National City has confirmed that it has entered into two agreements with federal regulators that deal with capital, risk and other issues, reports the AP. The Wall Street Journal reported something like this was in the works, but it turns out that the deals had been in place since April 29 (with the Fed bank in Cleveland) and May 1 (with the OCC). This is the type of thing that should be made public, though the bank notes it has an obligation to inform the public. It makes you wonder, in this environment, how many more memorandums of understanding have been signed. Some federal officials have sounded warnings about more failures recently. Can these be read as signaling?  

For more:
- here's the AP article
- here's a MarketWatch article on bank failures