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Federal Reserve Board issues enforcement action against Grand Bankshares
Release Date: May 15, 2012 For immediate release The Federal Reserve Board on Tuesday announced the execution of the following enforcement action: Grand Bankshares, Inc. (PDF) , West Palm Beach, Florida Written Agreement dated May 9, 2012 Search of Federal Reserve enforcement actions .
Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on May 14, 2012
Release Date: May 15, 2012 For release at 12:00 p.m. ET On May 14, 2012, the Federal Reserve conducted an auction of $3 billion in 28-day term deposits through its Term Deposit Facility. Following are the results of the auction: TDF Auction ID: A24 Competitive Amount Offered: $3,000,000,000 Competitive Amount Tendered: $10,871,250,000 Competitive Amount Awarded: $3,000,010,000 Non-Competitive Amount Awarded: $53,250,000 Total Amount Awarded: $3,053,260,000 Stop-Out Rate: 0.25500 percent Bid-to-Cover Ratio (Competitive Auction): 3.62 Number of Bids Submitted: 51 Number of Participants Submitting Bids: 30 Bids at the stop-out rate were pro-rated at 31.92 percent. Resulting awards were rounded to the nearest $10,000 except that all awards below $10,000 were rounded up to $10,000.
Better Business Bureau Poll: Rising Number of Consumers Using Mobile Devices for Comparison Shopping
Thefindings of the BBB poll match the general expansion of mobile computing thatmay present new challenges and opportunities for both consumers and retailers. “Mobileaccess to information is changing the way consumers shop,” explained Steve J.Bernas, president & CEO of the Better Business Bureau serving Chicago and Northern Illinois .“When customers have product and price information at their fingertips they arenot only more educated but also put pressures on retailers.” “Showrooming”is a relatively new retail phenomenon where consumers look at products in abrick-and-mortar store then opt to make purchases online from another source ata lower price.
Agencies finalize large bank stress testing guidance
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For immediate release May 14, 2012 The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on Monday issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion. The guidance highlights the importance of stress testing at banking organizations as an ongoing risk management practice that supports a banking organization’s forward-looking assessment of its risks and better equips it to address a range of adverse outcomes.
Agencies clarify supervisory expectations for stress testing by community banks
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency For immediate release May 14, 2012 Three federal banking agencies Monday issued a joint statement to clarify expectations for stress testing by community banks–banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of Currency clarified that community banks are not required or expected to conduct the types of stress testing required of larger organizations.
Federal Reserve Board issues enforcement actions with AB&T Financial Corporation and ACME Holding Company, Inc.
Release Date: May 10, 2012 For immediate release The Federal Reserve Board on Thursday announced the execution of the following enforcement actions: AB&T Financial Corporation (PDF) , Gastonia, North Carolina Written Agreement dated May 7, 2012 ACME Holding Company, Inc. (PDF) , Employee Stock Ownership Plan, ACME Holding Company, Inc., and Allied Bank, all of Mulberry, Arkansas Written Agreement dated May 2, 2012 Search of Federal Reserve enforcement actions .
Better Business Bureau Warns of Memorial Day Scams Targeting Military, Families, and Supporters
“There are charities that claim to be raising money onbehalf of military organizations and families when in fact those dollars rarelygo to help those in need” said SteveJ. Bernas, president & CEO of the Better Business Bureau serving Chicago and northern Illinois.
Federal Reserve Board announces its approval of the application by Agricultural Bank of China Limited
Release Date: May 9, 2012 For immediate release The Federal Reserve Board on Wednesday approved the application by Agricultural Bank of China Limited, Beijing, People’s Republic of China, to establish a branch in New York, New York. Attached is the Board’s Order relating to this action.
Federal Reserve Board announces its approval of the application by Bank of China Limited
Release Date: May 9, 2012 For immediate release The Federal Reserve Board on Wednesday approved the application by Bank of China Limited, Beijing, People’s Republic of China, to establish a branch in Chicago, Illinois. Attached is the Board’s Order relating to this action.
Federal Reserve Board announces its approval of the application by Industrial and Commercial Bank of China Limited
Release Date: May 9, 2012 For immediate release The Federal Reserve Board on Wednesday announced its approval of the application by Industrial and Commercial Bank of China Limited, China Investment Corporation, and Central Huijin Investment Ltd., all of Beijing, People’s Republic of China, to become bank holding companies under section 3 of the Bank Holding Company Act of 1956, as amended, by acquiring up to 80 percent of the voting shares of The Bank of East Asia (U.S.A.) National Association, New York, New York. Attached is the Board’s Order relating to this action.