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

The Community Banker
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Bank Regulatory News

December 2004

With more than 40 years auditing only financial institutions, my experience to test your Internet
and internal IT operations for vulnerabilities and understand your IT operation is unmatched. 
Please visit http://www.internetbankingaudits.com/ for more detailed information.

December 29, 2004 - FDIC Receives Technology Award - The Federal Deposit Insurance Corporation recently received a 2004 Enterprise Architecture Excellence Award from the Zachman Institute for Framework Advancement for its initiative to manage corporate data collaboratively. www.fdic.gov/news/news/press/2004/pr13104.html 

December 28, 2004 - Fair Credit Reporting Act: Final Rule: Related Identity Theft Definitions, Duration of Active Duty Alerts, and Appropriate Proof of Identity - This bulletin announces that the Federal Trade Commission published in the Federal Register a final rule establishing definitions for the terms, "identity theft" and "identity theft report;" the duration of an "active duty alert;" and the "appropriate proof of identity" for purposes of sections 605A, 605B, and 609(a)(1) of the Fair Credit Reporting Act as amended by the Fair and Accurate Credit Transactions Act. These sections became effective on December 1.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-60.txt 
Attachment: www.occ.treas.gov/fr/fedregister/69fr63922.pdf 

December 28, 2004 - "Specification and Informational Issues in Credit Scoring," by Nicholas M. Kiefer and C. Erik Larson. - This paper explores the possibility that estimates generated by models developed with data drawn solely from extended loans are less valuable than they should be because of selectivity bias.

December 27, 2004 - FDIC Announces Creation of Minority Bankers Roundtable Series - The Federal Deposit Insurance Corporation today announced the creation of a Minority Bankers Roundtable series to improve communication and enhance outreach efforts with the minority depository institutions that it supervises. The roundtables will provide a forum for the FDIC to hear - first-hand - the MDI community's views on regulatory and supervisory issues. www.fdic.gov/news/news/press/2004/pr13004.html 

December 24, 2004 - FDIC Announces Settlement with Ernst & Young LLP, Auditor for the Closed Superior Bank, FSB, Hinsdale, Illinois - The Federal Deposit Insurance Corporation today announced that it has reached an agreement with Ernst & Young LLP relating to E&Y's audits of Superior Bank FSB, Hinsdale, Illinois. Superior was closed by the Office of Thrift Supervision on July 27, 2001.
Press Release:  www.fdic.gov/news/news/press/2004/pr12904.html 
Press Release:  www.ots.treas.gov/docs/7/77455.html 

December 23, 2004 - Federal Reserve Bank of San Francisco Announces 2005 Board of Directors - The Federal Reserve Bank of San Francisco announced today the appointment of three directors to its board of directors, with terms beginning January 2005. www.frbsf.org/news/releases/2004/1222.html 

December 23, 2004 - The OCC has been advised that the California Commissioner of Financial Institutions has issued a cease-and-desist order to Malibu Trust Company, directing it to cease doing business in California without a license. www.occ.treas.gov/ftp/alert/2004-25.txt 

December 22, 2004 - OTS Postpones Implementation Of Schedule RED - The Office of Thrift Supervision announced today that it is postponing the planned March 31, 2005, implementation of a new form for collecting data used to measure thrifts' interest rate risk exposure -- Schedule Risk Exposure Data. OTS planned to roll out Schedule RED in two phases, with phase one implementation scheduled for the quarter ending March 31, 2005. www.ots.treas.gov/docs/7/77453.html 

December 22, 2004 - OTS Named Eu Coordinating Supervisor of GE - The Office of Thrift Supervision, the U.S. consolidated holding company supervisor of General Electric, was notified on December 21, 2004, that it was named GE Capital Services Limited's coordinating supervisor in the European Union. GECS is GE's financial services arm. www.ots.treas.gov/docs/7/77454.html 

December 22, 2004 - Retail Lending: Interim Examination Procedures - This bulletin announces that the OCC is issuing Retail Lending Examination Procedures. The procedures address the various risk management and control functions that banks need to manage more diverse and complex portfolios and provide targeted procedures for specific credit functions and types of retail loans.
Press Release www.occ.treas.gov/ftp/bulletin/2004-59.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-59a.pdf 

December 22, 2004 - FRB Statistical Release - E.2 Survey of Terms of Business Lending www.federalreserve.gov/Releases/E2/Current/ 

December 22, 2004 - Industrial Production And Capacity Utilization: The 2004 Annual Revision - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization for the period from January 1972 to November 2004. Overall, the changes to total industrial production are small. www.federalreserve.gov/Releases/G17/Revisions/Current/default_rev.htm 

December 21, 2004 - NCUA to Co-Host Access Across America Economic Empowerment Summit in Des Moines, Iowa February 9 - National Credit Union Administration Chairman JoAnn Johnson announced today that the agency will co-host an Access Across America Economic Empowerment Summit in Des Moines, Iowa on February 9. www.ncua.gov/news/press_releases/2004/NR04-1221-2.htm 

December 21, 2004 - NCUA Reschedules January 2005 Board Meeting - The National Credit Union Administration has rescheduled its January 13, 2005, open Board meeting from 10 a.m. to 2 p.m. www.ncua.gov/news/press_releases/2004/NR04-1221.htm 

December 21, 2004 - Annual Audit and Reporting Requirements Extended Filing Deadline for Management's Internal Control Assessment and the Independent Auditor's Attestation - The FDIC is providing guidance to insured institutions with $500 million or more in total assets that are required to comply with the FDIC's annual audit and reporting requirements about the Securities and Exchange Commission's exemptive order postponing the filing date for internal control reports. www.fdic.gov/news/news/financial/2004/fil13704.html 

December 21, 2004 - The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time Athanasios Orphanides and Simon van Norden 2004-68 - A stable predictive relationship between inflation and the output gap, often referred to as a Phillips curve, provides the basis for countercyclical monetary policy in many models. In this paper, we evaluate the usefulness of alternative univariate and multivariate estimates of the output gap for predicting inflation. www.federalreserve.gov/pubs/feds/2004/200468/200468abs.html 

December 21, 2004 - FRB Statistical Release - G.20 Finance Companies www.federalreserve.gov/Releases/G20/Current/default.htm 

December 21, 2004 - Richard W. Fisher will become President of the Federal Reserve Bank of Dallas effective April 4, 2005. The appointment of Mr. Fisher was announced today by Ray L. Hunt, Chairman of the Bank's Board of Directors. Mr. Fisher will succeed Robert D. McTeer, Jr., who resigned November 4, 2004, to become chancellor of the Texas A&M University System. www.federalreserve.gov/boarddocs/press/other/2004/20041221/default.htm 

December 21, 2004 - The Federal Reserve Board on Tuesday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act . www.federalreserve.gov/boarddocs/press/bcreg/2004/200412212/default.htm
December 21, 2004 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from October 12 through November 10, 2004. www.federalreserve.gov/boarddocs/press/monetary/2004/20041221/default.htm 

December 21, 2004 - OCC Reports Derivatives Volume Tops $84 Trillion - Derivatives held by U. S. commercial banks increased $3.2 trillion in the third quarter, to $84 trillion, the Office of the Comptroller of the Currency reported today in its quarterly Bank Derivatives Report.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=F1R6B71M.xml 
Attachment: www.occ.treas.gov/ftp/deriv/dq304.pdf 

December 20, 2004 - Release Dates For The Federal Reserve Bank Of Kansas City's Monthly Manufacturing Survey - The Federal Reserve Bank of Kansas City announces the 2005 release dates for its survey covering manufacturing activity in the Tenth Federal Reserve District. www.kc.frb.org/pubaffrs/pressrel/pr04-14.htm 

December 21, 2004 - Structure and Share Data for U.S. Offices of Foreign Banks - Structure and share data are collected as of the end of the month for March, June, September, and December and generally are released four months after the as-of month. www.federalreserve.gov/releases/iba/ 

December 21, 2004 - Agencies Announce Final Rules on Disposal of Consumer Information - The federal bank and thrift regulatory agencies today announced interagency final rules to require financial institutions to adopt measures for properly disposing of consumer information derived from credit reports.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20041221/default.htm 
Press Release: http://www.ots.treas.gov/docs/7/77452.html 
Press Release: www.fdic.gov/news/news/press/2004/pr12804.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=H3RLP4BE.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-113a.pdf 

December 20, 2004 - Release Dates For The Federal Reserve Bank Of Kansas City's Monthly Manufacturing Survey - The Federal Reserve Bank of Kansas City announces the 2005 release dates for its survey covering manufacturing activity in the Tenth Federal Reserve District. www.kc.frb.org/pubaffrs/pressrel/pr04-14.htm

December 20, 2004 - Automated Clearing House - This bulletin advises national banks and examiners about three amendments to National Automated Clearing House Association Operating Rules that became effective in 2004. The bulletin supplements guidance on Automated Clearing House activities outlined in the FFIEC IT Handbook, "Retail Payment Systems," dated March 2004. www.occ.treas.gov/ftp/bulletin/2004-58.txt 

December 20, 2004 - Shared National Credit Program: Proposed Data Collection Modernization - This bulletin announces that the OCC, FRB, FDIC, and OTS have published in the Federal Register a proposal to modernize the Shared National Credit Program's data collection process. www.occ.treas.gov/ftp/bulletin/2004-57.txt 

December 20, 2004 - FDIC Expands Electronic Communication Seven New FDICconnect Business Transactions Available - In December 2004, the FDIC will expand its e-government initiative with seven new business transactions on FDICconnect. www.fdic.gov/news/news/financial/2004/fil13504.html 

December 17, 2004 - OCC Releases First Quarter Edition of Quarterly Journal on the Web - The June 2004 issue of the Quarterly Journal, Vol. 23, No. 2 (for the first quarter 2004), is now available on-line in linked PDF. This issue continues the tradition of reporting on the condition of commercial banks, as well as recent licensing decision, speeches and testimony, interpretive letters, mergers, and financial performance data for national banks. www.occ.treas.gov/qj/qj.htm 

December 16, 2004 - NCUA - Summary of Actions Taken at the NCUA December Board Meeting www.ncua.gov/NCUABoard/board_reports/board_reports.html 

December 16, 2004 - NCUA - Brooklyn Credit Union Closes - Member funds are insured and will be released within five days - The National Credit Union Administration today placed Midwood Federal Credit Union of Brooklyn, New York, into liquidation. www.ncua.gov/news/press_releases/2004/NR04-1216.htm 

December 16, 2004 - OCC Releases CRA Evaluations For 36 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 November 15, 2004 through December 14, 2004.

December 16, 2004 - Supervisory Insights Journal Winter 2004 Issue of Supervisory Insights Now Available - The FDIC has announced the release of its Winter 2004 issue of Supervisory Insights, a professional journal that promotes the practice of bank supervision. Supervisory Insights is available on the FDIC's Web site www.fdic.gov/news/news/financial/2004/fil13404.html 

December 16, 2004 - Remittance Flows Key to Tapping the Latino Immigrant Market - Despite the significant growth of the Latino immigrant population in recent years, this market remains largely untapped by U.S. banks, according to an article published in the Winter 2004 issue of the FDIC's Supervisory Insights released today. "Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market" explores strategies used by some banks to capitalize on remittances-funds transferred to family in the home country-as a way to bring the unbanked into the formal banking system. www.fdic.gov/news/news/press/2004/pr12604.html 

December 16, 2004 - Minutes of the Federal Open Market Committee November 10, 2004 - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Wednesday, November 10, 2004, at 9:00 a.m. www.federalreserve.gov/FOMC/Minutes/20041110.htm 

December 16, 2004 - Proposal for Comment - Agency Information Collection Activities Intermittent Survey of Businesses - The Board has requested public comment on the proposals listed below. Comments can be submitted through this web site using the "Submit comment" links. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm 

December 16, 2004 - Agencies Propose Data Collection Changes for Shared National Credits - The federal banking and thrift regulatory agencies today requested public comment on proposed changes to the data collection process that supports the Shared National Credit review of large syndicated loans.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2004/20041216/default.htm 
Press Release: www.fdic.gov/news/news/press/2004/pr12704.html 
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=27U5EBNN.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-110a.pdf 
Press Release: www.ots.treas.gov/docs/7/77451.html 

December 15, 2004 - NCUA - Statement of NCUA Chairman JoAnn Johnson -National Credit Union Administration Chairman JoAnn Johnson issued the following statement today regarding the Utah field of membership case and the agency's rules and regulations. www.ncua.gov/news/press_releases/2004/ST04-1215.htm 

December 15, 2004 - National Credit Union Administration Issues Prohibition Orders - The National Credit Union Administration has issued Orders of Prohibition that prohibit each of the following individuals from participating in any manner in the affairs of federally insured financial institutions.

December 15, 2004 - OTS Lists 31 CRA Exams Scheduled For First Quarter 2005 - The Office of Thrift Supervision announced today that 31 savings associations are scheduled for Community Reinvestment Act examinations during the first quarter of 2005. www.ots.treas.gov/docs/7/77450.html 

December 15, 2004 - OCC Announces Six Enforcement Actions and One Termination - The Office of the Comptroller of the Currency today announced six new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks and one termination of an existing enforcement action. www.occ.treas.gov/ftp/release/2004-109.htm 

December 15, 2004 - Holidays Observed by the Federal Reserve, 2005-09 - For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday; however, the Board of Governors will be closed. For holidays falling on Sunday, all Federal Reserve offices will be closed the following Monday. www.federalreserve.gov/releases/k8/default.htm 

December 14, 2004 - Identity Theft Study on "Account-Hijacking" Identity Theft and Suggestions for Reducing Online Fraud - The FDIC has issued a study on "account-hijacking" identity theft, which outlines the problem and suggests steps to reduce online fraud for both bank and regulatory agency consideration. The FDIC hopes to use the study to formulate guidance to bankers next year. Comments on the study are due on February 11, 2005. www.fdic.gov/news/news/financial/2004/fil13204.html 

December 14, 2004 - FDIC Issues Study on Identity Theft and Seeks Comments on Possible Guidance to Bankers - The Federal Deposit Insurance Corporate today released a study on a type of identity theft known as account-hijacking, one of the fastest growing forms of identity theft in the country. The agency is soliciting comments on the study that it hopes to use to formulate guidance to bankers next year. www.fdic.gov/news/news/press/2004/pr12504.html 

December 14, 2004 - Legal Interpretation - (November 24, 2004) Clarification of fiduciary exemptions in section 211.23 of Regulation K and section 225.22 of Regulation Y. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2004/20041124/ 

December 14, 2004 - The Federal Reserve Board on Tuesday announced its approval of the applications under section 3 of the Bank Holding Company Act, the Bank Merger Act, and section 9 of the Federal Reserve Act for Fifth Third Bancorp and Fifth Third Financial Corporation, both in Cincinnati, Ohio, to acquire First National Bankshares of Florida, Inc., and its subsidiary bank, First National Bank of Florida, both in Naples, Florida. www.federalreserve.gov/boarddocs/press/orders/2004/20041214/default.htm 

December 14, 2004 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 2-1/4 percent.   www.federalreserve.gov/boarddocs/press/monetary/2004/20041214/default.htm 

December 14, 2004 - Reports of Condition and Income for Fourth Quarter 2004 - The enclosed materials pertain to the Reports of Condition and Income for the December 31, 2004, report date. www.fdic.gov/news/news/financial/2004/fil12904.html 

December 14, 2004 - Statistical Release G.17 Industrial Production - Industrial production rose 0.3 percent in November after having climbed 0.6 percent in October; the production estimates for both September and October were revised down. At 117.6 percent of its 1997 average, the November index was 4.2 percent above its year-ago level. Manufacturing output increased 0.3 percent in November, and production in both durables and nondurables advanced moderately. The index for mining output rose 2.1 percent, and the index for utilities fell 1.4 percent. www.federalreserve.gov/Releases/G17/Current/default.htm 

December 13, 2004 - Dreyer's Chairman and CEO Gary Rogers Joins San Francisco Federal Reserve Board - The Federal Reserve's Board of Governors in Washington D.C. has appointed T. Gary Rogers, chairman and CEO of Dreyer's Grand Ice Cream Holdings, Inc., to the Federal Reserve Bank of San Francisco's board of directors. www.frbsf.org/news/releases/2004/1213.html 

December 13, 2004 - NCUA - CU Financial Trends for the Third Quarter of 2004 - Enclosed is a report highlighting credit union financial trends for the first three quarters of 2004. We based our analysis on data compiled from the third quarter 2004 call reports submitted by all federally insured credit unions. We are providing this information to keep you informed of current conditions and trends in the credit union industry. www.ncua.gov/letters/2004/04-CU-15.pdf

December 13, 2004 - FDIC Money Smart Financial Education Curriculum New Self-Paced Computer-Based-Instruction - The FDIC has released a new self-paced interactive computer-based-instruction version of Money Smart in English and Spanish, which is available on CD-ROM and accessible through the FDIC's Web site. www.fdic.gov/news/news/financial/2004/fil13104.html 

December 13, 2004 - Fair and Accurate Credit Transactions Act - The Fair and Accurate Credit Transactions Act of 2003 contains some provisions that will be implemented through regulations and other provisions that are self-executing. This letter explains the FDIC's compliance expectations for both. www.fdic.gov/news/news/financial/2004/fil13004.html 

December 13, 2004 - NCUA - Matz Celebrates Founders Federal Credit Union's Bilingual Branch as a Model for All Credit Unions - $1 billion credit union demonstrates true credit union spirit www.ncua.gov/news/press_releases/2004/NR04-1213.htm 

December 13, 2004 - FDIC Makes Public October Enforcement Actions; No Administrative Hearings 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 for December. www.fdic.gov/news/news/press/2004/pr12404.html 

December 10, 2004 - The Federal Reserve Board on Friday announced changes to the tables used to publicly release data collected by lenders under the Home Mortgage Disclosure Act, which is implemented by the Board's Regulation C. www.federalreserve.gov/boarddocs/press/bcreg/2004/20041210/default.htm 
December 9, 2004 - NCUA - Agenda for the December 16, 2004 NCUA Board Meeting is Available www.ncua.gov/NCUABoard/Calendars/board_calendar/ag04-1216.htm 

December 9, 2004 - Federal Reserve Bulletin - All articles, legal developments, and announcements from the Autumn 2004 issue www.federalreserve.gov/pubs/bulletin/default.htm 

December 9, 2004 December 9, 2004 - Statistical Release - Household Debt-Service Burden - 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 

December 9, 2004 - OCC Consumer Protection News: Combating Abusive Lending; Protecting Personal Financial Information; Resolving Complaints; Credit Card Practices; www.occ.treas.gov/consumernews.htm 

December 8, 2004 - Federal Reserve Bank Announces New Directors For Kansas City Board - The Federal Reserve Bank of Kansas City announces the results of the recent elections for two positions on the Bank's board of directors. www.kc.frb.org/pubaffrs/pressrel/pr04-13.htm 

December 8, 2004 - NCUA Announces Management Changes - Yolles, LaCreta and James reassignments announced - The National Credit Union Administration is announcing several management realignments taking place December 12 within headquarters and Region II. www.ncua.gov/news/press_releases/2004/NR04-1208-2.htm 

December 8, 2004 - Matz Announces Agenda for Free PALS Workshop February 8 in Orlando - Speakers to focus on reaching new members outside the workplace, targeting all demographics, expanding into new markets, and building partnerships www.ncua.gov/news/press_releases/2004/NR04-1208.htm 

December 8, 2004 - FRB report to the Congress on Further Restrictions on Unsolicited Written Offers www.federalreserve.gov/BoardDocs/rptcongress/UnsolicitedCreditOffers2004.pdf 

December 7, 2004 - Statistical Release - G.19 Consumer Credit - In October, consumer credit rose at an annual rate of 4-1/2 percent. Revolving credit edged up at an annual rate of 1-3/4 percent, while nonrevolving credit moved up at a 6 percent pace. www.federalreserve.gov/releases/g19/current/default.htm 

December 7, 2004 - The Federal Reserve Board on Tuesday announced its approval of the application and notice under sections 3 and 4 of the Bank Holding Company Act for Park National Corporation, Newark, Ohio, to effect the following transactions: (1) merge with First Federal Bancorp, Inc. and thereby acquire its wholly owned federal savings bank, First Federal Savings Bank of Eastern Ohio, both in Zanesville, Ohio; and (2) control Century National Bank, Zanesville, Ohio, after FFSB converts to a national bank and merges with Century National Bank. www.federalreserve.gov/boarddocs/press/orders/2004/20041207/default.htm 

December 7, 2004 - Matz to Attend Opening of First Bilingual Branch at Largest South Carolina Credit Union - The future of the credit union community depends upon serving America's fastest-growing ethnic groups," emphasizes Matz. "Latinos are under-represented in credit union memberships; reaching them requires different approaches. www.ncua.gov/news/press_releases/2004/MA04-1207.htm 

December 7, 2004 - OCC Offers Consumers Holiday Tips on Gift Cards - The Office of the Comptroller of the Currency issued a consumer advisory today providing important information that holiday shoppers should have about the terms and conditions that apply to gift cards.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=SNQRGBXJ.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-108a.pdf 

December 7, 2004 - FDIC Board Approves Level 2005 Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $1.1 billion Corporate Operating Budget for 2005. In addition, investment spending is expected to be approximately $74 million for multi-year investment projects previously approved by the Board. www.fdic.gov/news/news/press/2004/pr12304.html 

December 7, 2004 - Bank Holding Company Rating System - To more closely align the supervisory rating system for bank holding companies, including financial holding companies, with the Federal Reserve's current supervisory practices, on December 1, 2004, the Board of Governors approved for System-wide implementation the attached revised BHC rating system. www.federalreserve.gov/boarddocs/SRLETTERS/2004/sr0418.htm 

December 7, 2004 - Interagency Statement on the Purchase and Risk Management of Life Insurance - The staffs of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Office of Thrift Supervision have issued the attached Interagency Statement on the Purchase and Risk Management of Life Insurance.
Press Release: www.federalreserve.gov/BoardDocs/SRLetters/2004/sr0419.HTM 
Press Release: www.fdic.gov/news/news/financial/2004/fil12704.html 
Press Release: www.occ.treas.gov/ftp/bulletin/2004-56.txt 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-56a.pdf 

December 7, 2004 - Governor Susan Schmidt Bies - It's Not Just about the Models: Recognizing the Importance of Qualitative Factors in an Effective Risk-Management Process At the International Center for Business Information's Risk Management 2004 Conference Geneva, Switzerland www.federalreserve.gov/boarddocs/speeches/2004/20041207/default.htm 

December 6, 2004 - U.S. Economic Growth Will Moderate in 2005, Says Consensus Forecast - The nation's economic growth in 2005 will be more moderate than in 2004, inflation will ease, and the unemployment rate will edge down, according to the median forecast of participants at the Federal Reserve Bank of Chicago's Economic Outlook Symposium. www.chicagofed.org/news_and_conferences/news/files/economic_outlook_news_release_2004.pdf 

December 6, 2004 - George Scalise Named Chairman and David Tang Named Deputy Chairman of the Federal Reserve Bank of San Francisco - The Federal Reserve Board of Governors in Washington D.C. has re-designated George Scalise, president of the Semiconductor Industry Association in San Jose, as chairman of the board and has appointed David Tang, partner with law firm Preston Gates & Ellis LLP, as a Class C director and as deputy chairman of the Federal Reserve Bank of San Francisco beginning January 2005.

December 6, 2004 - FDIC Issues December List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly 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 September 2004. www.fdic.gov/news/news/press/2004/pr12204.html 

December 6, 2004 - Bank Holding Company Rating System - To more closely align the supervisory rating system for bank holding companies, including financial holding companies, with the Federal Reserve's current supervisory practices, on December 1, 2004, the Board of Governors approved for System-wide implementation the attached revised BHC rating system. www.federalreserve.gov/BoardDocs/SRLetters/2004/sr0418.HTM 

December 6, 2004 - FFIEC Guidance on the use of Free and Open Source Software - The federal banking, thrift, and credit union regulatory agencies have published guidance for examiners, financial institutions, and technology service providers on the acquisition and use of free and open source software. www.federalreserve.gov/BoardDocs/SRLetters/2004/sr0417.HTM 

December 6, 2004 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. http://www.federalreserve.gov/GeneralInfo/FHC/default.htm 

December 6, 2004 - The Federal Reserve Board on Monday announced its approval of the application filed by S&T Bancorp, Inc., Indiana, Pennsylvania, to acquire up to 24.9 percent of the voting shares of Allegheny Valley Bancorp, Inc. and thereby indirectly acquire an interest in its subsidiary, Allegheny Valley Bank of Pittsburgh, both in Pittsburgh, Pennsylvania. www.federalreserve.gov/boarddocs/press/orders/2004/20041206/default.htm 

December 6, 2004 - Federal Reserve Studies Confirm Electronic Payments Exceed Check Payments for the First Time - Surveys conducted by the Federal Reserve confirm that electronic payment transactions in the United States have exceeded check payments for the first time. www.federalreserve.gov/boarddocs/press/other/2004/20041206/default.htm 

December 3, 2004 - Acting Comptroller Williams Addresses BAI Roundtable - Acting Comptroller of the Currency Julie L. Williams addressed the Bank Administration Institute's "Roundtable for CFOs" in New York today.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=2GDVIIRU.xml 
Attachment: www.occ.treas.gov/ftp/release/2004-107a.pdf 

December 3, 2004 - NCUA - Matz: Closure Report Shows Disturbing Trend - and Substantiates Need for Small CU Initiative - A new NCUA report shows that small credit unions are disappearing at an even more alarming rate than they were last year. For the first 11 months of 2004, NCUA reported that 260 credit unions under $10 million in assets were closed due to merger or liquidation - up from 242 small credit union closures reported during the first 11 months of last year. www.ncua.gov/news/press_releases/2004/NR04-1203.htm 

December 3, 2004 - The Federal Reserve Board on Friday issued for public comment an advance notice of proposed rulemaking announcing a review of the open-end credit rules of the Board's Regulation Z, which implements the Truth in Lending Act. www.federalreserve.gov/boarddocs/press/bcreg/2004/20041203/default.htm 

December 3, 2004 - "The Wealth Effects of OCC Preemption Announcements After the Passage of the Georgia Fair Lending Act." - This paper offers empirical evidence on how preemption affects national banks' performance. The study finds that preemption benefits are larger for smaller, multistate national bank holding companies than they are for larger national bank companies or similarly sized companies operating in one state.

December 3, 2004 - Latest FDIC Consumer News Features Strategies for Fighting ID Theft - The Fall 2004 issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation to offer practical guidance on financial matters, is now available on the Web at www.fdic.gov/consumers/consumer/news/cnfall04. www.fdic.gov/news/news/press/2004/pr12104.html

December 2, 2004 - The September 30, 2004 Uniform Bank Performance Report is now available on line at WWW.FFIEC.GOV. The online version of the UBPR includes 5 years of continuous financial history that is restated quarterly to reflect call report amendments and new analytical tools. Please visit the UBPR section of the website for further information including suggestions for using the website and a schedule of planned updates and enhancements. http://www.ffiec.gov/press/pr120204.htm 
December 2, 2004 - The FDIC Reports on the Outlook for the U.S. Consumer Sector in 2005: Trends in Spending and Lending - Consumer spending in 2005 will be much more dependent on the growth of jobs and incomes than has been the case in recent years, according to the Winter 2004 issue of the FDIC Outlook released today. www.fdic.gov/news/news/press/2004/pr12004.html 

December 2, 2004 - Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements Refet Gurkaynak, Brian Sack, Eric Swanson - We investigate the effects of U.S. monetary policy on asset prices using a high-frequency event-study analysis. We test whether these effects are adequately captured by a single factor--changes in the federal funds rate target-and find that they are not. Instead, we find that two factors are required. www.federalreserve.gov/Pubs/FEDS/2004/200466/200466pap.pdf 

December 2, 2004 - The Federal Reserve Board on Thursday announced the issuance of a Cease and Desist Order against Thomas C. Darden, a former institution-affiliated party of Kenco Bancshares, Inc., Jayton, Texas. www.federalreserve.gov/boarddocs/press/Enforcement/2004/20041202/default.htm 

December 2, 2004 - Annual Report on Operating Subsidiaries: - This bulletin transmits the final rule that requires national banks to file with the OCC an annual report on operating subsidiaries.
Press Release: www.occ.treas.gov/ftp/bulletin/2004-55.txt 
Attachment: www.occ.treas.gov/fr/fedregister/69fr64478.pdf 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-55a.pdf 
Attachment: www.occ.treas.gov/ftp/bulletin/2004-55b.pdf 

December 2, 2004 - OCC Issues First Quarter 2005 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 2005.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=0BSM75ZL.xml 
Attachment: www.occ.treas.gov/cra/craq105.pdf 

December 2, 2004 - FRB Governor Ben S. Bernanke - The Logic of Monetary Policy Before the National Economists Club, Washington, D.C www.federalreserve.gov/boarddocs/speeches/2004/20041202/default.htm 

December 1, 2004 - Northwestern University Team Wins National 'Fed Challenge' Competition - A team of Northwestern University students yesterday won a national competition and a share of $47,000 in scholarships and awards, testing their knowledge of how the Federal Reserve creates policy to foster a strong and stable economy. www.chicagofed.org/news_and_conferences/news/2004_12_01_northwestern_wins_fed_challenge.cfm 

December 1, 2004 - Notice of Comptroller of the Currency Fees for Year 2005 - Year 2005 Fee Structure.
Press Release:  www.occ.treas.gov/ftp/bulletin/2004-54.txt 

December 1, 2004 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Prepared at the Federal Reserve Bank of Dallas and based on information collected before November 22, 2004. This document summarizes comments received from businesses and other contacts outside the Federal Reserve and is not a commentary on the views of Federal Reserve officials. www.federalreserve.gov/FOMC/BeigeBook/2004/20041201/Default.htm 

December 1, 2004 - Statistical Release U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks - Statistical Supplement to the Federal Reserve Bulletin, November 2004 www.federalreserve.gov/Releases/bulletin/1104assets.htm 

December 1, 2004 - 11th International Conference on Computing in Economics and Finance Sponsored by the Society for Computational Economics Washington, D.C., June 23-25, 2005 www.federalreserve.gov/Events/conferences/comput2005/default.htm 

December 1, 2004 - The Federal Reserve on Wednesday issued a revised bank holding company rating system. The revised system more closely aligns the Federal Reserve's rating process with the focus of its current supervisory practices by placing an increased emphasis on risk management, providing a more flexible and comprehensive framework for evaluating financial condition, and requiring an explicit determination of the likelihood that the nondepository entities of a BHC will have a significant negative impact on the depository subsidiaries

December 1, 2004 -FDIC Names Scott Strockoz New York Deputy Regional Director - The Federal Deposit Insurance Corporation announced today the appointment of Scott D. Strockoz to the position of Deputy Regional Director for the New York Region. Mr. Strockoz will oversee the New York Region's examination activities relating to financial institutions' compliance with consumer protection, fair lending, and community reinvestment laws and regulations. www.fdic.gov/news/news/press/2004/pr11904.html 

December 1, 2004 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In November 2004 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 

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