Board Actions

Amalgamated Bank, New York, New York, and Workers United -- determinations in connection with Workers United's separation from UNITE HERE, a labor organization and registered bank holding company, that (1) Workers United would succeed to the benefit of the exemption for labor organizations from certain prohibitions against nonbanking activities by bank holding companies and (2) Workers United would not be required to file an application under section 3 of the Bank Holding Company Act to acquire control of Amalgamated Bank as part of the separation.
-Approved, February 8, 2012

Hana Financial Group, Inc., Seoul, Korea -- to acquire a controlling interest in Korea Exchange Bank, Seoul, and indirect controlling interests in its subsidiaries, KEB NY Financial Corp., New York, New York, and KEB LA Financial Corp., Los Angeles, California, and thereby engage in certain nonbanking activities.
-Approved, February 8, 2012

Forms -- final Board review to implement the Quarterly Savings and Loan Holding Company Report (FR 2320) and to extend without revision the Bank Holding Company Report of Insured Depository Institutions' Section 23A Transactions with Affiliates (FR Y-8).
-Approved, February 6, 2012

Forms -- final Board review to extend with revision the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (FR 2502q), Automobile Finance Terms (FR 2005), and Passenger Auto Contract Collection Trends (FR 2012); and to extend without revision the Weekly Report of Selected Assets and Liabilities of Domestically Chartered Commercial Banks and U.S. Branches and Agencies of Foreign Banks (FR 2644), Quarterly Report of Interest Rates on Selected Direct Consumer Installment Loans (FR 2835), and Quarterly Report of Credit Card Plans (FR 2835a).
-Approved, February 10, 2012

Ambank Holdings, Inc., Davenport, Iowa -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, February 7, 2012

Brogan Bankshares, Inc., Kaukauna, Wisconsin -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, February 7, 2012

CoastalSouth Bancshares, Inc., Hilton Head, South Carolina -- written agreement with the Federal Reserve Bank of Richmond.
-Announced, February 7, 2012

Enforcement Actions -- agreement in principle regarding the issuance of monetary sanctions totaling $766.5 million against five banking organizations (Bank of America Corp.; Citigroup Inc.; Ally Financial, Inc.; JPMorgan Chase & Co.; and Wells Fargo & Co.) for unsafe and unsound processes and practices in residential mortgage loans servicing and foreclosure processing.
-Announced, February 9, 2012