Release Date: May 25, 2012

For immediate release

Jerome H. Powell on Friday took the oath of office as a member of the Board of Governors of the Federal Reserve System.  The oath was administered by Chairman Ben S. Bernanke in the Board Room. 

President Obama announced his intention to nominate Mr. Powell on December 27, 2011, and the Senate confirmed him on May 17, 2012.  Mr. Powell was nominated to an unexpired term ending January 31, 2014, which was vacated by the resignation of Frederic S. Mishkin on August 31, 2008. 

A biography of Mr. Powell is available on the Board’s website: www.federalreserve.gov/bios/.

For media inquiries, call 202-452-2955.

Jerome H. Powell takes oath of office as a member of the Board of Governors of the Federal Reserve System | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Chicago, IL- May 24, 2012 – Estate planning is not only for the wealthy, but it is often a topic people avoid thinking about.  However, the Better Business Bureau serving Chicago and Northern Illinois (BBB) advises consumers who own items of value, which they want passed on to family or loved ones, to create an estate plan.

Effective Estate Planning Eases Family Worries | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 24, 2012

For immediate release

The Federal Reserve Board on Thursday released action plans for Citigroup and HSBC Finance Corporation to correct deficiencies in residential mortgage loan servicing and foreclosure processing. It also released the engagement letter between Ally Financial Inc. and the independent consultant retained by Ally to review foreclosures that were in process in 2009 and 2010.

In addition, the Federal Reserve released a supplemental agreement with Ally to address the institution’s foreclosure review obligations following the recent action by Ally’s mortgage servicing subsidiaries to seek protection under the U.S. Bankruptcy Code.

The action plans are required by formal enforcement actions issued by the Federal Reserve last year. The enforcement actions require the mortgage loan servicers regulated by the Federal Reserve and the parent holding companies of mortgage servicers to submit acceptable plans to improve their procedures and controls as well as oversight of foreclosure activities.

The enforcement actions further require the mortgage servicing subsidiaries to provide appropriate remediation to borrowers who suffered financial injury as a result of errors by the servicers. The engagement letter describes the procedures that will be followed by the independent consultant in reviewing Ally’s foreclosure files to determine whether borrowers suffered financial injury as a result of servicer error.

Release of the action plans and engagement letter follows reviews conducted from November 2010 to January 2011, in which examiners found unsafe and unsound processes and practices in residential mortgage loan servicing and foreclosure processing at a number of supervised institutions.

The documents disclosed Thursday are the last to be released of those required by the formal enforcement actions issued in April 2011 against servicers regulated by the Federal Reserve and parent holding companies of mortgage loan servicers. The Federal Reserve entered into consent enforcement actions with Goldman Sachs Group, Inc., in September 2011 and Morgan Stanley in April 2012 to address deficient servicing and foreclosure practices at their residential mortgage loan servicing subsidiaries. The engagement letters and action plans required under these enforcement actions are not yet finalized and will be released after approval.

The Federal Reserve will closely follow the implementation of action plans to ensure that the financial institutions correct deficiencies and evaluate any harm that was done to homeowners in the foreclosure process in 2009 and 2010.

Ally Engagement Letter (PDF)
Ally Supplemental Agreement (PDF)
Citigroup–Section 5–Amended Supplement (PDF)
Citigroup–Section 5–Internal Audit Plan (PDF)
HSBC–Section 5–Single Point of Contact (PDF)

For media inquiries, call 202-452-2955

Federal Reserve Board releases action plans and engagement letter to correct deficiencies in residential mortgage loan servicing and foreclosure processing | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 23, 2012

For immediate release

The Federal Reserve Board on Wednesday announced the availability of a new video that explains how borrowers who believe they were financially harmed during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.
 

Both English and Spanish versions of the video are available for viewing on the Federal Reserve Board’s website and on YouTube .

The brief announcement reminds borrowers that, as part of the enforcement actions taken in April 2011 by federal banking regulatory agencies, they may be eligible to receive compensation if the independent review finds evidence of direct financial injury due to servicer error. Borrowers are eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010 and their mortgage loan servicer is participating in the Independent Foreclosure Review. The list of participating servicers can be found at: www.IndependentForeclosureReview.com or at www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm

The deadline to request a foreclosure review is July 31, 2012. For more information, borrowers may call 888-952-9105 or visit www.IndependentForeclosureReview.com .

For media inquiries, call 202-452-2955.

Federal Reserve Board announces new video explaining how borrowers can apply for a free, independent foreclosure file review | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 22, 2012

For immediate release

The Federal Reserve Board on Tuesday announced the termination of the enforcement action listed below: 

Guaranty Bancorp and Guaranty Bank and Trust Company, both of Denver, Colorado
Written Agreement dated January 22, 2010
Terminated May 16, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board announces termination of enforcement action with Guaranty Bancorp and Guaranty Bank and Trust Company | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 22, 2012

For immediate release

The Federal Reserve Board on Tuesday released the minutes of its discount rate meetings for April 2 and April 23, 2012.

The minutes are attached.

For media inquiries, call 202-452-2955.

Attachment (12 KB PDF)

Minutes of Board discount rate meetings from April 2 through April 23, 2012 | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 17, 2012

For immediate release

The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below:

BankTennessee Bancshares, Inc. and BankTennessee, both of Collierville, Tennessee
Written Agreement dated March 25, 2010
Terminated May 4, 2012

Search of Federal Reserve enforcement actions.

For media inquiries, call 202-452-2955.

Federal Reserve Board announces termination of enforcement action against BankTennessee Bancshares and BankTennessee | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Due to the increased price of gold and silver, consumers are targets of companies and weekend-only expos that advertise the buying of gold and other jewelry for cash. < ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /?>

“Consumers are being inundated with ads and other promotions for companies wanting to buy jewelry,” said Steve J. Bernas, president & CEO of the Better Business Bureau serving < ?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /?>Chicago and northern Illinois. “Typically, these advertisements state the business will pay top dollar for jewelry or gold that is no longer wanted. While the hype is significant, consumers need to be cautious of these deals and be informed about the businesses wanting to buy jewelry.”

The following are tips from the Better Business Bureau about what consumers need to know before selling their gold or jewelry for cash:

• The price of gold can fluctuate from day-to-day. As such, it is wise to take a piece of jewelry to several well-established jewelry stores and ask for a price quote or estimate of how much the piece may be worth and then compare the offers. To ensure you are getting the best price for your jewelry, have it appraised before selling.

• Find out the karat and weight of your gold. Pure gold is too soft to be practically used in jewelry so it is combined with other metals to create durability and color. The Federal Trade Commission requires that all jewelry sold in the United States describe a karat fineness of the alloy. One karat equals 1/24 of pure gold by weight. So 14 karats would mean the jewelry is 14 parts gold and 10 parts other metals. It is illegal for jewelry to be labeled “gold jewelry” if it is less than 10 karats.

• Understand the scales. The weight of gold helps determine its value. If you measure your jewelry on a home kitchen or postal scale it is important to understand that jewelers use a different measurement standard called a Troy ounce. A common U.S. scale will measure 28 grams per ounce, while gold is measured at 31.1 grams per Troy ounce. To add to the confusion, some dealers will also use a system of weights called pennyweight (dwt) to measure a Troy ounce while others will use grams. A pennyweight is the equivalent of 1.555 grams. Consumers need to be alert that a dealer does not weigh their gold by pennyweight, but pays them by the gram. This would allow the dealer to pay the seller less for more weight of gold.

• Keep in mind buyers need to make a profit. Just because a piece gets appraised for a certain amount, it is unlikely you will receive the same exact amount for it. What you are paid may be anywhere from 1o to 20 percent less because the purchaser has to make a profit margin on the transaction.

• Beware of large advertised “Expos.” These events generally rent out hotel rooms or meeting halls and advertise with a sense of urgency or limited-time offers, such as weekend opportunities only. The expos may claim that they pay the highest prices, but some local jewelers state that the expos may pay one-third less than local buyers.

• Gold dealers must meet local regulations. It is important to know that gold dealers in the city of Chicago are bound by strict regulations when purchasing and dealing with gold. Per city requirements, when buying gold from a consumer, they must get the seller’s photo ID, retain copies of it, assure that the individual is at least 18 years old, and wait 10 days after the purchase before they do anything with the gold, such as sell it or melt it. In addition to obtaining the identity of the seller, city of Chicago dealers obtain the following when purchasing second-hand jewelry: picture of item, size, detailed description, and any inscriptions or identifying marks. For this reason, many dealers or expos do not want to do business in the city of Chicago. Instead they conduct operations from the suburbs where dealers and expos are not bound by the tight city restrictions. At these locations, once they purchase the gold from consumers, they can pack up shop at the end of expo and leave. Consumers would likely have a difficult time contacting these expos again in case they needed to.

• All transactions should be done in the open. If a buyer wants to take your jewelry or coins somewhere else or to a back room or to weigh, do not agree to do so. This is not necessary and should be considered suspect.

• Don’t confuse pawn shops with second-hand stores. They are not the same, although they may do the same things in terms of buying or selling second-hand items. Pawn shops are regulated with licensing requirements, while second-hand stores are not. This is important to know for the benefit of the consumer.

BE ALERT OF GOLD BUYERS WHO DO THE FOLLOWING:

• Dispute karats. Some disreputable dealers will try to persuade consumers that their gold is less karats than it really is. Identify and understand the karat value stamped on your jewelry.

• Combine karats. Don’t let jewelry of different karat value be weighed together. Some dealers will weigh all jewelry together and pay for the lowest karat value. It’s vital to separate jewelry by karat value.

• Undervalue offers. Some dealers know people are just looking for quick cash to put in their pockets and will offer money for the gold that is lower than the actual value. It is important to know the market price for gold and the weight and karat value of your jewelry to understand the difference between a good and bad deal.

Better Business Bureau Tips To Protect Yourself When Selling Your Gold and Jewelry for Cash | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 16, 2012

For immediate release

The Federal Open Market Committee (FOMC) on Wednesday announced a revised tentative meeting schedule for 2012 and a tentative meeting schedule for 2013. In order to provide ample time for the Committee’s usual discussions, these meetings have been scheduled to take place over two days. In addition, the FOMC announced that, going forward, the presentation of the Summary of Economic Projections and the Chairman’s press conference will occur in conjunction with the meetings scheduled for the third month of each quarter (March, June, September, and December).

Revised tentative meeting schedule for 2012:

June 19-20 (Tuesday-Wednesday)*

July 31-August 1 (Tuesday-Wednesday)

September 12-13 (Wednesday-Thursday)*

October 23-24 (Tuesday-Wednesday)

December 11-12 (Tuesday-Wednesday)*

Tentative meeting schedule for 2013:

January 29-30 (Tuesday-Wednesday)

March 19-20 (Tuesday-Wednesday)*

April 30-May 1 (Tuesday-Wednesday)

June 18-19 (Tuesday-Wednesday)*

July 30-31 (Tuesday-Wednesday)

September 17-18 (Tuesday-Wednesday)*

October 29-30 (Tuesday-Wednesday)

December 17-18 (Tuesday-Wednesday)*

January 28-29, 2014 (Tuesday-Wednesday)

* Meeting associated with a Summary of Economic Projections and a press conference by the Chairman.

For media inquiries, call 202-452-2955.

FOMC announces revised tentative 2012 meeting schedule and tentative 2013 meeting schedule | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Release Date: May 16, 2012

For release at 2:00 p.m. EDT

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 24-25, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the April 24-25, 2012 meeting is also included as an addendum to these minutes.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.

The FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm

Minutes of Federal Open Market Committee
April 24-25, 2012: PDF | HTML

Minutes of the Federal Open Market Committee, April 24-25, 2012 | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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 Board issues enforcement action against Grand Bankshares | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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:

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.

The awarded deposits will settle on May 17, 2012, and will mature on June 14, 2012.  The stop-out rate shown above will apply to all awarded deposits.

Federal Reserve announces results of auction of $3 billion in 28-day term deposits held on May 14, 2012 | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Whiletwo-thirds of poll respondents are shopping without using mobile computing tocompare prices, retailers should not be complacent and give up on the otherone-third using this method.

 “Respondingto this trend stores are improving their websites to make specific informationmore easily available on the go,” Bernas said. “In addition to the competitionbetween different brick-and-mortar stores, consumers compare prices on thestore’s own website and those of other online sellers.”

Better Business Bureau Poll: Rising Number of Consumers Using Mobile Devices for Comparison Shopping | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

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. The recent financial crisis underscored the need for banking organizations to incorporate stress testing into their risk management practices, demonstrating that banking organizations unprepared for particularly adverse events and circumstances can suffer acute threats to their financial condition and viability.

This guidance builds upon previously issued supervisory guidance that discusses the uses and merits of stress testing in specific areas of risk management. The guidance outlines general principles for a satisfactory stress testing framework and describes various stress testing approaches and how stress testing should be used at various levels within an organization. The guidance also discusses the importance of stress testing in capital and liquidity planning and the importance of strong internal governance and controls as part of an effective stress-testing framework.

The guidance does not implement the stress testing requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) or in the Federal Reserve Board’s capital plan rule that apply to certain companies, as those requirements have been or are being implemented through separate proposals by the respective agencies. However, the agencies expect that banking organizations with total consolidated assets of more than $10 billion would follow the principles set forth in the guidance–as well as other relevant supervisory guidance–when conducting stress testing in accordance with the Dodd-Frank Act, the capital plan rule, and other statutory or regulatory requirements.

Attachment (121 KB PDF)

Agencies finalize large bank stress testing guidance | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Attachment (27 KB PDF)

Last update: May 14, 2012

Agencies clarify supervisory expectations for stress testing by community banks | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

For media inquiries, call 202-452-2955.

Federal Reserve Board issues enforcement actions with AB&T Financial Corporation and ACME Holding Company, Inc. | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

“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. “When you make a donation, always check www.bbb.org to see if the group meets BBB charitystandards.” 

The BBB urges militarymembers and supporters to watch out for the following scams:

·        Groupsor individuals posing as the Veterans Administration and contacting veterans tosay they need to update their credit card, bank or other financial records withthe VA;

·        Scammerscharging service members for services they could get for free or lessexpensively elsewhere, such as military records;

·        Fraudulentinvestment schemes that convince veterans to transfer their assets into anirrevocable trust;

·        Offering“instant approval” military loans (“no credit check,” “all ranks approved”)that can have high interest rates and hidden fees;

·        Advertisinghousing online with military discounts and incentives, and then conning servicepersonnel out of the security deposit;

·        Tryingto sell things like security systems to spouses of deployed military personnelby saying the service member ordered it to protect his or her family;

·        Posingas government contractors recruiting veterans and then asking for a copy of thejob applicants’ passport (which contains a lot of personal information).

“In addition, the BBB urges service members,veterans and all consumers in general to never give personal identificationinformation (Social Security, bank account, military identification or creditcard numbers, etc.) to anyone who contacts them by phone or e-mail.” Bernascontinued, “Be wary of any solicitations that involve making a purchaseor the transfer of money.”

Consumers can check out businesses and charities forfree at www.bbb.org

Better Business Bureau Warns of Memorial Day Scams Targeting Military, Families, and Supporters | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Board Votes

Attachment (179 KB PDF)

For media inquiries, call 202-452-2955.

Federal Reserve Board announces its approval of the application by Agricultural Bank of China Limited | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Board Votes

Attachment (184 KB PDF)

For media inquiries, call 202-452-2955.

Federal Reserve Board announces its approval of the application by Bank of China Limited | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.

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.

Board Votes

Attachment (242 KB PDF)

For media inquiries, call 202-452-2955.

Federal Reserve Board announces its approval of the application by Industrial and Commercial Bank of China Limited | Chicago Press Release Services - Chicago's leading press release newswire service; professional press release services, press release distribution and newswire services.