Board Actions

Actions taken during the week ending February 20, 2010

Testimony and Statements

Monetary Policy -- statement by Chairman Bernanke before the House Committee on Financial Services on February 24 and before the Senate Committee on Banking, Housing, and Urban Affairs on February 25, 2010, on the semiannual monetary policy report to the Congress.
-Discussed, February 18, 2010

Banking Supervision & Regulation

The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania -- request to redeem its TARP preferred stock.
-Approved, February 2, 2010
(A/C)

Discount Rates

Discount and Advance Rates, Term Auction Facility (TAF) -- increase in the primary credit rate from 1/2 percent to 3/4 percent by the twelve Federal Reserve Banks; reduction in the maximum maturity of primary credit loans to most depository institutions from 28 days to overnight, effective March 18, 2010; and increase in the minimum bid rate for TAF loans to 1/2 percent.
-Announced, February 18, 2010

Monetary and Financial Policy

Monetary Policy -- semiannual monetary policy report to the Congress.
-Authorized, February 17, 2010

Personnel

Division of Banking Supervision and Regulation -- appointment of Mark E. Van Der Weide as associate director.
-Announced, February 17, 2010

Regulations and Policies

Overdraft Services -- publication for comment of amendments to Regulations E (Electronic Fund Transfers) and DD (Truth in Savings) to clarify certain aspects of final rules addressing overdraft services.
-Approved, February 17, 2010

Enforcement

Beach First National Bancshares, Inc., Myrtle Beach, South Carolina -- written agreement with the Federal Reserve Bank of Richmond.
-Announced, February 17, 2010

Community First Bank-Chicago, Chicago, Illinois -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, February 17, 2010

Community National Bancorporation, Waterloo, Iowa -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, February 17, 2010

First National Corporation, Savannah, Georgia -- written agreement with the Federal Reserve Bank of Atlanta.
-Announced, February 18, 2010

Marco Community Bank, Marco Island, Florida -- issuance of a prompt corrective action directive with the consent of the bank.
-Announced, February 18, 2010

SunFirst Corporation, St. George, Utah -- written agreement with the Federal Reserve Bank of San Francisco.
-Announced, February 18, 2010

TCM Company, Crete, Nebraska -- written agreement with the Federal Reserve Bank of Kansas City.
-Announced, February 18, 2010