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

August 31, 2016 - Federal Reserve Board announces termination of enforcement action with North State Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160901a.htm

August 31, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in ?August 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-august-prohibition-notices.aspx

August 31, 2016 - FDIC Issues Fourth Quarter 2016 CRA Examination Schedule - The Federal Deposit Insurance Corporation (FDIC) has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the fourth quarter of 2016. www.fdic.gov/news/news/press/2016/pr16075.html

August 31, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 AM on August 31, 2016. Matter considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20160831exp.htm

August 30, 2016 - OCC Seeks Members for Its Mutual Savings Association Advisory Committee - The Office of the Comptroller of the Currency is seeking nominations for members of its Mutual Savings Association Advisory Committee.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-101.html

August 30, 2016 - OCC Seeks Members for Its Minority Depository Institutions Advisory Committee - The Office of the Comptroller of the Currency is seeking nominations for members of its Minority Depository Institutions Advisory Committee.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-100.html

August 30, 2016 - Changes to Deposit Insurance Assessments - On June 30, 2016, the Deposit Insurance Fund Reserve Ratio rose to 1.17 percent from 1.13 percent on March 31. FDIC regulations provide for three major changes to deposit insurance assessments the quarter after the reserve ratio first reaches or surpasses 1.15 percent, i.e., the third quarter of 2016, which will be reflected in banks' December 2016 assessment invoices:  www.fdic.gov/news/news/financial/2016/fil16058.html

August 30, 2016 - Almost All Community Banks' Assessment Rates Decline as Deposit Insurance Fund Surpasses Milestone - More than nine out of 10 small banks are likely to pay less for deposit insurance beginning in the current quarter, the Federal Deposit Insurance Corporation said on Tuesday. www.fdic.gov/news/news/press/2016/pr16074.html

August 30, 2016 - Net Income Rises to $43.6 Billion - At FDIC-Insured Institutions In Second Quarter 2016 - Community Bank Net Income Rises to $5.5 Billion - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $43.6 billion in the second quarter of 2016, up $584 million (1.4 percent) from a year earlier. www.fdic.gov/news/news/press/2016/pr16073.html

August 30, 2016 - U.S. Department of the Treasury and Federal Banking Agencies Joint Fact Sheet on Foreign Correspondent Banking: Approach to BSA/AML and OFAC Sanctions Supervision and Enforcement - The global financial system, trade flows, and economic development rely on correspondent banking relationships. www.treasury.gov/press-center/press-releases/Documents/Foreign%20Correspondent%20Banking%20Fact%20Sheet.pdf

August 30, 2016 - Inflation Expectations in the Recovery from the Great Depression - Andrew Jalil and Gisela Rua - One way to successfully stimulate an economy when nominal interest rates have hit the zero lower bound is to increase inflation expectations, thereby reducing the real rates of interest that presumably affect business and household spending decisions. www.federalreserve.gov/econresdata/notes/feds-notes/2016/inflation-expectations-in-the-recovery-from-the-great-depression-20160830.html

August 29, 2016 - NCUA Hosting High-Impact Community Partnerships Webinar - ?Learn How to Identify and Cultivate Partnerships to Help Your Credit Union Grow - Credit unions seeking to build community partnerships to offer more products and services can get valuable information in an upcoming webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/high-impact-community-partnerships-webinar.aspx

August 29, 2016 - Reassessing Longer-Run U.S. Growth: How Low? - John G. Fernald - What is the sustainable pace of GDP growth in the U.S.? A plausible point forecast has GDP per capita rising well under 1% per year in the longer run, with overall GDP growth a little over 1½%. The main drivers of slow growth are educational attainment and demographics. First, rising educational attainment will add less to productivity growth than historically. Second, as baby boomers age, employment will rise more slowly than population.  www.frbsf.org/economic-research/files/wp2016-18.pdf

August 29, 2016 - Senior Deputy Comptroller Discusses Efforts to Improve Financial Services to Members of the Armed Forces - Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer today discussed efforts to improve financial services to America’s military service members, during remarks at the 2016 Association of Military Banks of America Workshop. www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-99.pdf

August 29, 2016 - Projecting the Long-Run Natural Rate of Interest - Kevin J. Lansing - The “natural” rate of interest—the real rate consistent with full use of economic resources and steady inflation near the Fed’s target level—is an important benchmark for monetary policy.  www.frbsf.org/economic-research/publications/economic-letter/2016/august/projecting-long-run-natural-rate-of-interest/

August 29, 2016 - Statistical Release - Finance Companies - G.20 - Owned and Managed Receivables Outstanding 2 - Seasonally adjusted. Billions of dollars except as noted. www.federalreserve.gov/releases/g20/current/

August 29, 2016 - Advance 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 10:00 AM on August 31, 2016. Matter to be considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20160831advexp.htm

August 29, 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

August 29, 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 AM on August 29, 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/20160829exp.htm

August 29, 2016 - The Federal Reserve Board on Monday announced that it will seek a $1.2 million fine and a permanent ban on employment in the banking industry in an enforcement action against a foreign exchange (FX) trader who is alleged to have manipulated FX pricing benchmarks. www.federalreserve.gov/newsevents/press/enforcement/20160829a.htm

August 26, 2016 - St. Louis Fed Statement on President Bullard's CNBC Remarks - Last summer (July 22, 2015), Federal Reserve Bank of St. Louis President Jim Bullard hosted a productive two-hour meeting with the Fed Up coalition at the St. Louis Fed. The meeting included Derek Laney, Ady Barkan and nine members of the local Fed Up coalition, Missourians Organizing for Reform and Empowerment. www.stlouisfed.org/news-releases/2016/08/26/st-louis-fed-statement-on-president-bullards-cnbc-remarks

August 26, 2016 - FDIC Makes Public July Enforcement Actions; One Administrative Hearing Scheduled for September 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July.  www.fdic.gov/news/news/press/2016/pr16072.html

August 26, 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

August 26, 2016 - Janet L. Yellen, Chair - The Federal Reserve's Monetary Policy Toolkit: Past, Present, and Future - At "Designing Resilient Monetary Policy Frameworks for the Future," a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.  www.federalreserve.gov/newsevents/speech/yellen20160826a.htm

August 22, 2016 - Using Private Sector “Big Data” as an Economic Indicator: The Case of Construction Spending - Daniel Aaronson , Scott A. Brave , Ross Cole - This Chicago Fed Letter provides an account of our collaboration with the construction contracts and payment management firm Textura to use their data to evaluate the state of U.S. construction spending.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl366-pdf.pdf

August 22, 2016 - Index shows economic growth increased in July - Led by improvements in production-related indicators, the Chicago Fed National Activity Index rose to +0.27 in July from +0.05 in June. Three of the four broad categories of indicators that make up the index increased from June, and three of the four categories made positive contributions to the index in July. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-august2016-pdf.pdf?la=en
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August 26, 2016 - FDIC Makes Public July Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in July. One administrative hearing is scheduled for September 2016. https://www.fdic.gov/news/news/press/2016/pr16072.html

August 25, 2016 - OCC Assesses Penalty Against First National Bank of Omaha; Orders Restitution for Unfair Billing Practices - The Office of the Comptroller of the Currency today assessed a $3 million civil money penalty against First National Bank of Omaha, Omaha, Nebraska, and ordered the bank to make restitution to customers who were unfairly billed for, and paid for, identity theft protection they did not receive. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-98.html

August 25, 2016 - St. Louis Fed Financial Stress Index Falls to Lowest Level in Four Weeks - Financial market stress fell for a second consecutive week, bringing it to its lowest level in four weeks, according to the St. Louis Fed Financial Stress Index.  www.stlouisfed.org/news-releases/2016/08/25/st-louis-fed-financial-stress-index-falls-to-lowest-level-in-four-weeks

August 25, 2016 - Advance 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 August 29, 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/20160829adv.htm

August 25, 2016 - Banking Across Borders With Heterogeneous Banks - This paper develops a model of banking across borders where banks differ in their efficiencies that can replicate key patterns in the data. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1177.pdf

August 25, 2016 - Federal Reserve Board announces termination of enforcement action with Cornerstone Bank. www.federalreserve.gov/newsevents/press/enforcement/20160825a.htm

August 25, 2016 - NCUA: Credit Unions Have Flexibility to Assist Louisiana Flood Victims - ?Agency Working to Ensure Access to Services; Deposits Remain Insured - After the worst U.S. natural disaster since Super Storm Sandy in 2012, the National Credit Union Administration is continuing to work with federally insured credit unions in Louisiana to help them better serve flood victims and ensure continuity of operations. https://www.ncua.gov/newsroom/Pages/credit-unions-assist-louisiana-flood-victims.aspx

August 23, 2016 - NCUA Warns of Text Phishing Scam - The National Credit Union Administration has received consumer calls about a suspicious text message? claiming to come from the agency. www.ncua.gov/newsroom/Pages/NCUA-Warns-of-Text-Phishing-Scam.aspx

August 23, 2016 - Legal Interpretations - Bank Holding Company Act, July, 26, 2016.  www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2016.htm

August 23, 2016 - The Federal Reserve Board on Tuesday released the minutes of its discount rate meeting on July 25, 2016. www.federalreserve.gov/newsevents/press/monetary/monetary20160823a1.pdf

August 23, 2016 - Federal Reserve Board issues enforcement action with Christopher Watkins and termination of enforcement action with Orient Bancorporation and Bank of the Orient.   www.federalreserve.gov/newsevents/press/enforcement/20160823a.htm

August 22, 2016 - Using Private Sector “Big Data” as an Economic Indicator: The Case of Construction Spending - Daniel Aaronson , Scott A. Brave , Ross Cole - This Chicago Fed Letter provides an account of our collaboration with the construction contracts and payment management firm Textura to use their data to evaluate the state of U.S. construction spending.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl366-pdf.pdf

August 22, 2016 - Economic Growth Increased in July - The Chicago Fed National Activity Index was +0.27 in July, up from +0.05 in June. - Led by improvements in production-related indicators, the Chicago Fed National Activity Index rose to +0.27 in July from +0.05 in June.  www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-august2016-pdf.pdf?la=en

August 22, 2016 - Longview: The Economic Outlook - John C. Williams - Despite the very real struggles that some parts of the country, including Alaska, are facing, the broader national economy is in good shape: We’re at full employment, and inflation is well within sight of, and on track to reach, our target.  www.frbsf.org/economic-research/publications/economic-letter/2016/august/longview-economic-outlook-anchorage-speech/

August 22, 2016 - Supervisory Insights Journal - Summer 2016 Issue Now Available - The Summer 2016 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors. www.fdic.gov/news/news/financial/2016/fil16057.pdf 

August 22, 2016 - The FDIC Offers Tips on Choosing and Using the Right Bank Account - Other topics in the latest FDIC Consumer News include depositing a check using a smartphone or tablet, protecting against fraudulent transactions on cards, and preparing financially for a disaster - Having a bank account brings important benefits, including deposit insurance and access to a variety of financial services. www.fdic.gov/news/news/press/2016/pr16071.html

August 22, 2016 - FDIC's Supervisory Insights Summer Edition Focuses on De Novo Formation - The Federal Deposit Insurance Corporation today issued "De Novo Banks: Economic Trends and Supervisory Framework," which appears in the Summer 2016 issue of Supervisory Insights. www.fdic.gov/news/news/press/2016/pr16070.html

August 22, 2016 - Filippo Curti, Ibrahim Ergen, Minh Le, Marco Migueis, and Robert Stewart - The 2004 Basel II accord requires internationally active banks to hold regulatory capital for operational risk, and the Federal Reserve's Comprehensive Capital Analysis and Review requires banks to project operational risk losses under stressed scenarios.  www.federalreserve.gov/econresdata/feds/2016/files/2016070pap.pdf
 
August 22, 2016 - The Bank as Grim Reaper: Debt Composition and Bankruptcy Thresholds - Mark Carey and Michael B. Gordy - We offer a model and evidence that private debtholders play a key role in setting the endogenous asset value threshold below which corporations declare bankruptcy.  www.federalreserve.gov/econresdata/feds/2016/files/2016069pap.pdf

August 21, 2016 - Stanley Fischer, Vice Chairman - Remarks on the U.S. Economy - At the "Program on the World Economy" a conference sponsored by The Aspen Institute, Aspen, Colorado.   www.federalreserve.gov/newsevents/speech/fischer20160821a.htm

August 19, 2016 - United Bank, Zebulon, Georgia, Assumes All of the Deposits of The Woodbury Banking Company, Woodbury, Georgia - The Woodbury Banking Company, Woodbury, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of The Woodbury Banking Company. www.fdic.gov/news/news/press/2016/pr16069.html

August 19, 2016 - OCC Enforcement Actions and Terminations for August 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-2016-97.html

August 19, 2016 - Current FAQ - What economic goals does the Federal Reserve seek to achieve through its monetary policy? - The Federal Reserve works to promote a strong U.S. economy. The Congress has directed the Fed to conduct the nation's monetary policy to support three specific goals: maximum sustainable employment, stable prices, and moderate long-term interest rates. These goals are sometimes referred to as the Fed's "mandate." www.federalreserve.gov/faqs/what-economic-goals-does-federal-reserve-seek-to-achieve-through-monetary-policy.htm

August 19, 2016 - Regulatory Reform - Communications with the public through August 19, 2016 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  www.federalreserve.gov/newsevents/reform_meetings.htm

August 19, 2016 - Credit and Liquidity Programs and the Balance Sheet - Quarterly Report on Federal Reserve Balance Sheet Developments, August 2016 - The Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public. www.federalreserve.gov/monetarypolicy/files/quarterly_balance_sheet_developments_report_201608.pdf

August 19, 2016 - Credit and Liquidity Programs and the Balance Sheet - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited).   www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm

August 18, 2016 - Legal Interpretations - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control - 2016 Letters.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2016.htm 

August 18, 2016 - Gauging the Ability of the FOMC to Respond to Future Recessions - David Reifschneider - Current forecasts suggest that the federal funds rate in the future is likely to level out at a rather low level by historical standards.  www.federalreserve.gov/econresdata/feds/2016/files/2016068pap.pdf

August 18, 2016 - Financial Stability and Optimal Interest-Rate Policy - Andrea Ajello, Thomas Laubach, David Lopez-Salido, and Taisuke Nakata - We study optimal interest-rate policy in a New Keynesian model in which the economy can experience financial crises and the probability of a crisis depends on credit conditions.  www.federalreserve.gov/econresdata/feds/2016/files/2016067pap.pdf

August 18, 2016 - KANSAS CITY FED MARKS 40th ECONOMIC POLICY SYMPOSIUM - The Federal Reserve Bank of Kansas City’s annual Economic Policy Symposium begins Thursday, Aug. 25, at Jackson Hole, Wyo., bringing together central bankers, academics, economists and media from around world to discuss “Designing Resilient Monetary Policy Frameworks for the Future.”  www.kansascityfed.org/~/media/files/publicat/newsroom/2016pdf/pressrelease081816.pdf
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August 19, 2016 - OCC Enforcement Actions and Terminations for August 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-2016-97.html

August 18, 2016 - Bank Accounting Advisory Series Updated - The Office of the Comptroller of the Currency today released an update to the Bank Accounting Advisory Series. The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. www.occ.gov/publications/publications-by-type/other-publications-reports/baas.pdf

August 18, 2016 - St. Louis Fed Financial Stress Index Declines Slightly - Financial stress declined slightly in the latest reporting week, according to the St. Louis Fed Financial Stress Index.  www.stlouisfed.org/news-releases/2016/08/18/st-louis-fed-financial-stress-index-declines-slightly

August 18, 2016 - Federal Financial Institutions Regulatory Agencies Announce Availability of 2015 Small Business, Small Farm, and Community Development Lending Data. 
Press Release: www.ffiec.gov/press/pr081816.htm
Press Releaser: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-95.html

August 18, 2016 - Federal Reserve Board issues enforcement action with Allied Bank.  www.federalreserve.gov/newsevents/press/enforcement/20160818a.htm

August 18, 2016 - Federal Reserve Board launches Facebook page - The Federal Reserve Board launched a Facebook page Leaving the Board on Thursday with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content.  www.federalreserve.gov/newsevents/press/other/20160818a.htm

August 18, 2016 - NCUA - CDFI Certification Becoming Easier - August Issue of “The NCUA Report” Features Story on New Application Process - Credit unions certified as Community Development Financial Institutions can have a greater impact on their communities, and the application process for certification is becoming easier. www.ncua.gov/newsroom/Pages/news-2016-aug-cdfi-certification-becoming-easier.aspx  

August 17, 2016 - St. Louis Fed's Bullard Discusses New Approach to Monetary Policy Normalization - Federal Reserve Bank of St. Louis President James Bullard discussed “Normalization: A New Approach” on Wednesday during the Wealth and Asset Management Research Conference at the Olin Business School at Washington University in St. Louis.  www.stlouisfed.org/news-releases/2016/08/17/st-louis-feds-bullard-discusses-new-approach-to-monetary-policy-normalization

August 17, 2016 - Joshua Poag Joins St. Louis Fed’s Transportation Industry Council - Joshua Poag, president and CEO of Poag Shopping Centers, LLC, has been named to the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/08/17/joshua-poag-joins-st-louis-fed-transportation-industry-council

August 17, 2016 - Rhamy Alejeal Joins St. Louis Fed’s Health Care Industry Council - Rhamy Alejeal, owner and CEO at Poplar Financial, has been named to the Health Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/08/17/rhamy-alejeal-joins-st-louis-fed-health-care-industry-council

August 17, 2016 - Proposed New Consolidated Reports of Condition and Income for Small Institutions - The banking agencies are requesting comment on a proposed new streamlined and less burdensome version of the Consolidated Reports of Condition and Income for eligible small institutions and proposed burden-reducing revisions to the other two versions of the Call Report.  www.fdic.gov/news/news/financial/2016/fil16055.pdf

August 17, 2016 - Ability-to-Repay and Qualified Mortgages Rule Videos Updated - As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule.  www.fdic.gov/news/news/financial/2016/fil16056.html

August 17, 2016 - Maternity Leave and the Gender Wage Gap: An Analysis of New Jersey Family Leave Insurance - Maria D. Tito - Women, on average, are paid less than men. According to the 2015 report prepared by the Institute for Women's Policy Research, female full-time workers in the United States received only 81 cents for every dollar earned by men; this difference amounts to a gender wage gap of 19 percent.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/maternity-leave-and-the-gender-wage-gap-an-analysis-of-new-jersey-family-leave-insurance-20160817.html

August 17, 2016 - Minutes of the Federal Open Market Committee, July 26-27, 2016.  www.federalreserve.gov/monetarypolicy/files/fomcminutes20160727.pdf

August 16, 2016 - NCUA Monitoring Credit Unions in Flooded Areas of Louisiana - Agency Working to Ensure Access to Services; Deposits Remain Insured - The National Credit Union Administration will work with federally insured Louisiana credit unions affected by the recent severe flooding to help protect consumers and ensure continuity of services. www.ncua.gov/newsroom/Pages/news-2016-august-ncua-monitoring-credit-unions-flooded-louisiana.aspx

August 16, 2016 - OCC Allows National Banks and Federal Savings Associations Affected by Severe Storms and Flooding in Louisiana to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations at their discretion to close offices affected by severe storms and flooding in Louisiana. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-94.html

August 16, 2016 - Sectoral Dynamics and Business Cycles - Manjola Tase - I construct an index of sectoral dynamics to characterize changes in the sectoral composition of economic activity. There is evidence of asymmetry in different phases of business cycles with recessions being associated with larger changes in sectoral composition than expansions.  www.federalreserve.gov/econresdata/feds/2016/files/2016066pap.pdf

August 16, 2016 - Supervision Manuals - Bank Holding Company Supervision Manual, Semiannual Update - These manuals are intended to provide guidance to supervisory personnel in planning and conducting inspections and are to be used in conjunction with other supervisory guidance and manuals.  www.federalreserve.gov/boarddocs/supmanual/default.htm

August 16, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production rose 0.7 percent in July after moving up 0.4 percent in June. The advance in July was the largest for the index since November 2014.  www.federalreserve.gov/releases/g17/Current/default.htm

August 16, 2016 - Federal Reserve Board announces termination of enforcement action with Tennessee State Bancshares, Inc. and Tennessee State Bank.   www.federalreserve.gov/newsevents/press/enforcement/20160816a.htm

August 15, 2016 - Economic Outlook - Michael Bauer, senior economist at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of August 11, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/august/august-11-2016/

August 15, 2016 - Proposed New Consolidated Reports of Condition and Income for Eligible Small Institutions and Other Proposed Call Report Revisions - As the next step in the Federal Financial Institutions Examination Council’s community bank Call Report burden-reduction initiative, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency are requesting comment on a proposed new streamlined Call Report for eligible small institutions. https://www.fdic.gov/news/news/financial/2016/fil16053.html 

August 15, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Louisiana 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 Louisiana affected by severe weather. www.fdic.gov/news/news/financial/2016/fil16054.html

August 12, 2016 - Midwest Farmland Values Mixed - Latest AgLetter reports Seventh District farmland values in the second quarter of 2016 were 1 percent lower than a year ago, but 1 percent higher than in the first quarter. www.chicagofed.org/~/media/publications/agletter/2015-2019/august-2016-pdf.pdf?la=en

August 12, 2016 - Accurate Evaluation of Expected Shortfall for Linear Portfolios with Elliptically Distributed Risk Factors - Dobrislav Dobrev, Travis D. Nesmith, and Dong Hwan Oh - We provide an accurate closed-form expression for the expected shortfall of linear portfolios with elliptically distributed risk factors.   www.federalreserve.gov/econresdata/feds/2016/files/2016065pap.pdf

August 12, 2016 - Report to the Congress on the Effect of Capital Rules on Mortgage Servicing Assets.  www.federalreserve.gov/publications/other-reports/files/effect-capital-rules-mortgage-servicing-assets-201606.pdf

August 12, 2016 - International Aspects of Central Banking: Diplomacy and Coordination - Robert B. Kahn and Ellen E. Meade - In this paper, we discuss the evolution of central bank interactions since the early 1970s following the breakdown of the managed exchange-rate system that was negotiated at Bretton Woods.  www.federalreserve.gov/econresdata/feds/2016/files/2016062pap.pdf

August 12, 2016 - Trading Relationships in the OTC Market for Secured Claims: Evidence from Triparty Repos - Song Han and Kleopatra Nikolaou - We use a new panel data set on intraday transactions of triparty repos to study trading relationships in the over-the-counter market.  www.federalreserve.gov/econresdata/feds/2016/files/2016064pap.pdf

August 12, 2016 - Heterogeneity in the Dynamics of Disaggregate Unemployment - Hie Joo Ahn - This paper explores the role that unobserved heterogeneity within an observed category plays in the dynamics of disaggregate unemployment and in the cross-sectional differences across individuals of the duration of unemployment spells. www.federalreserve.gov/econresdata/feds/2016/files/2016063pap.pdf

August 12, 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. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 11, 2016 - KANSAS CITY FED CONFERENCE TO FOCUS ON FINANCIAL RESILIENCY IN LOW- TO MODERATE-INCOME COMMUNITIES - An upcoming national conference hosted by the Kansas City Fed will focus on the challenges low- to moderate-income communities face in strengthening and maintaining their financial health.  www.kansascityfed.org/~/media/files/publicat/newsroom/2016pdf/pressrelease081116.pdf

August 11, 2016 - Community Land Trust Model: Opportunities, Challenges of Preserving Affordable Housing - ProfitWise News and Views looks at housing as dozens of low-income apartment buildings for senior citizens in Detroit could convert to market rate apartments in next ten years, forcing hundreds to find new homes. www.chicagofed.org/~/media/publications/profitwise-news-and-views/2016/pnv-issue2-2016-web-final-pdf.pdf

August 11, 2016 - Federal Reserve announces results of offering of seven-day term deposits on August 11.  www.federalreserve.gov/newsevents/press/monetary/20160811a.htm

August 10, 2016 - The Illinois Budget Crisis in Context: A History of Poor Fiscal Performance - Thomas Walstrum - The author looks back at Illinois’s expenditure and revenue performance since the late 1980s to understand the sources of its current fiscal crisis.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl365-pdf.pdf

August 9, 2016 - Employment Challenges for the Formerly Incarcerated - Emily Engel , Steven Kuehl , Mark O'Dell - The U.S. economy is on a historic run of job creation, with 76 straight months of job growth as of June 2016.  www.chicagofed.org/~/media/publications/profitwise-news-and-views/2016/pnv-issue2-2016-web-final-pdf.pdf

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August 18, 2016 - Bank Accounting Advisory Series Updated - The Office of the Comptroller of the Currency today released an update to the Bank Accounting Advisory Series. The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. www.occ.gov/publications/publications-by-type/other-publications-reports/baas.pdf

August 18, 2016 - St. Louis Fed Financial Stress Index Declines Slightly - Financial stress declined slightly in the latest reporting week, according to the St. Louis Fed Financial Stress Index. For the week ending Aug. 12, the index measured -1.094, a decrease of 0.022 from the previous week’s revised value of -1.072. Zero represents normal financial stress. www.stlouisfed.org/news-releases/2016/08/18/st-louis-fed-financial-stress-index-declines-slightly

August 18, 2016 - Federal Financial Institutions Regulatory Agencies Announce Availability of 2015 Small Business, Small Farm, and Community Development Lending Data - The three federal banking agency members of the Federal Financial Institutions Examination Council with Community Reinvestment Act responsibilities — the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency — announced today the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA.
Press Release: www.ffiec.gov/press/pr081816.htm
Press Releaser: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-95.html

August 18, 2016 - Federal Reserve Board issues enforcement action with Allied Bank www.federalreserve.gov/newsevents/press/enforcement/20160818a.htm

August 18, 2016 - Federal Reserve Board launches Facebook page - The Federal Reserve Board launched a Facebook page Leaving the Board on Thursday with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content www.federalreserve.gov/newsevents/press/other/20160818a.htm

August 18, 2016 - NCUA - CDFI Certification Becoming Easier - ???August Issue of “The NCUA Report” Features Story on New Application Process - Credit unions certified as Community Development Financial Institutions can have a greater impact on their communities, and the application process for certification is becoming easier.  www.ncua.gov/newsroom/Pages/news-2016-aug-cdfi-certification-becoming-easier.aspx  

August 17, 2016 - St. Louis Fed's Bullard Discusses New Approach to Monetary Policy Normalization - Federal Reserve Bank of St. Louis President James Bullard discussed “Normalization: A New Approach” on Wednesday during the Wealth and Asset Management Research Conference at the Olin Business School at Washington University in St. Louis. In particular, he explained how the St. Louis Fed’s approach to near-term U.S. macroeconomic and monetary policy projections recently changed, and how the St. Louis Fed came to adopt this new narrative. www.stlouisfed.org/news-releases/2016/08/17/st-louis-feds-bullard-discusses-new-approach-to-monetary-policy-normalization

August 17, 2016 - Joshua Poag Joins St. Louis Fed’s Transportation Industry Council - Joshua Poag, president and CEO of Poag Shopping Centers, LLC, has been named to the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/08/17/joshua-poag-joins-st-louis-fed-transportation-industry-council

August 17, 2016 - Rhamy Alejeal Joins St. Louis Fed’s Health Care Industry Council - Rhamy Alejeal, owner and CEO at Poplar Financial, has been named to the Health Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/08/17/rhamy-alejeal-joins-st-louis-fed-health-care-industry-council

August 17, 2016 - Proposed New Consolidated Reports of Condition and Income for Small Institutions - The banking agencies are requesting comment on a proposed new streamlined and less burdensome version of the Consolidated Reports of Condition and Income for eligible small institutions and proposed burden-reducing revisions to the other two versions of the Call Report. The proposal would define "eligible small institutions" as institutions with total assets less than $1 billion and domestic offices only. The Federal Financial Institutions Examination Council (FFIEC) has approved this proposal as part of its community bank Call Report burden-reduction initiative. The Call Report revisions are proposed to take effect March 31, 2017. Institutions are encouraged to comment on the proposal by October 14, 2016. www.fdic.gov/news/news/financial/2016/fil16055.pdf

August 17, 2016 - Ability-to-Repay and Qualified Mortgages Rule Videos Updated - As part of the FDIC's Community Banking Initiative, the FDIC is announcing the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule. The updated videos provide financial institution management, compliance officers, and staff with resources for a better understanding of the current requirements of the Ability-to-Repay and Qualified Mortgages Rule. www.fdic.gov/news/news/financial/2016/fil16056.html

August 17, 2016 - Maternity Leave and the Gender Wage Gap: An Analysis of New Jersey Family Leave Insurance - Maria D. Tito - Women, on average, are paid less than men. According to the 2015 report prepared by the Institute for Women's Policy Research, female full-time workers in the United States received only 81 cents for every dollar earned by men; this difference amounts to a gender wage gap of 19 percent.2 Women's progress in education, their advancement in the labor market, and the adoption of anti-discrimination laws contributed to narrowing the gap; progress towards gender equality, however, has been slowing in recent years. www.federalreserve.gov/econresdata/notes/feds-notes/2016/maternity-leave-and-the-gender-wage-gap-an-analysis-of-new-jersey-family-leave-insurance-20160817.html

August 17, 2016 - Minutes of the Federal Open Market Committee, July 26-27, 2016 www.federalreserve.gov/monetarypolicy/files/fomcminutes20160727.pdf

August 16, 2016 - NCUA Monitoring Credit Unions in Flooded Areas of Louisiana - ?Agency Working to Ensure Access to Services; Deposits Remain Insured - The National Credit Union Administration will work with federally insured Louisiana credit unions affected by the recent severe flooding to help protect consumers and ensure continuity of services. www.ncua.gov/newsroom/Pages/news-2016-august-ncua-monitoring-credit-unions-flooded-louisiana.aspx

August 16, 2016 - OCC Allows National Banks and Federal Savings Associations Affected by Severe Storms and Flooding in Louisiana to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations at their discretion to close offices affected by severe storms and flooding in Louisiana. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-94.html

August 16, 2016 - Sectoral Dynamics and Business Cycles - Manjola Tase - I construct an index of sectoral dynamics to characterize changes in the sectoral composition of economic activity. There is evidence of asymmetry in different phases of business cycles with recessions being associated with larger changes in sectoral composition than expansions. I find that the correlation between dynamics in sectoral employment and aggregate output has weakened since the 1990s. www.federalreserve.gov/econresdata/feds/2016/files/2016066pap.pdf

August 16, 2016 - Supervision Manuals - Bank Holding Company Supervision Manual, Semiannual Update - These manuals are intended to provide guidance to supervisory personnel in planning and conducting inspections and are to be used in conjunction with other supervisory guidance and manuals. They should not be considered a legal reference to the regulations of the Federal Reserve Board and federal banking laws. www.federalreserve.gov/boarddocs/supmanual/default.htm

August 16, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production rose 0.7 percent in July after moving up 0.4 percent in June. The advance in July was the largest for the index since November 2014. Manufacturing output increased 0.5 percent in July for its largest gain since July 2015. The index for utilities rose 2.1 percent as a result of warmer-than-usual weather in July boosting demand for air conditioning. The output of mining moved up 0.7 percent; the index has increased modestly, on net, over the past three months after having fallen about 17 percent between December 2014 and April 2016. At 104.9 percent of its 2012 average, total industrial production in July was 0.5 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in July to 75.9 percent, a rate that is 4.1 percentage points below its long-run (1972–2015) average. www.federalreserve.gov/releases/g17/Current/default.htm

August 16, 2016 - Federal Reserve Board announces termination of enforcement action with Tennessee State Bancshares, Inc. and Tennessee State Bank www.federalreserve.gov/newsevents/press/enforcement/20160816a.htm

August 15, 2016 - Economic Outlook - Michael Bauer, senior economist at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of August 11, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/august/august-11-2016/

August 15, 2016 - Proposed New Consolidated Reports of Condition and Income for Eligible Small Institutions and Other Proposed Call Report Revisions - As the next step in the Federal Financial Institutions Examination Council’s community bank Call Report burden-reduction initiative, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency are requesting comment on a proposed new streamlined Call Report for eligible small institutions. https://www.fdic.gov/news/news/financial/2016/fil16053.html 

August 15, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Louisiana 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 Louisiana affected by severe weather. www.fdic.gov/news/news/financial/2016/fil16054.html

August 12, 2016 - Midwest Farmland Values Mixed - Latest AgLetter reports Seventh District farmland values in the second quarter of 2016 were 1 percent lower than a year ago, but 1 percent higher than in the first quarter. www.chicagofed.org/~/media/publications/agletter/2015-2019/august-2016-pdf.pdf?la=en

August 12, 2016 - Accurate Evaluation of Expected Shortfall for Linear Portfolios with Elliptically Distributed Risk Factors - Dobrislav Dobrev, Travis D. Nesmith, and Dong Hwan Oh - We provide an accurate closed-form expression for the expected shortfall of linear portfolios with elliptically distributed risk factors. Our results aim to correct inaccuracies that originate in Kamdem (2005) and are present also in the recent comprehensive survey by Nadarajah, Zhang, and Chan (2014) on estimation methods for expected shortfall. www.federalreserve.gov/econresdata/feds/2016/files/2016065pap.pdf

August 12, 2016 - Report to the Congress on the Effect of Capital Rules on Mortgage Servicing Assets www.federalreserve.gov/publications/other-reports/files/effect-capital-rules-mortgage-servicing-assets-201606.pdf

August 12, 2016 - International Aspects of Central Banking: Diplomacy and Coordination - Robert B. Kahn and Ellen E. Meade - In this paper, we discuss the evolution of central bank interactions since the early 1970s following the breakdown of the managed exchange-rate system that was negotiated at Bretton Woods. We review the most important forums or organizations through which central banks have engaged in diplomacy. www.federalreserve.gov/econresdata/feds/2016/files/2016062pap.pdf

August 12, 2016 - Trading Relationships in the OTC Market for Secured Claims: Evidence from Triparty Repos - Song Han and Kleopatra Nikolaou - We use a new panel data set on intraday transactions of triparty repos to study trading relationships in the over-the-counter market. We test the prediction that search frictions lead to relationship formation. We find that TPR trading parties form relationships with a broad number of counterparties but tend to focus their transaction volumes on only a small set of counterparties. www.federalreserve.gov/econresdata/feds/2016/files/2016064pap.pdf

August 12, 2016 - Heterogeneity in the Dynamics of Disaggregate Unemployment - Hie Joo Ahn - This paper explores the role that unobserved heterogeneity within an observed category plays in the dynamics of disaggregate unemployment and in the cross-sectional differences across individuals of the duration of unemployment spells. www.federalreserve.gov/econresdata/feds/2016/files/2016063pap.pdf

August 12, 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. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 11, 2016 - KANSAS CITY FED CONFERENCE TO FOCUS ON FINANCIAL RESILIENCY IN LOW- TO MODERATE-INCOME COMMUNITIES - An upcoming national conference hosted by the Kansas City Fed will focus on the challenges low- to moderate-income communities face in strengthening and maintaining their financial health. “Exploring Financial Resiliency and Mobility,” will be held Sept. 7-8 at the Kansas City Fed’s headquarters, 1 Memorial Drive, in Kansas City, Mo www.kansascityfed.org/~/media/files/publicat/newsroom/2016pdf/pressrelease081116.pdf

August 11, 2016 - Community Land Trust Model: Opportunities, Challenges of Preserving Affordable Housing - ProfitWise News and Views looks at housing as dozens of low-income apartment buildings for senior citizens in Detroit could convert to market rate apartments in next ten years, forcing hundreds to find new homes. www.chicagofed.org/~/media/publications/profitwise-news-and-views/2016/pnv-issue2-2016-web-final-pdf.pdf

August 11, 2016 - Federal Reserve announces results of offering of seven-day term deposits on August 11 www.federalreserve.gov/newsevents/press/monetary/20160811a.htm

August 10, 2016 - The Illinois Budget Crisis in Context: A History of Poor Fiscal Performance - Thomas Walstrum - The author looks back at Illinois’s expenditure and revenue performance since the late 1980s to understand the sources of its current fiscal crisis. The article shows that compared with the national average, Illinois used to be a relatively low-expenditure, low-revenue state. This changed in the mid-1990s, when, unlike the typical U.S. state, Illinois began consistently spending more than it brought in. A major contributor to this budgetary imbalance was the accumulation of pension liabilities. www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl365-pdf.pdf

August 9, 2016 - The Changing Composition of Bank Branches in Seventh Federal Reserve District States - Robin Newberger , Taz George , Mark O'Dell - Across the United States, the banking office landscape has shifted substantially since the financial crisis in 2008, reflecting both long-standing trends of small bank closures, as well as more recent patterns of bank branch declines. These trends are playing out in the states of the Seventh District as well, where the number of banking offices has declined in each state, and increasingly, community banks are losing their share of branches in certain markets. Low- and moderate-income neighborhoods in a few of the District’s most populous counties are nearly devoid of community banks. www.chicagofed.org/~/media/publications/profitwise-news-and-views/2016/pnv-issue2-2016-web-final-pdf.pdf

August 9, 2016 - Employment Challenges for the Formerly Incarcerated - Emily Engel , Steven Kuehl , Mark O'Dell - The U.S. economy is on a historic run of job creation, with 76 straight months of job growth as of June 2016. Many firms are looking for new pools of talent as traditional pools are increasingly absorbed by rising employment. Wages are beginning to rise more rapidly than they have for several years, with ADP’s Workforce Vitality Report for Q1 2016 estimating annual wage growth for full-time job holders of 4.7 percent. www.chicagofed.org/~/media/publications/profitwise-news-and-views/2016/pnv-issue2-2016-web-final-pdf.pdf
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August 4, 2016 - St. Louis Fed Financial Stress Index Rises for the First Time in Six Weeks - Financial market stress rose modestly in the latest reporting week, according to the St. Louis Fed Financial Stress Index. www.stlouisfed.org/news-releases/2016/08/04/st-louis-fed-financial-stress-index-rises-for-the-first-time-in-six-weeks 

August 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. www.fdic.gov/news/news/press/2016/pr16066.html

August 4, 2016 - Payment Systems - Automated Clearinghouse Services, quarterly data.  www.federalreserve.gov/paymentsystems/fedach_data.htm

August 4, 2016 - Payment Systems - Check Services, quarterly data.  www.federalreserve.gov/paymentsystems/check_data.htm

August 4, 2016 - Federal Reserve to offer seven-day term deposits through its Term Deposit Facility on August 11 - The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility with one operation in August.  www.federalreserve.gov/newsevents/press/monetary/20160804a.htm

August 3, 2016 - Peggy Sherry Named Deputy Chief Financial Officer - The Office of the Comptroller of the Currency today announced the selection of Peggy Sherry to be the agency’s Deputy Chief Financial Officer. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-92.html

August 3, 2016 - 2016 Fed/CSBS Community Banking Research Conference To Be Held Sept. 28-29 - Community bankers, academics, policymakers and bank supervisors from around the country will meet Sept. 28-29 at the Federal Reserve Bank of St. Louis for the fourth annual Community Banking in the 21st Century research and policy conference. www.stlouisfed.org/news-releases/2016/08/03/2016-community-banking-research-conference-to-be-held-sept-28-29

August 3, 2016 - The Political Origin of Home Bias: the case of Europe - Filippo De Marco and Marco Macchiavelli - We show that politics is at the root of the banks-sovereign nexus that exacerbated the Eurozone crisis.  www.federalreserve.gov/econresdata/feds/2016/files/2016060pap.pdf

August 3, 2016 - Federal Reserve Board orders Goldman Sachs Group to pay $36.3 million civil money penalty and announces it is instituting enforcement proceedings against former Goldman Sachs managing director - The Federal Reserve Board on Wednesday ordered Goldman Sachs Group to pay a $36.3 million civil money penalty for its unauthorized use and disclosure of confidential supervisory information and to implement an enhanced program to ensure the proper use of confidential supervisory information.   www.federalreserve.gov/newsevents/press/enforcement/20160803a.htm

August 2, 2016 - OCC Releases CRA Evaluations for 25 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 July 1, 2016 through July 31, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-90.html

August 2, 2016 - Small Business Credit to be Discussed at Second Delta Communities Meeting - How credit affects small business development will be the focus of the second set of regional meetings in the Arkansas and Mississippi Delta. www.stlouisfed.org/news-releases/2016/08/02/small-business-credit-to-be-discussed-at-second-delta-communities-meeting

August 2, 2016 - FDIC Hosts Financial Education Webinars for Teachers - As the summer winds down and children prepare to start a new school year, the Federal Deposit Insurance Corporation is highlighting the agency's free financial education tools that can help teachers explain saving, borrowing, and other key financial concepts to young people with two, no-cost webinars. www.fdic.gov/news/news/press/2016/pr16065.html

August 2, 2016 - Which market indicators best forecast recessions? - Travis Berge, Nitish Sinha, and Michael Smolyansky - Economists, staying true to their epithet as "dismal scientists," are seemingly in a perpetual state of worry over the risk that the economy may enter a recession.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/which-market-indicators-best-forecast-recessions-20160802.html

August 2, 2016 - Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk? - Mark Carlson and David C. Wheelock - As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit.  www.federalreserve.gov/econresdata/feds/2016/files/2016059pap.pdf

August 2, 2016 - Statistical Release - Annual data on manufacturing investment and capital. www.federalreserve.gov/releases/g17/download.htm

August 2, 2016 - Regulated Institutions to Submit Self-Assessments of Diversity Policies and Practices - The federal banking agencies today provided information on how the financial institutions they regulate may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions about the process.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160802b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16064.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-91.html

August 2, 2016 - Agencies Extend Deadline for 38 Resolution Plan Submissions - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday announced that 38 firms will be required to submit their next resolution plans by December 31, 2017.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160802a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16063.html

August 2, 2016 - Federal Reserve Board announces termination of enforcement actions with Calwest Bancorp, Elgin Bancshares, Inc., FEB Bancshares, Inc., and Village Bank and Trust Financial Corp.  www.federalreserve.gov/newsevents/press/enforcement/20160802a.htm

August 2, 2016 - Statement regarding progress on the review of the U.S. Treasury market structure since the July 2015 joint staff report - Joint Staff Report on the U.S. Treasury market, including the recently signed memorandum of understanding to share information on U.S. Treasury cash and related derivative markets among the agencies and their plans to host a second conference on October 24 to continue progress on these efforts. www.federalreserve.gov/newsevents/press/other/20160802a.htm

August 1, 2016 - OCC Hosts Credit and Compliance Risks Workshops in Minnesota - The Office of the Comptroller of the Currency will host two workshops in Duluth, Minnesota, at the Holiday Inn Hotel & Suites, September 13-14, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-88.html

August 1, 2016 - Estimating Dynamic Macroeconomic Models: How Informative Are the Data? - Daniel O. Beltran and David Draper - Central banks have long used dynamic stochastic general equilibrium models, which are typically estimated using Bayesian techniques, to inform key policy decisions.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1175.pdf

August 1, 2016 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices -- July 2016 - The July 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.  www.federalreserve.gov/Boarddocs/SnLoanSurvey/201608/default.htm

August 1, 2016 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in JULY 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/default.htm

August 1, 2016 - Imposition of Special Measures by the U.S. Department of the Treasury's Financial Crimes Enforcement Network - The purpose of this letter is to advise Federal Reserve supervised institutions of the special measures imposed by the U.S. Department of the Treasury's Financial Crimes Enforcement Network under section 311 of the USA PATRIOT Act (31 U.S.C. 5318A). www.federalreserve.gov/bankinforeg/srletters/sr1613.htm

August 1, 2016 - Agencies finalize rule exempting certain commercial and financial end users from initial and variation margin - Five federal agencies today announced a final rule exempting certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160801b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16062.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-89.html

August 1, 2016 - Federal Reserve Board invites comment on interim final rule adjusting the Board's maximum civil money penalties.   www.federalreserve.gov/newsevents/press/bcreg/20160801a.htm

July 29, 2016 - Index shows Midwest economic growth slowed in June - The Midwest Economy Index decreased to –0.04 in June from +0.11 in May.   www.chicagofed.org/~/media/publications/mei/2016/mei-june2016-pdf.pdf?la=en

July 29, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in July has issued eight 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-july-ncua-issues-prohibition-notices.aspx

July 29, 2016 - U.S. and Northeast Oklahoma Economic Update - By Chad Wilkerson.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-pryor-07-16.pdf

July 29, 2016 - Financial Institution Letters - Reminder on FDIC Examination Findings - The Federal Deposit Insurance Corporation is updating and reissuing FIL-13-2011, Reminder on FDIC Examination Findings, dated March 1, 2011, to re-emphasize the importance of open communications regarding supervisory findings.  www.fdic.gov/news/news/financial/2016/fil16051.html

July 29, 2016 - FDIC Seeks Comment on Bank Appeals Guidelines, Third-Party Lending Guidance as Part of Package of Updated Policies and Procedures - The Federal Deposit Insurance Corporation is seeking comments on updates to its guidelines for institutions to appeal certain material supervisory determinations.  www.fdic.gov/news/news/press/2016/pr16061.html

July 29, 2016 - FDIC Makes Public June Enforcement Actions; One Administrative Hearing Scheduled for August 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in June. www.fdic.gov/news/news/press/2016/pr16060.html

July 29, 2016 - Shared National Credit Review Finds Risk Remains High, but Underwriting and Risk Management Improve - Credit risk in the Shared National Credit portfolio remained elevated, but underwriting and risk management practices improved from prior assessments, according to a review of large shared and complex credits released today by federal banking agencies.
Press Release: www.fdic.gov/news/news/press/2016/pr16059.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-87.html

July 29, 2016 - Has Tax-Preferred Retirement Saving Offset Rising Wealth Concentration? - Sebastian Devlin-Foltz, Alice M. Henriques, and John E. Sabelhaus - The share of wealth owned by top wealth-holders in the U.S. has been rising over the past few decades, though there is some debate about exactly how concentrated wealth is, and how fast those top wealth shares are rising (Saez and Zucman 2014; Bricker, et al. 2016). www.federalreserve.gov/econresdata/notes/feds-notes/2016/has-tax-preferred-retirement-saving-offset-rising-wealth-concentration-20160729.html

July 29, 2016 - Statistical Release - G.20 - Finance Companies.  www.federalreserve.gov/releases/g20/current/

July 29, 2016 - The Role of Social Security in Overall Retirement Resources: A Distributional Perspective - Sebastian Devlin-Foltz1, Alice Henriques, and John Sabelhaus - During recent decades, the US employer-sponsored retirement system has undergone a major shift from primarily defined benefit type plans to primarily defined contribution (DC)-type plans.   www.federalreserve.gov/econresdata/notes/feds-notes/2016/role-of-social-security-in-overall-retirement-resources-a-distributional-perspective-20160729.html

July 29, 2016 - Does Anyone Listen when Politicians Talk? The Effect of Political Commentaries on Policy Rate Decisions and Expectations - Selva Demiralp, Sharmila King, and Chiara Scotti - This paper investigates the effects of political commentaries on policy rate decisions and policy expectations in the United States and the euro area.
www.federalreserve.gov/econresdata/feds/2016/files/2016058pap.pdf

July 29, 2016 - Predictability of Growth in Emerging Markets: Information in Financial Aggregates - Ayelen Banegas - This paper tests for predictability of output growth in a panel of 22 emerging market economies. We use pooled panel data methods that control for endogeneity and persistence in the predictor variables to test the predictive power of a large set of financial aggregates.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1174.pdf

July 29, 2016 - Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act by Huntington Bancshares Incorporated, Columbus, Ohio, to merge with FirstMerit Corporation and thereby indirectly acquire its wholly owned subsidiary, FirstMerit Bank, N.A., both of Akron, Ohio. www.federalreserve.gov/newsevents/press/orders/20160729a.htm

July 29, 2016 - Shared National Credit review finds risk remains high, but underwriting and risk management improve - Credit risk in the Shared National Credit portfolio remained elevated, but underwriting and risk management practices improved from prior assessments, according to a review of large shared and complex credits released today by federal banking agencies. www.federalreserve.gov/newsevents/press/bcreg/20160729a.htm 
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August 4, 2016 - St. Louis Fed Financial Stress Index Rises for the First Time in Six Weeks - Financial market stress rose modestly in the latest reporting week, according to the St. Louis Fed Financial Stress Index. For the week ending July 29, the index measured -1.130, up from the previous week’s revised value of -1.158. The increase is the first in six weeks. www.stlouisfed.org/news-releases/2016/08/04/st-louis-fed-financial-stress-index-rises-for-the-first-time-in-six-weeks 

August 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 May 2016. www.fdic.gov/news/news/press/2016/pr16066.html

August 4, 2016 - Payment Systems - Automated Clearinghouse Services, quarterly data.  www.federalreserve.gov/paymentsystems/fedach_data.htm

August 4, 2016 - Payment Systems - Check Services, quarterly data.  www.federalreserve.gov/paymentsystems/check_data.htm

August 4, 2016 - Federal Reserve to offer seven-day term deposits through its Term Deposit Facility on August 11 - The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility with one operation in August.  www.federalreserve.gov/newsevents/press/monetary/20160804a.htm

August 3, 2016 - Peggy Sherry Named Deputy Chief Financial Officer - The Office of the Comptroller of the Currency today announced the selection of Peggy Sherry to be the agency’s Deputy Chief Financial Officer. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-92.html

August 3, 2016 - 2016 Fed/CSBS Community Banking Research Conference To Be Held Sept. 28-29 - Community bankers, academics, policymakers and bank supervisors from around the country will meet Sept. 28-29 at the Federal Reserve Bank of St. Louis for the fourth annual Community Banking in the 21st Century research and policy conference.  www.stlouisfed.org/news-releases/2016/08/03/2016-community-banking-research-conference-to-be-held-sept-28-29

August 3, 2016 - The Political Origin of Home Bias: the case of Europe - Filippo De Marco and Marco Macchiavelli - We show that politics is at the root of the banks-sovereign nexus that exacerbated the Eurozone crisis. First, government-owned banks or banks with politicians in the board of directors display higher home bias in sovereign debt compared to privately-owned banks throughout the 2010-2013 period. www.federalreserve.gov/econresdata/feds/2016/files/2016060pap.pdf

August 3, 2016 - Federal Reserve Board orders Goldman Sachs Group to pay $36.3 million civil money penalty and announces it is instituting enforcement proceedings against former Goldman Sachs managing director - The Federal Reserve Board on Wednesday ordered Goldman Sachs Group to pay a $36.3 million civil money penalty for its unauthorized use and disclosure of confidential supervisory information and to implement an enhanced program to ensure the proper use of confidential supervisory information.  www.federalreserve.gov/newsevents/press/enforcement/20160803a.htm

August 2, 2016 - OCC Releases CRA Evaluations for 25 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 July 1, 2016 through July 31, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-90.html

August 2, 2016 - Small Business Credit to be Discussed at Second Delta Communities Meeting - How credit affects small business development will be the focus of the second set of regional meetings in the Arkansas and Mississippi Delta. www.stlouisfed.org/news-releases/2016/08/02/small-business-credit-to-be-discussed-at-second-delta-communities-meeting

August 2, 2016 - FDIC Hosts Financial Education Webinars for Teachers - As the summer winds down and children prepare to start a new school year, the Federal Deposit Insurance Corporation is highlighting the agency's free financial education tools that can help teachers explain saving, borrowing, and other key financial concepts to young people with two, no-cost webinars. www.fdic.gov/news/news/press/2016/pr16065.html

August 2, 2016 - Which market indicators best forecast recessions? - Travis Berge, Nitish Sinha, and Michael Smolyansky - Economists, staying true to their epithet as "dismal scientists," are seemingly in a perpetual state of worry over the risk that the economy may enter a recession.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/which-market-indicators-best-forecast-recessions-20160802.html

August 2, 2016 - Did the Founding of the Federal Reserve Affect the Vulnerability of the Interbank System to Systemic Risk? - Mark Carlson and David C. Wheelock - As a result of legal restrictions on branch banking, an extensive interbank system developed in the United States during the 19th century to facilitate interregional payments and flows of liquidity and credit.   www.federalreserve.gov/econresdata/feds/2016/files/2016059pap.pdf

August 2, 2016 - Statistical Release - Annual data on manufacturing investment and capital.  www.federalreserve.gov/releases/g17/download.htm

August 2, 2016 - Regulated Institutions to Submit Self-Assessments of Diversity Policies and Practices - The federal banking agencies today provided information on how the financial institutions they regulate may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions about the process.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160802b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16064.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-91.html

August 2, 2016 - Agencies Extend Deadline for 38 Resolution Plan Submissions - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday announced that 38 firms will be required to submit their next resolution plans by December 31, 2017.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160802a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16063.html

August 2, 2016 - Federal Reserve Board announces termination of enforcement actions with Calwest Bancorp, Elgin Bancshares, Inc., FEB Bancshares, Inc., and Village Bank and Trust Financial Corp.    www.federalreserve.gov/newsevents/press/enforcement/20160802a.htm

August 2, 2016 - Statement regarding progress on the review of the U.S. Treasury market structure since the July 2015 joint staff report to highlight significant actions taken since the issuance last July of their Joint Staff Report on the U.S. Treasury market, including the recently signed memorandum of understanding to share information on U.S. Treasury cash and related derivative markets among the agencies and their plans to host a second conference on October 24 to continue progress on these efforts. www.federalreserve.gov/newsevents/press/other/20160802a.htm

August 1, 2016 - OCC Hosts Credit and Compliance Risks Workshops in Minnesota - The Office of the Comptroller of the Currency will host two workshops in Duluth, Minnesota, at the Holiday Inn Hotel & Suites, September 13-14, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-88.html

August 1, 2016 - Estimating Dynamic Macroeconomic Models: How Informative Are the Data? - Daniel O. Beltran and David Draper - Central banks have long used dynamic stochastic general equilibrium models, which are typically estimated using Bayesian techniques, to inform key policy decisions. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1175.pdf

August 1, 2016 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices -- July 2016 - The July 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/Boarddocs/SnLoanSurvey/201608/default.htm

August 1, 2016 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in JULY 2016 together with comparable figures for other months.  www.federalreserve.gov/releases/g5/current/default.htm

August 1, 2016 - Imposition of Special Measures by the U.S. Department of the Treasury's Financial Crimes Enforcement Network - The purpose of this letter is to advise Federal Reserve supervised institutions of the special measures imposed by the U.S. Department of the Treasury's Financial Crimes Enforcement Network under section 311 of the USA PATRIOT Act (31 U.S.C. 5318A).  www.federalreserve.gov/bankinforeg/srletters/sr1613.htm

August 1, 2016 - Agencies finalize rule exempting certain commercial and financial end users from initial and variation margin - Five federal agencies today announced a final rule exempting certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160801b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16062.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-89.html

August 1, 2016 - Federal Reserve Board invites comment on interim final rule adjusting the Board's maximum civil money penalties.  www.federalreserve.gov/newsevents/press/bcreg/20160801a.htm