Board Actions

Actions taken during the week ending March 8, 2008

Bank Holding Companies

Covenant Bancshares, Inc., Forest Park, Illinois -- commenter's request for review of the Federal Reserve Bank of Chicago's approval of the application to acquire Community Bank of Lawndale, Chicago.
-Denied, March 3, 2008

Enforcement

FNB Southeast, Reidsville, North Carolina -- issuance of a consent order of prohibition against Russell K. Henry, a former employee and institution-affiliated party of the former FNB Southeast.
-Announced, March 5, 2008

Tradition Bank, Bellaire, Texas -- issuance of a consent order of assessment of a civil money penalty.
-Announced, March 5, 2008

Regulations And Policies

Subprime Mortgages -- statement to financial institutions servicing residential mortgages on reporting of loss mitigation of subprime mortgages consistent with uniform standards.
-Approved, March 3, 2008

Reserve Bank Operations

Federal Reserve Bank of New York -- to close the Buffalo Branch, effective October 31, 2008.
-Approved, March 3, 2008

Testimony And Statements

Condition of the U.S. Banking System -- statement by Vice Chairman Kohn on March 4, 2008, before the Senate Committee on Banking, Housing, and Urban Affairs.
-Published, March 4, 2008

Sovereign Wealth Funds -- statement by Scott G. Alvarez, General Counsel, before subcommittees of the House Committee on Financial Services on March 5, 2008, regarding the Board's standards for review of investments by sovereign wealth funds in U.S. banks and bank holding companies.
-Reviewed, March 4, 2008

Unfair and Deceptive Mortgage Practices -- statement by Leonard Chanin, Associate Director, Division of Consumer and Community Affairs, before the California State Senate Banking Committee on March 5, 2008, on the Board's proposed amendments to Regulation Z to prohibit unfair and deceptive practices in the mortgage market.
-Reviewed, March 3, 2008