Virtual/remote audits - I am performing virtual/remote FFIEC IT/AIO audits for banks and credit unions. I am a former bank examiner with years of IT auditing experience. Please contact R. Kinney Williams at examiner@yennik.com from your bank's email and I will send you information and fees. All correspondence is confidential.

First Bank to close this year - April 26, 2024 - Philadelphia-based Republic First Bank (doing business as Republic Bank) was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an agreement with Fulton Bank, National Association of Lancaster, Pennsylvania to assume substantially all of the deposits and purchase substantially all of the assets of Republic Bank. https://www.fdic.gov/news/press-releases/fulton-bank-na-lancaster-pennsylvania-assumes-substantially-all-deposits

April 26, 2024 - FDIC Makes Public March Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in March 2024. There are no administrative hearings scheduled for May 2024. https://www.fdic.gov/news/press-releases/fdic-makes-public-march-enforcement-actions

April 25, 2024 - Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-43.html

April 25, 2024 - Tenth District Manufacturing Activity Fell Again in April - Tenth District manufacturing activity fell again in April, and expectations for future activity remained flat. www.kansascityfed.org/surveys/manufacturing-survey/tenth-district-manufacturing-activity-fell-again-in-april/

April 25, 2024 - FDIC Board of Directors Releases Semiannual Update on Restoration Plan - Staff project that the reserve ratio remains on track to reach the statutory minimum of 1.35 percent ahead of the deadline of September 30, 2028. www.fdic.gov/news/press-releases/fdic-board-directors-releases-semiannual-update-restoration-plan

April 24, 2024 - OCC Extends Comment Period on Application by Capital One to Acquire Discover Bank - The Office of the Comptroller of the Currency today announced an extension of the comment period until 5:00 p.m. EDT on May 31, 2024, for the application of Capital One, National Association, McLean, Virginia, to acquire Discover Bank, Greenwood, Delaware. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-42.html

April 24, 2024 - FDIC Names Four Bankers to Minority Depository Institutions Subcommittee. www.fdic.gov/news/press-releases/fdic-names-four-bankers-minority-depository-institutions-subcommittee

April 24, 2024 - Federal Reserve Board announces it will extend through May 31, 2024, the public comment period for the application by Capital One Financial Corporation to acquire Discover Financial Services www.federalreserve.gov/newsevents/pressreleases/bcreg20240424a.htm

April 23, 2024 - Money Stock Measures - H.6 Release - The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of St. Louis's Federal Reserve Economic Data program are working together to expand options for finding, accessing, and visualizing data from the Board's Data Download Program in FRED. www.federalreserve.gov/releases/h6/current/default.htm

April 22, 2024 - Why the Russian Invasion of Ukraine Moved Wheat Futures Prices More in the U.S. Than in Europe.  www.chicagofed.org/publications/chicago-fed-letter/2024/492

April 19, 2024 - Corporate Mergers and Acquisitions Under Lender Scrutiny - This paper examines corporate mergers and acquisitions (M&A) outcomes under lender scrutiny. www.federalreserve.gov/econres/feds/corporate-mergers-and-acquisitions-under-lender-scrutiny.htm

April 19, 2024 - Navigating Higher Education Insurance: An Experimental Study on Demand and Adverse Selection - We conduct a survey-based experiment with 2,776 students at a non-profit university to analyze income insurance demand in education financing. www.federalreserve.gov/econres/feds/navigating-higher-education-insurance-an-experimental-study-on-demand-and-adverse-selection.htm

April 19, 2024 - Financial Stability Report - This report summarizes the Federal Reserve Board’s framework for assessing the resilience of the U.S. financial system and presents the Board’s current assessment. www.federalreserve.gov/publications/financial-stability-report.htm

April 19, 2024 - High tech business entry in the pandemic era - The COVID-19 pandemic and its aftermath have featured a surge in business entry. www.federalreserve.gov/econres/notes/feds-notes/high-tech-business-entry-in-the-pandemic-era-20240419.html

April 19, 2024 - Banking Applications Activity Semiannual Report, July 1 - December 31, 2023 - This report provides information regarding the applications filed by banking organizations and reviewed by the Federal Reserve as of the most recent reporting period ending on June 30 and December 31 of each calendar year. www.federalreserve.gov/publications/semiannual-report-on-banking-applications-activity.htm

April 19, 2024 - Does it Pay to Send Multiple Pre-Paid Incentives? Evidence from a Randomized Experiment - To encourage survey participation and improve sample representativeness, the Survey of Consumer Finances offers an unconditional pre-paid monetary incentive and separate post-paid incentive upon survey completion. www.federalreserve.gov/econres/feds/does-it-pay-to-send-multiple-pre-paid-incentives-evidence-from-a-randomized-experiment.htm

April 19, 2024 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 19, 2024 - Assessing the Common Ownership Hypothesis in the US Banking Industry - The U.S. banking industry is well suited to assess the common ownership hypothesis, because thousands of private banks without common ownership compete with hundreds of public banks with high and increasing levels of CO. www.federalreserve.gov/econres/feds/assessing-the-common-ownership-hypothesis-in-the-us-banking-industry.htm

April 19, 2024 - Financial Accounting Manual for Federal Reserve Banks - The Financial Accounting Manual for Federal Reserve Bank contains the accounting standards that should be followed by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/financial-accounting-manual-for-federal-reserve-banks.htm

April 18, 2024 - FDIC’s Office of the Ombudsman publishes 2023 Annual Report of Activities - The role of FDIC Ombudsman was created by Congressional action in 1995 to provide an informal alternative to the regulatory appeals process. www.fdic.gov/news/financial-institution-letters/fdics-office-ombudsman-publishes-2023-annual-report-activities
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April 18, 2024 - OCC Announces Enforcement Actions for April 2024 - The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. https://www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-41.html

April 17, 2024 - St. Louis Fed Releases Beige Book - The local report summarizes economic conditions for the Eighth District, which is based in St. Louis and covers all of Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee. www.stlouisfed.org/news-releases/2024/04/st-louis-fed-releases-beige-book

April 17, 2024 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/monetarypolicy/publications/beige-book-default.htm

April 16, 2024 - St. Louis Fed Releases Annual Report � �Prices, Wages and Workers: The Recent U.S. Inflation Experience.� www.stlouisfed.org/news-releases/2024/04/st-louis-fed-releases-annual-report

April 16, 2024 - Tapping the Brakes: The Effect of the 2023 United Auto Workers StrThe United Auto Workers union tapped the brakes and called for a strike against all Detroit Three automakers�General Motors, Ford, and Stellantis�on September 15, 2023, after having failed to reach an agreement with the automakers on a new four-year contract.  www.federalreserve.gov/econres/notes/feds-notes/tapping-the-brakes-the-effect-of-the-2023-united-auto-workers-strike-on-economic-activity-20240416.html

April 16, 2024 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of St. Louis's Federal Reserve Economic Data program are working together to expand options for finding, accessing, and visualizing data from the Board's Data Download Program in FRED. www.federalreserve.gov/releases/g17/current/default.htm

April 16, 2024 - Speech by Vice Chair Philip N. Jefferson - Economngic Uncertainty and the Evolution of Monetary Policymaki At the International Research Forum on Monetary Policy, Washington, D.C. www.federalreserve.gov/newsevents/speech/jefferson20240416a.htm

April 16, 2024 - Minutes of the Board's discount rate meetings on February 20 and March 20, 2024 the Board's discount rate meetings on February 20 and March 20, 2024.   www.federalreserve.gov/newsevents/pressreleases/monetary20240416a.htm

April 15, 2024 - Hoover Institution Conference: "Getting Global Monetary Policy Back on Track" - Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, will participate in a panel discussion at the Hoover Institution on May 3, 2024. www.chicagofed.org/publications/speeches/2024/may-3-hoover-institution

April 15, 2024 - Economic Club of Minnesota Luncheon - Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, will participate in a moderated Q&A at the Economic Club of Minnesota on May 10, 2024. www.chicagofed.org/publications/speeches/2024/may-10-economic-club-minnesota

April 12, 2024 - Tenth District Energy Activity Fell Again - First quarter energy survey results revealed that Tenth District energy activity fell again and is expected to decline further. www.kansascityfed.org/surveys/energy-survey/tenth-district-energy-activity-fell-again/

April 12, 2024 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 11, 2024 - Is This Time Different: How Are Banks Performing during the Recent Interest Rate Increases Compared to 2004-2006? - Increases in interest rates are generally favorable for commercial bank net interest income. www.federalreserve.gov/econres/notes/feds-notes/is-this-time-different-how-are-banks-performing-during-the-rir-increases-compared-to-2004-2006-20240412.html

April 11, 2024 - Global trade patterns in the wake of the 2018-2019 U.S.-China tariff hikes - In 2018, the U.S. government announced bilateral tariff increases on a number of Chinese goods. www.federalreserve.gov/econres/notes/feds-notes/global-trade-patterns-in-the-wake-of-the-2018-2019-u-s-china-tariff-hikes-20240412.html 
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April 10, 2024 - Acting Comptroller Discusses Creating Economic Opportunity for New Americans - Acting Comptroller of the Currency Michael J. Hsu today discussed the value of financial literacy for new Americans in remarks during the Financial Literacy and Education Commission�s Public Meeting. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-40.html

April 10, 2024 - OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers - The Office of the Comptroller of the Currency announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-39.html

April 10, 2024 - Observations from the Retail CBDCs of the Caribbean - Three retail central bank digital currencies have been issued in the Caribbean, but thus far all have struggled to achieve expected adoption from both consumers and merchants. www.kansascityfed.org/research/payments-system-research-briefings/observations-from-the-retail-cbdcs-of-the-caribbean/

April 10, 2024 - he KCFSI suggests financial stress decreased slightly in March - The Kansas City Financial Stress Index decreased slightly from -0.52 in February to -0.55 in March, remaining below its historical average. www.kansascityfed.org/data-and-trends/kansas-city-financial-stress-index/current-release/

April 10, 2024 - Tracking Real Time Layoffs with SEC Filings: A Preliminary Investigation - We explore a new source of data on layoffs: timely 8-K filings with the Securities and and Exchange Commission. www.federalreserve.gov/econres/feds/tracking-real-time-layoffs-with-sec-filings-a-preliminary-investigation.htm

April 10, 2024 - Risk Perception and Loan Underwriting in Securitized Commercial Mortgages - We use model-implied volatility to proxy for property risk perceptions in the commercial real estate lending market. www.federalreserve.gov/econres/feds/risk-perception-and-loan-underwriting-in-securitized-commercial-mortgages.htm

April 10, 2024 - Minutes of the Federal Open Market Committee, March 19-20, 2024.  www.federalreserve.gov/newsevents/pressreleases/monetary20240410a.htm

April 9, 2024 - Institution, Major, and Firm-Specific Premia: Evidence from Administrative Data - We examine how a student�s field of degree and institution attended contribute to the labor market outcomes of young graduates. www.federalreserve.gov/econres/feds/institution-major-and-firm-specific-premia-evidence-from-administrative-data.htm

April 9, 2024 - A New Measure of Climate Transition Risk Based on Distance to a Global Emission Factor Frontier - rgeted financing of transition to a "net zero" global economy entails climate transition risk. www.federalreserve.gov/econres/feds/a-new-measure-of-climate-transition-risk-based-on-distance-to-a-global-emission-factor-frontier.htm

April 5, 2024 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 5, 2024 - FOIA - Chair Powell's calendar, February 2024.  www.federalreserve.gov/foia/chairman-powell-calendar.htm

April 5, 2024 - Speech by Governor Bowman on risks and uncertainty in monetary policy At �Frameworks for Monetary Policy, Regulation, and Bank Capital� Spring 2024 Meeting of the Shadow Open Market Committee, hosted by the Manhattan Institute, New York, New York. www.federalreserve.gov/newsevents/speech/bowman20240405a.htm

April 4, 2024 - Acting Comptroller Discusses Elevating Fairness in Banking - Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-38.html

April 4, 2024 - Social Finance Institute - Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, will participate in a panel discussion at event hosted by the Social Finance Institute on April 10, 2024. www.chicagofed.org/publications/speeches/2024/apr-20-social-finance-institute

April 4, 2024 - Multi-Chamber Economic Outlook Luncheon and Expo - Austan D. Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago, participated in a moderated Q&A at an event hosted by Chicago-area Chambers of Commerce in Oak Brook, IL on April 4, 2024. www.chicagofed.org/publications/speeches/2024/apr-4-multi-chamber-economic-outlook

April 4, 2024 - Acting Comptroller Discusses Elevating Fairness in Banking - Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-38.html
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April 4, 2024 - Acting Comptroller Discusses Elevating Fairness in Banking - Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-38.html

April 4, 2024 - On Commercial Construction Activity's Long and Variable Lags - David Glancy, Robert J. Kurtzman, and Lara Loewenstein - We use microdata on the phases of commercial construction projects to document three facts regarding time-to-plan lags: (1) plan times are long - about 1.5 years on average - and highly variable, (2) roughly one-third of projects are abandoned in planning, (3) property price appreciation reduces the likelihood of abandonment. www.federalreserve.gov/econres/feds/on-commercial-construction-activitys-long-and-variable-lags.htm

April 4, 2024 - Federal Reserve Board issues enforcement actions with Mode Eleven Bancorp, Steele Bancshares, Inc., and American State Bank.   www.federalreserve.gov/newsevents/pressreleases/enforcement20240404a.htm

April 3, 2024 - Tokenized Assets on Public Blockchains: How Transparent is the Blockchain? - Cy Watsky, Matthew Liu, Nolan Ly, Kurtis Orr, Amber Seira, Zach Vida, Lawrence Wu - With the proliferation of programmable blockchains with smart contract capabilities, new blockchain technology use cases have emerged that involve the tokenization of conventional financial assets and related smart contract-based financial services. www.federalreserve.gov/econres/notes/feds-notes/tokenized-assets-on-public-blockchains-how-transparent-is-the-blockchain-20240403.html

April 3, 2024 - Speech by Governor Bowman on bank liquidity, regulation, and the Fed's role as lender of last resort At The Roundtable on the Lender of Last Resort: The 2023 Banking Crisis and COVID, sponsored by the Committee on Capital Markets Regulation, Washington, D.C. www.federalreserve.gov/newsevents/speech/bowman20240403a.htm

April 3, 2024 - Speech by Governor Kugler on the outlook for the U.S. economy and monetary policy At the Weidenbaum Center on the Economy, Government, and Public Policy, Washington University in St. Louis, St. Louis, Missouri. www.federalreserve.gov/newsevents/speech/kugler20240403a.htm

April 3, 2024 - Speech by Chair Powell on the economic outlook At the Stanford Business, Government, and Society Forum, Stanford Graduate School of Business, Stanford, California.   www.federalreserve.gov/newsevents/speech/powell20240403a.htm

April 2, 2024 - OCC Promotes National Financial Capability Month - The Office of the Comptroller of the Currency supports National Financial Capability Month in April, and encourages national banks and federal savings associations, to support this annual commemoration by recommitting their focus on improving the financial capability and financial health of their customers. www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-37.html

April 2, 2024 - Hankins Joins St. Louis Fed�s Agribusiness Industry Council - Blake Hankins, vice president and chief procurement officer for Hankins Inc. in Ripley, Miss., has been named to the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2024/04/hankins-joins-agribusiness-council

April 2, 2024 - Musalem Begins Role as St. Louis Fed�s New President and CEO - Alberto G. Musalem began his role as the president and CEO of the Federal Reserve Bank of St. Louis on Tuesday, April 2. In this role, he will represent the Eighth Federal Reserve District in national monetary policymaking on the Federal Open Market Committee and will lead the 1,500 employees of the St. Louis Fed. www.stlouisfed.org/news-releases/2024/04/musalem-begins-role-as-st-louis-feds-new-president-and-ceo

April 2, 2024 - Speech by Governor Bowman on bank mergers and acquisitions At A Workshop on the Future of Banking, hosted by the Federal Reserve Bank of Kansas City, Kansas City, Missouri. www.federalreserve.gov/newsevents/speech/bowman20240402a.htm 

April 1, 2024 - Acceptance remarks by Governor Cook at the Samuel DuBois Cook Center Career Achievement Awards Ceremony At the Samuel DuBois Cook Center Career Achievement Awards Ceremony, the University Club, Washington, D.C. www.federalreserve.gov/newsevents/speech/cook20240401a.htm

April 1, 2024 - OCC Releases CRA Evaluations for 19 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of March 1, 2024, through March 31, 2024.
www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-36.html

April 1, 2024 - FDIC Appoints E. Marshall Gentry as Deputy to the Chairman and Chief Financial Officer - The Federal Deposit Insurance Corporation Board of Directors has approved the selection of E. Marshall Gentry as Deputy to the Chairman and Chief Financial Officer www.fdic.gov/news/press-releases/2024/pr24022.html

April 1, 2024 - Federal Reserve Board accepting applications for its Community Advisory Council - The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council. www.federalreserve.gov/newsevents/pressreleases/other20240401a.htm