Bank Regulatory Agencies

Bank Regulatory News

November 2005

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November 30, 2005 - NCUA Chairman Johnson Says Agency is Demonstrating Progress With Study Focused on Credit Union Service to Persons of Modest Means. www.ncua.gov/news/press_releases/2005/NR05-1130.htm

November 30, 2005 - OTS Director Reich In New Orleans - As part of the Office of Thrift Supervision's ongoing efforts to assist in the cleanup and rebuilding of hurricane-affected areas in the Gulf Coast states, OTS Director John Reich traveled to New Orleans yesterday. www.ots.treas.gov/docs/7/77545.html

November 30, 2005 - Agencies Encourage Insured Depository Institutions to Continue Efforts to Meet the Financial Needs of Customers Recovering from the Aftermath of Hurricane Katrina - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, and the Conference of State Bank Supervisors are encouraging insured depository institutions to consider all reasonable and prudent actions that could help meet the critical financial needs of their customers and their communities affected by Hurricane Katrina.
Press Release: www.ots.treas.gov/docs/7/77544.html
Press Release: www.ncua.gov/news/press_releases/2005/JR05-1130.pdf
Press Release: www.ffiec.gov/press/pr113005.htm

November 30, 2005 - Statistical Release - U.S. Reserve Assets; and Foreign Official Assets Held at Federal Reserve Banks.   www.federalreserve.gov/Releases/bulletin/1005assets.htm

November 30, 2005 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/fomc/beigebook/2005/20051130/default.htm

November 30, 2005 - The Federal Reserve Board on Wednesday announced its approval of the proposal filed by ABC Bancorp, Moultrie, to acquire First National Banc, Inc., St. Marys, and its subsidiary banks, First National Bank, St. Marys, all of Georgia, and First National Bank, Orange Park, Florida. www.federalreserve.gov/boarddocs/press/orders/2005/20051130/default.htm

November 30, 2005 - Governor Susan Schmidt Bies - Recent Developments in Regulatory Capital - At the Standard & Poor's North American Financial Institutions Conference, New York, New York. www.federalreserve.gov/boarddocs/speeches/2005/20051130/default.htm

November 30, 2005 - The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against County Bank, Merced, California, a state member bank. County 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/boarddocs/press/Enforcement/2005/20051130/default.htm

November 30, 2005 - NCUA - General Counsel Opinion 05-0816 - Payout Priority of Deferred Compensation. www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0816.pdf

November 30, 2005 - The Baby Boom: Predictability in House Prices and Interest Rates - Robert F. Martin - This paper explores the baby boom's impact on U.S. house prices and interest rates in the post-war 20th century and beyond. Using a simple Lucas asset pricing model, I quantitatively account for the increase in real house prices, the path of real interest rates, and the timing of low-frequency fluctuations in real house prices. The model predicts that the primary force underlying the evolution of real house prices is the systematic and predictable changes in the working age population driven by the baby boom. The model is calibrated to U.S. data and tested on international data. One surprising success of the model is its ability to predict the boom and bust in Japanese real estate markets around 1974 and 1990. www.federalreserve.gov/pubs/ifdp/2005/847/ifdp847.pdf

November 29, 2005 - FDIC Issues First Quarter 2006 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 first quarter of 2006. www.fdic.gov/news/news/press/2005/pr11905.html

November 29, 2005 - NCUA - Proposed Rule - Truth in Savings.   www.ncua.gov/RegulationsOpinionsLaws/proposed_regs/P-707.pdf

November 29, 2005 - NCUA - Final Rule - Post-Employment Restrictions for Certain NCUA Examiners.   www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-796.pdf

November 29, 2005 - NCUA - Action taken at the 11/29/2005 NCUA Board Meeting.   www.ncua.gov/NCUABoard/board_reports/board_reports.html

November 29, 2005 - NCUA - Opening Statement of Board Member Hood made at the 11/29/2005 NCUA Board Meeting.   www.ncua.gov/news/press_releases/2005/ST05-1129.pdf
www.ncua.gov/news/press_releases/2005/ST05-1129-2.pdf

November 29, 2005 - Licensing Manual Update - The "General Policies and Procedures" booklet of the Licensing Manual has been revised. This update adds guidance and procedures for filing an application to substantially increase or decrease the bank's assets in accordance with 12 CFR 5.53. It also amends the guidance for branches at historic properties. www.occ.treas.gov/corpbook/group1/public/pdf/gpp.pdf

November 29, 2005 - The Federal Reserve Board on Tuesday announced the names of five new members of its Thrift Institutions Advisory Council and designated a new President and Vice President of the Council for 2006. www.federalreserve.gov/boarddocs/press/other/2005/20051129/

November 29, 2005 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings from October 3 through November 1, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20051129/default.htm

November 29, 2005 - OCC Anti-Fraud Resources - OCC's new feature provides Consumers and Bankers with information and resources to effectively identify, report, and combat fraud. www.occ.treas.gov/fraudresources.htm

November 29, 2005 - Fair Credit Reporting Medical Information Regulations: Final Rule - Rule implements and creates exceptions to section 411 of the Fair and Accurate Credit Transactions Act, which prohibits creditors from using medical information in credit underwriting.
Press Release: www.occ.treas.gov/ftp/bulletin/2005-39.txt
Attachment: www.occ.treas.gov/fr/fedregister/70fr70664.pdf

November 29, 2005 - St. Louis Fed Names Hendin VP and Deputy General Counsel - Roy A. Hendin joined the Federal Reserve Bank of St. Louis as vice president, deputy general counsel and assistant secretary to the board of directors. His most recent position was senior vice president and general counsel for Belair Asset Management Ltd. in St. Louis. www.stlouisfed.org/news/releases/2005/11_28_05.htm

November 29, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Recent Changes in Household Finances and Home Lending - To the monthly meeting of the Epsilon Boule Fraternity for African-American Leaders, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20051129/default.htm

November 28, 2005 - Federal Reserve Bank Announces Director Elections Results, Chairman And Deputy Chairman Appointments - The Federal Reserve Bank of Kansas City announces the results of recent elections for two positions on the Bank's Board of Directors. www.kc.frb.org/pubaffrs/pressrel/pr05-20.htm

November 28, 2005 - Annual Independent Audits and Reporting Requirements Amendments to Part 363. The FDIC has amended Part 363 of its regulations by raising the asset-size threshold from $500 million to $1 billion for internal control assessments by management and external auditors. For institutions between $500 million and $1 billion in assets, only a majority, rather than all, of the members of the audit committee, who must be outside directors, must be independent of management. The final rule is effective December 28, 2005. www.fdic.gov/news/news/financial/2005/fil11905.html

November 28, 2005 - Vice Chairman Roger W. Ferguson, Jr. (on November 8) Financial Regulation: Seeking the Middle Way To the Fourth Joint Central Bank Research Conference on Risk Management and Systemic Risk, Frankfurt, Germany (via videoconference). www.federalreserve.gov/boarddocs/speeches/2005/20051128/default.htm
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November 23, 2005 - FDIC Trust Examination Manual - Summary: The FDIC has updated its Trust Examination Manual. It is now available on the FDIC's Web site and may also be purchased in a CD-ROM format. www.fdic.gov/news/news/financial/2005/fil11805.html

November 23, 2005 - NCUA - Letter to Credit Unions 05-CU-18 - Guidance on Authentication in Internet Banking Environment. www.ncua.gov/letters/2005/CU/05-CU-18.pdf

November 23, 2005 - The Federal Reserve Board on Wednesday announced the appointment of the chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2006. www.federalreserve.gov/boarddocs/press/other/2005/20051123/

November 22, 2005 - NCUA - Northup to Leave NCUA in 2006 - National Credit Union Administration Congressional and Government Affairs Director Clifford R. Northup today announced plans to relinquish his position in early January 2006 and depart the agency after a transition period. www.ncua.gov/news/press_releases/2005/NR05-1122.htm

November 22, 2005 - Revised Training Program for Information Technology Examiners - This letter modifies the training program for information technology examiners as approved by the Staff Development Subcommittee of the Strategic Plan Steering Committee. Effective with the publication of this SR letter, the revised training program applies to all assistant IT examiners currently employed by the Federal Reserve Banks, as well as to those hired in the future. Completion of this program is a requirement for IT specialists to obtain commissioned examiner status at the Federal Reserve Banks. www.federalreserve.gov/boarddocs/SRLETTERS/2005/sr0522.htm

November 22, 2005 - Fair Credit Reporting Act: Examination Procedures - The Fair Credit Reporting Act was amended by passage of the FACT Act. Attached are revised interagency FCRA examination procedures for implementing consumer compliance changes. www.occ.treas.gov/ftp/bulletin/2005-38.txt

November 22, 2005 - OCC Announces New Electronic Interpretations and Actions - November 2005. www.occ.treas.gov/interp/nov05/intnov05.htm

November 22, 2005 - OCC Releases CRA Evaluations For 12 National Banks.   www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=633RTJSV.xml

November 22, 2005 - The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on November 1, 2005. www.federalreserve.gov/boarddocs/press/monetary/2005/20051122/default.htm

November 22, 2005 - Bank and Thrift Earnings Return to Record Level in the Third Quarter Income rose more than four percent over second quarter; trading revenue up 84 percent - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported record net income of $34.6 billion for the third quarter of 2005, a $1.4 billion improvement (4.2 percent) over the second quarter, and $492 million (1.4 percent) more than the previous earnings record set in the first quarter of this year. www.fdic.gov/news/news/press/2005/pr11805.html

November 21, 2005 - Thrifts Maintain Healthy Performance in Third Quarter - The nation's thrift industry continued its strong performance in the third quarter of 2005, according to financial results released today by the Office of Thrift Supervision www.ots.treas.gov/docs/7/77543.html

November 21, 2005 - Helping Seniors Remain Fiscally Fit: How-to Guide to Money Management for Seniors and their Families Available from the FDIC - With the average American living longer and spending more years (and more money) in retirement than ever before, senior citizens need to find ways to stretch and preserve their savings. The latest issue of FDIC Consumer News, published by the Federal Deposit Insurance Corporation, is a special edition devoted to helping seniors and their families make smart decisions about their retirement funds. www.fdic.gov/news/news/press/2005/pr11705.html

November 21, 2005 - The Federal Reserve Board on Monday approved amendments to its Regulation CC that define "remotely created checks" and create transfer and presentment warranties to shift liability for an unauthorized remotely created check to the institution where it is first deposited. www.federalreserve.gov/boarddocs/press/bcreg/2005/20051121/default.htm

November 18, 2005 - FRB - Proposed interagency questions and answers on revised CRA regulations.   www.federalreserve.gov/generalinfo/foia/proposedregs.cfm

November 18, 2005 - The Federal Reserve Board on Friday announced its approval of the proposal filed by Zions Bancorporation, Salt Lake City, Utah, to acquire Amegy Bancorporation, Inc. and its subsidiary bank, Amegy Bank, National Association, both in Houston, Texas. www.federalreserve.gov/boarddocs/press/orders/2005/200511182/default.htm

November 18, 2005 - The Federal Reserve Board on Friday announced its approval of the notice under section 4 of the Bank Holding Company Act by JPMorgan Chase & Co., New York, New York, to engage in physical commodity trading activities on a limited basis as an activity that is complementary to the financial activity of engaging regularly as principal in commodity derivatives. www.federalreserve.gov/boarddocs/press/orders/2005/20051118/default.htm

November 18, 2005 - OTS Director Reich Addresses Alternative Mortgage Products - In a speech today before the Community Bankers Association of New York State in Naples, Florida, OTS Director John Reich urged thrifts to continue to practice sound underwriting and strong risk management as they offer alternative, or "non-traditional," mortgage products. www.ots.treas.gov/docs/7/77542.html
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November 17, 2005 - 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 and terminations of existing enforcement actions. www.occ.treas.gov/ftp/release/2005-114.htm

November 17, 2005 - Deposit Insurance Banker Survey to Evaluate FDIC's Deposit Insurance Publications and - The FDIC is conducting a confidential nationwide banker survey to evaluate, among other things, the effectiveness and adequacy of the FDIC's current inventory of deposit insurance publications and job aids designed to help bank employees understand deposit insurance coverage. The FDIC encourages all FDIC-insured financial institution officers responsible for oversight of savings and deposit operations to participate in the survey. The survey should take an average of 15 minutes to complete and will be available on the Web site until December 16, 2005. www.fdic.gov/news/news/financial/2005/fil11505.html

November 17, 2005 - Federal Reserve Is "Doing Its Best To Keep the Core Inflation Horse from Leaving the Barn": St. Louis Fed's Poole - A key part of the Federal Reserve's ability to track and contain inflation is that the Fed is successful at both extracting information from observable data used in economic models and applying judgment beyond observable data. www.stlouisfed.org/news/releases/2005/11_17_05.htm

November 17, 2005 - Reporting Requirements - Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks - Enclosed is a copy of the Federal Financial Institutions Examination Council 004 report that may be used to comply with the reporting requirements of Title VIII of the Financial Institutions Regulatory and Interest Rate Control Act of 1978. www.fdic.gov/news/news/financial/2005/fil11405.html

November 17, 2005 - FDIC and HUD Settle Case Against New England Mortgage Company for Accepting Kickbacks for Business Referrals - East-West Mortgage Co. received kickbacks from closing attorneys, appraisers, title companies - The Department of Housing and Urban Development and the Federal Deposit Insurance Corporation today announced a $150,000 settlement with one of the largest mortgage companies in New England for violations of the Real Estate Settlement Procedures Act. HUD and FDIC found that 1-800-East-West Mortgage Company solicited and received tickets from certain settlement service providers to Boston Red Sox and New England Patriots events as well as music concerts and restaurant gift certificates in exchange for the referral of business. www.fdic.gov/news/news/press/2005/pr11605.html

November 17, 2005 - Statistical Release - G.17 Industrial Production - Industrial production increased 0.9 percent in October after a drop of 1.5 percent in September. Hurricane-related recoveries in many industries and the resolution of a strike at a major aircraft producer contributed significantly to the increase in output. At 107.9 percent of its 2002 average, output in October was 1.9 percent above its year-earlier level. Manufacturing production increased 1.4 percent, a rise that more than reversed its September decline of 0.7 percent. www.federalreserve.gov/Releases/G17/Current/default.htm

November 17, 2005 - Agencies Finalize FACT Act Rules on Medical Information - The federal bank, thrift, and credit union regulatory agencies today issued final rules under the Fair Credit Reporting Act that create exceptions to the statutory prohibition against obtaining or using medical information in connection with credit eligibility determinations.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/20051117/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr11405.html
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=ZPHZRBFJ.xml
Press Release: www.ots.treas.gov/docs/7/77540.html
Press Release: www.ncua.gov/news/press_releases/2005/JR05-1117.pdf
Attachment: www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F-Joint-717.pdf

November 17, 2005 - Agencies Issue Final Rules on Post-Employment Restrictions for Senior Examiners - The federal bank and thrift regulatory agencies today issued final rules to implement a special post-employment restriction on certain senior examiners employed by an agency or Federal Reserve Bank, as required by the Intelligence Reform and Terrorism Prevention Act of 2004.
Press Release: www.federalreserve.gov/boarddocs/press/bcreg/2005/200511172/default.htm
Press Release: www.fdic.gov/news/news/press/2005/pr11505.html
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=O8C911Y.xml
Attachment: www.occ.treas.gov/ftp/release/2005-113a.pdf
Press Release: www.ots.treas.gov/docs/7/77541.html

November 16, 2005 - NCUA Chairman Johnson Calls on Credit Unions to "Tell Your Story" - National Credit Union Administration Chairman JoAnn Johnson told credit union executives today that while the credit union system provides outstanding service to members from all walks of life, America's credit unions' compassionate mission of service of people helping people' should be told in a more valiant and vigorous manner. www.ncua.gov/news/press_releases/2005/NR05-1116.htm

November 16, 2005 - Community Reinvestment Act Proposed Interagency Questions and Answers - The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency have published the attached informal staff guidance on community reinvestment in the form of proposed questions and answers. The agencies are seeking public comment on the Q&As. Comments should be received by January 9, 2006. www.fdic.gov/news/news/financial/2005/fil11305.html

November 15, 2005 - NCUA Chairman Addresses Health Savings Account Symposium - National Credit Union Administration Chairman JoAnn Johnson delivered the welcoming remarks today to those attending a Health Savings Account Symposium at Apple Federal Credit Union in Fairfax, Virginia. The Symposium was aimed at increasing awareness of access to Health Savings Accounts, especially among Washington D.C.-based credit unions serving Federal employees. www.ncua.gov/news/press_releases/2005/NR05-1115-2.htm

November 15, 2005 - NCUA and other FFIEC agencies permit exceptions to Real Estate Appraisal requirements for credit unions impacted by recent hurricanes. www.ncua.gov/letters/2005/CU/05-CU-17.pdf

November 15, 2005 - NCUA - Rodney E. Hood Sworn-in as NCUA Board Member - National Credit Union Administration Chairman JoAnn Johnson administered the Oath of Office to new Board Member Rodney E. Hood today at NCUA headquarters. www.ncua.gov/news/press_releases/2005/NR05-1115.htm

November 15, 2005 - National Historic Preservation Act of 1966 - The FDIC is proposing to revise its Statement of Policy on the National Historic Preservation Act of 1966 to reflect the FDIC's experience and practices in applying the current SOP and statutory changes to the NHPA and its implementing regulations. The proposed SOP would continue to be relevant to applications for deposit insurance for de novo institutions, applications for the establishment of domestic branches, and applications for the relocation of domestic branches or main offices. Comments must be submitted on or before December 19, 2005. www.fdic.gov/news/news/financial/2005/fil11205.html

November 15, 2005 - FDIC Makes Public September Enforcement Actions; No Administrative Hearing Scheduled - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearing is scheduled for November. www.fdic.gov/news/news/press/2005/pr11305.html

November 15, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Asset Price Levels and Volatility: Causes and Implications - To the Banco de Mexico International Conference, Mexico City, Mexico. www.federalreserve.gov/boarddocs/speeches/2005/200511152/default.htm

November 15, 2005 - Governor Mark W. Olson - Perspectives on the Development of a Unified National Payments System in the United States - At the First EU/U.S. Retail Banking Forum Conference, Brussels, Belgium. www.federalreserve.gov/boarddocs/speeches/2005/20051115/default.htm

November 15, 2005 - Ben S. Bernanke - Nomination hearing - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. www.federalreserve.gov/boarddocs/testimony/2005/20051115/default.htm

November 14, 2005 - Chicago Fed Announces New Board of Directors - The Federal Reserve Bank of Chicago announced today a new member of its board of directors and a new member of its Detroit Branch board of directors, both effective January 1. www.chicagofed.org/news_and_conferences/news/2005_09_14_alison_schlickman.cfm

November 14, 2005 - Bank Secrecy Act BSA/Anti-Money Laundering Examination InfoBase - The Bank Secrecy Act Anti-Money Laundering Examination InfoBase, which is located on the Federal Financial Institutions Examination Council's Web site, has been updated. www.fdic.gov/news/news/financial/2005/fil11105.html

November 14, 2005 - The SAR Activity Review - Trends, Tips & Issues - Octtober 2005 Issue - The ninth issue of The SAR Activity Review - Trends, Tips & Issues, published by the Department of the Treasury's Financial Crimes Enforcement Network, is now available. www.fdic.gov/news/news/financial/2005/fil11005.html

November 14, 2005 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by Sky Financial Group, Inc., Bowling Green, to acquire Falls Bank, Stow, all of Ohio. www.federalreserve.gov/boarddocs/press/orders/2005/20051114/default.htm

November 14, 2005 - Chairman Alan Greenspan - Stability and Economic Growth: The Role of the Central Bank - Before the Banco de Mexico's 80th Anniversary International Conference, Mexico City (via videoconference). www.federalreserve.gov/boarddocs/speeches/2005/20051114/default.htm _________________

November 10, 2005 - The Federal Reserve Board on Thursday announced the approval of the application of Bank of Montreal, Montreal, Canada, and its U.S. subsidiaries, Harris Financial Corp. and Harris Bankcorp, Inc., both of Chicago, Illinois, to acquire Edville Bankcorp, Inc. and its subsidiary bank, Villa Park Trust & Savings Bank, both of Villa Park, Illinois. www.federalreserve.gov/boarddocs/press/orders/2005/20051110/default.htm

November 10, 2005 - NCUA - Statement of NCUA Chairman Johnson Regarding American Bankers Association Complaints. www.ncua.gov/news/press_releases/2005/ST05-1110.htm

November 10, 2005 - Comptroller Dugan Says Basel II Capital Framework Will Substantially Enhance Safety and Soundness - Comptroller of the Currency John C. Dugan told the Senate Banking Committee today that the goal of the Basel II Capital Framework - and a separate initiative for smaller institutions - will substantially enhance safety and soundness.
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=RQ52D2O9.xml
Attachment: www.occ.treas.gov/ftp/release/2005-111b.pdf
Attachment: www.occ.treas.gov/ftp/release/2005-111a.pdf

November 10, 2005 - Interstate Banking, Federal Interest Rate Authority Notice of Proposed Rulemaking - The FDIC has published the attached new notice of proposed rulemaking to clarify which state laws apply to branches of out-of-state, state-chartered banks and to clarify the interest rates that state-chartered banks may charge. The notice seeks public comment on all aspects of the proposed rules through December 13, 2005. www.fdic.gov/news/news/financial/2005/fil10905.html

November 10, 2005 - Maintain Current Leverage Ratio in New Basel II Framework, FDIC Chairman Recommends Powell tells Senate Banking Committee that QIS-4 results were 'unacceptable' - In testimony before the Senate Banking Committee this morning, FDIC Chairman Donald Powell underscored the need to maintain Prompt Corrective Action regulations, particularly existing U.S. leverage requirements, as part of the U.S. implementation of the Basel II Framework, an international effort to modernize the bank capital regime. www.fdic.gov/news/news/press/2005/pr11205.html

November 10, 2005 - Governor Susan Schmidt Bies - Basel II implementation and revisions to Basel I - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate. www.federalreserve.gov/boarddocs/testimony/2005/20051110/default.htm

November 9, 2005 - U.S. Net International Investment Position Will Stabilize Over Time; Current Account Deficit Will Decline to Sustainable Levels: St. Louis Fed's Poole - In addressing the U.S.'s growing current account deficit, the question is not whether it will fall but whether the inevitable adjustment is likely to be painful and disrupt U.S. economic growth and stability-a "hard landing." www.stlouisfed.org/news/releases/2005/11_09_05.htm

November 9, 2005 - FDIC Reports Third Quarter 2005 Results for Insurance Funds - The Federal Deposit Insurance Corporation announced that the Bank Insurance Fund increased by a modest $240 million during the third quarter of 2005 (0.7 percent) to $35.3 billion, while the Savings Association Insurance Fund increased by $110 million (0.9 percent) to $13.0 billion. www.fdic.gov/news/news/press/2005/pr11105.html

November 8, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson Regarding The Senate Confirmation of Rodney E. Hood and Christiane Gigi Hyland. www.ncua.gov/news/press_releases/2005/ST05-1108-3.htm

November 8, 2005 - NCUA - Statement of Christiane Gigi Hyland upon Senate Confirmation to the NCUA Board. www.ncua.gov/news/press_releases/2005/ST05-1108-2.htm

November 8, 2005 - NCUA - Statement of Rodney E. Hood upon Senate Confirmation to the NCUA Board. www.ncua.gov/news/press_releases/2005/ST05-1108.htm

November 8, 2005 - Scott M. Polakoff Named Deputy Director and Chief Operating Officer of OTS - The Office of Thrift Supervision announced today that Scott M. Polakoff has been named the agency's Deputy Director and Chief Operating Officer. Mr. Polakoff will join OTS effective November 27, 2005. www.ots.treas.gov/docs/7/77539.html

November 8, 2005 - Bank and Thrift Premium Rates to Remain Unchanged for First Half of 2006 Continued deposit growth, other factors could lead to rate changes in second half of 2006 - Current deposit insurance assessment rates charged to insured banks and savings associations will remain unchanged for the first half of 2006, the FDIC Board of Directors voted today. www.fdic.gov/news/news/press/2005/pr11005.html

November 8, 2005 - Monetary Policy with Imperfect Knowledge - Athanasios Orphanides and John C. Williams - We examine the performance and robustness of monetary policy rules when the central bank and the public have imperfect knowledge of the economy and continuously update their estimates of model parameters. www.federalreserve.gov/pubs/feds/2005/200551/200551pap.pdf

November 7, 2005 - St. Louis Fed Analysis Examines Uncertainty About Future Oil Prices and Their Effects on U.S. Economy.   www.stlouisfed.org/news/releases/2005/11_07_05a.html

November 7, 2005 - St. Louis Fed's Review: Oil Price Volatility and U.S. Macroeconomic Activity; An Analysis of Recent Studies on the Effect of Foreign Exchange Intervention; Discrete Monetary Policy Changes and Changing Inflation Targets in Estimated Dynamic Stochastic General Equilibrium Models; Revisions to User Costs for the Federal Reserve Bank of St. Louis Monetary Policy Indices.   www.stlouisfed.org/news/releases/2005/11_07_05b.html

November 7, 2005 - Statistical Release - G.19 Consumer Credit - Consumer credit rose at an annual rate of 3-1/4 percent in the third quarter. Consumer credit was unchanged in September, with an increase in revolving credit offset by a decrease in nonrevolving credit. www.federalreserve.gov/releases/g19/current/default.htm

November 7, 2005 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - The October 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. www.federalreserve.gov/boarddocs/SnLoanSurvey/200510/

November 7, 2005 - Statistical Release - G.17 Industrial Production and Capacity Utilization, 2005 Annual Revision - The Federal Reserve has revised the index of industrial production and the related measures of capacity and capacity utilization for the period from January 1972 through September 2005. Overall, the revisions to the rates of change for total industrial production are small. Measured from fourth quarter to fourth quarter, industrial output is now reported to have contracted a bit more in 2001 and to have increased slightly faster in 2002, 2003, and 2005 than previously reported. www.federalreserve.gov/releases/g17/revisions/current/default_rev.htm

November 7, 2005 - Termination of enforcement actions against Planters Bank and Trust Company and Virginia Heartland Bank.   www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051107/default.htm

November 7, 2005 - Governor Mark W. Olson - A Look at Fair Lending through the Lens of the New HMDA Data - Before the Consumer Bankers Association 2005 Fair Lending Conference, Arlington, Virginia. www.federalreserve.gov/boarddocs/speeches/2005/20051107/default.htm

November 4, 2005 - Measuring Counterparty Credit Exposure to a Margined Counterparty - Michael S. Gibson - Abstract: Firms active in OTC derivative markets increasingly use margin agreements to reduce counterparty credit risk. Making several simplifying assumptions, I use both a quasi- analytic approach and a simulation approach to quantify how margining reduces counterparty credit exposure. www.federalreserve.gov/Pubs/FEDS/2005/200550/200550abs.html

November 4, 2005 - Explaining the Global Pattern of Current Account Imbalances - Joseph W. Gruber; Steven B. Kamin - This paper assesses some of the explanations that have been put forward for the global pattern of current account imbalances that has emerged in recent years: in particular, the large U.S. current account deficit and the large surpluses of the Asian developing economies. Based on the approach developed by Chinn and Prasad (2003), we use data for 61 countries during 1982-2003 to estimate panel regression models for the ratio of the current account balance to GDP. www.federalreserve.gov/Pubs/IFDP/2005/846/ifdp846.pdf

November 4, 2005 - DSGE Models of High Exchange-Rate Volatility and Low Pass-Through - Giancarlo Corsetti; Luca Dedola; Sylvain Leduc - This paper develops a quantitative, dynamic, open-economy model which endogenously generates high exchange rate volatility, whereas a low degree of pass-through stems from both nominal rigidities (in the form of local currency pricing) and price discrimination. www.federalreserve.gov/Pubs/IFDP/2005/845/ifdp845.pdf

November 4, 2005 - The Office of the Comptroller of the Currency (OCC) announced today a Formal Agreement with The Laredo National Bank, Laredo, Texas, and its subsidiary, Homeowners Loan Corporation
Press Release: www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=3MAUGQZY.xml
Attachment: www.occ.treas.gov/ftp/eas/ea2005-142.pdf

November 4, 2005 - FDIC Issues November 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. The list covers evaluation ratings that the FDIC assigned to institutions in August 2005. www.fdic.gov/news/news/press/2005/pr10905.html
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November 3, 2005 - NCUA - Chairman Johnson Testifies on Credit Union Taxation - National Credit Union Administration Chairman JoAnn Johnson told Members of the House Ways and Means Committee today that America's credit unions' tax exemption is vital to the long-term stability and safety and soundness of the nation's credit union system, as well as consumer choice in the financial marketplace.
Press Release: www.ncua.gov/news/press_releases/2005/NR05-1103.htm
Attachment: www.ncua.gov/news/speeches/2005/Johnson/Test05-1103.pdf

November 3, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Monetary Credibility, Inflation, and Economic Growth - At the Cato Institute 23rd Annual Monetary Conference on Monetary Institutions & Economic Development, Washington, D.C. www.federalreserve.gov/boarddocs/speeches/2005/20051103/default.htm

November 3, 2005 - Chairman Alan Greenspan - Economic Outlook - Before the Joint Economic Committee, U.S. Congress. www.federalreserve.gov/boarddocs/testimony/2005/20051103/default.htm

November 2, 2005 - The Federal Reserve Board on Wednesday approved fee schedules for Federal Reserve Bank payment services for depository institutions, effective January 3, 2006. www.federalreserve.gov/boarddocs/press/other/2005/20051102/

November 2, 2005 - Bank Accounting Advisory Series, October 2005 - In these accounting advisories, either the OCC's Office of the Chief Accountant interprets generally accepted accounting principles or the OCC interprets regulatory capital requirements. www.occ.treas.gov/BA102005.pdf   (This is a large file so it may take a few minutes to download.)

November 2, 2005 - Guidance on the Examination Treatment of Assets Related to the Tobacco Transition Payment Program - This letter sets forth guidance to examiners with regard to the proper treatment of assignments of tobacco transition payments and successor-in-interest contract payments under the U.S. Department of Agriculture's Tobacco Transition Payment Program in the assessment of risk management, as well as for the purposes of regulatory reporting and capital. www.federalreserve.gov/boarddocs/srletters/2005/sr0521.htm

November 1, 2005 - NCUA - Letter to Credit Unions 05-CU-16 - Bank Secrecy Act Compliance. www.ncua.gov/letters/2005/CU/05-CU-16.pdf

November 1, 2005 - Comptroller Dugan Tells Bankers OCC Is Committed To Measured, Fair, and Effective BSA/AML Supervision - Comptroller of the Currency John C. Dugan said today that the OCC is committed to a process of Bank Secrecy Act and Anti-Money Laundering supervision and enforcement that is not only effective, but also measured and fair. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=XED1SRB5.xml

November 1, 2005 - Statement of Comptroller Dugan On Retirement Announcement Of House Financial Services Committee Chairman Oxley - Comptroller of the Currency John C. Dugan issued the following statement today regarding the retirement announcement of House Financial Services Committee Chairman Michael G. Oxley. www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=LDYUXQT2.xml

November 1, 2005 - Powell Announces His Resignation as Chairman of The FDIC Takes on new role coordinating Katrina rebuilding efforts - Donald E. Powell today announced that he will be leaving the agency to coordinate the Bush Administration's efforts to rebuild the Gulf Coast areas affected by the recent hurricanes. Mr. Powell became the 18th Chairman of the Federal Deposit Insurance Corporation on August 29, 2001. www.fdic.gov/news/news/press/2005/pr10805.html   (Everyone at R. Kinney Williams & Associates wants thank Mr. Powell for being the FDIC Chairman, and we wish him the best as he tackles another very important assignment.)

November 1, 2005 - The Federal Reserve Board on Tuesday announced the approval of an application by Lloyds TSB Offshore Limited, St. Helier, Jersey, to establish a representative office in Miami, Florida. www.federalreserve.gov/boarddocs/press/orders/2005/20051101/default.htm

November 1, 2005 - The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4 percent. www.federalreserve.gov/boarddocs/press/monetary/2005/20051101/default.htm

November 1, 2005 - Foreign Exchange Rates - The Table Below Shows The Average Rates Of Exchange In October 2005 Together With Comparable Figures For Other Months. Averages Are Based On Daily Noon Buying Rates For Cable Transfers In New York City Certified For Customs Purposes By The Federal Reserve Bank Of New York. www.federalreserve.gov/releases/g5/current/default.htm

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