Release Date: May 8, 2013

For immediate release

Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday . The payments are being made to correct an error by Rust Consulting, the paying agent, when the original payments were sent last week.

As Rust Consulting has announced, approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay.  The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks. 

The Federal Reserve Board became aware of a possible discrepancy on Tuesday and immediately contacted Rust Consulting to assess the problem. The Federal Reserve was advised that on May 3, 2013, Rust sent checks to the affected borrowers–approximately 96,000 of the more than 217,000 Goldman Sachs and Morgan Stanley borrowers who were mailed checks on May 3–that were incorrect. The checks were for amounts that were smaller than the amounts that the Federal Reserve had specifically instructed Rust to send those borrowers.  The Federal Reserve directed Rust to distribute the supplemental payments to affected borrowers as soon as possible. 

The Federal Reserve will continue to closely monitor the payment agreement and Rust’s work in distributing checks under the agreement. Rust has determined that the error was limited to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley. 

For more information about the settlement between 13 mortgage services, the Office of the Comptroller of the Currency, and the Federal Reserve–including the amounts that are to be distributed to affected borrowers–go to www.federalreserve.gov/consumerinfo/independent-foreclosure-review-payment-agreement.htm. Borrowers whose mortgages were serviced by all 13 of the institutions should call Rust at 1-888-952-9105 if they wish to confirm eligibility, update their contact information, or get answers to further questions.

For media inquiries, call 202-452-2955

Release Date: October 31, 2012

For immediate release

The Federal Reserve Board on Monday announced the approval of fee schedules, effective January 2, 2013, for payment services the Federal Reserve Banks provide to depository institutions (priced services).

The Reserve Banks project that they will recover 102.7 percent of their priced services costs in 2013. The Reserve Banks expect to recover all of their actual and imputed expenses, and earn a profit that is above their targeted return. Overall, the price level for Reserve Bank priced services will increase less than 1 percent in 2013 from 2012. The effective average fee paid to collect checks using the Reserve Banks’ Check 21 services is expected to decline 4 percent, while the effective average fee to return a check electronically will decline 3 percent. In addition, the effective fees for the Reserve Banks’ FedACH^® service will decline marginally. The effective fees will increase about 7 percent for Fedwire^® Funds and National Settlement Services and about 9 percent for Fedwire^® Securities Service. The Board also approved a modest increase to FedLine^® access fees.

The 2013 fee schedule for each of the priced services, except the check service, is included in the attached Federal Register notice. Fee schedules for all priced services will be available in the coming days on the Federal Reserve Banks’ financial services website at FRBservices.org .

The Board also approved modifications to the methodology for calculating the private sector adjustment factor (PSAF), which is used in setting fees for certain payment services provided to depository institutions. The PSAF is an allowance for income taxes and other imputed expenses that would have been paid and profits that would have been earned if the Reserve Banks’ priced services were provided by a private business. The Monetary Control Act of 1980 requires that the Federal Reserve establish fees to recover the costs of providing priced services, including the PSAF, over the long run, to promote competition between the Reserve Banks and private-sector providers of payment services. The PSAF methodology is reviewed periodically to ensure that it is appropriate and relevant in light of changes that may have occurred in Reserve Bank priced-services activities, accounting standards, finance theory, and regulatory and business practices.

Beginning in 2013, the Board will estimate income tax and other imputed costs from the U.S. publicly traded firm market. Previously, the estimated income tax and other imputed costs were derived from top bank holding companies under the correspondent bank model.

Lastly, the Board approved the 2013 private-sector adjustment factor (PSAF) of $14.1 million for Reserve Bank priced services using the new model.

The Board’s notices are attached.

For media inquiries, call 202-452-2955.

Attachment (326 KB PDF)

Attachment2 (78 KB PDF)

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Release Date: July 19, 2012

For immediate release

The Federal Reserve Board on Thursday reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks’ Fedwire funds and Fedwire securities services. These services play a critical role in the financial system and in facilitating the safe and efficient settlement of private-sector financial market utilities.

The Board’s announcement follows the Financial Stability Oversight Council’s (FSOC) final designation of eight financial market utilities as systemically important for purposes of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Under the Federal Reserve Act, the Board has supervisory authority over the Reserve Banks, including the Reserve Banks’ provision of payment and settlement services. The Board is committed to the strong and effective supervision of the Reserve Banks and recognizes that critical Reserve Bank payment and settlement services should be subject to rigorous and comprehensive supervision that is comparable to or exceeds the supervision of similar private-sector payment and settlement arrangements.

The Board’s examination framework for Fedwire is consistent with the framework that will be used by the Federal Reserve for financial market utilities designated as systemically important by the FSOC and supervised by the Board. In addition, the Board is ensuring that the Reserve Banks are held to procedural requirements with respect to Board review of proposed material changes to Fedwire rules, procedures, and operations that are the same as, or higher than, the requirements for designated financial market utilities.

In the coming months, the Board will be seeking comment on revisions to its Payments System Risk (PSR) policy to take into account the new Principles for Financial Market

Infrastructures that were issued in April by the Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions. The PSR policy, among other things, sets forth the Board’s views and risk-management expectations for various payment and settlement systems, including those operated by the Reserve Banks.

For media inquiries, call 202-452-2955.

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Release Date: April 5, 2012

For immediate release

The Federal Reserve Board on Thursday announced the approval of a final rule to simplify the administration of reserve requirements and reduce administrative and operational costs for depository institutions and Federal Reserve Banks. The rule does not affect the stance of monetary policy.

The rule, which amends Regulation D (Reserve Requirements of Depository Institutions), simplifies reserves administration by

• creating a common two-week maintenance period
• creating a penalty-free band around reserve balance requirements in place of using carryover and routine penalty waivers
• discontinuing as-of adjustments related to deposit report revisions and replacing all other as-of adjustments with direct compensation
• eliminating the contractual clearing balance program

The amendments to Regulation D will be implemented in two phases. The amendments related to the elimination of contractual clearing balances and as-of adjustments, and those related to the provision of direct compensation, will take effect on July 12, 2012. The amendments on the creation of a common two-week maintenance period and replacement of carryover and routine waivers with a penalty-free band around reserve balance requirements will take effect on January 24, 2013. The Board will provide the public with notice no later than November 1, 2012, if the January 24, 2013, date will be delayed.

The Board also approved a final rule amending Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) to eliminate references to “as-of adjustments,” consistent with the final amendments to Regulation D, and to make clarifications about the handling of checks sent to the Federal Reserve Banks and the application of Regulation J’s funds transfer rules to remittance transfers. The final amendments to Regulation J will take effect on July 12, 2012, concurrent with the implementation of the corresponding amendments to Regulation D on the elimination of as-of adjustments.

The Board is also announcing two modifications to its overnight overdraft policy that will take effect on July 12, 2012. These modifications are (1) a change in the reference rate for computing charges for overnight overdrafts from the effective federal funds rate to the primary credit rate and (2) a multiday charge on overnight overdrafts incurred immediately before a weekend or holiday.

The Board’s notices for the final rules amending Regulation D and Regulation J are attached and will be published shortly in the Federal Register.

For media inquiries, call 202-452-2955.

Federal Register Notice — Regulation D, Final Rule (88 KB PDF)

Federal Register Notice — Regulation J, Final Rule (123 KB PDF)

Board Voting Record

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CIC Energy Construction teams up with BSB Solar Commercial Funding to make Solar Power accessible to Illinois Commercial Customers

Chicago, March 24: CIC Energy Construction & Supply, LLC, and lending partner BSB Leasing, LLC, have come together to eliminate the upfront costs associated with purchasing and installing photovoltaic solar systems.

By removing this market barrier, CIC makes solar power much more accessible to Illinois business and property owners.

“As part of our turnkey service, we identify federal, state, and local rebates and tax incentives available for installation of solar electric systems”, says CIC Director of Programs Fraz Baig. “After all of the rebates and incentives are applied, solar electric systems often pay for themselves in less than 5 years, while continuing to generate manufacturer warrantied returns for over 25 years. The initial investment had been a barrier for even the most interested customers, even when they could see that solar is a sound investment. Eliminating that initial investment hurdle, by utilizing the leasing model, means solar electricity is a real possibility for many more Illinois businesses.” Anno added that a similar financing option would be made available in Massachusetts, where CIC recently launched its subsidiary, CIC Energy East.

BSB Solar Commercial Funding will bridge the financial gap by offering CIC’s customers a financing option that will offer low, fixed, monthly payments. At the end of the lease term, the Customer will have a renewal or purchase option.

The monthly payments will generally be offset by the savings on energy bills that result from the newly installed solar systems, as well as the revenue stream from selling environmental attributes known as SRECs to utility companies to help them meet their state-mandated solar quota. SREC trading is handled through CIC’s subsidiary CIC Energy Asset Management.

With the addition of this financial solution through BSB, CIC continues to demonstrate its leadership as solar specialists delivering innovative solutions to its clients, allowing an incredibly easy, affordable, and turn-key solution.

About CIC Energy Construction & Supply, LLC

CIC Energy Construction & Supply, LLC is a Chicago-based Energy Service Provider and General Contractor specializing in commercial and industrial scale renewable energy systems including feasibility reports, incentive consultation, system design, construction management, and system commissioning.

By using the latest in innovative technology and offering cost-effective integrated service, CIC Energy delivers results that simultaneously meet environmental protection, economic development, and social goals.

About BSB Solar Commercial Funding

BSB Solar Commercial Funding is a full-service funding resource specializing in Direct Finance and Syndication Services for solar commercial equipment and installation leasing. BSB has been a trusted resource for commercial customers, independent brokers, vendors and financial institutions in the leasing industry for over 20 years.

We provide businesses with access to capital to fuel growth and to allow for participation in the renewable energy market. In addition to being a trusted source for direct lending, our solid reputation has earned us privileged partnerships with more than 50 institutional funding sources and specialty lenders.

These relationships enable us to offer a large selection of financing options. With our underwriting experience and your stable credit profile, we offer the most competitive rates in the industry and expedited funding. We’ll put all our resources to work to ensure your solar investment will yield a maximum return.

CHICAGO – April 11, 2011 – After years of planning, due diligence and thoughtful counsel and strategy from dozens of prominent advisors, the Illinois Patriot Education Fund (IPEF), a 501(c)(3) chartered in Illinois and based in Chicago, is formally launching.

The organization’s mission is to raise scholarship funds on behalf of the spouses and children of Illinois military service men and women who have given their lives or become disabled in service to our country.

“The Illinois Patriot Education Fund provides an opportunity to ensure a legacy of education to our Illinois military families. This is a chance for Illinois citizens to serve their country by serving those who have served,” said Mark Slaby, founder and interim executive director of IPEF. “Each of us needs to continue to say ‘Thank You’ and dig in by giving a little more – whether in the form of time or money – and take personal responsibility to ensure we have done our best for our Illinois military families,” he said.  “It is the very least we can do considering the enormous sacrifice many have made for our country.”

As of today, 230 Illinois soldiers have fallen during the U.S. engagements in Operation Iraqi Freedom and Operation Enduring Freedom, and more than 10,000 Illinois families have been impacted by long-term deployments, disabilities and fatalities. Troops that return home have struggled to find employment, creating a need for post-secondary degrees and additional civilian training and experience in order to support themselves or their families.

The Illinois Patriot Education Fund is an Illinois-specific philanthropic effort. All donations will be distributed to assist families with local ties to the State of Illinois, ensuring that Illinois citizens have a chance to support their neighbors who have sacrificed so much.

Additionally, 100 percent of all donations generated from IPEF events are designated to support the educational needs of spouses and children of those who have served and whose needs are not fully met by the Post-911 GI Bill.  Surprising, only 15 percent of the families of fallen soldiers qualify for Veterans Education funds, and the average annual income of an Illinois veteran is about $28,000, demonstrating the urgent need for assistance, particularly during these tough economic times.

IPEF seeks to supplement and complement state and federal programs already in place. Further examples of instances in which IPEF will provide assistance not covered by the Post-911 GI Bill include:

• Assistance for room, board, books, out of state tuition, advanced degrees and more (the Post-9/11 GI Bill does not help with advanced degrees)
• Smaller private institutions or out-of-state tuition (the Post-911 GI Bill does not assist families in either of these cases)
• Additional educational costs, including incidental fees, all known grants, and any difference between school fees and state and federal government provisions
• The Post-911 GI Bill doesn’t necessarily transfer educational benefits to children and spouses without strict guidelines requiring specific terms of active service; IPEF does

Further information about fund distribution and applying for assistance is available on the newly launched IPEF website, www.illinoispatrioteducationfund.org.

IPEF receives 100 percent of its funding through individual and corporate donations via its website and at its fundraising events, including  Medinah Patriot Day and Bets for Vets™, and is currently seeking corporations and individuals interested in making a difference by becoming volunteers and corporate sponsors to join its roster of 2011 Financial Sponsors and Goodwill Partners. Please direct any inquiries to sponsors@illinoispatriot.com or volunteers@illinoispatriot.com.

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About the Illinois Patriot Education Fund

The Illinois Patriot Education Fund is a 501(c)(3) based in Chicago, whose mission is to raise scholarship funds on behalf of the spouses and children of Illinois military service men and women who have given their lives or become disabled in service to our country. We also support the education of active duty members of our Armed Services over and above the benefits provided by the Post-911 GI Bill. For more information please visit www.illinoispatrioteducationfund.org or follow www.facebook.com/ILPatriotriotEdFund and www.twitter.com/ILPatriotEdFund for the latest updates.

Thousands of hopefuls attended to learn more about the variety of employment opportunities that will be available once the casino opens in July.

Midwest Gaming estimated 10,000 people will have attended the all-day job fair by the time it closes.

The job fair was originally announced in March, with the location and date being announced earlier this month.

In Midwest Gaming’s official announcement of the job fair, they encouraged job seekers to dress for success but emphasized that they were not accepting resumes and that those interested should apply online on its website.

However, Midwest Gaming was taking general information from those interested in working at Rivers Casino.

At the job fair, prospective employees were given the opportunity to speak with representatives of the different departments that will make up the casino.

Midwest Gaming is looking for many different positions to be filled, everything from waitresses, to blackjack dealers, to security guards and bartenders.

Prospective employees and interested vendors can learn about opportunities at the Rivers Casino website.

Evanston, Ill. / CHICAGOPRESSRELEASE.COM /

This year’s theme, “A Call to Action: Leveraging History to Build a Movement,” will draw upon the lessons and motivations of past social movements in an effort to challenge students to excel in GlobeMed chapter work on their respective campuses and with their chapters’ global health partners.

The featured keynote speakers are Dr. Joia Mukherjee, chief medical officer at Partners In Health, Joseph Amon, director of health and human rights at Human Rights Watch, and Andre Banks, director of strategy at Purpose.

“This year’s Summit will help our students understand how their work is connected with past successful social movements. The pipeline of leadership we are cultivating at GlobeMed is important to the long term movement for global health equity,” said Jon Shaffer, executive director of GlobeMed.

Each year, students from GlobeMed chapters at 32 universities and colleges from across the country gather for the Summit to learn how to become more effective leaders in global health and social justice. The Fifth Annual Summit is slated to be the largest gathering held in the organization’s five-year history.

This year’s workshop themes include advocating for social justice, studying historical social movements, understanding healthcare delivery at a grassroots level, developing leadership on campus and exploring post-graduate opportunities.

A new addition to this year’s program is the “Leaders in Business and Global Health” panel, where key leaders from the private sector will discuss how their sustainable partnerships support global health initiatives.

The Summit will be held at the Hilton Orrington and on the campus of Northwestern University, both in Evanston, IL.

About GlobeMed:

GlobeMed is a 501(c) (3) nonprofit organization composed of a network of university students who partner with grassroots organizations to improve the health of people living in poverty.

Through their involvement today, students commit to a life of leadership in global health and social justice. Currently, the GlobeMed network includes 32 chapters at university campuses throughout the country.

Media Contact:

Sharonda Glover, 302-545-9450
sharonda@globemed.org

The Federal Reserve Bank of Chicago and more than 250 partner organizations announced today that the tenth-annual Chicago Money Smart Week will be held April 2-9.

CHICAGOPRESSRELEASE.COM — The Federal Reserve Bank of Chicago and more than 250 partner organizations announced today that the tenth-annual Chicago Money Smart Week will be held April 2-9.

Coordinated by the Federal Reserve Bank of Chicago and its partner organizations, Money Smart Week is designed to educate consumers about money management as well as generate awareness of financial education programs on topics such as saving, using credit wisely, and financial education for youths.

More than 500 free classes, seminars and activities will take place during Money Smart Week. The educational activities will be carried out by more than 250 local community groups, financial institutions, not-for profit organizations, businesses, schools, libraries, local and national government agencies, as well as media personalities.

Classes will also be offered in a variety of languages. Other highlights of Money Smart Week 2011 include an essay contest for fifth- through eighth-grade students, programs for Chicago Public School students, events continuing for the third year in DuPage County and the western suburbs and a national partnership with the American Library Association that will include programming in nearly 30 states.

A calendar of events for this year’s Money Smart Week, along with additional updated information, is now available on the Chicago Fed’s website: www.moneysmartweek.org/chicago.

Media Contact:

Natalie Boscia
natalie.boscia@gmail.com

In order to earn the WQC, every dimension of the real estate firm’s site, www.bairdwarner.com, was rigorously reviewed by an independent panel of technology experts to ensure that exacting standards were met in several key areas — ranging from design and content to human interactivity and search engine optimization.

Of all sites reviewed in the network, Baird & Warner placed among the very top – scoring 57 points, out of a maximum possible 60 available in all categories.

Among the judging panel’s most notable remarks about B&W’s website: “The site provides all of the interactive tools that a consumer could imagine … property search is very detailed and can be customized to almost any desire for features in a home … site is easy to navigate through … with the number of smart-phone users increasing, the website also provides a mobile searching option.”

The WQC was introduced in 2009 to recognize and encourage superior websites among Leading Real Estate Companies of the World’s 600 member firms. Baird & Warner was one of only 100 companies in the global network to achieve this distinction.

“Over 15 years ago, Baird & Warner was among a small group of pioneering real estate companies in the nation to devote time and money into developing its online footprint, and year after year we’ve continued to invest significantly in these dynamic tools to improve the quality of our site,” noted Steve Baird, CEO & President, Baird & Warner. “We’re delighted to have earned the WQC distinction again this year, as it’s further independent confirmation of the ease and usefulness of our website as a singular source to help meet the needs of today’s buyers and sellers.”

ABOUT BAIRD & WARNER

Established in 1855, Baird & Warner is the oldest residential real estate company in the nation and the largest independent brokerage in Illinois. Now in its fifth generation of local family ownership, Baird & Warner’s dynamic and time-tested approach pairs innovative technology solutions with a team of exceptionally well-trained real estate sales professionals, to generate superior results for its clients throughout Chicagoland. For more information, visit: www.bairdwarner.com.

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The trip, sponsored by Qatar Foundation International (QFI), kicks off with the students attending an international youth conference focused on leadership in Seattle, Washington from April 14-16, 2011.

“Mayor Daley has for many years demonstrated his commitment to foreign language programs in Chicago schools, including Arabic. QFI applauds the strides he has made in expanding Chicago’s access to quality Arabic language instruction.”
-Maggie Mitchell Salem, Executive Director of Qatar Foundation International

OneWorld Now!’s (OWN) annual Get Global Conference brings together youth from around the world to develop their leadership abilities, share global perspectives and foster international mindedness through a series of workshops, dialogues and cultural exchanges.

The Lincoln Park students, teachers and chaperones will be joined by their counterparts from QFI partner schools in Doha, Qatar; Honolulu, HI; Boston, MA; and Seattle, WA.

The group will then travel to Qatar for a week to explore the country, participate in educational and leadership activities, practice Arabic, and connect with their Qatari peers.

Last Spring, QFI launched the cultural exchange program as part of their Arabic language and cultural initiatives in two urban public high schools in the United States: the Washington (D.C.) Latin Public Charter School and the Boston Arts Academy. This year the program has expanded to include Arabic language programs in Portland, OR; Honolulu, HI; and Sao Paulo, Brazil.

For media inquiries, please contact Lauren McCollough, lmccollough@qfi.org, Tel: +1 202-255-3575.

About Qatar Foundation International

Qatar Foundation International (QFI) is a private U.S. foundation established on the principle that education can transform for the better individual lives, communities, and nations. Our mission is to promote education as a force that builds strong local communities, facilitates collaboration across geographical, social, and cultural boundaries, and builds a network of global citizens who communicate effectively and work together to find solutions to pressing global problems.

QFI will implement this mission through innovative educational and volunteer programs. Our programmatic focus is on interrelated issues of global importance: education, youth engagement, and technology. QFI’s vision is of a world that embraces and respects diversity, values lifelong learning, and empowers individuals to take action to shape their future.

Learn More at qfi.org.