Board Actions

Actions taken during the week ending October 23, 2010

Personnel

Management Division -- appointment of Charles O'Malley as associate director and Billy Sauls as senior adviser, effective October 24, 2010.
-Announced, October 21, 2010

Regulations and Policies

College Credit Card Agreements -- annual report to Congress under the Credit Card Accountability Responsibility and Disclosure Act regarding agreements between credit card issuers and institutions of higher education or certain affiliated organizations that provide for the issuance of credit cards to college students.
-Approved, October 15, 2010
(A/C)

Credit Risk Retention -- report to Congress under the Dodd-Frank Act on the potential impact of credit risk retention requirements on securitization markets.
-Approved, October 18, 2010

Regulation E (Electronic Fund Transfers) -- final rule to implement legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act.
-Approved, October 18, 2010

Regulation Z (Truth in Lending) -- publication for comment of amendments to clarify certain aspects of the rules implementing the Credit Card Accountability Responsibility and Disclosure Act in order to enhance protections for consumers who use credit cards.
-Approved, October 18, 2010

Regulation Z (Truth in Lending) -- interim final rule with request for comment under the Dodd-Frank Act to ensure that real estate appraisers are free to use their independent professional judgment in assigning home values without influence or pressure from those with interests in the transactions.
-Approved, October 18, 2010

Enforcement

1st Financial Services Corporation, Hendersonville, North Carolina -- written agreement with the Federal Reserve Bank of Richmond.
-Announced, October 19, 2010

Highlands Bankshares, Inc., Abingdon, Virginia, and Highlands Union Bank -- written agreement with the Federal Reserve Bank of Richmond.
-Announced, October 19, 2010

Persons Banking Company, Inc., Macon, Georgia -- written agreement with the Federal Reserve Bank of Atlanta and the Banking Commissioner of the State of Georgia.
-Announced, October 19, 2010