June 19, 2006 News Archive

Board Releases Latest Beige Book
Reports from all twelve Federal Reserve Districts indicate that economic activity continued to expand from mid-April to early June, but there were some signs of deceleration. Details, including individual Reserve Bank summaries, are available in the full report.

Latest Chicago Fed Letter Focuses on Midwest Job Growth
While many discuss the Midwest's economic struggles, often overlooked are the varied performances of the region's cities. Senior business economist Michael Munley looks at the performances of the region's cities since the turn in the regional economy five years ago and assesses how each city's performance was affected by its industry mix. (PDF, 558KB)

Governor Olson Discusses BSA Guidance, HMDA Data
Governor Olson said that federal banking regulators are planning to update their joint Bank Secrecy Act/Anti-Money Laundering Examination Manual this summer. Speaking at a regulatory compliance conference on June 12, Olson said the update will reflect changes in regulations and supervisory guidance over the course of the past year and provide additional guidance on developing a BSA/AML risk assessment program. Olson also told bankers that their Home Mortgage Disclosure Act Data will play an important role in examinations. "Examiners will look carefully at analyses of HMDA data performed by a bank and talk with the bank to understand the reasons for any disparities in lending patterns," he said. Examiners will want to know how banks have addressed any disparities; including how they ensure that bank policies are met. He noted that Fed compliance examinations are not designed to be gotcha games, but instead to be big picture reviews to ensure that an institution is managing its risks.