Board Actions

Actions taken during the week ending November 20, 2010

Testimony and Statements

Foreclosure Documentation Issues -- statement by Governor Duke before a subcommittee of the House Committee on Financial Services on issues related to mortgage loan servicing and the mishandling of documentation in foreclosure proceedings.
-Published, November 18, 2010

Bank Mergers

Centennial Bank, Conway, Arkansas -- to acquire the assets and assume the liabilities of Gulf State Community Bank, Carrabelle, Florida, and thereby establish branches.
-Announced, November 19, 2010

Forms

Forms -- final Board review to extend with revision the Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248) and to conduct with revision the Survey of Finance Companies (FR 3033s).
-Approved, November 17, 2010

Regulations and Policies

Capital Actions in 2011 -- issuance of guidelines for evaluating proposals by large bank holding companies (the 19 SCAP bank holding companies) to undertake dividend increases and other capital distributions in 2011.
-Announced, November 17, 2010

Regulation Y -- publication for comment of amendments to implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading and relationships with certain funds that are imposed by the so-called Volcker Rule in the Dodd-Frank Act.
-Approved, November 16, 2010

Enforcement

Farmers State Bank, Victor, Montana -- written agreement with the Federal Reserve Bank of Minneapolis and the Montana Division of Banking and Financial Institutions.
-Announced, November 18, 2010

Fentura Financial, Inc., Fenton, Michigan -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, November 16, 2010

First Personal Financial Corp., Orland Park, Illinois -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, November 16, 2010

Legacy Bank, Milwaukee, Wisconsin -- issuance of a prompt corrective action directive with the consent of the bank.
-Announced, November 18, 2010

Progressive Growth Corp., Gaylord, Minnesota -- written agreement with the Federal Reserve Bank of Minneapolis.
-Announced, November 18, 2010

Valley Community Bancorp, Inc., St. Charles, Illinois -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, November 16, 2010