Bank Regulatory Agencies

Bank Regulatory News

May 2005

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May 31, 2005 - Chicago Fed Letter reports on U.S. Housing Market and asks: Is There a Bubble? www.chicagofed.org/publications/fedletter/cfljuly2005_216.pdf

May 31, 2005 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. www.federalreserve.gov/generalinfo/fhc/default.htm

May 31, 2005 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from April 4 through May 3, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20050531/default.htm

May 31, 2005 - Executives Named To Federal Reserve Bank Of Kansas City's Advisory Council - The Federal Reserve Bank of Kansas City has named two new members to its Tenth District Economic Advisory Council. www.kc.frb.org/pubaffrs/pressrel/pr05-11.htm

May 31, 2005 - FDIC Issues Third Quarter 2005 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the third quarter of 2005. www.fdic.gov/news/news/press/2005/pr4805.html

May 27, 2005 - OCC Releases 3rd Quarter Edition of Quarterly Journal on the Web - The December 2004 issue of the Quarterly Journal, Vol. 23, No. 4, is now available on-line. This issue contains the condition and performance of commercial banks press briefing; as well as recent licensing decisions; links to speeches, testimony, interpretive letters; mergers; and financial performance data. http://www.occ.treas.gov/qj/qj.htm

May 27, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Asset Prices and Monetary Liquidity To the Seventh Deutsche Bundesbank Spring Conference, Berlin, Germany. www.federalreserve.gov/boarddocs/speeches/2005/20050527/default.htm

May 27, 2005 - Acting Comptroller Williams Tells Community Bankers OCC Working Hard to Make Regulation More Efficient and Less Burdensome - Acting Comptroller of the Currency Julie L. Williams said today that the OCC knows, from its supervisory experience, about the burden of regulation shouldered by community banks and is working in Washington to do something about it.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=KLXF0OER.xml
Attachment: www.occ.treas.gov/ftp/release/2005-53a.pdf

May 26, 2005 - NCUA General Counsel Opinion 05-0235 - Loans to County Sheriffs Office. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0235R.pdf
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May 26, 2005 - Chicago Fed Midwest Manufacturing Index - The Chicago Fed Midwest Manufacturing Index is a monthly estimate by major industry of manufacturing output in the Seventh Federal Reserve District states of lllinois, Indiana, Iowa, Michigan, and Wisconsin. It is a composite index of 15 manufacturing industries that uses electrical power and hours worked data to measure monthly changes in regional activity. www.chicagofed.org/economic_research_and_data/cfmmi.cfm

May 26, 2005 - NCUA - The June issue of NCUA News is available. www.ncua.gov/news/newsletter/NCUA/05June.pdf

May 26, 2005 - NCUA Encourages Capital Reform at Financial Symposium - David M. Marquis, Director of NCUA's Office of Examination and Insurance, covered key aspects of NCUA's Prompt Corrective Action proposal for reform today in Washington during the Women in Housing and Finance's symposium on Capital Issues for Financial Institutions. www.ncua.gov/news/press_releases/2005/NR05-0526-2.htm

May 26, 2005 - National Credit Union Administration Issues Prohibition Orders. www.ncua.gov/news/press_releases/2005/NR05-0526.htm

May 26, 2005 - Governor Susan Schmidt Bies -Capital and Risk Management At the Women in Housing and Finance Spring Symposium, Capital Issues for Financial Institutions, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/200505262/default.htm

May 26, 2005 - NCUA - The May 2005 Semiannual Regulatory Agenda is available.   www.ncua.gov/RegulationsOpinionsLaws/rules_and_regs/rules_and_regs.html

May 26, 2005 - NCUA - Small Credit Union Initiatives Workshop in East Elmhurst, NY on June 25, 2005. www.ncua.gov/CreditUnionDevelopment/SCUP/R1/R1Events.htm

May 26, 2005 - Banks and Thrifts Report Record Earnings in First Quarter of 2005 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported net income of $34.3 billion for the first quarter of 2005, eclipsing the previous quarterly record of $32.4 billion set in the third quarter of 2004. www.fdic.gov/news/news/press/2005/pr4705.html

May 26, 2005 - Governor Edward M. Gramlich - The Politics of Inflation Targeting At the Euromoney Inflation Conference, Paris, France. www.federalreserve.gov/boarddocs/speeches/2005/20050526/default.htm

May 25, 2005 - Federal Reserve Banks Announce Changes to Increase Efficiency in Check Services - As part of their ongoing effort to respond to the significant shift away from the use of paper checks and toward the much greater use of electronic payments, the Federal Reserve Banks will discontinue check processing at the Federal Reserve Bank of New York's East Rutherford Operations Center. www.federalreserve.gov/boarddocs/press/other/2005/20050525/

May 25, 2005 - FDIC Reports First Quarter 2005 Financial Results for Bank and Thrift Insurance Funds - The Federal Deposit Insurance Corporation today announced that the Bank Insurance Fund increased modestly during the first quarter of 2005 (by approximately 0.1 percent) to $34.82 billion while the Savings Association Insurance Fund increased by $73 million (0.6 percent) to $12.8 billion. www.fdic.gov/news/news/press/2005/pr4605.html

May 24, 2005 - FRB Surveys and Reports - Concentration and Risk in the OTC Markets for U.S. Dollar Interest Rate Options. www.federalreserve.gov/BoardDocs/Surveys/default.htm#interest

May 24, 2005 - FRB Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks.   www.federalreserve.gov/Releases/ChargeOff/default.htm

May 24, 2005 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday, May 24, 2005, released the attached minutes of the Committee meeting held on May 3, 2005.
Press Release www.federalreserve.gov/boarddocs/press/monetary/2005/20050524/default.htm
Press Release www.federalreserve.gov/FOMC/MINUTES/20050503.htm

May 24, 2005 - Home Equity Lending Credit Risk Management Guidance - The federal bank, thrift and credit union regulatory agencies have jointly issued the attached guidance, which promotes sound risk management practices for home equity lines of credit and loans. www.fdic.gov/news/news/financial/2005/fil4505.html

May 23, 2005 - St. Louis Fed Promotes Garrett to Officer - The Federal Reserve Bank of St. Louis has promoted Thomas A. Garrett to an officer in the Research Division. Garrett joined the Reserve Bank in 2002 as a senior economist. http://www.stlouisfed.org/news/releases/2005/5_23_05.html

May 20, 2005 - Remarks by Chairman Alan Greenspan - Energy - Before the Economic Club of New York, New York, New York.   www.federalreserve.gov/BoardDocs/Speeches/2005/200505202/default.htm

May 20, 2005 - NCUA - Credit Unions Continue Strong Performance - The nation's federally insured credit unions are well capitalized with net worth near a 5-year high at 10.93 percent, according to first-quarter 2005 Call Report data submitted by the nation's 8,945 federally insured credit unions. www.ncua.gov/news/press_releases/2005/NR05-0520-3.htm

May 20, 2005 - Unauthorized Banking: Gulf International Bank Group and Gulf Aviation - Gulf International Bank Group, Bahrain and Dubai, and Gulf Aviation International, Ltd., Philadelphia, PA, are not affiliated with Gulf International Bank, B.S.C., Bahrain. Internet references that either entity is affiliated are false. www.occ.treas.gov/ftp/alert/2005-10.txt

May 20, 2005 - NCUA Chairman Urges Credit Unions To Manage Risks In Today's Growing Economy.   www.ncua.gov/news/press_releases/2005/NR05-0520-2.htm

May 20, 2005 - NCUA - Matz Encourages New York Credit Unions to Continue Putting "Principles Above Profits."   www.ncua.gov/news/press_releases/2005/NR05-0520.htm

May 20, 2005 - OCC Announces New Electronic Interpretations and Actions - May 2005. http://www.occ.treas.gov/interp/may05/intmay05.htm

May 20, 2005 - Governor Donald L. Kohn - Modeling Inflation: A Policymaker's Perspective To the International Research Forum on Monetary Policy Conference, Frankfurt am Main, Germany. www.federalreserve.gov/boarddocs/speeches/2005/20050520/default.htm

May 19, 2005 - The Federal Reserve Board on Thursday published final amendments to Regulation DD, which implements the Truth in Savings Act, and the regulation's official staff commentary to improve the uniformity and adequacy of information provided to consumers when they overdraw their deposit accounts. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050519/default.htm
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May 19, 2005 - NCUA - Proposed Regulation - Fidelity Bond and Insurance Coverage for Federal Credit Unions. www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/proposed_regs.html

May 19, 2005 - NCUA General Counsel Opinion 05-0514 - Member Business Loan. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0514.pdf

May 19, 2005 - Acting Comptroller of the Currency Julie L. Williams Issues Statement Responding to New York Attorney General - Acting Comptroller of the Currency Julie L. Williams issued the attached statement today in response to comments by New York Attorney General Eliot Spitzer.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=9YOXA9CW.xml
Attachment: www.occ.treas.gov/ftp/release/2005-52a.pdf

May 19, 2005 - The Federal Reserve Board on Thursday published final amendments to Regulation DD, which implements the Truth in Savings Act, and the regulation's official staff commentary to improve the uniformity and adequacy of information provided to consumers when they overdraw their deposit accounts. www.federalreserve.gov/BoardDocs/Press/bcreg/2005/20050519/default.htm

May 19, 2005 - From the Horse's Mouth: Gauging Conditional Expected Stock Returns from Investor Surveys - Gene Amromin and Steven A. Sharpe We use data obtained from a series of Michigan Surveys of Consumer Attitudes to study stock market beliefs and portfolio choices of individual investors. We find that expected returns over the medium- and long-term horizon appear to be extrapolated from past realized returns. www.federalreserve.gov/Pubs/FEDS/2005/200526/200526pap.pdf

May 19, 2005 - Prices, Production, and Inventories over the Automotive Model Year - Adam Copeland, Wendy Dunn, and George Hall This paper studies the within-model-year pricing and production of new automobiles. Using new monthly data on U.S. transaction prices, we document that for the typical new vehicle, prices typically fall over the model year at a 9.2 percent annual rate. www.federalreserve.gov/Pubs/FEDS/2005/200525/200525pap.pdf

May 19, 2005 - Gestation Lags for Capital, Cash Flows, and Tobins's Q - Jonathan N. Millar Investment models typically assume that capital becomes productive almost immediately after purchase and that there is no lead time needed to plan. In the case, marginal q is usually sufficient for investment. www.federalreserve.gov/Pubs/FEDS/2005/200524/200524pap.pdf

May 19, 2005 - Raising the Bar for Models of Turnover - Erwan Quintin and John J. Stevens It is well known that turnover rates fall with employee tenure and employer size. We document a new empirical fact about turnover: Among surviving employers, separation rates are positively related to industry-level exit rates, even after controlling for tenure and size. Specifically, in a dataset with over 13 million matched employee-employer observations for France, we find that, all else equal, a 1 percentage point increase in exit rates raises separation rates by 1/2 percentage point on average. www.federalreserve.gov/Pubs/FEDS/2005/200523/200523pap.pdf

May 19, 2005 - Growing Old Together: Firm Survival and Employee Turnover - Erwan Quintin and John J. Stevens Labor market outcomes such as turnover and earnings are correlated with employer characteristics, even after controlling for observable differences in worker characteristics. www.federalreserve.gov/Pubs/FEDS/2005/200522/200522pap.pdf

May 19, 2005 - Chicago Fed National Activity Index - The Chicago Fed National Activity Index is a monthly index designed to better gauge overall economic activity and inflationary pressure. www.chicagofed.org/economic_research_and_data/cfnai.cfm

May 19, 2005 - NCUA - Summary of actions taken at the May 19, 2005 NCUA Board Meeting www.ncua.gov/NCUABoard/board_reports/board_reports.html

May 19, 2005 - NCUA - USA PATRIOT Act Section 326: FAQs for Customer Identification Program. www.ncua.gov/reg_alerts/2005/05-RA-05.pdf

May 19, 2005 - The Federal Reserve in an Electronic World - Remarks by Governor Mark W. Olson At the 2005 Payments Conference, Federal Reserve Bank of Chicago, Chicago, Illinois May 19, 2005. www.federalreserve.gov/BoardDocs/Speeches/2005/200505193/default.htm

May 19, 2005 - Remarks by Governor Susan Schmidt Bies - At the Federal Reserve System's Conference on Implementing an Advanced Measurement Approach for Operational Risk, Boston, Massachusetts May 19, 2005. www.federalreserve.gov/BoardDocs/Speeches/2005/200505192/default.htm

May 19, 2005 - Remarks by Chairman Alan Greenspan Government-sponsored enterprises To the Conference on Housing, Mortgage Finance, and the Macroeconomy, Federal Reserve Bank of Atlanta, Atlanta, Georgia. www.federalreserve.gov/BoardDocs/Speeches/2005/20050519/default.htm

May 19, 2005 - The Federal Reserve Board, along with the other sponsoring organizations 1 of the International Journal of Central Banking, today announced the publication of the journal's first issue and the launch of a web site (www.ijcb.org) hosted by the Bank for International Settlements. www.federalreserve.gov/boarddocs/press/other/2005/20050519/

May 18, 2005 - Thrift Industry Maintains Strong Earnings And Capital In First Quarter 2005 - The nation's thrift industry enjoyed record levels of earnings and equity capital, together with strong profitability, loan growth and credit quality, during the first quarter of 2005, according to financial results released by the Office of Thrift Supervision today. www.ots.treas.gov/docs/7/77519.html

May 18, 2005 - NCUA - Testimony of Robert Fenner at Data Security Hearing. www.ncua.gov/news/speeches/2005/Fenner/DataSecurityHearingNCUATestimony.pdf

May 18, 2005 - The Federal Reserve Board on Wednesday requested public comment on alternative approaches to imputing a private-sector-like return on capital that would be considered in setting fees for certain payment services provided to depository institutions. www.federalreserve.gov/boarddocs/press/other/2005/20050518/default.htm

May 18, 2005 - Edward M. Gramlich submitted his resignation Wednesday as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2005. Gramlich, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. www.federalreserve.gov/boarddocs/press/other/2005/200505182/default.htm

May 17, 2005 - OCC Releases CRA Evaluations For 23 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 April 15, 2004 through May 14, 2005. www.occ.treas.gov/scripts/newsrelease.aspx?Doc=3ZAVNIMF.xml

May 17, 2005 - OCC Announces 18 Enforcement Actions - The Office of the Comptroller of the Currency today announced 18 new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks. www.occ.treas.gov/ftp/release/2005-50.htm

May 17, 2005 - Acting Comptroller of the Currency Julie L. Williams Tells Senate Banking Committee Credit Card Disclosures Can be Improved, Urges New Approach to Consumer Disclosures for Financial Products and Services - In testimony before the Senate Banking Committee today, acting Comptroller of the Currency Julie L. Williams told a Senate panel that disclosure is at the heart of consumer protection, that there has been much criticism of the state of credit card disclosures, and that there is room for improvement.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=T5J2Y30N.xml
Attachment: www.occ.treas.gov/ftp/release/2005-49a.pdf

May 17, 2005 - FDIC Consumer News Publishes a Special Guide to Money Management for Young Adults - The latest FDIC Consumer News (Spring 2005) is a special issue devoted to helping young adults, including those just beginning a career or family and others still in college or high school, learn the right ways to save and manage money right from the start. www.fdic.gov/news/news/press/2005/pr4505.html

May 17, 2005 - Industrial Production And Capacity Utilization - Industrial production fell 0.2 percent in April after an increase of 0.1 percent in March. Revisions altered the previously published pattern of output for January through March, but industrial output in the first quarter is still reported to have risen at an annual rate of 3.6 percent. In April, the output indexes for manufacturing and mining were unchanged, and the output of utilities dropped 2.3 percent. www.federalreserve.gov/releases/g17/current/default.htm

May 17, 2005 - Remarks by Governor Susan Schmidt Bies - At the Central Bank of the Republic of Turkey's International Conference on Financial Stability and Implications of Basel II, Istanbul, Turkey May 17, 2005 www.federalreserve.gov/boarddocs/speeches/2005/20050517/default.htm

May 17, 2005 - Testimony of Governor Edward M. Gramlich - Regulation Z Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate May 17, 2005. www.federalreserve.gov/boarddocs/testimony/2005/20050517/default.htm

May 16, 2005 - NCUA - Chairman Johnson Submits FY 2006 Testimony to Senate Appropriations Subcommittee. www.ncua.gov/news/speeches/2005/Johnson/May2005.pdf

May 16, 2005 - OCC Releases 2nd Quarter Edition of Quarterly Journal on the Web - The September 2004 issue of the Quarterly Journal, Vol. 23, No. 3 (for the 2nd quarter 2004), is now available on-line. This issue contains the condition and performance of commercial banks, as well as recent licensing decisions, appeals, special supervision and enforcement activities, speeches and testimony, interpretive letters, mergers, corporate structure and financial performance data. www.occ.treas.gov/qj/qj.htm

May 16, 2005 - Remarks by Governor Mark W. Olson - At the Annual Washington Briefing Conference of the Financial Women's Association, Washington, D.C. May 16, 2005 www.federalreserve.gov/boarddocs/speeches/2005/20050516/default.htm

May 16, 2005 - NCUA Unveils Enhanced Agency Web Communications Technology - In an effort to enhance the NCUA's website and accessibility of information, the NCUA has added a new method of distributing content from the web site (www.ncua.gov) for the general public. www.ncua.gov/news/press_releases/2005/NR05-0516-2.htm

May 16, 2005 - NCUA Chairman Urges Credit Unions To Enhance Due Diligence Of Third Party Vendors and Consumer Compliance - Enhanced due diligence by America's credit unions of all third party vendors and compliance should be a top safety and soundness priority, says National Credit Union Administration Board Chairman JoAnn Johnson. www.ncua.gov/news/press_releases/2005/NR05-0516.htm

May 16, 2005 - Agencies Issue Credit Risk Management Guidance for Home Equity Lending - The federal bank, thrift and credit union regulatory agencies today issued guidance that promotes sound risk management practices for home equity lines of credit and loans.
Press Release: www.fdic.gov/news/news/press/2005/pr4405.html
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?JNR=1&Doc=0LWFDL9W.xml
Attachment: www.occ.treas.gov/ftp/bulletin/2005-22a.pdf
Press Release: www.occ.treas.gov/ftp/bulletin/2005-22.txt
Press Release: www.ncua.gov/news/press_releases/2005/JR05-0516.pdf
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0511.htm
Press Release: www.ots.treas.gov/docs/7/77518.html
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0511.htm
Press Release: www.ncua.gov/letters/2005/CU/05-CU-07-encl.pdf

May 16, 2005 - FDIC Board Votes to Maintain Premium Rates for Banks and Thrifts - The Board of Directors of the Federal Deposit Insurance Corporation today voted to keep the assessment rates charged to insured banks and savings associations unchanged for the second half of 2005. www.fdic.gov/news/news/press/2005/pr4305.html

May 16, 2005 - Agencies Issue Credit Risk Management Guidance for Home Equity Lending - The federal bank, thrift, and credit union regulatory agencies today issued guidance that promotes sound risk management practices for home equity lines of credit and loans. www.federalreserve.gov/boarddocs/press/bcreg/2005/20050516/default.htm

May 16, 2005 - Remarks by Chairman Alan Greenspan - Commencement address At the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania May 15, 2005. www.federalreserve.gov/boarddocs/speeches/2005/20050515/default.htm

May 13, 2005 - Legal Interpretations - Letter stating that Board staff would not recommend that the Board initiate a control proceeding under the Bank Holding Company Act and Regulation Y. www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2000/20000801/

May 13, 2005 - The Federal Reserve Board on Friday announced the issuance of a Final Decision and Order of Prohibition against Donald K. McKinney, a former Vice President of American National Bank, Wichita Falls, Texas. www.federalreserve.gov/boarddocs/press/Enforcement/2005/20050513/default.htm
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May 12, 2005 - NCUA - Agenda for the May 19, 2005 NCUA Board meeting is available.   www.ncua.gov/NCUABoard/Calendars/board_calendar/ag05-0519.htm

May 12, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson Regarding Introduction of the Credit Union Regulatory Improvement Act.   www.ncua.gov/news/press_releases/2005/ST05-0511.htm

May 12, 2005 - Acting Comptroller Williams Tells Bankers Disclosures not Working for Consumers and Imposing Unnecessary Burdens, Calls for Re-Examination of Process of Developing Consumer Disclosures for Financial Products and Services.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=Z1J2IZ9.xml
Attachment: www.occ.treas.gov/ftp/release/2005-47a.pdf

May 12, 2005 - Remarks by Vice Chairman Roger W. Ferguson, Jr. - To the Association for Financial Professionals Global Corporate Treasurers Forum, San Francisco, California - Globalization: Evidence and Policy Implications.   www.federalreserve.gov/boarddocs/speeches/2005/20050512/default.htm

May 11, 2005 - Acting Comptroller of the Currency Julie L. Williams Testifies before House Subcommittees On Basel II Framework Issues - In testimony before two House subcommittess of the Committee of Financial Services, acting Comptroller of the Currency Julie L. Williams discussed the impact of the recent results of the fourth qualitative impact study on the implementation of the Basel II Framework and the bank regulatory agencies' commitment to modernize the current Basel I capital rules for those banks that will not be governed by the Basel II rules.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=R37IADZY.xml
Attachment: www.occ.treas.gov/ftp/release/2005-46a.pdf

May 11, 2005 - Trends in Inflation, Economic Growth, Price Stability Continue at FOMC Center Stage: St. Louis Fed's Poole.   www.stlouisfed.org/news/releases/2005/5_11_05.html

May 11, 2005 - FDIC Director Thomas Curry Testifies On Basel II Concerns - Federal Deposit Insurance Corporation Director Thomas Curry testified today before Congress regarding the FDIC's views on the implementation of Basel II in the United States. www.fdic.gov/news/news/press/2005/pr4205.html

May 11, 2005 - Governor Susan Schmidt Bies - The Basel II Accord and House Resolution 1226 Before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology and the Subcommittee on Financial Institutions and Consumer Credit, Committee on Financial Services, U.S. House of Representatives.   www.federalreserve.gov/boarddocs/testimony/2005/20050511/default.htm

May 10, 2005 - Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions and Certain Alternative Dispute Resolution Provisions in External Audit Engagement Letters: Request for Comments.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-21.txt
Attachment: www.occ.treas.gov/fr/fedregister/70fr24576.pdf

May 10, 2005 - Consumer Affairs Letter - Servicemembers Civil Relief Act of 2003, CA 05-3 - The purpose of this letter to remind organizations under Federal Reserve supervision of their obligations under the Servicemembers Civil Relief Act. The SCRA was signed into law on December 19, 2003, amending and replacing the Soldiers' and Sailors' Civil Relief Act of 1940. www.federalreserve.gov/boarddocs/caletters/2005/0503/caltr0503.htm

May 10, 2005 - Legal Interpretations - Letter to The Bank of New York Company, granting an exemption from section 23A of the Federal Reserve Act and Regulation W.   www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2005/20050505/default.htm

May 10, 2005 NCUA - Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions and Certain Alternative Dispute Resolution Provisions in External Audit Engagement Letters. www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-LimitLiabilityProvisions.pdf

May 10, 2005 - NCUA - Comments Requested on Proposed Advisory on the Limitation of Liability Provisions in Audit Engagement Letters.   www.ncua.gov/news/press_releases/2005/JR05-0510.pdf

May 10, 2005 - External Audit Engagement Letters Unsafe and Unsound Use of Limitation of Liability Provisions and Certain Alternative Dispute Resolution - The federal banking, thrift and credit union regulatory agencies are seeking public comment on the attached proposed "Interagency Advisory on the Unsafe and Unsound Use of Limitation of Liability Provisions and Certain Alternative Dispute Resolution Provisions in External Audit Engagement Letters." Comments are due by June 9, 2005. www.fdic.gov/news/news/financial/2005/fil4105.html

May 10, 2005 - FRB Proposal for Comment - Proposal to conduct the following survey: Check 21 Act Survey. www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

May 9, 2005 - "A Hazard Model of CAMELS Downgrades of Low-Risk Community Banks," by Gary Whalen. - The author's model predicts the probability that a low-risk community bank will be downgraded to high-risk status within two years. www.occ.treas.gov/wp2005-1.htm

May 9, 2005 - The April 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices - The April 2005 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. The survey contained special questions on the net changes in C&I lending standards and terms since the 1996-97 period and on the reasons for those changes. www.federalreserve.gov/boarddocs/SnLoanSurvey/200505/default.htm

May 9, 2005 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. www.federalreserve.gov/generalinfo/fhc/default.htm

May 9, 2005 - FDIC to Serve on President Bush's Financial Literacy Initiative - The Federal Deposit Insurance Corporation has been asked by President Bush to serve on the first national public-private partnership to ensure that financial education is available consistently and comprehensively in Hispanic communities. www.fdic.gov/news/news/press/2005/pr4105.html

May 9, 2005 - FRB Statistical Release - U.S. Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/releases/bulletin/default.htm

May 6, 2005 - Notice of Comptroller of the Currency Fees for Year 2005: Amendment to Year 2005 Fee Structure - The OCC has revised its fee structure for Year 2005 in accordance to a new section of OCC rules.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-20.txt
Attachment: www.occ.treas.gov/fr/fedregister/69fr50293.pdf

May 6, 2005 - Acting Comptroller Williams Discusses Management and Supervision of Reputation Risk In Large Banking Organizations; Stresses Important Role of Ethics and Corporate Values - Acting Comptroller of the Currency Julie L. Williams said today there may be no more elusive, difficult to manage, and feared risk than reputation risk for large banking organizations.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=AJX421LZ.xml
Attachment: www.occ.treas.gov/ftp/release/2005-45a.pdf

May 6, 2005 - FRB Statistical Release - G.19 Consumer Credit www.federalreserve.gov/releases/g19/current/default.htm

May 6, 2005 - Bank Secrecy Act/Anti-Money Laundering: Interagency Interpretive Guidance on Providing Banking Services to Money Services Businesses Operating in the United States.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-19.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2005-19a.pdf

May 6, 2005 - International Banking Final Rule Relating to International Banking - The FDIC Board of Directors has adopted various amendments and revisions to its international banking rules, effective July 1, 2005. www.fdic.gov/news/news/financial/2005/fil4005.html

May 5, 2005 - Education and Technological Savvy Can Improve Workers' Pay: St. Louis Fed Analysis - The gap in earnings between the highest paid workers and the lowest paid workers in the United States has been growing for the past 25 years. www.stlouisfed.org/news/releases/2005/5_05_05.html ______________

May 5, 2005 - NCUA Chairman Encourages America's Credit Unions To Evaluate Sound Governance Practices For Institutions - National Credit Union Administration Board Chairman JoAnn Johnson told credit union executives today that all federal credit unions should consider guidance and periodically review their policies and procedures as they relate to matters of corporate governance and auditing. www.ncua.gov/news/press_releases/2005/NR05-0505.htm

May 5, 2005 - FDIC Issues May List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its monthly list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. www.fdic.gov/news/news/press/2005/pr4005.html

May 5, 2005 - Chairman Alan Greenspan - Risk Transfer and Financial Stability To the Federal Reserve Bank of Chicago's Forty-first Annual Conference on Bank Structure, Chicago, Illinois www.federalreserve.gov/boarddocs/speeches/2005/20050505/default.htm

May 4, 2005 - Statement of FDIC Chairman Don Powell on the House Passage of Deposit Insurance Reform (H.R. 1185) www.fdic.gov/news/news/press/2005/pr3905.html

May 4, 2005 - FDIC Makes Public March Enforcement Actions; No Administrative Hearings Scheduled for May - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in March. www.fdic.gov/news/news/press/2005/pr3805.html

May 3, 2005 - A Reveiw of Backtesting and Backtesting Procedures - Sean D. Campbell - This paper reviews a variety of backtests that examine the adequacy of Value-at-Risk measures. These backtesting procedures are reviewed from both a statistical and risk management perspective. www.federalreserve.gov/Pubs/FEDS/2005/200521/200521pap.pdf

May 3, 2005 - Branch Banking, Bank Competition, and Financial Stability - Mark Carlson and Kris James Mitchener - It is often argued that branching stabilizes banking systems by facilitating diversification of bank portfolios; however, previous empirical research on the Great Depression offers mixed support for this view. www.federalreserve.gov/Pubs/FEDS/2005/200520/200520pap.pdf

May 3, 2005 - FOMC statement and Board approval of discount rate requests of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco
www.federalreserve.gov/boarddocs/press/monetary/2005/20050503/default.htm

May 3, 2005 - NCUA - Matz Announces Agenda for PALS Workshop on July 7 in Baltimore - Free Workshop to Help Credit Unions "Knock Out Predatory Lenders and Improve Your Bottom Line" - Followed by Red Sox-Orioles Game www.ncua.gov/news/press_releases/2005/NR05-0503.htm

May 3, 2005 - Acting Comptroller Williams Cites Foreclosures as Most Immediate Community Development Challenge; Stresses Need for Multi-Dimensional Mortgage Delinquency Interventions Programs - Acting Comptroller of the Currency Julie L. Williams said today there may be no more immediate challenge facing community development today than the problem of foreclosures, and they represent a huge challenge for government, financial institutions, and non-profits dedicated to the goal of expanding home ownership and saving at-risk communities.
Press Release: www.occ.treas.gov/scripts/newsrelease.aspx?Doc=HGBM4GEL.xml
Attachment: www.occ.treas.gov/ftp/release/2005-44a.pdf

May 3, 2005 - Accounting and Reporting for Commitments to Originate and Sell Mortgage Loans Interagency Advisory - The federal financial institution regulatory agencies are providing the attached guidance to institutions on the application of Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended, to mortgage loan commitments. The guidance also addresses related regulatory reporting requirements and valuation considerations.
Press Release: www.fdic.gov/news/news/financial/2005/fil3905.html
Press Release: www.ncua.gov/GuidesManuals/accounting_bulletins/AB05-0503.pdf
Press Release: www.federalreserve.gov/boarddocs/srletters/2005/sr0510.htm
Press Release: www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0510.htm
Press Release: www.occ.treas.gov/ftp/bulletin/2005-18.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2005-18a.pdf

May 3, 2005 - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. www.federalreserve.gov/generalinfo/fhc/default.htm

May 2, 2005 - Home Mortgage Disclosure Act: Frequently Asked Questions About New HMDA Data Final Customer Identification Program Rule - These frequently asked questions about new Home Mortgage Disclosure Act data were originally transmitted by a joint news release on March 31.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-17.txt
Attachment: www.occ.treas.gov/ftp/bulletin/2005-17a.pdf

May 2, 2005 - Reports to Congress - Board's 91st Annual Report, 2004. www.federalreserve.gov/boarddocs/rptcongress/default.htm

May 2, 2005 - NCUA - PALS Panelists: Reaching New Markets Really is Good Business280 CU Officials from 35 States Participate in Matz's PALS Workshop in St. Louis. www.ncua.gov/news/press_releases/2005/NR05-0502.htm

May 2, 2005 - The Suspicious Activity Report Activity Review April 2005 Issue - The Federal Deposit Insurance Corporation is notifying FDIC-supervised financial institutions that the eighth edition of The SAR Activity Review -Trends, Tips & Issues, published three times annually by the Department of the Treasury's Financial Crimes Enforcement Network, is now available. www.fdic.gov/news/news/financial/2005/fil3805.html

May 2, 2005 - Fincen's Secure Information Sharing System Web-Based Process Required By USA PATRIOT Act - The Department of the Treasury's Financial Crimes Enforcement Network fully implemented its Web-based USA PATRIOT Act Secure Information Sharing System on March 1, 2005. www.fdic.gov/news/news/financial/2005/fil3705.html

May 2, 2005 - Statistical Release - G.5 Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In April 2005 Together With Comparable Figures For Other Months. www.federalreserve.gov/releases/g5/current/default.htm

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