Board Actions

Actions taken during the week ending March 31, 2012

Testimony and Statements

The European Economic and Financial Situation -- statement by Steven B. Kamin, director, Division of International Finance, before a subcommittee of the House Committee on Financial Services on the economic situation in Europe and the Federal Reserve's response.
-Published, March 27, 2012

Mobile Payments -- statement by Sandra F. Braunstein, director, Division of Consumer and Community Affairs, before the Senate Committee on Banking, Housing, and Urban Affairs on consumer use of mobile financial services.
-Published, March 29, 2012

Personnel

Division of Banking Supervision and Regulation -- appointment of Michael Hsu as assistant director.
-Announced, March 28, 2012

Regulations and Policies

Federal Assistance to Swaps Entities -- interagency guidance to clarify that the effective date of section 716, the so-called Swaps Pushout provision, of the Dodd-Frank Act is July 16, 2013.
-Approved, March 28, 2012

Enforcement

Cadence Financial Corporation, Starkville, Mississippi -- written agreement dated November 17, 2010, terminated on March 20, 2012.
-Announced, March 27, 2012

Orrstown Financial Services, Inc., Shippensburg, Pennsylvania, and Orrstown Bank -- written agreement with the Federal Reserve Bank of Philadelphia.
-Announced, March 27, 2012