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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.


Bank Regulatory News

March 2007

Does your financial institution need an affordable Internet security audit?  Yennik, Inc. has clients in 41 states that rely on our penetration testing audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, OTS, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.

March 30, 2007 - FedFlash covers the latest Federal Reserve Financial Services operational news. - FedFlash is your source for the latest Federal Reserve Financial Services operational news. Each bulletin keeps you informed of issues critical to your day-to-day operations, providing you with national and District updates regarding our products and services, processes, technical protocols and contact information. www.frbservices.org/FedFlash/ 

March 30, 2007 - OCC Reports Record Bank Trading Revenues of $18.8 Billion for 2006 - Insured U.S. commercial banks posted a record $18.8 billion in trading revenues in 2006, up 31 percent from the previous annual record of $14.4 billion set in 2005, the Office of the Comptroller of the Currency reported today in the OCC Quarterly Report on Bank Derivatives Activities. www.occ.treas.gov/ftp/release/2007-31.htm 

March 30, 2007 - "The Probability Approach to Default Probabilities" - The paper examines methods for estimating default probabilities, an essential consideration in prudent risk management. www.occ.treas.gov/ftp/workpaper/wp2007-1.pdf 

March 30, 2007 - "Bank failure: Evidence from the Colombian financial crisis" - The paper identifies capitalization ratio as the most significant indicator explaining bank failure during the Colombian financial crisis between 1998 and 2001.

March 30, 2007 - Agencies Announce Launch of Improved Website for Banking Data - The federal banking agencies on Friday announced the launch of an improved website to access banks' quarterly Reports of Condition and Income data. Important Call Report data will now be available faster and in multiple formats through the Central Data Repository.
Press Release: www.federalreserve.gov/boarddocs/press/other/2007/20070330/default.htm
Press Release: www.fdic.gov/news/news/press/2007/pr07027.html 
Press Release: www.occ.treas.gov/ftp/release/2007-30.htm 

March 30, 2007 - Chairman Ben S. Bernanke - The Community Reinvestment Act: Its Evolution and New Challenges - At the Community Affairs Research Conference, Washington, D.C.

March 29, 2007 - OCC Model Privacy Notice: Proposed Rule - Agencies request comments on proposed model privacy notice that financial institutions may use for disclosures under Gramm-Leach-Bliley Act. www.occ.treas.gov/ftp/bulletin/2007-13.html 

March 29, 2007 - Consumer Alert - Solicitations Regarding Certain Mortgage Programs - The Office of the Comptroller of the Currency has received inquiries and complaints from consumers who received solicitations about a "Community Reinvestment Act Program" that entitles certain homeowners to cash grants or equity disbursements. Some of these solicitations may be read to indicate that the federal bank and thrift regulatory agencies endorse or support the offers. www.occ.treas.gov/ftp/release/2007-29.htm 

March 29, 2007 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks - There are three reports showing the same structure and asset information for each U.S. office, but in different orders. The first report lists the offices by institution type. The second report is by country of the foreign bank "family" owning the office. Report three shows the same offices by Federal Reserve district and state. www.federalreserve.gov/releases/iba/default.htm 

March 29, 2007 - NCUA-NASCUS Hold National Meeting - The 29th National Regulators Meeting held March 25-27 in Salt Lake City, Utah, brought together the National Credit Union Administration and the National Association of State Credit Union Supervisors to hear from numerous experts and discuss topics affecting state and federal regulators and the credit union system. www.ncua.gov/news/press_releases/2007/MA07-0329.htm 

March 28, 2007 - Communicating a Policy Path: The Next Frontier in Central Bank Transparency? www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-06.pdf 

March 28, 2007 - Will Energy Markets Refuel the Rural Economy? www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-05.pdf 

March 28, 2007 - What Happened to the Gains from Strong Productivity Growth? www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-07.pdf 

March 28, 2007 - FDIC Staff Proposes Pilot Project for Small-Dollar Lending Programs; Agency Advisory Committee Endorses the Plan - Federal Deposit Insurance Corporation staff today outlined a proposal before the FDIC Advisory Committee on Economic Inclusion to create a two-year pilot project for banks. The committee endorsed the project to highlight the need for reasonably priced, small-dollar loan programs that provide value to consumers and banks. www.fdic.gov/news/news/press/2007/pr07026.html 

March 28, 2007 - Minorities in the Tenth District: Are They Ready For the Jobs of the Future? www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-04.pdf

March 28, 2007 - Chairman Ben S. Bernanke - The economic outlook - Before the Joint Economic Committee, U.S. Congress.   www.federalreserve.gov/boarddocs/testimony/2007/20070328/default.htm 

March 27, 2007 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Alabama and Georgia - The Federal Deposit Insurance Corporation has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in counties affected by severe storms and tornadoes in Georgia and Alabama. www.fdic.gov/news/news/financial/2007/fil07029.html 

March 27, 2007 - Natural Rate Measures in an Estimated DSGE Model of the U.S. Economy - Rochelle M. Edge, Michael T. Kiley, and Jean-Philippe Laforte - This paper presents a monetary DSGE model of the U.S. economy. The model captures the most important production, expenditure, and nominal-contracting decisions underlying economic data while remaining sufficiently small to allow it to provide a clear interpretation of the data.  www.federalreserve.gov/pubs/feds/2007/200708/200708abs.html 

March 27, 2007 - The Federal Reserve Board on Tuesday announced its approval of the proposal filed by Bank of America Corporation, Charlotte, North Carolina, to acquire U.S. Trust Corporation and its subsidiary bank, United States Trust Company, National Association, both in New York, New York. www.federalreserve.gov/boarddocs/press/orders/2007/20070327/default.htm 

March 27, 2007 - NCUA Vigilant on Subprime Risks - National Credit Union Administration Chairman JoAnn Johnson testified today before the House Subcommittee on Financial Institutions and Consumer Credit concerning subprime mortgage practices and products and foreclosures in relation to credit unions. www.ncua.gov/news/press_releases/2007/MA07-0327.htm 

March 27, 2007 - OTS Lists 70 CRA Exams Scheduled for Second Quarter 2007 - The Office of Thrift Supervision announced today that 70 savings associations are scheduled for Community Reinvestment Act examinations during the second quarter of 2007. www.ots.treas.gov/docs/7/777019.html 

March 27, 2007 - OCC Announces New Electronic Interpretations and Actions - March 2007.   www.occ.treas.gov/interp/mar07/intmar07.htm 

March 27, 2007 - OCC Chief National Bank Examiner Emory W. Rushton Testifies Before House Financial Services Subcommittee - Senior Deputy Comptroller and Chief National Bank Examiner Emory W. Rushton discussed developments in mortgage underwriting and marketing practices in testimony today before the Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2007-28.htm 

March 27, 2007 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs Subprime mortgages - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2007/20070327/default.htm 

March 26, 2007 - FDIC Makes Public February Enforcement Actions - No Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in February. No administrative hearing is scheduled for April. www.fdic.gov/news/news/press/2007/pr07025.html 

March 26, 2007 - Banking Structure - 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. www.federalreserve.gov/GeneralInfo/FHC/default.htm 

March 23, 2007 - Imposition of Special Measures against Banco Delta Asia SARL - The Board of Governors of the Federal Reserve System is issuing this SR letter to advise banking organizations under its supervision that the U.S. Department of the Treasury's Financial Crimes Enforcement Network has imposed special measures against Banco Delta Asia SARL, Macau, Special Administrative Region, China (Banco Delta Asia). www.federalreserve.gov/BoardDocs/SRLetters/2007/SR0704.htm 

March 23, 2007 - Markov Switching GARCH Models of Currency Turmoil in Southeast Asia - Celso Brunetti, Roberto S. Mariano, Chiara Scotti, and Augustine H.H. Tan - This paper analyzes exchange rate turmoil with a Markov Switching GARCH model. We distinguish between two different regimes in both the conditional mean and the conditional variance: "ordinary" regime, characterized by low exchange rate changes and low volatility, and "turbulent" regime, characterized by high exchange rate movements and high volatility. www.federalreserve.gov/Pubs/IFDP/2007/889/default.htm 

March 23, 2007 - The Federal Reserve Board on Friday announced the issuance of a consent Cease and Desist Order against Cache Valley Banking Company and Cache Valley Bank, both of Logan, Utah. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070323/default.htm

March 22, 2007 - The Federal Reserve Board on Thursday announced the execution of a Written Agreement by and among the North Valley Bank, Zanesville, Ohio, the Ohio Division of Financial Institutions and the Federal Reserve Bank of Cleveland. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070322/default.htm 

March 22, 2007 - OTS Deputy Director Scott Polakoff Testifies on Limited Thrift Industry Exposure to Subprime Mortgage Market - Washington, D.C. Office of Thrift Supervision Deputy Director, Scott M. Polakoff, testified this morning before the Senate Banking Committee on current issues relating to nontraditional mortgages and subprime hybrid adjustable rate mortgages. www.ots.treas.gov/docs/7/777018.html 

March 22, 2007 - OCC Chief National Bank Examiner Emory W. Rushton Testifies Before Senate Committee on Subprime Mortgage Lending Issues - Senior Deputy Comptroller and Chief National Bank Examiner Emory W. Rushton discussed subprime mortgage lending issues in testimony today before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.treas.gov/ftp/release/2007-27.htm 

March 22, 2007 - Vice Chairman Donald L. Kohn - Asset-Pricing Puzzles, Credit Risk, and Credit Derivatives - At the Conference on Credit Risk and Credit Derivatives, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/200703222/default.htm 

March 22, 2007 - Governor Randall S. Kroszner - Recent Innovations in Credit Markets -To the 2007 Credit Markets Symposium at the Charlotte Branch of the Federal Reserve Bank of Richmond, Charlotte, North Carolina.  www.federalreserve.gov/boarddocs/speeches/2007/20070322/default.htm 

March 22, 2007 - Roger T. Cole, Director, Division of Banking Supervision and Regulation Mortgage markets -Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate.  www.federalreserve.gov/boarddocs/testimony/2007/20070322/default.htm 

March 21, 2007 - The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Recent indicators have been mixed and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters. www.federalreserve.gov/boarddocs/press/monetary/2007/20070321/default.htm 

March 21, 2007 - Comptroller of the Currency Praises Effort to Improve Privacy Notices, Calls for Financial Industry Feedback - Comptroller of the Currency John C. Dugan today praised an interagency effort to improve consumer privacy notices from financial institutions and urged financial institutions and others to provide feedback on the proposed rule. www.occ.treas.gov/ftp/release/2007-26.htm 

March 21, 2007 - Federal Regulators Seek Public Comment on Model Privacy Notice - Eight federal regulators on Wednesday released a notice of proposed rulemaking requesting comment on a model privacy form that financial institutions can use for their privacy notices to consumers required by the Gramm-Leach-Bliley Act.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2007/20070321/default.htm 
Press Release: www.fdic.gov/news/news/press/2007/pr07024.html 
Press Release: www.occ.treas.gov/ftp/release/2007-25.htm 
Press Release: www.ots.treas.gov/docs/7/777017.html 
Press Release: www.ncua.gov/news/press_releases/2007/JR07-0321.pdf 

March 20, 2007 - NCUA - Proposed Regulation 12 CFR Parts 748 and 749 - Records Preservation Program - NCUA proposes to amend part 749 to address a federally-insured credit union's obligation to maintain a records preservation program. The proposed rule draws from existing guidance to clarify requirements for preserving vital records and to suggest important items for consideration in restoring vital member services. www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-748.pdf 

March 20, 2007 - OCC Strategic Plan 2007-2012 - Outlines the OCC's long range goals and how the agency intends to accomplish them. www.occ.treas.gov/stratplan2007.pdf 

March 20, 2007 - OCC Releases CRA Evaluations For 24 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 February 15, 2007 through March 14, 2007. www.occ.treas.gov/ftp/release/2007-24.htm 

March 20, 2007 - Comptroller Dugan Addresses the China Banking Regulatory Commission - Comptroller of the Currency John C. Dugan discussed the challenges of financial innovation in a speech yesterday evening to the China Banking Regulatory Commission. www.occ.treas.gov/ftp/release/2007-23a.pdf 

March 19, 2007 - Midwest Manufacturing Output Drops in January - The Chicago Fed Midwest Manufacturing Index fell 2.3% in January 2007, to a seasonally adjusted level of 102.1 (2002 = 100). www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

March 19, 2007 - OTS Publishes Final CRA Rule - The Office of Thrift Supervision announced that it is publishing a final rule revising four areas of its Community Reinvestment Act regulations to reestablish uniformity between its rules and those of the other federal banking agencies. www.ots.treas.gov/docs/7/777016.html 

March 19, 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. http://www.occ.treas.gov/ftp/release/2007-22.htm

March 19, 2007 - Comptroller of the Currency Hosts Workshop for New Community Bank Directors in Washington, D.C. - The Office of the Comptroller of the Currency will host a workshop for new national community bank directors at the Westin Embassy Row Hotel in Washington, D.C., April 16-18. www.occ.treas.gov/ftp/release/2007-21.htm 

March 16, 2007 - Executives Named to Federal Reserve Bank of Kansas City's Advisory Council.  www.kc.frb.org/pubaffrs/pressrel/2007pdfs/pr07-03.pdf 

March 16, 2007 - Estimating Probabilities of Recession in Real Time Using GDP and GDI - Jeremy J. Nalewaik - This work estimates Markov switching models on real time data and shows that the growth rate of gross domestic income, deflated by the GDP deflator, has done a better job recognizing the start of recessions than has the growth rate of real GDP. This result suggests that placing an increased focus on GDI may be useful in assessing the current state of the economy. www.federalreserve.gov/pubs/feds/2007/200707/200707abs.html 

March 16, 2007 - The Federal Reserve Board on Friday announced the approval of an application by Banco Santander Totta, S.A., Lisbon, Portugal, to establish a representative office in Mineola, New York. www.federalreserve.gov/boarddocs/press/orders/2007/20070316/default.htm 

March 16, 2007 - Statement of FDIC Chairman Sheila C. Bair on the Decision of Wal-Mart to Withdraw Bank Application - FDIC Chairman Sheila C. Bair today issued the following statement regarding Wal-Mart's announcement to withdraw its application to open an industrial loan company. www.fdic.gov/news/news/press/2007/pr07023.html 

March 16, 2007 - Statistical Release - G.17 Industrial Production - Industrial production increased 1.0 percent in February after a decrease of 0.3 percent in January and a rise of 0.8 percent in December.  www.federalreserve.gov/releases/g17/current/default.htm

March 15, 2007 - Exploring Economic Concepts in the Classroom - Economic Education Specialist Tim Schilling comments on a strategy that uses Legos to teach students about property rights. http://education.chicagofedblogs.org/archives/2007/03/of_legos_assump.html 

March 15, 2007 - Chicago Workshop on Black-White Inequality: A summary by Derek A. Neal, professor of economics, University of Chicago, and consultant, Federal Reserve Bank of Chicago - The Chicago Workshop on Black-White Inequality, funded by the Searle Freedom Trust, meets on a semiannual basis to explore the causes and consequences of economic inequality between blacks and whites in the U.S. www.chicagofed.org/publications/fedletter/cflapril2007_237a.pdf 

March 15, 2007 - Consumer Information - Semiannual Survey of Credit Card Plans - The report includes information from the largest credit card issuers in the country as well as other financial institutions that wish to participate in the survey. www.federalreserve.gov/pubs/shop/survey.htm 

March 13, 2007 - 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. www.federalreserve.gov/releases/housedebt/default.htm 

March 13, 2007 - Lynn A. Pike and Andrew J. Sale Join the San Francisco Fed's Los Angeles Branch Board - The Federal Reserve Bank of San Francisco has appointed Lynn A. Pike, president of Bank of America California and president of its national Business Banking organization, and Andrew J. Sale, partner with Ernst & Young LLP, to its Los Angeles Branch board of directors. www.frbsf.org/news/releases/2007/0313.html 

March 13, 2007 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

March 13, 2007 - The Federal Reserve Board on Tuesday announced the approval of an application by The Bank of Nova Scotia, Toronto, Canada, to establish a branch in Houston, Texas. www.federalreserve.gov/boarddocs/press/orders/2007/20070313/default.htm 

March 13, 2007 - The Federal Reserve Board and the New York State Banking Department on Tuesday announced the execution of a Written Agreement by and among Intesa Sanpaolo S.p.A., Turin, Italy; the bank's branch at 1 William Street in New York, New York; the Federal Reserve Bank of New York; and the New York State Banking Department. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070313/default.htm

March 12, 2007 - OCC Announces New Electronic Interpretations and Actions - February 2007.  www.occ.treas.gov/interp/feb07/intfeb07.htm 

March 12, 2007 - Governor Randall S. Kroszner - The Changing Dynamics of Inflation - To the National Association for Business Economics 2007 Annual Washington Economic Policy Conference, Arlington, Virginia.  www.federalreserve.gov/boarddocs/speeches/2007/20070312/default.htm 

March 9, 2007 - The Federal Reserve Board on Friday announced its approval of the proposal by The Industrial Bank of Taiwan Co., Ltd., Taipei, Taiwan, and its wholly owned subsidiary, IBT Holdings Corp., Cerritos, California, to become bank holding companies and to acquire EverTrust Bank, City of Industry, California. www.federalreserve.gov/boarddocs/press/orders/2007/20070309/default.htm 

March 9, 2007 - Governor Randall S. Kroszner - Remarks on "Liquidity and Monetary Policy" To the U.S. Monetary Policy Forum, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/200703092/default.htm 

March 9, 2007 - The Changing Value of Education - Fed Letter explores why the economic value of education has stopped rising over the past ten years. www.chicagofed.org/economic_research_and_data/chicago_fed_letter.cfm 

March 9, 2007 - Subprime Mortgage Lending Interagency Proposed Statement on Subprime Mortgage Lending - The federal financial regulatory agencies are seeking comment on the attached proposed Statement on Subprime Mortgage Lending (Subprime Statement). The Subprime Statement addresses the risks and emerging issues relating to subprime mortgage lending practices, most notably certain adjustable-rate mortgage lending products. Comments are due by May 7, 2007.  http://www.occ.treas.gov/ftp/bulletin/2007-11.html

March 9, 2007 - Vice Chairman Donald L. Kohn - Comments on "Understanding the Evolving Inflation Process" by Cecchetti, Hooper, Kasman, Schoenholtz, and Watson - At the U.S. Monetary Policy Forum, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/20070309/default.htm 

March 8, 2007 - The following Audit and Evaluation Reports were recently posted to the Federal Deposit Insurance Corporation's (FDIC) Office of Inspector General (OIG) Web site:
1) Information Technology Examination Coverage of Financial Institutions' Oversight of Technology Service Providers. http://www.fdicig.gov/reports07/07-005.pdf
2) Interagency Agreement With the General Services Administration for the Infrastructure Services Contract. http://www.fdicig.gov/reports07/07-004-redact.pdf
3) The FDIC's Compliance with Section 522 of the Consolidated Appropriations Act, 2005. http://www.fdicig.gov/reports07/07-003.pdf
4) The Division of Supervision and Consumer Protection's Information Technology-Risk Management Program. http://www.fdicig.gov/reports07/07-002.pdf
5) FDIC's Supervision of Financial Institutions' OFAC Compliance Programs. http://www.fdicig.gov/reports07/07-001.pdf

March 8, 2007 - Subprime Mortgage Lending: Request for Comment on Proposed Statement on Subprime Mortgage Lending - Proposed statement addresses emerging issues on certain subprime mortgage lending practices. www.occ.treas.gov/ftp/bulletin/2007-11.html 

March 8, 2007 - FDIC Issues Cease and Desist Order Against Fremont Investment & Loan, Brea, California, and its Parents - The Federal Deposit Insurance Corporation today announced it had issued a cease and desist order against Fremont Investment & Loan, Brea, California, and its parent corporations, Fremont General Corporation and Fremont General Credit Corporation. www.fdic.gov/news/news/press/2007/pr07022.html 

March 7, 2007 - Comptroller Dugan Calls Community National Banks Vital to U.S. Economy and a Mainstay of the OCC Mission - Comptroller of the Currency John C. Dugan said today that while community banks are a linchpin of the U.S. economy, they face formidable competition, and it is vital they be allowed to compete on a level playing field without being shackled by unnecessary regulation. www.occ.treas.gov/ftp/release/2007-20.htm 

March 7, 2007 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3-1/4 percent in January. Revolving credit rose at an annual rate of 1 percent, and nonrevolving credit rose at an annual rate of 4-1/2 percent. www.federalreserve.gov/Releases/G19/Current/default.htm 

March 7, 2007 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2007/20070307/default.htm 

March 7, 2007 - NCUA - Letter to Credit Unions 07-CU-05 - State of the Credit Union Industry as of December 31, 2006. www.ncua.gov/letters/2007/CU/07-CU-05.pdf 

March 6, 2007 - OTS Director Reich Addresses ICBA on Community Banking - Office of Thrift Supervision Director John Reich addressed the annual conference of the Independent Community Bankers of America today in Honolulu, Hawaii, on "why community banking matters." www.ots.treas.gov/docs/7/777015.html 

March 6, 2007 - Unauthorized Banking: Deltec Financial & Trust Services - Deltec Financial & Trust Services of The Bahamas is not licensed to conduct banking and/or trust business in or from within The Bahamas. www.occ.treas.gov/ftp/alert/2007-13.html 

March 6, 2007 - Transfer Agent Forms - Electronic Filing of Transfer Agent Forms by FDIC-Supervised Registered Transfer Agents - The Securities and Exchange Commission has amended the rules and forms requirements of Section 17A of the Securities Exchange Act of 1934, requiring that effective January 11, 2007, all registered transfer agents file the annual TA-2 report electronically. The SEC has developed a new application called EDGARLite (Electronic Data Gathering, Analysis, and Retrieval) that filers can use to prepare an electronic version of transfer agent forms. www.fdic.gov/news/news/financial/2007/fil07025.html 

March 6, 2007 - Federal Reserve Bulletin: Legal Developments - Fourth Quarter, 2006 www.federalreserve.gov/pubs/bulletin/2007/legalq407.pdf 

March 6, 2007 - Chairman Ben S. Bernanke - GSE Portfolios, Systemic Risk, and Affordable Housing - Before the Independent Community Bankers of America's Annual Convention and Techworld, Honolulu, Hawaii.  http://www.federalreserve.gov/boarddocs/speeches/2007/20070306/default.htm

March 6, 2007 - The Federal Reserve Board and the New York State Banking Department on Tuesday announced the execution of a Written Agreement by and among Banco de la Nación Argentina, Buenos Aires, Argentina; the bank's branch in New York, New York; the Federal Reserve Bank of New York; and the New York State Banking Department. www.federalreserve.gov/boarddocs/press/Enforcement/2007/20070306/default.htm

March 5, 2007 - OTS Approves Countrywide Application - The Office of Thrift Supervision announced today the approval of an application from Countrywide Financial Corporation, Calabasas, California, to convert its national bank subsidiary, Countrywide Bank N.A., Alexandria, Virginia, to a federal thrift charter. The converted institution, Countrywide Bank, FSB, will continue to operate out of its existing facilities and to engage in the primary business activities conducted prior to its conversion. www.ots.treas.gov/docs/7/777014.html 

March 5, 2007 - Governor Kevin M. Warsh - Market Liquidity: Definitions and Implications - At the Institute of International Bankers Annual Washington Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/20070305/default.htm 

March 5, 2007 - Governor Randall S. Kroszner - Community Banks: The Continuing Importance of Relationship Finance -At the America's Community Bankers Government Affairs Conference, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2007/200703052/default.htm 

March 5, 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/pr07021.html 

March 2, 2007 - Fraudulent Correspondence Claiming a Connection to the Committee on Financial Services, Washington, DC - The Office of the Comptroller of the Currency has been informed by the Committee on Financial Services of the U.S. House of Representatives that fraudulent correspondence, including e-mails, referring to the Committee and making use of the Committee's letterhead is in circulation. The communications inform potential victims that they are due to receive large sums of money from an inheritance, but that they must first pay a large fee through lawyers to the Financial Services Committee in order to verify that the funds are not tied to terrorist financing. The Financial Services Committee does not require any person to obtain what the con-artists are calling a "Clean Bill of Record" for receiving inheritance money. www.occ.treas.gov/ftp/alert/2007-12.html 

March 2, 2007 - Revisions to Regulatory Reports Filed by Banks and Savings Associations - The Federal Financial Institutions Examination Council has approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income and the Thrift Financial Report. These regulatory reporting revisions will take effect as of March 31, 2007, with a one-year transition period for one of the reporting changes. www.fdic.gov/news/news/financial/2007/fil07021.html 

March 2, 2007 - FDIC Makes Public January Enforcement Actions - No Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearing is scheduled for March. www.fdic.gov/news/news/press/2007/pr07019.html 

March 2, 2007 - Rates and Term Premia to Macroeconomic News - Meredith Beechey - Nominal forward rates are sensitive at surprisingly long horizons to macroeconomic news and monetary-policy surprises. This paper takes advantage of affine term-structure modelling to demonstrate that movements in term premia, not expected future short rates, account for most of the reaction of forward rates at long horizons. Specifically, term premia account for about three quarters of the reaction of nominal forward rates 10 to 15 years hence to the surprise component of numerous macroeconomic news announcements. www.federalreserve.gov/pubs/feds/2007/200706/index.html 

March 2, 2007 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Henderson, Nevada - The Office of the Comptroller of the Currency will host workshops for national community bank directors at the Ritz Carlton, Henderson, Nevada, March 20-22. www.occ.treas.gov/ftp/release/2007-18.htm 

March 2, 2007 - Comptroller of the Currency Announces Community Bank Directors Workshops for 2007 - The Office of the Comptroller of the Currency today announced its schedule of workshops for national community bank directors. www.occ.treas.gov/ftp/release/2007-17.htm 

March 2, 2007 - Agencies Seek Comment on Subprime Mortgage Lending Statement - The federal financial regulatory agencies today issued for comment a proposed Statement on Subprime Mortgage Lending to address certain risks and emerging issues relating to subprime1 mortgage lending practices, specifically, particular adjustable-rate mortgage lending products. www.federalreserve.gov/boarddocs/press/bcreg/2007/20070302/default.htm 

March 1, 2007 - Birds of a Feather: St. Louis Fed Analysis Suggests People of Similar Income and Education Gravitate toward Same Neighborhoods.   www.stlouisfed.org/news/releases/2007/03_01_07.html 

March 1, 2007 - St. Louis Fed's Review: Trends in Neighborhood-Level Unemployment in the United States: 1980-2000; Stock Market Booms and Monetary Policy in the Twentieth Century; Data, Data, and Yet More Data; Data Dependence.  www.stlouisfed.org/news/releases/2007/03_01_07b.html

March 1, 2007 - Statistical Release - Large Commercial Banks - Insured U.S.-Chartered Commercial Banks That Have Consolidated Assets Of $300 Million Or More, Ranked By Consolidated Assets As Of December 31, 2006.  www.federalreserve.gov/Releases/lbr/current/default.htm 

March 1, 2007 - The Federal Reserve Board on Thursday announced its approval of the proposal by Community Bankshares, Inc., Greenwood Village, to acquire Citizens Financial Corporation and its subsidiary bank, The Citizens State Bank of Cortez, both of Cortez, all in Colorado. www.federalreserve.gov/boarddocs/press/orders/2007/20070301/default.htm 

March 1, 2007 - OCC Issues Second Quarter 2007 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 second quarter of 2007. www.occ.treas.gov/ftp/release/2007-16.htm 

March 1, 2007 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In February 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/ 

March 1, 2007 - Statistical Supplement to the Federal Reserve Bulletin February 2007.  www.federalreserve.gov/pubs/supplement/2007/02/default.htm 


You can receive the regulatory press releases every week by subscribing to
The E-mail Banking News at 
https://yennik.com/newletter_page.htm.  There is no charge for the e-newsletter.  
Contact R. Kinney Williams at examiner@yennik.com if you have any questions.

PLEASE NOTE:  Some of the above links may not function properly because the regulatory agency has changed the URL.  Please e-mail us at examiner@yennik.com if we can be of assistance.  

Back Button

Return to the Community Banker Home Page

Company Information
Yennik, Inc.

4409 101st Street
Lubbock, Texas 79424
Office 806-798-7119


Please visit our other web sites:
VISTA penetration-vulnerability testing
The Community Banker - Bank FFIEC & ADA Web Site Audits
Credit Union FFIEC & ADA Web Site Audits - Bank Auditing Services
US Banks on the Internet  
US Credit Unions on the Internet

All rights reserved; Our logo is registered with the United States Patent and Trademark Office.
Terms and Conditions, Privacy Statement, © Copyright Yennik, Incorporated