The E-mail Banking News
(Bank Regulatory News)
May 2012

May 31, 2012 - FDIC Issues Third Quarter 2012 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 2012. www.fdic.gov/news/news/press/2012/pr12060.html

May 31, 2012 - Federal Reserve Board announces termination of enforcement action with Battle Creek State Company, Inc., Battle Creek State Bank, and Castle Rock Bank.  www.federalreserve.gov/newsevents/press/enforcement/20120531a.htm

May 31, 2012 - NCUA Issues Prohibition Order - The National Credit Union Administration issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20120531Prohibition.aspx

May 30, 2012 - Payment Systems - Commercial Automated and Government Automated Clearinghouse Transactions, Quarterly Data.  www.federalreserve.gov/paymentsystems/fedach_data.htm

May 30, 2012 - The Federal Reserve System is preparing an inventory of historical materials to enhance transparency through improved web access to records of the Federal Reserve's past. The initiative is motivated by the 100th anniversary of the signing of the Federal Reserve Act in December 2013 and the 100th anniversary of the opening of the Federal Reserve Banks in November 2014. www.federalreserve.gov/newsevents/press/other/20120530a.htm

May 30, 2012 - Jeremy C. Stein on Wednesday took the oath of office as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Ben S. Bernanke in the Board Room. www.federalreserve.gov/newsevents/press/other/20120530b.htm

May 30, 2012 - The Federal Reserve Board on Wednesday announced the approval of a final rule outlining the procedures for securities holding companies to elect to be supervised by the Federal Reserve. An SHC is a nonbank company that owns at least one registered broker or dealer. www.federalreserve.gov/newsevents/press/bcreg/20120530a.htm

May 29, 2012 - Community Development Financial Institutions Assist the Underserved - Profitwise News and Views takes a look at some of the organizations that are filling the credit gap for small businesses, and explores the expanding role that non-bank lenders are playing in a period of constrained lending to small businesses by regulated depository institutions. www.chicagofed.org/webpages/publications/profitwise_news_and_views/2012/pnv_may2012.cfm

May 29, 2012 - Pricing Risk-Free Treasury Securities - Economic Perspectives article discusses the pricing of risk-free Treasury securities via no-arbitrage arguments and illustrates how this approach works in models of the term structure of interest rates. www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/2Q2012_part2_ajello_benzoni_chyruk.pdf

May 29, 2012 - NCUA Issues Prohibition Order - The National Credit Union Administration issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution.  www.ncua.gov/News/Pages/NW20120529Prohibition.aspx

May 29, 2012 - Supervision Manual - Commercial Bank Examination Manual, April 2012 update.  www.federalreserve.gov/boarddocs/supmanual/default.htm

May 29, 2012 - Regulatory Reform - Communications with the public through May 29, 2012.  www.federalreserve.gov/newsevents/reform_meetings.htm

May 29, 2012 - Federal Reserve Board issues enforcement action with Premier Bank and termination of an enforcement action with Pacific Capital Bancorp.   www.federalreserve.gov/newsevents/press/enforcement/20120529a.htm

May 25, 2012 - FDIC Makes Public April Enforcement Actions; no Administrative Hearings Scheduled for June 2012 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June 2012. www.fdic.gov/news/news/press/2012/pr12059.html

May 25, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 25, 2012 - Is the Consumer Expenditure Survey Representative by Income? - John Sabelhaus, David Johnson, Stephen Ash, Thesia Garner, John Greenlees, Steve Henderson, and David Swanson - Aggregate under-reporting of household spending in the Consumer Expenditure Survey can result from two fundamental types of measurement errors:  www.federalreserve.gov/pubs/feds/2012/201236/201236pap.pdf

May 25, 2012 - Credit and Liquidity Programs and the Balance Sheet May 2012 Report.   www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport201205.pdf

May 25, 2012 - Jerome H. Powell on Friday took the oath of office as a member of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Ben S. Bernanke in the Board Room. www.federalreserve.gov/newsevents/press/other/20120525a.htm
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May 25, 2012 - FDIC Makes Public April Enforcement Actions; no Administrative Hearings Scheduled for June 2012 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June 2012. http://www.fdic.gov/news/news/press/2012/pr12059.html

May 24, 2012 - Office of the Comptroller of the Currency Hosts Workshop in Nebraska - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Omaha, Nebraska, at the Embassy Suites Omaha, July 23-25, 2012. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-82.html

May 24, 2012 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported an aggregate profit of $35.3 billion in the first quarter of 2012, a $6.6 billion improvement from the $28.8 billion in net income the industry reported in the first quarter of 2011.  www.fdic.gov/news/news/press/2012/pr12058.html

May 24, 2012 - Federal Reserve Board releases action plans and engagement letter to correct deficiencies in residential mortgage loan servicing and foreclosure processing.  www.federalreserve.gov/newsevents/press/enforcement/20120524a.htm

May 24, 2012 - NCUA Board Finalizes Two Regulatory Relief Measures - The National Credit Union Administration Board convened its third open meeting of 2012 at the agency’s headquarters here today and unanimously approved three items: www.ncua.gov/about/Pages/Board%20Actions/BAB20120524.aspx

May 23, 2012 - No-Arbitrage Restrictions and the U.S. Treasury Market - Economic Perspectives article discusses the pricing of risk-free Treasury securities via no-arbitrage arguments and illustrates how this approach works in models of the term structure of interest rates. www.chicagofed.org/digital_assets/publications/economic_perspectives/2012/2Q2012_part2_ajello_benzoni_chyruk.pdf

May 23, 2012 - Federal Reserve Bulletin - Improving the Measurement of Cross-Border Securities Holdings: The Treasury International Capital SLT.   www.federalreserve.gov/pubs/bulletin/default.htm

May 23, 2012 - How Do Laffer Curves Differ Across Countries? - Mathias Trabandt and Harald Uhlig - We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt.  www.federalreserve.gov/pubs/ifdp/2012/1048/ifdp1048.pdf

May 23, 2012 - The Timing of Sovereign Defaults Over Electoral Terms -Nathan Foley-Fisher - I construct a database that maps the timing of sovereign default decisions into elected politicians' terms of office, that provides an empirical means of investigating political economy theories of sovereign default. I find no robust patterns in the timing of default decisions over terms of office. www.federalreserve.gov/pubs/ifdp/2012/1047/ifdp1047.pdf

May 23, 2012 - Payment Systems - Reserve Bank Systems.  www.federalreserve.gov/paymentsystems/over_rbsystems.htm

May 23, 2012 - The Federal Reserve Board on Wednesday announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.
www.federalreserve.gov/newsevents/press/other/20120523a.htm

May 22, 2012 - New Issue of Risk Perspectives Available - Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends. Recent issue of Risk Perspectives highlights risk monitoring in the Midwest. www.chicagofed.org/webpages/publications/risk_perspectives/2011_2014/2012_quarter_one.cfm 

May 22, 2012 - NCUA Issues Cease and Desist Order to Montgomery County Teachers FCU - The National Credit Union Administration has issued an order to cease and desist to Montgomery County Teachers Federal Credit Union of Derwood, Md. The order requires the credit union to take the following actions: www.ncua.gov/News/Pages/NW20120522MontgomeryCoTeach.aspx

May 22, 2012 - NCUA - May NCUA Economic Update Now Available - The National Credit Union Administration released the latest installment in the agency’s free “YouTube” economic video series today. www.ncua.gov/News/Pages/NW20120522EconomicUpdate.aspx

May 22, 2012 - OCC Deputy Comptroller Remarks at Risk Conference - Deputy Comptroller for Credit and Market Risk Martin Pfinsgraff today discussed the value of effective bank supervision at the Risk Magazine Credit Risk Conference in New York. http://www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-81.html 

May 22, 2012 - Platt Joins St. Louis Fed’s Health Care Industry Council - Dixie L. Platt, senior vice president for mission and external relations for SSM Health Care, St. Louis, Mo., has been named to the Heath Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=1415

May 22, 2012 - Payment Systems - $1 Coin Quarterly Inventories, Payments, and Receipts.  www.federalreserve.gov/paymentsystems/coin_data.htm

May 22, 2012 - Reports to the Congress - 98th Annual Report, 2011.  www.federalreserve.gov/publications/annual-report/files/2011-annual-report.pdf

May 22, 2012 - Reports to the Congress - Annual Report: Budget Review, 2012.  www.federalreserve.gov/publications/budget-review/files/2012-budget-review.pdf

May 22, 2012 - Minutes of Board discount rate meetings from April 2 through April 23, 2012.   www.federalreserve.gov/newsevents/press/monetary/20120522a.htm

May 22, 2012 - Federal Reserve Board announces termination of enforcement action with Guaranty Bancorp and Guaranty Bank and Trust Company.  www.federalreserve.gov/newsevents/press/enforcement/20120522a.htm

May 21, 2012 - Economic Activity Increased in April - The Chicago Fed National Activity Index was +0.11 in April, up from -0.44 in March. www.chicagofed.org/digital_assets/publications/cfnai/2012/cfnai_may2012.pdf

May 21, 2012 - NCUA - GAO Verifies NCUA’s Corporate Estimates - The National Credit Union Administration has received a letter from the Government Accountability Office verifying NCUA’s estimates of projected losses for the legacy assets of corporate credit unions. As a result, GAO confirmed that NCUA has met GAO’s recommendation about corporate estimates in the January 2012 GAO report entitled NCUA: Earlier Actions Are Needed to Better Address Troubled Credit Unions www.ncua.gov/News/Pages/NW20120521GAO.aspx

May 18, 2012 - Wausau Postal Employees Credit Union Purchased by CoVantage Credit Union -The Wisconsin Office of Credit Unions liquidated Wausau Postal Employees Credit Union of Wausau, Wis., today and appointed the National Credit Union Administration as liquidating agent. NCUA immediately signed an agreement with CoVantage Credit Union of Antigo, Wis., to purchase and assume Wausau Postal Employees Credit Union’s assets, liabilities, and membership. www.ncua.gov/News/Pages/NW20120518WausauPostal.aspx

May 18, 2012 - NCUA Issues Cease and Desist Order - The National Credit Union Administration has issued a cease and desist order to Francis Lee, a former employee of U.S. Central Federal Credit Union, located in Lenexa, Kan.
www.ncua.gov/News/Pages/NW20120518C-DLee.aspx

May 18, 2012 - NCUA Issues Cease and Desist Order - The National Credit Union Administration has issued a cease and desist order to Joseph Herbst, a former institution-affiliated party of U.S. Central Federal Credit Union located in Lenexa, Kan. www.ncua.gov/News/Pages/NW20120518C-DHerbst.aspx 

May 18, 2012 - OCC Appoints Receiver for Alabama Trust Bank N.A. - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Alabama Trust Bank N.A., Sylacauga, Alabama. As of March 31, 2012, the bank had approximately $51.5 million of total assets. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-80.html

May 18, 2012 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-79.html

May 18, 2012 - Southern States Bank, Anniston, Alabama, Assumes All of the Deposits of Alabama Trust Bank, National Association, Sylacauga, Alabama - Alabama Trust Bank, National Association, Sylacauga, Alabama, 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 Southern States Bank, Anniston, Alabama, to assume all of the deposits of Alabama Trust Bank, National Association. www.fdic.gov/news/news/press/2012/pr12057.html

May 18, 2012 - FDIC Consumer Newsletter Offers Tips on Buying a Bank CD, Paying for Education, Financing a Car - Big purchases -- and the financial decisions that come with them -- can have major implications for consumers. The Spring 2012 issue of FDIC Consumer News features practical tips for buying a certificate of deposit (CD), paying for higher education, and financing the purchase of a car. www.fdic.gov/news/news/press/2012/pr12056.html

Using the "Chandrasekhar Recursions" for Likelihood Evaluation of DSGE Models - Edward P. Herbst - In likelihood-based estimation of linearized Dynamic Stochastic General Equilibrium models, the evaluation of the Kalman Filter dominates the running time of the entire algorithm. www.federalreserve.gov/pubs/feds/2012/201235/201235pap.pdf

May 18, 2012 - Reserve Bank Operations - Quarterly data updates: National Settlement Service, Fedwire Funds Service, and Fedwire Securities Service.  www.federalreserve.gov/paymentsystems/default.htm

May 18, 2012 - Statistical Release - Charge-Off and Delinquency Rates on Loans at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/default.htm

May 18, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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May 17, 2012 - NCUA Issues Cease and Desist Order - The National Credit Union Administration has issued a cease and desist order to Robert J. Burrell, a former institution-affiliated party of Western Corporate Federal Credit Union, located in San Dimas, Calif. www.ncua.gov/News/Pages/NW20120517C-DBurwell.aspx 

May 17, 2012 - OCC Deputy Chief Counsel Testifies on Agency Enforcement Powers - Deputy Chief Counsel Daniel P. Stipano today testified before the Committee on Financial Services of the U.S. House of Representatives regarding enforcement authority at the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-78.html

May 17, 2012 - Legal Interpretations - Bank Holding Company/Change in Control, April 4, June 29 (3 letters), and December 30 (2 letters), 2011.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2011.htm

May 17, 2012 - Time-to-Plan Lags for Commercial Construction Projects -Jonathan N. Millar, Stephen D. Oliner, and Daniel E. Sichel- We use a large project-level dataset to estimate the length of the planning period for commercial construction projects in the United States.   www.federalreserve.gov/pubs/feds/2012/201234/201234pap.pdf

May 17, 2012 - Scott G. Alvarez, General Counsel - Settlement practices - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/alvarez20120517a.htm

May 17, 2012 - Federal Reserve Board announces termination of enforcement action against BankTennessee Bancshares and BankTennessee.   www.federalreserve.gov/newsevents/press/enforcement/20120517a.htm

May 16, 2012 - NCUA - Fryzel Addresses Credit Union Hot Topics with NAFCU’s Becker - National Credit Union Administration Board Member Michael E. Fryzel participated in a panel discussion today with National Association of Federal Credit Unions President and CEO Fred Becker.    www.ncua.gov/News/Pages/NW20120516FryzelAddressesCUTopics.aspx

May 16, 2012 - Comptroller Curry Discusses Operational Risk in the Banking System - Comptroller of the Currency Thomas J. Curry today discussed operational risk facing national banks and federal savings associations during his speech to the Exchequer Club in Washington, D.C. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-77.html

May 16, 2012 - St. Louis Fed’s Bullard Discusses U.S. Monetary Policy and Fed Communications - Federal Reserve Bank of St. Louis President James Bullard discussed “The Fed on Pause” on Wednesday as part of a Dialogue with the Fed event sponsored by the Bank’s Louisville Branch. www.stlouisfed.org/newsroom/displayNews.cfm?article=1405

May 16, 2012 - Michael S. Gibson, Director, Division of Banking Supervision and Regulation - Systemically important financial institutions and the Dodd-Frank Act - 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/gibson20120516a.htm

May 16, 2012 - The Federal Open Market Committee on Wednesday announced a revised tentative meeting schedule for 2012 and a tentative meeting schedule for 2013. In order to provide ample time for the Committee's usual discussions, these meetings have been scheduled to take place over two days. www.federalreserve.gov/newsevents/press/monetary/20120516b.htm

May 16, 2012 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 24-25, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 24-25, 2012 meeting is also included as an addendum to these minutes. www.federalreserve.gov/newsevents/press/monetary/20120516a.htm

May 15, 2012 - Midwest Farmland Values Still Soaring in First Quarter - Latest AgLetter reports farmland values in the first quarter of 2012 were 19 percent higher than a year ago. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/may_2012.pdf

May 15, 2012 - Banker Teleconference Series - Timely and Comprehensive Compliance Information and Insights from the FDIC - As previously announced in FIL-6-2012, staff from the FDIC's Division of Depositor and Consumer Protection is hosting several banker teleconferences throughout 2012 to maintain open lines of communication, provide transparency, and update supervised institutions on important banking regulatory and emerging issues in the compliance and consumer protection area. www.fdic.gov/news/news/financial/2012/fil12021.html

May 15, 2012 - Proposal to extend for three years, without revision, the Country Exposure Report for U.S. Branches and Agencies of Foreign Banks.   www.federalreserve.gov/boarddocs/press/foiadocs/2012/20120514/foia20120514.pdf

May 15, 2012 - Supervisory Guidance on Stress Testing for Banking Organizations with More Than $10 Billion in Total Consolidated Assets.   www.federalreserve.gov/bankinforeg/srletters/sr1207.htm

May 15, 2012 - Governor Elizabeth A. Duke - Prescriptions for Housing Recovery - At the National Association of Realtors Midyear Legislative Meetings and Trade Expo, Washington, D.C. www.federalreserve.gov/newsevents/speech/duke20120515a.htm

May 15, 2012 - Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on May 14, 2012. 
www.federalreserve.gov/newsevents/press/monetary/2012monetary.htm

May 15, 2012 - Federal Reserve Board issues enforcement action against Grand Bankshares.   www.federalreserve.gov/newsevents/press/enforcement/20120515a.htm

May 14, 2012 - FDIC General Counsel Michael H. Krimminger Leaves the FDIC - Federal Deposit Insurance Corporation General Counsel Michael H. Krimminger announced that he will be leaving the agency later this month to join the law firm of Cleary Gottlieb Steen & Hamilton as a partner in its Washington, D.C., office.  www.fdic.gov/news/news/press/2012/pr12055.html. 

May 14, 2012 - Agencies Clarify Supervisory Expectations for Stress Testing by Community Banks - Three federal banking agencies Monday issued a joint statement to clarify expectations for stress testing by community banks--banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120514b.htm
Press Release: www.fdic.gov/news/news/press/2012/pr12054.html
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-76.html

May 14, 2012 - Agencies Finalize Large Bank Stress Testing Guidance - The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20120514a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2012/nr-ia-2012-75.html
Press Release: www.fdic.gov/news/news/press/2012/pr12053.html

May 11, 2012 - NCUA Issues Prohibition Order - The National Credit Union Administration issued an order prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20120511Harvey.aspx

May 11, 2012 - OCC Statement: Cessation of Activities by Allonhill as an Independent Consultant Under the Independent Foreclosure Review - As a result of information provided to the Office of Comptroller of the Currency by Allonhill, the OCC has directed Allonhill to cease reviewing files related to the Independent Foreclosure Review as a primary independent consultant or subcontracted consultant. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-74.html

May 11, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 11, 2012 - The Influence of Fannie and Freddie on Mortgage Loan Terms - Alex Kaufman - This paper uses a novel instrumental variables approach to quantify the effect that GSE purchase eligibility had on equilibrium mortgage loan terms in the period from 2003 to 2007. The technique is designed to eliminate sources of bias that may have affected previous studies. www.federalreserve.gov/pubs/feds/2012/201233/201233pap.pdf

May 11, 2012 - A Dynamic Factor Model of the Yield Curve as a Predictor of the Economy - Marcelle Chauvet and Zeynep Senyuz - In this paper, we propose an econometric model of the joint dynamic relationship between the yield curve and the economy to predict business cycles. We examine the predictive value of the yield curve to forecast future economic growth as well as the beginning and end of economic recessions at the monthly frequency. www.federalreserve.gov/pubs/feds/2012/201232/201232pap.pdf
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May 10, 2012 - Chairman Ben S. Bernanke - Banks and Bank Lending: The State of Play - At the 48th Annual Conference on Bank Structure and Competition, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/bernanke20120510a.htm

May 10, 2012 - Federal Reserve Board issues enforcement actions with AB&T Financial Corporation and ACME Holding Company, Inc. www.federalreserve.gov/newsevents/press/enforcement/20120510a.htm 

May 10, 2012 - NCUA Implements New Supervision Manual and Consistent Exam Standards - National Credit Union Administration staff have completed comprehensive training that will result in more consistent supervision and examination standards for credit unions across America.   www.ncua.gov/News/Pages/NW20120510NatlConference.aspx

May 9, 2012 - Beyond Parking Meters: The Future of Public–Private Partnerships - Chicago Fed Letter examines public–private partnerships, including infrastructure sales or leases and managed competition programs.   www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljune2012_299a.pdf

May 9, 2012 - NCUA - NeighborWorks America, the country’s preeminent leader in affordable housing and community development, announced the appointment of Christiane Gigi Hyland as Board Chair today. Hyland succeeds Thomas J. Curry as Board Chair. Hyland has served as the National Credit Union Administration’s representative to the NeighborWorks America Board since 2008. www.ncua.gov/News/Pages/NW20120509NeighborWorks.aspx

May 9, 2012 - Federal Reserve Board announces its approval of the application by Bank of China Limited.   www.federalreserve.gov/newsevents/press/orders/20120509c.htm

May 9, 2012 - Federal Reserve Board announces its approval of the application by Agricultural Bank of China Limited.   www.federalreserve.gov/newsevents/press/orders/20120509b.htm

May 9, 2012 - Federal Reserve Board announces its approval of the application by Industrial and Commercial Bank of China Limited, China Investment Corporation, and Central Huijin Investment Ltd. www.federalreserve.gov/newsevents/press/orders/20120509a.htm

May 8, 2012 - Manage Volatile Tax Revenues? - Chicago Fed Letter shows state tax revenues changing more dramatically with the economy since 2000 and offers possible policy responses. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljune2012_299.pdf

May 8, 2012 - The Prolonged Resolution of Troubled Real Estate Lenders During the 1930s - Jonathan D. Rose - This paper studies how building and loan associations slowly unwound their obligations following a set of financial shocks during the Great Depression, with a special focus on a group of particularly troubled B&Ls in Newark, NJ.  www.federalreserve.gov/pubs/feds/2012/201231/201231pap.pdf

May 8, 2012 - The Response of Capital Goods Shipments to Demand over the Business Cycle - Jeremy J. Nalewaik and Eugenio P. Pinto - This paper studies the behavior of producers of capital goods, examining how they set shipments in response to fluctuations in new orders.  www.federalreserve.gov/pubs/feds/2012/201230/201230abs.html 

May 8, 2012 - The Correlation between Money and Output in the United Kingdom: Resolution of a Puzzle - Edward Nelson - Friedman and Schwartz (1982) and Goodhart (1982) report a zero correlation between money growth and output growth in U.K. historical data.  www.federalreserve.gov/pubs/feds/2012/201229/201229pap.pdf

May 8, 2012 - An Extensive Look at Taxes: How does endogenous retirement affect optimal taxation? - William B. Peterman - This paper considers the impact on optimal tax policy of including endogenously determined retirement in a life cycle model.   www.federalreserve.gov/pubs/feds/2012/201228/201228pap.pdf

May 8, 2012 - Credit Line Use and Availability in the Financial Crisis: The Importance of Hedging - Jose M. Berrospide, Ralf R. Meisenzahl, and Briana D. Sullivan - What determined the corporate use of credit lines in the recent financial crisis?  www.federalreserve.gov/pubs/feds/2012/201227/201227pap.pdf

May 8, 2012 - Interest Rate Risk and Bank Equity Valuations - William B. English, Skander J. Van den Heuvel, and Egon Zakrajsek - Because they engage in maturity transformation, a steepening of the yield curve should, all else equal, boost bank profitability.   www.federalreserve.gov/pubs/feds/2012/201226/201226pap.pdf

May 8, 2012 - The Government-Sponsored Enterprises and the Mortgage Crisis: The Role of the Affordable Housing Goals - Valentin Bolotnyy - The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises, in its causes. www.federalreserve.gov/pubs/feds/2012/201225/201225pap.pdf

May 7, 2012 - Paul Nash Named Senior Deputy Comptroller and Chief of Staff at the OCC - Comptroller of the Currency Thomas J. Curry announced today that Paul Nash will succeed John Walsh as Senior Deputy Comptroller and Chief of Staff. Mr. Walsh has announced that he is retiring this summer. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-73.html

May 7, 2012 - Consumer Credit - Consumer credit increased at an annual rate of 7-3/4 percent in the first quarter. Revolving credit was little changed, while nonrevolving credit increased at an annual rate of 11-1/2 percent. In March, consumer credit increased at an annual rate of 10-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

May 7, 2012 - Changes in Bank Lending Standards and the Macroeconomy - illiam F. Bassett, Mary Beth Chosak, John C. Driscoll, and Egon Zakrajsek - Identifying the macroeconomic effects of credit supply disruptions is difficult because many of the same factors that influence the supply of bank loans can also affect the demand for credit. www.federalreserve.gov/pubs/feds/2012/201224/201224pap.pdf

May 4, 2012 - Banesco USA, Coral Gables, Florida, Assumes All of the Deposits of Security Bank, National Association, North Lauderdale, Florida - Security Bank, National Association, North Lauderdale, Florida, 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 Banesco USA, Coral Gables, Florida, to assume all of the deposits of Security Bank, National Association. www.fdic.gov/news/news/press/2012/pr12052.html

May 4, 2012 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2012/pr12051.html

May 4, 2012 - Statistical Release - Structure and Share Data for U.S. Offices of Foreign Banks.  www.federalreserve.gov/releases/iba/201112/default.htm

May 4, 2012 - International Policy Spillovers at the Zero Lower Bound - In this paper, we consider how monetary policy in a large, foreign economy affects optimal monetary policy in a small open economy in response to a large global demand shock that pushes both economies to the zero lower bound on nominal interest rates. www.federalreserve.gov/pubs/feds/2012/201223/201223pap.pdf

May 4, 2012 - Legal Interpretation - Banking Holding Company Act, April 24, 2012.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2012.htm

May 4, 2012 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 4, 2012 - The Federal Reserve's Portfolio and its Effects on Mortgage Markets - We provide an empirical analysis of the effects of the Federal Reserve's asset holdings on MBS yields and mortgage rates. We argue that understanding the particulars of the U.S. mortgage markets, particularly the linkages between the secondary and primary mortgage markets, is important. www.federalreserve.gov/pubs/feds/2012/201222/201222pap.pdf
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May 3, 2012 - Office of the Comptroller of the Currency Hosts Workshop in Ohio - The Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Cleveland, Ohio, at the Wyndham Cleveland at Playhouse Square, June 25-27, 2012. www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-71.html

May 3, 2012 - The Federal Financial Institutions Examination Council has recently upgraded the functions and features of the InfoBase for the FFIEC Information Technology Examination Handbook.  www.ffiec.gov/press/pr050312.htm

May 3, 2012 - Fiscal Consolidation in an Open Economy - This paper uses a New Keynesian DSGE model of a small open economy to compare how the effects of fiscal consolidation differ depending on whether monetary policy is constrained by currency union membership or by the zero lower bound on policy rates. www.federalreserve.gov/pubs/ifdp/2012/1046/ifdp1046.pdf

May 3, 2012 - Arbitrage, liquidity and exit: The repo and federal funds markets before, during, and emerging from the financial crisis - This paper examines the link between the federal funds and repo markets, before, during, and emerging from the financial crisis that began in August 2007. www.federalreserve.gov/pubs/feds/2012/201221/201221pap.pdf

May 2, 2012 - What Can States Do to Manage Volatile Tax Revenues?  Chicago Fed Letter shows state tax revenues changing more dramatically with the economy since 2000 and offers possible policy responses. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2012/cfljune2012_299.pdf

May 2, 2012 - St. Louis Fed’s Waller To Host May 8 Dialogue with the Fed on “Sovereign Debt: A Modern Greek Tragedy.”   www.stlouisfed.org/newsroom/displayNews.cfm?article=1396

May 2, 2012 - St. Louis Fed Will Webcast the May 8 Dialogue with the Fed "Sovereign Debt: A Modern Greek Tragedy."   www.stlouisfed.org/newsroom/displayNews.cfm?article=1395

May 2, 2012 - Regulatory Reform - Communications with the public through May 2, 2012.  www.federalreserve.gov/newsevents/reform_meetings.htm

May 2, 2012 - Governor Daniel K. Tarullo - Regulatory Reform since the Financial Crisis - At the Council on Foreign Relations C. Peter McColough Series on International Economics, New York, New York.  www.federalreserve.gov/newsevents/speech/tarullo20120502a.htm

May 1, 2012 - Recent Energy Price Movements in the Midwest - Households in the region and nationwide have been affected by rising motor fuel prices in recent months; this follows an earlier spike that took place in 2007-08. http://midwest.chicagofedblogs.org/archives/2012/05/natural_gas_pri.html

May 1, 2012 - The Federal Financial Institutions Examination Council announced today the reappointment of David J. Cotney, Commissioner, Massachusetts Division of Banks, to the Council's State Liaison Committee.  www.ffiec.gov/press/pr050112_2.htm

May 1, 2012 - The State Liaison Committee of the Federal Financial Institutions Examination Council announced today the re-election of John Munn as its Chairman for the period of May 1, 2012 through April 30, 2013. www.ffiec.gov/press/pr050112.htm

May 1, 2012 - The Analytics of SVARs: A Unified Framework to Measure Fiscal Multipliers - Does fiscal policy stimulate output? SVARs have been used to address this question but no stylized facts have emerged. We derive analytical relationships between the output elasticities of fiscal variables and fiscal multipliers. www.federalreserve.gov/pubs/feds/2012/201220/201220pap.pdf

May 1, 2012 - How Does Social Security Claiming Respond to Incentives? Considering Husbands' and Wives' Benefits Separately - A majority of women receive most of their Social Security benefits based upon their husbands' earnings history, but previous research has shown that husbands' benefit claiming is inconsistent with maximizing lifetime benefits for the couple. www.federalreserve.gov/pubs/feds/2012/201219/201219pap.pdf

May 1, 2012 - Federal Reserve Board publishes comparative information on average debit card interchange fees.   www.federalreserve.gov/newsevents/press/bcreg/20120501a.htm

May 1, 2012 - Federal Reserve Board announces termination of enforcement action against MidSouth Bank.   www.federalreserve.gov/newsevents/press/enforcement/20120501a.htm