The E-mail Banking News
(Bank Regulatory News)
August 2017

August 31, 2017 - Membership Changes for Federal Reserve Bank of San Francisco’s Economic Advisory Council - San Francisco, California — The Federal Reserve Bank of San Francisco announced that Karen T. Lee, chief executive officer of Pioneer Human Services, was appointed to the Bank’s Economic Advisory Council. www.frbsf.org/our-district/press/news-releases/2017/membership-changes-economic-advisory-council-august/ 

August 31, 2017 - AgLetter : August 2017 By David Oppedahl - Farmland values for the Seventh Federal Reserve District increased 1 percent from a year ago during the second quarter of 2017. This was the first year-over-year gain in three years. www.chicagofed.org/publications/agletter/2015-2019/august-2017

August 31, 2017 - NCUA - Metsger: “We Will Carefully Weigh All Points of View” on Stabilization Fund - Board Member Addresses NASCUS on Closure, Mergers Rule, Reorganization - National Credit Union Administration Board Member Rick Metsger today reminded credit unions of the Sept. 5 deadline for submitting comments on the proposed plan to close the Temporary Corporate Credit Union Stabilization Fund and make a Share Insurance distribution in 2018, saying the agency “will carefully weigh all points of view.” www.ncua.gov/newsroom/Pages/news-2017-aug-metsger-carefully-weigh-points-view-stabilization-fund.aspx

August 31, 2017 - Finance and Inequality: The Distributional Impacts of Bank Credit Rationing - M. Ali Choudhary and Anil Jain - We analyze reductions in bank credit using a natural experiment where unprecedented flooding differentially affected banks that were more exposed to flooded regions in Pakistan. www.federalreserve.gov/econres/ifdp/files/ifdp1211.pdf

August 31, 2017 - Firm-specific risk-neutral distributions: The role of CDS spreads - Sirio Aramonte, Mohammad R. Jahan-Parvar, Samuel Rosen, and John W. Schindler - We propose a method to extract individual rms' risk-neutral return distributions by combining options and credit default swaps. www.federalreserve.gov/econres/ifdp/files/ifdp1212.pdf

August 31, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Fe deral Reserve System was held at on August 31, 2017. Matter(s) considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20170831closed.htm

August 31, 2017 - Communications with the Public - 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/regreform/communications-with-public.htm
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August 31, 2017 - Midwest Economy Index - Index points to slower Midwest economic growth again in July - The Midwest Economy Index decreased to +0.29 in July from +0.43 in June. Contributions to the July MEI from three of the four broad sectors of nonfarm business activity and three of the five Seventh Federal Reserve District states declined from June. www.chicagofed.org/~/media/publications/mei/2017/mei-july2017-pdf.pdf

August 30, 2017 - Supervisory Insights Journal Summer 2017 Issue Now Available - The Summer 2017 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors. The first article emphasizes the importance of liquidity risk management and describes contingency funding strategies to help community banks mitigate potential stress. www.fdic.gov/news/news/financial/2017/fil17039.html

August 30, 2017 - FDIC's Supervisory Insights Summer Edition Focuses on Liquidity Risk and the Bank Secrecy Act - The Federal Deposit Insurance Corporation today issued the Summer 2017 issue of Supervisory Insights, which includes articles on liquidity risk trends at community banks and the Bank Secrecy Act supervision program. www.fdic.gov/news/news/press/2017/pr17065.html

August 30, 2017 - How have banks been managing the composition of high-quality liquid assets? - Jane Ihrig, Edward Kim, Ashish Kumbhat, Cindy Vojtech, and Gretchen C. Weinbach - Leading up to 2014, banks generally increased their holdings of excess reserves as they moved to become compliant with the liquidity coverage ratio requirement. www.federalreserve.gov/econres/feds/files/2017092pap.pdf

August 30, 2017 - Speech by Governor Powell on the role of boards at large financial firms At the Large Bank Directors Conference, Chicago, Illinois.   www.federalreserve.gov/newsevents/speech/powell20170830a.htm

August 30, 2017 - Federal Reserve Board announces approval of proposal by Sterling Bancorp - The Federal Reserve Board on Wednesday announced its approval of the proposal under section 4 of the Bank Holding Company Act of 1956 by Sterling Bancorp, Montebello, New York, to acquire Astoria Financial Corporation, Lake Success, New York, and thereby indirectly acquire Astoria's subsidiary savings association, Astoria Bank, Long Island City, New York. www.federalreserve.gov/newsevents/pressreleases/orders20170830a.htm

August 30, 2017 - Federal Reserve Board announces Community Depository Institutions Advisory Council members for 2018 - The Federal Reserve Board on Wednesday announced the members of its Community Depository Institutions Advisory Council and the president and vice president of the council for 2018.  https://www.federalreserve.gov/newsevents/pressreleases/other20170830a.htm

August 30, 2017 - Federal Reserve Board announces termination of enforcement action with State Bank of Geneva.   www.federalreserve.gov/newsevents/pressreleases/enforcement20170830a.htm

August 29, 2017 - NCUA - Quarterly Newsletter Moves to Online Only - Third Quarter Issue of The NCUA Report Now Available Online - As part of its efforts to improve efficiency and reduce costs where possible, the National Credit Union Administration announced it is ending the print edition of its quarterly newsletter, beginning with the third quarter issue released today. www.ncua.gov/newsroom/Pages/news-2017-aug-quarterly-newsletter-moves-online-only.aspx

August 29, 2017 - Regulatory Capital Rule - Description: Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation are seeking comment on a proposed rule, applicable to non-advanced approaches national banks and federal savings associations that would maintain the capital rule’s 2017 transition provisions for several regulatory capital deductions and certain other requirements that are subject to multi-year phase-in schedules in the regulatory capital rules. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-32.html

August 29, 2017 - OCC Encourages National Banks and Federal Savings Associations to Work With Customers Affected by Hurricane Harvey - The Office of the Comptroller of the Currency encourages national banks and federal savings associations to work with customers affected by Hurricane Harvey. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-100.html

August 29, 2017 - OCC Issues Fourth Quarter 2017 and First Quarter 2018 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the fourth quarter of 2017 and first quarter of 2018. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-99.html

August 29, 2017 - OCC Hosts Compliance and Operational Risk Workshops in Chicago - The Office of the Comptroller of the Currency will host two workshops in Chicago at the Crowne Plaza Chicago West Loop, October 3 and 4, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-98.html

August 29, 2017 - Regulatory Relief - Meeting the Financial Needs of Customers Affected by Hurricane Harvey and its Aftermath - The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The FDIC realizes that although the effects of natural disasters on local businesses and individuals can be devastating, they often are transitory. www.fdic.gov/news/news/financial/2017/fil17038.html

August 29, 2017 - Employment, Wages and Optimal Monetary Policy - Martin Bodenstein and Junzhu Zhao - We study optimal monetary policy when the empirical evidence leaves the policymaker uncertain whether the true data-generating process is given by a model with sticky wages or a model with search and matching frictions in the labor market. www.federalreserve.gov/econres/feds/files/2017091pap.pdf

August 29, 2017 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 a.m. on August 31, 2017. Matter(s) considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20170831closed.htm

August 29, 2017 - Federal Reserve Board permanently bars former employee of Four Oaks Bank and Trust Company from the banking industry - The Federal Reserve Board on Tuesday announced it is prohibiting James M. Riley, a former City Executive at the Four Oaks Bank and Trust Company branch in Fuquay-Varina, North Carolina, from participating in the banking industry after determining he improperly approved loans for his own benefit. www.federalreserve.gov/newsevents/pressreleases/enforcement20170829a.htm

August 28, 2017 - Symposium on OTC Derivatives—A Conference Summary - By Rebecca Lewis , Ning Yu - The People’s Bank of China and the Federal Reserve Bank of Chicago sponsored the Symposium on OTC Derivatives in Shanghai on May 23, 2017, in conjunction with CCP12, a global association of major central counterparties. www.chicagofed.org/publications/chicago-fed-letter/2017/385

August 28, 2017 - Legal Developments Section 19 letters, March 1 (1 letter), April 20 (2 letters), May 4, May 11, May 31, June 8, June 12, June 27.    www.federalreserve.gov/supervisionreg/ordersother2017.htm

August 28, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:00 a.m. on August 28, 2017. Matter(s) 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/20170828closed.htm

August 26, 2017 - Federal and state banking agencies issue statement on supervisory practices regarding financial institutions and borrowers affected by Hurricane Harvey.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170826a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17064.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-97.html

August 28, 2017 - NCUA Providing Disaster Relief for Areas Affected by Hurricane Harvey - The National Credit Union Administration is providing help to credit unions and their members in parts of Texas and Louisiana struck by Hurricane Harvey. www.ncua.gov/newsroom/Pages/news-2017-aug-ncua-providing-disaster-relief-areas-affected-hurricane-harvey.aspx

August 25, 2017 - NCUA - Credit Unions on Texas Gulf Coast Should Prepare for Hurricane Harvey - Credit unions along the Gulf Coast in Texas should take precautions as Hurricane Harvey approaches, the National Credit Union Administration said today. www.ncua.gov/newsroom/Pages/news-aug-2017-hurricane-harvey.aspx   

August 25, 2017 - Description: Updated FFIEC Examiner Transaction Testing Guidelines - The Office of the Comptroller of the Currency is issuing this bulletin to inform national banks, federal savings associations, and federal branches and agencies and all OCC examining personnel about new Federal Financial Institutions Examination Council examination procedures for testing and validating the accuracy and reliability of home mortgage loan data that will be reported under the Home Mortgage Disclosure Act rule effective January 1, 2018. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-31.html

August 25, 2017 - FDIC Makes Public July Enforcement Actions; No Administrative Hearings Scheduled for September 2017 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in July. There are no administrative hearings scheduled for September 2017. www.fdic.gov/news/news/press/2017/pr17063.html

August 25, 2017 - Improving the 30-Year Fixed-Rate Mortgage - Wayne Passmore and Alexander H. von Hafften- The 30-year fixed-rate fully amortizing mortgage was a substantial innovation when first developed during the Great Depression. www.federalreserve.gov/econres/feds/2017.htm#2017090

August 25, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 25, 2017 - Notice of Open Board Meeting - An Open Board meeting of the Board of Governors of the Federal Reserve System will be held at 10:00 a.m. on September 1, 2017. Matter(s) considered: Final Rule Establishing Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations. www.federalreserve.gov/aboutthefed/boardmeetings/20170901open.htm

August 25, 2017 - Speech by Chair Yellen on financial stability a decade after the onset of the crisis. www.federalreserve.gov/newsevents/speech/yellen20170825a.htm

August 26, 2017 - Federal and state banking agencies issue statement on supervisory practices regarding financial institutions and borrowers affected by Hurricane Harvey.   www.federalreserve.gov/newsevents/pressreleases/bcreg20170826a.htm

August 24, 2017 - Federal Reserve Board requests public comment on proposal to produce three new reference rates based on overnight repurchase agreement transactions secured by Treasuries - The Federal Reserve Board on Thursday requested public comment on a proposal for the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, to produce three new reference rates based on overnight repurchase agreement (repo) transactions secured by Treasuries. www.federalreserve.gov/newsevents/pressreleases/bcreg20170824a.htm
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August 23, 2017 - Description: New Comptroller’s Licensing Manual Booklet - The Office of the Comptroller of the Currency issued today the “Substantial Asset Changes, Including Changes in Charter Purpose” booklet of the Comptroller’s Licensing Manual. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-30.html

August 24, 2017 - OCC Allows National Banks and Federal Savings Associations Affected by Severe Weather Along the Gulf Coast to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations affected by severe weather along the Gulf Coast of the United States to close. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-96.html

August 24, 2017 - OCC Hosts Risk Governance and Credit Risk Workshops in Indiana - The Office of the Comptroller of the Currency will host two workshops at the Indianapolis Marriott East, Indianapolis, Ind., September 26-27, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-95.html

August 24, 2017 - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of West Virginia Affected by Severe Storms, Flooding, Landslides, and Mudslides - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of West Virginia affected by severe storms. www.fdic.gov/news/news/financial/2017/fil17037.html

August 24, 2017 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:30 a.m. on August 28, 2017. www.federalreserve.gov/aboutthefed/boardmeetings/20170828closed.htm

August 24, 2017 - Federal Reserve names strategy director to lead payment system improvement - For release at 11:00 a.m. - The Federal Reserve has named Dave Sapenaro as payments strategy director with responsibility for leading payment system improvement initiatives described in its "Strategies for Improving the U.S. Payment System" paper published in January 2015. Sapenaro, first vice president and chief operating officer of the Federal Reserve Bank of St. Louis, will succeed Gordon Werkema, whose retirement was recently announced. www.federalreserve.gov/newsevents/pressreleases/other20170824a.htm

August 24, 2017 - Federal Reserve Board announces termination of enforcement action with Santander Holdings, USA, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20170824a.htm

August 24, 2017 - Appraisals for Commercial Real Estate Transactions - Description: Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency is inviting comment on a proposed rule to increase the appraisal threshold for commercial real estate transactions from $250,000 to $400,000. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-29.html

August 23, 2017 - Description: New Comptroller’s Licensing Manual Booklet - The Office of the Comptroller of the Currency issued today the “Substantial Asset Changes, Including Changes in Charter Purpose” booklet of the Comptroller’s Licensing Manual. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-30.html

August 23, 2017 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms. www.fdic.gov/news/news/financial/2017/fil17035.html

August 23, 2017 - Revised Interagency Home Mortgage Disclosure Act Sampling, Verification, and Resubmission Procedures - This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.
Press Release: www.federalreserve.gov/supervisionreg/caletters/caltr1702.htm
Press Release: www.fdic.gov/news/news/financial/2017/fil17036.html

August 23, 2017 - Model-Based Measures of ELB Risk - Taisuke Nakata - The target range for the federal funds rate has increased a few times since its liftoff from the effective lower bound in December 2015 and currently stands at 1 to 1-1/4 percent. According to standard macroeconomic models, ELB risk--how likely it is for the policy rate to be constrained by the ELB in the near- and medium-term future--has important implications for interest rate policy. www.federalreserve.gov/econres/notes/feds-notes/model-based-measures-of-elb-risk-20170823.htm

August 22, 2017 - FDIC-Insured Institutions Earn $48.3 Billion in Second Quarter 2017 - Community Bank Net Income Rises to $5.7 Billion - “This was another positive quarter for the banking industry. Revenue and net income growth were both strong, profitability reached a post-crisis high, and net interest margins improved. While the quarterly results were largely positive, the operating environment for banks remains challenging.”  www.fdic.gov/news/news/press/2017/pr17061.html

August 22, 2017 - Whose Child Is This? Shifting of Dependents Among EITC Claimants Within the Same Household - David Splinter, Jeff Larrimore, and Jacob Mortenson - Using a panel of household level tax data, we estimate the degree to which dependents are “reassigned” between tax units within households, and how these reassignments affect combined tax liabilities. www.federalreserve.gov/econres/feds/files/2017089pap.pdf

August 22, 2017 - The Timing of Mass Layoff Episodes: Evidence from U.S. Microdata - Alison Weingarden - This paper studies employment decisions at U.S. companies over the 2007–2012 period, during and after the Great Recession. www.federalreserve.gov/econres/feds/files/2017088pap.pdf

August 22, 2017 - Forward-looking and Incentive-compatible Operational Risk Capital Framework - Marco Migueis - The Advanced Measurement Approach to operational risk capital is vulnerable to gaming, complex, and lacks comparability. www.federalreserve.gov/econres/feds/files/2017087pap.pdf

August 22, 2017 - Federal banking agencies propose extension of certain capital rule transitions - preparation for a forthcoming proposal that would simplify regulatory capital requirements, federal banking regulators on Tuesday proposed a rule that would extend the existing transitional capital treatment for certain regulatory capital deductions and risk weights.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170822a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17062.html
Press Release: www.fdic.gov/news/news/financial/2017/fil17034.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-94.html

August 22, 2017 - Minutes of the Board's discount rate meetings from July 17 and July 26, 2017.  www.federalreserve.gov/newsevents/pressreleases/monetary20170822a.htm

August 22, 2017 - Federal Reserve Board issues enforcement action with the Bank & Trust, S.S.B. www.federalreserve.gov/newsevents/pressreleases/enforcement20170822a.htm

August 21, 2017 - Index Points to Growth near Historical Trend in July - The Chicago Fed National Activity Index moved down to –0.01 in July from +0.16 in June. Three of the four broad categories of indicators that make up the index decreased from June, and three of the four categories made negative contributions to the index in July.
www.chicagofed.org/publications/cfnai/2017/august2017 

August 21, 2017 - Higher-Loan-to-Value Lending Guidance Designed to Spur Community Revitalization - The Office of the Comptroller of the Currency today issued a bulletin providing guidance to spur community revitalization through prudent higher-loan-to-value mortgage lending in targeted areas. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-93.html

August 21, 2017 - Regulatory Reform - Communications with the public through July 19, 2017 - 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/regreform/communications-with-public.htm

August 18, 2017 - OCC Enforcement Actions and Terminations for August 2017 - 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/2017/nr-occ-2017-92.html

August 18, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 18, 2017 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

August 18, 2017 - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited) - The quarterly financial reports present summary financial information on the combined financial position and results of operations of the Reserve Banks. www.federalreserve.gov/aboutthefed/combined-quarterly-financial-reports-unaudited.htm

August 18, 2017 - Quarterly Report on Federal Reserve Balance Sheet Developments - 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/quarterly-balance-sheet-developments-report.htm

August 18, 2017 - Does the Federal Reserve maintain accounts for individuals? Can individuals use such accounts to pay bills and get money? - No. The Federal Reserve Banks provide financial services to banks and governmental entities only. Individuals cannot, by law, have accounts at the Federal Reserve. www.federalreserve.gov/faqs/does-the-federal-reserve-maintain-accounts-for-individuals-can-individuals-use-such-accounts-to-pay-bills-and-get-money.htm

August 17, 2017 - U.S. and OKC Metro Economic Outlook By Chad Wilkerson Oklahoma City Branch Executive & Economist Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017_wilkerson_credit_unions_08-17.pdf

August 17, 2017 - Oil price pass-through into core inflation - Cristina Conflitti and Matteo Luciani - We estimate the oil price pass-through into consumer prices both in the US and in the euro area. In particular, we disentangle the specific effect that an oil price change might have on each disaggregate price, from the effect on all prices that an oil price change might have since it affects the whole economy. www.federalreserve.gov/econres/feds/files/2017085pap.pdf

August 17, 2017 - Structure and Share Data for U.S. Banking Offices of Foreign Entities - Data are collected as of the end of the month for March, June, September and December, and generally are released three months later. - There are two reports showing the same structure and asset information for each U.S. office, but in different orders. www.federalreserve.gov/releases/iba/default.htm

August 17, 2017 - The Effect of Interest Rates on Home Buying: Evidence from a Discontinuity in Mortgage Insurance Premiums - Neil Bhutta and Daniel Ringo - We study the effect of interest rates on the housing market by taking advantage of a sudden and unexpected price change in a large government mortgage program. www.federalreserve.gov/econres/feds/files/2017086pap.pdf
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August 17, 2017 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production rose 0.2 percent in July following an increase of 0.4 percent in June. In July, manufacturing output edged down 0.1 percent; the production of motor vehicles and parts fell substantially, but that decrease was mostly offset by a net gain of 0.2 percent for other manufacturing industries. www.federalreserve.gov/releases/g17/Current/default.htm

August 17, 2017 - Federal Reserve Board issues enforcement action with Heartland Bank, www.federalreserve.gov/newsevents/pressreleases/enforcement20170817a.htm

August 17, 2017 - July 2017 NCUA Board Meeting Video Available - The video recording of the July 20, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2017-aug-july-board-meeting-video-available.aspx

August 16, 2017 - NCUA - Stabilization Fund Webinar Available Online - Comments on the Proposed Plan Due by Sept. 5 - The National Credit Union Administration has now posted the Aug. 9 webinar covering its proposed plan to close the Temporary Corporate Credit Union Stabilization Fund. www.ncua.gov/newsroom/Pages/news-2017-aug-stabilization-fund-webinar-available-online.aspx

August 16, 2017 - NCUA Seeks Comments on Sweeping Regulatory Reform Plan - Four-Year Plan Maps a “Significant and Comprehensive Relief Effort” - The National Credit Union Administration is inviting credit union stakeholders to read and comment on a package of regulatory reforms recommended by an internal agency task force. www.ncua.gov/newsroom/Pages/news-2017-aug-ncua-seeks-comments-sweeping-regulatory-reform-plan.aspx

August 16, 2017 - Why Are Banks Not Recapitalized During Crises? - Matteo Crosignani - I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. www.federalreserve.gov/econres/feds/files/2017084pap.pdf

August 16, 2017 - Minutes of the Federal Open Market Committee, July 25-26, 2017 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 25-26, 2017. www.federalreserve.gov/newsevents/pressreleases/monetary20170816a.htm

August 15, 2017 - Bank Accounting Advisory Series Updated - The Office of the Comptroller of the Currency today released an update to the Bank Accounting Advisory Series. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-91.html

August 15, 2017 - Managing Counterparty Risk in OTC Markets - Christoph Frei, Agostino Capponi, and Celso Brunetti - We study how banks manage their default risk before bilaterally negotiating the quantities and prices of over-the-counter contracts resembling credit default swaps. www.federalreserve.gov/econres/feds/files/2017083pap.pdf

August 15, 2017 - Identifying Contagion in a Banking Network - Alan Morrison, Michalis Vasios, Mungo Wilson, and Filip Zikes - We present the first micro-level evidence of the transmission of shocks through financial networks. www.federalreserve.gov/econres/feds/files/2017082pap.pdf

August 14, 2017 - AgLetter : August 2017 By David Oppedahl - Farmland values for the Seventh Federal Reserve District increased 1 percent from a year ago during the second quarter of 2017. www.chicagofed.org/publications/agletter/2015-2019/august-2017

August 14, 2017 - Regulatory Capital Rule: Treatment of Certain Centrally Cleared Derivative Contracts - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued interagency guidance on the regulatory capital treatment of certain centrally cleared derivative contracts in light of recent changes to the rulebooks of certain central counterparties. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-27.html

August 14, 2017 - Regulatory Capital Treatment of Certain Centrally-Cleared Derivative Contracts Under the FDIC's Capital Rule - The FDIC is issuing the attached letter that provides supervisory guidance on the regulatory capital treatment of certain centrally-cleared, settled-to-market derivative contracts. www.fdic.gov/news/news/financial/2017/fil17033.html

August 14, 2017 - Regulatory Capital Treatment of Certain Centrally-cleared Derivative Contracts under the Board's Capital Rule - This guidance applies to state member banks, bank holding companies, and savings and loan holding companies supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets. www.federalreserve.gov/supervisionreg/srletters/sr1707.htm

August 11, 2017 - The Expansion of High School Choice in Chicago Public Schools By Lisa Barrow , Lauren Sartain - Public school choice in Chicago has been in existence for more than 30 years and has noticeably expanded over the past 15 years. www.chicagofed.org/publications/economic-perspectives/2017/5

August 11, 2017 - AgLetter : August 2017 By David Oppedahl - Farmland values for the Seventh Federal Reserve District increased 1 percent from a year ago during the second quarter of 2017. www.chicagofed.org/publications/agletter/2015-2019/august-2017

August 11, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 10, 2017 - Federal Reserve announces results of offering of seven-day term deposits on August 10 - On August 10, 2017, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. The operation offered seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point. www.federalreserve.gov/newsevents/pressreleases/monetary20170810a.htm
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August 10, 2017 - U.S. and Southeast Oklahoma Economic Outlook By Chad Wilkerson Hugo Economic Forum.  www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-wilkerson-hugo-forum-08-17.pdf

August 10, 2017 - FEDS Notes - Synthetic ETFs - Sirio Aramonte, Cecilia Caglio, and Tugkan Tuzun - Exchange traded funds achieve their investment objectives by either owning a portfolio of securities or entering into swap agreements that deliver the returns of pre-specified indexes. www.federalreserve.gov/econres/notes/feds-notes/synthetic-etfs-20170810.htm

August 9, 2017 - The Effect of Bank Supervision on Risk Taking: Evidence from a Natural Experiment - John Kandrac and Bernd Schlusche - Abstract: In this paper, we exploit a natural experiment in which thrifts in several states witnessed an exogenous reduction in supervisory attention to assess the effect of supervision on financial institutions' willingness to take risk. www.federalreserve.gov/econres/feds/files/2017079pap.pdf

August 9, 2017 - Federal Reserve Board issues guidelines to evaluate requests for joint accounts at Federal Reserve Banks - The Federal Reserve Board on Wednesday released final guidelines that will be used to evaluate requests for joint accounts at Federal Reserve Banks effective upon publication in the Federal Register. www.federalreserve.gov/newsevents/pressreleases/other20170809a.htm

August 8, 2017 - Matching Banks by Business Model, Geography and Size: A Dataset - Mark Carlson, Molly Shatto, and Missaka Warusawitharana - In this note, we describe an algorithm, developed in Carlson, Shan, and Warusawitharana (2013), to match banks that are geographically close and are similar in size and business model. www.federalreserve.gov/econres/notes/feds-notes/matching-banks-by-business-model-geography-and-size-a-dataset-20170808.htm

August 8, 2017 - Statistical Release - Annual data on manufacturing investment and capital - The Federal Reserve provides the data from the G.17 release in multiple ways.   www.federalreserve.gov/releases/g17/download.htm 

August 8, 2017 - Firm Leverage, Labor Market Size, and Employee Pay - Timothy E. Dore and Rebecca Zarutskie - We provide new estimates of the wage costs of firms' debt. Our empirical approach exploits within-firm geographical variation in workers' expected unemployment costs due to variation in local labor market size and uses a large representative sample of public firms. www.federalreserve.gov/econres/feds/files/2017078pap.pdf

August 8, 2017 - Agencies extend resolution plan filing deadline for certain foreign and domestic banks - Board of Governors of the Federal Reserve System - Federal Deposit Insurance Corporation - The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today extended the resolution plan filing deadline for 19 foreign banking organizations and two large domestic bank holding companies to December 31, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170808a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17060.html

August 7, 2017 - Emerging Trends in the U.S. and Colorado Economies Alison Felix Economist and Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-felix-ecosprrotary-08-07.pdf

August 7, 2017 - St. Louis Fed's Bullard: A Low Inflation Surprise for U.S. Monetary Policy - Federal Reserve Bank of St. Louis President James Bullard gave remarks on “A Low Inflation Surprise for U.S. Monetary Policy” at the 2017 conference of America’s Cotton Marketing Cooperatives on Monday. www.stlouisfed.org/news-releases/2017/08/07/bullard-low-inflation-surprise
 
August 7, 2017 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 4-1/2 percent during the second quarter. Both revolving and nonrevolving credit increased at similar annual rates.  www.federalreserve.gov/releases/g19/current/default.htm

August 4, 2017 - 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/2017/pr17059.html

August 4, 2017 - FOIA - Chair Yellen's calendar, June 2017.  www.federalreserve.gov/foia/chairscalendar-062017.htm

August 4, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

August 3, 2017 - Failure Acquisitions: Revised Comptroller’s Licensing Manual Booklet - Revised Comptroller’s Licensing Manual Booklet - The Office of the Comptroller of the Currency issued today the “Failure Acquisitions” booklet of the Comptroller’s Licensing Manual. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-26.html
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August 3, 2017 - St. Louis Fed Releases Report on the Power of Food System Investments to Boost Regional Economies - The Federal Reserve Bank of St. Louis, in partnership with the Federal Reserve Board of Governors and the U.S. Department of Agriculture’s offices of Rural Development and the Agricultural Marketing Service, have released Harvesting Opportunity.  www.stlouisfed.org/news-releases/2017/08/03/st-louis-fed-releases-report-on-community-food-system-investments

August 3, 2017 - Updating the Labor Market Conditions Index - Hess Chung, Christopher Nekarda, David Ratner - As of August 3, 2017, updates of the labor market conditions index have been discontinued; the July 7, 2017 vintage is the final estimate from this model. www.federalreserve.gov/econresdata/notes/feds-notes/2014/updating-the-labor-market-conditions-index-20141001.html

August 3, 2017 - Exporting and Frictions in Input Markets: Evidence from Chinese Data - Maria D. Tito and Ruoying Wang - This paper investigates the impact of international trade on input market distortions. www.federalreserve.gov/econres/feds/files/2017077pap.pdf

August 3, 2017 - Misallocation Costs of Digging Deeper into the Central Bank Toolkit - Robert Kurtzman and David Zeke - Central bank large-scale asset purchases, particularly the purchase of corporate bonds of nonfinancial firms, can induce a misallocation of resources through their heterogeneous effect on firms cost of capital. www.federalreserve.gov/econres/feds/files/2017076pap.pdf

August 3, 2017 - The FOMC meeting minutes: An update of counting words - Melanie Josselyn and Ellen E. Meade - An earlier Feds note provided information about the structure of the FOMC meeting minutes and the use of "quantitative" or "counting" words to characterize the number of policymakers aligned with particular views. www.federalreserve.gov/econres/notes/feds-notes/the-fomc-meeting-minutes-an-update-of-counting-words-20170803.htm

August 3, 2017 - Federal Reserve to offer seven-day term deposits on August 10 - 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/pressreleases/monetary20170803a.htm

August 3, 2017 - NCUA’s Final CDFI Qualification Round Runs Aug. 7 to Sept. 1 - Streamlined Application Process Can Help Eligible Credit Unions - The National Credit Union Administration is hosting its third and final round for credit unions to qualify to use the streamlined application for certification as community development financial institutions. www.ncua.gov/newsroom/Pages/news-2017-aug-cdfi-certification-round.aspx

August 2, 2017 - OCC Solicits Public Comments on Revising the Volcker Rule - The Office of the Comptroller of the Currency is seeking public input on revising the final regulation implementing section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-89.html

August 2, 2017 - Overview of the Federal Reserve's Supervisory Education Programs - This letter applies to examiners and supervisory staff at all twelve Federal Reserve Banks, regardless of the supervision program - The Board's Divisions of Supervision and Regulation and Consumer and Community Affairs are issuing this letter to outline the Federal Reserve's supervisory education programs. www.federalreserve.gov/supervisionreg/srletters/sr1706.htm

August 2, 2017 - Shared National Credit review finds risk remains high, but underwriting and risk management continue to improve - Risk in the portfolio of large syndicated bank loans declined slightly but remains elevated, according to the Shared National Credit Program Review released today by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency.
Press Release: www.fdic.gov/news/news/press/2017/pr17058.html
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170802a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-90.html

August 1, 2017 - How Much Risk Do Variable Annuity Guarantees Pose to Life Insurers? By Alejandro H. Drexler , Thanases Plestis , Richard J. Rosen - Over the past two decades, guarantees that protect variable annuities’ balances when their underlying investments perform poorly have become quite popular. www.chicagofed.org/publications/chicago-fed-letter/2017/384

August 1, 2017 - OCC Releases CRA Evaluations for 26 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of July 1, 2017 through July 31, 2017.  www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-88.html

August 1, 2017 - OCC Hosts Compliance and Operational Risk Workshops in Baltimore - The Office of the Comptroller of the Currency will host two workshops in Baltimore at the Sheraton Baltimore North Hotel, September 12-13, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-87.html

August 1, 2017 - Statistical Release - Seasonal factors for motor vehicle sales - The Federal Reserve Board has re-estimated seasonal factors for new motor vehicle sales, using data through April 2017. These factors are estimated once per year using X12-ARIMA. The factors will be revised again in summer 2018. www.federalreserve.gov/releases/g17/mv_sales_sf.htm

August 1, 2017 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in JULY 2017 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

August 1, 2017 - Federal Reserve Board issues enforcement actions with Mesquite Financial Services, Inc., Federal One Holdings, LLC, and Admirals Bancorp, Inc. and announces termination of enforcement action with First St. Charles Bancshares, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20170801a.htm