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• The �౦��Ϸ���� had many accomplishments in the second quarter of 2005. Among them:
  • After two years of work under the EGRPRA mandate, Vice Chairman Reich, along with other members of the interagency regulatory review project team, made their first round of recommendations to Congress.
  • Director Curry testified before Congress regarding the �౦��Ϸ����’s views on the implementation of Basel II in the United States.
  • The �౦��Ϸ���� published a study of U.S. metro-area housing boom and bust cycles since 1978, and identified an unprecedented 55 “boom” markets as of year-end 2004. The study has been widely cited as part of the public debate over the relative merits of so-called “innovative mortgage products,” the use of which increased substantially during 2004.
• Your feedback to the Letter to Stakeholders is encouraged, as are suggestions for improvement.
• For more information, visit the �౦��Ϸ����’s Web site at .

Distribution:
�౦��Ϸ����-Insured Institutions

Suggested Routing:
Chief Executive Officer

Note:
�౦��Ϸ���� Financial Institution Letters (FILs) may be accessed from the �౦��Ϸ����'s Web site at www.fdic.gov/news/financial-institution-letters/2005/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of �౦��Ϸ���� FILs may be obtained through the �౦��Ϸ����'s Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).