Bank
Regulatory News
October 2005
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October 31, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson
Regarding Billion-Dollar Credit Union Home Loan Payment Relief
Mortgage Program for Low-Income Homebuyers.
www.ncua.gov/news/press_releases/2005/NR05-1101.htm
October 31, 2005 - Legal Interpretation - Advising Capital Group
Companies that it may acquire up to 15 percent of any class of
voting securities of a bank holding company or bank without being
deemed to have acquired control of that institution under the Bank
Holding Company Act or the Change in Bank Control Act when the
acquisition complies with certain conditions.
www.federalreserve.gov/boarddocs/legalint/bhc_changeincontrol/2002/20020813/default.htm
October 31, 2005 - NCUA November 2005 Newsletter is available.
www.ncua.gov/news/newsletter/NCUA/05November.pdf
October 31, 2005 - The National Credit Union Administration has
issued an order of assessment of civil money penalty against
Arrowhead Central Credit Union, San Bernadino, California for late
submissions of data required by the Home Mortgage Disclosure Act.
www.ncua.gov/news/press_releases/2005/NR05-1031-2.htm
October 31, 2005 - National Credit Union Administration Issues
Prohibition Orders - The National Credit Union Administration has
issued orders prohibiting each of the following individuals from
participating in any manner in the affairs of federally insured
financial institutions.
www.ncua.gov/news/press_releases/2005/NR05-1031.htm
October 31, 2005 - Proposals for Comment - Proposals to approve the
extension for three years, without revision, of the following
reports: Record keeping and Disclosure Requirements in Connection
with Regulation B and Recordkeeping and Disclosure Requirements in
Connection with Regulation E.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
October 31, 2005 - NCUA - Regulatory Alert 05-RA-08 - Home Ownership
and Equity Protection Act.
www.ncua.gov/reg_alerts/2005/05-RA-08.pdf
October 28, 2005 - FRB Statistical Release - G.20 Finance Companies
www.federalreserve.gov/Releases/G20/Current/default.htm
October 28, 2005 - NCUA Board Releases Draft NCUA Strategic Plan
2006-2011 for Public Comment - The National Credit Union
Administration Board has released Draft NCUA Strategic Plan
2006-2011 for public comment. This plan builds upon NCUA Strategic
Plan 2003-2008, which reflected an evolution toward a more
risk-focused agency.
www.ncua.gov/news/press_releases/2005/NR05-1027.htm
October 28, 2005 - The Response of Global Equity Indexes to U.S.
Monetary Policy Announcements - Jon Wongswan - This paper documents
the impact of U.S. monetary policy announcement surprises on equity
indexes in sixteen countries, covering both developed and emerging
economies. Using high-frequency intraday data, I find a large and
significant response of Asian, European, and Latin American equity
indexes to U.S. monetary policy announcement surprises at short time
horizons.
www.federalreserve.gov/Pubs/IFDP/2005/844/ifdp844.pdf
_____________________
October 27, 2005 - Comptroller Dugan Discusses Credit Risk -
Comptroller of the Currency John C. Dugan addressed a meeting of OCC
examiners today and discussed credit risk.
Press Release:
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=2HUO7PYF.xml
Attachment:
www.occ.treas.gov/ftp/release/2005-107a.pdf
October 27, 2005 - FDIC Chairman Powell Praises House Committee
Passage of Deposit Insurance Reform Vote an Important Step Toward Possible
Passage by Year's End - The following is a statement from Federal Deposit
Insurance Corporation Chairman Don Powell on the House Financial Services
Committee's passage of deposit insurance reform legislation that would
improve the deposit insurance system.
www.fdic.gov/news/news/press/2005/pr10705.html
October 27, 2005 - NCUA - America's Credit Unions Realize
Significant Growth in Member Business Lending - Credit unions surpass 1,000
loans and $120 million in SBA loan guarantees.
www.ncua.gov/news/press_releases/2005/NR05-1026.htm
October 27, 2005 - Collective Investment Funds - Comptroller's
Handbook - New booklet examines bank-administered trusts for the commingled
assets of fiduciary accounts and establishes a framework for managing their
risks.
www.occ.treas.gov/handbook/CIFfinal.pdf
October 27, 2005 - Chairman Alan Greenspan - Opening remarks - At
the dedication of the Houston Branch building of the Federal Reserve Bank of
Dallas, Houston, Texas.
www.federalreserve.gov/boarddocs/speeches/2005/20051027/default.htm
October 26, 2005 - Term Structure Estimation with Survey Data on
Interest Rate Forecasts Don H. Kim and Athanasios Orphanides - The
estimation of dynamic no-arbitrage term structure models with a flexible
specification of the market price of risk is beset by a severe small-sample
problem arising from the highly persistent nature of interest rates.
www.federalreserve.gov/Pubs/FEDS/2005/200548/200548pap.pdf
October 26, 2005 - NCUA - Statement of Rodney E. Hood Nominee to be
a Member of the National Credit Union Administration Board.
www.ncua.gov/news/press_releases/2005/St05-1025.pdf
October 26, 2005 - NCUA - Statement of Gigi Hyland Nominee to be a
Member of the National Credit Union Administration Board.
www.ncua.gov/news/press_releases/2005/St05-1025-2.pdf
October 26, 2005 - Chairman Alan Greenspan - Remarks on receipt of
the Truman Medal for Economic Policy - Before the Truman Medal Award and
Economics Conference, Kansas City, Missouri.
www.federalreserve.gov/boarddocs/speeches/2005/20051026/default.htm
October 26, 2005 - The Federal Reserve Board on Wednesday announced
the termination of the enforcement action on AmericasBank Corp. and
AmericasBank, Towson, Md. Written Agreement dated August 3, 2001 Terminated
October 12, 2005.
www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051026/default.htm
October 25, 2005 - OCC Releases CRA Evaluations For 22 National
Banks.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=T41URBOO.xml
October 25, 2005 - Regulatory Relief Steps to Help Rebuild Areas
Affected by Hurricane Wilma - The Federal Deposit Insurance Corporation has
announced a series of steps intended to facilitate the rebuilding process in
areas damaged by Hurricane Wilma and associated severe storms.
www.fdic.gov/news/news/financial/2005/fil10605.html
October 25, 2005 - FDIC Asks Banks to Work Constructively with
Borrowers Affected by Hurricane Wilma - Provides Toll-Free Consumer Hotline
to Answer Banking Questions.
www.fdic.gov/news/news/press/2005/pr10605.html
October 25, 2005 - The Federal Reserve Board on Tuesday announced
the approval of an application by Deutsche Genossenschafts-Hypothekenbank
AG, Hamburg, Germany, to establish a representative office in New York, New
York.
www.federalreserve.gov/boarddocs/press/orders/2005/20051025/default.htm
October 25, 2005 - OCC Announces New Electronic Interpretations and
Actions - October 2005.
www.occ.treas.gov/interp/oct05/intoct05.htm
October 25, 2005 - The Federal Reserve Board on Tuesday announced
the termination of the enforcement action on Ridgedale State Bank,
Minnetonka, Minn. Written Agreement dated July 29, 2004, Terminated
October 25, 2005.
www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051025/default.htm
October 24, 2005 - NCUA Chairman Johnson Declares "New Day at the
NCUA" - Chairman Johnson Highlights the Important Role of America's
Community Credit Unions in Providing Access to Affordable Financial
Services.
www.ncua.gov/news/press_releases/2005/NR05-1024-3.htm
October 24, 2005 - The Federal Reserve Board on Monday announced the
issuance of a Consent Notice of Suspension and Prohibition against William
R. Kahler, an officer of Primebank, LeMars, Iowa, a state nonmember bank.
www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051024/default.htm
October 24, 2005 - NCUA General Counsel Opinion 05-1019 - Credit
Union Charter Conversions.
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-1019.pdf
October 24, 2005 - NCUA Closes Insolvent Korean-American Chamber of
Commerce Federal Credit Union.
www.ncua.gov/news/press_releases/2005/NR05-1024-2.htm
October 24, 2005 - NCUA Activates Disaster Assistance in Response to
Hurricane Wilma - The National Credit Union Administration has activated its
disaster relief policy to assist credit unions and their members repair and
rebuild in areas where businesses and homes are damaged by Hurricane Wilma.
www.ncua.gov/news/press_releases/2005/NR05-1024.htm
October 24, 2005 - OCC Encourages National Banks to Work with
Customers Affected by Hurricane Wilma - The Office of the Comptroller of the
Currency has outlined measures to assist national banks and their customers
affected by Hurricane Wilma.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=KR6YRE42.xml
October 24, 2005 - Statement by Federal Reserve Board Chairman Alan
Greenspan: - "The President has made a distinguished appointment in Ben
Bernanke.
www.federalreserve.gov/boarddocs/press/other/2005/20051024/
October 21, 2005 - NCUA - National Credit Union Administration
Issues Prohibition Orders - October 21, 2005, Alexandria, Va. - The National
Credit Union Administration has issued orders prohibiting each of the
following individuals from participating in any manner in the affairs of
federally insured financial institutions:
Mary Helen Melendez, former employee of Technology Credit Union, San
Jose, California.
Isaac Barrocas, former chief executive officer of Vernon Commerce
Credit Union, Commerce, California.
Kirby Dela Cruz, former employee of San Mateo Credit Union, Redwood
City, California.
www.ncua.gov/news/press_releases/2005/NR05-1021.htm
October 21, 2005 - Under the Bank Holding Company Act, bank holding
companies may elect to be financial holding companies. Following is a list
of those companies whose elections to become or be treated as financial
holding companies are effective. The list includes only the top-tier company
in each organization.
www.federalreserve.gov/GeneralInfo/FHC/default.htm
October 21, 2005 - OCC Allows National Bank Offices Affected by
Hurricane Wilma to Close - The Office of the Comptroller of the Currency
today issued a proclamation allowing national bank offices affected by
Hurricane Wilma to close at their discretion.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=U11WQZ43.xml
October 21, 2005 - Corporate Codes Of Conduct Guidance on
Implementing an Effective Ethics Program - The FDIC is providing the
attached guidance to financial institutions to remind them of the importance
of an effective internal corporate code of conduct or written ethics policy.
www.fdic.gov/news/news/financial/2005/fil10505.html
October 21, 2005 - Accounting Standards and Information: Inferences
from Cross-Listed Financial Firms - John Ammer; Nathanael Clinton; Greg Nini
- Publicly traded financial firms within the European Union will be required
to adhere to International Accounting Standards in their financial reporting
beginning in 2005, which can entail a higher degree of financial disclosure
than was previously mandated under national accounting standards.
www.federalreserve.gov/Pubs/IFDP/2005/843/ifdp843.pdf
October 21, 2005 - Stock Market Volatility and the Great Moderation
- Sean D. Campbell - Using data on corporate profits forecasts from the
Survey of Professional Forecasters, I decompose real stock returns into a
fundamental news component and a return news component and analyze the
effects of the Great Moderation on each. Empirically, the response of each
component of real stock returns to the Great Moderation has been quite
different.
www.federalreserve.gov/Pubs/FEDS/2005/200547/200547pap.pdf
___________________
October 20, 2005 - Risk-Based Capital Rules Advance Notice of
Proposed Rulemaking on Modifications to the Risk-Based Capital - The federal
bank and thrift regulatory agencies have jointly issued the attached advance
notice of proposed rulemaking on possible modifications to the risk-based
capital standards for all domestic banks, bank holding companies and savings
associations. The agencies are seeking public comment on the proposal.
www.fdic.gov/news/news/financial/2005/fil10405.html
October 20, 2005 - Federal Banking Agencies Request Comment on Suggested
Domestic Risk-Based Capital Modifications - The four federal banking
agencies--the Office of the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, and the Office of Thrift Supervision--today published an
interagency advance notice of proposed rulemaking regarding potential
revisions to the existing risk-based capital framework. These changes would
apply to banks, bank holding companies, and savings associations.
Press Release:
www.fdic.gov/news/news/press/2005/pr10505.html
Press Release:
www.federalreserve.gov/boarddocs/press/bcreg/2005/20051020/default.htm
Press Release:
www.occ.treas.gov/toolkit/newsrelease.aspx?JNR=1&Doc=PY24EX.xml
Press Release:
www.ots.treas.gov/docs/7/77538.html
October 20, 2005 - NCUA November Board Meeting Rescheduled - The November
National Credit Union Administration Board meeting has been rescheduled to
Tuesday, November 29, 2005, to provide time to accommodate the two new NCUA
Board member nominees.
www.ncua.gov/news/press_releases/2005/MA05-1020.htm
October 20, 2005 - NCUA - Results of NCUA's of 10/20/2005 Board Meeting are
available.
www.ncua.gov/NCUABoard/board_reports/board_reports.html
October 20, 2005 - NCUA - Final Rule -Fidelity Bond and Insurance Coverage
for Federal Credit Unions.
www.ncua.gov/RegulationsOpinionsLaws/RecentFinalRegs/F713-741.pdf
October 20, 2005 - NCUA General Counsel Opinion 05-0919 - Permissibility of
CUSO's Purchases of Nonperforming Loans for Debt Collection.
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0919.pdf
October 20, 2005 - NCUA General Counsel Opinion 05-0702 - Overdraft
Regulations and Guidance.
www.ncua.gov/RegulationsOpinionsLaws/opinion_letters/2005/05-0702.pdf
October 20, 2005 - FRB Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
www.federalreserve.gov/Releases/bulletin/0905assets.htm
October 19, 2005 - National Credit Union Administration Issues Prohibition
Orders - The National Credit Union Administration has issued orders
prohibiting each of the following individuals from participating in any
manner in the affairs of federally insured financial institutions.
www.ncua.gov/news/press_releases/2005/NR05-1019-3.htm
October 19, 2005 - National Credit Union Administration Issues Civil Money
Penalty Assessment - The National Credit Union Administration has issued an
order of assessment of civil money penalty against Paradise Federal Credit
Union, National City, Calif., for late submissions of data required by the
Home Mortgage Disclosure Act.
www.ncua.gov/news/press_releases/2005/NR05-1019-2.htm
October 19, 2005 - Beige Book - Informal review by the Federal Reserve Banks
of current economic conditions in their Districts.
www.federalreserve.gov/fomc/beigebook/2005/20051019/default.htm
October 19, 2005 - Governor Donald L. Kohn - The Economic Outlook - At the
2006 Global Economic and Investment Outlook Conference, Carnegie-Mellon
University, Pittsburgh, Pennsylvania.
www.federalreserve.gov/boarddocs/speeches/2005/20051019/default.htm
October 19, 2005 - NCUA Holds 5th Annual Budget Briefing and Public Forum -
The National Credit Union Administration conducted its fifth annual Budget
Briefing and Public Forum here today to unveil its projected 2006 agency
budget and to accept comments from stakeholders.
www.ncua.gov/news/press_releases/2005/NR05-1019.htm
October 19, 2005 - NCUA Board Budget Briefing and Public Forum Presentation.
www.ncua.gov/ReportsAndPlans/special/budget/index.html
October 18, 2005 - Vice Chairman Roger W. Ferguson, Jr. - Economic Outlook
for the United States To the Metropolitan Trenton African American Chamber
of Commerce, Trenton, New Jersey.
www.federalreserve.gov/boarddocs/speeches/2005/20051018/default.htm
October 18, 2005 - The Federal Reserve Board on Tuesday released the minutes
of its discount rate meetings from August 22 through September 20, 2005.
www.federalreserve.gov/boarddocs/press/monetary/2005/20051018/default.htm
October 18, 2005 - Powell Praises Senate Committee Passage of Deposit
Insurance Reform Legislation - The following is a statement from Federal
Deposit Insurance Corporation Chairman Don Powell on the Senate Banking
Committee's passage of deposit insurance reform legislation that would
improve the deposit insurance system.
www.fdic.gov/news/news/press/2005/pr10405.html
October 18, 2005 - OCC Issues Consent Order Against KeyBank, Cleveland, OH.
www.occ.treas.gov/ftp/EAs/ea2005-141.pdf
October 18, 2005 - Time of Transition to Follow Record-Setting Housing Boom,
Powell Cautions 'Non-traditional' mortgages may elevate risks for some banks
and homeowners - Residential mortgage lenders and borrowers need to be
prepared for more challenging conditions ahead as U.S. housing markets enter
a time of transition, said Federal Deposit Insurance Corporation Chairman
Don Powell today in remarks at the America's Community Bankers Annual
Convention in Orlando, Florida.
www.fdic.gov/news/news/press/2005/pr10305.html
October 17, 2005 - Fed Letter Looks at Potential of Biotech Industry in the
Midwest - Industrial production long was the heartbeat of the Midwest
economy. But as that industry's role in the region diminishes, policymakers
have explored new directions. At a series of conferences, local experts
discussed the potential of the biotech industry as the Midwest's next
frontier.
www.chicagofed.org/news_and_conferences/news/2005_10_17_fed_letter.cfm
October 17, 2005 - Speech by Chairman Alan Greenspan - Energy - Before the
Japan Business Federation, the Japan Chamber of Commerce and Industry, and
the Japan Association of Corporate Executives, Tokyo, Japan October 17,
2005.
www.federalreserve.gov/boarddocs/speeches/2005/20051017/default.htm
October 17, 2005 - Alternative Procedures for Estimating Vector
Autoregressions Identified with Long-Run Restrictions - Lawrence J.
Christiano; Martin Eichenbaum; Robert J. Vigfusson - We show that the
standard procedure for estimating long-run identified vector autoregressions
uses a particular estimator of the zero-frequency spectral density matrix of
the data. We develop alternatives to the standard procedure and evaluate the
properties of these alternative procedures using Monte Carlo experiments in
which data are generated from estimated real business cycle models.
www.federalreserve.gov/pubs/ifdp/2005/842/ifdp842.pdf
October 17, 2005 - OCC Announces 17 Enforcement Actions and Three
Terminations - The Office of the Comptroller of the Currency today announced
17 new enforcement actions taken against national banks and individuals
currently and formerly affiliated with national banks and three terminations
of existing enforcement actions.
www.occ.treas.gov/ftp/release/2005-102.htm
October 17, 2005 - Alternative Procedures for Estimating Vector
Autoregressions Identified with Long-Run Restrictions - Lawrence J.
Christiano; Martin Eichenbaum; Robert J. Vigfusson - We show that the
standard procedure for estimating long-run identified vector autoregressions
uses a particular estimator of the zero-frequency spectral density matrix of
the data. We develop alternatives to the standard procedure and evaluate the
properties of these alternative procedures using Monte Carlo experiments in
which data are generated from estimated real business cycle models.
www.federalreserve.gov/pubs/ifdp/2005/842/ifdp842.pdf
October 14, 2005 - Questions and Answers for Financial Institutions in
Response to Hurricanes Katrina and Rita - The federal banking agencies have
prepared additional supervisory guidance on regulatory and reporting issues
related to Hurricanes Katrina and Rita.
Press Release:
www.federalreserve.gov/boarddocs/srletters/2005/sr0520.htm
Press Release:
www.occ.treas.gov/ftp/bulletin/2005-36.doc
October 14, 2005 - The Federal Reserve Board on Friday announced the
execution of a Written Agreement by and between Surety Capital Corporation,
Fort Worth, Texas and the Federal Reserve Bank of Dallas.
www.federalreserve.gov/boarddocs/press/Enforcement/2005/200510142/default.htm
October 14, 2005 - Banks May Soon Pay More for Deposit Insurance, Powell
Says Higher BIF assessment rates could take effect next year - With the Bank
Insurance Fund's reserve ratio trending toward a key statutory tripwire and
Congress considering deposit insurance reforms, some change in the way banks
pay for their deposit insurance is more likely, said Federal Deposit
Insurance Corporation Chairman Don Powell today in remarks at the National
Bankers Association's Annual Convention in Los Angeles.
www.fdic.gov/news/news/press/2005/pr10205.html
October 14, 2005 - Proposal for Comment - Agency Information Collection
Activities - Proposal to approve the extension for three years, without
revision, of the following reports: Reg H-2 and Reg BB. Joint proposal to
request approval to revise the following reports: FFIEC 009 and FFIEC 009a.
www.federalreserve.gov/generalinfo/foia/proposedregs.cfm
October 14, 2005 - Industrial Production And Capacity Utilization -
Industrial production dropped 1.3 percent in September, as Hurricanes
Katrina and Rita and a strike at a major aircraft producer significantly
reduced output. At 118.0 percent of its 1997 average, output in September
was 2.0 percent above its year-earlier level; for the third quarter as a
whole, production rose 1.3 percent at an annual rate.
www.federalreserve.gov/Releases/G17/Current/default.htm
October 14, 2005 - The Federal Reserve Board and the New York State Banking
Department on Friday announced the execution of a Written Agreement by and
among the Deutsche Bank Trust Company Americas, New York, N.Y., the Federal
Reserve Bank of New York, and the New York State Banking Department.
www.federalreserve.gov/boarddocs/press/Enforcement/2005/20051014/default.htm
____________
October 13, 2005 - FFIEC Agencies Announce Additional Guidance for
Financial Institutions in Response to Hurricanes Katrina and Rita -
The Federal Financial Institutions Examination Council member
agencies today announced the availability of additional supervisory
guidance on regulatory and reporting issues related to Hurricane
Katrina and Hurricane Rita.
www.ots.treas.gov/docs/7/77536.html
October 12, 2005 - NCUA - Letter to Credit Unions 05-CU-15 -
Increasing Risks in Mortgage Lending - The purpose of this Letter is
to provide all Federally Insured Credit Unions with the same
guidance provided to NCUA field staff about recent trends and
emerging risks in the mortgage lending arena.
www.ncua.gov/letters/2005/CU/05-CU-15.pdf
October 12, 2005 - NCUA Chairman Says Credit Unions Should Remain
Focused on Safe and Sound Mortgage Lending.
www.ncua.gov/news/press_releases/2005/NR05-1012.htm
October 12, 2005 - OCC and FinCEN Assess $3million Penalty Against
Banco de Chile, New York, New York.
www.occ.treas.gov/ftp/EAs/ea2005-140.pdf
October 12, 2005 - FFIEC Guidance - Authentication in an Internet
Banking Environment - The Federal Financial Institutions Examination
Council has issued the attached guidance, "Authentication in an
Internet Banking Environment." For banks offering Internet-based
financial services, the guidance describes enhanced authentication
methods that regulators expect banks to use when authenticating the
identity of customers using the on-line products and services.
Examiners will review this area to determine a financial
institution's progress in complying with this guidance during
upcoming examinations. Financial Institutions will be expected to
achieve compliance with the guidance no later than year-end 2006.
Press Release:
www.fdic.gov/news/news/financial/2005/fil10305.html
Press Release:
www.ffiec.gov/press/pr101205.htm
Press Release:
www.ncua.gov/news/press_releases/2005/FFIEC05-1012.pdf
Press Release:
www.ots.treas.gov/docs/7/77537.html
October 12, 2005 - The Federal Reserve Board on Wednesday announced
modifications to the methodology used to calculate the private
sector adjustment factor, which is used in setting fees for certain
payment services provided to depository institutions.
www.federalreserve.gov/boarddocs/press/other/2005/20051012/
October 12, 2005 - The Federal Reserve Board on Wednesday announced
amendments to Appendix A of Regulation CC that reflect the
restructuring of the Federal Reserve's check processing operations
in the Fourth, Tenth, and Eleventh Districts. These amendments are
part of a series of amendments to Appendix A that will take place
through the first quarter of 2006, associated with the
previously-announced restructuring of the Reserve Banks' check
processing operations.
www.federalreserve.gov/boarddocs/press/bcreg/2005/20051012/default.htm
October 12, 2005 - Governor Mark Olson - Update on the U.S. Economy
and Fiscal Outlook - At the Fraser Institute Roundtable Luncheon,
Vancouver, British Columbia, Canada.
www.federalreserve.gov/boarddocs/speeches/2005/200510123/default.htm
October 12, 2005 - Governor Susan Schmidt Bies - Regulatory Issues -
At the National Bankers Association Annual Convention, Beverly
Hills, California.
www.federalreserve.gov/boarddocs/speeches/2005/200510122/default.htm
October 12, 2005 - Chairman Alan Greenspan - Economic flexibility
Before the National Italian American Foundation, Washington, D.C.
www.federalreserve.gov/boarddocs/speeches/2005/20051012/default.htm
October 11, 2005 - Governor Donald L. Kohn - Globalization,
Inflation, and Monetary Policy At the James R. Wilson Lecture
Series, The College of Wooster, Wooster, Ohio.
www.federalreserve.gov/boarddocs/speeches/2005/20051011/default.htm
October 11, 2005 - Letter To Stakeholders - Third Quarter 2005
Edition of the FDIC's Letter to Stakeholders - The FDIC has issued
its quarterly Letter to Stakeholders, which reports on the FDIC's
priorities and activities for the third quarter of 2005.
www.fdic.gov/news/news/financial/2005/fil10205.html
October 11, 2005 - Waiver of the Appraisal Regulation for Regulated
Institutions Affected by Hurricanes Katrina and Rita - The Federal
Reserve and the other federal financial institutions regulatory
agencies have granted a waiver of their appraisal regulations for
three years to regulated financial institutions that are entering
into transactions with borrowers affected by Hurricanes Katrina and
Rita.
www.federalreserve.gov/boarddocs/srletters/2005/sr0518.htm
October 11, 2005 - The Federal Reserve Board on Tuesday issued for
public comment a second advance notice of proposed rulemaking
concerning the open-end credit rules of the Board's Regulation Z,
which implements the Truth in Lending Act. The second ANPR solicits
public comments on how the Board should implement amendments to TILA
made by the Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005.
www.federalreserve.gov/boarddocs/press/bcreg/2005/20051011/default.htm
October 11, 2005 - The Federal Reserve Board and the Federal Open
Market Committee on Tuesday released the attached minutes of the
Committee meeting held on September 20, 2005.
www.federalreserve.gov/boarddocs/press/monetary/2005/20051011/default.htm
October 7, 2005 - FRB Statistical Release - G.19 Consumer Credit -
Consumer credit rose at an annual rate of 2-3/4 percent in August.
www.federalreserve.gov/Releases/G19/Current/default.htm
October 7, 2005 - Regulatory Relief Information for Bankers in
Hurricane-Affected Areas - Summary: The FDIC is providing
flexibility in the administration of regulatory requirements for
brokered deposit waivers, main office and branch relocations, and
appraisals for institutions affected by Hurricanes Katrina and Rita.
www.fdic.gov/news/news/financial/2005/fil10105.html
October 7, 2005 - The Federal Reserve Board on Thursday announced
its approval of an order waiving its appraisal requirements for
three years for regulated financial institutions affected by
Hurricanes Katrina and Rita. This action was coordinated with the
Office of the Comptroller of the Currency, Federal Deposit Insurance
Corporation, Office of Thrift Supervision, and National Credit Union
Administration, collectively referred to as "the agencies."
www.federalreserve.gov/boarddocs/press/bcreg/2005/200510062/default.htm
_________________
October 6, 2005 - Electronic Filing and Disclosure of Beneficial
Ownership Reports: Final Rule - The rule requires insiders of national banks
with equity securities registered with the OCC to file certain beneficial
ownership reports electronically.
Press Release:
www.occ.treas.gov/ftp/bulletin/2005-34.txt
Attachment:
www.occ.treas.gov/fr/fedregister/70fr46403.pdf
October 6, 2005 - Comptroller Dugan Initiates Process to Improve Risk-Based
Capital Rules - Comptroller of the Currency John C. Dugan approved today an
advance notice of proposed rule making seeking public comment on a proposal
intended to improve risk-based capital rules for U.S. institutions without
the expense and complexity of the Basel II framework.
Press Release:
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=TLBBYIKN.xml
Attachment:
www.occ.treas.gov/ftp/release/2005-101a.pdf
October 6, 2005 - Relationship Manager Program Enhancements to the
Supervision Program - On September 30, 2005, the FDIC implemented the
Relationship Manager Program for all FDIC-supervised financial institutions.
The RMP is designed to strengthen lines of communication between bankers and
the FDIC, as well as improve the coordination, continuity and effectiveness
of FDIC supervision.
www.fdic.gov/news/news/financial/2005/fil9805.html
October 6, 2005 - ATM Surcharge Bans and Bank Market Structure: The Case of
Iowa and its Neighbors - Timothy H. Hannan - It is frequently claimed that
high ATM surcharges actually attract customers to the banks that impose
them, particularly if they operate large ATM networks. By exploiting as
"natural experiments" two events associated with the lifting of surcharge
bans in Iowa and in the states that neighbor Iowa, this paper seeks to test
for the implications of this phenomenon as it applies to the market shares
of banking institutions and to several aspects of market structure.
www.federalreserve.gov/pubs/feds/2005/200546/200546pap.pdf
October 6, 2005 - The Effects of Welfare Reform and Related Policies on
Single Mothers' Welfare Use and Employment in the 1990s - Adam Looney - This
paper examines how changes in tax policy, welfare programs, public health
insurance, and economic conditions during the 1990s affected welfare use and
employment among single mothers. Drawing on panel data from the Survey of
Income and Program Participation, I give new estimates of the effects of
specific policy changes and use those estimates to explain changes in
economic behavior.
www.federalreserve.gov/pubs/feds/2005/200545/200545pap.pdf
October 6, 2005 - The Effect of Anticipated Tax Changes on Intertemporal
Labor Supply and the Realization of Taxable Income - Adam Looney and Monica
Singhal - We use anticipated changes in tax rates associated with changes in
family composition to estimate intertemporal labor supply elasticities and
elasticities of taxable income with respect to the net-of-tax wage rate. A
number of provisions of the tax code are tied explicitly to child age and
dependent status.
www.federalreserve.gov/pubs/feds/2005/200544/200544pap.pdf
October 6, 2005 - The Effects of Mortgage Prepayments on M2 - Yueh-Yun C.
O'Brien - Mortgage prepayments can contribute significantly to fluctuations
in M2 growth rates. These mortgage prepayment effects are primarily driven
by certain rules of mortgage-backed-security insurers that require mortgage
servicers to hold in M2-type deposits the prepayment proceeds due to MBS
investors.
www.federalreserve.gov/pubs/feds/2005/200543/200543pap.pdf
October 6, 2005 - Nowcasting GDP and Inflation: The Real-Time Informational
Content of Macroeconomic Data Releases Domenico Giannone, Lucrezia Reichlin,
and David Small - This paper formalizes the process of updating the nowcast
and forecast on output and inflation as new releases of data become
available. The marginal contribution of a particular release for the value
of the signal and its precision is evaluated by computing "news" on the
basis of an evolving conditioning information set.
www.federalreserve.gov/pubs/feds/2005/200542/200542pap.pdf
October 6, 2005 - FDIC Board Approves Start of Rulemaking Process on Basel
1-A Initiative will address competitive issues posed by Basel II - The Board
of Directors of the Federal Deposit Insurance Corporation today approved an
interagency advance notice of proposed rulemaking to solicit comments on the
way that the vast majority of banks and thrifts in the U.S. calculate their
minimum capital requirements.
www.fdic.gov/news/news/press/2005/pr10105.html
October 6, 2005 - The Federal Reserve Board on Thursday decided to request
public comment on proposed revisions to the U.S. risk-based capital
standards for banking organizations. These current standards are based upon
the 1988 Basel Capital Accord, also known as Basel I.
www.federalreserve.gov/boarddocs/press/bcreg/2005/20051006/default.htm
October 5, 2005 - NCUA Issues 2006 Board Meeting Schedule - The National
Credit Union Administration today announces its 2006 Board meeting schedule.
The Board plans to convene Thursday at 10 a.m. each month (except August
when the Board historically does not meet) on the following dates in 2006.
www.ncua.gov/news/press_releases/2005/NR05-1004-2.htm
October 5, 2005 - FDIC Issues October 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/pr10005.html
October 4, 2005 - NCUA Chairman Johnson Encourages Credit Unions To Answer
the Call of Service for Volunteers with Project Restore HOPE.
www.ncua.gov/news/press_releases/2005/NR05-1004.htm
October 4, 2005 - OCC and Operation HOPE Sign Agreement on Hurricane Relief
- The Office of the Comptroller of the Currency and Operation HOPE, Inc.
signed an agreement today to assist victims of the recent Gulf Coast
hurricanes who have been financially displaced.
www.occ.treas.gov/toolkit/newsrelease.aspx?Doc=5PHSYPFQ.xml
October 4, 2005 - The Federal Reserve Board on Tuesday announced the annual
indexing of the low reserve tranche and of the reserve requirement exemption
amount for 2006. These amounts are used in the calculation of reserve
requirements of depository institutions. The Board also announced the annual
indexing of the nonexempt deposit cutoff level and the reduced reporting
limit that will be used to determine deposit reporting panels effective
September 2006.
www.federalreserve.gov/boarddocs/press/bcreg/2005/20051004/default.htm
October 4, 2005 - Nation's Strongest Economic and Banking Conditions Remain
Concentrated in Coastal Regions - FDIC analysts review banking and economic
conditions across the nation, including initial assessment of impact of
Hurricanes Katrina and Rita.
www.fdic.gov/news/news/press/2005/pr9905.html
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