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August 31, 2020 - Midwest Economy Index Suggests Growth Increased, but Remained Well Below Trend Through July - The Midwest Economy Index (MEI), which approximates quarterly growth at a monthly frequency, rose to –3.60 in July from –9.54 in June. www.chicagofed.org/~/media/publications/mei/2020/mei-july2020-pdf.pdf August 31, 2020 - NCUA Issues Prohibition Notice - The National Credit Union Administration issued one prohibition notice in August. This individual is prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/press-release/2020/ncua-issues-prohibition-notice-1 August 31, 2020 - FDIC Issues CRA Examination Schedules for Fourth Quarter 2020 and First Quarter 2021 - . CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. www.fdic.gov/news/press-releases/2020/pr20098.html August 31, 2020 - Conflicting Signals: Implications of Divergence in Surveys and Market-Based Measures of Policy Expectations By Anthony Diercks and Isfar Munir - Divergent signals can arise between survey-based and market-derived measures of policy expectations. www.federalreserve.gov/econres/notes/feds-notes/conflicting-signals-implications-of-divergence-in-surveys-and-market-based-measures-of-policy-expectations-20200831.htm August 31, 2020 - Modeling the Consumption Response to the CARES Act - Christopher D. Carroll, Edmund Crawley, Jiri Slacalek, Matthew N. White - To predict the effects of the 2020 U.S. CARES Act on consumption, we extend a model that matches responses of households to past consumption stimulus packages. www.federalreserve.gov/econres/feds/modeling-the-consumption-response-to-the-CARES-act.htm August 31, 2020 - The Federal Reserve’s New Monetary Policy Framework: A Robust Evolution Vice Chair Richard H. Clarida - At the Peterson Institute for International Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/clarida20200831a.htm August 28, 2020 - Acting Comptroller of the Currency Hosts Access to Capital Forum in Denver - Acting Comptroller of the Currency Brian Brooks today hosted an “Access to Capital Forum” in Denver to promote investment and lending in underserved areas and to highlight activities supported by the Office of the Comptroller of the Currency’s new Community Reinvestment Act rule. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-112.html August 28, 2020 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Wildfires - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires. www.fdic.gov/news/financial-institution-letters/2020/fil20085.html August 28, 2020 - FDIC Makes Public July Enforcement Actions - The FDIC issued 9 orders in July 2020. The administrative enforcement actions in those orders consisted of one consent order under 8(b), one order of prohibition under 8(e), six Section 19 orders, and one order terminating deposit insurance. www.fdic.gov/news/press-releases/2020/pr20097.html August 28, 2020 - Report on the Federal Reserve's Balance Sheet - This report covers the time period between March 11 and August 12, 2020. 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 28, 2020 - Implementing Monetary Policy in an “Ample-Reserves” Regime: Maintaining an Ample Quantity of Reserves - Jane Ihrig, Zeynep Senyuz, and Gretchen C. Weinbach - Note 1 in this three-part series described how the Federal Reserve implements monetary policy with an ample quantity of reserves in the banking system. www.federalreserve.gov/econres/notes/feds-notes/implementing-monetary-policy-in-an-ample-reserves-regime-maintaining-an-ample-quantity-of-reserves-note-2-of-3-20200828.htm August 28, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm August 28, 2020 - Intermeeting Rate Cuts as a Response to Rare Disasters - David S. Miller - This paper measures the probability of rare disasters by measuring the probability of the intermeeting federal funds rate cuts they provoke. www.federalreserve.gov/econres/feds/intermeeting-rate-cuts-as-a-response-to-rare-disasters.htm ____________________ August 27, 2020 - Considerations Regarding Inflation Ranges - Hess Chung, Brian M. Doyle, James Hebden, and Michael Siemer - We consider three ways that a monetary policy framework may employ a range for inflation outcomes: (1) ranges that acknowledge uncertainty about inflation outcomes, (2) ranges that define the scope for intentional deviations of inflation from its target, and (3) ranges over which monetary policy will not react to inflation deviations. www.federalreserve.gov/econres/feds/considerations-regarding-inflation-ranges.htm August 27, 2020 - Issues in the Use of the Balance Sheet Tool - Mark Carlson, Stefania D�Amico, Cristina Fuentes-Albero, Bernd Schlusche, and Paul Wood - This paper considers various ways of using balance sheet policy to provide monetary policy stimulus, including the BSPs put in place by the Federal Reserve in the wake of the Global Financial Crisis, the choice between fixed-size and flow-based asset purchase programs, policies targeting interest rate levels rather than the quantity of asset purchases, and programs aimed at increasing more direct lending to households and firms. www.federalreserve.gov/econres/feds/issues-in-the-use-of-the-balance-sheet-tool.htm August 27, 2020 - Issues regarding the Use of the Policy Rate Tool - Jeffrey Campbell, Thomas B. King, Anna Orlik, and Rebecca Zarutskie - We review two nonstandard uses of the policy rate tool, which provide additional stimulus when interest rates are close to or at the effective lower bound - forward guidance and negative interest rate policy. www.federalreserve.gov/econres/feds/issues-regarding-the-use-of-the-policy-rate-tool.htm August 27, 2020 - Monetary Policy and Economic Performance since the Financial Crisis - Dario Caldara, Etienne Gagnon, Enrique Mart�nez-Garc�a, and Christopher J. Neely - We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve�s dual mandate. www.federalreserve.gov/econres/feds/monetary-policy-and-economic-performance-since-the-financial-crisis.htm August 27, 2020 - The Federal Reserve�s Review of Its Monetary Policy Framework: A Roadmap - David Altig, Jeff Fuhrer, Marc P. Giannoni, and Thomas Laubach - In early 2019, the Federal Open Market Committee launched a comprehensive review of its monetary policy framework - the strategies, tools, and communication practices employed by the Federal Reserve to achieve its congressionally mandated goals of maximum employment and price stability. www.federalreserve.gov/econres/notes/feds-notes/the-federal-reserves-review-of-its-monetary-policy-framework-a-roadmap-20200827.htm August 27, 2020 - Unemployment Rate Benchmarks - Richard K. Crump, Christopher J. Nekarda, and Nicolas Petrosky-Nadeau - This paper discusses various concepts of unemployment rate benchmarks that are frequently used by policymakers for assessing the current state of the economy as it relates to the pursuit of both price stability and maximum employment. www.federalreserve.gov/econres/feds/unemployment-rate-benchmarks.htm August 27, 2020 - Monetary Policy Strategies and Tools: Financial Stability Considerations - Jonathan Goldberg, Elizabeth Klee, Edward Simpson Prescott, and Paul Wood - This paper examines potential interactions between financial stability and the monetary policy strategies and tools considered in the Federal Reserve�s review of monetary policy strategy, tools, and communication practices. www.federalreserve.gov/econres/feds/monetary-policy-strategies-and-tools-financial-stability-considerations.htm August 27, 2020 - Strengthening the FOMC�s Framework in View of the Effective Lower Bound and Some Considerations Related to Time-Inconsistent Strategies - Fernando Duarte, Benjamin K. Johannsen, Leonardo Melosi, and Taisuke Nakata - We analyze the framework for monetary policy in view of the effective lower bound. We find that the ELB is likely to bind in most future recessions and propose some ways that theoretical models imply that the framework could be strengthened. www.federalreserve.gov/econres/feds/strengthening-the-fomcs-framework.htm August 27, 2020 - Alternative Strategies: How Do They Work? How Might They Help? - Jonas Arias, Martin Bodenstein, Hess Chung, Thorsten Drautzburg, and Andrea Raffo - Several structural developments in the U.S. economy - including lower neutral interest rates and a flatter Phillips curve - have challenged the ability of the current monetary policy framework to deliver on the Federal Open Market Committee�s dual-mandate goals. www.federalreserve.gov/econres/feds/alternative-strategies-how-do-they-work-how-might-they-help.htm August 27, 2020 - Distributional Considerations for Monetary Policy Strategy - Laura Feiveson, Nils Goernemann, Julie Hotchkiss, Karel Mertens, and Jae Sim - We show that makeup strategies, such as average inflation targeting and price-level targeting, can be more effective than a flexible inflationtargeting strategy in overcoming the obstacles created by the effective lower bound in a heterogeneous agent New Keynesian model. www.federalreserve.gov/econres/feds/distributional-considerations-for-monetary-policy-strategy.htm August 27, 2020 - How Robust Are Makeup Strategies to Key Alternative Assumptions? - James Hebden, Edward P. Herbst, Jenny Tang, Giorgio Topa, and Fabian Winkler - We analyze the robustness of makeup strategies - policies that aim to offset, at least in part, past misses of inflation from its objective - to alternative modeling assumptions, with an emphasis on the role of inflation expectations. www.federalreserve.gov/econres/feds/how-robust-are-makeup-strategies-to-key-alternative-assumptions.htm August 27, 2020 - Monetary Policy Tradeoffs and the Federal Reserve�s Dual Mandate - Andrea Ajello, Isabel Cair�, Vasco C�rdia, Thomas A. Lubik, and Albert Queralto - Some key structural features of the U.S. economy appear to have changed in the recent decades, making the conduct of monetary policy more challenging. In particular, there is high uncertainty about the levels of the natural rate of interest and unemployment as well as about the effect of economic activity on inflation. www.federalreserve.gov/econres/feds/monetary-policy-tradeoffs-and-the-federal-reserves-dual-mandate.htm August 27, 2020 - New Economic Challenges and the Fed's Monetary Policy Review Chair Jerome H. Powell At "Navigating the Decade Ahead: Implications for Monetary Policy," an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming. www.federalreserve.gov/newsevents/speech/powell20200827a.htm August 27, 2020 - Federal Open Market Committee announces approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy - Following an extensive review that included numerous public events across the country, the Federal Open Market Committee on Thursday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates its approach to monetary policy and serves as the foundation for its policy actions. www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm August 26, 2020 - More Chicago Properties at Risk for Flooding Than Flood Maps Suggest By Andy Polacek - After the third straight �wettest May on record� for Chicago, if you�re a Chicagoan you may be wondering if your home is at risk for serious flooding. One way to figure this out might be to look at the flood maps provided by the Federal Emergency Management Agency, the federal agency in charge of national disaster preparedness and relief. www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/chicago-flood-risk August 26, 2020 - Revised Transition of the Current Expected Credit Losses Methodology for Allowances - The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Board of Governors of the Federal Reserve System have adopted final changes to the capital rule that allow banking organizations that adopt the current expected credit losses methodology of estimating allowances for credit losses during the 2020 calendar year to have the option to delay for up to two years an estimate of CECL�s effect on regulatory capital followed by a three-year transition period. www.fdic.gov/news/financial-institution-letters/2020/fil20084.html August 26, 2020 - Final Rule Adopts Existing Interim Final Rule Definition of Eligible Retained Income - The FDIC, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency jointly issued a final rule that adopts without change an interim final rule that revised the definition of �eligible retained income� for all institutions, bank holding companies, and savings and loan holding companies. www.fdic.gov/news/financial-institution-letters/2020/fil20083.html August 26, 2020 - Modifications to the Community Bank Leverage Ratio Framework - The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency are adopting the final revisions to the community bank leverage ratio framework made under two interim final rules issued in the Federal Register on April 23, 2020. www.fdic.gov/news/financial-institution-letters/2020/fil20082.html August 26, 2020 - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Iowa Affected by Severe Storms - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Iowa affected by severe storms. www.fdic.gov/news/financial-institution-letters/2020/fil20081.html August 26, 2020 - The Pandemic�s Effect on the Economy and Banking Governor Michelle W. Bowman At the Kansas Bankers Association CEO and Senior Management Forum/Annual Meeting, Topeka, Kansas. www.federalreserve.gov/newsevents/speech/bowman20200826a.htm August 26, 2020 - Agencies issue three final rules - The federal bank regulatory agencies today finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200826a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20096.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-111.html August 26, 2020 - NCUA Warns Credit Unions in the Path of Hurricane Laura to Prepare - Credit unions in the path of Hurricane Laura are advised to take precautions as the storm intensifies in the Gulf of Mexico, the National Credit Union Administration said today. www.ncua.gov/newsroom/press-release/2020/ncua-warns-credit-unions-path-hurricane-laura-prepare August 25, 2020 - Iowa�s Road to Recovery and Growth - By Lisa Camner McKay - Iowa, like every U.S. state, has been challenged by the sudden health and economic crises caused by Covid-19. www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/iowas-road-to-recovery-and-growth August 25, 2020 - NCUA Webinar Will Discuss Credit Union, NeighborWorks Partnerships - Credit unions can learn more about potential collaborations with NeighborWorks America during an upcoming webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2020/ncua-webinar-will-discuss-credit-union-neighborworks-partnerships August 25, 2020 - OCC Allows National Banks and Federal Savings Associations Along U.S. Gulf Coast to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices affected by severe weather along the U.S. Gulf Coast at their discretion. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-110.html August 25, 2020 - FDIC-Insured Institutions Reported Lower Profitability but Strong Liquidity and Higher Capital Levels in Second Quarter 2020. www.fdic.gov/news/press-releases/2020/pr20095.html August 25, 2020 - Fixed Income Market Structure: Treasuries vs. Agency MBS - James Collin Harkrader and Michael Puglia - This FEDS Note is the second in a three-part series on Treasury and agency MBS market structure. www.federalreserve.gov/econres/notes/feds-notes/fixed-income-market-structure-treasuries-vs-agency-mbs-20200825.htm August 25, 2020 - Statistical Release - Charge-off and Delinquency Rates on Loans and Leases at Commercial Banks. www.federalreserve.gov/releases/chargeoff/ August 25, 2020 - Minutes of the Board's discount rate meetings from June 22 through July 29, 2020. www.federalreserve.gov/newsevents/pressreleases/files/monetary20200825a1.pdf August 24, 2020 - Measuring the Relationship Between Business Reopenings, Covid-19, and Consumer Behavior By Diane Alexander , Ezra Karger , Amanda McFarland - On March 17, 2020, seven counties in the San Francisco Bay Area put into place the first stay-at-home orders in the United States. www.chicagofed.org/publications/chicago-fed-letter/2020/445 August 24, 2020 - Chicago Fed National Activity Index Suggests Slower, but Still Well-Above-Average Growth in July - Led by some moderation in the growth of production- and employment-related indicators, the Chicago Fed National Activity Index declined to +1.18 in July from +5.33 in June. www.chicagofed.org/~/media/publications/cfnai/2020/cfnai-august2020-pdf.pdf August 24, 2020 - OCC Allows National Banks and Federal Savings Associations Affected by California and Colorado Wildfires to Close - In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions will close. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-109.html August 24, 2020 - Federal Reserve will co-host a research conference on bank supervision on December 11, 2020 - The Federal Reserve Board in December will co-host a research conference on bank supervision. www.federalreserve.gov/newsevents/pressreleases/other20200824a.htm August 24, 2020 - Kansas City Fed to host 44th annual Economic Policy Symposium - The Federal Reserve Bank of Kansas City will convene its 44th annual Economic Policy Symposium, �Navigating the Decade Ahead: Implications for Monetary Policy,� Aug. 27 and Aug. 28. www.kansascityfed.org/newsroom/newsreleases/2020/44th%20annual%20economic%20policy%20symposium August 24, 2020 - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited), Q2 2020 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 24, 2020 - Worker Churn at Establishments over the Business Cycle - Alison Weingarden - This note decomposes worker churn (which occurs when business establishments have simultaneous hiring and separations) into two components using monthly Job Opening and Labor Turnover Survey responses from the U.S. Bureau of Labor Statistics. www.federalreserve.gov/econres/notes/feds-notes/worker-churn-at-establishments-over-the-business-cycle-20200824.htm August 24, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:45 a.m. on August 24, 2020. 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/20200824closed.htm August 24, 2020 - Federal Reserve will co-host a research conference on bank supervision on December 11, 2020 - The Federal Reserve Board in December will co-host a research conference on bank supervision. www.federalreserve.gov/newsevents/pressreleases/other20200824a.htm August 21, 2020 - FDIC Proposes to Update Policy Statement on Minority Depository Institutions - The Board of Directors of the Federal Deposit Insurance Corporation today approved a new proposed Statement of Policy to enhance the agency�s efforts to encourage and preserve Minority Depository. www.fdic.gov/news/press-releases/2020/pr20094.htmlInstitutions August 21, 2020 - FDIC Proposes Changes to Its Supervisory Appeals Process - The Board of Directors of the Federal Deposit Insurance Corporation today approved a proposal to amend its Guidelines for Appeals of Material Supervisory Determinations. www.fdic.gov/news/press-releases/2020/pr20093.html August 21, 2020 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/ August 21, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm August 21, 2020 - When it Rains it Pours: Cascading Uncertainty Shocks - Anthony M. Diercks, Alex Hsu, and Andrea Tamoni - We empirically document that serial uncertainty shocks are (1) common in the data and (2) have an increasingly stronger impact on the macroeconomy. www.federalreserve.gov/econres/feds/when-it-rains-it-pours-cascading-uncertainty-shocks.htm August 21, 2020 - The Consequences of Medicare Pricing: An Explanation of Treatment Choice - Elena -Primary care physicians provide more specialty procedures in less-urban areas, where specialists are fewer. www.federalreserve.gov/econres/feds/the-consequences-of-medicare-pricing-an-explanation-of-treatment-choice.htm August 21, 2020 - Paying Too Much? Price Dispersion in the U.S. Mortgage Market - Neil Bhutta, Andreas Fuster, and Aurel Hizmo - We document wide dispersion in the mortgage rates that households pay on identical loans, and show that borrowers' financial sophistication is an important determinant of the rates obtained. www.federalreserve.gov/econres/feds/paying-too-much-price-dispersion-in-the-us-mortgage-market.htm August 21, 2020 - Agencies issue statement providing additional information for certain Bank Secrecy Act due diligence requirements Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200821a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20092.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-108.html Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-77.html Press Release: www.ncua.gov/newsroom/press-release/2020/agencies-issue-statement-bank-secrecy-act-due-diligence-requirements-customers-who-may-be-considered-peps August 20, 2020 - OCC Enforcement Actions - 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/2020/nr-occ-2020-107.html August 20, 2020 - Banker Webinar: Loan Forgiveness and Other Matters Relative to the Paycheck Protection Program - The FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration (the agencies), as well as the Conference of State Bank Supervisors will host a webinar for bankers on Thursday, August 27 from 11:00 a.m. to 12:00 p.m., Eastern Daylight Time to discuss the loan forgiveness process and recent changes in the Paycheck Protection Program. www.fdic.gov/news/financial-institution-letters/2020/fil20077.html August 20, 2020 - 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 24, 2020. 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/20200824closed.htm August 20, 2020 - Are Shadow Rate Models of the Treasury Yield Curve Structurally Stable? - Don H. Kim and Marcel A. Priebsch - We examine the structural stability of Gaussian shadow rate term structure models of Treasury yields over a sample that includes the period from 2008 onwards during which the U.S. policy rate was at its effective lower bound. www.federalreserve.gov/econres/feds/are-shadow-rate-models-of-the-treasury-yield-curve-structurally-stable.htm August 20, 2020 - Artificial Intelligence Methods for Evaluating Global Trade Flows - Feras A. Batarseh, Munisamy Gopinath, and Anderson Monken - International trade policies remain in the spotlight given the recent rethink on the benefits of globalization by major economies. www.federalreserve.gov/econres/ifdp/artificial-intelligence-methods-for-evaluating-global-trade-flows.htm August 20, 2020 - Federal Reserve Board issues enforcement action with former employee of Heartland Bank. www.federalreserve.gov/newsevents/pressreleases/enforcement20200820a.htm August 18, 2020 - 2020 Community Banking Research Conference to Go Virtual, Sept. 30-Oct. 1 - Community bankers, academics, policymakers and bank supervisors from around the world will meet virtually the afternoons of Sept. 30-Oct.1 for the eighth annual Community Banking in the 21st Century research and policy conference. www.stlouisfed.org/news-releases/2020/08/18/2020-community-banking-research-conference-to-go-virtual-sept-30-oct-1 __________________________ August 19, 2020 - San Francisco Fed launches The New Future of Work, a virtual discussion series - The New Future of Work discussion series will begin with a conversation exploring the tensions facing dynamic work environments, including insights into the core needs of our future workforce. www.frbsf.org/our-district/press/news-releases/2020/san-francisco-fed-launches-the-new-future-of-work-a-virtual-discussion-series/ August 19, 2020 - Supply-Side Effects of Pandemic Mortality: Insights from an Overlapping-Generations Model - Etienne Gagnon, Benjamin Johannsen, and David L�pez-Salido - We use an overlapping-generations model to explore the implications of mortality during pandemics for the economy's productive capacity. www.federalreserve.gov/econres/feds/supply-side-effects-of-pandemic-mortality-insights-from-an-overlapping-generations-model.htm August 19, 2020 - A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-1954 - Sriya Anbil, Mark Carlson, Christopher Hanes, and David C. Wheelock This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. www.federalreserve.gov/econres/feds/new-daily-federal-funds-rate-series-history-of-federal-funds-market-1928-1954.htm August 19, 2020 - Statistical Release - Finance Companies - G.20. www.federalreserve.gov/releases/g20/current/g20.htm August 19, 2020 - Brief remarks by Governor Bowman at the Outstanding Women of Kansas Awards Ceremony At the Outstanding Women of Kansas Awards Ceremony, Topeka, Kansas. www.federalreserve.gov/newsevents/speech/bowman20200819a.htm August 19, 2020 - Minutes of the Federal Open Market Committee, July 28-29, 2020 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 28-29, 2020. www.federalreserve.gov/newsevents/pressreleases/monetary20200819a.htm August 18, 2020 - 2020 Community Banking Research Conference to Go Virtual, Sept. 30-Oct. 1 - Community bankers, academics, policymakers and bank supervisors from around the world will meet virtually the afternoons of Sept. 30-Oct.1 for the eighth annual Community Banking in the 21st Century research and policy conference. www.stlouisfed.org/news-releases/2020/08/18/2020-community-banking-research-conference-to-go-virtual-sept-30-oct-1 August 18, 2020 - The Influence and Limits of Central Bank Backstops By Sam Schulhofer-Wohl - The Federal Reserve has deployed a wide array of emergency lending facilities in response to the economic crisis of the Covid-19 pandemic.1 By regulation, lending facilities created under the Fed�s emergency powers are �backstops,� charging a penalty interest rate that encourages borrowers to obtain funds in the market when possible. www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/the-influence-and-limits-of-central-bank-backstops August 18, 2020 - Press Releases search results - NCUA Charters Growing Oaks Federal Credit Union - The National Credit Union Administration announced today that it granted a federal charter and National Credit Union Share Insurance Fund coverage to Growing Oaks Federal Credit Union in Goldsby, Oklahoma. www.ncua.gov/newsroom/press-release/2020/ncua-charters-growing-oaks-federal-credit-union August 17, 2020 - Bank Accounting Advisory Series Updated - This edition of the BAAS reflects accounting standards issued by the Financial Accounting Standards Board on such topics as troubled debt restructurings and credit losses. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-106.html August 17, 2020 - Updated Fingerprinting Process Related to Applications Reviewed by the Federal Reserve - The Federal Reserve reviews applications and notices that may include the need to collect fingerprints in order to assess whether certain proposed shareholders and policymakers have the competence, experience, integrity, character, and financial resources to effectively lead a supervised financial institution in a safe-and-sound manner. www.federalreserve.gov/supervisionreg/srletters/SR2020.htm August 17, 2020 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Total industrial production rose 3.0 percent in July after increasing 5.7 percent in June; even so, the index in July was 8.4 percent below its pre-pandemic February level. Manufacturing output continued to improve in July, rising 3.4 percent. www.federalreserve.gov/releases/g17/current/default.htm August 14, 2020 - Safety, Equity, Partnership: Strategies to Get Chicago�s Workforce Back to Work By Lisa Camner McKay - On Monday, August 10, the Chicago Fed convened a community forum of business, labor, and education leaders as part of its Project Hometown initiative to consider the challenges facing Chicago�s workforce amidst the health and economic crises triggered by the coronavirus pandemic. www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/safety-equity-partnership-strategies-chicago-workforce August 14, 2020 - Updated Fingerprinting Process Related to Applications Reviewed by the Federal Reserve - The Federal Reserve reviews applications and notices that may include the need to collect fingerprints in order to assess whether certain proposed shareholders and policymakers have the competence, experience, integrity, character, and financial resources to effectively lead a supervised financial institution in a safe-and-sound manner. www.federalreserve.gov/supervisionreg/srletters/SR2020.htm August 14, 2020 - Industrial Production and Capacity Utilization - G.17 - Total industrial production rose 3.0 percent in July after increasing 5.7 percent in June; even so, the index in July was 8.4 percent below its pre-pandemic February level. www.federalreserve.gov/releases/g17/current/default.htm August 13, 2020 - Observations from the FooWire Project: Experimenting with DLT for Payments Use - Jillian Buttecali, Zachary Proom, Paul Wong - In 2019, a team at the Federal Reserve Board conducted small-scale experimentation, named the "FooWire project," to build a payment system using distributed ledger technology. www.federalreserve.gov/econres/notes/feds-notes/observations-from-the-foowire-project-experimenting-with-dlt-for-payments-use-20200813.htm August 13, 2020 - Comparing Means of Payment: What Role for a Central Bank Digital Currency? - Paul Wong and Jesse Leigh Maniff - This paper looks at the potential benefit that a central bank digital currency could provide in the context of existing payment mechanisms. www.federalreserve.gov/econres/notes/feds-notes/comparing-means-of-payment-what-role-for-a-central-bank-digital-currency-20200813.htm August 13, 2020 - An Update on Digital Currencies Governor Lael Brainard At the Federal Reserve Board and Federal Reserve Bank of San Francisco's Innovation Office Hours, San Francisco, California (via webcast). www.federalreserve.gov/newsevents/speech/brainard20200813a.htm August 13, 2020 - Federal Reserve highlights research and experimentation undertaken to enhance its understanding of the opportunities and risks associated with central bank digital currencies. www.federalreserve.gov/newsevents/pressreleases/other20200813a.htm August 13, 2020 - Federal banking agencies issue joint statement on enforcement of Bank Secrecy Act/anti-money laundering requirements. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200813a.htm Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-105.html Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-75.html Press Release: www.fdic.gov/news/press-releases/2020/pr20091.html Press Release: www.ncua.gov/newsroom/press-release/2020/federal-banking-agencies-issue-joint-statement-enforcement-bank-secrecy-actanti-money-laundering _____________________________ August 13, 2020 - Collective Investment Funds: Prior Notice Period for Withdrawals : Interim Final Rule - The Office of the Comptroller of the Currency published an interim final rule in the Federal Register on August 13, 2020, that revises the requirements in 12 CFR 9.18(b)(5)(iii) applicable to a national bank or federal savings association (collectively, a bank) that administers a collective investment fund invested primarily in real estate or other assets that are not readily marketable. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-74.html August 13, 2020 - OCC Hosts Minority Depository Institutions Advisory Committee Meeting September 1 Via Remote Means - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee on Tuesday, September 1, 2020, via remote means. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-104.html August 12, 2020 - Covid-19 Impact on Worker Reallocation - Will the Covid-19 Pandemic Lead to Job Reallocation and Persistent Unemployment? By Joel David - The Covid-19 pandemic has had an enormous impact on the U.S. economy. www.chicagofed.org/publications/chicago-fed-letter/2020/444 August 12, 2020 - Chicago Fed Survey of Business Conditions Suggests Flat Growth in July - The Chicago Fed Survey of Business Conditions Activity Index was unchanged at +2 in July, suggesting that economic growth remained near trend. www.chicagofed.org/~/media/publications/cfsbc/2020/cfsbc-august2020-pdf.pdf August 12, 2020 - Deposit Insurance Coverage Seminars: Free Nationwide Series for Bank Officers and Employees - The FDIC will conduct four identical live seminars on FDIC deposit insurance coverage for bank employees and bank officers between September 15, 2020, and December 10, 2020. www.fdic.gov/news/financial-institution-letters/2020/fil20075.html August 12, 2020 - FEDS Notes - The Cost Structure of Consumer Finance Companies and Its Implications for Interest Rates: Evidence from the Federal Reserve Board's 2015 Survey of Finance Companies - Lisa Chen and Gregory Elliehausen - Interest includes compensation not only for forbearance and risk bearing but also compensation for expenses incurred to originate, service, and collect loans. www.federalreserve.gov/econres/notes/feds-notes/the-cost-structure-of-consumer-finance-companies-and-its-implications-for-interest-rates-20200812.htm August 11, 2020 - Higher Education Faces a Perfect Storm During the Covid-19 Pandemic - By Paul Traub Over the past decade or so, higher education in the U.S. has faced three major disruptive factors - declining public funding, declining enrollments, and the rise of online instruction. www.chicagofed.org/publications/blogs/michigan-economy/2020/higher-education-perfect-storm August 11, 2020 - NCUA - Register Now for Back to School Financial Education Webinar on Aug. 27 - Educators, parents, financial institutions, and other stakeholders can learn more about the financial literacy and consumer financial protection resources available during a webinar hosted by the National Credit Union Administration, Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau on August 27. www.ncua.gov/newsroom/press-release/2020/register-now-back-school-financial-education-webinar-aug-27 August 11, 2020 - Federal Reserve announces vendor award for the next generation of currency processing equipment - The Federal Reserve System�s Cash Product Office announced today that Giesecke+Devrient Currency Technology America, Inc. was awarded a new contract to build the central bank�s next generation of high-speed currency processing equipment. www.frbsf.org/our-district/press/news-releases/2020/gieseckedevrient-awarded-contract-to-build-nextgen-processing-equipment/ August 11, 2020 - Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility - The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes. www.federalreserve.gov/newsevents/pressreleases/monetary20200811a.htm August 10, 2020 - Workforce Challenges During Chicago�s Recovery - How can government, philanthropy, education, and the private sector work together to make workplaces safe under pandemic conditions and get displaced workers back to work? www.chicagofed.org/events/project-hometown/workforce-issues August 10, 2020 - St. Louis Fed Welcomes 2020-2021 Student Board of Directors - Students and schools across the St. Louis area continue to greet challenges of the COVID-19 pandemic with creativity. www.stlouisfed.org/news-releases/2020/08/10/st-louis-fed-welcomes-2020-student-board-directors August 10, 2020 - Regulatory Reform - Communications with the public through August 10, 2020. www.federalreserve.gov/reform.htm August 10, 2020 - Are There Competitive Concerns in �Middle Market� Lending? - David Benson and Ken Onishi - This note analyzes competition and concentration in "middle market" lending using loan level data obtained from large bank holding companies' Y14 reports to the Federal Reserve. www.federalreserve.gov/econres/notes/feds-notes/are-there-competitive-concerns-in-middle-market-lending-20200810.htm August 10, 2020 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities- Periodic Report:Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act. www.federalreserve.gov/publications/files/nonlf-noelf-pdcf-mmlf-cpff-pmccf-smccf-talf-mlf-ppplf-msnelf-mself-msplf-8-10-20.pdf August 10, 2020 - Federal Reserve Board announces individual large bank capital requirements, which will be effective on October 1 - Under its framework for large banks - those with more than $100 billion in total assets - capital requirements are in part determined by stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. www.federalreserve.gov/newsevents/pressreleases/bcreg20200810a.htm August 7, 2020 - Office of the Comptroller of the Currency Fees and Assessments : Amended Interim Calendar Year 2020 Fees and Assessments Structure - This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the Office of the Comptroller of the Currency for the remainder of calendar year 2020. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-73.html August 7, 2020 - OCC Releases CRA Evaluations for 30 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, 2020 through July 31, 2020. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-103.html August 7, 2020 - OCC Reduces September 2020 Assessments in Response to COVID-19 - Assessments due on September 30, 2020, for all OCC-supervised banks will be calculated using the December 31, 2019, Call Report for each institution, rather than the June 30, 2020, Call Report. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-102.html August 7, 2020 - Statistical Release - Consumer Credit - G.19 - Consumer credit decreased at a seasonally adjusted annual rate of 6-3/4 percent during the second quarter. Revolving credit decreased at an annual rate of 31-3/4 percent, while nonrevolving credit increased at an annual rate of 2 percent. www.federalreserve.gov/releases/g19/current/default.htm August 7, 2020 - An Early Evaluation of the Effects of the Pandemic on Living Arrangements and Household Formation - Daniel Garc�a and Andrew Paciorek - As with many other aspects of life�including the record-setting decline in employment - the COVID-19 pandemic has profoundly affected the living arrangements of millions of Americans. www.federalreserve.gov/econres/notes/feds-notes/an-early-evaluation-of-the-effects-of-the-pandemic-on-living-arrangements-and-household-formation-20200807.htm August 7, 2020 - FOIA - Chair Powell's June 2020 calendar. www.federalreserve.gov/foia/chair-powell-calendar-062020.htm August 7, 2020 - The Multiplier Effect of Education Expenditure - Maarten De Ridder, Simona M. Hannon, Damjan Pfajfar - This paper examines the short-run effects of federal education expenditures on local income. www.federalreserve.gov/econres/feds/the-multiplier-effect-of-education-expenditure.htm August 7, 2020 - Market Power, Inequality, and Financial Instability - Isabel Cair� and Jae Sim - Over the last four decades, the U.S. economy has experienced a few secular trends, each of which may be considered undesirable in some aspects: declining labor share; rising profit share; rising income and wealth inequalities; and rising household sector leverage, and associated financial instability. www.federalreserve.gov/econres/feds/market-power-inequality-and-financial-instability.htm August 7, 2020 - Modern Pandemics: Recession and Recovery - Chang Ma, John Rogers, and Sili Zhou - We examine the immediate effects and bounce-back from six modern health crises: 1968 Flu, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016). www.federalreserve.gov/econres/ifdp/modern-pandemics-recession-and-recovery.htm August 7, 2020 - Credit and Liquidity Programs and the Balance Sheet. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm August 6, 2020 - Optimal Dynamic Capital Requirements and Implementable Capital Buffer Rules - Matthew Canzoneri, Behzad Diba, Luca Guerrieri, Arsenii Mishin - We build a quantitatively relevant macroeconomic model with endogenous risk-taking. www.federalreserve.gov/econres/feds/optimal-dynamic-capital-requirements-and-implementable-capital-buffer-rules.htm August 6, 2020 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) Main Street Priority Loan Facility, (2) the Main Street New Loan Facility and (3) the Main Street Expanded Loan Facility. Main Street Priority Loan Facility nd Main Street New Loan Facility Transaction-specific Disclosures. www.federalreserve.gov/publications/files/mself-msnlf-msplf-20200806.pdf ________________________________ August 6, 2020 - Begin with Your Block: Challenges and Prospects for Chicago�s Minority Middle Neighborhoods By Lisa Camner McKay - The Chicago Fed�s Project Hometown initiative hosted a panel discussion on Wednesday, July 29, that brought together practitioners and researchers to explore the challenges faced by Chicago�s minority neighborhoods. www.chicagofed.org/publications/blogs/chicago-fed-insights/2020/begin-with-your-block August 6, 2020 - NCUA - Hood Appoints Harper to NeighborWorks America Board of Directors - Today, National Credit Union Administration Chairman Rodney E. Hood announced the appointment of Board Member Todd M. Harper as the agency�s representative on the Board of Directors of NeighborWorks America, one of the nation�s leading affordable housing and community development organizations. www.ncua.gov/newsroom/press-release/2020/hood-appoints-harper-neighborworks-america-board-directors August 6, 2020 - OCC Assesses $80 Million Civil Money Penalty Against Capital One. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-101.html August 6, 2020 - The Future of Retail Payments in the United States - Governor Lael Brainard At the FedNow Service Webinar, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20200806a.htm August 6, 2020 - Federal Reserve announces details of new 24x7x365 interbank settlement service with clearing functionality to support instant payments in the United States. www.federalreserve.gov/newsevents/pressreleases/other20200806a.htm August 6, 2020 - Federal Reserve Board issues enforcement action with Capital One Financial Corporation - The enforcement action is the result of a significant data breach from March 2019 at the firm's national bank subsidiaries affecting the personal information of Capital One credit card customers and applicants for credit card products. www.federalreserve.gov/newsevents/pressreleases/enforcement20200806a.htm August 5, 2020 - Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession By Gene Amromin , Jane Dokko , Karen Dynan - The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. www.chicagofed.org/publications/chicago-fed-letter/2020/443 August 4, 2020 - How Does Social Distancing Affect the Spread of Covid-19? - By Bhash Mazumder , Avinash Moorthy - In recent weeks the country has begun to ease restrictions put in place to counter the Covid-19 pandemic. Consequently, it is important for policymakers and the public to understand the extent to which increasing levels of mobility among the population may lead to a rise in the spread of the disease. www.chicagofed.org/publications/chicago-fed-letter/2020/442 August 4, 2020 - Brave-Butters-Kelley Indexes Point to Growth Returning Above Trend in June - The Brave-Butters-Kelley Indexes are a research project of the Federal Reserve Bank of Chicago. The BBK Coincident and Leading Indexes and Monthly GDP Growth for the U.S. are constructed from a collapsed dynamic factor analysis of a panel of 500 monthly measures of real economic activity and quarterly real GDP growth. www.chicagofed.org/publications/bbki/index August 4, 2020 - OCC Issues Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds, Eases Impact of COVID-19 - The Office of the Comptroller of the Currency today issued an interim final rule clarifying rules regarding account withdrawals from collective investment funds. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-100.html August 4, 2020 - Fed report shows consumers are keeping more cash on-hand during the COVID-19 pandemic - A majority of consumers, 70 percent of those surveyed, say that COVID-19 concerns have not caused them to avoid carrying or storing cash, according to a recent survey conducted by the Federal Reserve System�s Cash Product Office and the Federal Reserve Bank of Atlanta. www.frbsf.org/our-district/press/news-releases/2020/fed-report-shows-consumers-are-keeping-more-cash-on-hand-during-the-covid-19-pandemic/ August 4, 2020 - 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/press-releases/2020/pr20090.html August 4, 2020 - Principal Trading Firm Activity in Treasury Cash Markets - James Collin Harkrader, Michael Puglia - This FEDS Note is the first in a three-part series on Treasury and Agency MBS market structure. www.federalreserve.gov/econres/notes/feds-notes/principal-trading-firm-activity-in-treasury-cash-markets-20200804.htm August 4, 2020 - Legal Intrepretations - Dodd-Frank Act, July 31, 2019. www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2019.htm August 4, 2020 - Federal Reserve Board announces approval of the application by Apex Bancorp, Inc. www.federalreserve.gov/newsevents/pressreleases/orders20200804a.htm August 3, 2020 - Joint Statement on Additional Loan Accommodations Related to COVID-19 - This statement discusses risk management principles relevant to institutions that work with their borrowers as loans near the end of initial loan accommodation periods related to COVID-19. Press release: www.federalreserve.gov/supervisionreg/srletters/SR2018.htm Press Release: www.fdic.gov/news/financial-institution-letters/2020/fil20074.html Press Release: www.ffiec.gov/press/pr080320.htm Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72.html Press Release: www.ncua.gov/newsroom/press-release/2020/federal-financial-institutions-examination-council-issues-statement-additional-loan-accommodations August 3, 2020 - Senior Loan Officer Opinion Survey on Bank Lending Practices, July 2020 - Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee. www.federalreserve.gov/data/sloos.htm August 3, 2020 - Report on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) Primary Dealer Credit Facility, (2) Money Market Mutual Fund Liquidity Facility, (3) Primary Market Corporate Credit Facility, (4) Secondary Market Corporate Credit Facility, (5) Term Asset-Backed Securities Loan Facility, (6) Paycheck Protection Program Liquidity Facility, and (7) the Main Street Lending Program. www.federalreserve.gov/publications/files/pdcf-mmlf-pmccf-smccf-talf-ppplf-mslp-20200803.pdf August 3, 2020 - New Financial Market Measures of the Neutral Real Rate and Inflation Expectations - Alex Aronovich and Andrew Meldrum - Long-term U.S. interest rates have fallen substantially over the last two decades. www.federalreserve.gov/econres/notes/feds-notes/new-financial-market-measures-of-the-neutral-real-rate-and-inflation-expectations-20200803.htm |
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