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October 31, 2008 - Statistical Supplement to the Federal Reserve Bulletin
October 31, 2008 - Fifth Third Bank Acquires All the Deposits of Freedom
Bank, Bradenton, Florida - Freedom Bank, Bradenton, Florida, was closed
today by the Commissioner of the Florida Office of Financial Regulation, and
the Federal Deposit Insurance Corporation was named receiver. To protect the
depositors, the FDIC entered into a purchase and assumption agreement with
Fifth Third Bank, Grand Rapids, Michigan, to assume all of the deposits of
October 31, 2008 - Chairman Ben S. Bernanke - The Future of Mortgage Finance
in the United States - At the UC Berkeley/UCLA Symposium: The Mortgage
Meltdown, the Economy, and Public Policy, Berkeley, California.
October 31, 2008 - Agencies Announce Decision on Impact of Tax Change on
Indirect Investments in Fannie Mae and Freddie Mac Preferred Stock -The
federal banking and thrift regulatory agencies announced today they are
extending the applicability of their October 24, 2008 Interagency Statement
on direct investments to certain indirect investments in Fannie Mae and
Freddie Mac preferred stock.
October 31, 2008 - The Federal Reserve Board on Friday approved an action by
the Board of Directors of the Federal Reserve Bank of Atlanta, decreasing
the discount rate at the Bank from 1-3/4 percent to 1-1/4 percent, effective
October 31, 2008 - NCUA - Revised 2009 NCUA Board Meeting Schedule Issued -
The National Credit Union Administration has revised numerous 2009 monthly
Board meetings since the scheduled was originally published in September.
The NCUA Board will meet, except during August, on the third or fourth
Thursday of the month at 10 a.m.
October 31, 2008 - Risk-Based Capital Rules - Proposed Rulemaking on Capital
Treatment of Certain Claims on or Guaranteed by Fannie Mae and Freddie Mac -
The federal bank and thrift regulatory agencies are seeking comment on the
attached joint notice of proposed rulemaking to permit banks, bank holding
companies and savings associations to assign a 10 percent risk weight to
claims on or guaranteed by the Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation.
October 31, 2008 - FDIC Makes Public September Enforcement Actions; No
Administrative Hearings are Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in September. No administrative
hearings are scheduled.
October 30, 2008 - Change in Capital: Treatment of
Certain Claims on, or Guaranteed by, the Federal National
Mortgage Association and the Federal Home Loan Mortgage
Corporation: Notice of Proposed Rulemaking - Request for
Comments - Rulemaking would permit financial institutions to
assign a 10% risk weight to Fannie Mae and Freddie Mac debt and
the securities these entities guarantee.
October 30, 2008 - Statistical Release - G.20 Finance Companies
- Owned And Managed Receivables Outstanding 2,3 Seasonally
October 30, 2008 - Federal Reserve Bulletin Article - Economic
Development Incentives: Research Approaches and Current Views.
October 30, 2008 - Federal Reserve Bulletin Article - Recent
Payment Trends in the United States.
October 30, 2008 - The Federal Reserve Board on Thursday
approved actions by the Boards of Directors of the Federal
Reserve Banks of Philadelphia, Richmond, Minneapolis, and
Dallas, decreasing the discount rate at the Banks from 1-3/4
percent to 1-1/4 percent, effective immediately.
October 30, 2008 - Economist Discusses Chicago Business Cycles -
In his recent blog, economist William Testa talks about
Chicago's employment and business conditions.
October 30, 2008 - Regulatory Capital Impact of Losses on Fannie
Mae and Freddie Mac Preferred Stock - 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 have issued
the attached interagency statement to notify banks, bank holding
companies, and thrifts that the agencies will allow banking
organizations to recognize the effect of the tax change enacted
in Section 301 of the Emergency Economic Stabilization Act of
2008 in their third-quarter 2008 regulatory capital
October 30, 2008 - The Federal Reserve Board on Thursday
announced the approval of fee schedules for payment services the
Federal Reserve Banks provide to depository institutions,
effective January 2, 2009.
October 30, 2008 - The Federal Reserve Board on Thursday
announced the execution of a Written Agreement by and between
State Holding Company, Thermopolis, Wyoming, a registered bank
holding company, and the Federal Reserve Bank of Kansas City.
October 29, 2008 - Assessing the Potential for Further Foreign
Demand for U.S. Assets: Has Financing U.S. Current Account
Deficits Made Foreign Investors Overweight in U.S. Securities? -
Carol C. Bertaut - Since 2001, foreign investors have acquired
roughly $5 trillion in U.S. securities--more than doubling their
holdings of U.S. equities and bonds--as both official and
private inflows have financed record U.S. current account
October 29, 2008 - The Federal Open Market Committee decided
today to lower its target for the federal funds rate 50 basis
points to 1 percent.
October 29, 2008 - Approval of the discount rate action of the
Federal Reserve Banks of Chicago, Kansas City, and St. Louis.
October 29, 2008 - Federal Reserve, Banco Central do Brasil,
Banco de Mexico, Bank of Korea, and Monetary Authority of
Singapore announce the establishment of temporary reciprocal
October 29, 2008 - Regulatory Capital Calculations Tax Effect of
Losses on Fannie Mae and Freddie Mac Preferred Stock - Section
301 of the Emergency Economic Stabilization Act of 2008 provides
tax relief to banks that have suffered losses on certain
holdings of Federal National Mortgage Association and Federal
Home Loan Mortgage Corporation perpetual preferred stock by
changing the character of these losses from capital to ordinary
for federal income tax purposes.
October 28, 2008 - OCC Releases CRA Evaluations For 24 National
Banks - The Office of the Comptroller of the Currency today
released a list of Community Reinvestment Act performance
evaluations that became public during the period of September
15, 2008 through October 14, 2008.
October 28, 2008 - Comptroller Dugan Responds to Congressman
LaTourette - Comptroller of the Currency John C. Dugan responded
today to questions raised by Congressman LaTourette about the
acquisition of National City Corporation by PNC Financial
October 28, 2008 - St. Louis Fed Promotes Paese and Torbett -
The Federal Reserve Bank of St. Louis announced the following
October 28, 2008 - The Road to Financial Stability: Local
Programs Map the Way - Fed symposium to increase awareness and
use of community-based initiatives and practices that can help
working low- and moderate-income families become economically
October 28, 2008 - Today, the Federal Reserve and the Reserve
Bank of New Zealand are announcing the establishment of a
temporary reciprocal currency arrangement (swap line) to address
ongoing, elevated pressures in U.S. dollar short-term funding
markets. This facility, like those already established with
other central banks, is designed to help improve liquidity
conditions in global financial markets.
October 28, 2008 - The Federal Reserve Board on Tuesday
announced the execution of a Written Agreement by and among Remo
DuQuoin LLC, Privee LLC, Republic Federal Bancorp, Inc.,
registered bank holding companies, Miami, Florida, and the
Federal Reserve Bank of Atlanta.
October 27, 2008 - Midwest Manufacturing Output Drops in
September - Chicago Fed Midwest Manufacturing Index declined
2.6% in September, to a seasonally adjusted level of 100.6.
October 27, 2008 - San Francisco Fed Study Examines Poverty in
West Fresno - The challenges facing high poverty communities
around the nation are the focus of a recently released Federal
Reserve System report, "The Enduring Challenge of Concentrated
Poverty in America: Case Studies from Communities Across the
U.S." Each of the 12 Reserve Banks examined a high poverty area
in its District; The Federal Reserve Bank of San Francisco
contributed to this report with a case study on West Fresno, a
neighborhood that has seen an increasing poverty rate over the
past 30 years.
October 24, 2008 - Comptroller Dugan Details OCC Response to
Extraordinary Market Events and Offers Lessons Learned - In a
speech to OCC managers this week, Comptroller of the Currency
John C. Dugan discussed the agency's response to market events
of the past year and lessons learned from those events.
October 24, 2008 - Regulatory Capital Impact of Losses on Fannie
Mae and Freddie Mac Preferred Stock: Interagency Statement - The
Interagency Statement discusses the effect of the tax change in
the Economic Stabilization Act of 2008 on third-quarter 2008
regulatory capital calculations.
October 24, 2008 - Pickering and Sanders Join St. Louis Fed's
Transportation Council - John Pickering, chief operating officer
of Cass Information Systems Inc.'s Transportation Services
Division, and Donald Sanders Jr., president of Nightline Express
Inc., have joined the Transportation Industry Council of the
Federal Reserve Bank of St. Louis.
October 24, 2008 - Stearns Bank, National Association Acquires
the Insured Deposits of Alpha Bank & Trust, Alpharetta, GA -
Alpha Bank and Trust, Alpharetta, Georgia, was closed today by
the Georgia Department of Banking and Finance, and the Federal
Deposit Insurance Corporation was named receiver. To protect the
depositors, the FDIC entered into a purchase and assumption
agreement with Stearns Bank, National Association, St. Cloud,
Minnesota, to assume the insured deposits of Alpha Bank & Trust.
October 24, 2008 - Poverty Report Offers Case Studies - A new
Federal Reserve study of the dynamics of concentrated poverty in
the U.S. includes a section about parts of Milwaukee.
October 24, 2008 - OTS Issues New Examination Procedures on
Identity Theft Red Flags and Address Discrepancies - The Office
of Thrift Supervision issued examination procedures today on
identity theft and address discrepancies.
October 24, 2008 - Servicemembers Civil Relief Act: Legal
Requirements, - The 2008 Housing and Economic Recovery Act has
mandated changes in the Servicemembers Civil Relief Act.
October 24, 2008 - Deposit Insurance Coverage - Mortgage
Servicing Accounts - The FDIC Board of Directors has adopted the
attached interim rule to simplify the deposit insurance rules
for accounts held at FDIC-insured institutions by mortgage
servicers. Under the interim rule, the FDIC will be able to make
deposit insurance determinations on mortgage servicing accounts
- as well as pay deposit insurance - more quickly. Comments on
the interim rule, which took effect on October 10, 2008, are due
by December 16, 2008.
October 24, 2008 - Temporary Liquidity Guarantee Program -
Interim Rule - Following a systemic risk determination pursuant
to section 141 of the Federal Deposit Insurance Corporation
Improvement Act of 1991, in an effort to avoid or mitigate
serious adverse effects on economic conditions and financial
stability, the FDIC has issued the attached interim rule
establishing the Temporary Liquidity Guarantee Program. The FDIC
is soliciting comment on all aspects of this interim rule.
Comments are due 15 days after the interim rule's publication in
the Federal Register, which is expected soon. Coverage under the
TLGP was established by the FDIC as of October 14, 2008.
October 24, 2008 - FDIC Issues Interim Rule to Implement the
Temporary Liquidity Guarantee Program -Lays Out Framework and
Operating Details of the Program - The Board of Directors of the
Federal Deposit Insurance Corporation approved an interim rule
to govern its newly created Temporary Liquidity Guarantee
October 24, 2008 - Legal Developments - Section 19 Letters,
September 17, 18, and 19, 2008
October 24, 2008 - The factors that gave rise to high-poverty
neighborhoods, and the challenges these communities face, are
the focus of a Systemwide Federal Reserve research effort that
examines the diverse landscape of concentrated poverty in
October 22, 2008 - The Federal Reserve Board on Wednesday approved
the application by Corpbanca, Santiago, Chile, to establish a branch in New
York, New York.
October 22, 2008 - A new report from the Federal Reserve Bank of St. Louis
looks at local business cycles in 23 major cities, including St. Louis, and
how they influence crime rates. Presenting their findings will be St. Louis
Fed economist Thomas A. Garret and senior research associate Lesli S. Ott.
October 22, 2008 - FDIC to Host 7th Annual Conference of the International
Association of Deposit Insurers - "The Role of Deposit Insurance in
Promoting Financial Stability and Economic Inclusion" The FDIC today
announced that it will host the 7th Annual Conference of the International
Association of Deposit Insurers on October 29 and 30, 2008.
October 23, 2008 - NCUA Seeks Non-Interest Account Coverage for Credit
Unions - National Credit Union Administration Chairman Michael E. Fryzel has
requested credit union inclusion in Treasury Department's recently expanded
deposit insurance coverage of non-interest bearing deposit accounts.
October 23, 2008 - Governor Elizabeth A. Duke - Foreclosure prevention
efforts and market stability - Before the Committee on Banking, Housing, and
Urban Affairs, U.S. Senate.
October 22, 2008 - The Federal Reserve Board on Wednesday announced that it
will alter the formula used to determine the interest rate paid to
depository institutions on excess balances.
October 22, 2008 - The Federal Reserve Board on Wednesday announced the
execution of a Written Agreement by and between Bank of Canton, Canton,
Pennsylvania, a state chartered member bank, and the Federal Reserve Bank of
October 21, 2008 - Board issues statement concerning its approval of the
proposal by Wells Fargo and Company to acquire Wachovia Corporation.
October 21, 2008 - September Economic Activity Weakened Further - The
Chicago Fed National Activity Index was -2.57 in September, down from -1.61
October 21, 2008 - Recent Information on the Treasury Capital Purchase
Program - Additional details on the plan are now available.
October 21, 2008 - Chicago Fed President Offers Economic Update - Charles
Evans speaks in central Wisconsin about U.S. economy.
October 21, 2008 - On October 20, 2008, the Federal Reserve conducted an
auction of $150 billion in 28-day credit through its Term Auction Facility.
October 21, 2008 - The Federal Reserve Board on Tuesday announced the
creation of the Money Market Investor Funding Facility, which will support a
private-sector initiative designed to provide liquidity to U.S. money market
October 20, 2008 - NCUA - CLF Available to Meet Liquidity Needs - National
Credit Union Administration Chairman Michael E. Fryzel issued a Letter to
Credit Unions Friday, October 17,reminding credit unions that the Central
Liquidity Facility is available as a source of contingent liquidity during
the current market turbulence.
October 20, 2008 - Covered Bonds: Issuances of U.S. Covered Bonds by
National Banks - Bulletin describes how national banks' covered bond
issuances may satisfy FDIC policy statement requirement and qualify for
expedited access to certain pledged covered bond collateral.
October 20, 2008 - Applications to the Troubled Asset Relief Program's
Capital Purchase Program - State nonmember institutions are encouraged to
participate in the Troubled Asset Relief Program's Capital Purchase Program
to strengthen their capital positions and ability to prudently make credit
available in their lending markets. All financial institutions are eligible
to apply for a capital injection from the U.S. Department of Treasury.
October 20, 2008 - The Federal Reserve Board on Monday approved final
amendments to Regulation C that revise the rules for reporting price
information on higher-priced mortgage loans. The changes are intended to
improve the accuracy and usefulness of data reported under the Home Mortgage
October 20, 2008 - Deposit Insurance Assessments - Proposed Rule on
Assessments - The FDIC Board of Directors is seeking comment on the attached
proposed rule, which would amend the system for risk-based assessments and
change assessment rates. Comments on the proposed rule are due by November
October 20, 2008 - Governor Randall S. Kroszner - Strategic Risk Management
in an Interconnected World - At the Risk Management Association Annual Risk
Management Conference, Baltimore, Maryland.
October 20, 2008 - Chairman Ben S. Bernanke - Economic outlook and financial
markets - Before the Committee on the Budget, U.S. House of Representatives.
October 20, 2008 - Agencies Encourage Participation in Treasury's Capital
Purchase Program, FDIC's Temporary Liquidity Guarantee Program - The federal
banking and thrift regulatory agencies encourage all eligible institutions
to use the Treasury Department's Capital Purchase Program and the Federal
Deposit Insurance Corporation's Temporary Liquidity Guarantee Program. On
October 14, 2008, the U.S. government announced a series of initiatives to
strengthen market stability, improve the strength of financial institutions,
and enhance market liquidity.
October 20, 2008 - On October 20, 2008, the Federal Reserve will offer $150
billion in 28-day credit through its Term Auction Facility. Additional
information regarding the auction is listed below; the auction will be
conducted as specified in this announcement, Regulation A, and the terms and
conditions of the Term Auction Facility.
October 17, 2008 - Economist Discusses Fresh Water Issues - In his recent
blog, the Chicago Fed's William Testa talks about upcoming conference on
Great Lakes' resources.
October 17, 2008 - 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
October 17, 2008 - Proposals for Comment - Proposals to approve under OMB
delegated authority the extension for three years, without revision, of the
following reports: Recordkeeping and Disclosure Requirements in Connection
with Regulation B and Recordkeeping and Disclosure Requirements in
Connection with Regulation E.
October 17, 2008 - Federal Open Market Committee - Historical materials,
October 17, 2008 - Agencies Announce Decision on Regulatory Capital Impact
of Emergency Economic Stabilization Act of 2008 on Fannie Mae and Freddie
Mac Preferred Stock - The federal banking and thrift regulatory agencies
announced today that they will allow banks, bank holding companies, and
thrifts to recognize the effect of the tax change enacted in Section 301 of
the Emergency Economic Stabilization Act of 2008 in their third quarter 2008
regulatory capital calculations.
October 16, 2008 - The Federal Reserve Board on Thursday announced the
adoption of an interim final rule that will allow bank holding companies to
include in their Tier 1 capital without restriction the senior perpetual
preferred stock issued to the Treasury Department under the capital purchase
program announced by the Treasury on October 14, 2008. Treasury established
the capital purchase program under the Emergency Economic Stabilization Act
of 2008, which became law on October 3, 2008.
October 16, 2008 - High Desert Federal Credit Union Placed Into
Conservatorship - High Desert Federal Credit Union is Open and Operating,
Member Accounts are Safe and Federally Insured
October 16, 2008 - NCUA Approves Corporate Credit Union Loan
Guarantee Program - The National Credit Union Administration Board today
approved a temporary corporate credit union liquidity guarantee program that
will operate from October 16, 2008, through June 30, 2009.
October 16, 2008 - OCC Deputy Comptroller for International Banking
Supervision Addresses the International Association of Insurance Supervisors
- Deputy Comptroller for International Banking Supervision Delora Jee today
addressed the International Association of Insurance Supervisors. Ms. Jee
spoke about credit risk transfer and other financial market issues studied
by the Joint Forum, an international group that brings together senior
supervisors of the insurance, securities and banking sectors.
October 16, 2008 - Identity Theft Red Flags, Address Discrepancies, and
Change of Address Regulations Examination Procedures - The FDIC has issued
the attached examination procedures on identity theft "red flags," address
discrepancies, and change of address requests.
October 16, 2008 - Trust Examination Manual Revised FDIC Trust Examination
Manual is Available - The FDIC has updated its Trust Examination Manual and
is making it available to the public on its Web site and in CD-ROM format.
October 16, 2008 - Temporary Liquidity Guarantee Program FDIC Announces
Temporary Program to Encourage Liquidity and Confidence in the Banking
System - On October 14, 2008, the FDIC announced the Temporary Liquidity
Guarantee Program to strengthen confidence and encourage liquidity in the
banking system. The new program will (1) guarantee newly issued senior
unsecured debt of eligible institutions, including FDIC-insured banks and
thrifts, as well as certain holding companies, and (2) provide full deposit
insurance coverage for non-interest bearing deposit transaction accounts in
FDIC-insured institutions, regardless of the dollar amount.
October 16, 2008 - FDIC Announces Series of Banker Calls on Its Temporary
Liquidity Guarantee Program Launches Dedicated Web Page for the Program -
Beginning today, the Federal Deposit Insurance Corporation will hold the
first in a series of conference calls with the banking industry to answer
technical questions regarding the newly announced Temporary Liquidity
Guarantee Program. Today's call will commence at 2 p.m. Eastern and will run
for one hour.
October 16, 2008 - Consolidated Supervision of Bank Holding Companies and
the Combined U.S. Operations of Foreign Banking Organizations - The
continuing growth in the size and complexity of many banking organizations
exposes these firms to a wide array of potential risks, while at the same
time making it more challenging for a single supervisor to have a complete
view of firmwide risks and controls. In response to these trends, and to
better fulfill both its responsibilities as consolidated supervisor and its
other central bank objectives, the Federal Reserve continues to refine and
enhance its programs for the consolidated supervision of bank holding
companies and the combined U.S. operations of foreign banking organizations.
October 16, 2008 - Compliance Risk Management Programs and Oversight at
Large Banking Organizations with Complex Compliance Profiles - In recent
years, banking organizations have greatly expanded the scope, complexity,
and global nature of their business activities. At the same time, compliance
requirements associated with these activities have become more complex. As a
result, organizations have confronted significant risk management and
corporate governance challenges, particularly with respect to compliance
risks that transcend business lines, legal entities, and jurisdictions of
October 16, 2008 - The Federal Reserve Board on Thursday announced its
approval of the proposal by Caja de Ahorros y Monte de Piedad de Madrid and
Caja Madrid Cibeles S.A., both of Madrid, Spain, and CM Florida Holdings,
Inc., Coral Gables, Florida, to acquire 83 percent of the voting securities
of City National Bancshares, Inc. and thereby acquire control of its
subsidiary bank, City National Bank of Florida, both of Miami, Florida.
October 16, 2008 - The Federal Reserve on Thursday issued enhanced guidance
that refines and clarifies its programs for the consolidated supervision of
bank holding companies and the combined U.S. operations of foreign banking
organizations. The Federal Reserve also released guidance clarifying
supervisory expectations with respect to firmwide compliance risk
October 16, 2008 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and between Alliance Bancshares
California, a registered bank holding company, and the Federal Reserve Bank
of San Francisco.
October 16, 2008 - The Federal Reserve Board on Thursday announced the
execution of a Written Agreement by and among AmericasBank, Towson,
Maryland, a state chartered member bank, the Federal Reserve Bank of
Richmond, and the Maryland Division of Financial Regulation.
October 15, 2008 - Profitwise News and Views Now Online - Issue looks at
strategies for improving economic mobility of workers. - In November 2007,
the Chicago Fed, in partnership with Upjohn Institute for Employment
Research, co-hosted a conference that opened the door to an informative
dialogue on how to promote economic opportunities for disadvantaged workers.
October 15, 2008 - Fair Credit Reporting Act: Additions to FCRA Examinations
Procedures - Updated procedures address affiliate marketing, opt-out notices
to limit solicitations, duties of credit report users regarding address
discrepancies, duties of credit card issuers regarding changes of address,
and identity theft prevention.
October 15, 2008 - Interest on Required Reserve Balances and Excess Balances
- Maintenance period ending on October 15, 2008 - The Federal Reserve Banks
pay interest on required reserve balances--balances held at Reserve Banks to
satisfy reserve requirements--and on excess balances--balances held in
excess of required reserve balances and contractual clearing balances. The
Board of Governors has prescribed rules governing the payment of interest by
Federal Reserve Banks in Regulation D (Reserve Requirements of Depository
Institutions, 12 CFR Part 204).
October 15, 2008 - NCUA to Hold Eighth Annual Budget Briefing and Public
Forum - The National Credit Union Administration will hold its eighth annual
Budget Briefing and Public Forum in October. Executive Director Len Skiles
will introduce the proposed 2009 budget and the public is invited to attend
and provide input.
October 15, 2008 - Beige Book - Informal review by the Federal Reserve Banks
of current economic conditions in their Districts.
October 15, 2008 - Speech by Chairman Ben S. Bernanke - Stabilizing the
Financial Markets and the Economy.
October 14, 2008 - Comptroller of the Currency Issues Statement on U.S.
Banking Plan - Comptroller of the Currency John C. Dugan issued the
following statement regarding plans to strengthen the U.S. banking and
October 14, 2008 - FDIC Announces Plan to Free Up Bank Liquidity Creates New
Program to Guarantee Bank Debt and Fully Insure Non-Interest Bearing Deposit
Transaction Accounts - The Federal Deposit Insurance Corporation announces a
new program-the Temporary Liquidity Guarantee Program-to strengthen
confidence and encourage liquidity in the banking system by guaranteeing
newly issued senior unsecured debt of banks, thrifts, and certain holding
companies, and by providing full coverage of non-interest bearing deposit
transaction accounts, regardless of dollar amount.
October 14, 2008 - FOMC authorizes an increase in the size of its temporary
reciprocal currency arrangement with the Bank of Japan - The Federal Open
Market Committee has authorized an increase in the size of its temporary
reciprocal currency arrangement (swap line) with the Bank of Japan, so that
the Bank of Japan can provide U.S. dollar funding in quantities sufficient
to meet demand.
October 14, 2008 - Minutes of Board discount rate meetings, August 18
through September 15, 2008.
October 14, 2008 - The Federal Reserve Board on Tuesday announced additional
details regarding the Commercial Paper Funding Facility, including that it
would begin funding purchases of commercial paper on October 27, 2008.
October 14, 2008 - Joint statement by Federal Reserve, U.S. Department of
the Treasury, and Federal Deposit Insurance Corporation - The following
statement was made by Treasury Secretary Henry M. Paulson, Jr, Federal
Reserve Chairman Ben Bernanke and FDIC Chairman Sheila C. Bair:
October 14, 2008 - The Federal Reserve Board on Tuesday announced the
execution of a Written Agreement by and among Irwin Financial Corporation,
Columbus, Indiana, a registered bank holding company, Irwin Union Bank and
Trust Company, Columbus, Indiana, a state chartered member bank, the Federal
Reserve Bank of Chicago, and the Indiana Department of Financial
October 13, 2008 - Federal Reserve and other central banks announce further
measures to provide broad access to liquidity and funding to financial
institutions - In order to provide broad access to liquidity and funding to
financial institutions, the Bank of England, the European Central Bank, the
Federal Reserve, the Bank of Japan, and the Swiss National Bank are jointly
announcing further measures to improve liquidity in short-term U.S. dollar
October 12, 2008 - The Federal Reserve Board on Sunday announced its
approval of the application and notice under sections 3 and 4 of the Bank
Holding Company Act by Wells Fargo & Company, San Francisco, California, to
acquire Wachovia Corporation and its subsidiary banks, Wachovia Bank,
National Association, both of Charlotte, North Carolina, and Wachovia Bank
Delaware, National Association, Wilmington, Delaware, and the nonbanking
subsidiaries of Wachovia Corporation.
October 10, 2008 - National Bank Acquires All the Deposits of Meridian Bank,
Eldred, Illinois - Meridian Bank, Eldred, Illinois, was closed today by the
Illinois Department of Financial Professional Regulation-Division of
Banking, and the Federal Deposit Insurance Corporation was named receiver.
To protect the depositors, the FDIC approved the assumption of all the
deposits of Meridian Bank by National Bank, Hillsboro, Illinois.
October 10, 2008 - Monroe Bank & Trust Acquires All the Deposits of Main
Street Bank, Northville, Michigan - Main Street Bank, Northville, Michigan,
was closed today by the Michigan Office of Financial and Insurance
Regulation, and the Federal Deposit Insurance Corporation was named
receiver. To protect the depositors, the FDIC approved the assumption of all
the deposits of Main Street Bank, by Monroe Bank & Trust, Monroe, Michigan.
October 10, 2008 - NCUA General Counsel Opinion 08-0735 - Permissible
Arrangements Involving ATM Providers.
October 10, 2008 - NCUA General Counsel Opinion 08-0843 - Secure and Fair
Enforcement for Mortgage Licensing Act of 2008.
October 10, 2008 - Interagency Examination Procedures for the Identity Theft
Red Flags and Other Regulations under the Fair Credit Reporting Act.
October 10, 2008 - FDIC Simplifies Coverage Rules for Mortgage Servicing
Accounts - The FDIC Board of Directors today adopted an interim final rule,
effective immediately, to simplify the deposit insurance rules for accounts
held at FDIC-insured institutions by mortgage servicers.
October 9, 2008 - Statement on the efforts of Citigroup and Wells Fargo to
reach an accord regarding the acquisition of Wachovia Corporation
October 9, 2008 - Explaining the decline in the auction rate
securities market - Adrian D'Silva Haley Gregg David Marshall - Auction rate
securities are an example of a relatively obscure financial market
instrument that has been caught up in the recent negative sentiment
affecting the financial markets. This article examines these securities and
sheds some light on recent events.
October 9, 2008 - Navigating the New World of Private Equity - A conference
summary - William Mark Steven VanBever - The Federal Reserve System's
Private Equity Merchant Banking Knowledge Center, formed at the Chicago Fed
in 2000 shortly after the passage of the Gramm-Leach-Bliley Act, sponsors an
annual conference on new industry developments.
October 8, 2008 - Approval of the discount rate action of the Federal
Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta,
Chicago, Minneapolis, Kansas City, Dallas, San Francisco, and St. Louis.
October 8, 2008 - The Connection Between House Price Appreciation and
Property Tax Revenues - Byron F. Lutz - This paper explores two aspects of
the connection between property tax revenues and house prices. First, I
estimate the elasticity of property tax revenues with respect to house
prices. This elasticity does not necessarily equal one as governments may
adjust effective tax rates to offset changes in property values.
October 8, 2008 - Productivity, Aggregate Demand and Unemployment
Fluctuations - Regis Barnichon - Abstract: This paper presents new empirical
evidence on the cyclical behavior of US unemployment that poses a challenge
to standard search and matching models. The correlation between cyclical
unemployment and the cyclical component of labor productivity switched sign
in the mid 80s: from negative it became positive, while standard search
models imply a negative correlation.
October 8, 2008 - Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
October 8, 2008 - The Federal Reserve Board has authorized the Federal
Reserve Bank of New York to borrow securities from certain regulated U.S.
insurance subsidiaries of the American International Group, under section
13(3) of the Federal Reserve Act.
October 8, 2008 - Shared National Credits Program1 Reports Large Increase in
Credit Volume and Significant Deterioration in Credit Quality - The volume
of Shared National Credits,2 loan commitments of $20 million or more and
held by three or more federally supervised institutions, rose 22.6 percent
to $2.8 trillion, and the volume of criticized credits increased to $373.4
billion, or 13.4 percent of the SNC portfolio, according to the 2008 SNC
review results released today by federal bank and thrift regulators.
October 8, 2008 - Throughout the current financial crisis, central banks
have engaged in continuous close consultation and have cooperated in
unprecedented joint actions such as the provision of liquidity to reduce
strains in financial markets.
October 7, 2008 - Agencies Seek Public Comment on Proposed Rulemaking to
Lower Risk Weights for Claims on, or Guaranteed by, Fannie Mae and Freddie
Mac - The federal bank and thrift regulatory agencies announced today that
they will request public comment on a joint notice of proposed rulemaking to
allow a banking organization to assign a 10 percent risk weight to claims
on, and portions of claims guaranteed by, the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation.
October 7, 2008 - Statistical Supplement to the Federal Reserve Bulletin -
October 7, 2008 - OCC Deputy Comptroller for Community Affairs Addresses the
Summit on Housing - Deputy Comptroller for Community Affairs Barry Wides
highlighted community stabilization in the foreclosure crisis on a panel
today of the Summit on Housing: Partnering for Responsible Policy sponsored
by the Department of Housing and Urban Development and the Department of
October 7, 2008 - FDIC Board Adopts Restoration Plan -- Proposes Higher
Assessments on Insured Banks - Also, Proposes Improvements to the Risk-based
Assessment System - The Board of Directors of the Federal Deposit Insurance
Corporation today voted to adopt a restoration plan accompanied by a notice
of proposed rulemaking that would increase the rates banks pay for deposit
insurance, while at the same time making adjustments to the system that
determines what rate a bank pays the FDIC.
October 7, 2008 - Emergency Economic Stabilization Act of 2008 Temporarily
Increases Basic FDIC Insurance Coverage from $100,000 to $250,000 Per
Depositor - On October 3, 2008, President George W. Bush signed the
Emergency Economic Stabilization Act of 2008, which temporarily raises the
basic limit on federal deposit insurance coverage from $100,000 to $250,000
per depositor. The temporary increase in deposit insurance coverage became
effective upon the President's signature. The legislation provides that the
basic deposit insurance limit will return to $100,000 after December 31,
October 7, 2008 - Central banks recently announced coordinated actions to
expand the provision of U.S. dollar liquidity. Today, the central banks are
announcing schedules for term and forward auctions of U.S. dollar liquidity
conducted during the fourth quarter of this year. These schedules include
dates of any 28-day and 84-day term auctions and two preliminary dates for
any forward auctions of U.S. dollar liquidity over the year-end. Scheduling
of the forward auctions is still tentative and may be adjusted in response
to financial market conditions.
October 7, 2008 - Board announces creation of the Commercial Paper Funding
Facility to help provide liquidity to term funding markets - The Federal
Reserve Board on Tuesday announced the creation of the Commercial Paper
Funding Facility, a facility that will complement the Federal Reserve's
existing credit facilities to help provide liquidity to term funding
markets. The CPFF will provide a liquidity backstop to U.S. issuers of
commercial paper through a special purpose vehicle that will purchase
three-month unsecured and asset-backed commercial paper directly from
October 7, 2008 - The Federal Reserve Board and the Federal Open Market
Committee on Tuesday released the attached minutes of the Committee meeting
held on September 16, 2008.
October 7, 2008 - Federal Reserve announces results of auction of $150
billion in 85-day credit held on October 6, 2008.
October 6, 2008 - The Federal Reserve Board on Monday announced its approval
of the application and notice under sections 3 and 4 of the Bank Holding
Company Act by Mitsubishi UFJ Financial Group, Inc., Tokyo, Japan, to
acquire up to 24.9 percent of the voting shares of Morgan Stanley, New York,
New York, and to acquire an indirect interest in Morgan Stanley's subsidiary
bank, Morgan Stanley Bank, National Association, Salt Lake City, Utah;
subsidiary savings association, Morgan Stanley Trust, Jersey City, New
Jersey; and subsidiary trust company, Morgan Stanley Trust National
Association, Wilmington, Delaware.
October 6, 2008 - NCUA - N&W Poca Division Federal Credit Union Closes - The
National Credit Union Administration placed N&W Poca Division Federal Credit
Union of Bluefield, West Virginia, into liquidation October 3, 2008.
October 6, 2008 - NCUA - TEXDOT-WF Credit Union Closes; Members Now Served
by Postal Family Credit Union - The National Credit Union Administration
announces today that Postal Family Credit Union, of Wichita Falls, Texas,
has purchased the assets and assumed member shares of the recently
liquidated TEXDOT-WF Credit Union of Wichita Falls, Texas.
October 6, 2008 - NCUA Revises Insurance Coverage on Revocable Trust
Accounts - The NCUA Board today adopted changes to simplify the rule
determining the coverage available on revocable trust accounts - commonly
called payable-on-death accounts or living trust accounts.
October 6, 2008 - Truth in Lending Act - Regulation Z: Revised Examination
Procedures - Revised examination procedures reflect changes to Regulation Z
that simplify and clarify requirements for e-communication and the
regulation's relationship to the E-Sign Act.
October 6, 2008 - St. Louis Fed Study Argues U.S. Income Inequality Is Not
So Bad - Many people view income inequality as a social ill, but public
policies that seek to redistribute wealth would probably result in lower
economic growth for everyone. That's one point emphasized by economist
Thomas A. Garrett in the October issue of The Regional Economist, the
quarterly journal of business and economic issues published by the Federal
Reserve Bank of St. Louis.
October 6, 2008 - St. Louis Fed Releases Latest Issue of Regional Economic
Development - The Federal Reserve Bank of St. Louis recently released the
October edition of Regional Economic Development, the St. Louis Fed's
journal of local and regional economic development issues. Published
infrequently, the series includes research from Federal Reserve economists.
October 6, 2008 - Deposit Insurance Coverage Temporary Increase in Coverage
- On October 3, 2008, President George W. Bush signed the Emergency Economic
Stabilization Act of 2008, which temporarily raises the basic limit on
federal deposit insurance coverage from $100,000 to $250,000 per depositor.
The temporary increase in deposit insurance coverage became effective
immediately upon the President's signature. The legislation provides that
the basic deposit insurance limit will return to $100,000 after December 31,
October 6, 2008 - Letter to a bank granting an exemption from section 23A of
the Federal Reserve Act (12 U.S.C. 371c) and the Board's Regulation W (12
CFR Part 223) for certain asset purchases by the bank from its affiliated
money market mutual funds.
October 6, 2008 - Federal Reserve will offer $150 billion in 85-day credit
through its Term Auction Facility today - On October 6, 2008, the Federal
Reserve will offer $150 billion in 85-day credit through its Term Auction
Facility. Additional information regarding the auction is listed below; the
auction will be conducted as specified in this announcement, Regulation A,
and the terms and conditions of the Term Auction Facility.
October 6, 2008 - Board announces that it will begin to pay interest on
depository institutions' required and excess reserve balances - The Federal
Reserve Board on Monday announced that it will begin to pay interest on
depository institutions' required and excess reserve balances. The payment
of interest on excess reserve balances will give the Federal Reserve greater
scope to use its lending programs to address conditions in credit markets
while also maintaining the federal funds rate close to the target
established by the Federal Open Market Committee.
October 3, 2008 - NCUA - Chairman Fryzel Statement On Passage Of The
Emergency Economic Stabilization Act.
October 3, 2008 - Responding to Disasters: Supervisory Guidance - Reminds
banks that they have discretion to decide whether to open or close during a
natural disaster or other emergency, and encourages banks to work with
affected borrowers. www.occ.treas.gov/ftp/bulletin/2008-26.html
October 3, 2008 - Statement by the Board of Governors of the Federal Reserve
and the Office of the Comptroller of the Currency - A new proposal to
acquire Wachovia has emerged from Wells Fargo.
October 3, 2008 - FDIC Chairman Bair Comments on Enactment of Financial
October 3, 2008 - FDIC Issues List of Banks Examined for CRA Compliance -
The Federal Deposit Insurance Corporation today issued its list of state
nonmember banks recently evaluated for compliance with the Community
Reinvestment Act. The list covers evaluation ratings that the FDIC assigned
to institutions in July 2008. The CRA is a 1977 law intended to encourage
insured banks and thrifts to meet local credit needs, including those of
low- and moderate-income neighborhoods, consistent with safe and sound
October 3, 2008 - FDIC Chairman Sheila Bair Comments on Agreement to Merge
by Wells Fargo and Wachovia.
October 3, 2008 - Statement by the Board of Governors of the Federal Reserve
and the Office of the Comptroller of the Currency - A new proposal to
acquire Wachovia has emerged from Wells Fargo. The Citigroup proposal has
undergone extensive review by the Federal Reserve and the Office of the
Comptroller of the Currency.
October 3, 2008 - Statement by Chairman Bernanke on action taken by
October 2, 2008 - Extension of CRA Consideration Period for
Community Development Activities in Hurricanes Rita and Katrina Disaster
Areas for an Additional 36 Months.
October 2, 2008 - NCUA Charters New Texas Credit Union - The National Credit
Union Administration has issued a new federal charter for Oak Cliff
Christian Federal Credit Union in Dallas, Texas.
October 2, 2008 - The Federal Reserve Board on Thursday announced the
issuance of a Consent Order of Prohibition against John H. Lohmeier, a
former Senior Vice-President, trust officer and institution-affiliated party
of Hinsbrook Bank & Trust, Oakbrook, Illinois.
October 1, 2008 - OCC Announces New Electronic Interpretations and Actions -
October 1, 2008 - Banking Department and FDIC Lift Order Against Bank of
Tokyo-Mitsubishi UFJ Trust Company - Bank of Tokyo-Mitsubishi UFJ Trust
Company Meets Required Anti-Money Laundering and Bank Secrecy Act Standards.
October 1, 2008 - Statistical Release - Structure and Share Data for U.S.
Offices of Foreign Banks - There are two reports showing the same structure
and asset information for each U.S. office, but in different orders. Offices
located in Puerto Rico, American Samoa, Guam, the Virgin Islands and other
U.S.-affiliated insular areas are excluded. The first report lists the
offices by institution type. The second report is by the home country of the
October 1, 2008 - Statistical Release - G.5 Foreign Exchange Rates
October 1, 2008 - The Federal Reserve Board announced on Wednesday the
termination of the enforcement action listed: Mitsubishi UFJ Financial
Group, Inc., Tokyo, Japan, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Tokyo,
Japan, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, New
York, New York. Written Agreement dated December 18, 2006 Terminated
September 29, 2008.
October 1, 2008 - The Federal Reserve Board on Wednesday announced the
execution of a Written Agreement by and among Warren Bancorp, Inc., a
registered bank holding company, Warren Bank, a state-chartered member bank,
the Federal Reserve Bank of Chicago, and the Michigan Office of Financial
and Insurance Regulation.
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