Board Actions

Actions taken during the week ending July 16, 2011

Testimony and Statements

Mortgage Origination -- statement by Sandra F. Braunstein, director, Division of Consumer and Community Affairs, before a subcommittee of the House Committee on Financial Services on regulatory actions taken by the Board to address the recent challenges in the home mortgage market and to enhance consumer protections for homeowners.
-Published, July 13, 2011

Bank Holding Companies

Comerica Incorporated, Dallas, Texas -- to acquire Sterling Bancshares, Inc., Houston, and its subsidiary bank, Sterling Bank, and for Comerica's subsidiary bank, Comerica Bank, Dallas, to merge with Sterling Bank and thereby establish branches.
-Approved, July 13, 2011

Personnel

Division of Banking Supervision and Regulation -- appointment of Michael D. Solomon as associate director.
-Announced, July 12, 2011

Division of Monetary Affairs -- appointment of Fabio M. Natalucci as deputy associate director.
-Announced, July 12, 2011

Regulations and Policies

Debit Card Interchange Fees -- publication of lists of institutions subject to, and exempt from, the debit card interchange fee standards in Regulation II, which implements provisions of the Dodd-Frank Act.
-Announced, July 12, 2011

Regulation Q (Prohibition Against Payment of Interest on Demand Deposits) -- final rule repealing Regulation Q, effective July 21, 2011, in accordance with the Dodd-Frank Act.
-Approved, July 12, 2011

Enforcement

First of Huron Corp., Bad Axe, Michigan -- written agreement with the Federal Reserve Bank of Chicago.
-Announced, July 12, 2011

First Sentinel Bank, Richlands, Virginia -- issuance of a consent order of assessment of a civil money penalty.
-Announced, July 14, 2011

Greer Bancshares Incorporated, Greer, South Carolina -- written agreement with the Federal Reserve Bank of Richmond.
-Announced, July 12, 2011