Board Actions

Actions taken during the week ending April 2, 2011

Bank Holding Companies

First Niagara Financial Group, Buffalo, New York, and FNFG Merger Sub, Inc. -- application to acquire New Alliance Bancshares, Inc., New Haven, Connecticut, and its subsidiary bank, NewAlliance Bank.
-Approved, March 31, 2011

Monetary and Financial Policy

American International Group, Inc., New York, New York -- process for disposition of assets held by Maiden Lane II, LLC.
-Approved, March 29, 2011

Term Deposit Facility -- TDF auction of $5 billion in 28-day term deposits on April 4, 2011.
-Announced, March 30, 2011

Personnel

Division of Reserve Bank Operations and Payment Systems -- appointment of Jeff Stehm as senior associate director; Susan Foley as associate director; Michael Lambert as deputy associate director; and Jennifer Lucier and Stuart Sperry as assistant directors.
-Announced, March 29, 2011

Regulations and Policies

Credit Risk Retention -- publication for comment of proposed interagency rules requiring sponsors of asset-backed securities to retain a percentage of the credit risk of the assets underlying the securities, in accordance with the Dodd-Frank Act.
-Approved, March 28, 2011

Incentive Compensation -- publication for comment of interagency proposed rule on incentive compensation arrangements at covered financial institutions, in accordance with the Dodd-Frank Act.
-Approved, March 3, 2011
(A/C)

Regulation HH (Financial Market Utilities) -- publication for comment of a proposed rule related to the supervision of systemically important financial market utilities, in accordance with the Dodd-Frank Act.
-Proposed, March 28, 2011

Enforcement

First American International Corporation, Brooklyn, New York -- written agreement with the Federal Reserve Bank of New York.
-Announced, March 29, 2011

First Financial Holding Co., Ltd., Taipei, Taiwan; First Commercial Bank, Ltd.; and First Commercial Bank Los Angeles Branch, Los Angeles, California -- written agreement with the Federal Reserve Bank of San Francisco and the State of California Department of Financial Institutions.
-Announced, March 31, 2011