The E-mail Banking News
(Bank Regulatory News)
December 2013

December 31, 2013 - Do Small Businesses Still Prefer Community Banks? - Allen N. Berger, William Goulding, and Tara Rice - We formulate and test hypotheses about the role of bank type - small versus large, single-market versus multimarket, and local versus nonlocal banks - in banking relationships.  www.federalreserve.gov/pubs/ifdp/2013/1096/ifdp1096.pdf

December 31, 2013 - Trade Reforms, Foreign Competition, and Labor Market Adjustments in the U.S. - Illenin O. Kondo - Using data on trade-induced displacements, this paper documents that locations facing more foreign competition in the U.S. have: higher job destruction rates, lower job creation rates, and thereby lower employment rates. In contrast to standard trade theory, a model with variable markups and heterogeneous segmented labor markets is consistent with these facts. www.federalreserve.gov/pubs/ifdp/2013/1095/ifdp1095.pdf

December 31, 2013 - Local Currency Sovereign Risk - Wenxin Du and Jesse Schreger - Do governments default on debt denominated in their own currency? We introduce a new measure of sovereign credit risk, the local currency credit spread, defined as the spread of local currency bonds over the synthetic local currency risk-free rate constructed using cross currency swaps. www.federalreserve.gov/pubs/ifdp/2013/1094/ifdp1094.pdf

December 31, 2013 - FDIC Releases Four Technical Assistance Videos - The Federal Deposit Insurance Corporation (FDIC) today announced the release of four new videos in its third installment of technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. www.fdic.gov/news/news/press/2013/pr13127.html

December 31, 2013 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued one order in December prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20131122ProhibitionOrders.aspx

December 30, 2013 - Statement Regarding Treatment of Certain Collateralized Debt Obligations Backed by Trust Preferred Securities under the Rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act - The federal banking agencies, along with the U.S. Securities and Exchange Commission, have issued a statement regarding the treatment of Collateralized Debt Obligations that contain Trust Preferred Securities under section 13 of the Bank Holding Company Act, which implements section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act , also known as the "Volcker Rule." www.fdic.gov/news/news/financial/2013/fil13062.html

December 27, 2013 - FDIC Makes Public November Enforcement Actions; One Administrative Hearing Scheduled for January 2014 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. www.fdic.gov/news/news/press/2013/pr13125.html

December 27, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 27, 2013 - Transaction Data - Discount Window Lending, Fourth Quarter 2011 - The discount window helps to relieve liquidity strains for individual depository institutions and for the banking system as a whole by providing a reliable backup source of funding. Much of the statutory framework that governs lending to depository institutions is contained in section 10B of the Federal Reserve Act. www.federalreserve.gov/newsevents/reform_discount_window.htm

December 27, 2013 - Agencies reviewing treatment of collateralized debt obligations backed by trust preferred securities under final rules implementing the "Volcker rule" - The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission on Friday said they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the "Volcker rule."
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20131227a.htm
Press Release: www.federalreserve.gov/bankinforeg/srletters/sr1325.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13126.html
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-199.html
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December 27, 2014 - FDIC Makes Public November Enforcement Actions; One Administrative Hearing Scheduled for January 2014 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. One administrative hearing is scheduled for January 2014. http://www.fdic.gov/news/news/press/2013/pr13125.html

December 24, 2013 - OCC Assesses $3 Million Penalty Against American Express Bank, F.S.B; Orders Restitution to Customers for Unfair Billing and Deceptive Marketing Practices - The Office of the Comptroller of the Currency today assessed a $3 million penalty against American Express Bank, F.S.B., Salt Lake City, Utah, and ordered the bank to make restitution of approximately $4.5 million to thousands of consumers. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-198.html

December 24, 2013 - FDIC Announces Settlement With American Express Centurion Bank for Unfair and Deceptive Practices - Today, the Federal Deposit Insurance Corporation announced a settlement with American Express Centurion Bank, Salt Lake City, Utah, for unfair and deceptive marketing practices related to credit card "add-on products," in violation of Section 5 of the Federal Trade Commission Act. www.fdic.gov/news/news/press/2013/pr13124.html

December 24, 2013 - Federal Reserve Board issues final rule on treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of Dodd-Frank - The Federal Reserve Board on Tuesday approved a final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the swaps push out provision. www.federalreserve.gov/newsevents/press/bcreg/20131224a.htm

December 23, 2013 - Historical Perspectives on the Community Reinvestment Act of 1977 - Final 2013 edition of Profitwise News and Views highlights key points from the Chicago Fed’s Community Development and Policy Studies department’s Healthy Communities Regional Summit, organized with partners from both the public health and community development fields. www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2013/PNVDec2013_FINAL_web.pdf

December 23, 2013 - Economic Growth Picked Up in November - The Chicago Fed National Activity Index was +0.60 in November, up from
–0.07 in October. - Led by gains in employment- and production-related indicators, the Chicago Fed National Activity Index increased to +0.60 in November from –0.07 in October.   http://chicagofed.org/digital_assets/publications/cfnai/2013/cfnai_december2013.pdf

December 23, 2013 - Improvement in Mortgage Performance Continues, OCC Reports - The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the third quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-197.html

December 23, 2013 - Managing Foreign Exchange Settlement Risks for Physically Settled Transactions.   www.federalreserve.gov/bankinforeg/srletters/sr1324.htm

December 23, 2013 - Advisory Council - Record of the Meeting of the Federal Advisory Council and the Board of Governors.   www.federalreserve.gov/aboutthefed/fac-20131206.pdf

December 23, 2013 - Federal Reserve Board announces approval of notice by Investors Bancorp, MHC, and Investors Bancorp, Inc. - The Federal Reserve Board on Monday announced its approval of a notice under section 4 of the Bank Holding Company Act by Investors Bancorp, MHC, and Investors Bancorp, Inc., both of Short Hills, New Jersey, to acquire Gateway Community Financial, MHC, Gateway Community Financial Corporation, and GCF Bank, all of Sewell, New Jersey. www.federalreserve.gov/newsevents/press/orders/orders20131223a1.pdf

December 23, 2013 - Federal Reserve Board seeks comment on proposed amendments to Regulation A regarding emergency lending authority - The Federal Reserve Board on Monday invited public comment on proposed amendments to Regulation A (Extensions of Credit by Federal Reserve Banks) to implement section 1101 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1101 amended the Federal Reserve's emergency lending authority in section 13(3) of the Federal Reserve Act. www.federalreserve.gov/newsevents/press/bcreg/20131223a.htm

December 20, 2013 - Redefining the Rustbelt: Exploring Local Impact of Anchor Institutions - In a blog posting, two staff members from the Chicago Fed’s Community Development and Policy Studies Department summarize strategies discussed by experts in Detroit, Baltimore, Cleveland and Philadelphia working with anchor institutions to attract new residents and investment.  http://cdps.chicagofedblogs.org/?p=1209

December 20, 2013 - What Happens after Detroit’s Bankruptcy? - Chicago Fed Letter looks at lessons in reform from other fiscally challenged cities. - Detroit recently filed for bankruptcy, becoming the largest municipality to seek protection under the U.S. Bankruptcy Code’s Chapter 9.  In the wake of Detroit’s filing, the Federal Reserve Bank of Chicago and the Citizens Research Council of Michigan convened a conference on November 7-8, 2013, to identify strategies to prevent municipalities’ fiscal decline, as well as mechanisms to restore struggling cities’ financial sustainability and economic growth. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljanuary2014_318a.pdf

December 20, 2013 - NCUA Economic Video Shows Interest Rate Risk Lurking Behind Investment Trends - Fourth-quarter economic trends show positive signs of a stronger economy, but expected changes in the interest rate environment will present challenges to future credit union performance, according to a new economic video analysis released today by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20131220EconomicVideo.aspx

December 20, 2013 - NCUA Ranked a “Best Place to Work” for Hispanics, African-Americans - The National Credit Union Administration continues to be a “Best Place to Work” in the federal government according to rankings released by the Partnership for Public Service. www.ncua.gov/News/Pages/NW20131220BestPlaceWork.aspx

December 20, 2013 - NCUA Hosting Webinar on Products and Services for Underserved Members - Credit unions seeking to improve service to low-income members and those who are underserved can receive valuable information at a free webinar, “Profiling Products and Services for Underserved Members,” to be hosted by the National Credit Union Administration on Wednesday, Jan. 15, 2014, at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20131220Webinar.aspx

December 20, 2013 - 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/2013/nr-occ-2013-196.html

December 20, 2013 - Intercompany Income Tax Allocation Agreements - Proposed Addendum to the Interagency Policy Statement - The federal banking agencies are requesting comment on a proposed addendum that would supplement and clarify the 1998 Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure.  www.fdic.gov/news/news/financial/2013/fil13061.html

December 20, 2013 - Statistical Release - G.20 - Finance Companies.  www.federalreserve.gov/releases/g20/Current/

December 20, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 20, 2013 - CCAR and Stress Testing as Complementary Supervisory Tools - The financial crisis of 2007–09 highlighted a number of deficiencies in the risk measurement and management practices and in the financial resiliency of large, systemically important financial institutions. Of particular importance was the lack of attention that had been paid to low-probability, high-impact events that could strain a firm's capital adequacy, test its ongoing viability, and quickly spread to other financial institutions. www.federalreserve.gov/bankinforeg/ccar-and-stress-testing-as-complementary-supervisory-tools.htm

December 20, 2013 - Banks' Governance and Controls over Internal Capital Adequacy Processes - Among the integral elements of an institution's internal process for assessing its capital adequacy, also known as the capital adequacy process, are the governance and controls over that process. www.federalreserve.gov/bankinforeg/banks-governance-and-controls-over-internal-capital-adequacy-processes.htm

December 20, 2013 - Determining the Severity of Macroeconomic Stress Scenarios - In the midst of the 2008 financial panic caused by the collapse of the subprime housing market, the U.S. government responded with unprecedented measures, including liquidity provision through various funding programs, debt and deposit guarantees and large-scale asset purchases. www.federalreserve.gov/bankinforeg/determining-the-severity-of-macroeconomic-stress-scenarios.htm

December 20, 2013 - Declining Labor Force Attachment and Downward Trends in Unemployment and Participation - The U.S. labor market witnessed two apparently unrelated secular movements in the last 30 years: a decline in unemployment between the early 1980s and the early 2000s, and a decline in participation since the early 2000s.  www.federalreserve.gov/pubs/feds/2013/201388/201388pap.pdf

December 20, 2013 - Systemic Risk, International Regulation, and the Limits of Coordination - This paper examines the incentives of national regulators to coordinate regulatory policies in the presence of systemic risk in global financial markets. In a two-country and three-period model, correlated asset fire sales by banks generate systemic risk across national financial markets. www.federalreserve.gov/pubs/feds/2013/201387/201387pap.pdf

December 20, 2013 - Unemployment Insurance Experience Rating and Labor Market Dynamics - Unemployment insurance experience rating imposes higher payroll tax rates on firms that have laid off more workers in the past. To analyze the effects of UI tax policy on labor market dynamics, this paper develops a search model of unemployment with heterogeneous firms and realistic UI financing. The model predicts that higher experience rating reduces both job creation and job destruction. www.federalreserve.gov/pubs/feds/2013/201386/201386pap.pdf

December 20, 2013 - 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. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking. www.federalreserve.gov/newsevents/reform_meetings.htm

December 20, 2013 - Federal Reserve Board advises large financial institutions to carefully evaluate transactions intended to reduce risk - The Federal Reserve Board on Friday advised large financial institutions to carefully evaluate transactions intended to reduce risk to ensure that, if risks are shifted to a thinly capitalized counterparty or affiliated entity of the firm, any residual risk is effectively captured in the firm's internal capital adequacy assessment. www.federalreserve.gov/newsevents/press/bcreg/20131220a.htm
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December 19, 2013 - OCC Report Focuses on Risks Facing National Banks and Federal Savings Associations - National banks and federal savings associations continue to face a number of risks as they seek to improve profits in the face of slow economic growth and a prolonged low interest rate environment. Banks are layering risk back into the system in ways that are difficult to quantify at this point in the cycle. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-192.html

December 19, 2013 - Financial market stress falls modestly from previous week - The St. Louis Fed Financial Stress Index fell modestly over the week ending Dec. 13, 2013, partially reversing the previous week’s increase. The STLFSI has moved within a relatively narrow range since the week ending Oct. 25, 2013. www.stlouisfed.org/newsroom/displayNews.cfm?article=2037

December 19, 2013 - Supervisory Insights Journal - Winter 2013 Issue Now Available - The Winter 2013 issue of Supervisory Insights features articles of interest to examiners, bankers, and supervisors. These articles address the importance of effective interest-rate risk management, results of the FDIC's Credit and Consumer Products/Services Survey, and the new Basel III definition of capital. www.fdic.gov/news/news/financial/2013/fil13060.pdf

December 19, 2013 - FDIC Publication Focuses on Need for Effective Interest-Rate Risk Management - The recent sustained low interest-rate environment has led many banks to change their asset mix and funding profiles. "Industry Trends Highlight Importance of Effective Interest-Rate Risk Management," which appears in the Winter 2013 issue of Supervisory Insights released today, looks at how these changes have resulted in increased interest-rate risk exposure. www.fdic.gov/news/news/press/2013/pr13120.html

December 19, 2013 - Consumer Experiences with Credit Cards - This article examines consumers' behavior, experiences, and attitudes regarding credit cards in the aftermath of the Great Recession and the implementation of the Credit Card Accountability Responsibility and Disclosure Act of 2009.  www.federalreserve.gov/pubs/bulletin/2013/pdf/consumer-experiences-with-credit-cards-201312.pdf

December 19, 2013 - Federal Reserve Payments Study offers expanded view of U.S. noncash payment trends - The 2013 Federal Reserve Payments Study, released today, shows that card payments--credit and debit--now account for more than two-thirds of all noncash payments, while the number of checks paid continued to decline. www.federalreserve.gov/newsevents/press/other/20131219a.htm

December 19, 2013 - Federal banking regulators seek comment on joint supplemental guidance on income tax allocation agreements - Federal banking regulators are seeking comment on supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions. An aim of the proposed guidance is to reduce confusion regarding ownership of any tax refunds.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20131219a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13119.html
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-191.html

December 18, 2013 - NCUA Board Welcomes Forthcoming McWatters Nomination - National Credit Union Administration Board Chairman Debbie Matz and Board Members Michael E. Fryzel and Rick Metsger issued statements welcoming President Obama’s intent to nominate J. Mark McWatters to the NCUA Board: www.ncua.gov/News/Pages/NW20131218McWatters.aspx

December 18, 2013 - NCUA - Effective, balanced regulation that keeps pace with a rapidly changing credit union industry is the focus of the National Credit Union Administration’s draft 2014–2017 Strategic Plan, released today for public comment by the agency’s Board. www.ncua.gov/News/Pages/NW20131218StrategicPlan.aspx

December 18, 2013 - OCC Reports Third Quarter Trading Revenue of $4.5 Billion - Insured U.S. commercial banks and savings institutions reported trading revenue of $4.5 billion in the third quarter of 2013, down $2.8 billion, or 38 percent, from $7.3 billion in the second quarter. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-190.html

December 18, 2013 - FOMC press conference Leaving the Board - The event has ended. Please check back soon for video of this event. - Transcript of Chairman Bernanke’s Press Conference Opening Remarks December 18, 2013.  www.federalreserve.gov/mediacenter/files/FOMCpresconf20131218.pdf

December 18, 2013 - Federal Reserve Board and Federal Open Market Committee release economic projections from the December 17-18 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the December 17-18 meeting of the Federal Open Market Committee. www.federalreserve.gov/newsevents/press/monetary/20131218b.htm

December 18, 2013 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in October indicates that economic activity is expanding at a moderate pace. Labor market conditions have shown further improvement; the unemployment rate has declined but remains elevated.  www.federalreserve.gov/newsevents/press/monetary/20131218a.htm

December 17, 2013 - NCUA Taps Ostrowidzki for Region III Leadership Team - National Credit Union Administration Board Chairman Debbie Matz today announced the selection of Joseph Ostrowidzki as Associate Regional Director for Operations in the agency’s Region III office. www.ncua.gov/News/Pages/NW20131217Ostrowidzki.aspx

December 17, 2013 - NCUA - Registration Still Open for Dec. 18 NCUA Webinar on Mortgage Lending Rules - There is still time to register for the National Credit Union Administration’s free webinar on the new Dodd-Frank Act’s mortgage lending rules scheduled for Wednesday, Dec. 18, beginning at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20131217Webinar.aspx

December 17, 2013 - Leadership and Membership Announcements for the Federal Reserve Bank of San Francisco’s Board of Directors - The Board of Governors of the Federal Reserve System designated Patricia E. Yarrington as chair of the Federal Reserve Bank of San Francisco’s board of directors, and Roy A. Vallee as deputy chair, effective January 1, 2014.  www.frbsf.org/our-district/press/news-releases/2013/leadership-membership-announcements-board-directors-2013/

December 17, 2013 - Inspection Frequency and Scope Requirements for Bank Holding Companies and Savings and Loan Holding Companies with Total Consolidated Assets of $10 Billion or Less.  www.federalreserve.gov/bankinforeg/srletters/sr1321.htm

December 16, 2013 - Detroit Branch Announces New and Reappointed Board Member, and New Board Chair - The Federal Reserve Bank of Chicago’s Detroit Branch announced a new member of its board of directors, the appointment of its board chair, and the reappointment of one current director. www.chicagofed.org/webpages/utilities/newsroom/news_releases/2013/12.13_detroit_bod.cfm

December 16, 2013 - Chicago Fed Announces New and Re-elected Directors, Chair and Deputy Chair - The Federal Reserve Bank of Chicago announced two new members of its board of directors, the re-election of a current director, the reappointment of its board chair and deputy chair, and the reappointment of its Federal Advisory Council representative. www.chicagofed.org/webpages/utilities/newsroom/news_releases/2013/12.13_chicago_bod.cfm 

December 16, 2013 - Ronald J. Kruszewski Appointed to Federal Advisory Council - The board of directors of the Federal Reserve Bank of St. Louis has appointed Ronald J. Kruszewski, chairman, president and CEO of Stifel Financial Corp. and Stifel, Nicolaus & Company, Incorporated, in St. Louis to serve on the Federal Advisory Council for a one-year term that ends on December 31, 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2028

December 16, 2013 - St. Louis Fed Little Rock Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis has announced the following changes to its Little Rock Branch board of directors, effective Jan. 1, 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2030

December 16, 2013 - St. Louis Fed Louisville Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its Louisville Branch board of directors, effective Jan. 1, 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2031

December 16, 2013 - St. Louis Fed Memphis Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis has announced the following changes to its Memphis Branch board of directors, effective Jan. 1, 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2032

December 16, 2013 - Statistical Release - Minority-Owned Banks. www.federalreserve.gov/releases/mob/current/default.htm

December 16, 2013 - Stress Tests and Capital Planning - Federal Reserve Independent Balance Sheet and RWA Projections.   www.federalreserve.gov/bankinforeg/independent-projections-letter-20131216.pdf

December 16, 2013 - Chairman Ben S. Bernanke - Opening Remarks - At the Ceremony Commemorating the Centennial of the Federal Reserve Act, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20131216a.htm

December 16, 2013 - Chairman Ben S. Bernanke - Concluding Remarks - At the Ceremony Commemorating the Centennial of the Federal Reserve Act, Washington, D.C. www.federalreserve.gov/newsevents/speech/bernanke20131216b.htm

December 13, 2013 - Spirit of Texas Bank, SSB, College Station, Texas, Assumes All of the Deposits of Texas Community Bank, National Association, The Woodlands, Texas - Texas Community Bank, National Association, The Woodlands, Texas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation as receiver.  www.fdic.gov/news/news/press/2013/pr13118.html

December 13, 2013 - OCC Appoints Receiver for Texas Community Bank, N.A., The Woodlands, Texas - The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Texas Community Bank, National Association, The Woodlands, Texas, a national bank. As of September 30, 2013, the institution had approximately $159 million in total assets. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-189.html

December 13, 2013 - Federal Reserve Board announces approval of application by Canara Bank.   www.federalreserve.gov/newsevents/press/orders/20131213a.htm

December 13, 2013 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities.   www.federalreserve.gov/releases/iba/default.htm

December 13, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update - Charts are generally updated at noon ET the day following the publication of the H.4.1, which is typically published at 4:30 ET on Thursdays. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 13, 2013 - Statistical Release - Household Debt Service and Financial Obligations Ratios.  www.federalreserve.gov/releases/housedebt/default.htm

December 13, 2013 - Agencies issue statement on supervisory approach for qualified and non-qualified mortgage loans - Four federal financial institution regulatory agencies today issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/bcreg20131213a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13117.html
Press Release: www.fdic.gov/news/news/financial/2013/fil13059.html
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-188.html
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December 12, 2013 - Life Insurance Firms and the Federal Home Loan Banks - Chicago Fed letter discusses how insurance companies use the FHLB system as a low-cost, flexible source of funding. - Understanding the Relationship Between Life Insurers and the Federal Home Loan Banks.  www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljanuary2014_318.pdf

December 12, 2013 - NCUA - December 2013 NCUA Board Meeting: NCUA Board Approves New Charitable Accounts for Federal Credit Unions.  www.ncua.gov/about/Pages/Board%20Actions/BAB20131212.aspx

December 12, 2013 - Financial market stress rises modestly for the second consecutive week - Financial market stress rose modestly for the second consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Dec. 6, 2013, the STLFSI measured -0.775, up from a reading of -0.852 in the previous week and its highest level since the week ending Oct. 18, 2013. www.stlouisfed.org/newsroom/displayNews.cfm?article=2020

December 12, 2013 - St. Louis Burgundy Book: Majority of Business Contacts Expect the Region’s Economy To Improve in 2014.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2023

December 12, 2013 - Louisville Burgundy Book: Business Contacts Expect Conditions To Improve During 2014.   www.stlouisfed.org/newsroom/displayNews.cfm?article=2024 

December 12, 2013 - Memphis Burgundy Book: Business Contacts Report Marginally Positive Outlook for 2014.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2025

December 12, 2013 - Little Rock Burgundy Book: Business Contacts Express Optimistic Outlook for 2014.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2026

December 12, 2013 - Banker Teleconference Series - Timely and Comprehensive Information and Insights from the FDIC - Staff from the FDIC's Division of Depositor and Consumer Protection (DCP) has hosted several banker teleconferences during 2013 to maintain open lines of communication, and update you and your staff on important banking regulatory and emerging issues in the compliance and consumer protection area. www.fdic.gov/news/news/financial/2013/fil13057.pdf

December 12, 2013 - FDIC Consumer Newsletter Highlights New Rules and Tips for Mortgage Borrowers - Other Topics Include Information About Being Turned Down for a Checking Account and Using Social Media to Connect With Your Bank - For anyone thinking about buying a home or shopping for a mortgage, the Fall 2013 issue of FDIC Consumer News features an overview of important rules taking effect soon that are intended to protect consumers from risky loans. www.fdic.gov/news/news/press/2013/pr13115.html

December 12, 2013 - Social Media: Consumer Compliance Risk Management Guidance.  www.federalreserve.gov/bankinforeg/caletters/CA_13-22_Letter.pdf

December 12, 2013 - Costs and Benefits of Replacing the $1 Federal Reserve Note with a $1 U.S. Coin.  www.federalreserve.gov/paymentsystems/staff-working-paper-20131211.pdf

December 12, 2013 - Federal Reserve Board announces approval of applications by United Bankshares, Inc., and its subsidiary, George Mason Bankshares, Inc. www.federalreserve.gov/newsevents/press/orders/orders20131212a1.pdf

December 12, 2013 - Federal Reserve Board requests comment on proposed amendments to check collection and return rules - The Federal Reserve Board on Thursday requested public comment on proposed amendments to check collection and return rules to reflect the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic. www.federalreserve.gov/newsevents/press/other/20131212a.htm

December 12, 2013 - Agencies issue final rule to exempt subset of higher-priced mortgage loans from appraisal requirements - Six federal financial regulatory agencies today issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/bcreg20131212a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13116.html
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-187.html
Press Release: www.ncua.gov/News/Pages/NW20131212MortgageLoans.aspx

December 12, 2013 - Federal Reserve Board issues enforcement action with Farmers & Miners Bank.  www.federalreserve.gov/newsevents/press/enforcement/20131212a.htm

December 11, 2013 - Update on Financial Conditions - The NFCI reached its lowest level since February 1994, while the ANFCI pointed to financial conditions that are only somewhat more lax than expected given economic growth and inflation. www.chicagofed.org/webpages/publications/nfci/index.cfm

December 11, 2013 - NCUA Selects Miller as New Continuity and Security Management Director - National Credit Union Administration Board Chairman Debbie Matz today announced the selection of Joy Miller as Director of the agency’s new Office of Continuity and Security Management. www.ncua.gov/News/Pages/NW20131211Miller.aspx

December 11, 2013 - NCUA - The NCUA Report for December 2013 Now Available - The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know. It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions.  www.ncua.gov/News/NewsLtrs/Pages/default.aspx

December 11, 2013 - Social Media: Consumer Compliance Risk Management Guidance - The Federal Financial Institutions Examination Council , on behalf of its members, released final guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau.
Press Release: www.fdic.gov/news/news/financial/2013/fil13056.pdf
Press Release: www.ncua.gov/News/Pages/NW20131211SocialMedia.aspx

December 11, 2013 - Legal Interpretation - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2013.htm

December 11, 2013 - Federal Reserve Board issues consent order to cease and desist and a civil money penalty of $50 million against the Royal Bank of Scotland - The Federal Reserve Board on Wednesday issued a consent order to cease and desist and a civil money penalty assessment of $50 million against the Royal Bank of Scotland Group plc and the Royal Bank of Scotland plc, both of Edinburgh, Scotland. www.federalreserve.gov/newsevents/press/enforcement/20131211a.htm

December 10, 2013 - FDIC Board Releases Resolution Strategy for Public Comment - The Board of Directors of the Federal Deposit Insurance Corporation today approved for publication in the Federal Register the Single Point of Entry strategy for the resolution of Systemically Important Financial Institutions with request for comment. www.fdic.gov/news/news/press/2013/pr13112.html

December 10, 2013 - FDIC's Advisory Committee on Systemic Resolution to Meet on December 11, 2013 - The Federal Deposit Insurance Corporation's Advisory Committee on Systemic Resolution is scheduled to meet Wednesday to discuss and receive updates on: Title I and bankruptcy of a systemically important financial institution; Title II authorities for the resolution of Systemically Important Financial Institutions by the FDIC; Moody's recent action on U.S. bank holding companies; and international coordination on resolution of global systemically important financial institutions. www.fdic.gov/news/news/press/2013/pr13113.html

December 10, 2013 - FDIC Board Approves 2014 Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $2.39 billion Corporate Operating Budget for 2014, 10.9 percent lower than the 2013 budget. In conjunction with its approval of the 2014 budget, the Board also approved an authorized 2014 staffing level of 7,199 positions, down from 8,053 currently authorized, a net reduction of 854 positions. www.fdic.gov/news/news/press/2013/pr13111.html

December 10, 2013 - Agencies issue final rules implementing the Volcker Rule - Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20131210a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13114.html
Press Release: www.fdic.gov/news/news/financial/2013/fil13058.html

December 10, 2013 - Federal Reserve Board announces banking entities covered by section 619 of the Dodd-Frank Act are required to fully conform their activities by July 21, 2015 - The Federal Reserve Board on Tuesday announced that banking entities covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be required to fully conform their activities and investments to the statute and regulations by July 21, 2015. www.federalreserve.gov/newsevents/press/bcreg/bcreg20131210b.htm

December 9, 2013 - Chicago Fed Symposium Forecasts Fastest Growth in Three Years in 2014 - U.S. economy to grow above historical average, with inflation staying low and unemployment rate edging down, according to Economic Outlook Symposium participants. www.chicagofed.org/digital_assets/others/events/2013/eos/eos_press_release.pdf

December 9, 2013 - St. Louis Fed’s Bullard Discusses Tapering, Forward Guidance and Fed Communications - Federal Reserve Bank of St. Louis President James Bullard discussed “Some Issues in Current U.S. Monetary Policy” at a meeting of the CFA Society of St. Louis on Monday. www.stlouisfed.org/newsroom/displayNews.cfm?article=2016

December 9, 2013 - Communications with the public through December 9, 2013.  www.federalreserve.gov/newsevents/reform_meetings.htm

December 9, 2013 - Statistical Release - Z.1 - Financial Accounts of the United States.  www.federalreserve.gov/releases/z1/Current/z1.pdf

December 6, 2013 - Comptroller of the Currency Addresses Consumer Federation of America's Financial Services Conference - Comptroller of the Currency Thomas J. Curry today addressed the Consumer Federation of America’s 26th Annual Financial Services Conference. http://www.occ.gov/news-issuances/news-releases/2013/2013-185a.pdf

December 6, 2013 - Kansas City Fed announces officer appointment - The following officer appointment was recently announced by Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City: www.kc.frb.org/publicat/newsroom/2013pdf/Press.Release.12.06.13.pdf

December 6, 2013 - Statistical Release - G.19 - Consumer Credit.  www.federalreserve.gov/releases/g19/Current/g19.pdf

December 6, 2013 - Federal Reserve Board announces approval of application by Ameris Bancorp - The Federal Reserve Board on Friday announced its approval of an application under section 3 of the Bank Holding Company Act by Ameris Bancorp, Moultrie, Georgia, to acquire The Prosperity Banking Company, St. Augustine, Florida. www.federalreserve.gov/newsevents/press/orders/orders20131206a1.pdf

December 6, 2013 - Federal Reserve launches History Web Gateway - The Federal Reserve on Friday launched the History Web Gateway, a new online resource with biographies, images, and essays on key events in the Fed's 100-year history. The gateway is part of the Fed's effort during its centennial year to encourage a deeper reflection on its role in the nation's economy. www.federalreserve.gov/newsevents/press/other/20131206a.htm

December 6, 2013 - Federal Reserve Board issues final rule aligning market risk capital rule with Basel III - The Federal Reserve Board on Friday issued a final rule that makes technical changes to the Board's market risk capital rule to align it with the Basel III revised capital framework adopted by the Board earlier this year. www.federalreserve.gov/newsevents/press/bcreg/20131206a.htm
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December 5, 2013 - OCC Releases International Peer Review of OCC Supervision of Large and Midsize Institutions - The Office of the Comptroller of the Currency today released a report prepared by a team of international regulators that the Comptroller had convened to provide an independent perspective on the OCC’s approach to the supervision of large and midsize banks and thrifts. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-184.html 

December 5, 2013 - Financial market stress remains relatively low - Despite a slight tick upward, financial market stress remains relatively low from a long-term perspective. For the week ending Nov. 29, 2013, the St. Louis Fed Financial Stress Index measured -0.845, modestly higher compared with the previous week. www.stlouisfed.org/newsroom/displayNews.cfm?article=2006

December 5, 2013 - FDIC Releases Technical Assistance Videos on Flood Insurance and Appraisals - The Federal Deposit Insurance Corporation today announced the release of two new videos in its third installment of technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. These videos pertain to flood insurance and appraisals and evaluations. www.fdic.gov/news/news/press/2013/pr13110.html

December 5, 2013 - Business Investor Activity in the Single-Family-Housing Market - Raven Molloy and Rebecca Zarutskie - We discuss recent purchase activity by business investors in the market for single-family homes and consider the possible benefits and risks of this activity.   www.federalreserve.gov/econresdata/notes/feds-notes/2013/business-investor-activity-in-the-single-family-housing-market-20131205.html

December 5, 2013 - Federal Reserve Board releases guidance reminding financial institutions to exercise appropriate risk management and oversight when using service providers - The Federal Reserve Board on Thursday released guidance reminding financial institutions it supervises to exercise appropriate risk management and oversight when using service providers. www.federalreserve.gov/newsevents/press/bcreg/20131205a.htm

December 5, 2013 - Federal Reserve Board announces final rule regarding Federal Reserve Bank accounts and services for financial market utilities designated as systemically important - The Federal Reserve Board on Thursday issued a final rule that amends Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council. www.federalreserve.gov/newsevents/press/bcreg/20131205b.htm

December 5, 2013 - Federal Reserve Board announces termination of enforcement action with PathFinder Bancorp MHC and PathFinder Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/20131205a.htm

December 5, 2013 - NCUA - Agenda for the 12/12/2013 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20131212.aspx

December 4, 2013 - NCUA to Open First 2014 Grant Round with $481,000 in February - Funds Available for CDFI Certification Applicants, New Products and Internships - The National Credit Union Administration announced today that it will begin accepting applications for its first round in 2014 for technical assistance grants beginning Feb. 3. www.ncua.gov/News/Pages/NW20131204Grants.aspx

December 4, 2013 - AGREEMENT BY AND BETWEEN - Jack Henry & Associates, Inc., Monett, Missouri, a technology service provider to depository institutions and their subsidiaries and affiliates, (“TSP”), and the Comptroller of the Currency of the United States of America (“Comptroller” or “OCC”), the Federal Deposit Insurance Corporation (“FDIC”), and the Federal Reserve Bank of St. Louis (“Reserve Bank”) (collectively “the Regulators”), wish to protect the interests of the TSP’s depository institution clients', their depositors, and other customers. http://www.occ.gov/static/enforcement-actions/ea2013-181.pdf

December 4, 2013 - NCUA: Third-Quarter State Data Show Loan, Membership Growth Trends Continue - A new analysis of state-level data for federally insured credit unions finds strong growth in loans and membership in the year ending Sept. 30, 2013, according to the National Credit Union Administration. www.ncua.gov/News/Pages/NW20131204MapReview.aspx

December 4, 2013 - Beige Book - Summary of Commentary on Current Economic Conditions by Federal Reserve District - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. www.federalreserve.gov/monetarypolicy/beigebook/files/Beigebook_20131204.pdf

December 4, 2013 - Learning, Rare Disasters, and Asset Prices - Yang K. Lu and Michael Siemer - In this paper, we examine how learning about disaster risk affects asset pricing in an endowment economy. We extend the literature on rare disasters by allowing for two sources of uncertainty: (1) the lack of historical data results in unknown parameters for the disaster process, and (2) the disaster takes time to unfold and is not directly observable. www.federalreserve.gov/pubs/feds/2013/201385/201385pap.pdf 

December 4, 2013 - Are Banks' Internal Risk Parameters Consistent? Evidence from Syndicated Loans - Simon Firestone and Marcelo Rezende - This paper examines consistency in the estimates of probability of default and loss given default that nine large U.S. banks assign to syndicated loans for regulatory capital purposes. www.federalreserve.gov/pubs/feds/2013/201384/201384pap.pdf

December 3, 2013 - Exploring How Community Colleges Address Skill Gaps - This edition of ProfitWise News and Views feature article explores the role of community colleges across the Seventh District in addressing worker skill gaps. Edition also documents the annual Neighborhood Housing Services of Chicago community banks forum and the National Disabilities Institute Asset Development Summit. www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2013/PNVNov2013_FINAL.pdf

December 3, 2013 - Trade in Value-Added - Logan Lewis - As global production sharing expands, gross trade flows provide an increasingly misleading picture of the economic importance of trade. Traditional statistics measure trade on a gross basis, that is, the total value of shipments into and out of a country. U.S. gross exports, for example, include both the domestic value-added and the value of the imported intermediates used in the production process. www.federalreserve.gov/econresdata/notes/ifdp-notes/2013/trade-in-value-added-20131203.html

December 3, 2013 - The Energy Boom and Manufacturing in the United States: A First Look - Will Melick - Over the past eight years, the production of both crude oil and natural gas has increased sharply in the United States. To the extent that the energy market is localized, especially true for natural gas, the energy boom will provide a competitive advantage to those U.S. manufacturers that are intensive users of energy. www.federalreserve.gov/econresdata/notes/ifdp-notes/2013/the-energy-boom-and-manufacturing-in-the-united-states-a-first-look-20131203.html

December 3, 2013 - The Long Road to Countercyclical Monetary Policy in Emerging Market Economies1 - Brahima Coulibaly - During the global financial crisis of 2008-09, central banks in both advanced and emerging market economies lowered policy rates to cushion the adverse shock and to spur economic activity.  www.federalreserve.gov/econresdata/notes/ifdp-notes/2013/long-road-to-countercycical-monetary-policy-20131203.html

December 3, 2013 - Federal Reserve Board announces termination of enforcement actions with Parkway Bancorp, and Peoples, Inc. and Peoples Bank.   www.federalreserve.gov/newsevents/press/enforcement/20131203a.htm

December 3, 2013 - Federal Reserve Board announces approval of notice by Investors Bancorp, MHC, and Investors Bancorp, Inc. www.federalreserve.gov/newsevents/press/orders/20131203a.htm

December 3, 2013 - FinCEN, Federal Reserve finalize rule amending definitions in the Bank Secrecy Act - The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board on Tuesday announced a final rule amending the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act. www.federalreserve.gov/newsevents/press/bcreg/20131203a.htm

December 2, 2013 - CFMMI Suspended until Further Notice - Beginning in December 2013, the monthly release of the Chicago Fed Midwest Manufacturing Index will be suspended pending the release of updated benchmark data from the U.S. Census Bureau and a period of model verification. http://chicagofed.org/webpages/publications/cfmmi/index.cfm

December 2, 2013 - NCUA - Credit Union Loan Growth Up 2.9 Percent - America’s 6,620 federally insured credit unions continued positive trends in most metrics during the third quarter of 2013, including loans, membership and net worth, according to new data released today by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20131202CULoanGrowth.aspx

December 2, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 2, 2013 - Federal Reserve announces College Fed Challenge winners - Harvard College won the 10th annual national College Fed Challenge on Monday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System.  www.federalreserve.gov/newsevents/press/other/20131202a.htm

December 2, 2013 - Federal Reserve Board announces it has not objected to re-submitted capital plans from The Goldman Sachs Group, Inc. and JPMorgan Chase & Co. http://www.federalreserve.gov/newsevents/press/bcreg/20131202a.htm