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July 31, 2006 - Hearings under the Home Ownership and Equity
Protection Act - Transcript from Philadelphia hearing, June 9, 2006.
July 31, 2006 - OCC Names Richard C. Stearns Director for Enforcement and
Compliance - The Office of the Comptroller of the Currency today announced
the selection of Richard C. Stearns to be its Director for Enforcement and
July 28, 2006 - FFIEC Information Security Booklet - The Federal Financial
Institutions Examination Council updated its Information Security Booklet
for examiners and financial institutions to reflect changes in technology
and mitigation strategies, as well as recent revisions to related
July 28, 2006 - FDIC Places Six-Month Moratorium on Industrial Loan Company
Applications and Notices - The Board of Directors of the Federal Deposit
Insurance Corporation approved by notational vote a six-month moratorium on
applications for deposit insurance by Industrial Loan Companies, as well as
on notices of change in bank control for existing ILCs.
July 28, 2006 - Release of the Revised Federal Financial Institutions
Examination Council Bank Secrecy Act/Anti-Money Laundering Examination
July 27, 2006 - Midwest Manufacturing Output Rises in June - The
Chicago Fed Midwest Manufacturing Index rose 0.7% in June, to a
seasonally adjusted level of 107.0.
July 27, 2006 - The NCUA July Newsletter is available.
July 27, 2006 - Identity Theft Red Flags and Address Discrepancies -
The federal financial regulatory agencies and the Federal Trade
Commission are soliciting comments on a proposed rule for identity
theft red flags and address discrepancies.
July 27, 2006 - OCC Announces New Electronic Interpretations and
Actions - July 2006.
July 27, 2006 - The Federal Financial Institutions Examination
Council today issued revised guidance for examiners and financial
institutions to use in identifying information security risks and
evaluating the adequacy of controls and applicable risk management
practices of financial institutions.
July 27, 2006 - NCUA - The Office of Small Credit Union Initiatives
has has a variety of credit union events. - The following is a list
of up coming Credit Union Conferences hosted by the Office of Small
Credit Union Initiatives. The training is FREE and you can attend
any location that is convenient for you.
July 26, 2006 - NCUA Active in "Taking Ownership of the Future"
Initiative - The National Credit Union Administration participated
in a "Conversation about Taking Ownership of the Future" as part of
its role on President Bush's Financial Literacy Education
July 26, 2006 - NCUA - Vice Chairman Hood Represents NCUA at
Swearing In of SBA Administrator Steven C. Preston - National Credit
Union Administration Vice Chairman Rodney Hood was on hand today at
the U.S. Small Business Administration as Vice President Dick Cheney
administered the oath of office to new SBA Administrator Steven C.
July 26, 2006 - Beige Book - Informal review by the Federal Reserve
Banks of current economic conditions in their Districts.
July 26, 2006 - CFNAI Indicates Economic Growth Above Trend in June
- The Chicago Fed National Activity Index was +0.34 in June, up from
-0.14 in May.
July 26, 2006 - July Beige Book Sound Clips To Be Available - Audio
highlights of the Federal Reserve's Beige Book, which summarizes
U.S. regional economic conditions, will be available for downloading
by radio stations beginning with the July 26 edition of the Beige
July 26, 2006 - Bank Secrecy Act - Multibanka, Riga, Latvia -
Withdrawal of Designation of Primary Money Laundering Concern - The
Department of the Treasury has withdrawn the finding and proposed
notice for rulemaking for Multibanka, Riga, Latvia, as a financial
institution of primary money laundering concern.
July 26, 2006 - Bank Secrecy Act - VEF Banka, Riga, Latvia -
Designation of Primary Money Laundering Concern - The Department of
the Treasury has designated VEF Banka, Riga, Latvia, as a financial
institution of primary money laundering concern and has issued the
attached final rule restricting domestic financial institutions'
banking relationships with this entity.
July 25, 2006 - Four Federal Financial Institutions Examination
Council agencies--the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, and the Office of Thrift
Supervision--today announced the availability of data on small
business, small farm, and community development lending reported by
certain commercial banks and savings institutions, pursuant to the
Community Reinvestment Act.
July 25, 2006 - Deposit Insurance Assessments Proposed Rules on
Risk-Based Assessments, the Designated Reserve Ratio, and Assessment
Penalties - The FDIC Board of Directors is seeking comment on the
three attached proposed rules. The first proposed rule would create
a new system for risk-based assessments. The second proposed rule
would set the designated reserve ratio at 1.25 percent. The third
proposed rule would govern the penalties for failure to pay
July 25, 2006 - FRB Statistical Release - G.20 Finance Companies.
July 25, 2006 - The Federal Reserve Board on Tuesday released the
minutes of its discount rate meetings from May 22 through June 29,
July 24, 2006 - NCUA - Letter to Federal Credit Unions 06-FCU-03 -
Permissible Interest Rate Ceiling.
July 24, 2006 - NCUA - Vice Chairman Hood Highlights Board
Development and Succession Planning During Conference in Asheville,
July 24, 2006 - FDIC Report Assesses Prospects for Bank Credit
Quality - Performance remains strong in the three largest loan
categories at FDIC-insured institutions, but surging loan volumes
and relaxed underwriting point to the possibility of rising losses
in the future, according to the Summer 2006 edition of FDIC Outlook
July 21, 2006 - The U.S. Treasury Yield Curve: 1961 to the Present
Refet S. Gurkaynak, Brian Sack, and Jonathan H. Wright - The
discount function, which determines the value of all future nominal
payments, is the most basic building block of finance and is usually
inferred from the Treasury yield curve. It is therefore surprising
that researchers and practitioners do not have available to them a
long history of high-frequency yield curve estimates.
July 21, 2006 - Are Longer Bankruptcies Really More Costly? - Daniel
M. Covitz, Song Han, and Beth Anne Wilson - We test the widely held
assumption that longer restructurings are more costly. In contrast
to earlier studies, we use instrumental variables to control for the
endogeneity of restructuring time and creditor return. Instrumenting
proves critical to our finding that creditor recovery rates increase
with duration for roughly 1½ years following default, but decrease
July 21, 2006 - Solving Linear Rational Expectations Models: A Horse
Race - Gary S. Anderson - This paper compares the functionality,
accuracy, computational efficiency, and practicalities of
alternative approaches to solving linear rational expectations
models, including the procedures of (Sims, 1996), (Anderson and
Moore, 1983), (Binder and Pesaran, 1994), (King and Watson, 1998),
(Klein, 1999), and (Uhlig, 1999).
July 21, 2006 - NCUA - Chairman Johnson Statement on Utah Dismissal
July 21, 2006 - Hearings under the Home Ownership and Equity
Protection Act Transcript from Chicago hearing, June 7, 2006.
July 21, 2006 - NCUA Workshops announced for Seattle, WA, Jackson,
MS and Troy, NY.
July 20, 2006 - Chicago Fed Letter Discusses the New Geography of
Auto Production - This new Chicago Fed Letter examines prospects for
the auto industry's continued Midwest concentration as relations
between carmakers and parts suppliers evolve.
July 20, 2006 - NCUA - Proposed Regulation - Permissible Investments
for Federal Credit Unions.
July 20, 2006 - NCUA - Final Regulation - Loan Interest Rates.
July 20, 2006 - FOMC Freedom of Information Act Report - Report and
Plan of the Federal Open Market Committee to Improve FOIA
July 20, 2006 - OCC Releases CRA Evaluations For 21 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 June 15, 2005 through July 14, 2006.
July 20, 2006 - The Federal Open Market Committee on Thursday announced its
tentative meeting schedule for 2007.
July 20, 2006 - NCUA - The Results of the 7/20/2006 NCUA Board Meeting is
July 20, 2006 - The Federal Reserve Board and the Federal Open Market
Committee on Thursday released the attached minutes of the Committee meeting
held on June 28-29, 2006.
July 20, 2006 - Basel II White Papers - A Tale of Tails: An Empirical
Analysis of Loss Distribution Models for Estimating Operational Risk
July 19, 2006 - Louise L. Roseman, Director, Division of Reserve Bank
Operations and Payment Systems Coin and currency issues before the
Subcommittee on Domestic and International Monetary Policy, Trade, and
Technology, Committee on Financial Services, U.S. House of Representatives.
July 19, 2006 - Bank Secrecy Act/Anti-Money Laundering: FinCEN Guidance to
Financial Institutions on the Repatriation of Currency Smuggled into Mexico
from the United States - Advisory warns that Mexican financial institutions,
including casas de cambio, may misuse their relationships with U.S.
financial institutions to launder money.
July 19, 2006 - FRB Reports to Congress - Semiannual Monetary Policy Report
to the Congress.
July 19, 2006 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report
to the Congress Before the Committee on Banking, Housing, and Urban Affairs,
July 18, 2006 - The Federal Reserve Bank of Kansas City announces it has
reached an agreement on the sale and partial lease-back of its Oklahoma City
Branch building at 226 Dean A. McGee Ave. to GenOne Real Estate Group, an
Oklahoma-based real estate advisor, along with Randy Allen and the MIDCON
July 18, 2006 - NCUA - Letter to Credit Unions 06-CU-12 - Disaster
Preparedness & Response Examination Procedures.
July 18, 2006 - Deposit Insurance Seminars for Bankers Nationwide Telephone
Seminars for Bank Employees on Deposit Insurance Coverage Rule Changes - The
FDIC has scheduled four one-hour telephone seminars for bankers in July and
August 2006 to review the recent changes in federal deposit insurance
coverage resulting from implementation of the Federal Deposit Insurance
Reform Act of 2005.
July 18, 2006 - NCUA - Kathy Sachen-Gute Named Director of Human Resources -
National Credit Union Administration Attorney Kathy M. Sachen-Gute has been
selected by Executive Director J. Leonard Skiles as director of the Office
of Human Resources effective August 6, 2006.
July 18, 2006 - 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
and terminations of existing enforcement actions.
July 18, 2006 - Agencies Propose Rules on Identity Theft Red Flags and
Notices of Address Discrepancy - The federal financial institution
regulatory agencies and the Federal Trade Commission are soliciting comments
on a Notice of Proposed Rulemaking concerning identity theft "red flags" and
July 18, 2006 - Governor Kevin M. Warsh - Corporate Cash Balances and
Economic Activity At the American Enterprise Institute, Washington, D.C.
July 17, 2006 - Imposition of Special Measures against VEF Banka - The Board
of Governors of the Federal Reserve System is issuing this SR letter to
advise banking organizations under its supervision of new obligations
relating to joint stock company VEF Banka imposed by the U.S. Department of
the Treasury's Financial Crimes Enforcement Network.
July 17, 2006 - Official FDIC Sign and Advertising of FDIC Membership Notice
of Proposed Rulemaking - The FDIC Board of Directors has approved the
attached notice of proposed rulemaking to replace the two separate official
FDIC signs - one for insured banks, and the other for insured savings
associations - with one new official sign that all FDIC-insured depository
institutions would be required to display where deposits are received.
July 17, 2006 - Statistical Release - G.17 Industrial Production -
Industrial production rose 0.8 percent in June and was 4.5 percent higher
than its year-ago level. Manufacturing output moved up 0.7 percent in June,
and the May level was revised up. Output at mines and utilities also
registered gains in June. In the second quarter, total output advanced at an
annual rate of 6.6 percent, and manufacturing output rose at a 5.4 percent
July 14, 2006 - The Federal Reserve Board and the New York State Banking
Department on Friday announced the execution of a Written Agreement by and
among Banco Industrial de Venezuela, C.A., Caracas, Venezuela, its agencies
in New York, New York and Miami, Florida; the Federal Reserve Bank of New
York; the Federal Reserve Bank of Atlanta; the New York State Banking
Department; and the State of Florida Office of Financial Regulation.
July 13, 2006 - Revisions to the Uniform Standards of Professional
Appraisal Practice - The Federal Reserve Board, OCC, FDIC, OTS, and
NCUA have issued a statement announcing significant revisions to the
Uniform Standards of Professional Appraisal Practice (USPAP), which
became effective July 1, 2006. The 2006 standards include a new
Scope of Work Rule and delete the Departure Rule and associated
terminology. A Q&A document highlighting changes is also provided.
July 13, 2006 - Federal Reserve Bulletin: Legal Developments - First
July 13, 2006 - Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
July 12, 2006 - Auto Symposium Participants Expect Moderate Economic
Growth through 2007 - This special issue of the Chicago Fed Letter
reports forecasts for the auto sector and the economy, including
falling inflation and a lower unemployment rate.
July 12, 2006 - NCUA General Counsel Opinion 06-0545 -
Permissibility of an FCU Developing Residential Property to Lease to
Employees for Housing.
July 12, 2006 - NCUA -Vice Chairman Hood and Board Member Hyland
Serve on Panel Together at NAFCU's 39th Annual Conference and
July 12, 2006 - NCUA - Chairman Johnson Briefs Senator Akaka -
National Credit Union Administration Chairman JoAnn Johnson briefed
Hawaii Senator Daniel K. Akaka yesterday on recent NCUA regulatory
developments and notified him of several Community Development
Revolving Loan Fund grants in Hawaii.
July 12, 2006 - Reports to the Congress - Government Performance and
Results Act Biennial Performance Plan, 2006-07.
July 12, 2006 - OTS Announces Industry-wide Conference Call on
Anti-Money Laundering Compliance: "BSA/AML - Getting it Right" - The
Office of Thrift Supervision announced today that it plans to host a
90-minute conference call on Bank Secrecy Act and Anti-Money
Laundering compliance issues on July 31, from 2:00 PM to 3:30 PM
July 12, 2006 - The Federal Reserve Board on Monday announced its
approval of the proposal by BB&T Corporation, Winston Salem, North
Carolina, to acquire First Citizens Bancorp, Cleveland, and its
subsidiaries: The Bank/First Citizens Bank, Cleveland; The Home Bank
of Tennessee, Maryville; and The Home Bank, Ducktown, all of
July 12, 2006 - Scott G. Alvarez, General Counsel - Industrial loan
companies - Before the Subcommittee on Financial Institutions and
Consumer Credit, Committee on Financial Services, U.S. House of
July 11, 2006 - Media Advisory: "When Businesses Look for a
Location," an analysis of how companies choose neighborhoods in
which to expand or relocate - St. Louis Fed economist Chris Wheeler
will present the findings of his new study on business growth in
neighborhoods, one of the few that looks at the data from the
neighborhood level and attempts to identify the community
characteristics that attract business.
July 11, 2006 - FDIC Proposes New Risk-Based Insurance Assessment
System - The FDIC's Board of Directors today approved for public
comment two proposed rules governing deposit insurance assessments
under the Federal Deposit Insurance Reform Act of 2005.
July 10, 2006 - Statistical Release - Household Debt Service and
Financial Obligations Ratios - The household debt service ratio is
an estimate of the ratio of debt payments to disposable personal
income. Debt payments consist of the estimated required payments on
outstanding mortgage and consumer debt.
July 10, 2006 - Statistical Release - G.19 Consumer Credit -
Consumer credit increased at an annual rate of 2-1/2 percent in May.
Revolving credit increased at an annual rate of 10 percent, whereas
nonrevolving credit decreased at an annual rate of 2 percent.
July 10, 2006 - Proposals for Comment - Proposal to approve
authority to conduct the 2007 Survey of Consumer Finance.
July 7, 2006 - St. Louis Fed's Review: Federal Credit and Insurance
Programs - What role does the federal government play in the private
credit and insurance markets today? And, perhaps more importantly,
what role should it play? A distinguished group of scholars and
policymakers came together to explore answers to those questions at
the Federal Reserve Bank of St. Louis' 30th annual economic policy
July 6, 2006 - FDIC State Profiles Highlight Generally Positive
Economic Picture Amid Signs of Housing Slowdown - Job market
conditions remained generally positive in most of the U.S. through
the first quarter of 2006, with some pockets of weakness along the
Louisiana Gulf Coast and the auto-dependent upper Midwest.
FDIC-insured institutions also continue to record strong earnings,
supported by low credit losses and growth in both real estate and
July 6, 2006 - 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.
July 6, 2006 - The Federal Reserve Board on Thursday approved action
by the Board of Directors of the Federal Reserve Bank of Kansas
City, increasing the discount rate at the Bank from 6 percent to
6-1/4 percent, effective immediately.
July 6, 2006 - Vice Chairman Donald L. Kohn -Reflections on
Globalization and Policies - At the European Economics and Financial
Centre Seminar, House of Commons, London, England.
July 5, 2006 - Jon T. Rymer Sworn in as Inspector General of the
Federal Deposit Insurance Corporation - Jon T. Rymer was sworn in
today as Inspector General of the Federal Deposit Insurance
Corporation. Patricia M. Black, Deputy Inspector General, had served
as Acting Inspector General since Gaston L. Gianni, Jr., retired in
July 5, 2006 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Cease and Desist Order against Progress
Bancshares, Inc., Sullivan, Missouri, a registered bank holding
company, and its subsidiary bank, Progress Bank of Missouri,
July 5, 2006 - Deposit Insurance Coverage - Updated Resources
Reflecting Increased Coverage for Certain Retirement Accounts Now
Available - The FDIC has updated the following deposit insurance
resources and they are now available: the brochures Insuring Your
Deposits and Your Insured Deposits in Spanish; FDIC's Video-Overview
on Deposit Insurance Coverage; Electronic Deposit Insurance
Estimator-Banker Version; and the CD-ROM FDIC's Inventory of Deposit
July 5, 2006 - FDIC Makes Public May 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 May.
July 5, 2006 - FRB Statistical Supplement to the Federal Reserve
Bulletin June 2006.
July 4, 2006 - Governor Susan Schmidt Bies - Addressing Challenges
Raised by Basel II Implementation - At the Risk Capital 2006 Forum,
July 3, 2006 - Prohibition Against Interstate Deposit Production:
Annual Loan-to-Deposit Ratios - The federal banking agencies issued
their annually updated ratios to determine compliance with section
109 of Riegle-Neal.
July 3, 2006 - Community Reinvestment Act: List of Distressed or
Underserved Nonmetropolitan Middle-Income Geographies - Now
available: 2006 list of distressed or underserved nonmetropolitan
middle-income georgraphies in which bank revitalization or
stabilization activities will receive CRA consideration as
July 3, 2006 - Statistical Release - G.5 Foreign Exchange Rates -
The Table Below Shows The Average Rates Of Exchange In June 2006
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
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