Contact:  Michael Stevens

September 3, 2008 FDIC Provides Hurricane Information Via Web
FDIC announced on Sept. 1 that it is working cooperatively with state and federal banking agencies and other organizations to determine the status of the financial institutions located in the areas affected by Hurricane Gustav. Through a Web page, the agency is providing the best available consumer contact and branch information for all institutions headquartered in the affected areas. The information will be updated as it becomes available to FDIC and other state and federal regulators. FDIC also is making available a housing recover guide it developed with NeighborWorks for victims of Hurricanes Katrina, Wilma and Rita and other resources. More information

September 3, 2008 SEC Sponsors Senior Investment Summit
The Securities and Exchange Commission will host a Senior Summit on Sept. 22 in Washington, D.C., to help older investors make decisions about their finances and learn new ways to protect their assets as they age. The morning session will focus on senior participants, while the afternoon session will focus on financial professionals. The afternoon session will highlight the most appropriate practices that firms should use when advising senior investors, including those with diminishing capacity. SEC Chairman Christopher Cox noted that the vast majority of the nation's savings is in the hands of America's seniors, and their share is expected to grow significantly as the baby boomers increasingly reap retirement benefits. Seniors are the prime targets for scam artists and securities swindlers. More information

September 2, 2008 Georgia Banking Department Closes Integrity Bank
The Georgia Department of Banking and Finance took possession of Integrity Bank, Alpharetta, Ga., on Aug. 29 with FDIC named as receiver. All depositors of Integrity Bank, including those with deposits in excess of FDIC's insurance limits, automatically became depositors of Regions Bank for the full amount of their deposits. The failed bank's five offices open today as branches of Regions Bank. The bank had $1.1 billion in total assets and $974 million in total deposits as of June 30, 2008. Regions Bank agreed to pay a premium of 1.012 percent for the failed bank's deposits. In addition, Regions Bank will purchase approximately $34.4 million of Integrity Bank's assets, consisting of cash and cash equivalents. FDIC will retain the remaining assets for later disposition. FDIC estimated that the cost to the Deposit Insurance Fund would be between $250 million and $350 million. Georgia Governor Sonny Perdue reassured Georgians that the state’s banking industry remained on solid footings. “Two-thirds of banks in our state have been profitable year to date,” the governor said.  Integrity Bank is the tenth bank to fail this year and the first in Georgia since NetBank in Alpharetta on Sept. 28, 2007. More information

September 2, 2008 Federal Reserve Offers Online Refinancing Help
The Federal Reserve on Aug. 28 launched an online resource to help consumers make informed choices when refinancing a home loan.  The publication -- "A Consumer’s Guide to Mortgage Refinancing" -- is available on the agency’s Web site. It contains useful tips and answers to frequently asked questions about the refinancing process. The information covers when refinancing makes sense; what a refinancing will cost; and whether it is advisable to switch into a different type of mortgage. The Web site also provides mortgage shopping worksheets, a glossary of mortgage terms, a link to an online refinancing calculator and links to the Fed’s other consumer education resources on mortgages. The agency also updated its publication on home equity lines of credit to cover credit freezes or reductions in lines of credit.  Lenders may use the earlier version of the publication until existing supplies are exhausted. More information

September 2, 2008 BIS Reports on International Market Conditions
The global financial markets adjusted to growing signs of a broad-based cyclical deterioration between May and August, according to the Quarterly Review publication of the Bank for International Settlements. While financial markets continued to display signs of fragility, the BIS report said worries about the economic outlook and related uncertainties gained prominence. In the international debt securities markets, the report noted that borrowing recovered sharply in the second quarter of 2008 despite the continued turmoil in financial markets. Net issuance of bonds and notes increased to $1,071 billion, up from $371 billion in the first quarter and recovering almost to the level recorded just before the recent turmoil began. The increase came chiefly from the euro-denominated bond segment. Trading on the international derivatives exchanges retreated in the second quarter with total turnover based on notional amounts decreasing to $600 trillion from $692 trillion in the first quarter. Most of the contraction came from derivatives on short-term interest rates, but turnover also declined in derivatives on long-term interest rates and stock indices. More information

September 2, 2008 FDIC Urges Relief Measures in Disaster Areas of Florida
FDIC announced a series of steps on Aug. 29 intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by recent severe storms, tornadoes and flooding. FDIC is encouraging financial institutions to work constructively with borrowers who are experiencing difficulties beyond their control because of damage caused by these disasters. Some of the steps banks may take include extending repayment terms, restructuring existing loans or easing terms for new loans, if done in a manner consistent with sound banking practices. The agency also will consider regulatory relief from certain filings and publishing requirements for banks in the affected areas. More information

September 2, 2008 Federal Reserve Publishes Regulation R Guide
The Federal Reserve on Aug. 29 released a guide for small companies in complying with Regulations R.  The Fed and Securities and Exchange Commission jointly adopted Regulation R to delineate the key exceptions for banks from the definition of broker for third-party networking arrangements, trust and fiduciary activities, deposit sweep activities, and custody and safekeeping activities. The Fed’s publication – “Small Entity Compliance Guide for Regulation R” -- provides a general description of the regulation and contact information for small entities with compliance questions. More information