Bank Regulatory News

March 2009

March 31, 2009 - OCC Announces New Electronic Interpretations and Actions - March 2009.  www.occ.treas.gov/interp/mar09/intmar09.htm 

March 31, 2009 - Employ American Workers Act - Frequently asked questions - The following FAQs were developed in consultation with U.S. Citizenship and Immigration Services in the U.S. Department of Homeland Security. www.federalreserve.gov/monetarypolicy/files/eawafaq.pdf 

March 31, 2009 - Statistical Release -Structure and Share Data for U.S. Offices of Foreign Banks.   www.federalreserve.gov/releases/IBA/200812/default.htm 

March 31, 2009 - The Federal Reserve Board on Tuesday requested public comment on proposed changes to the methodology for calculating the imputed costs, collectively known as the private sector adjustment factor, that are considered when setting fees and measuring cost recovery for certain payment services provided to depository institutions. The comment period ends on May 29, 2009.  www.federalreserve.gov/newsevents/press/other/20090331a.htm 

March 31, 2009 - The Federal Reserve Board on Tuesday announced the issuance of a consent Prompt Corrective Action Directive against Heritage Bank, Topeka, Kansas, a state chartered member bank. www.federalreserve.gov/newsevents/press/enforcement/20090331a.htm 

March 30, 2009 - NCUA Activates Disaster Assistance in Response to Midwest Flooding - The National Credit Union Administration has activated its disaster relief policy to assist credit unions and their members affected by the severe weather and flooding in North Dakota and Minnesota. www.ncua.gov/news/press_releases/2009/MR09-0330a.htm 

March 30, 2009 - OCC Releases CRA Evaluations For 33 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, 2009 through March 14, 2009. The list contains only national banks and insured federal branches of foreign banks that have received ratings. www.occ.treas.gov/ftp/release/2009-36.htm 

March 30, 2009 - Community Colleges: A Route of Upward Economic Mobility - Results from a new report from the Federal Reserve Bank of St. Louis reveal the unique role that community colleges play in our higher education system and their impact on the earnings of those who attend them. Presenting her findings is St. Louis Fed economist Natalia Kolesnikova. www.stlouisfed.org/news/releases/2009/03_30_09.html 

March 30, 2009 - Payment Systems - Quarterly Reserve Bank Payments Services: Check Services data through 2008:Q4.   www.federalreserve.gov/paymentsystems/checkservices/checkquarterly.htm 

March 30, 2009 - Payment Systems - Quarterly Reserve Bank Data Payments Services: Automated Clearinghouse Operations data through 2008:Q4.   www.federalreserve.gov/paymentsystems/fedach/achquarterly.htm 

March 30, 2009 - Governor Elizabeth A. Duke - A Framework for Analyzing Bank Lending - At the 13th Annual University of North Carolina Banking Institute, Charlotte, North Carolina.  www.federalreserve.gov/newsevents/speech/F918CF1E7D0C4ABCBE1BDCB5E4918006.htm 

March 30, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among BankEast Corporation, a registered bank holding company, BankEast, a state chartered member bank, both of Knoxville, Tennessee, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20090330a.htm 

March 27, 2009 - OCC Appoints FDIC Receiver for Omni National Bank- The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Omni National Bank, Atlanta, Georgia. Omni National Bank had six full service branches located in Atlanta and Dalton, Georgia, Chicago, Illinois, Tampa, Florida, and Houston and Dallas, Texas, and two loan production offices in Birmingham, Alabama, and Philadelphia, Pennsylvania. The bank, with approximately $980 million in assets at December 31, 2008, was established in 2000. www.occ.treas.gov/ftp/release/2009-35.htm

March 27, 2009 - NCUA Board Member Gigi Hyland responded today to the 1,400 credit unions that e-mailed her expressing their opinions about NCUA Board corporate stabilization efforts. The e-mails addressed the need to spread the costs of the stabilization efforts over a longer period of time and they requested enhanced transparency on the information underlying the Board's corporate stabilization efforts. www.ncua.gov/news/press_releases/2009/MA09-0327a.htm 

March 27, 2009 - NCUA - Corporate Credit Union Update - The National Credit Union Administration has instituted periodic reporting to stakeholders on the status of the corporate credit union system and the conservatorships of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union. www.ncua.gov/news/press_releases/2009/MA09-0327.htm 

March 27, 2009 - OCC Reports Fourth Quarter Bank Trading Loss - U.S. commercial banks reported a $9.2 billion trading loss for the fourth quarter of 2008, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities. For 2008, banks reported an annual trading loss of $836 million, compared to trading revenues of $5.5 billion in 2007. www.occ.treas.gov/ftp/release/2009-34.htm 

March 27, 2009 - St. Louis Fed's Annual Homer Jones Lecture: Distinguished University of Chicago Professor To Discuss Financial Crisis and Future Regulations.  www.stlouisfed.org/news/releases/2009/03_25_09.html 

March 27, 2009 - SunTrust Bank, Atlanta, Georgia, Receives the Insured Deposits of Omni National Bank, Atlanta, Georgia - Omni National Bank, Atlanta, Georgia, was closed today by the Office of the Comptroller of the Currency, which then appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into an agreement with SunTrust Bank, Atlanta, Georgia, to act as paying agent for the insured deposits of Omni National Bank. www.fdic.gov/news/news/press/2009/pr09050.html 

March 27, 2009 - FDIC Makes Public February Enforcement Actions; No Administrative Hearings are 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 hearings are scheduled. www.fdic.gov/news/news/press/2009/pr09049.html 

March 27, 2009 - Statistical Release - G.17 Industrial Production and Capacity Utilization - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization. Although rates of change from January 1972 through February 2009 are affected, the revision has its largest impact on data in 2007 and 2008. www.federalreserve.gov/releases/G17/revisions/Current/default_rev.htm 

March 27, 2009 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among First State Bank of Red Bud, Red Bud, Illinois, a state member bank, the Federal Reserve Bank of St. Louis, and the Illinois Department of Financial and Professional Regulation, Division of Banking, Springfield, Illinois. www.federalreserve.gov/newsevents/press/enforcement/20090327a.htm
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March 27, 2009 - FDIC Makes Public February Enforcement Actions; No Administrative Hearings are Scheduled - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February. No administrative hearings are scheduled. http://www.fdic.gov/news/news/press/2009/pr09049.html

March 26, 2009 - OCC Allows National Bank Offices Affected by Floods in Upper Midwest to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national bank offices affected by floods in the upper Midwest to close at their discretion. www.occ.treas.gov/ftp/release/2009-33.htm 

March 26, 2009 - FDIC Seeks Comment on the Recently Announced Legacy Loans Program - The Federal Deposit Insurance Corporation today announced the opening of the public comment period for the Legacy Loans Program. The FDIC and the Department of the Treasury recently announced the LLP, which will remove troubled loans and other assets from FDIC-insured institutions and attract private capital to purchase the loans. www.fdic.gov/news/news/press/2009/pr09048.html 

March 26, 2009 - The Federal Reserve Board on Thursday announced the termination of the enforcement action - Eagle National Holding Company (Currently named JGB Financial Holding Company), Miami, Florida Cease and Desist Order issued March 30, 2005 Terminated March 24, 2009.   www.federalreserve.gov/newsevents/press/enforcement/20090326a.htm 

March 26, 2009 March 25, 2009 - NCUA Unveils Share Insurance TV Ad Campaign - Financial journalist Jane Bryant Quinn promotes NCUA insurance protection - The National Credit Union Administration is partnering with nationally respected finance expert Jane Bryant Quinn to promote National Credit Union Share Insurance Fund coverage and remind consumers that federally insured credit unions are a safe place to keep your money at a time of market turmoil. www.ncua.gov/news/press_releases/2009/MR09-0325.htm 

March 26, 2009 - NCUA Approves Plan to Spread Replenishment - Proposal Requires Congressional Action - The National Credit Union Administration Board today approved a proposal that would enable credit unions to spread the cost of the National Credit Union Share Insurance Fund replenishment over as much as a 7-year period. www.ncua.gov/news/press_releases/2009/MA09-0326.htm 

March 25, 2009 - OCC Senior Deputy Comptroller and Chief National Bank Examiner Testifies on Credit Availability - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Timothy W. Long testified today about credit availability before the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2009-32.htm 

March 25, 2009 - Interagency Examination Procedures for the Servicemembers Civil Relief Act - The FFIEC Task Force on Consumer Compliance recently approved the attached examination procedures to be used when determining compliance with the Servicemembers Civil Relief Act . www.federalreserve.gov/boarddocs/caletters/2009/0902/caltr0902.htm 

March 25, 2009 - Governor Elizabeth A. Duke - Credit availability and prudent lending standards - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/duke20090325a.htm

March 24, 2009 - State Government Fiscal Performance Update - In a recent blog posting, Chicago Fed economist William Testa reports on current fiscal issues in the Midwest. http://midwest.chicagofedblogs.org/archives/2009/03/ricks_stateloca.html 

March 24, 2009 - NCUA Releases FAQs on PIMCO Credit Analysis and Recent Conservatorship Actions - The National Credit Union Administration today is releasing frequently asked questions regarding the Pacific Investment Management Company LLC analysis of corporate credit union residential mortgage backed securities and NCUA's conservatorship of U.S. Central and Western Corporate Federal Credit Unions. www.ncua.gov/news/press_releases/2009/MR09-0323b.htm 

March 24, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Oakbrook, Illinois - The Office of the Comptroller of the Currency will host workshops for national community bank directors in Oakbrook, Illinois, at the Doubletree, May 19-20, 2009. www.occ.treas.gov/ftp/release/2009-31.htm 

March 24, 2009 - Lane Joins St. Louis Fed's Real Estate Council - Steven P. Lane, a principal of Colliers International in Bentonville, Ark., has joined the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news/releases/2009/03_24_09.html 

March 24, 2009 - FDIC Appoints Joseph A. Jiampietro as Senior Advisor to the Chairman for Markets - The Federal Deposit Insurance Corporation today announced the hiring of Joseph A. Jiampietro as Senior Advisor for Markets to FDIC Chairman Sheila Bair. In this new position, Mr. Jiampietro will provide the Chairman with policy and legal advice relating to complex financial transactions, bid structures, and capital markets. www.fdic.gov/news/news/press/2009/pr09047.html 

March 24, 2009 - Chairman Ben S. Bernanke - American International Group - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20090324a.htm 

March 24, 2009 - On March 23, 2009, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090324a.htm 

March 24, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Premier Bancshares, Inc., Jefferson City, Missouri, a registered bank holding company, and the Federal Reserve Bank of St. Louis. www.federalreserve.gov/newsevents/press/enforcement/20090324d.htm 

March 24, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between BancMidwest Corporation, Saint Paul, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20090324c.htm 

March 24, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Spring Grove Investments, Inc., Spring Grove, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20090324b.htm 

March 24, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Pine City Bancorporation, Inc., Pine City, Minnesota, a registered bank holding company, and the Federal Reserve Bank of Minneapolis. www.federalreserve.gov/newsevents/press/enforcement/20090324a.htm 

March 23, 2009 - February Economic Activity Weak But Improved - Chicago Fed National Activity Index was -2.83 in February, up from -3.74 in January. www.chicagofed.org/economic_research_and_data/files/cfnai_march2009.pdf 

March 23, 2009 - Chairman Fryzel Identifies New Options for System-Wide Stabilization Assistance NCUA Chairman Michael E. Fryzel issued the following statement today: - Events continue to move swiftly, and I have directed NCUA staff to explore two new avenues to augment NCUA's Corporate Stabilization efforts. First, we have held preliminary discussions with Congress regarding the creation of a Corporate Stabilization mechanism, as an adjunct to the National Credit Union Share Insurance Fund . This new mechanism would replenish the NCUSIF through an arrangement with the Treasury Department, while providing additional flexibility for credit unions to make their required contributions over a period of time. Specific details of the proposal will be available pending the Board's review and decision at Thursday's Board Meeting. www.ncua.gov/news/press_releases/2009/MA09-0323.htm 

March 23, 2009 - OCC Deputy Comptroller Testifies on Credit Availability - Deputy Comptroller for the Northeastern District Toney M. Bland testified today about the availability of credit for small and midsize businesses in Massachusetts before the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2009-30.htm 

March 23, 2009 - Temporary Liquidity Guarantee Program Changes to Debt Guarantee Program Reporting Requirements - The FDIC previously issued FIL-139-2008 and FIL-2-2009 to require reporting of certain information from entities participating in the debt guarantee component of the Temporary Liquidity Guarantee Program. The purpose of this Financial Institution Letter is to amend certain reporting requirements, clarify previously issued reporting guidance and consolidate reporting instructions. This Financial Institution Letter and its attachments supersede.   www.fdic.gov/news/news/financial/2009/fil09015.html 

March 23, 2009 - Letter to Sarah Smith granting modifications related to the Board's regulatory reporting requirements for bank holding companies and state member banks to The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA, both of New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090312.pdf 

March 23, 2009 - Letter to Paul R. Ackerman granting an exemption from the Board's risk-based capital guidelines for bank holding companies (12 CFR Part 225, App. A) to permit Wells Fargo & Company, San Francisco, California, to include in tier 1 capital certain deferred tax assets acquired in connection with its purchase of Wachovia Corporation. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090220.pdf 

March 23, 2009 - Letter to David J. DeBrunner granting temporary relief from the Board's regulatory reporting requirements for bank holding companies to GMAC LLC, Detroit, Michigan. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090217b.pdf 

March 23, 2009 - Letter to Jon Macey granting temporary relief from the Board's regulatory reporting requirements for bank holding companies to CIT Group Inc., New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090217.pdf 

March 23, 2009 - Letter to Stephen Linehan granting an exemption from the requirements of the Board's market risk rule for bank holding companies (12 CFR part 225, Appendix E) to Capital One Financial Corporation, McLean, Virginia. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090211.pdf 

March 23, 2009 - Letter to Joan C. Amble granting temporary relief from and other modifications related to the Board's regulatory reporting requirements for bank holding companies to the American Express Company, New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205a.pdf 

March 23, 2009 - . Letter to Gregory A. Baer granting temporary exemptions from application of certain aspects of the Board's market risk rule for bank holding companies (12 CFR part 225, Appendix E) to Bank of America Corporation, Charlotte, North Carolina, in connection with its purchase of Merrill Lynch & Co., Inc., New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205b.pdf 

March 23, 2009 - Letter to Colm Kelleher granting a temporary exemption from application of certain aspects of the Board's market risk rule for bank holding companies (12 CFR part 225, Appendix E) to Morgan Stanley, New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205c.pdf 

March 23, 2009 - Letter to Colm Kelleher granting temporary relief from and other modifications related to the Board's regulatory reporting requirements for bank holding companies to Morgan Stanley, New York, New York www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205d.pdf 

March 23, 2009 - Letter to Sarah Smith granting temporary exemptions from application of certain aspects of the Board's market risk rules for state member banks and bank holding companies (12 CFR parts 208 and 225, Appendix E) to The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA, both of New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205e.pdf 

March 23, 2009 - Letter to Sarah Smith granting temporary relief from and other modifications related to the Board's regulatory reporting requirements for bank holding companies and state member banks to The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA, both of New York, New York. www.federalreserve.gov/boarddocs/legalint/BHC_ChangeInControl/2009/20090205f.pdf 

March 23, 2009 - The Role of the Federal Reserve in Preserving Financial and Monetary Stability Joint Statement by the Department of the Treasury and the Federal Reserve - Sound economic performance requires both financial stability and monetary stability. As the nation's central bank, the Federal Reserve has critical responsibilities in both areas. www.federalreserve.gov/newsevents/press/monetary/20090323b.htm 

March 23, 2009 - On March 23, 2009, the Federal Reserve will offer $150 billion in 84-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility.  www.federalreserve.gov/newsevents/press/monetary/20090323a.htm 

March 23, 2009 - The Federal Reserve Board on Monday announced the issuance of a Consent Order of Prohibition and Order of Assessment of Civil Money Penalty in the amount of $20,000 against G. Craig Chupik, a former vice president, loan officer, and institution-affiliated party of PlainsCapital Bank, Dallas, Texas. www.federalreserve.gov/newsevents/press/enforcement/20090323b.htm 

March 23, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and between Columbia Commercial Bancorp, Hillsboro, Oregon, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Securities. www.federalreserve.gov/newsevents/press/enforcement/20090323a.htm 

March 20, 2009 - NCUA Conserves U.S. Central and Western Corporate Credit Unions - The National Credit Union Administration Board today placed U.S. Central Federal Credit Union, Lenexa, Kansas, and Western Corporate Federal Credit Union, San Dimas, California, into conservatorship to stabilize the corporate credit union system and resolve balance sheet issues. These actions are the latest NCUA efforts to assist the corporate credit union network under the Corporate Stabilization Plan. www.ncua.gov/news/press_releases/2009/MR09-0320.htm

March 20, 2009 - OCC Appoints FDIC Receiver for Colorado National Bank - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Colorado National Bank, Colorado Springs, Colorado. Colorado National Bank, with approximately $122 million in assets, was chartered as a national bank in 2003. The OCC's action follows the OCC appointing the FDIC as receiver for the bank's affiliate TeamBank, National Association, Paola, Kansas, earlier today. Colorado National Bank and TeamBank, National Association are wholly owned subsidiaries of Team Financial, Inc., Paola, Kansas. www.occ.treas.gov/ftp/release/2009-29.htm 

March 20, 2009 - OCC Appoints FDIC Receiver for TeamBank, National Association - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for TeamBank, National Association, Paola, Kansas. TeamBank's primary market extended throughout Kansas and locations in Missouri and Nebraska. The bank, with approximately $668 million in assets, was chartered as a national bank in 1885. The bank is a wholly owned subsidiary of Team Financial, Inc., Paola, Kansas. www.occ.treas.gov/ftp/release/2009-28.htm 

March 20, 2009 - Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Teambank, National Association, Paola, Kansas - Teambank, National Association, Paola, Kansas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Teambank. www.fdic.gov/news/news/press/2009/pr09046.html 

March 20, 2009 - Herring Bank, Amarillo, Texas, Assumes All of the Deposits of Colorado National Bank, Colorado Springs, Colorado - Colorado National Bank, Colorado Springs, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of Colorado National. www.fdic.gov/news/news/press/2009/pr09045.html 

March 20, 2009 - FDIC Approves the Payout of Insured Deposits of FirstCity Bank, Stockbridge, Georgia - The Federal Deposit Insurance Corporation approved the payout of the insured deposits of FirstCity Bank, Stockbridge, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. www.fdic.gov/news/news/press/2009/pr09044.html 

March 20, 2009 - NCUA - Results of the 03/19/2009 NCUA Board Meeting are available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag09-0319_results.htm 

March 20, 2009 - 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/2009-27.htm 

March 20, 2009 - Comptroller of the Currency Testifies on Enforcement Authority - Comptroller of the Currency John C. Dugan testified today on the OCC's supervisory and enforcement authority before the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2009-26.htm 

March 20, 2009 - OCC Deputy Comptroller for Community Affairs Addresses the United States Commission on Civil Rights - Deputy Comptroller for Community Affairs Barry R. Wides today provided a statement at the public briefing of the United States Commission on Civil Rights. Mr. Wides spoke about Community Reinvestment Act-related lending in relation to subprime mortgage originations. www.occ.treas.gov/ftp/release/2009-25.htm

March 20, 2009 - With government deficits and debt at record highs, the long-term fiscal outlook for the U.S. requires serious attention. The fix is most likely going to have to start with fundamental reforms of entitlement programs. www.stlouisfed.org/news/releases/2009/03_20_09.html 

March 20, 2009 - FDIC Releases Updated Industry Earnings Results for the Fourth Quarter of 2008 Amended Financial Reports Indicate Larger Quarterly Loss for the Industry - The Federal Deposit Insurance Corporation announced the release of a revised Quarterly Banking Profile for the fourth quarter of 2008, citing significant amendments that were received shortly after the issue's original release on February 26. Updated results reflect substantially higher charges for goodwill impairment in the fourth quarter, which affected the industry's aggregate net income and total equity capital. www.fdic.gov/news/news/press/2009/pr09043.html 

March 20, 2009 - FDIC Closes Sale of Indymac Federal Bank, Pasadena, California - The Federal Deposit Insurance Corporation has completed the sale of IndyMac Federal Bank FSB, Pasadena, California, to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings bank organized by IMB HoldCo LLC. OneWest will assume all deposits of IndyMac Federal. IMB HoldCo signed a letter of intent with the FDIC on December 31, 2008, to purchase IndyMac Federal. www.fdic.gov/news/news/press/2009/pr09042.html 

March 20, 2009 - Chairman Ben S. Bernanke - The Financial Crisis and Community Banking - At the Independent Community Bankers of America's National Convention and Techworld, Phoenix, Arizona.  www.federalreserve.gov/newsevents/speech/bernanke20090320a.htm 

March 20, 2009 - Governor Elizabeth A. Duke - Enforcement of financial consumer protection laws - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. http://www.federalreserve.gov/newsevents/testimony/duke20090320a.htm 

March 19, 2009 - The Federal Reserve Board announced Friday that it will publish the annual revision to the G.17 statistical release, Industrial Production and Capacity Utilization, on Friday, March 27 at 2 p.m. EDT. www.federalreserve.gov/newsevents/press/other/20090320a.htm 

March 19, 2009 - The Federal Reserve Board on Friday announced the execution of a Written Agreement by and among Thunder Bancorp, Inc., a registered bank holding company, Thunder Bank, a state chartered member bank, both of Sylvan Grove, Kansas, and the Federal Reserve Bank of Kansas City. www.federalreserve.gov/newsevents/press/enforcement/20090320a.htm
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March 20, 2009 - OCC Enforcement Actions - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. http://www.occ.treas.gov/ftp/release/2009-27.htm

March 19, 2009 - FDIC Closes Sale of Indymac Federal Bank, Pasadena, California - The Federal Deposit Insurance Corporation (FDIC) has completed the sale of IndyMac Federal Bank FSB, Pasadena, California, to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings bank organized by IMB HoldCo LLC. OneWest will assume all deposits of IndyMac Federal. IMB HoldCo signed a letter of intent with the FDIC on December 31, 2008, to purchase IndyMac Federal. http://www.fdic.gov/news/news/press/2009/pr09042.html

March 19, 2009 - Comptroller of the Currency Testifies on Financial Regulatory Reform - Comptroller of the Currency John C. Dugan testified today on reforming the country's financial regulatory system before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.treas.gov/ftp/release/2009-24.htm 

March 19, 2009 - Community Colleges: A Route of Upward Economic Mobility - Results from a new report from the Federal Reserve Bank of St. Louis reveal the unique role that community colleges play in our higher education system and their impact on the earnings of those who attend them. Presenting her findings is St. Louis Fed economist Natalia Kolesnikova. www.stlouisfed.org/news/releases/2009/03_19_09.html 

March 19, 2009 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Protections for users of credit cards and overdraft services - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee of Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/braunstein20090319a.htm 

March 19, 2009 - Governor Daniel K. Tarullo - Modernizing bank supervision and regulation - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20090319a.htm 

March 19, 2009 - Board announces that the set of eligible collateral for loans extended by the Term Asset-Backed Loan Facility is being expanded to include four additional categories of asset-backed securities.  www.federalreserve.gov/newsevents/press/monetary/20090319a.htm 

March 19, 2009 - National Credit Union Administration Associate General Counsel Sheila Albin testified today before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit addressing legislation designed to aid consumers: "H.R. 627, the Credit Cardholders' Bill of Rights Act of 2009; and H.R 1456, the Consumer Overdraft Protection Fair Practices Act of 2009. www.ncua.gov/news/press_releases/2009/MR09-0319a.htm 

March 19, 2009 - National Credit Union Administration Executive Director David M. Marquis testified today before the Senate Banking, Housing, and Urban Affairs Committee on deposit insurance issues - making $250,000 insurance protection permanent; extending NCUSIF replenishment to 5 years; increasing the NCUSIF borrowing authority; and providing systemic risk authority to NCUA. www.ncua.gov/news/press_releases/2009/MR09-0319.htm 

March 19, 2009 - NCUA - The National Credit Union Administration Chairman Michael E. Fryzel today underscored the public policy benefits of a distinct federal credit union regulatory and insurance entity in testimony before the Senate Banking Committee while calling for an improved federal regulatory standard setting authority. www.ncua.gov/news/press_releases/2009/MA09-0319.htm 

March 18, 2009 - Midwest Manufacturing Output Declines in January - Chicago Fed Midwest Manufacturing Index declined 5.9% in January, to a seasonally adjusted level of 85.6. www.chicagofed.org/economic_research_and_data/cfmmi.cfm 

March 18, 2009 - NCUA - Registration Now Open for 75th Anniversary Symposium in Washington D.C. - National Credit Union Administration Board Member Gigi Hyland announced that registration is now open for the Symposium marking the 75th Anniversary of the Federal Credit Union Act. The program will be held June 9 and 10, 2009, at the Hyatt Regency Washington D.C. on Capitol Hill. www.ncua.gov/news/press_releases/2009/MA09-0318.htm 

March 18, 2009 - NCUA - Former NCUA Chairman Edgar F. Callahan Passes Away - Former National Credit Union Administration Chairman Edgar F. Callahan passed away today in Sacramento, California, following a long illness. www.ncua.gov/news/press_releases/2009/MR09-0318b.htm 

March 18, 2009 - OCC Senior Deputy Comptroller and Chief National Bank Examiner Testifies on Risk Management - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner Timothy W. Long testified today about risk management before the Subcommittee on Securities, Insurance, and Investment of the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.treas.gov/ftp/release/2009-23.htm 

March 18, 2009 - Ada M. Healey Appointed to Seattle Branch Federal Reserve Board - The Board of Governors of the Federal Reserve System has appointed Ada M. Healey, vice president, Real Estate, for Vulcan Inc., to serve on the board of directors of the Federal Reserve Bank of San Francisco, Seattle Branch. The appointment is effective immediately. www.frbsf.org/news/releases/2009/0318.html 

March 18, 2009 - March Burgundy Book Shows Mixed Results in the Little Rock Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Arkansas region, is now available. www.stlouisfed.org/news/releases/2009/03_18_09LR.html 

March 18, 2009 - March Burgundy Book Shows Continued Weakening in the Louisville Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Louisville region, is now available. The Louisville region covers 64 counties in western Kentucky and 24 counties in southern Indiana. www.stlouisfed.org/news/releases/2009/03_18_09Lv.html

March 18, 2009 - March Burgundy Book Shows Continued Weakening in the Memphis Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the Memphis region, is now available. The Memphis region covers 21 counties in western Tennessee and 39 counties in northern Mississippi. www.stlouisfed.org/news/releases/2009/03_18_09Mem.html 

March 18, 2009 - March Burgundy Book Shows Continued Weakening in the St. Louis Regional Economy - The March edition of the Burgundy Book, the Federal Reserve Bank of St. Louis' quarterly summary of detailed economic information and data for the St. Louis region, is now available. The St. Louis region covers 71 counties in eastern Missouri and 45 counties in southern Illinois. www.stlouisfed.org/news/releases/2009/03_18_09Stl.html

March 18, 2009 - Results from a new report from the Federal Reserve Bank of St. Louis reveal the unique role that community colleges play in our higher education system and their impact on the earnings of those who attend them. Presenting her findings is St. Louis Fed economist Natalia Kolesnikova. www.stlouisfed.org/news/releases/2009/03_18_09.html 

March 18, 2009 - Extension of Temporary Liquidity Guarantee Program - On March 17, 2009, the FDIC adopted an interim rule that extends the debt guarantee component of the Temporary Liquidity Guarantee Program and imposes surcharges on existing rates for certain debt issuances. www.fdic.gov/news/news/financial/2009/fil09014.html 

March 18, 2009 - Term Auction Facility - Auction Schedule, Second Quarter 2009.  www.federalreserve.gov/monetarypolicy/tafschedule.htm 

March 18, 2009 - Roger T. Cole, Director, Division of Banking Supervision and Regulation - Risk management in the banking industry Before the Subcommittee on Securities, Insurance, and Investment, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/cole20090318a.htm 

March 18, 2009 - Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. www.federalreserve.gov/newsevents/press/monetary/20090318a.htm 

March 18, 2009 - The Federal Reserve Board on Wednesday announced the execution of a Written Agreement by and between FNB Holding Company, West Des Moines, Iowa, a registered bank holding company, and the Federal Reserve Bank of Chicago. www.federalreserve.gov/newsevents/press/enforcement/20090318a.htm 

March 17, 2009 - Federal Reserve Bulletin: Legal Developments - Fourth Quarter, 2008.  www.federalreserve.gov/pubs/bulletin/2009/pdf/legalq408.pdf 

March 17, 2009 - Community Colleges: A Route of Upward Economic Mobility Report finds both benefits and drawbacks to a community college education - Community colleges play an important role in U.S. education system, a report out today finds. Whether it is displaced workers looking to upgrade their skills or first-time students realizing the value of increasing their employment options, community colleges are essential in helping to absorb the increasing number of students. www.stlouisfed.org/news/releases/2009/03_17_09.html 

March 17, 2009 - FDIC Extends the Debt Guarantee Component of Its Temporary Liquidity Guarantee Program - The Board of Directors of the Federal Deposit Insurance Corporation today voted to extend the debt guarantee portion of the Temporary Liquidity Guarantee Program from June 30, 2009 through October 31, 2009, and to impose a surcharge on debt issued with a maturity of one-year or more beginning in the second quarter to gradually phase-out the program. www.fdic.gov/news/news/press/2009/pr09041.html 

March 17, 2009 - FDIC Commends the International Association of Deposit Insurers and Basel Committee on Issuance of Core Principles - The Federal Deposit Insurance Corporation today issued support for the work of the Basel Committee on Banking and Supervision and the International Association of Deposit Insurers on issuing the Core Principles for Effective Deposit Insurance Systems for public consultation. www.fdic.gov/news/news/press/2009/pr09040.html 

March 17, 2009 - Statistical Release - E.2 Survey of Terms of Business Lending.  www.federalreserve.gov/releases/e2/current/default.htm 

March 17, 2009 - Legal Developments - Section 19 Letters, January 9, 15, and February 3, 2009.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2009.htm#4560 

March 17, 2009 - 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 17, 2009 - The Federal Reserve Board on Tuesday announced the adoption of a final rule that delays until March 31, 2011, the effective date of new limits on the inclusion of trust preferred securities and other restricted core capital elements in tier 1 capital of bank holding companies. This action is being taken in light of continued stress in financial markets and the efforts of BHCs to increase their overall capital levels. www.federalreserve.gov/newsevents/press/bcreg/20090317a.htm 

March 17, 2009 - The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Omni Financial Services, Inc., Atlanta, Georgia, a registered bank holding company, and the Federal Reserve Bank of Atlanta. www.federalreserve.gov/newsevents/press/enforcement/20090317b.htm 

March 17, 2009 - The Federal Reserve Board and the New York State Banking Department on Tuesday announced the execution of a Written Agreement by and among Société Générale, Paris, France; 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/newsevents/press/enforcement/20090317a.htm 

March 16, 2009 - NCUA Provides Informational Letter for Credit Union Members - The National Credit Union Administration is providing the attached letter explaining details of recent actions taken to stabilize the corporate credit union system. The communication, intended for use by credit unions with their members, also explains how stabilization efforts may affect federally insured credit unions. www.ncua.gov/news/press_releases/2009/MR09-0316.htm 

March 16, 2009 - OTS Announces Plan to Realign Regions and Enhance Large Bank Supervision - The Office of Thrift Supervision announced plans today to realign its regional structure and enhance supervision of the largest thrifts to balance staff resources geographically, achieve greater operating efficiencies and support regulatory consistency across regions. www.ots.treas.gov/?p=PressReleases&ContentRecord_id=105f8398-1e0b-8562-eb18-ca8523e0a92d&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 

March 16, 2009 - FDIC Appoints Paul M. Nash as Deputy to the Chairman for External Affairs - The Federal Deposit Insurance Corporation today announced the appointment of Paul M. Nash as Deputy to the Chairman for External Affairs, a new senior position. Mr. Nash will report directly to FDIC Chairman Sheila Bair and will oversee the operations of the agency's Office of Legislative Affairs and Office of the Ombudsman. www.fdic.gov/news/news/press/2009/pr09039.html 

March 16, 2009 - Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007 - Arthur B. Kennickell - Much discussion treats the working definitions of wealth and income as if they were self-evident, but definitional choices can make substantial differences in the overall picture. To provide a clear basis on which to examine family wealth and income their interrelationship, this paper begins with a basic discussion of a range of possible measures of those concepts. www.federalreserve.gov/pubs/feds/2009/200913/index.html 

March 16, 2009 - Banking Structure - Financial Holding Companies - Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. The list includes only the top-tier company in each organization. www.federalreserve.gov/generalinfo/fhc/ 

March 16, 2009 - Statistical Release - G.17 Industrial Production - Industrial production fell 1.4 percent in February; the overall index has now declined for 4 consecutive months and for 10 of the past 12 months. At 99.7 percent of its 2002 average, output in February was 11.2 percent below its year-earlier level and was the lowest level since April 2002. Production in the manufacturing sector moved down 0.7 percent, with broad-based declines among its components. www.federalreserve.gov/releases/g17/Current/  
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March 12, 2009 - OCC Deputy Comptroller Testifies on Mark-to-Market Accounting - Deputy Comptroller for Regulatory Policy Kevin J. Bailey testified today about the use of mark-to-market accounting before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the House Committee on Financial Services. www.occ.treas.gov/ftp/release/2009-22.htm 

March 12, 2009 - Midwest in Recession: Then and Now - In a recent blog posting, William Testa compares differing perspectives of the recession in the Midwest. http://midwest.chicagofedblogs.org/archives/2009/03/regional_payrol.html 

March 12, 2009 - Statistical Release - Z.1 Flow of Funds.  www.federalreserve.gov/releases/z1/current/ 

March 11, 2009 - NCUA - National Credit Union Administration Chairman Michael E. Fryzel addressed this week's annual NCUA/NASCUS National Regulators Conference in Chicago, Ill, March 9, 2009. www.ncua.gov/news/press_releases/2009/MA09-0311.htm 

March 11, 2009 - Comptroller of the Currency Hosts Community Bank Directors Workshops in Point Clear, Alabama - The Office of the Comptroller of the Currency will host workshops for national community bank directors in Point Clear, Alabama, at the Grand Hotel Marriott, April 7-8, 2009. www.occ.treas.gov/ftp/release/2009-21.htm 

March 11, 2009 - Interest on Required Reserve Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances--balances held at Reserve Banks to satisfy reserve requirements--and on excess balances--balances held in excess of required reserve balances and contractual clearing balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.  http://www.federalreserve.gov/monetarypolicy/reqresbalances.htm   

March 11, 2009 - The FDIC Issues Tips to Help Consumers Manage Their Money in Good Times and Bad - Timely Strategies in a Difficult Economy - The Federal Deposit Insurance Corporation today issued tips to help consumers spend less, save more, protect against fraud and borrow wisely at any time, but especially during a difficult economy. The advice was published as a special edition of the FDIC Consumer Newsentitled "Managing Your Money in Good Times and Bad." www.fdic.gov/news/news/press/2009/pr09038.html 

March 11, 2009 - Sandra F. Braunstein, Director, Division of Consumer and Community Affairs - Mortgage lending reform - Before the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/braunstein20090311a.htm 

March 11, 2009 - The Federal Reserve Board on Wednesday proposed amendments to Regulation Z that would revise the disclosure requirements for private education loans. www.federalreserve.gov/newsevents/press/bcreg/20090311a.htm 

March 11, 2009 - The Federal Reserve Board on Wednesday released the minutes of its meetings from July 13 through December 16, 2008, concerning Federal Reserve liquidity facilities and other matters related to the financial turmoil of the period. www.federalreserve.gov/newsevents/press/monetary/20090311a.htm 

March 10, 2009 - NCUA Releases PricewaterhouseCoopers Corporate CU Report Summary.  www.ncua.gov/news/press_releases/2009/MA09-0310.htm 

March 10, 2009 - OCC Focuses on Stabilizing Communities Affected by Foreclosures - The Office of the Comptroller of the Currency today published a Community Developments Insights report that describes how banks and their partners in the community are working to dispose of foreclosed properties in creative ways that will preserve affordable housing opportunities and stabilize communities. www.occ.treas.gov/ftp/release/2009-20.htm 

March 10, 2009 - Results from a new report from the Federal Reserve Bank of St. Louis reveal the unique role that community colleges play in our higher education system and their impact on the earnings of those who attend them. Presenting her findings is St. Louis Fed economist Natalia Kolesnikova. www.stlouisfed.org/news/releases/2009/03_10_09.html 

March 10, 2009 - Currency Crashes in Industrial Countries: Much Ado About Nothing? - Joseph E. Gagnon - Sharp exchange rate depreciations, or currency crashes, are associated with poor economic outcomes in industrial countries only when they are caused by inflationary macroeconomic policies. Moreover, the poor outcomes are attributable to inflationary policies in general and not the currency crashes in particular. On the other hand, crashes caused by rising unemployment or external deficits have always had good economic consequences with stable or falling inflation rates. www.federalreserve.gov/pubs/ifdp/2009/966/ifdp966.htm 

March 10, 2009 - Tax Smoothing in Frictional Labor Markets - David M. Arseneau and Sanjay K. Chugh - We re-examine the optimality of tax smoothing from the point of view of frictional labor markets. Our central result is that whether or not this cornerstone optimal fiscal policy prescription carries over to an environment with labor market frictions depends crucially on the cyclical nature of labor force participation. If the participation rate is exogenous at business-cycle frequencies -- as is typically assumed in the literature -- we show it is not optimal to smooth tax rates on labor income in the face of business-cycle shocks. www.federalreserve.gov/pubs/ifdp/2009/965/ifdp965.htm 

March 10, 2009 - Chairman Ben S. Bernanke - Financial Reform to Address Systemic Risk - At the Council on Foreign Relations, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm 

March 10, 2009 - On March 9, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: www.federalreserve.gov/newsevents/press/monetary/20090310b.htm 

March 9, 2009 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by Southern BancShares, Inc., Mount Olive, to acquire up to 9.9 percent of the outstanding voting shares of ECB Bancorp, Inc. and indirectly acquire shares in its subsidiary bank, The East Carolina Bank, both of Engelhard, all of North Carolina. www.federalreserve.gov/newsevents/press/orders/20090309a.htm 

March 9, 2009 - Senior Supervisors Group Issues Report on Management of Recent Credit Default Swap Credit Events - Senior financial supervisors from seven countries today issued a report that assesses how firms manage their credit default swap activities related to the settlement of credit derivatives transactions terminated by the occurrence of a credit event.
Press Release: www.newyorkfed.org/newsevents/news/banking/2009/ma090309.html 
Press Release: http://www.occ.treas.gov/ftp/release/2009-19.htm 

March 9, 2009 - The Federal Reserve Board announced Monday that the Consumer Advisory Council will hold its next meeting on Thursday, March 26. The meeting will take place in Dining Room E, Terrace Level, in the Board's Martin Building. The session will begin at 9:00 a.m. and is open to the public. www.federalreserve.gov/newsevents/press/other/20090309a.htm 

March 9, 2009 - On March 9, 2009, the Federal Reserve will offer $150 billion in 28-day credit through its Term Auction Facility. Additional information regarding the auction is listed below; the auction will be conducted as specified in this announcement, Regulation A, and the terms and conditions of the Term Auction Facility www.federalreserve.gov/newsevents/press/monetary/20090309a.htm

March 9, 2009 - The Federal Reserve Board on Monday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against East Dubuque Savings Bank, East Dubuque, Illinois, a state member bank. East Dubuque Savings Bank, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. www.federalreserve.gov/newsevents/press/enforcement/20090309b.htm 

March 9, 2009 - The Federal Reserve Board on Monday announced the execution of a Written Agreement by and among SolutionsBank Corporation, a registered bank holding company, SolutionsBank, a state chartered member bank, both of Overland Park, Kansas, the Federal Reserve Bank of Kansas City, and the Kansas Office of State Bank Commissioner. www.federalreserve.gov/newsevents/press/enforcement/20090309a.htm 

March 7, 2009 - Chairman Ben S. Bernanke - Brief Remarks - At the Interstate Interchange Dedication Ceremony, Dillon, South Carolina.   www.federalreserve.gov/newsevents/speech/bernanke20090307a.htm 

March 6, 2009 - Northeast Georgia Bank, Lavonia, Georgia, Acquires All of the Deposits of Freedom Bank of Georgia, Commerce, Georgia - Freedom Bank of Georgia, Commerce, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northeast Georgia Bank, Lavonia, Georgia, to assume all of the deposits of Freedom Bank of Georgia. www.fdic.gov/news/news/press/2009/pr09037.html 

March 6, 2009 - The OCC authorized a national bank to become a clearing member of ICE Trust, a clearinghouse for over-the-counter credit default swaps, with examiner in charge written approval. Other national banks may rely on the letter to become clearing members of ICE Trust, but must obtain prior written EIC approval. www.occ.treas.gov/interp/mar09/int1113.pdf 

March 6, 2009 - Subprime Mortgages Didn't Necessarily Lead to More Homeowners: St. Louis Fed Analysis - Proponents of subprime mortgages argued that this type of financing could encourage homeownership for people who otherwise couldn't afford to buy a house, but a recent analysis from the Federal Reserve Bank of St. Louis suggests that the number of subprime mortgage loans terminated between 2001 and 2006 outweighed the number of estimated first-time homebuyers who sought subprime mortgages. www.stlouisfed.org/news/releases/2009/03_05_09.html 

March 6, 2009 - Statistical Release - G.19 Consumer Credit - Consumer credit increased at an annual rate of 3/4 percent in January 2009. Revolving credit increased at an annual rate of 1-1/4 percent, and nonrevolving credit increased at an annual rate of 1/2 percent. www.federalreserve.gov/releases/g19/Current/ 
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March 5, 2009 - 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 . The list covers evaluation ratings that the FDIC assigned to institutions in December 2008. www.fdic.gov/news/news/press/2009/pr09036.html 

March 5, 2009 - Vice Chairman Donald L. Kohn - American International Group - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/kohn20090305a.htm 

March 5, 2009 - Reports of mortgage foreclosure scams are on the rise. Knowing what to watch for and where to turn for help is vital for families who are struggling to remain in their homes. March 1 to 9 is National Consumer Protection Week, and the Federal Reserve Board has compiled some tips to help protect consumers from becoming victims of foreclosure avoidance scams. www.federalreserve.gov/newsevents/press/other/20090305a.htm 

March 4, 2009 - Relief for Responsible Homeowners One Step Closer Under New Treasury Guidelines With Detailed Program Requirements, Servicers Can Now Begin "Making Home Affordable" Loan Modifications. www.financialstability.gov/makinghomeaffordable/ 

March 4, 2009 - Federal Reserve Releases March Beige Book and Related Sound Clips - ST. LOUIS - Audio highlights of the Federal Reserve's Beige Book, which summarize economic conditions for the United States as a whole and the Fed's Eighth District, are available for downloading. www.stlouisfed.org/news/releases/2009/03_04_09.html 

March 4, 2009 - Federal Financial Regulatory Agencies Issue Statement In Support of the "Making Home Affordable" Loan Modification Program - The federal bank, thrift, and credit union regulatory agencies encourage all federally regulated financial institutions that service or hold residential mortgage loans to participate in the "Making Home Affordable" loan modification program. Guidelines for the program were announced today by the Treasury Department.
Press Release: www.fdic.gov/news/news/press/2009/pr09035.html 
Press Release: www.occ.treas.gov/ftp/release/2009-18.htm 
Press Release: www.federalreserve.gov/newsevents/press/orders/20090304a.htm 
Press Release: www.ots.treas.gov/?p=PressReleases&ContentRecord_id=d1c375a6-1e0b-8562-eb82-1af690753f6c&ContentType_id=4c12f337-b5b6-4c87-b45c-838958422bf3 
Press Release: www.ncua.gov/news/press_releases/2009/JR09-0304.pdf 

March 4, 2009 - FDIC Highlights Money Management Tools During National Consumer Protection Week - Having the right tools is critical to completing any task. This is true for consumers trying to manage their money and is particularly important during a difficult economy. "Accurate and reliable information is essential to helping consumers protect their savings, avoid fraud, and make informed financial decisions," said Sandra L. Thompson, Director of the FDIC's Division of Supervision and Consumer Protection. www.fdic.gov/news/news/press/2009/pr09034.html 

March 4, 2009 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2009/default.htm 

March 4, 2009 - The Federal Reserve Board on Wednesday announced its approval of the application by ICE US Trust LLC, New York, New York, to become a member of the Federal Reserve System. ICE Trust intends to provide central counterparty services for certain credit default swap contracts. www.federalreserve.gov/newsevents/press/orders/20090304a.htm 

March 3, 2009 - St. Louis Fed's Analysis: Will the Expansion of the Monetary Base Lead to Inflation? - The U.S. monetary base (the sum of currency in circulation and bank deposits at the Federal Reserve Banks) more than doubled in size in the last several months because of the Fed's unconventional responses to the financial crisis, including the purchase of private debt and billions of dollars in short-term loans. www.stlouisfed.org/news/releases/2009/03_03_09.html

March 3, 2009 - OCC Announces New Electronic Interpretations and Actions - February 2009.  www.occ.treas.gov/interp/feb09/intfeb09.htm 

March 3, 2009 - OCC Issues Second Quarter 2009 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 2009. www.occ.treas.gov/ftp/release/2009-17.htm 

March 3, 2009 - The Use of Volatile or Special Funding Sources by Financial Institutions That are in a Weakened Condition - Directors and officers of financial institutions are responsible for overseeing their institutions' operations in a safe and sound manner. For an institution that is in a weakened financial condition, it is even more critical that management administer the institution in such a way to stabilize the risk profile and strengthen the financial condition. Institutions rated 3, 4 or 5 are expected to limit balance sheet growth and take actions to improve their risk profile while they work to remedy their problems. Institutions rated 3, 4 or 5 that engage in material growth strategies, especially those that are funded with volatile liabilities or temporarily expanded FDIC insurance or liability guarantees pose a significant risk to the deposit insurance fund and will be subject to heightened supervisory review and enforcement. www.fdic.gov/news/news/financial/2009/fil09013.html 

March 3, 2009 - Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions Executed an Information-Sharing Agreement - The Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions executed an information-sharing agreement allowing for the exchange of information relating to Money Services Businesses supervision. This agreement will provide for a formal information-sharing process and is designed to enhance the ongoing working relationship between the two authorities. www.fdic.gov/news/news/press/2009/pr09033.html 

March 3, 2009 - Chairman Ben S. Bernanke - Current economic and financial conditions and the federal budget - Before the Committee on the Budget, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20090303a.htm 

March 3, 2009 - In carrying out the Financial Stability Plan, the Department of the Treasury and the Federal Reserve Board are announcing the launch of the Term Asset-Backed Securities Loan Facility, a component of the Consumer and Business Lending Initiative. The TALF has the potential to generate up to $1 trillion of lending for businesses and households. www.federalreserve.gov/newsevents/press/monetary/20090303a.htm 

March 2, 2009 - NCUA - Voluntary Corporate Guarantee Program Participants Announced - The National Credit Union Administration's Voluntary Temporary Corporate Credit Union Share Program began March 1, 2009. Only those corporates listed below are participating in the voluntary guarantee program. The TCCUGSP was approved by the NCUA Board January 28, 2009 and consisted of a temporary guarantee by the National Credit Union Share Insurance Fund of all shares (excluding paid-in-capital and membership capital accounts) at all corporate credit unions. The voluntary guarantee is effective March 1, 2009, expires December 31, 2010 and only encompasses participating corporates. www.ncua.gov/news/press_releases/2009/MR09-0302.htm 

March 2, 2009 - Comptroller Dugan Urges Less Pro-Cyclical Approach to Reserves - Comptroller of the Currency John C. Dugan said today that the current approach to determining the loan loss provision forces banks to build reserves when it is most difficult, and urged a more counter-cyclical approach that would allow provisions to be made earlier in the credit cycle, when times are good. www.occ.treas.gov/ftp/release/2009-16.htm 

March 2, 2009 - Deposit Insurance Assessments - Final Rule on Assessments; Amended FDIC Restoration Plan; Interim Rule on Emergency Special Assessment - On February 27, 2009, the FDIC: (1) adopted a final rule modifying the risk-based assessment system and setting initial base assessment rates beginning April 1, 2009, at 12 to 45 basis points; (2) due to extraordinary circumstances, extended the period of the Restoration Plan to seven years; and (3) adopted an interim rule with request for comments imposing an emergency 20 basis point special assessment on June 30, 2009, which will be collected on September 30, 2009, and allowing the Board to impose possible additional special assessments of up to 10 basis points thereafter to maintain public confidence in the Deposit Insurance Fund. www.fdic.gov/news/news/financial/2009/fil09012.html 

March 2, 2009 - Modification of Temporary Liquidity Guarantee - Program Interim Final Rule on Mandatory Convertible Debt Under the TLGP - On February 27, 2009, the FDIC adopted an interim rule that allows entities participating in the debt guarantee portion of the Temporary Liquidity Guarantee Program to issue certain mandatory convertible debt. No FDIC-guaranteed MCD may be issued without the FDIC's prior written approval. www.fdic.gov/news/news/financial/2009/fil09011.html 

March 2, 2009 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In February 2009 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/ www.federalreserve.gov/releases/g5/current/ 

March 2, 2009 - U.S. Treasury and Federal Reserve Board Announce Participation in AIG Restructuring Plan - The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government's assistance to AIG in order to stabilize this systemically important company in a manner that best protects the U.S. taxpayer. Specifically, the government's restructuring is designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program.  www.federalreserve.gov/newsevents/press/other/20090302a.htm