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September 30, 2005 - All Hurricane Rita Affected Credit Unions
Operational - The fifty federally insured credit unions with assets totaling
$1.9 billion that were temporarily closed due to Hurricane Rita are all now
reporting operational status in Louisiana and Texas. Even though some credit
unions may be operating from back-up sites, members should have access to
September 30, 2005 - OCC Releases Quarterly Journal, Vol. 24, No. 3
(September 2005) on the Web - Includes second quarter 2005 condition and
performance tables; special supervision and enforcement, licensing
decisions; appeals; links to speeches, testimony, and interpretations; and
corporate structure data.
September 30, 2005 - OCC Reports Derivatives Volume Tops $96 Trillion -
Derivatives held by U.S. commercial banks increased by $5.1 trillion in the
second quarter of 2005, to $96.2 trillion, the Office of the Comptroller of
the Currency reported today in its quarterly Bank Derivatives Report.
September 30, 2005 - Country Exposure Lending Survey /1: June 30, 2005 -
Table I. Claims On Foreign Borrowers Held by U.S. Banks - Transfer Risk
Claims (Includes Adjustments to Reflect Guarantees and Indirect Borrowings)
September 30, 2005 - FRB Statistical Release - E.15 Agricultural Finance
Databook - The contents of each edition of the databook are as follows:
Section A: Amount and Characteristics of Farm Loans Made by Commercial
B: Selected Statistics from the Quarterly Reports of Condition of Commercial
C: Reserve Bank Surveys of Farm Credit Conditions and Farm Land Values.
September 30, 2005 - Banking Structure - Financial Holding Companies -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
September 30, 2005 - Banking Agencies Announce Revised Plan for
Implementation of Basel II Framework - The four Federal banking agencies
today announced their revised plans for the U.S. implementation of the
"International Convergence of Capital Measurement and Capital Standards: A
Revised Framework," otherwise known as Basel II.
September 30, 2005 - NCUA - Credit Union Workshops Announced in New York, NY
and Boston, MA.
September 29, 2005 - Governor Donald L. Kohn- Inflation Modeling: A
Policymaker's Perspective At the Quantitative Evidence on Price
Determination Conference, Washington, D.C.
September 29, 2005 - FRB Statistical Release - G.20 Finance
September 29, 2005 - NCUA - Statement of NCUA Chairman JoAnn Johnson
Regarding The President's Intention To Nominate Gigi Hyland To NCUA
September 29, 2005 - Federal Reserve Bank of San Francisco to
Relocate Portland Branch into Leased Space - The Federal Reserve
Bank of San Francisco today announced plans to relocate its branch
staff into leased space at 1500 SW First Avenue in downtown Portland
and put its building at 915 SW Stark Street on the market for sale
later this year.
September 29, 2005 - "Stroke-of-the-Pen" Risks are a Potential
Concern for Banks: FDIC Report Examines Implications of Policy
Changes Outside of Bank Regulation - Policy changes that originate
outside of bank regulation represent a special class of risks to
depository institutions, according to the Fall 2005 edition of FDIC
September 29, 2005 - The Federal Reserve Board announced Thursday
that the Consumer Advisory Council will hold its next meeting on
Thursday, October 27. The meeting will take place in Dining Room E,
Terrace level, in the Board's Martin Building. The session will
begin at 9:00 a.m. and is open to the public.
September 28, 2005 - NCUA to Hold Fifth Budget Briefing and Public
Forum October 19 - National Credit Union Administration announced
today that the agency's fifth annual Budget Briefing and Public
Forum is scheduled for Wednesday, October 19 at 10:00 a.m. in the
NCUA's Alexandria headquarters Board room. Conducted by NCUA
Executive Director Len Skiles, the briefing will introduce the
proposed 2006 budget to stakeholders and invite public input and
September 28, 2005 - OCC Announces New Electronic Interpretations
and Actions - September 2005.
September 28, 2005 - OCC Releases CRA Evaluations For 35 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 August 15, 2005 through September
September 28, 2005 - Agencies Announce Orders Exempting Bank
Transfer Agents Affected by Hurricane Katrina - The federal banking
agencies today announced the issuance of orders granting emergency
relief to bank transfer agents affected by Hurricane Katrina. The
orders cover national banks, state member banks, state nonmember
banks, bank holding companies, and bank subsidiaries.
September 28, 2005 - Vice Chairman Roger W. Ferguson, Jr. - U.S.
currency - At the unveiling of the new $10 note design, New York,
September 28, 2005 - The Federal Reserve Board on Wednesday
announced the issuance of an Order of Prohibition against Jessica
Faris, a former employee and institution-affiliated party of
SunTrust Bank, Atlanta, Georgia.
September 28, 2005 - FDIC Makes Public August Enforcement Actions;
No Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative
enforcement actions taken against banks and individuals in August.
September 27, 2005 - NCUA - October 2005 NCUA Newsletter is
September 27, 2005 - Regulatory Relief Guidance to Assist Financial
Institutions in Responding to Hurricane Rita - The FDIC recognizes
that the damage caused by Hurricane Rita may affect the operations
of financial institutions and their ability to meet the needs of
their communities. In the wake of Hurricane Katrina, the Federal
Deposit Insurance Corporation issued a series of Financial
Institution Letters providing guidance to facilitate the recovery
process and to provide regulatory relief.
September 27, 2005 - Insured U.S.-Chartered Commercial Banks That
Have Consolidated Assets of $300 Million or More, Ranked by
Consolidated Assets as June 30, 2005.
September 27, 2005 - Chairman Alan Greenspan - Economic flexibility
To the National Association for Business Economics Annual Meeting,
September 26, 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
September 26, 2005 - National Credit Union Administration Issues
Civil Money Penalties - The National Credit Union Administration has
issued orders of assessment of civil money penalties against 16
federally insured credit unions for late submissions of data
required by the Home Mortgage Disclosure Act.
September 26, 2005 - Comptroller Dugan Tells Bankers that Long Fight
to Shed Outdated Laws Promoted Innovation and Broad Range of New
Consumer Products and Services - Comptroller of the Currency John C.
Dugan said in a speech today that both consumers and banks have
benefited from the long fight to shed outdated laws and regulations,
and he expressed pride in the role he played in those efforts.
September 26, 2005 - FDIC Chairman Says Action at Federal Level
Needed to Preserve Healthy Dual Banking System - Voicing concern
about the future of the dual U.S. banking system, FDIC Chairman
Donald E. Powell today called for action at the federal level to
preserve healthy federal and state banking systems.
September 26, 2005 - Monetary Policy and House Prices: A
Cross-Country Study - Alan G. Ahearne; John Ammer; Brian M. Doyle;
Linda S. Kole; Robert F. Martin - This paper examines periods of
pronounced rises and falls of real house prices since 1970 in
eighteen major industrial countries, with particular focus on the
lessons for monetary policy.
September 26, 2005 - Estimates of Home Mortgage Originations,
Repayments, and Debt on One-to-Four-Family Residences - Alan
Greenspan and James Kennedy - Since 1997, when the Department of
Housing and Urban Development discontinued its quarterly gross
mortgage flow system, there has been no systematic attempt to
disaggregate the net change in outstanding home mortgage debt into
its constituent gross flows.
September 26, 2005 - Chairman Alan Greenspan - Mortgage banking - To
the American Bankers Association Annual Convention, Palm Desert,
September 26, 2005 - The Federal Reserve Board on Monday announced
the termination of the enforcement for First State Bank of Warner,
Warner, S. Dak., Midwest Banc Holdings, Inc., Melrose Park, Ill. and
Midwest Bank and Trust Company, Elmwood Park, Ill.
September 26, 2005 - NCUA General Counsel Opinion 05-0723 - Denial
of Services to Joint Share Account Owners.
September 26, 2005 - NCUA Activates Disaster Assistance in Response
to Hurricane Rita - The National Credit Union Administration has
activated its disaster relief policy to assist credit unions and
their members repair and rebuild in areas where offices and homes
were damaged by Hurricane Rita.
September 26, 2005 - Governor Susan Schmidt Bies - Basel II
Developments in the United States - Before the Institute of
International Bankers, Washington, D.C.
September 23, 2005 - NCUA And Export-Import Bank of the US sign
Memorandum of Cooperation - The National Credit Union Administration
and the Export-Import Bank of the United States signed a memorandum
of cooperation focusing on strengthening financing support for
America's small businesses.
September 23, 2005 - NCUA - Savings of Account Holders Affected by
Hurricane Rita are Insured. If you are a member of a credit union
located in the states most affected by Hurricane Rita - Louisiana or
Texas - please be assured that your funds are federally insured by
the National Credit Union Administration
September 23, 2005 - NCUA - 5300 Reporting Guidance - The United
States Post Offices in New Orleans, Louisiana and in cities
primarily to the south and east of New Orleans have currently
suspended mail delivery operations. In addition, there are other
federally insured credit unions located in areas affected by
Hurricane Katrina with available mail service that may need
additional time to submit an accurate 5300 Call Report due to
ongoing challenges related to the aftermath of the hurricane.
September 23, 2005 - NCUA - Dallas Access Across America Summit
Postponed - The National Credit Union Administration announced today
the Access Across America Economic Empowerment Summit scheduled for
Dallas on October 12, is postponed due to the expected hurricane
effects on Texas.
September 23, 2005 - Chief Counsel and First Deputy Comptroller
Julie L. Williams Testifies before House Committee on Financial
Services on Regulatory Relief and support to Katrina Recovery
September 23, 2005 - Federal Reserve Bulletin - All articles, legal
developments, and announcements from the Summer 2005 issue.
September 23, 2005 - Risk, Uncertainty, and Asset Prices - Geert
Bekaert, Eric Engstrom, and Yuhang Xing - We identify the relative
importance of changes in the conditional variance of fundamentals
(which we call "uncertainty") and changes in risk aversion ("risk"
for short) in the determination of the term structure, equity
prices, and risk premiums.
September 23, 2005 - Do Nonfinancial Firms Use Interest Rate
Derivatives to Hedge? - Daniel Covitz and Steven A. Sharpe - We
compile and analyzed detailed information on the debt structure and
interest rate derivative positions of nonfinancial firms in 2000 and
2002. We find that differences in debt structure across firms and
time tend to be counterbalanced by difference in derivative
September 23, 2005 - How Biased are Measures of Cyclical Movements
in Productivity and Hours? - Stephanie Aaronson and Andrew Figura -
The movement of hours worked over the business cycle is an important
input into the estimation of many key parameters in macroeconomics.
Unfortunately, the available data on hours do not correspond
precisely to the concept required for accurate inference.
September 23, 2005 - NCUA and other FFIEC agencies issue Frequently
Asked Questions on Residential Tract Development Lending.
September 23, 2005 - Conference Attracts Bankers, Community Groups
and Public Officials to Bring Hispanic Immigrants "Into the
Mainstream" of Financial Services - With about 130,000 Hispanics
living in Kentucky-and that number growing steadily-the
opportunities to market financial services to them are wide open.
Many bankers, however, aren't participating fully in this untapped
market because of barriers such as language, culture and education.
September 22, 2005 - Testimony of Robert Fenner Before the Subcommittee on
Financial Institutions and Consumer Credit U.S. House of Representatives.
September 22, 2005 - FDIC Supports Regulatory Relief in House Testimony,
Endorses Action by Congress to Help Banks in Hurricane Zone - The FDIC
strongly supports continuing efforts to eliminate unnecessary regulatory
burden and to streamline and modernize laws and regulations for the
financial industry, FDIC General Counsel William F. Kroener, III, today
testified before the House Subcommittee on Financial Institutions and
Consumer Credit of the Committee on Financial Services.
September 22, 2005 - The Federal Reserve Board announced on Thursday that
beginning in 2006, the content of the Federal Reserve Bulletin will be
published on the Board's public web site (www.federalreserve.gov) on a
continuing basis, as it becomes available.
September 22, 2005 - The Federal Reserve Board on Thursday approved actions
by the Boards of Directors of the Federal Reserve Banks of Cleveland,
Atlanta, and Dallas, increasing the discount rate at the Banks from 4-1/2
percent to 4-3/4 percent, effective immediately.
September 22, 2005 - Hurricane Katrina: Notification Requirements for
Closing Branches in Hurricane-Impacted Areas - Section 42 of the Federal
Deposit Insurance Act requires institutions to provide certain advance
notifications to their federal regulator and customers before permanently
closing a branch. However, the FDIC understands that the severe damage
caused by Hurricane Katrina may affect institutions' compliance with
publishing and other requirements for branch closings.
September 22, 2005 - Katrina Related Marketing Practices Invoking the Name
of the Federal Reserve.
September 22, 2005 - Governor Mark Olson - Regulatory relief - Before the
Subcommittee on Financial Institutions and Consumer Credit, Committee on
Financial Services, U.S. House of Representatives.
September 21, 2005 - Consumer Complaints and Assistance - The Customer
Assistance Group's Consumer Call Center will be closed Thursday and Friday,
September 22nd and 23rd because of Hurricane Rita. We plan to reopen the
Call Center on Monday, September 26th at 9:00 a.m. CDT. You may contact us
via e-mail (firstname.lastname@example.org) or fax (713-336-4301) and we
will respond as quickly as possible.
September 21, 2005 - International Capital Flows and U.S. Interest Rates -
Francis E. Warnock; Veronica C. Warnock - Foreign flows have an economically
large and statistically significant impact on long-term interest rates.
Controlling for various macroeconomic factors we estimate that had there
been no foreign flows into U.S. bonds over the past year, the 10-year
Treasury yield would currently be 150 basis points higher; even a step-down
to average inflows would imply an increase of 105 basis points.
September 21, 2005 - Federal Reserve statistical release - Flow of Funds
Summary Statistics Second Quarter 2005.
September 21, 2005 - Vice Chairman Roger W. Ferguson - The Financial
Stability Forum meeting - To be delivered at the International Monetray and
Financial Committee Meeting, Washington, D.C.
September 21, 2005 - OCC Encourages National Banks to Work with Customers
Affected by Hurricane Rita - The Office of the Comptroller of the Currency
has outlined measures to assist national banks and their customers affected
by Hurricane Rita.
September 20, 2005 - John G. Walsh Named OCC's Chief of Staff - The
Comptroller of the Currency named John G. Walsh his Chief of Staff and
Public Affairs, today.
September 20, 2005 - OCC Allows National Bank Offices - Affected by Tropical
Storm/Hurricane Rita to Close - The Office of the Comptroller of the
Currency today issued a proclamation allowing national bank offices affected
by Tropical Storm/Hurricane Rita to close at their discretion.
September 20, 2005 - The Federal Open Market Committee decided today to
raise its target for the federal funds rate by 25 basis points to 3-3/4
September 20, 2005 - The Federal Reserve Board on Tuesday announced the
issuance of a Final Decision and Order of Prohibition against Brian Bonetti,
a former employee of National City Bank, Cleveland, Ohio.
September 20, 2005 - St. Louis Fed Names David Sapenaro As First Vice
President and COO - David A. Sapenaro, 42, has been named first vice
president and chief operating officer of the Federal Reserve Bank of St.
Louis. He succeeds W. LeGrande Rives, who is retiring as of Jan. 2, 2006.
September 19, 2005 - Hurricane Katrina: Supervisory Guidance - Guidance and
new sections of the OCC's Web site and BankNet provide help and
Katrina-related information and links for national banks and their
September 19, 2005 - OCC Issues Fourth Quarter 2005 CRA Examination Schedule
FFIEC announces working group to address issues facing the financial
industry following Hurricane Katrina and will "call upon any needed
resources across our respective agencies and the FFIEC's established task
forces to accomplish this goal," said Comptroller of the Currency and FFIEC
Chairman John C. Dugan.
September 19, 2005 - The quality of syndicated bank credits showed continued
improvement this year, according to the Shared National Credit 2 review
released today by federal bank and thrift regulators. The review, which
encompassed credits of at least $20 million that are shared by three or more
financial institutions, also found that most industries exhibit much
improved credit quality from peak problem levels experienced only a few
September 19, 2005 - The "Capital and Dividends" booklet of the Licensing
Manual has been revised. This update incorporates an advisory on reverse
stock splits. With this issuance, AL 2002-6 is rescinded.
September 19, 2005 - The Federal Financial Institutions Examination Council
is announcing the formation of an interagency working group to enhance the
agencies' coordination and communication on, and supervisory responses to,
issues facing the industry in the aftermath of Hurricane Katrina.
September 17, 2005 - Chairman Alan Greenspan names Governor Donald L. Kohn
as his designee on four federal loan guarantee boards
September 16, 2005 - NCUA - Special Notice for Depository Institutions
Update to US. Treasury Guidance on Cashing FEMA Disaster Assistance Checks
and Government Benefit Checks Issued by the U.S. Treasury
September 16, 2005 - All Hurricane Katrina Affected Credit Unions
Operational - The 139 federally insured credit unions with assets totaling
$3.4 billion that were temporarily closed due to Hurricane Katrina are all
now reporting operational status in Louisiana, Mississippi and Alabama. Even
though some credit unions may be operating from back-up sites, members
should have access to their funds.
September 16, 2005 - The Office of the Comptroller of the Currency (OCC)
today announced 25 new enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks and four
terminations of existing enforcement actions.
September 16, 2005 - Governor Mark W. Olson - Business Trends and Management
Challenges for the Banking Industry - At the Annual Economic Outlook
Conference, Middle Tennessee State University, Murfreesboro, Tennessee
September 15, 2005 - The Federal Reserve Board on Thursday announced the
issuance of an Order of Prohibition against Hanspeter Walder, a former
employee and officer of the New York Branch of UBS AG, Zurich, Switzerland.
September 15, 2005 - NCUA - Audit Requirement for Credit Union Service
September 15, 2005 - NCUA - Board Action Bulletins A Summary of Actions
Taken at the 9/15/2005 NCUA Board Meetings.
September 15, 2005 - The National Credit Union Administration hosted a
delegation of Kenyan credit union officials and professionals today at NCUA
headquarters in Alexandria. The visit was sponsored by the World Council of
September 15, 2005 - Statistical Release - E.2 Survey of Terms of Business
September 15, 2005 - NCUA Announces Technical Assistance Grant Relief for
Low-Income Credit Unions in Federally Designated Disaster Areas Affected by
Hurricane Katrina - The National Credit Union Administration Board Chairman
JoAnn Johnson announced today the availability of Community Development
Revolving Loan Fund technical assistance grants for disaster relief for
low-income credit unions located in the counties and parishes in Alabama,
Louisiana, and Mississippi that are designated disaster areas resulting from
September 15, 2005 - Supervisory Practices Regarding Banking Organizations
and Consumers Affected by Hurricane Katrina - The Federal Reserve is issuing
this statement to advise banking organizations that we will work actively to
respond to issues that arise in the wake of the damage caused by Hurricane
Katrina. In particular, it is the long-standing policy of the Federal
Reserve to encourage bankers to work with borrowers and other customers in
communities and regions affected by disasters.
September 15, 2005 - Board statement on supervisory practices for financial
institutions and borrowers affected by Hurricane Katrina - The Federal
Reserve Board on Thursday encouraged banking organizations to work with
borrowers and other customers in communities affected by Hurricane Katrina.
September 15, 2005 - Data show continued improvement in credit quality and
increase in credit commitment volume - The quality of syndicated bank
credits showed continued improvement this year, according to the Shared
National Credit review released today by federal bank and thrift regulators.
The review, which encompassed credits of at least $20 million that are
shared by three or more financial institutions, also found that most
industries exhibit much improved credit quality from peak problem levels
experienced only a few years ago
September 14, 2005 - Chicago Fed Announces Promotion - The Federal Reserve
Bank of Chicago has announced that Alison Schlickman has been promoted to
assistant vice president, statistical and financial reports. She previously
served as manager, statistical and financial reports. The Statistics
department collects and analyzes reports and data used to monitor economic
conditions and examine banks and bank holding companies.
September 14, 2005 - OCC Allows National Bank Offices Affected by Hurricane
Ophelia to Close - The Office of the Comptroller of the Currency today
issued a proclamation allowing national bank offices affected by Hurricane
Ophelia to close at their discretion.
September 14, 2005 - Banks Opening More Branches in Areas Affected by
Hurricane Katrina, Helping Communities Rebuild - Powell, Local Officials
Tour a Branch with 6 Banks under One Roof in Jefferson Parish - Banks have
resumed operations and are working to open even more branches to help serve
both customers and non-customers in areas affected by Hurricane Katrina.
September 14, 2005 - FDIC Makes Public July Enforcement Actions; No
Administrative Hearings Scheduled - The Federal Deposit Insurance
Corporation today released a list of orders of administrative enforcement
actions taken against banks and individuals in July. No administrative
hearings are scheduled for September.
September 14, 2005 - A Computationally Efficient Characterization of Pure
Strategy Nash Equilibria in Large Entry Games - Andrew Cohen - This note
presents a simple algorithm for characterizing the set of pure strategy Nash
equilibria in a broad class of entry games. The algorithm alleviates much of
the computational burden associated with recently developed econometric
techniques for estimating payoff functions inferred from entry games with
September 14, 2005 - Large Investors: Implications for Equilibrium Asset,
Returns, Shock Absorption, and Liquidity - Matthew Pritsker - The growing
share of financial assets that are held and managed by large institutional
investors whose desired trades move asset prices is at odds with the
traditional competitive assumption that investors are small and take prices
as given. This paper relaxes the traditional price-taking assumption and
instead presents a dynamic multiple asset model of imperfect competition in
asset markets among large investors who differ in their risk aversion.
September 14, 2005 - FRB Statistical Release - U.S. Reserve Assets; Foreign
Official Assets Held at Federal Reserve Banks.
September 14, 2005 - FRB Statistical Release - G.17 Industrial Production -
Industrial production rose 0.1 percent in August, and at 119.7 percent of
its 1997 average, was 3.1 percent above its year-earlier level.
Manufacturing output increased 0.3 percent; excluding motor vehicles and
parts, manufacturing production was unchanged from July. The output at mines
declined 0.6 percent, and the output at utilities decreased 0.5 percent.
September 14, 2005 - FRB Statistical Release - Structure and Share Data for
U.S. Offices of Foreign Banks.
September 13, 2005 - "Searching for an Optimal Strategy for Identifying
Files to Review for Fair Lending Exams," Jason Dietrich - Uses Monte Carlo
simulation to compare how well six outlier identification strategies
identify disadvantaged mortgage applicants.
September 13, 2005 - Deposit Insurance Banker Seminars Nationwide Seminars
for Bank Employees on FDIC's Deposit Insurance Resources and Recent Changes
to the Rules for Insurance Coverage of Living Trust Accounts - The FDIC has
scheduled three nationwide one-hour seminars to demonstrate how your
institution can use the FDIC's many deposit insurance tools and resources to
help employees explain FDIC insurance coverage to depositors.
September 13, 2005 - Federal Reserve Bulletin Article - New Information
Reported under HMDA and Its Application in Fair Lending Enforcement -
Article in the forthcoming Summer 2005 issue of the Federal Reserve Bulletin
that analyzes new data that mortgage lenders were required to report for the
first time in 2004 under revisions to the Federal Reserve Board's Regulation
C, which implements the Home Mortgage Disclosure Act
September 12, 2005 - Matz Resigns from NCUA Board Effective September 30,
2005 - Citing the need to move on with her career now that her term on the
NCUA Board has ended, Board Member Debbie Matz today submitted her
resignation to the President. The resignation will be effective September
September 12, 2005 - Frequently Asked Questions Regarding the Bank Secrecy
Act - Summary: The federal bank, thrift and credit union regulatory agencies
and the Financial Crimes Enforcement Network have issued responses to
frequently asked questions regarding the Bank Secrecy Act
September 9, 2005 - FAQs for Financial Institutions on the Bank Secrecy Act
and Hurricane Katrina Victims - The Board of Governors of the Federal
Reserve System, in consultation with the other federal banking agencies and
the Financial Crimes Enforcement Network, have issued the attached responses
to questions frequently asked by financial institutions regarding the
applicability of certain provisions of the Bank Secrecy Act in providing
services to victims of Hurricane Katrina.
September 9, 2005 - NCUA - Guidance for the sale of held-to-maturity (HTM)
debt securities under Statement No. 115, Accounting for Certain Investments
in Debt and Equity Securities, for federally insured credit unions
materially affected by hurricane Katrina.
September 9, 2005 - NCUA - Credit Union Service Greatly Improved - September
9, 2005, Alexandria, Va. - Hurricane Katrina temporarily closed 139
federally insured credit unions with assets totally $3.4 billion in
Louisiana, Mississippi and Alabama. Currently, 102 of those credit unions
representing $3.25 billion and 94 percent of the members have returned to
September 9, 2005 - NCUA - Letter to Credit Unions 05-CU-11 - Credit Union
Financial Trends for the First Half of 2005.
September 9, 2005 - NCUA Meets with Credit Union Executives - The NCUA Board
and top staff from central and regional offices met yesterday with credit
union, trade and league executives to discuss the challenges to facilitate a
rapid response, deal with the impact on credit union operations, and discuss
how best to coordinate efforts in response to Hurricane Katrina and its
September 9, 2005 - The Federal Open Market Committee on Friday announced a
change in its tentative meeting schedule for 2006.
September 8, 2005 - Interagency FAQs on Residential Tract
Development Lending - The Federal Reserve and the other federal financial
institutions regulatory agencies are jointly issuing the attached Frequently
Asked Questions to assist regulated institutions in complying with the
agencies' appraisal regulations and real estate lending requirements when
financing residential construction in a tract development.
September 8, 2005 - Statistical Release G.19 Consumer Credit - Consumer
credit increased at an annual rate of 2-1/2 percent in July after rising at
close to a 4 percent pace in the second quarter. In July, a moderate
increase in nonrevolving credit was partly offset by a small decline in
September 8, 2005 - The Federal Reserve Board on Thursday announced its
approval of the application under section 3 of the Bank Holding Company Act
by Associated Banc-Corp, Green Bay, to acquire State Financial Services
Corporation, Milwaukee, and its subsidiary bank, State Financial Bank,
National Association, Hales Corners, all of Wisconsin.
September 8, 2005 - NCUA Reports to Congress on Hurricane Katrina Response -
Edward P. Dupcak, Region II Director and Chairman of NCUA's Hurricane
Katrina Task Force provided the House Financial Service Committee, Senate
Banking Committee and Members of Congress from Louisiana, Mississippi and
Alabama with the status of the 139 federally insured credit unions within
the path of the hurricane and explained steps taken to mobilize agency
resources to ensure members have financial service.
September 8, 2005 - OTS Lists 43 CRA Exams Scheduled for Fourth Quarter 2005
- The Office of Thrift Supervision announced today that 43 savings
associations are scheduled for Community Reinvestment Act examinations
during the fourth quarter of 2005.
September 8, 2005 - NCUA - Agenda for the 9/15/2005 NCUA Board Meeting is
September 8, 2005 - NCUA - U.S. Treasury Provides Guidance on Government
Benefit Checks and the Use of Third Party Drafts - In response to Hurricane
Katrina, the U.S. Department of the Treasury encourages depository
institutions to ease their customary identification requirements for
presenting Treasury checks for Social Security, Office of Personnel
Management, and Railroad Retirement benefit payments.
September 8, 2005 - Federal Bank, Thrift and Credit Union Regulatory
Agencies Provide Brochure with Information on Internet "Phishing" - The
federal bank, thrift and credit union agencies today announced the
publication of a brochure with information to help consumers identify and
combat a new type of Internet scam known as "phishing."
September 8, 2005 - Residential Tract Development Lending Frequently Asked
Questions - Summary: The federal banking, thrift and credit union regulatory
agencies are issuing the attached frequently asked questions on residential
tract development lending. The FAQs will assist institutions in complying
with the agencies' appraisal and real estate lending requirements for
residential tract developments.
September 8, 2005 - Banks Resuming Operations in Hurricane-Affected Areas
Chairman to Tour Areas Hit by Storm, Meet with State Banking Commissioners -
Most banks in the areas affected by Hurricane Katrina are operating and
providing financial services to customers and non-customers, according to
the FDIC, which has now been able to contact all of the 280 institutions in
September 8, 2005 - Beige Book - Informal review by the Federal Reserve
Banks of current economic conditions in their Districts.
September 8, 2005 - Patrick Parkinson Deputy Director, Division of Research
and Statistics Commodity Futures Modernization Act of 2000 - Before the
Committee on Banking, Housing, and Urban Affairs, U.S. Senate.
September 7, 2005 - NCUA - The Office of Small Credit Union Initiatives has
a variety of credit union events. Two of our largest undertakings this year
are the Access Across America Events and the Partnership and Leadership
Successes Events. The following is a list of up coming Credit Union
Conferences hosted by the Office of Small Credit Union Initiatives.
September 7, 2005 - The Federal Reserve Board on Wednesday proposed
expanding the definition of a small bank holding company (BHC) under the
Board's Small Bank Holding Company Policy and the Board's risk-based and
leverage capital guidelines for bank holding companies. The policy statement
facilitates the transfer of ownership of small community banks by permitting
debt levels at small BHCs that are higher than what would be permitted for
September 6, 2005 - Hurricane Katrina - Social Security Payments and
Benefits for Veterans - Updated information about Social Security and
Veterans Benefits Administration payments for those affected by Hurricane
Katrina is available on the Internet.
September 6, 2005 - More Information for Credit Union Members Affected by
Hurricane Katrina - Frequently Asked Questions and Credit Union Contact
September 6, 2005 - FDIC Issues September 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.
September 6, 2005 - The Federal Reserve Board on Tuesday released the
minutes of its discount rate meetings from July 18 through August 9, 2005.
September 2, 2005 - Agencies Encourage Insured Depository Institutions to
Assist Displaced Customers - 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 asking insured depository institutions to consider all reasonable and
prudent steps to assist customers' and credit union members' cash and
financial needs in areas affected by Hurricane Katrina.
September 1, 2005 - Liquidity, Default, Taxes and Yields on Municipal Bonds
- Junbo Wang, Chunchi Wu, and Frank Zhang - We examine the relative yields
of Treasuries and municipals using a generalized model that includes
liquidity as a state factor. Using a unique transaction dataset, we are able
to estimate the liquidity risk of municipals and its effect on bond yields.
We find that a substantial portion of the maturity spread between long- and
short-maturity municipal bonds is attributable to the liquidity premium.
September 1, 2005 - Optimal Policy Projections - Lars E.O. Svensson and
Robert J. Tetlow - We outline a method to provide advice on optimal monetary
policy while taking policymakers' judgment into account. The method
constructs optimal policy projections by extracting the judgment terms that
allow a model, such as the Federal Reserve Board staff economic model,
FRB/US, to reproduce a forecast, such as the Greenbook forecast.
September 1, 2005 - An Arbitrage-Free Three-Factor Term Structure Model and
the Recent Behavior of Long-Term Yields and Distant-Horizon Forward Rates -
Don H. Kim and Jonathan H. Wright - This paper reviews a simple three-factor
arbitrage-free term structure model estimated by Federal Reserve Board staff
and reports results obtained from fitting this model to U.S. Treasury yields
September 1, 2005 - The Household Spending Response to the 2003 Tax Cut:
Evidence from Survey Data - Julia Lynn Coronado, Joseph P. Lupton, and
Louise M. Sheiner - The Jobs and Growth Tax Relief and Reconciliation Act of
2003 has been described as textbook fiscal stimulus. Using household survey
data on the self-reported qualitative response to the tax cuts, we estimate
that the boost to aggregate personal consumption expenditures from the child
credit rebate and the reduction in withholdings added about 3/4 percentage
point at an annual rate to GDP growth in the second half of 2003 and 1/2
percentage point to GDP growth in the first half of 2004.
September 1, 2005 - Has Output Become More Predictable? Changes in Greenbook
Forecast Accuracy - Peter Tulip - Several researchers have recently
documented a large reduction in output volatility. In contrast, this paper
examines whether output has become more predictable. Using forecasts from
the Federal Reserve Greenbooks, I find the evidence is somewhat mixed.
Output seems to have become more predictable at short horizons, but not
necessarily at longer horizons. The reduction in unpredictability is much
less than the reduction in volatility. Associated with this, recent
forecasts had little predictive power.
September 1, 2005 - NCUA Continues Effort in Response to Hurricane Katrina -
Agency coordinates with federal government, trade associations and leagues
to assist credit union members
September 1, 2005 - The Federal Reserve Board published, in the August 9,
2005, Federal Register, its annual amendment to its Regulation Z Commentary
related to the dollar amount that triggers requirements for certain home
mortgage loans subject to 12 CFR 226.32. The Home Ownership and Equity
Protection Act of 1994 established rules for home-secured loans in which the
total points and fees payable by the consumer at or before loan closing
exceed the greater of $400 or 8 percent of the total loan amount.
September 1, 2005 - OCC Issues Fourth Quarter 2005 CRA Examination Schedule
- The Office of the Comptroller of the Currency today released its schedule
of Community Reinvestment Act examinations to be conducted in the fourth
quarter of 2005.
September 1, 2005 - Proposed Revisions to the Reports of Condition and
Income - The Office of the Comptroller of the Currency, the Federal Reserve
Board, and the Federal Deposit Insurance Corporation are requesting comment
on proposed revisions to the Reports of Condition and Income. The proposal,
which has been approved by the Federal Financial Institutions Examination
Council, represents the agencies' first set of revisions to the content of
the Call Report since March 2002 that would significantly affect banks of
September 1, 2005 - Statistical Release G.5 Foreign Exchange Rates - The
Table Below Shows The Average Rates Of Exchange In August 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.
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