Board Actions

Actions taken during the week ending February 12, 2011

Testimony and Statements

Economic Outlook and Monetary and Fiscal Policy -- statement by Chairman Bernanke before the House Committee on the Budget on the economic outlook, monetary policy, and issues related to the federal budget.
-Published, February 9, 2011

Regulations and Policies

Regulation Y -- publication for comment of proposed rules to establish criteria for determining whether a company is "predominantly engaged in financial activities" and to define the terms "significant nonbank financial company" and "significant bank holding company," in accordance with the Dodd-Frank Act.
-Announced, February 8, 2011

Regulation Y -- final rule 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 hedge funds and private equity funds imposed by the so-called Volcker Rule in the Dodd-Frank Act.
-Announced, February 9, 2011

Enforcement

BankVest, Inc., Castle Rock, Colorado -- written agreement with the Federal Reserve Bank of Kansas City.
-Announced, February 8, 2011

Community Banks of Colorado, Greenwood Village, Colorado -- issuance of a prompt corrective action directive with the consent of the bank.
-Announced, February 10, 2011

Financial Services of St. Croix Falls, Inc., St. Croix Falls, Wisconsin -- written agreement with the Federal Reserve Bank of Minneapolis.
-Announced, February 10, 2011