The E-mail Banking News
(Bank Regulatory News)
April 2016

April 29, 2016 - Midwest Economic Growth Picked Up in March - The Midwest Economy Index was +0.24 in March, up from +0.05 in February. www.chicagofed.org/~/media/publications/mei/2016/mei-march2016-pdf.pdf?la=en

April 29, 2016 - Financial Regulators Release New Appendix for Retail Payment Systems Booklet Appendix E: Mobile Financial Services - The Federal Financial Institutions Examination Council members today issued a revised Retail Payment Systems booklet, which is part of the FFIEC Information Technology Examination Handbook. The update consists of the addition of a new appendix, Appendix E: Mobile Financial Services. www.ncua.gov/newsroom/Pages/news-2016-april-ffiec.aspx

April 29, 2016 - FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System - The Federal Financial Institutions Examination Council is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological and market changes since the system was established. www.ncua.gov/newsroom/Pages/news-2016-ffiec-seeks-comments-uiccrs.aspx

April 29, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in April has issued five notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2016-april-prohibition-orders.aspx

April 29, 2016 - Financial Regulators Release New Appendix for Retail Payment Systems Booklet Appendix E: Mobile Financial Services - The Federal Financial Institutions Examination Council members today issued a revised Retail Payment Systems booklet, which is part of the FFIEC Information Technology Examination Handbook. The update consists of the addition of a new appendix, Appendix E: Mobile Financial Services. www.ffiec.gov/press/pr042916_2.htm

April 29, 2016 - The Federal Financial Institutions Examination Council published a press release today seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System. www.ffiec.gov/press/pr042916.htm

April 29, 2016 - Mobile Financial Services - Update to FFIEC IT Examination Handbook Series - The Federal Financial Institutions Examination Council has issued a new appendix, Mobile Financial Services, to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook.  www.fdic.gov/news/news/financial/2016/fil16031.html

April 29, 2016 - The Bank of Fayette County, Piperton, Tennessee, Assumes All of the Deposits of Trust Company Bank, Memphis, Tennessee - Trust Company Bank, Memphis, Tennessee, was closed today by the Tennessee Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver.  www.fdic.gov/news/news/press/2016/pr16034.html

April 29, 2016 - FDIC Makes Public March Enforcement Actions; - No Administrative Hearings Scheduled for May 2016 - The Federal Deposit Insurance Corporation Today Released a List of Orders of Administrative Enforcement Actions Taken Against Banks and Individuals in March. www.fdic.gov/news/news/press/2016/pr16033.html

April 29, 2016 - The Distributional Effects of a Carbon Tax on Current and Future Generations - Stephie Fried, Kevin Novan, and William B. Peterman - This paper examines the non-environmental welfare effects of introducing a revenue-neutral carbon tax policy. Using a life cycle model, we find that the welfare effects of the policy differ substantially for agents who are alive when the policy is enacted compared to those who are born into the new steady state with the carbon tax in place. www.federalreserve.gov/econresdata/feds/2016/files/2016038pap.pdf

April 29, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 29, 2016 - Report to the Congress - GPRA Annual Performance Report 2015.  www.federalreserve.gov/publications/gpra/default.htm

April 29, 2016 - Political Conflict and Foreign Portfolio Investment: Evidence from North Korean Attacks - Jeffrey R. Gerlach and Youngsuk Yook - We examine the response of foreign investors to escalating political conflict and its impact on the South Korean stock market surrounding 13 North Korean military attacks between 1999 and 2010.  www.federalreserve.gov/econresdata/feds/2016/files/2016037pap.pdf

April 29, 2016 - A Nowcasting Model for Canada: Do U.S. Variables Matter? - Daniela Bragoli and Michele Modugno - We propose a dynamic factor model for nowcasting the growth rate of quarterly real Canadian gross domestic product.  www.federalreserve.gov/econresdata/feds/2016/files/2016036pap.pdf

April 29, 2016 - Inflation Expectations and the Stabilization of Inflation: Alternative Hypotheses - Jeremy Nalewaik - This paper examines two candidate hypotheses explaining the stabilization of U.S. inflation since the 1970s and 1980s.  www.federalreserve.gov/econresdata/feds/2016/files/2016035pap.pdf

April 29, 2016 - Microstructure Invariance in U.S. Stock Market Trades - Albert S. Kyle, Anna A. Obizhaeva, and Tugkan Tuzun - This paper studies invariance relationships in tick-by-tick transaction data in the U.S. stock market. www.federalreserve.gov/econresdata/feds/2016/files/2016034pap.pdf

April 29, 2016 - Time Series Model of Interest Rates With the Effective Lower Bound - Benjamin K. Johannsen and Elmar Mertens - Modeling interest rates over samples that include the Great Recession requires taking stock of the effective lower bound on nominal interest rates. www.federalreserve.gov/econresdata/feds/2016/files/2016033pap.pdf
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April 29, 2016 - The Federal Deposit Insurance Corporation (FDIC) Today Released a List of Orders of Administrative Enforcement Actions Taken Against Banks and Individuals in March. The FDIC issued a total of 26 orders, including one issued in February, and one notice. https://www.fdic.gov/news/news/press/2016/pr16033a.html

April 28, 2016 - St. Louis Fed Financial Stress Index Dips to Lowest Point since November - Financial market stress continues to trend lower, based on the St. Louis Fed Financial Stress Index. For the week ending April 22, the index measured -0.924, modestly lower than the previous week’s revised value of -0.864.  www.stlouisfed.org/news-releases/2016/04/28/st-louis-fed-financial-stress-index-dips-to-lowest-point-since-november

April 28, 2016 - New NCUA Hires Are More Diverse - 2015 Congressional Report Outlines Agency Initiatives to Improve the Recruitment and Retention of Minorities, Women - The National Credit Union Administration saw greater diversity among its new hires during 2015, and the agency is committed to improving on that record. www.ncua.gov/newsroom/Pages/news-2016-april-diverse-new-hires.aspx

April 28, 2016 - NCUA New Video Module Provides Best Practices for Merging Credit Unions - Learn How to Execute a Successful Merger and Maximize the Benefits - Credit union board directors considering a merger can learn more about the process and its benefits in a new online training module from the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-april-video-module.aspx

April 27, 2016 - Updated Financial Institution Employee's Guide to Deposit Insurance - Latest Version Includes Multiple Examples to Better Understand Deposit Insurance Ownership Categories - The FDIC has updated the Financial Institution Employee's Guide to Deposit Insurance.  https://www.fdic.gov/news/news/financial/2016/fil16030.html

April 27, 2016 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective. www.federalreserve.gov/bankinforeg/fhc.htm

April 27, 2016 - Legal Interpretations - Bank Holding Company Act, April 15, 2016 = General Counsel opinion letter to Luigi L. De Ghenghi, Esq., opining that no regulatory purpose would be served by requiring a filing under section 3 of the Bank Holding Company Act of 1956, as amended, for Mizuho Financial Group, Inc., Tokyo, Japan, in connection with an internal reorganization involving Mizuho Bank (USA) and Mizuho Trust & Banking Co., both of New York, New York. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20160415.pdf

April 27, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:30 a.m. on April 26, 2016 and continued at 9:00 a.m. on April 27, 2016. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20160427exp.htm

April 27, 2016 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high. www.federalreserve.gov/newsevents/press/monetary/20160427a.htm

April 26, 2016 - Federal Trade Commission Joins NCUA for April 27 Fraud Prevention Twitter Chat -?#NCUAChat to Educate Consumers on Protecting Wallets, Personal Information - The Federal Trade Commission will be joining the National Credit Union Administration’s live Twitter chat April 27 to provide information to help people protect themselves from consumer financial fraud, which affects millions of Americans each year. www.ncua.gov/newsroom/Pages/news-2016-april-fraud-twitter-chat.aspx

April 26, 2016 - NCUA Opening $2 Million Grant Round June 1 - Agency Schedules May 11 Webinar on Grant Application Process - Low-income credit unions seeking support to grow, train staff and improve security should consider applying for Community Development Revolving Loan Fund assistance grants from the National Credit Union Administration, Board Chairman Debbie Matz said today. www.ncua.gov/newsroom/Pages/news-2016-april-grant-round.aspx

April 26, 2016 - Comptroller Statement Regarding the Proposed Net Stable Funding Rule - Comptroller of the Currency Thomas J. Curry today made the following statement at a board meeting of the Federal Deposit Insurance Corporation on his vote approving the proposed Net Stable Funding Rule. The Comptroller also signed the proposed rule on behalf of the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-50.html

April 26, 2016 - Comptroller Statement Regarding the Proposed Incentive-Based Compensation Rule - Comptroller of the Currency Thomas J. Curry today made the following statement at a board meeting of the Federal Deposit Insurance Corporation on his vote approving the proposed Incentive-Compensation Rule, implementing Section 956 of the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-49.html

April 26, 2016 - Small Bank Pricing - Final Rule - On April 26, 2016, the FDIC Board of Directors approved the attached final rule to improve the deposit insurance assessment system for established small insured depository institutions (generally, those banks with less than $10 billion in total assets that have been insured for at least five years).   www.fdic.gov/news/news/financial/2016/fil16028.html

April 26, 2016 - FDIC Adopts Final Rule to Amend How Small Banks are Assessed for Deposit Insurance - The Board of Directors of the Federal Deposit Insurance Corporation today approved a final rule that amends the way small banks are assessed for deposit insurance. www.fdic.gov/news/news/press/2016/pr16032.html

April 26, 2016 - Notice of Open Board Meeting - An open meeting of the Board of Governors of the Federal Reserve System will be held at 2:00 p.m. on May 3, 2016. Matters to be considered: 1. Notice of Proposed Rulemaking on the Net Stable Funding Ratio.  www.federalreserve.gov/aboutthefed/boardmeetings/20160503open.htm

April 26, 2016 - Federal Reserve Board announces termination of enforcement action with Jack Henry & Associates, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160426a.htm

April 25, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on April 25, 2016. Matter considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20160425exp.htm

April 23, 2016 - NCUA - March 2016 NCUA Board Video Available - The video recording of the March 2016 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-april-2016-board-video.aspx

April 22, 2016 - NCUA Marks Green Accomplishments on Earth Day 2016 - The National Credit Union Administration marked a year of numerous environmental accomplishments on Earth Day 2016, and Board Chairman Debbie Matz expressed confidence responsible environmental practices will remain part of the agency’s culture. www.ncua.gov/newsroom/Pages/news-2016-april-earth-day.aspx

April 22, 2016 - Federal Reserve Board announces public comment period has been extended through May 16, 2016, on application by Huntington Bancshares Incorporated - The Federal Reserve Board on Friday announced that the public comment period has been extended through May 16, 2016, for the application by Huntington Bancshares Incorporated, Columbus, to acquire FirstMerit Corporation and thereby acquire FirstMerit Bank, N.A., both of Akron, all of Ohio, pursuant to section 3 of the Bank Holding Company Act of 1956, as amended.  www.federalreserve.gov/newsevents/press/orders/20160422a.htm

April 22, 2016 - SR Letter 16-9 - Inactive Supervisory Guidance.  www.federalreserve.gov/bankinforeg/srletters/sr1609.pdf

April 22, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:30 AM on April 26, 2016. Matter to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20160426advexp.htm

April 22, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 22, 2016 - Federal Reserve Board announces public comment period has been extended through May 16, 2016, on application by Huntington Bancshares Incorporated.   www.federalreserve.gov/newsevents/press/orders/20160422a.htm

April 18, 2016 - New Issue of Profitwise News and Views Available - Current issue of ProfitWise News and Views explores innovations in mortgage lending and credit scoring, and results of a survey of organizations serving lower-income populations in the Seventh District. www.chicagofed.org/publications/profitwise-news-and-views/2016/residential-mortgage-lending-for-underserved-communities
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April 21, 2016 - The Chicago Fed National Activity Index edged down to –0.44 in March from –0.38 in February. Three of the four broad categories of indicators that make up the index decreased from February, and all four categories made nonpositive contributions to the index in March. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-april2016-pdf.pdf?la=en

April 21, 2016 - St. Louis Fed Financial Stress Index Drops to Lowest Point Since Early December - Financial market stress fell modestly last week, according to the St. Louis Fed Financial Stress Index. For the week ending April 15, the index measured -0.862, modestly lower than the previous week’s revised value of -0.816.  www.stlouisfed.org/news-releases/2016/04/21/st-louis-fed-financial-stress-index-drops-to-lowest-point-since-early-december

April 21, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 12:00 PM on April 25, 2016. Matter to be considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20160425advexp.htm

April 21, 2016 - Legal Interpretations - Letter to Mr. Lewis Goodwin, granting a request by Green Dot Corporation, Pasadena, California, and its wholly owned subsidiary, Green Dot Bank, Provo, Utah, for approval to engage in offering a new secured credit card, pursuant to commitments made to the Board in connection with the purchase of certain assets and assumption of certain liabilities of GE Capital Retail Bank, Draper, Utah. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20160128b.pdf

April 21, 2016 - Matthew J. Eichner appointed new director of Division of Reserve Bank Operations and Payment Systems - The Federal Reserve Board on Thursday announced the appointment of Matthew J. Eichner as director of its Division of Reserve Bank Operations and Payment Systems, effective May 1, 2016. www.federalreserve.gov/newsevents/press/other/20160421a.htm

April 20, 2016 - Statement by Chair Yellen on U.S. Treasury's currency redesign announcement - Throughout American history, women have made important contributions to the free and democratic society we enjoy today. I welcome the decision by the Treasury Department to honor these achievements.  www.federalreserve.gov/newsevents/press/other/20160420a.htm

April 19, 2016 - NCUA Selects Freed as Region V Director - The National Credit Union Administration has selected Cherie Freed as Regional Director of the agency’s Region V office in Tempe, Arizona. www.ncua.gov/newsroom/Pages/news-2016-april-director-selection.aspx

April 19, 2016 - NCUA - Do You Understand the New Protections for Service Members and Their Families? - ?Read the Latest Issue of NCUA’s Newsletter Online - The latest issue of the National Credit Union Administration’s monthly newsletter details the recent changes made by the Department of Defense that will extend the protections of the Military Lending Act to a broader range of closed-end and open-end credit union products. www.ncua.gov/newsroom/Pages/news-2016-april-ncua-report.aspx

April 19, 2016 - Are the Reserve Banks' boards of directors involved in banking supervision matters? - No. To avoid any actual or perceived conflicts of interest resulting from the financial interests and outside affiliations of Reserve Bank directors, Reserve Banks may not provide confidential supervisory information to any director.  www.federalreserve.gov/faqs/are-the-reserve-banks-boards-of-directors-involved-in-banking-supervision-matters.htm

April 19, 2016 - Federal Reserve Board issues enforcement action with CommerceWest Bank. www.federalreserve.gov/newsevents/press/enforcement/20160419a.htm

April 19, 2016 - Federal Reserve Board implements new procedures for examiners to conduct off-site loan reviews for community and small regional banks - The Federal Reserve Board on Tuesday implemented new procedures for examiners to conduct off-site loan reviews for community and small regional banks. www.federalreserve.gov/newsevents/press/bcreg/20160419a.htm

April 18, 2016 - St. Louis Fed Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its board of directors, effective April 7: www.stlouisfed.org/news-releases/2016/04/18/st-louis-fed-announces-changes-to-board-of-directors 

April 18, 2016 - St. Louis Fed Welcomes Six New Members to Community Development Advisory Council - The Federal Reserve Bank of St. Louis has appointed six new members to its Community Development Advisory Council, which meets twice a year to inform St. Louis Fed President James Bullard about relevant issues and suggest ways the Bank might support development efforts in local communities. www.stlouisfed.org/news-releases/2016/04/18/st-louis-fed-welcomes-six-new-members-to-community-development-advisory-council 

April 18, 2016 - FRED Turns 25 This Week - The signature economic database of the Federal Reserve Bank of St. Louis was started in 1991 as a dial-up electronic bulletin board. There were 30 data series then. Today, FRED boasts 385,000 series, which are accessed online by users worldwide. www.stlouisfed.org/news-releases/2016/04/18/fred-turns-25-this-week

April 18, 2016 - The Elusive Boost from Cheap Oil - Sylvain Leduc, Kevin Moran, and Robert J. Vigfusson - Plunging oil prices since mid-2014 haven't dramatically boosted consumer spending. This is surprising since it should free up income for other household purchases.  www.frbsf.org/economic-research/publications/economic-letter/2016/april/elusive-boost-from-cheap-oil-consumer-spending/

April 18, 2016 - Economic Outlook - Glenn Rudebusch, executive vice president and director of research at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of April 14, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/april/april-14-2016/

April 15, 2016 - NCUA - UBS Will Pay NCUA $69.8 Million - The National Credit Union Administration will receive $69.8 million from UBS in damages and interest for claims arising from losses to Members United and Southwest, two corporate credit unions that failed during the financial crisis, related to purchases of residential mortgage-backed securities. www.ncua.gov/newsroom/Pages/ubs-will-pay-ncua.aspx

April 15, 2016 - OCC Enforcement Actions and Terminations for April 2016 - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-48.html

April 15, 2016 - Advisory Council - Record of the Meeting of the Community Depository Institutions Advisory Council - The Community Depository Institutions Advisory Council was established in 2010 by the Board of Governors to provide input to the Board on the economy, lending conditions, and other issues of interest to community depository institutions.  www.federalreserve.gov/aboutthefed/cdiac.htm

April 15, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 15, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production decreased 0.6 percent in March for a second month in a row. For the first quarter as a whole, industrial production fell at an annual rate of 2.2 percent.  www.federalreserve.gov/releases/g17/20160415/

April 14, 2016 - Real and Nominal Equilibrium Yield Curves: Wage Rigidities and Permanent Shocks - Alex Hsu, Erica X.N. Li, and Francisco Palomino - The links between real and nominal bond risk premia and macroeconomic dynamics are explored quantitatively in a model with nominal rigidities and monetary policy.
www.federalreserve.gov/econresdata/feds/2016/files/2016032pap.pdf
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April 15, 2016 - OCC Enforcement Actions and Terminations for April 2016- The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. http://www.occ.treas.gov/news-issuances/news-releases/2016/nr-occ-2016-48.html

April 14, 2016 - OCC Hosts Mutual Savings Association Advisory Committee Meeting on May 3 - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Tuesday, May 3, 2016, beginning at 8:30 a.m. (Eastern). www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-47.html

April 14, 2016 - Financial Market Stress Dips Slightly - Last week’s financial market stress was little changed from the previous week, according to the St. Louis Fed Financial Stress Index (STLFSI). For the week ending April 8, the index measured -0.814, down slightly from the previous week’s revised value of -0.810.  www.stlouisfed.org/news-releases/2016/04/14/financial-market-stress-dips-slightly

April 14, 2016 - St. Louis Fed Annual Report: The Road to Normal - The St. Louis Fed has released its 2015 annual report, the feature article of which focuses on monetary policy normalization.   www.stlouisfed.org/news-releases/2016/04/14/st-louis-fed-annual-report-the-road-to-normal

April 14, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 3:00 p.m. on April 13, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20160413exp.htm

April 14, 2016 - Governor Lael Brainard - The Use of Distributed Ledger Technologies in Payment, Clearing, and Settlement At the Institute of International Finance Blockchain Roundtable, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20160414a.htm

April 14, 2016 - Governor Jerome H. Powell - Trends in Fixed-Income Markets - Before the Subcommittee on Securities, Insurance, and Investment, and Subcommittee on Economic Policy, Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/powell20160414.htm

April 14, 2016 - Federal Reserve Board issues enforcement action with Gentry Parker.  www.federalreserve.gov/newsevents/press/enforcement/20160414a.htm

April 14, 2016 - NCUA - Credit Suisse Will Pay NCUA $50.3 Million - The National Credit Union Administration will receive $50.3 million in damages and interest from Credit Suisse for claims arising from losses to Members United and Southwest corporate credit unions related to purchases of residential mortgage-backed securities. www.ncua.gov/newsroom/Pages/news-2016-april-credit-suisse.aspx

April 13, 2016 - St. Louis Fed Updates Economic Conditions on Its Seven-State District - The Federal Reserve Bank of St. Louis released today its portion of the Federal Reserve’s latest Beige Book, also published today.  www.stlouisfed.org/news-releases/2016/04/13/st-louis-fed-updates-economic-conditions-on-its-seven-state-district

April 13, 2016 - Survey Shows Growth Picked Up in Late February and March - The Chicago Fed Survey of Business Conditions Activity Index increased to –4 from –20, suggesting that growth in economic activity picked up to a moderate pace in late February and March. www.chicagofed.org/~/media/publications/cfsbc/2016/cfsbc-april2016-pdf.pdf?la=en

April 13, 2016 - Donna Murphy Named Deputy Comptroller for Compliance Risk - The Office of the Comptroller of the Currency today announced the selection of Donna Murphy to be Deputy Comptroller for Compliance Risk. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-46.html

April 13, 2016 - OCC Assesses $35 Million Penalty Against HSBC Bank USA, N.A.; Orders Restitution to Customers for Unfair Billing Practices - The Office of the Comptroller of the Currency today assessed a $35 million penalty against HSBC Bank USA, N.A., McLean, Virginia, and ordered the bank to identify and make restitution to harmed customers. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-45.html

April 13, 2016 - U.S. & Colorado Economic Update - Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-felix-nar-04-12.pdf

April 13, 2016 - Emerging Trends in the U.S. & Colorado Economies - Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-felix-sbdc-04-12.pdf

April 13, 2016 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/monetarypolicy/beigebook/default.htm

April 13, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 2:00 p.m. on April 12, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20160412exp.htm

April 13, 2016 - Agencies Announce Determinations and Provide Feedback on Resolution Plans of Eight Systemically Important, Domestic Banking Institutions - The Federal Deposit Insurance Corporation and the Federal Reserve Board on Wednesday jointly announced determinations and provided firm-specific feedback on the 2015 resolution plans of eight systemically important, domestic banking institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160413a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16031.html

April 12, 2016 - NCUA Report Describes How Credit Unions Can Serve “Credit-Invisible” Members - Report Stresses Solid Underwriting, Risk Management, Monitoring and Training - Credit unions may have opportunities to serve members who need to build credit histories, according to a new report by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-april-credit-invisibles.aspx

April 12, 2016 - OCC Releases Its Risk Appetite Statement - The Office of the Comptroller of the Currency today released its Risk Appetite Statement, which sets boundaries of acceptable levels of risk in key areas of agency operations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-44.html

April 12, 2016 - FDIC's Systemic Resolution Advisory Committee to Meet April 14 - The Federal Deposit Insurance Corporation's Systemic Resolution Advisory Committee is scheduled to meet Thursday, April 14, in Washington, D.C. FDIC Chairman Martin J. Gruenberg will begin the meeting at 9 a.m. with opening remarks. www.fdic.gov/news/news/press/2016/pr16030.html

April 12, 2016 - Government-Backed Mortgage Insurance Promoted a Speedier Recovery from the Great Recession - Wayne Passmore and Shane M. Sherlund - The United Sates government has a long history of involvement in mortgage finance.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/government-backed-mortgage-insurance-promoted-a-speedier-recovery-from-the-great-recession-20160412.html 

April 12, 2016 - Minutes of the Board's discount rate meetings from February 8 and March 14, 2016.  www.federalreserve.gov/newsevents/press/monetary/20160412a.htm

April 12, 2016 - Federal Reserve Board announces termination of enforcement action with CBS Financial Corporation www.federalreserve.gov/newsevents/press/enforcement/20160412a.htm

April 11, 2016 - NCUA Legal Recoveries Will Top $3 Billion - Agency to Receive $575 Million from Goldman Sachs Settlement - With the completion of a settlement with Goldman Sachs, the National Credit Union Administration will have recovered more than $3 billion from Wall Street firms that sold faulty mortgage-backed securities to five corporate credit unions. www.ncua.gov/newsroom/Pages/news-2016-april-goldman-sachs-settlement.aspx

April 11, 2016 - OCC Hosts Credit Risk Workshop in Texas, Offers First Operational Risk Workshop - The Office of the Comptroller of the Currency will host two workshops in Corpus Christi, Texas, at the Omni Corpus Christi Hotel, May 17-18, including its first workshop on operational risk. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-43.html

April 11, 2016 - Data Dependence Awakens - Benjamin Pyle and John C. Williams - Market participants typically update their views on future policy actions based on incoming economic data. However, when interest rates are near zero, monetary policy actions are viewed as less data dependent than in “normal” times.  www.frbsf.org/economic-research/publications/economic-letter/2016/april/data-dependence-awakens-monetary-policy/

April 11, 2016 - Advanced Notice of a Meeting under Expedited Procedures A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 3:00 PM on April 13, 2016. Matter to be considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20160413advexp.htm 

April 11, 2016 - Measuring Monetary Policy Uncertainty: The Federal Reserve, January 1985-January 2016 - Lucas Husted, John Rogers, and Bo Sun - We construct a news-based index of monetary policy uncertainty to capture the degree of uncertainty the public perceives about Federal Reserve policy actions and their consequences.   www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/measuring-monetary-policy-uncertainty-the-federal-reserve-january-1985-january-2016-20160411.html

April 11, 2016 - Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions - Zheng Sun, Ashley W. Wang, and Lu Zheng - We provide novel evidence that hedge fund performance is persistent following weak hedge fund markets, but is not persistent following strong markets.  www.federalreserve.gov/econresdata/feds/2016/files/2016030pap.pdf

April 11, 2016 - Banking Consolidation and Small Firm Financing for Research and Development - Andrew C. Chang - This paper examines the effect of increased market concentration of the banking industry caused by the Riegle-Neal Interstate Banking and Branching Efficiency Act on the availability of finance for small firms engaged in research and development.  www.federalreserve.gov/econresdata/feds/2016/files/2016029pap.pdf

April 11, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on April 11, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20160411exp.htm

April 11, 2016 - "Low-for-long" interest rates and net interest margins of banks in Advanced Foreign Economies - Stijn Claessens, Nicholas Coleman, and Michael Donnelly - Since the global financial crisis, interest rates in many advanced economies have been low and in many cases are expected to remain low for some time.  http://www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/low-for-long-interest-rates-and-net-interest-margins-of-banks-in-advanced-foreign-economies-20160411.html

April 8, 2016 - National Financial Capability Month and Free Financial Education Tools from FDIC - April 2016 – National Financial Capability Month - The Federal Deposit Insurance Corporation (FDIC) marked National Financial Capability Month this April by highlighting educational opportunities for both adults and young people to build their financial knowledge and skills to achieve brighter financial futures. www.fdic.gov/news/news/press/2016/pr16029.html

April 8, 2016 - Statistical Release - Survey of Terms of Business Lending - E.2.  www.federalreserve.gov/releases/e2/Current/default.htm

April 8, 2016 - Recession Risk and the Excess Bond Premium1 - Giovanni Favara, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajšek - Corporate bond spreads and the slope of the Treasury yield curve are two financial indicators that are especially informative about the likelihood of an economic downturn over a medium-term horizon.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/recession-risk-and-the-excess-bond-premium-20160408.html

April 8, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 2:00 PM on April 12, 2016. Matter to be considered: Bank Supervisory Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20160412advexp.htm

April 8, 2016 - State Capacity and Public Goods: Institutional Change, Human Capital, and Growth in Early Modern Germany - Jeremiah E. Dittmar and Ralf R. Meisenzahl - What are the origins and consequences of the state as a provider of public goods? www.federalreserve.gov/econresdata/feds/2016/files/2016028pap.pdf
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April 7, 2016 - Comptroller Discusses Innovation During Retail Banking Conference - Comptroller of the Currency Thomas J. Curry today discussed innovation and its impact on retail banking during an appearance at the American Banker Retail Banking Conference. http://www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-42.pdf

April 7, 2016 - Financial Market Stress Rises for First Time in Seven Weeks - Financial market stress edged up in the latest reporting week after falling in the previous six weeks. For the week ending April 1, the St. Louis Fed Financial Stress Index measured -0.808, up slightly from the previous week’s revised value of -0.844. www.stlouisfed.org/news-releases/2016/04/07/financial-market-stress-rises-for-first-time-in-seven-weeks

April 7, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Texas Affected by Severe Storms, Tornadoes and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Texas affected by severe weather.
www.fdic.gov/news/news/financial/2016/fil16026.html

April 7, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Mississippi Affected by Severe Storms and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe weather.
www.fdic.gov/news/news/financial/2016/fil16027.html

April 7, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:30 AM on April 11, 2016. Matter to be considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20160411advexp.htm

April 7, 2016 - Statistical Release - Consumer Credit - G.19 - In February, consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent. Revolving credit increased at a 3-3/4 percent annual rate, while nonrevolving credit increased at a 6-1/2 percent annual rate. www.federalreserve.gov/releases/g19/current/default.htm

April 7, 2016 - From Which Consumption-Based Asset Pricing Models Can Investors Profit? Evidence from Model-Based Priors - Mathias S. Kruttli - This paper compares consumption-based asset pricing models on the basis of whether they can improve the forecast accuracy of investors who try to predict the equity premium out-of-sample with valuation ratios.  www.federalreserve.gov/econresdata/feds/2016/index.htm#1

April 7, 2016 - Federal Reserve Board proposes technical amendments to rule requiring global systemically important bank holding companies to hold additional amounts of risk-based capital - The Federal Reserve Board on Thursday proposed technical amendments to its rule requiring global systemically important bank holding companies (GSIBs) to hold additional amounts of risk-based capital.  www.federalreserve.gov/newsevents/press/bcreg/20160407a.htm

April 6, 2016 - Why Has the Cyclicality of Productivity Changed? What Does It Mean? - John G. Fernald Federal Reserve Bank of San Francisco J. Christina Wang Federal Reserve Bank of Boston April 2016 - U.S. labor and total factor productivity have historically been procyclical - rising in booms and falling in recessions.  www.frbsf.org/economic-research/files/wp2016-07.pdf 

April 6, 2016 - National Financial Conditions Index - The Chicago Fed’s National Financial Conditions Index provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets and the traditional and “shadow” banking systems. Because U.S. economic and financial conditions tend to be highly correlated, we also present an alternative index, the adjusted NFCI.  www.chicagofed.org/publications/nfci/index

April 6, 2016 - NCUA Webinar Offers Compliance Advice - Topics Include Bank Secrecy Act, Regulation E, Equal Credit Opportunity Act - Credit unions can get an in-depth review of the latest requirements for compliance with the Bank Secrecy Act and other federal regulations on a webinar hosted by the National Credit Union Administration on Wednesday, April 27. www.ncua.gov/newsroom/Pages/ncua-webinar-compliance-advice.aspx

April 6, 2016 - U.S. and Oklahoma Economic Outlook - By Chad Wilkerson Vice President, Economist, & Branch Executive Oklahoma City Branch - U.S. business activity has slowed slightly, but job growth remains solid.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/wilkerson-reg-updates-04-16.pdf

April 6, 2016 - Oklahoma Economic Update - By Megan Williams.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/williams-osu-economics-club-04-16.pdf

April 6, 2016 - Supplemental Guidance Related to the FDIC Statement of Policy on Applications for Deposit Insurance - The FDIC is issuing guidance in the form of supplemental "Questions and Answers" to aid applicants in developing proposals for deposit insurance. www.fdic.gov/news/news/financial/2016/fil16024.html

April 6, 2016 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the March 31, 2016, report date must be received by Saturday, April 30, 2016. Certain institutions with foreign offices have an additional five calendar days to submit their reports. www.fdic.gov/news/news/financial/2016/fil16025.html

April 6, 2016 - FDIC Announces Advisory Committee on Community Banking Meeting - The Federal Deposit Insurance Corporation today announced that it will hold a meeting of the Advisory Committee on Community Banking on Thursday, April 7 from 9:00 a.m. to 2:45 p.m. www.fdic.gov/news/news/press/2016/pr16028.html

April 6, 2016 - FDIC Rescinds De Novo Time Period Extension; Releases Supplemental Guidance on Business Planning - The Federal Deposit Insurance Corporation on Wednesday rescinded Financial Institution Letter 50-2009, Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions. www.fdic.gov/news/news/press/2016/pr16027.html

April 6, 2016 - The relationship between oil prices and inflation compensation - Alejandro Perez-Segura and Robert J Vigfusson - Between June 2014 and February 2016, oil prices declined from $115 per barrel to near $30 per barrel. www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/relationship-between-oil-prices-and-inflation-compensation-20160406.html

April 6, 2016 - Basel Coordination Committee Bulletins - BCC 16-1: Supervisory Guidance Pertaining to the Issuance of the Basel Committee on Banking Supervision's Second Consultative Paper, "Standardised Measurement Approach for Operational Risk" - The following Basel Coordination Committee Bulletins provide examination guidance relating to the implementation of the advanced approaches risk-based capital rule (advanced approaches rule). www.federalreserve.gov/bankinforeg/basel/basel-coordination-committee-bulletins.htm

April 6, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 9:30 a.m. on April 6, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20160406exp.htm

April 6, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 15-16, 2016. www.federalreserve.gov/newsevents/press/monetary/20160406a.htm

April 5, 2016 - The Implications of Slow Growth for Monetary Policy - Good afternoon and thank you. It is a pleasure to be here. - Today, I would like to briefly give you my outlook for the U.S. economy before discussing some long-term economic trends and my views of appropriate monetary policy. www.chicagofed.org/publications/speeches/2016/04-05-implications-slow-growth-monetary-policy-charles-evans-hong-kong

April 5, 2016 - Matz: NCUA Offers Financial Literacy Resources to Credit Unions and Members - Financial Literacy Month Activities Include Twitter Chat, Capitol Hill Event - National Credit Union Administration Board Chairman Debbie Matz today encouraged credit unions to use the agency’s financial literacy resources during Financial Literacy Month to help members better manage and protect their finances. www.ncua.gov/newsroom/Pages/news-2016-march-financial-literacy.aspx

April 5, 2016 - NCUA Closes Six Philadelphia-Area Federal Credit Unions - Member Deposits Protected up to $250,000 by the Share Insurance Fund - The National Credit Union Administration today liquidated six federal credit unions in the Philadelphia, Pennsylvania, area: www.ncua.gov/newsroom/Pages/news-2016-april-liquidation.aspx

April 5, 2016 - Office of the Comptroller of the Currency Recognizes National Financial Capability Month at Capitol Hill Event - The Office of the Comptroller of the Currency recognized National Financial Capability Month by participating in the annual Financial Literacy Day on Capitol Hill event today. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-41.html

April 5, 2016 - OCC Releases CRA Evaluations for 23 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of March 1, 2016 through March 31, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-40.html

April 5, 2016 - Supervisory Insights Journal - Special Corporate Governance Edition Now Available - The Special Corporate Governance Edition of Supervisory Insights is a review and commentary on the Pocket Guide for Directors, which is a set of common-sense principles that describe the responsibilities and duties of a bank's board of directors -- a framework for corporate governance that applies to any financial institution. www.fdic.gov/news/news/financial/2016/fil16023.html

April 5, 2016 - FDIC Publication Focuses on Corporate Governance - The Federal Deposit Insurance Corporation on Tuesday issued a special edition of Supervisory Insights, "A Community Bank Director's Guide to Corporate Governance: 21st Century Reflections on the FDIC Pocket Guide for Directors." www.fdic.gov/news/news/press/2016/pr16026.html

April 4, 2016 - Differing Views on Long-Term Inflation Expectations - Jens H.E. Christensen and Jose A. Lopez - Persistently low price inflation, falling energy prices, and a strengthening dollar have helped push down market-based measures of long-term inflation compensation over the past two years. www.frbsf.org/economic-research/publications/economic-letter/2016/april/declining-market-long-term-inflation-expectations/

April 4, 2016 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in January 2016.  www.fdic.gov/news/news/press/2016/pr16025.html

April 4, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 9:30 a.m. on April 6, 2016. Matter to be considered: Bank Supervisory Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20160406advexp.htm

April 4, 2016 - Has the inflation risk premium fallen? Is it now negative? - Andrew Chen, Eric Engstrom, Olesya Grishchenko - Inflation compensation is defined as the extra yield investors require to hold nominal assets that are exposed to inflation risk as opposed to those that offer a safe inflation-adjusted return such as Treasury inflation protected securities.   www.federalreserve.gov/econresdata/notes/feds-notes/2016/has-the-inflation-risk-premium-fallen-is-it-now-negative-20160404.html

April 4, 2016 - Bank regulation under fire sale externalities - Gazi I. Kara and S. Mehmet Ozsoy - This paper examines the optimal design of and interaction between capital and liquidity regulations in a model characterized by fire sale externalities. In the model, banks can insure against potential liquidity shocks by hoarding sufficient precautionary liquid assets.  www.federalreserve.gov/econresdata/feds/2016/files/2016026pap.pdf

April 1, 2016 - Consolidated Reports of Condition and Income for First Quarter 2016 - The attached materials pertain to the Consolidated Reports of Condition and Income for the March 31, 2016, report date.  www.fdic.gov/news/news/financial/2016/fil16022.html

April 1, 2016 - FOIA - Chair Yellen's calendar, February 2016.  www.federalreserve.gov/foia/files/chair-yellen-calendar-022016.pdf

April 1, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 1, 2016 - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in MARCH 2016 together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York. www.federalreserve.gov/releases/g5/current/

April 1, 2016 - FRB/US model packages - The main FRB/US model package is a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure. www.federalreserve.gov/econresdata/frbus/us-models-package.htm

April 1, 2016 - Federal Reserve finalizes rule adding certain investment grade general obligation state and local municipal bonds to types of assets big banks may hold to meet liquidity needs during time of financial stress - www.federalreserve.gov/newsevents/press/bcreg/20160401a.htm