/enforcement/20110901b.htm

September 1, 2011 - NCUA to Ensure Uninterrupted Service to Western Bridge Members - United Resources Corporate Capital Raise Results Prompt Contingency Plan - The member-driven solution for United Resources Federal Credit Union to succeed Western Bridge Corporate Federal Credit Union did not achieve enough capital subscriptions to reach the stated goal of $200 million by Aug 31. www.ncua.gov/news/press_releases/2011/MR11-0901WestBridge.pdf

September 1, 2011 - NCUA - Credit Union Industry Financials Remain Relatively Stable in Second Quarter - Net Income Continues Upward Trend; Net Worth Ratio Rebounds; Participation in Short-Term Loan Products Grows - Key financial indicators generally show stabilization and continued improvement in the second quarter of 2011, while economic conditions persist in posing challenges for the system, according to Call Reports submitted by the nation’s 7,239 federally insured credit unions to the National Credit Union Administration www.ncua.gov/news/press_releases/2011/MR11-0901FOIA.pdf

August 31, 2011 - Financial Conditions Tighten for Second Straight Month - The NFCI reached its highest point since June 2010 in the week ending August 26, while the ANFCI continued to suggest that financial conditions remain slack relative to current economic conditions. www.chicagofed.org/webpages/publications/nfci/index.cfm

August 31, 2011 - Federal Reserve Board announces location for public meeting on the notice by Capital One Financial Corporation to acquire ING Bank.   www.federalreserve.gov/newsevents/press/orders/2011orders.htm

August 31, 2011 - Federal Reserve Board seeks comment on proposal outlining procedures for securities holding companies to elect to be supervised by the Federal Reserve.  www.federalreserve.gov/newsevents/press/bcreg/20110831a.htm 

August 30, 2011 - FDIC Issues Fourth Quarter 2011 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 fourth quarter of 2011. www.fdic.gov/news/news/press/2011/pr11144.html 

August 30, 2011 - Minutes of the Federal Open Market Committee, August 1 and August 9, 2011.   www.federalreserve.gov/newsevents/press/monetary/20110830a.htm

August 30, 2011 - Federal Reserve Board issues enforcement actions with CB Holding Corp. www.federalreserve.gov/newsevents/press/enforcement/20110830a.htm

August 29, 2011 - NCUA -The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0829Prohibition_Jeffers.pdf

August 29, 2011 - Regulatory Reform - Communications with the public through August 29, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm 

August 26, 2011 - NCUA’s Consumer Website Goes Bilingual Initiative Improves Agency’s Financial Education Outreach to Spanish Speakers - Do you have questions about credit unions? How do you ensure that your money is safe at a credit union? These questions and many more are answered on the MyCreditUnion.gov consumer website operated by the National Credit Union Administration. Spanish-speaking consumers can now access the same information. www.ncua.gov/news/press_releases/2011/MR11-0826SpanishMyCreditUnion(English).pdf

August 26, 2011 - FDIC Makes Public July Enforcement Actions; One Administrative Hearing Scheduled For September 2011 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July. One administrative hearing is scheduled for September 2011. www.fdic.gov/news/news/press/2011/pr11143.html 

August 26, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 26, 2011 - Chairman Ben S. Bernanke - The Near- and Longer-Term Prospects for the U.S. Economy - At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming.  www.federalreserve.gov/newsevents/speech/bernanke20110826a.htm

August 26, 2011 - Federal Reserve Board announces public meetings on the notice by Capital One Financial Corporation to acquire ING Bank.   www.federalreserve.gov/newsevents/press/orders/20110826a.htm  _______________________

August 25, 2011 - State Budgets Far from Out of the Woods - Chicago Fed Letter examines how states can find paths to sustainability - State governments have been noticeably absent in contributing to U.S. economic growth since the recession of 2008-09. Despite some recovery in tax revenues, many states are still reporting budget shortfalls and spending pressures for pensions and health care. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfloctober2011_291b.pdf

August 25, 2011 - Find Your "Econ Ed" Resources Even Faster - Users of the Federal Reserve Bank of St. Louis’ economic education web site will notice a new look and new features. The web site has just been redesigned so that teachers and others can access the educational materials they need more easily. www.stls.frb.org/newsroom/displayNews.cfm?article=1130

August 25, 2011 - Credit Quality of Large Loan Commitments Improves for Second Consecutive Year - The credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks improved in 2011 for the second consecutive year, according to the Shared National Credits Review for 2011.
Ppress Release: www.federalreserve.gov/newsevents/press/bcreg/20110825a.htm 
Press Release: www.fdic.gov/news/news/press/2011/pr11142.html
Press release:  www.occ.gov/news-issuances/news-releases/2011/nr-ia-2011-112.html

August 25, 2011 - Federal Reserve Board issues enforcement actions with Flagship Financial Group and Texas Bancshares.  www.federalreserve.gov/newsevents/press/enforcement/20110825a.htm 

August 24, 2011 - Leadership appointments to Federal Reserve Bank of San Francisco community financial institutions advisory group - The Federal Reserve Bank of San Francisco announced leadership appointments for the Twelfth District Community Depository Institutions Advisory Council; the council was formed earlier this year.  www.frbsf.org/news/releases/2011/0824.html?utm_source=releases

August 24, 2011 - The Subprime Crisis: Is Government Housing Policy to Blame? - Robert B. Avery and Kenneth P. Brevoort - A growing literature suggests that housing policy, embodied by the Community Reinvestment Act (CRA) and the affordable housing goals of the government sponsored enterprises, may have caused the subprime crisis.  www.federalreserve.gov/pubs/feds/2011/201136/index.html

August 24, 2011 - Examining the Impact of Credit Access on Small Firm Survivability - Traci L. Mach and John D. Wolken - This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were confirmed to have been in business as of December 2003, with particular attention to the impact of credit constraints. www.federalreserve.gov/pubs/feds/2011/201135/index.html

August 23, 2011 - Fdic-Insured Institutions Earned $28.8 Billion in The Second Quarter of 2011 - Number of Banks on the “Problem List” Declined for the First Time Since 2006 Deposit Insurance Fund Balance Positive at Mid-Year -Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported an aggregate profit of $28.8 billion in the second quarter of 2011, a $7.9 billion improvement from the $20.9 billion in net income the industry reported in the second quarter of 2010. This is the eighth consecutive quarter that earnings registered a year-over-year increase.   www.fdic.gov/news/news/press/2011/pr11141.html

August 23, 2011 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking.  www.federalreserve.gov/newsevents/reform_meetings.htm

August 23, 2011 - The Federal Reserve Board is proposing a two-year phase-in period for most savings and loan holding companies to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. www.federalreserve.gov/newsevents/press/bcreg/20110822a.htm 

August 22, 2011 - The Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, and the State of Florida Office of Financial Regulation Assess Civil Money Penalties Against Ocean Bank - The Federal Deposit Insurance Corporation, the Treasury's Financial Crimes Enforcement Network, and the State of Florida Office of Financial Regulation today announced the assessment of concurrent civil money penalties of $10.9 million against Ocean Bank, Miami, Florida, for violations of federal and state Bank Secrecy Act and anti-money laundering laws and regulations. Ocean Bank, without admitting or denying the allegations, consented to payment of the civil money penalties, which was satisfied by a single payment to the U.S. Government. www.fdic.gov/news/news/press/2011/pr11140.html 

August 22, 2011 - Regulatory Reform - Communications with the public through August 22, 2011. www.federalreserve.gov/newsevents/reform_meetings.htm

August 22, 2011 - The Federal Reserve Board is proposing a two-year phase-in period for most savings and loan holding companies to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. www.federalreserve.gov/newsevents/press/bcreg/20110822a.htm 

August 19, 2011 - Making cars smarter: The growing role of electronics in automobiles by Thomas H. Klier, senior economist, and James M. Rubenstein, professor, Miami University - Electronics make up nearly 40% of the content of today’s average new automobile, and their share will continue to grow. On June 2, 2011, as part of the eighteenth annual Automotive Outlook Symposium, the Chicago Fed hosted a panel of experts at its Detroit Branch to examine the current and future roles of electronics in motor vehicles. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfloctober2011_291a.pdf 

August 19, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0819Prohibition_Mohammed.pdf 

August 19, 2011 - OCC Appoints Receiver for First Southern National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for First Southern National Bank, Statesboro, Georgia. As of June 30, 2011, the bank had approximately $165 million of total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-111.html

August 19, 2011 - OCC Appoints Receiver for Lydian Private Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Lydian Private Bank, Palm Beach, Florida, a federal savings association. As of June 30, 2011, the institution had approximately $1.7 billion of total assets. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-110.html
 
August 19, 2011 - 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.gov/news-issuances/news-releases/2011/nr-occ-2011-109.html 

August 19, 2011 - Dialogue with the Fed: A New Public Discussion Series with Fed Experts - It’s been almost three years since the Lehman Brothers bankruptcy, the AIG bailout and the government takeover of Fannie Mae and Freddie Mac. Now, the U.S. is facing a new set of challenges, including the downgrade of the U.S. sovereign debt rating and a still-stagnant housing market. Data and news reports can be confusing and even overwhelming. www.stls.frb.org/newsroom/displayNews.cfm?article=1126 

August 19, 2011 - Inland Bank & Trust, Oak Brook, Illinois, Assumes All of the Deposits of First Choice Bank, Geneva, Illinois - First Choice Bank, Geneva, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation—Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Inland Bank & Trust, Oak Brook, Illinois, to assume all of the deposits of First Choice Bank. www.fdic.gov/news/news/press/2011/pr11139.html 

August 19, 2011 - Heritage Bank of the South, Albany, Georgia, Assumes All of the Deposits of First Southern National Bank, Statesboro, Georgia - First Southern National Bank, Statesboro, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank of the South, Albany, Georgia, to assume all of the deposits of First Southern National Bank. www.fdic.gov/news/news/press/2011/pr11138.html 

August 19, 2011 - Sabadell United Bank, National Association, Miami, Florida, Assumes All of the Deposits of Lydian Private Bank, Palm Beach, Florida - Lydian Private Bank, Palm Beach, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sabadell United Bank, National Association, Miami, Florida, to assume all of the deposits of Lydian Private Bank. www.fdic.gov/news/news/press/2011/pr11137.html

August 19, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

August 19, 2011 - Credit and Liquidity Programs and the Balanlce Sheet - Monthly Report on Credit and Liquidity Programs and the Balance Sheet, August 2011 www.federalreserve.gov/files/monthlyclbsreport201108.pdf 
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August 19, 2011 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-109.html

August 18, 2011 - Update on Financial Conditions - The NFCI reached its highest level since July 2010 in the week ending August 12, as financial conditions tightened for the fourth straight week. However, the ANFCI continues to suggest that financial conditions are slack relative to current economic conditions. www.chicagofed.org/webpages/publications/nfci/index.cfm

August 18, 2011 - Capital Bank, National Association, Rockville, Maryland, Assumes All of the Deposits of Public Savings Bank, Huntingdon Valley, Pennsylvania - Public Savings Bank, Huntingdon Valley, Pennsylvania, was closed today by the Pennsylvania Department of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Capital Bank, National Association, Rockville, Maryland, to assume all of the deposits of Public Savings Bank. www.fdic.gov/news/news/press/2011/pr11136.html 

August 18, 2011 - Federal Financial Institution Regulators Announce Availability of 2010 Small Business, Small Farm, and Community Development Lending Data - The three federal banking agency members of the Federal Financial Institutions Examination Council1 —the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the Community Reinvestment Act www.fdic.gov/news/news/press/2011/pr11135.html 

August 18, 2011 - ABS Inflows to the United States and the Global Financial Crisis - Carol Bertaut, Laurie Pounder DeMarco, Steve Kamin, and Ralph Tryon - The "global saving glut" hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined with both innovations and deficiencies of the U.S. credit market, are believed to have contributed to the U.S. housing bubble and to the buildup in financial vulnerabilities that led to the financial crisis. http://www.federalreserve.gov/pubs/ifdp/2011/1028/ifdp1028.htm

August 16, 2011 - Second Quarter Midwest Farmland Values Soar - Latest AgLetter reports highest year-over-year increase in farmland values since the 1970s, at 17 percent, in the second quarter of 2011. www.chicagofed.org/webpages/publications/agletter/index.cfm 

August 16, 2011 - Making Cars Smarter - Chicago Fed Letter explores the growing use of electronics to deliver better vehicle performance and more in-car connectivity. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfloctober2011_291a.pdf

August 16, 2011 - New Evening Discussion Series Kicks Off Sept. 12 at the St. Louis Fed - It’s been almost three years since the bankruptcy of Lehman Brothers, the subsequent bailout of AIG and the government takeover of Fannie Mae and Freddie Mac. In the months following these events, global stock markets lost more than 50 percent of their value. www.stls.frb.org/newsroom/displayNews.cfm?article=1123

August 16, 2011 - ABS Inflows to the United States and the Global Financial Crisis - Carol Bertaut, Laurie Pounder DeMarco, Steve Kamin, and Ralph Tryon - The "global saving glut" hypothesis argues that the surge in capital inflows from emerging market economies to the United States led to significant declines in long-term interest rates in the United States and other industrial economies. In turn, these lower interest rates, when combined with both innovations and deficiencies of the U.S. credit market, are believed to have contributed to the U.S. housing bubble and to the buildup in financial vulnerabilities that led to the financial crisis. www.federalreserve.gov/pubs/ifdp/2011/1028/ifdp1028.htm

August 16, 2011 - NCUA Issues Prohibition Order - The National Credit Union Administration - has issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/news/press_releases/2011/MR11-0816ProhibZimmerman.pdf 

August 16, 2011 - Deputy Comptroller Testifies on Community Bank Supervision -Deputy Comptroller of the Southern District of the Office of the Comptroller of the Currency Gil Barker testified today on ensuring that the supervision of community banks is balanced, fair, and consistent with OCC policies. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-108.html

August 16, 2011 - KANSAS CITY FED ANNOUNCES OFFICER PROMOTION - Thomas Hoenig, president and CEO of the Federal Reserve Bank of Kansas City, recently announced the following officer promotion, effective August 15.  www.kc.frb.org/publicat/newsroom/2011pdf/press.release.08.16.11.pdf

August 16, 2011 - Housing Wealth and Consumption - Matteo Iacoviello - Housing wealth is about one half of household net worth, and consumption is a considerable fraction of Gross Domestic Product in the United States. Empirically, movements in housing wealth are associated with movements in consumption in the same direction. www.federalreserve.gov/pubs/ifdp/2011/1027/ifdp1027.htm 

August 16, 2011 - Funds Availability and Payment of Interest - The purpose of this letter is to provide information about two provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that became effective on July 21, 2011. www.federalreserve.gov/boarddocs/caletters/2011/1107/caltr1107.htm 

August 16, 2011 - Revised Examination Procedures for the Servicemembers Civil Relief Act.   www.federalreserve.gov/boarddocs/caletters/2011/1106/caltr1106.htm 

August 16, 2011 - Industrial production advanced 0.9 percent in July. Although the index was revised down in April, primarily as a result of a downward revision to the output of utilities, stronger manufacturing output led to upward revisions to production in both May and June.   www.federalreserve.gov/releases/g17/Current/ 

August 16, 2011 - Kevin M. Bertsch, Associate Director, Division of Banking Supervision and Regulation - Banking Supervision and Regulation Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives , Newnan, Georgia.   www.federalreserve.gov/newsevents/testimony/bertsch20110812.htm 

August 16, 2011 - Federal Reserve Board issues enforcement action with Coastal Bankshares.   www.federalreserve.gov/newsevents/press/enforcement/20110816a.htm 

August 15, 2011 - Tempestuous municipal debt markets: Oxymoron or new reality? by Gene Amromin, senior fi nancial economist, and Anna Paulson, vice president and director of fi nancial research Municipal bonds (munis) are issued by states, cities, or other local government agencies. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfloctober2011_291.pdf

August 15, 2011 - OCC Issues Cost of Funds Reports - The Office of the Comptroller of the Currency today issued the Cost of Funds Reports, which provide information about funding costs for institutions regulated by the Office of Thrift Supervision as of June 30, 2011. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-107.html 

August 15, 2011 - The July 2011 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. This summary is based on responses from 55 domestic banks and 22 U.S. branches and agencies of foreign banks.  www.federalreserve.gov/boarddocs/snloansurvey/201108/default.htm

August 12, 2011 - Enterprise Bank & Trust, Clayton, Missouri, Assumes All of the Deposits of First National Bank of Olathe, Olathe, Kansas - First National Bank of Olathe, Olathe, Kansas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Enterprise Bank & Trust, Clayton, Missouri, to assume all of the deposits of First National Bank of Olathe. www.fdic.gov/news/news/press/2011/pr11134.html 

August 12, 2011 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 12, 2011 - The Federal Reserve Board on Friday issued an interim final rule establishing regulations for savings and loan holding companies. The rule will take effect once it is published in the Federal Register, which is expected soon. www.federalreserve.gov/newsevents/press/bcreg/20110812a.htm ________________________________

August 11, 2011 - Board issues enforcement actions with Bank of the Eastern Shore and Texas Coastal Bank.   www.federalreserve.gov/newsevents/press/enforcement/20110811a.htm

August 10, 2011 - Implementing financial reform regulations from the Dodd–Frank Act and Basel III by Douglas D. Evanoff, vice president and senior research advisor, and William F. Moeller, associate economist.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290b.pdf 

August 10, 2011 - Evaluating Risk in Municipal Bond Markets - Chicago Fed Letter looks at recent trends in muni markets and explains how market participants are evaluating risk. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cfloctober2011_291.pdf

August 10, 2011 - NCUA Releases Letter to Credit Unions on Impact of U.S. Debt Downgrade.  www.ncua.gov/letters/2011/CU/11-CU-11.pdf

August 10, 2011 - Designing Disclosures to Inform Consumer Financial Decisionmaking: Lessons Learned from Consumer Testing - Jeanne M. Hogarth and Ellen A. Merry - The Federal Reserve Board has studied ways to improve the disclosures that consumers draw on when they purchase and use financial products and services.   www.federalreserve.gov/pubs/bulletin/2011/pdf/designingdisclosures2011.pdf 

August 9, 2011 - Exploring the new face of retail payments - by Katy Jacob, business economist, and Anna Lunn, associate economist - At the Chicago Fed’s 2011 Payments Conference, held on May 19-20, participants discussed how changes in consumers’ behavior in the wake of the financial crisis and recession can translate into opportunities and challenges for both traditional and nascent payment providers.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290a.pdf 

August 9, 2011 - NCUA Files Fourth Suit in String Against - Securities Firms to Recover Billions Recoveries Will Benefit All Federally Insured Credit Unions - The National Credit Union Administration filed suit today in California against New York firm Goldman Sachs & Co. alleging violations of federal and state securities laws, as well as misrepresentations in the sale of securities to now-failed U.S. Central and Western Corporate federal credit unions. www.ncua.gov/news/press_releases/2011/MR11-0808NCUASuesGS.pdf 

August 9, 2011 - Charles Taylor Named Deputy Comptroller for Capital and Regulatory Policy - The Office of the Comptroller of the Currency (OCC) today named Charles Taylor its Deputy Comptroller for Capital and Regulatory Policy. www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-105.html 

August 9, 2011 - FOMC statement - Information received since the Federal Open Market Committee met in June indicates that economic growth so far this year has been considerably slower than the Committee had expected. Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up. www.federalreserve.gov/newsevents/press/monetary/20110809a.htm 

August 9, 2011 - Board issues enforcement actions with Reliance Bancshares, Inc. and Mesaba Bancshares, Inc.   www.federalreserve.gov/newsevents/press/enforcement/20110809a.htm 

August 8, 2011 - Clarifications to the FDIC's Statement of Policy for Section 19 of the FDI Act - Section 19 of the Federal Deposit Insurance Act prohibits, without the prior written consent of the Federal Deposit Insurance Corporation, a person convicted of criminal offense involving dishonesty, breach of trust, money laundering, or drugs from participating in the affairs of an FDIC-insured institution. www.fdic.gov/news/news/financial/2011/fil11057.html

August 8, 2011 - Reports to the Congress - 2010 Government Performance and Results Act Annual Performance Report.   www.federalreserve.gov/publications/gpra/default.htm

August 8, 2011 - Regulatory Reform - Communications with the public through August 8, 2011.  www.federalreserve.gov/newsevents/reform_meetings.htm

August 8, 2011 - D. Nathan Sheets, director of the Division of International Finance, steps down after 18 years of service.   www.federalreserve.gov/newsevents/press/other/20110808a.htm

August 5, 2011 - Columbia State Bank, Tacoma, Washington, Assumes All of the Deposits of Bank of Whitman, Colfax, Washington - Bank of Whitman, Colfax, Washington, was closed today by the Washington State Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Columbia State Bank, Tacoma, Washington, to assume all of the deposits of Bank of Whitman. www.fdic.gov/news/news/press/2011/pr11132.html

August 5, 2011 - Heartland Bank and Trust Company, Bloomington, Illinois, Assumes All of the Deposits of Bank of Shorewood, Shorewood, Illinois - Bank of Shorewood, Shorewood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation—Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits of Bank of Shorewood. www.fdic.gov/news/news/press/2011/pr11131.html

August 5, 2011 -Consumer credit increased at an annual rate of 4-1/4 percent in the second quarter. In June, consumer credit increased at an annual rate
of 7-3/4 percent, with revolving credit increasing at a rate of 8 percent and nonrevolving credit increasing at a rate of 7-1/2 percent.
http://www.federalreserve.gov/releases/g19/current/
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August 4, 2011 - FDIC Announces Winning Bidders for its Small Investor Program Pilot Sale - The Federal Deposit Insurance Corporation has closed on the first sales in its Small Investor Program. The pilot SIP involved two competitive sales of equity interests (each, a Private Owner Interest) in two limited liability companies, each formed by the FDIC in its receivership capacity to hold certain assets of FirsTier Bank located in Louisville, Colorado, that failed on January 28, 2011. www.fdic.gov/news/news/press/2011/pr11130.html

August 3, 2011 - Update on Financial Conditions - In the week ending July 29, the NFCI reached its highest level since the first week of December 2010, but remained looser than its historical average. The ANFCI edged down and continued to indicate that financial conditions are loose relative to current economic conditions. www.chicagofed.org/webpages/publications/nfci/index.cfm

August 3, 2011 - Implementing the Dodd–Frank Act and Basel III - Chicago Fed Letter examines the progress on putting financial reform regulations into effect.   www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflseptember2011_290b.pdf

August 3, 2011 - U.S. Domestic and International Financial Reform Policy: Are G20 Commitments and the Dodd-Frank Act in Sync? - Daniel E. Nolle - The Dodd-Frank Act of 2010 is the keystone policy response directed at reforming U.S. financial system activities and oversight in the wake of the 2007-2009 financial crisis.  www.federalreserve.gov/pubs/ifdp/2011/1024/ifdp1024.htm

August 3, 2011 - Optimal Monetary Policy in an Operational Medium-Sized DSGE Model - Malin Adolfson, Stefan Laséen, Jesper Lindé, and Lars E.O. Svensson - We show how to construct optimal policy projections in Ramses, the Riksbank's open-economy medium-sized DSGE model for forecasting and policy analysis.  www.federalreserve.gov/pubs/ifdp/2011/1023/ifdp1023.htm 

August 2, 2011 - NCUA Announces Voluntary Prepayment of Stabilization Fund Assessments Results Nearly $370 Million in Pledges Falls Short of Required $500 Million Threshold.  www.ncua.gov/news/press_releases/2011/MR11-0802PrepaymentThreshold(3).pdf

August 2, 2011 - OCC Releases CRA Evaluations for 18 National Banks.  www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-103.html 

August 2, 2011 - From the Federal Reserve Archives: Historical Conversations on Government Debt.  http://fraser.stlouisfed.org/cbt/browse.php?collection_id=71&utm_source=TopNews&utm_medium=sm&utm_campaign=TopNews

August 2, 2011 - Board issues enforcement actions with Suburban Illinois Bancorp, Inc. and The First Bank of Baldwin. www.federalreserve.gov/newsevents/press/enforcement/20110802a.htm 

August 1, 2011 - Addressing Financial Issues in Community Development - Profitwise News and Views summarizes two Chicago Fed conferences that explored ways community development financial institutions (CDFI) and the development finance industry are changing, organizing and increasing their impact. www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2011/PNV_Jul2011_ReEd_FINAL_web.pdf

August 1, 2011 - The Role of Labor Market Mismatch in Rising Unemployment - Economic Perspectives shows how much a shock to the ability of firms to hire qualified workers accounts for the recent rise in unemployment.   www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/3qtr2011_part1_barlevy.pdf 

August 1, 2011 - Darrin Benhart Named Deputy Comptroller for Credit and Market Risk - The Office of the Comptroller of the Currency (OCC) today named Darrin Benhart its Deputy Comptroller for Credit and Market Risk.  http://www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-102.html

August 1, 2011 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2011/pr11129.html