Bank
Regulatory News
July 2007
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July 31, 2007 - Charles L. Evans Named President of Federal Reserve
Bank of Chicago - The Federal Reserve Bank of Chicago today announced that
Charles L. Evans will become the bank's ninth president and CEO effective
September 1, 2007.
www.chicagofed.org/news_room/news/2007_07_30_chicago_president_announcement.cfm
July 31, 2007 - Fraudulent Correspondence Regarding the Release of Funds
Supposedly under the Control of the International Monetary Unit of European
Commission in Belgium.
www.occ.treas.gov/ftp/alert/2007-47.html
July 31, 2007 - Statistical Release - G.20 Finance Companies.
www.federalreserve.gov/Releases/G20/Current/default.htm
July 31, 2007 - The Federal Reserve Board on Tuesday announced the
appointment of Maureen Hannan as director of the Division of Information
Technology, effective August 5.
www.federalreserve.gov/boarddocs/press/other/2007/20070731/default.htm
July 31, 2007 - The Federal Reserve Board on Tuesday announced the
termination of the enforcement action listed Texas State Bank, McAllen, Tex.
Written Agreement dated April 25, 2006 Terminated July 2, 2007.
www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070731/default.htm
July 30, 2007 - The Federal Reserve Bank of Chicago today announced that
Charles L. Evans will become the bank's ninth president and CEO effective
September 1, 2007.
www.federalreserve.gov/boarddocs/press/other/2007/20070730/default.htm
July 27, 2007 - NCUA - Final Regulation 12 CFR Parts 748 and 749 -
Catastrophic Act Reporting; Records Preservation Program - NCUA is issuing a
final rule to amend its regulations regarding a federally-insured credit
union's obligation to maintain a records preservation program. The final
rule clarifies the meaning of catastrophic act and the requirements for
preserving vital records.
www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-748-749.doc
July 27, 2007 - NCUA - Results of the 7/26/2007 NCUA Board Meeting are
available.
www.ncua.gov/NCUABoard/board_reports/BAB07-0726.pdf
July 27, 2007 - Compliance with the Market Risk Capital Rule - The market
risk capital rule (12 CFR 3 Appendix B)1 requires a national bank with
significant trading activity to measure the market risk of the debt and
equity positions in its trading account. The bank must measure and hold
capital for its market risk using its internal value-at-risk model.
www.occ.treas.gov/ftp/bulletin/2007-27.html
____________________
July 26 2007 - The Chicago Fed Midwest Manufacturing Index is a
monthly estimate by major industry of manufacturing output in the Seventh
Federal Reserve District states of Illinois, Indiana, Iowa, Michigan, and
Wisconsin. It is a composite index of 15 manufacturing industries that uses
hours worked data to measure monthly changes in regional activity.
www.chicagofed.org/economic_research_and_data/files/cfmmi_june2007.pdf
July 26 2007 - NCUA - Proposed Regulation Parts 703 & 704 - Permissible
Foreign Currency Investments for Federal Credit Unions and Corporate Credit
Unions.
www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-703-704.pdf
July 26 2007 - Gil Barker Named Deputy Comptroller of Southern District -
The Office of the Comptroller of the Currency announced today that Gil
Barker has been named Deputy Comptroller for the OCC's Southern District.
www.occ.treas.gov/ftp/release/2007-79.htm
July 26 2007 - Consumer Advisory Council - 2008 meeting dates - The Consumer
Advisory Council, established in 1976, advises the Board on the exercise of
its responsibilities under the Consumer Credit Protection Act and on other
matters in the area of consumer financial services. The council membership
represents interests of consumers, communities, and the finance services
industry.
www.federalreserve.gov/generalinfo/adviscoun/cac/default.htm
July 26 2007 - Legal Interpretations - Federal Reserve Act, letters dated
May 4 and June 12, 2007.
www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2007/20070504/20070504.pdf
www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2007/20070612/20070612.pdf
July 26 2007 - 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.
Press Release:
www.ffiec.gov/hmcrpr/cra072607.htm
Press Release:
www.ots.treas.gov/docs/7/777051.html
July 26 2007 - Statement on Subprime Mortgage Lending - On June 29, 2007,
the Federal Reserve and the other federal financial institutions regulatory
agencies issued the attached final Statement on Subprime Mortgage Lending to
address issues and questions related to certain adjustable-rate mortgage
products marketed to subprime borrowers. This statement applies to all banks
and their subsidiaries and bank holding companies and their nonbank
subsidiaries.
www.federalreserve.gov/boarddocs/srletters/2007/SR0712.htm
July 26 2007 - Home Ownership and Equity Protection Act - A public hearing
will be held to gather information about how the Board might use its
rulemaking authority to curb abusive lending practices in the home mortgage
market, including the subprime sector, in a way that preserves incentives
for responsible lenders to provide credit to borrowers.
www.federalreserve.gov/events/publichearings/hoepa/2007/20070614/default.htm
July 25, 2007 - 'Beige Book' Looks at Midwest Economic Activity - Report
outlines modest economic growth and expansion in June and July.
www.federalreserve.gov/fomc/beigebook/2007/20070725/7.htm
July 25, 2007 - NCUA - Testimony - Director of Examination and Insurance
David Marquis on oversight of consumer laws pertaining to mortgage lending
before the U.S. House of Representatives Financial Services Subcommittee on
Oversight and Investigations.
www.ncua.gov/news/speeches/2007/Staff/07-25-2007.pdf
July 25, 2007 - Statement on Subprime Mortgage Lending - The Office of the
Comptroller of the Currency, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of Thrift
Supervision, and the National Credit Union Administration have jointly
issued the Interagency Statement on Subprime Mortgage Lending.
www.occ.treas.gov/ftp/bulletin/2007-26.html
July 25, 2007 - OCC Director of Compliance Calvin R. Hagins - Testifies
Before House Financial Services Subcommittee - Director of Compliance Calvin
R. Hagins discussed the Office of the Comptroller of the Currency's
commitment to ensuring compliance with fair lending laws in testimony today
before the Subcommittee on Oversight and Investigations of the House
Committee on Financial Services.
www.occ.treas.gov/ftp/release/2007-78.htm
July 25, 2007 - Home Ownership and Equity Protection Act Public Hearing -
Transcript from June 14, 2007, hearing.
www.federalreserve.gov/events/PublicHearings/hoepa/2007/20070614/transcript.pdf
July 25, 2007 - The Fair Value Option and the Applicability of the Market
Risk Capital Rule - This SR Letter reminds banking organizations that
reporting an amount of gross trading assets and liabilities that equals 10
percent or more of total assets, or $1 billion or more, may subject a
banking organization to the market risk capital rule.
www.federalreserve.gov/boarddocs/srletters/2007/SR0711.htm
July 25, 2007 - Beige Book - Informal review by the Federal Reserve Banks of
current economic conditions in their Districts.
www.federalreserve.gov/fomc/beigebook/2007/20070725/default.htm
July 25, 2007 - Statement of Sandra F. Braunstein, Director, Division of
Consumer and Community Affairs - Fair Lending and the Home Mortgage
Disclosure Act - Before the Subcommittee on Oversight and Investigations,
Committee on Financial Services, U.S. House of Representatives.
www.federalreserve.gov/boarddocs/testimony/2007/20070725/default.htm
July 25, 2007 - The Federal Reserve Board on Wednesday announced the
issuance of a consent Order of Prohibition and Order of Assessment of Civil
Money Penalty in the amount of $50,000 against Josephine Wang, a former
director, controlling shareholder and institution-affiliated party of Asian
Bank, Philadelphia, Pennsylvania, and its parent, Asian Financial
Corporation.
www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070725/default.htm
July 24, 2007 - Bank Ecomonists Providing Research For China's Banking
Transformation As Chinese authorities take steps to open China's banks to
greater private and foreign ownership, two economists from the Federal
Reserve Bank of Kansas City are providing resources to that nation's
bankers.
www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-20.pdf
July 24, 2007 - NCUA - National Credit Union Administration Chairman JoAnn
Johnson and National Association of State Credit Union Supervisors Chairman
Linda Jekel today signed a NCUA/NASCUS Document of Cooperation, symbolizing
federal and state regulators continued commitment to cooperatively ensure
the safety and soundness of federally insured, state-chartered credit
unions.
www.ncua.gov/news/press_releases/2007/JR07-0724.pdf
July 24, 2007 - The Federal Reserve Board on Tuesday released the minutes of
its discount rate meetings for May 21 and June 25, 2007.
www.federalreserve.gov/boarddocs/press/monetary/2007/20070724/default.htm
July 24, 2007 - Employer-to-Employer Flows in the United States: Estimates
Using Linked Employer-Employee Data - Melissa Bjelland, Bruce Fallick, John
Haltiwanger, and Erika McEntarfer - We use administrative data linking
workers and firms to study employer-to-employer flows. After discussing how
to identify such flows in quarterly data, we investigate their basic
empirical patterns. We find that the pace of employer-to-employer flows is
high, representing about 4 percent of employment and 30 percent of
separations each quarter.
www.federalreserve.gov/Pubs/FEDS/2007/200730/index.html
July 24 2007 - Oil Shocks and External Adjustment - Martin Bodenstein,
Christopher J. Erceg, and Luca Guerrieri - This paper investigates how oil
price shocks affect the trade balance and terms of trade in a two country
DSGE model. We show that the response of the external sector depends
critically on the structure of financial market risk-sharing. Under
incomplete markets, higher oil prices reduce the relative wealth of an
oil-importing country, and induce its nonoil terms of trade to deteriorate,
and its nonoil trade balance to improve.
www.federalreserve.gov/Pubs/IFDP/2007/897/ifdp897.htm
July 23, 2007 - Legal Interpretations - Letter to John C. Gerspach,
Citigroup, Inc., granting an exemption from the Board's risk-based capital
adequacy guidelines for bank holding companies.
www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2007/20070615.pdf
July 23, 2007 - June Economic Growth Near Average - Chicago Fed National
Activity Index +0.11 in June, up from -0.32 in May. - Two of the broad
categories of indicators-production and income and sales, orders, and
inventories-made positive contributions to the index in June. However, the
employment category as well as the consumption and housing category made
negative contributions.
www.chicagofed.org/economic_research_and_data/files/cfnai_july2007.pdf
July 20, 2007 - FDIC Chairman Bair Welcomes the Basel II Agreement Among
U.S. Banking Regulators - FDIC Chairman Sheila C. Bair today commented on an
agreement in principle that has been reached between The Federal Reserve,
the Office of the Comptroller of the Currency, the Office of Thrift
Supervision and the Federal Deposit Insurance Corporation regarding the
implementation of Basel II in the United States. The agreement resolves
major outstanding issues and will now lead to finalization of a rule
implementing the advanced approaches for computing large banks' risk-based
capital requirements.
www.fdic.gov/news/news/press/2007/pr07064.html
July 20, 2007 - Banking Agencies Reach Agreement on Basel II Implementation
- The Federal Reserve, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision and the Federal Deposit Insurance Corporation
reached an agreement today regarding the implementation of Basel II in the
United States. The agreement resolves major outstanding issues and will now
lead to finalization of a rule implementing the advanced approaches for
computing large banks' risk-based capital requirements.
Press Release:
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070720/default.htm
Press Release:
www.fdic.gov/news/news/press/2007/pr07063.html
Press Release:
www.occ.treas.gov/ftp/release/2007-77.htm
Press Release:
www.ots.treas.gov/docs/7/777050.html
July 20, 2007 - 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. No administrative hearings are
scheduled for July.
www.fdic.gov/news/news/press/2007/pr07062.html
_________________
July 19, 2007 - NCUA - Letter to Credit Unions 07-CU-09 - Subprime
Mortgage Lending - The purpose of this letter is to provide all federally
insured credit unions with the finalized Interagency Statement on Subprime
Mortgage Lending.
www.ncua.gov/letters/2007/CU/07-CU-09.pdf
July 19, 2007 - Interagency BSA/AML Enforcement Policy Statement - The
Federal Reserve and the other federal financial regulatory agencies have
issued an interagency policy on the application of section 8(s) of the
Federal Deposit Insurance Act. This provision generally requires each
federal banking agency to issue an order to cease and desist when a
supervised institution is in violation of the requirement to establish and
maintain a Bank Secrecy Act/anti-money laundering compliance program.
Press Release:
www.federalreserve.gov/boarddocs/srletters/2007/SR0710.htm
Press Release:
www.federalreserve.gov/boarddocs/SRLETTERS/2007/SR0710.htm
July 19, 2007 - FDIC Chairman Applauds Federal Reserve Chairman Bernanke's
Announcement to Propose Rules Addressing Unfair and Deceptive Lending
Practices - FDIC Chairman Sheila C. Bair applauded Federal Reserve Chairman
Ben Bernanke's statement today that the Federal Reserve will exercise its
authority under the Home Ownership and Equity Protection Act to propose
additional rules this year addressing unfair and abusive lending practices.
Chairman Bernanke's announcement was made in testimony before the House
Financial Services Committee in a hearing on "Monetary Policy and the State
of the Economy."
www.fdic.gov/news/news/press/2007/pr07060.html
July 19, 2007 - Fedwire and National Settlement Services - Assessment of
Compliance of Fedwire Securities Service with Recommendations for Securities
Settlement Systems (July 2007).
www.federalreserve.gov/paymentsystems/fedwire/addinfo.htm
July 19, 2007 - Federal Financial Regulatory Agencies Issue Statement on
Enforcement of Bank Secrecy Act/Anti-Money Laundering Requirements - The
federal financial regulatory agencies on Thursday issued a statement setting
forth the agencies' policy for enforcing specific anti-money laundering
requirements of the Bank Secrecy Act.
Press Release:
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070719/default.htm
Press Release:
www.fdic.gov/news/news/press/2007/pr07061.html
Press Release:
www.occ.treas.gov/ftp/release/2007-76.htm
Press Release:
www.ots.treas.gov/docs/7/777049.html
Press Release:
www.ncua.gov/news/press_releases/2007/JR07-0719.pdf
July 19, 2007 - The Federal Reserve Board and the Federal Open Market
Committee on Thursday released the attached minutes of the Committee meeting
held on June 27-28, 2007.
www.federalreserve.gov/boarddocs/press/monetary/2007/20070719/default.htm
July 19, 2007 - The Federal Reserve Board on Thursday announced the issuance
of a consent Order of Prohibition and Order to Cease and Desist against Rick
W. Bouse, the former president and director of Progress Bank of Missouri,
Sullivan, Missouri, and a former institution-affiliated party of Progress
Bancshares, Inc.
www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070719/default.htm
July 18, 2007 - Competitive Forces Shaping the Payments Environment: What's
Next? - A conference summary Tiffany Gates Katy Jacob - Technological
innovations have enabled numerous payment methods to proliferate in the
market. As a result, payment providers have to address concerns about
pricing, infrastructure, and regulatory standards.
www.chicagofed.org/publications/fedletter/cflaugust2007_241b.pdf
July 18, 2007 - NCUA - Revised Federal Credit Union Act is Available - This
publication contains the provisions of the Federal Credit Union Act of June
26, 1934, as amended. In the left margin of this publication, opposite each
section, is printed the section number of such provision in Title 12 of the
United States Code and supplements thereto. The number in the right-hand
margin is the section of the Federal Credit Union Act, as amended, of which
the provision is a part, unless another statute is cited.
www.ncua.gov/RegulationsOpinionsLaws/fcu_act/fcu_act.pdf
July 18, 2007 - Community Reinvestment Act: Proposed 2007 Interagency
Questions and Answers - Proposes nine additional questions and answers to
help banks and the public understand the CRA. Comments requested by
September 10.
www.occ.treas.gov/ftp/bulletin/2007-25.html
July 18, 2007 - Market Risk Capital - Applicability of Market Risk Capital
Rules Banks are reminded that reporting a significant amount of trading
assets on the balance sheet, or increasing the percentage of assets reported
as trading assets, may subject a bank to the market risk capital
requirements (Part 325, Appendix C, of the FDIC's Rules and Regulations). In
general, these requirements are applicable to banks whose gross "trading
activity" equals $1 billion or more, or 10 percent or more of total assets.
Banks that adopt Financial Accounting Standards Board Statement No. 159, The
Fair Value Option for Financial Assets and Liabilities (FAS 159), and apply
this option to securities should determine whether the resulting designation
of these securities as trading would result in the application of the market
risk capital requirements.
www.fdic.gov/news/news/financial/2007/fil07064.html
July 18, 2007 - Reports to the Congress - Semiannual Monetary Policy Report
to the Congress.
www.federalreserve.gov/boarddocs/hh/2007/july/fullreport.htm
July 18, 2007 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report
to the Congress - Before the Committee on Financial Services, U.S. House of
Representatives.
www.federalreserve.gov/boarddocs/hh/2007/july/testimony.htm
July 17, 2007 - OCC Releases CRA Evaluations For 28 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, 2007 through July 14, 2007.
www.occ.treas.gov/ftp/release/2007-75.htm
July 17, 2007 - Federal and State Agencies Announce Pilot Project to Improve
Supervision of Subprime Mortgage Lenders - Three federal agencies and two
associations of state regulators will cooperate in an innovative pilot
project to conduct targeted consumer-protection compliance reviews of
selected non-depository lenders with significant subprime mortgage
operations.
Press Release:
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070717/default.htm
Press Release:
www.ots.treas.gov/docs/7/777048.html
July 17, 2007 - Comparing the prime and subprime mortgage markets by Sumit
Agarwal, financial economist, and Calvin T. Ho, associate economist Against
the backdrop of news reports on high mortgage delinquency rates, this
article examines recent trends in mortgage lending and compares the prime
and subprime markets in particular.
www.chicagofed.org/publications/fedletter/cflaugust2007_241.pdf
July 17, 2007 - Economy in slower traffic through 2008 - by William A.
Strauss, senior economist and economic advisor, and Emily A. Engel,
associate economist According to participants in the Chicago Fed's annual
Automotive Outlook Symposium, the nation's economic growth in 2007 is
forecasted to be slower than in 2006, with inflation rising and the
unemployment rate ticking up. Light vehicle sales are predicted to remain
steady this year and improve slightly in 2008.
www.chicagofed.org/publications/fedletter/cflaugust2007_241a.pdf
July 17, 2007 - Management Interlocks: Final Rule - Final rule raises from
$20 million to $50 million the asset ceiling on the smaller institution when
a management official is allowed to serve two unaffiliated institutions.
www.occ.treas.gov/ftp/bulletin/2007-24.html
July 17, 2007 - Statistical Release - G.17 Industrial Production -
Industrial production rose 0.5 percent in June after a decrease of 0.1
percent in May. At 113.4 percent of its 2002 average in June, total
industrial production was 1.4 percent above its year-earlier level.
Manufacturing output moved up 0.6 percent in June; excluding motor vehicles
and parts, factory output increased 0.4 percent after having been unchanged
in May.
www.federalreserve.gov/releases/g17/current/default.htm
July 16, 2007 - Comptroller of the Currency Launches Web Site to Help
National Bank Customers - The Office of the Comptroller of the Currency
today announced the launch of HelpWithMyBank.gov, a new Web site dedicated
to providing answers and assistance to national bank customers.
www.occ.treas.gov/ftp/release/2007-73.htm
July 16, 2007 - OCC Enforcement Actions - The Office of the Comptroller of
the Currency today released new enforcement actions taken against national
banks and individuals currently and formerly affiliated with national banks.
www.occ.treas.gov/ftp/release/2007-74.htm
July 16, 2007 - Federal Reserve Bank Of Kansas City Announces Officer
Promotions - The following promotions were recently announced by Thomas M.
Hoenig, president of the Federal Reserve Bank of Kansas City
www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-19.pdf
July 16, 2007 - The Federal Reserve Board on Monday announced its approval
of the applications of East West Bank, Pasadena, to merge with Desert
Community Bank, Victorville, both of California, and to establish and
operate branches at Desert Community Bank's main office and branch
locations.
www.federalreserve.gov/boarddocs/press/orders/2007/20070716/default.htm
July 16, 2007 - OCC Working Paper - "Community Bank Strategic Lending
Choices and Performance," by Gary Whalen examines whether the lending
strategy chosen by any community bank is a key determinant of its survival.
www.occ.treas.gov/ftp/workpaper/wp2007-3.pdf
July 16, 2007 - Douglas W. Shorenstein Joins Federal Reserve Bank of San
Francisco Board of Directors - The Federal Reserve's Board of Governors in
Washington D.C. has appointed Douglas W. Shorenstein, chairman and CEO of
Shorenstein Properties LLC, to the Federal Reserve Bank of San Francisco's
board of directors effective June 14, 2007.
www.frbsf.org/news/releases/2007/0716.html
July 16, 2007 - FDIC, Neighborworks® America Form National Partnership To
Help Consumers at Risk of Foreclosure - The FDIC - working through its new
Alliance for Economic Inclusion initiative - and the NeighborWorks® Center
for Foreclosure Solutions have partnered to promote foreclosure-prevention
strategies for consumers at risk of foreclosure from subprime and
nontraditional mortgage lending. The partnership will focus its efforts in
nine markets around the country that are served by both organizations.
www.fdic.gov/news/news/press/2007/pr07059.html
July 13, 2007 - Reports to Congress - The Profitability of Credit Card
Operations of Depository Institutions, 2007 - Reports on the effect of the
Check Clearing for the 21st Century Act on the nation's check-collection
system. Assesses the need for modifications to the funds-availability
requirements established in and pursuant to the Expedited Funds Availability
Act. Based on the Board's extensive survey of the banking industry and
supplemented with other information from official and industry sources.
www.federalreserve.gov/boarddocs/RptCongress/check21/default.htm
July 13, 2007 - Bank Commercial Loan Fair Value Practices - John Tschirhart,
James O'Brien, Michael Moise, and Emily Yang - Recent accounting changes,
for the first time, permit the use of fair value in the primary financial
statements for held-to-maturity bank loans. While the use of fair value has
historically attracted significant discussion and debate, there is little
information in the public domain on how banks would measure fair value or
use it in loan management.
www.federalreserve.gov/Pubs/FEDS/2007/200729/index.html
_______________
July 12, 2007 - The Office of the Comptroller of the Currency is
proposing to revise its rules in order to reduce unnecessary regulatory
burden, to update certain rules, and to make certain technical, clarifying,
and conforming changes to its regulations.
www.occ.treas.gov/ftp/bulletin/2007-23.html
July 12, 2007 - Chairman Johnson Responds to Credit Union Conversion Lawsuit
- I am disappointed but not surprised by this lawsuit. It attempts to
curtail reasonable and basic consumer protections and represents an
unfortunate step in the wrong direction with regard to the rights of credit
union members.
www.ncua.gov/news/press_releases/2007/MA07-0711.htm
July 12, 2007 - FDIC Announces Meeting of the Advisory Committee on Economic
Inclusion - Committee to Examine Subprime Mortgage Issues - The FDIC has
announced a meeting of the Advisory Committee on Economic Inclusion at 9:00
a.m. on Monday, July 16, 2007. The focus of the Committee's meeting will be
"The Subprime Mortgage Situation - How Did We Get Here and What Can We Do?"
Participants will discuss efforts to help troubled borrowers, examine the
role of mortgage brokers and discuss the issues associated with crafting
national lending standards involving Congress, regulators, consumers and
consumer groups, Wall Street and investors.
www.fdic.gov/news/news/press/2007/pr07058.html
July 12, 2007 - Federal Reserve Bulletin Article - Profits and Balance Sheet
Developments at U.S. Commercial Banks in 2006.
www.federalreserve.gov/pubs/bulletin/2007/07index.htm
July 12, 2007 - Governor Randall S. Kroszner - Basel II Implementation in
the United States - At the New York Bankers Association Annual Washington
Visit, Washington, D.C.
www.federalreserve.gov/boarddocs/speeches/2007/20070712/default.htm
July 12, 2007 - The Federal Reserve Board on Thursday announced the
termination of the enforcement action Standard Chartered plc, London, United
Kingdom, Standard Chartered Bank, London, United Kingdom, Standard Chartered
New York Branch, New York, New York, Written Agreement dated October 7, 2004
Terminated July 10, 2007.
www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070712/default.htm
July 11, 2007 - OCC Chief Counsel Addresses the New York Bankers Association
- Chief Counsel and First Senior Deputy Comptroller Julie L. Williams
discussed the Supreme Court's decision in Watters v. Wachovia Bank in a
speech today to the New York Bankers Association.
www.occ.treas.gov/ftp/release/2007-72a.pdf
July 11, 2007 - Domestic Prices in an Integrated World Economy Conference -
Preliminary program - This conference aims to take stock of the current
knowledge about the role played by global integration in influencing the
behavior of domestic prices. A combination of invited papers and papers
contributed in response to this call will be presented. Conference papers
will be considered for publication in a special issue of the Journal of
Money, Credit, and Banking.
www.federalreserve.gov/Events/conferences/2007/20070927/default.htm
July 11, 2007 - Statement of Comptroller of the Currency John C. Dugan
Regarding Community Reinvestment Act Questions and Answers - Comptroller of
the Currency John C. Dugan issued the following statement addressing
interagency questions and answers on the Community Reinvestment Act.
www.occ.treas.gov/ftp/release/2007-71.htm
July 11, 2007 - Statistical Release - U.S. Reserve Assets; Foreign Official
Assets Held at Federal Reserve Banks.
www.federalreserve.gov/releases/bulletin/0607assets.htm
July 11, 2007 - Agencies Release Proposed Revisions to Interagency Questions
and Answers Regarding Community Reinvestment - The federal bank and thrift
regulatory agencies today requested public comment on a series of new and
revised interagency questions and answers pertaining to the Community
Reinvestment Act.
Press Release:
www.federalreserve.gov/boarddocs/press/bcreg/2007/20070711/default.htm
Press Release:
www.fdic.gov/news/news/press/2007/pr07057.html
Press Release:
www.occ.treas.gov/ftp/release/2007-70.htm
Press Release:
www.fdic.gov/news/news/financial/2007/fil07063.html
Press Release:
www.ots.treas.gov/docs/7/777047.html
July 11, 2007 - Testimony of Governor Kevin Warsh - Hedge funds - Before the
Committee on Financial Services, U.S. House of Representatives.
www.federalreserve.gov/boarddocs/testimony/2007/20070711/default.htm
July 10, 2007 - NCUA General Counsel Opinion 07-0222 - Political Activities
of Credit Unions.
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2007/07-0222.pdf
July 10, 2007 - NCUA General Counsel Opinion 07-0627 - Member Agreement to
Accept Electronic Communications Regarding Conversions.
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2007/07-0627.pdf
July 10, 2007 - NCUA Issues Administrative Order to Garden Savings Federal
Credit Union - The National Credit Union Administration has issued an
administrative cease and desist order compelling Garden Savings Federal
Credit Union to implement an adequate Bank Secrecy Act/Anti-Money Laundering
Program.
www.ncua.gov/news/press_releases/2007/MR07-0710.htm
July 10, 2007 - OCC and Puerto Rico Agree to Share Consumer Complaints,
Bringing Total of Such Agreements to Twenty - The Office of the Comptroller
of the Currency and the Office of the Commissioner of Financial Institutions
for the Commonwealth of Puerto Rico have signed a Memorandum of
Understanding that provides a mechanism for sharing consumer complaints
between the two agencies.
www.occ.treas.gov/ftp/release/2007-69.htm
July 10, 2007 - Statistical Supplement to the Federal Reserve Bulletin -
June 2007.
www.federalreserve.gov/pubs/supplement/2007/06/default.htm
July 10, 2007 - Chairman Ben S. Bernanke - Inflation Expectations and
Inflation Forecasting - At the Monetary Economics Workshop of the National
Bureau of Economic Research Summer Institute, Cambridge, Massachusetts.
www.federalreserve.gov/boarddocs/speeches/2007/20070710/default.htm
July 10, 2007 - Fed Economic Education Specialist Gives Tips to Teachers -
Read Tim Schilling's blog, a resource to help educators teach economics and
personal finance.
http://education.chicagofedblogs.org/
July 10, 2007 - Subprime Mortgage Lending - Interagency Statement Addresses
Safety and Soundness and Consumer Protection Standards -The federal
financial regulatory agencies have issued the attached Statement on Subprime
Mortgage Lending that addresses issues relating to certain adjustable-rate
mortgage products that can cause payment shock. The Statement establishes
prudent safety and soundness and consumer protection standards that should
be followed to ensure that consumers, especially subprime borrowers, obtain
loans they can afford to repay and receive information that adequately
describes product features.
www.fdic.gov/news/news/financial/2007/fil07062.html
July 9, 2007 - NCUA Issues Prohibition Orders - The National Credit Union
Administration has issued orders prohibiting the following individuals from
participating in the affairs of any federally insured financial institution.
Margaret H. Burton, former manager of Progressive Teachers Federal Credit
Union Chattanooga, Tennessee, has consented to issuance of a prohibition
order without admitting or denying fault to avoid the time and expense of
administrative litigation.
www.ncua.gov/news/press_releases/2007/MR07-0709-2.htm
July 9, 2007 - OCC releases two publications that provide the latest OCC
interpretations and decisions authorizing activities for national banks and
their operating subsidiaries: Significant Legal, Licensing, and Community
Development Precedents for National Banks: 2006 and Activities Permissible
for a National Bank, Cumulative: 2006.
www.occ.treas.gov/sigpre.pdf
www.occ.treas.gov/corpapps/bankact.pdf
July 9, 2007 - St. Louis Fed's Review: Frontiers in Monetary Policy Research
- There's usually a long lag between the time new ideas regarding monetary
policy gain acceptance in academic circles and the time they're integrated
into the policymaking process.
www.stlouisfed.org/news/releases/2007/07_09_07.htm
July 9, 2007 - Statistical Release - G.19 Consumer Credit - Consumer credit
increased at an annual rate of 6-1/2 percent in May. Revolving credit rose
at an annual rate of 9-3/4 percent, and nonrevolving credit rose at an
annual rate of 4-1/2 percent.
www.federalreserve.gov/releases/g19/current/default.htm
July 9, 2007 - The Federal Reserve Board on Monday announced the issuance of
a Final Decision and Order of Prohibition against Michelle M. Moore, a
former employee of RBC Centura Bank, Rocky Mount, North Carolina. The Order
prohibits Ms. Moore from participating in the conduct of the affairs of any
financial institution or holding company and orders her to make restitution
to the Bank in the sum of $59,823.53 for its loss as a result of Moore's
violations and unsafe or unsound practices.
www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070709/default.htm
July 9, 2007 - NCUA Issues Prohibition Orders - The National Credit Union
Administration Board has issued prohibition orders for convicted felons
Joseph E. Pogue and Jean T. Pogue to prohibit them from participating in any
manner in the affairs of any federally insured financial institution.
www.ncua.gov/news/press_releases/2007/MR07-0709.htm
July 6, 2007 - Regulatory Relief - Guidance to Help Financial Institutions
and to Facilitate Recovery in Storm- and Flood-affected Areas of Oklahoma
and Texas - The Federal Deposit Insurance Corporation has announced a series
of steps intended to provide regulatory relief to financial institutions and
to facilitate recovery in areas of Oklahoma and Texas that suffered major
damage from storms and flooding that started in May and continued through
June.
www.fdic.gov/news/news/financial/2007/fil07061.html
July 6, 2007 - Regulatory Relief - Guidance to Help Financial Institutions
and to Facilitate Recovery in Storm- and Flood-affected Areas of Nebraska,
Missouri and Kansas - The Federal Deposit Insurance Corporation has
announced a series of steps intended to provide regulatory relief to
financial institutions and to facilitate recovery in areas of Nebraska,
Missouri and Kansas that suffered major damage from storms and flooding that
started in May and have continued into early July.
www.fdic.gov/news/news/financial/2007/fil07060.html
July 6, 2007 - 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/2007/pr07056.html
__________________
July 5, 2007 - The Federal Reserve Board on Thursday announced the
appointment of Brian F. Madigan as director of the Division of Monetary
Affairs, effective July 23, 2007.
www.federalreserve.gov/boarddocs/press/other/2007/20070705/default.htm
July 5, 2007 - OCC Makes Available Downloadable Consumer Illustrations of
Information on Nontraditional Mortgage Products - The Office of the
Comptroller of the Currency posted today on its Web site illustrations of
consumer information for nontraditional mortgage products that can be
downloaded and printed for easy production to assist bankers if they choose
to use them.
www.occ.treas.gov/ftp/release/2007-68.htm
July 5, 2007 - Regulatory Oversight of Industrial Loan Companies Likely To
Increase: St. Louis Fed Analysis - As non-financial companies like Home
Depot and Wal-Mart attempt to get into banking by buying or chartering
industrial loan companies, the entire ILC industry will be subject to more
regulation and greater supervisory oversight.
www.stlouisfed.org/news/releases/2007/07_05_07.html
July 5, 2007 - St. Louis Fed's The Regional Economist: Major Retailers'
Plans To Enter Banking Fuel Debate; Why Do Gasoline Prices React To Things
That Have Not Happened?; As Boomers Slow Down, So Might Economy; Community
Profile: Conway, Ark.
www.stlouisfed.org/news/releases/2007/07_05_07b.html
July 3, 2007 - Lending Limits Pilot Program - On June 7, 2007, the Office of
the Comptroller of the Currency published in the Federal Register the
attached interim final rule amending 12 CFR 32, which governs lending
limits. The interim final rule makes permanent the lending limits pilot
program, which provides special lending limits for 1-4 family residential
real estate loans, small business loans, and small farm loans. It also
eliminates the $10 million cap on loans to one borrower for each type of
loan covered by the program.
www.occ.treas.gov/ftp/bulletin/2007-22.html
July 3, 2007 - OCC Proposes Rule to Reduce Regulatory Burden - The Office of
the Comptroller of the Currency issued a proposed rule in the Federal
Register today to reduce unnecessary regulatory burden and update and change
various OCC regulations. The OCC's review of regulations is consistent with
the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
www.occ.treas.gov/ftp/release/2007-67.htm
July 3, 2007 - Consumer Compliance Handbook - June 2007 update - These
manuals are intended to provide guidance to supervisory personnel in
planning and conducting inspections and are to be used in conjunction with
other supervisory guidance and manuals.
www.federalreserve.gov/BoardDocs/SupManual/default.htm
July 2, 2007 - Federal Reserve Bank Of Kansas City Launches New Consumer
Protection Website - As part of its ongoing commitment to consumer
protection, the Federal Reserve Bank of Kansas City has launched a new
consumer protection website.
www.kc.frb.org/Pubaffrs/Pressrel/2007pdfs/pr07-17.pdf
July 2, 2007 - Statistical Release - Structure and Share Data for U.S.
Offices of Foreign Banks - Data are collected as of the end of the month for
March, June, September and December, and generally are released three months
later.
www.federalreserve.gov/Releases/iba/default.htm
July 2, 2007 - Comptroller of the Currency Hosts Community Bank Directors
Workshop on Credit Risk in St. Louis, Missouri - The Office of the
Comptroller of the Currency will host a credit risk workshop for national
community bank directors at the Chase Park Plaza Hotel, St. Louis, Missouri,
July 31.
www.occ.treas.gov/ftp/release/2007-66.htm
July 2, 2007 - Foreign Exchange Rates - The Table Below Shows The Average
Rates Of Exchange In June 2007 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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