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Interest Rates
- US: H15 -0.27 2011-06-30 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.07 2011-06-30 FRB Federal funds effective rate
- US: H15 0.07 2011-06-30 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 1.15 2011-06-30 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.15 2011-06-30 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
Trade (FTC)
- FTC Extends Deadline to Comment on Patents and Standard-Setting ProjectThe Federal Trade Commission is extending the deadline for public comments on standard setting until August 5, 2011. The FTC hosted a public workshop on June 21, 2011 as part of a project to examine the legal and policy issues surrounding the competition problem of potential “hold-up” when patented technologies are included in collaborative standards. […]
- FTC Extends Deadline to Comment on Patents and Standard-Setting Project
Commerce News
- Federal Register Notice: Commerce Spectrum Management Advisory Committee MeetingThe Commerce Spectrum Management Advisory Committee will meet July 27, 2011, from 1 p.m. to 4 p.m., Mountain Daylight Savings Time at the Institute for Telecommunication Sciences, 325 Broadway, Boulder, Colorado. The Committee will receive recommendations from sub-committees on matters related to the accomplishment of the President's ten-year goal of id […]
- Federal Register Notice: Commerce Spectrum Management Advisory Committee Meeting
Small Business News
- The Small Business Advocate – July 2011read more […]
- The Small Business Advocate – July 2011
Monetary Policy
- Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012
- FOMC will release June 21-22 meeting minutes on July 12, 2011
- Federal Reserve Board and FOMC release economic projections from the June 21-22 FOMC meeting
Cost Estimates
- H.R. 33, Church Plan Investment Clarification ActCost estimate for the bill as ordered reported by the House Committee on Financial Services on June 22, 2011 […]
- H.R. 1791, A bill to designate the United States courthouse under construction at 101 South United States Route 1 in Fort Pierce, Florida, as the "Alto Lee Adams, Sr., United States Courthouse"Cost estimate for the bill as ordered reported by the House Committee on Transportation and Infrastructure on June 22, 2011 […]
- H.R. 1264, A bill to designate the property between the United States Federal Courthouse and the Ed Jones Building located at 109 South Highland Avenue in Jackson, Tennessee, as the "M.D. Anderson Plaza" and to authorize the placement of a historCost estimate for the bill as ordered reported by the House Committee on Transportation and Infrastructure on June 22, 2011 […]
- H.R. 33, Church Plan Investment Clarification Act
Banking
- OCC Extends Comment Period on Deposit-Related Consumer Credit Products GuidanceThe OCC submitted a notice to the Federal Register to extend the comment period on proposed guidance for deposit-related consumer credit products. […]
- OCC Extends Comment Period on Deposit-Related Consumer Credit Products Guidance
Results of NCUA Board Meeting
ALEXANDRIA, Va. (June 29, 2011) – Responding to requests and feedback from credit unions, the NCUA Board today unanimously adopted a plan to permit voluntary prepayments of $500 million in Corporate Stabilization Fund assessments. The approved program has the potential to decrease the currently projected 2011 Stabilization Fund assessment by 6.4 basis points from 24.9 to 18.5 basis points of insured shares.
NCUA designed the voluntary prepayment of Stabilization Fund assessments program with the following principles in mind:
Setting assessments in a counter-cyclical manner relative to credit union performance and providing resolution to the corporate crisis during this economic cycle;
Maintaining a meaningful contingency in Treasury borrowing capacity; and
Using credit union prepayments to meaningfully reduce near-term Stabilization Fund assessments.
At the May 19 open Board meeting, NCUA made available for public feedback a proposed voluntary prepayment of Corporate Stabilization Fund assessments program. NCUA received 184 comments. Overall, comments were generally positive, requested a dollar-for-dollar decrease in assessments, and an increased aggregate minimum from the originally proposed $300 million. Based on these public comments, the Board adopted this revised plan.
The key programmatic changes from the original proposal include:
Dedicated Use: NCUA committed to using all received prepayments to decrease 2011 assessments dollar-for-dollar.
Program Size: NCUA set the program’s size at $500 million.
Maximum Prepayment: NCUA increased the maximum amount a credit union may voluntarily prepay to 48 basis points of March 31 insured shares; and
Minimum Contribution: NCUA adopted a more inclusive minimum participation standard of $1,000 or at least 5 basis points of March 31 insured shares—allowing 98 percent of credit unions to participate in the program.
Remaining from the original proposal, other elements of the approved program include:
Participation will be purely voluntary and open to all federally insured credit unions able to meet the minimum participation amount;
Liquidity will be provided to the Stabilization Fund through an advance of assessments from participating credit unions; and
If credit unions commit to raising an aggregate amount ($500 million), NCUA will implement the voluntary prepaid assessment program.
Participating credit unions will not accrue interest on prepaid assessments. NCUA has no independent authority to issue interest-bearing debt.
NCUA will apply the program amounts as offsets against Stabilization Fund assessments for the years 2013 and thereafter, subject to any remaining balance.
Voluntarily prepaying future assessments will not change the ultimate cost of the Corporate System Resolution.
Program information and instructions regarding participation are available on NCUA’s website. Credit unions wishing to participate should click here, download the participation form, and return it to NCUA no later than July 29. NCUA will also communicate this information via a forthcoming Letter to Credit Unions.
On Aug. 9, NCUA will tally the participation level to see if credit unions commit to $500 million and announce the results. If not, the program would not be executed and the regular scheduled assessment would be billed. If credit union commitments exceeded the program amount, all credit unions participating would be debited a prorated amount of their commitment on Aug. 18–and a reduced assessment would follow.
All open NCUA Board meetings are tweeted live. Follow @TheNCUA on Twitter. Board Action Memorandums are available online at www.ncua.gov under Agency Leadership/NCUA Board and Actions/Draft Board Actions. NCUA rule changes are posted online at www.ncua.gov under Resources/Regulations, Legal Opinions and Laws.