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

December 29, 2016 - The Federal Financial Institutions Examination Council published a Press Release announcing the publication of a Federal Register Notice finalizing the reporting requirements for a new and streamlined “Call Report” for small financial institutions. www.ffiec.gov/press/pr123016.htm

December 30, 2016 - DEPOSITORY INSTITUTION REPORTS - New Streamlined Consolidated Reports of Condition and Income for Eligible Small Institutions and Other Call Report Revisions - The Federal Financial Institutions Examination Council has approved the implementation of a new streamlined FFIEC 051 Call Report for eligible small institutions and other burden-reducing changes to the existing FFIEC 041 and FFIEC 031 versions of the Call Report effective March 31, 2017. www.fdic.gov/news/news/financial/2016/fil16082.html

December 30, 2016 - FDIC Makes Public November Enforcement Actions; No Administrative Hearings Scheduled for January 2017 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2017. www.fdic.gov/news/news/press/2016/pr16112.html

December 30, 2016 - Drivers of Inflation Compensation: Evidence from Inflation Swaps in Advanced Economies - Marius Rodriguez and Emre Yoldas - Central banks closely monitor survey- and market-based indicators of inflation expectations. www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/drivers-of-inflation-compensation-evidence-from-inflation-swaps-in-advanced-economies-20161230.html

December 30, 2016 - "Low-For-Long" Interest Rates and Portfolio Shifts in Advanced Foreign Economies - John Ammer, Alexandra Tabova, and Caleb Wroblewski For the past several years, interest rates in many advanced economies have been at historic lows. www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/low-for-long-interest-rates-and-portfolio-shifts-in-advanced-foreign-economies-20161230.html

December 30, 2016 - Statistical Release - Survey of Terms of Business Lending - NOVEMBER 7-11, 2016.  www.federalreserve.gov/releases/e2/current/

December 30, 2016 - Manual - Financial Accounting Manual for Federal Reserve Banks.  www.federalreserve.gov/monetarypolicy/files/BSTfinaccountingmanual.pdf
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December 30, 2016 - FDIC Makes Public November Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in November. https://www.fdic.gov/news/news/press/2016/pr16112.html

December 29, 2016 - Forecast combination for euro area inflation - A cure in times of crisis? - Kirstin Hubrich and Frauke Skudelny - The period of extraordinary volatility in euro area headline inflation starting in 2007 raised the question whether forecast combination methods can be used to hedge against bad forecast performance of single models during such periods and provide more robust forecasts.  www.federalreserve.gov/econresdata/feds/2016/files/2016104pap.pdf

December 29, 2016 - Diversity and Inclusion -The Federal Reserve Board is committed to fostering an inclusive and diverse workforce. We believe that the best ideas, decision making and, ultimately, service to the public are borne from diverse perspectives. www.federalreserve.gov/aboutthefed/diversityinclusion.htm

December 29, 2016 - Survey and Reports - Senior Credit Officer Opinion Survey on Dealer Financing Terms - December 2016 - The December 2016 Senior Credit Officer Opinion Survey on Dealer Financing Terms collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter derivatives markets. www.federalreserve.gov/econresdata/releases/scoos_201612.htm

December 29, 2016 - Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions - The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act regulations.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161229a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16111.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-162.html

December 28, 2016 - OCC Final Rule Prohibits Bank and Thrift Dealing and Investing in Industrial or Commercial Metals - The Office of the Comptroller of the Currency submitted to the Federal Register a final rule to prohibit national banks and federal savings associations from dealing or investing in industrial or commercial metals. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-161.html

December 28, 2016 - Identity, Identification and Identifiers: The Global Legal Entity Identifier System - Arthur B. Kennickell - Identity is a critical concept in the rational interactions of any set of objects involving subject-object relationships. www.federalreserve.gov/econresdata/feds/2016/files/2016103pap.pdf

December 28, 2016 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/

December 28, 2016 - Watch Live January 12 at 7 p.m. Conversation with the Chair: A Teacher Town Hall Meeting - Watch Live as Chair Yellen hosts a conversation. www.federalreserve.gov/newsevents/conferences/chair-yellen-teacher-town-hall-2017.htm

December 27, 2016 - Regulatory Reform - Communications with the public through December 27, 2016 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm

December 23, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 23, 2016 - Federal Reserve Board and Federal Open Market Committee seek comment on rules to amend regulations under Freedom of Information Act - The Federal Reserve Board and the Federal Open Market Committee on Friday invited public comment on interim final rules to amend regulations for processing requests under the Freedom of Information Act. www.federalreserve.gov/newsevents/press/other/20161223a.htm
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December 22, 2016 - FDIC Seeking Comment on New Handbook for De Novo Organizers Applying for Deposit Insurance - Julianne Fisher Breitbeil - The Federal Deposit Insurance Corporation is seeking comment on a handbook developed to facilitate the process of establishing new banks. www.fdic.gov/news/news/press/2016/pr16110.html

December 22, 2016 - Legal Interpretations - Bank Holding Company Act, October 13, 2016 - General Counsel opinion letter to John P. Greeley, Esq., opining that no regulatory purpose would be served by requiring a filing under section 3 of the Bank Holding Company Act, as amended, for CenterState Banks, Inc., Winter Haven, Florida, to acquire Platinum Bank Holding Company and thereby indirectly acquire Platinum Bank, both of Brandon, Florida. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20161221.pdf

December 22, 2016 - Does Hedging with Derivatives Reduce the Market’s Perception of Credit Risk? - Sriya Anbil, Alessio Saretto, and Heather Tookes - Risk management is the most widely-cited reason that non-financial corporations use derivatives. If hedging programs are effective, then firms using derivatives should have lower credit risk than those that do not. www.federalreserve.gov/econresdata/feds/2016/files/2016100pap.pdf

December 22, 2016 - FOIA - 2016 FOIA Annual Report.  www.federalreserve.gov/foia/files/2016FoiaAnnualReport.pdf

December 22, 2016 - Federal Reserve Payments Study Highlights Strong Trends in Card Use - From 2012 to 2015, credit and debit card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released today.  www.federalreserve.gov/newsevents/press/other/20161222b.htm

December 22, 2016 - Federal Reserve Board announces termination of enforcement action with Cole Taylor Bank.  www.federalreserve.gov/newsevents/press/enforcement/20161222a.htm

December 22, 2016 - NCUA - Strengthening Economy Presents Opportunities, Risks for Credit Unions- New Video Encourages Credit Unions to Prepare for Rising Int?ere??st Rates in 2017 - Improving labor markets and falling unemployment rates over the past five years have been good for credit union loan growth, according to National Credit Union Administration Chief Economist Ralph Monaco. www.ncua.gov/newsroom/Pages/news-2016-dec-economic-update.aspx

December 21, 2016 - Legal Interpretations - Bank Holding Company Act, December 9 and December 21, 2016 - General Counsel opinion letter to John P. Greeley, Esq., opining that no regulatory purpose would be served by requiring a filing under section 3 of the Bank Holding Company Act, as amended, for CenterState Banks, Inc., Winter Haven, Florida, to acquire Platinum Bank Holding Company and thereby indirectly acquire Platinum Bank, both of Brandon, Florida.  www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20161221.pdf

December 21, 2016 - NCUA - 24 Credit Unions Agree to Late-Filing Penalties for Second Quarter of 2016 - Twenty-four federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the second quarter of 2016 have consented to penalties totaling $9,364, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-dec-24-credit-unions-agree-late-filing-penalties-second-quarter.aspx

December 21, 2016 - U.S and Oklahoma Economic Outlook By Chad Wilkerson Vice President, Economist, and Oklahoma City Branch Executive Federal Reserve Bank of Kansas City.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-rma-12-16.pdf

December 21, 2016 - Federal Reserve Board assesses $27 million civil money penalty against Banco Bilbao Vizcaya Argentaria, S.A., and its subsidiary, BBVA Securities, Inc.  www.federalreserve.gov/newsevents/press/enforcement/20161221a.htm

December 20, 2016 - OCC Adopts Framework for Receiverships for Uninsured Federally Chartered National Banks - The Office of the Comptroller of the Currency today released a final rule setting forth a framework for placing uninsured national banks into receivership. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-160.html

December 20, 2016 - Underwriting Standards Ease for Fourth Consecutive Year, OCC Survey Shows - Underwriting practices among national banks and federal savings associations eased for a fourth consecutive year in 2016, according to a report released today by the Office of the Comptroller of the Currency.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-159.html

December 20, 2016 - U.S and Oklahoma Economic Outlook - By Chad Wilkerson Vice President, Economist, and Oklahoma City Branch Executive Federal Reserve Bank of Kansas City - Structure and Functions of the Federal Reserve System.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-rma-12-16.pdf

December 20, 2016 - 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.  www.stlouisfed.org/news-releases/2016/12/20/st-louis-fed-little-rock-branch-announces-changes-to-board-of-directors

December 20, 2016 - 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. www.stlouisfed.org/news-releases/2016/12/20/st-louis-fed-memphis-branch-announces-changes-to-board-of-directors

December 20, 2016 - 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.   www.stlouisfed.org/news-releases/2016/12/20/st-louis-fed-louisville-branch-announces-changes-to-board-of-directors

December 20, 2016 - St. Louis Fed Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its board of directors, effective Jan. 1.  www.stlouisfed.org/news-releases/2016/12/20/st-louis-fed-announces-changes-to-board-of-directors

December 20, 2016 - Ronald J. Kruszewski Reappointed to Federal Advisory Council - The board of directors of the Federal Reserve Bank of St. Louis has reappointed Ronald J. Kruszewski, chairman and CEO of Stifel Financial Corp. in St. Louis, to serve on the Federal Advisory Council for a one-year term that ends on Dec. 31, 2017. www.stlouisfed.org/news-releases/2016/12/20/ronald-j-kruszewski-reappointed-to-federal-advisory-council

December 20, 2016 - Federal Reserve Board announces appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2017.  www.federalreserve.gov/newsevents/press/other/20161220a.htm

December 20, 2016 - Fewer but Better: Sudden Stops, Firm Entry, and Financial Selection - Sina T. Ates and Felipe E. Saffie - We incorporate endogenous technical change into a real business cycle small open economy framework to study the productivity costs of sudden stops. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1187.pdf
 
December 20, 2016 - Federal Reserve Board extends comment period to February 20, 2017, on proposed rule that would strengthen existing requirements and limitations on the physical commodity activities of financial holding companies.  www.federalreserve.gov/newsevents/press/bcreg/20161220a.htm

December 20, 2016 - Federal Reserve Board bars two former employees of Regions Bank from employment in banking industry following indictment for financial crimes.   www.federalreserve.gov/newsevents/press/enforcement/20161220b.htm

December 20, 2016 - Federal Reserve Board issues enforcement action with Rock Bancshares, Inc. and Heartland Bank.  www.federalreserve.gov/newsevents/press/enforcement/20161220a.htm

December 19, 2016 - NCUA’s Employee Satisfaction Rating Improves in “Best Places to Work” Report - Strong Ratings for Teamwork, Effective Supervisor Leadership, Skills Matching - The National Credit Union Administration showed improvement in several important areas of employee satisfaction in the Partnership for Public Service’s 2016 “Best Places to Work” report.
www.ncua.gov/newsroom/Pages/news-2016-dec-employee-satisfaction-rating-improves-best-places-work-report.aspx

December 19, 2016 - Have Borrowers Recovered from Foreclosures during the Great Recession? - By Sharada Dharmasankar , Bhash Mazumder - This article examines the current financial health of individuals who experienced a home mortgage foreclosure during the Great Recession and assesses the degree to which they have recovered relative to those who lost their homes before the downturn. www.chicagofed.org/publications/chicago-fed-letter/2016/370

December 19, 2016 - Andrew M. Pugh Named Deputy Comptroller for Administrative Operations - The Office of the Comptroller of the Currency today announced the selection of Andrew M. Pugh to be the agency’s Deputy Comptroller for Administrative Operations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-158.html

December 19, 2016 - How Important Is Information from FOMC Minutes? - Fernanda Nechio and Daniel J. Wilson - To foster transparency and accountability in monetary policy, the Federal Open Market Committee publishes a statement immediately following every FOMC meeting, followed by the full minutes of the meeting three weeks later. www.frbsf.org/economic-research/publications/economic-letter/2016/december/impact-of-fomc-minutes-on-bonds/

December 19, 2016 - St. Louis Fed Report Explores the End of the Foreclosure Crisis - The St. Louis Fed's Community Development department has released the latest article in its “Housing Market Perspectives – On the Level with Bill Emmons” series, in conjunction with its quarterly Housing Market Conditions report. www.stlouisfed.org/news-releases/2016/12/19/st-louis-fed-report-explores-the-end-of-the-foreclosure-crisis

December 19, 2016 - New Accounting Standard on Credit Losses: Frequently Asked Questions - The federal financial institution regulatory agencies are issuing the attached Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses to assist institutions and examiners. www.fdic.gov/news/news/financial/2016/fil16079.html

December 19, 2016 - Financial Institution Letters - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Tennessee Affected by Wildfires The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Tennessee affected by wildfires. www.fdic.gov/news/news/financial/2016/fil16080.html

December 19, 2016 - When Can Trend-Cycle Decompositions Be Trusted? - Manuel Gonzalez-Astudillo and John M. Roberts - In this paper, we examine the results of GDP trend-cycle decompositions from the estimation of bivariate unobserved components models that allow for correlated trend and cycle innovations. www.federalreserve.gov/econresdata/feds/2016/files/2016099pap.pdf

December 19, 2016 - Frequently Asked Questions on the Current Expected Credit Losses Methodology - The Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency are issuing frequently asked questions to aid institutions in their implementation of the new accounting standard for credit losses recently issued by the Financial Accounting Standards Board. www.federalreserve.gov/bankinforeg/srletters/sr1619.htm

December 19, 2016 - Supervision Manual - Commercial Bank Examination Manual, October 2016 - Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/boarddocs/supmanual/cbem/cbem.pdf

December 19, 2016 - Janet L. Yellen,  Chair - Commencement Remarks - At the University of Baltimore 2016 Midyear Commencement, Baltimore, Maryland.  www.federalreserve.gov/newsevents/speech/yellen20161219a.pdf

December 19, 2016 - Federal Reserve Board approves rule requiring for the first time that large banking organizations publicly disclose certain quantitative liquidity risk metrics - The Federal Reserve Board on Monday approved a rule requiring for the first time that large banking organizations publicly disclose certain quantitative liquidity risk metrics. www.federalreserve.gov/newsevents/press/bcreg/20161219a.htm

December 19, 2016 - Federal Reserve Board requests public comment on proposed guidelines to evaluate requests for joint accounts at Federal Reserve Banks - The Federal Reserve Board on Monday requested comment on proposed guidelines that would be used to evaluate requests for joint accounts at Federal Reserve Banks.  www.federalreserve.gov/newsevents/press/other/20161219b.htm

December 19, 2016 - Federal Reserve Board report highlights findings of 2015 Survey of Young Workers - Young workers in the United States experience higher rates of unemployment than the population as whole but are nonetheless generally optimistic about their job prospects, according to the Federal Reserve Board's new report, Experiences and Perspectives of Young Workers. www.federalreserve.gov/newsevents/press/other/20161219a.htm

December 16, 2016 - Economic Outlook - Reuven Glick, group vice president at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of December 8, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/december/december-08-2016/

December 16, 2016 - Statistical Release - Household Debt Service and Financial Obligations Ratios - Household debt service payments and financial obligations as a percentage of disposable personal income; seasonally adjusted.   www.federalreserve.gov/releases/housedebt/default.htm

December 16, 2016 - Import Penetration and Domestic Innovation: A View into Dynamic Gains from Trade - Maria D. Tito - How large are the welfare gains from international trade? Empirical studies have generally focused on the impact of trade liberalizations on the level of income and have consistently found that those types of gains--also known as static gains--are generally small; for example, using an extensive methodology. www.federalreserve.gov/econresdata/notes/feds-notes/2016/import-penetration-and-domestic-innovation-a-view-into-dynamic-gains-from-trade-20161216.html

December 16, 2016 - The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules - Steven Laufer and Andrew Paciorek - Since the housing bust and financial crisis, mortgage lenders have introduced progressively higher minimum thresholds for acceptable credit scores. www.federalreserve.gov/econresdata/feds/2016/files/2016098pap.pdf

December 16, 2016 - Options, Equity Risks, and the Value of Capital Structure Adjustments - Paul Borochin and Jie Yang - We use exchange-traded options to identify risks relevant to capital structure adjustments in firms. These forward-looking market-based risk measures provide significant explanatory power in predicting net leverage changes in excess of accounting data. www.federalreserve.gov/econresdata/feds/2016/files/2016097pap.pdf

December 16, 2016 - Monetary Policy Implementation and Private Repo Displacement: Evidence from the Overnight Reverse Repurchase Facility - Alyssa G. Anderson and John Kandrac - In recent years, the scale and scope of major central banks' intervention in financial markets has expanded in unprecedented ways.  www.federalreserve.gov/econresdata/feds/2016/files/2016096pap.pdf

December 16, 2016 - Prudential policies and their impact on credit in the United States - We analyze how two types of recently used prudential policies affected the supply of credit in the United States. First, we test whether the U.S. bank stress tests had any impact on the supply of mortgage credit. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1186.pdf

December 16, 2016 - A Passage to India: Quantifying Internal and External Barriers to Trade - This paper quantifies the size of internal versus external trade barriers and assesses the impact on trade and welfare. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1185.pdf

December 16, 2016 - Federal Advisory Council - Records of the meeting, November 30, 2016 - www.federalreserve.gov/aboutthefed/fac-20161130.pdf

December 16, 2016 - Federal Reserve Board announces approval of the application by Federation des caisses Desjardins du Quebec.  www.federalreserve.gov/newsevents/press/orders/orders20161216a1.pdf

December 15, 2016 - Federal Reserve Board encourages consumers to closely monitor their financial accounts for unauthorized activity and know where to find help if they spot unauthorized activity. www.federalreserve.gov/newsevents/press/other/20161215a.htm 
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December 15, 2016 - OCC Enforcement Actions and Terminations for December 2016 - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-157.html

December 15, 2016 - Office of the Comptroller of the Currency Issues Rules to Reduce Regulatory Burden - The Office of the Comptroller of the Currency today released the final rule to remove outdated or unnecessary provisions of certain rules to reduce regulatory burden on national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-156.html

December 15, 2016 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of Minneapolis increasing the discount rate at the Bank from 1 percent to 1-1/4 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20161215a.htm 

December 15, 2016 - Federal Reserve Board adopts final rule to strengthen the ability of government authorities to resolve in orderly way largest domestic and foreign banks operating in the United States - The Federal Reserve Board on Thursday adopted a final rule to strengthen the ability of  government authorities to resolve in an orderly way the largest domestic and foreign banks operating in the United States without any support from taxpayer-provided capital. www.federalreserve.gov/newsevents/press/bcreg/20161215a.htm

December 15, 2016 - NCUA - Modernized Occupancy Rule Provides Regulatory Relief- Possible Stabilization Fund Assessment Rebates, Depleted Capital Recoveries Range from $3.4 Billion to $4.9 Billion - The National Credit Union Administration Board held its eleventh open meeting of 2016 at the agency’s headquarters here today and unanimously approved three items: www.ncua.gov/newsroom/Pages/news-2016-dec-modernized-occupancy-rule-provides-regulatory-relief.aspx

December 14, 2016 - NCUA Hosts Webinar on Growing Loans with USDA Programs - Learn about the Department of Agriculture’s Loan and Grant Initiatives - Credit unions concerned about flat or negative loan growth may find valuable information in an upcoming webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-dec-webinar-growing-loans-usda-programs.aspx

December 14, 2016 - Regulatory Reform - Communications with the public through December 14, 2016 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/newsevents/reform_meetings.htm

December 14, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 1:00 PM on December 13, 2016, and continued on December 14, 2016, at 9:00 AM. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20161214exp.htm

December 14, 2016 - Federal Reserve Board and Federal Open Market Committee release economic projections from the December 13-14 FOMC meeting The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the December 13-14 meeting. www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20161214.pdf

December 14, 2016 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year. www.federalreserve.gov/newsevents/press/monetary/20161214a.htm

December 13, 2016 - NCUA - November 2016 NCUA Board Meeting Video Available - The video recording of the Nov. 17, 2016, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-dec-november-2016-board-meeting-video-available.aspx

December 13, 2016 - NCUA - 2017 Share Insurance Premium Range Recommendations Set - Read the Latest Issue of “The NCUA Report” Online - Insured share growth in credit unions, along with the continuing low interest-rate environment, is causing the National Credit Union Share Insurance Fund’s equity ratio to decline. www.ncua.gov/newsroom/Pages/news-2016-dec-2017-share-insurance-premium-range-recommendations-set.aspx

December 13, 2016 - OCC Releases Review of Efforts To Enhance Large Bank Supervision - The Office of the Comptroller of the Currency today released a third-party review of its efforts to enhance the agency’s supervision of large and midsize national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-155.html

December 13, 2016 - St. Louis Fed Receives Award in Recognition of Commitment to Equality - The St. Louis Fed has received another honor to recognize the organization’s inclusive culture. The Human Rights Campaign Foundation has honored the Bank with the 2017 Best Places to Work Corporate Equality Index Award. www.stlouisfed.org/news-releases/2016/12/13/st-louis-fed-receives-award-in-recognition-of-commitment-to-equality

December 13, 2016 - FDIC Board Approves 2017 Operating Budget, Down 46 Percent from Peak in 2010 - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $2.18 billion operating budget for 2017, down 2.4 percent from 2016 and 46 percent lower than the peak in 2010 at the height of the financial crisis. www.fdic.gov/news/news/press/2016/pr16108.html

December 13, 2016 - Agencies announce determinations on October resolution plan submissions of five systemically important domestic banking institutions - The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Tuesday announced that Bank of America, Bank of New York Mellon, JP Morgan Chase, and State Street adequately remediated deficiencies in their 2015 resolution plans.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161213a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16109.html

December 12, 2016 - Federal Reserve Board announces additional details regarding how banking entities may seek extension to conform their investments in a narrow class of funds that qualify as "illiquid funds" to the requirements of the Volcker Rule - The Federal Reserve Board on Monday announced additional details regarding how banking entities may seek an extension to conform their investments in a narrow class of funds that qualify as "illiquid funds" to the requirements of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule.  www.federalreserve.gov/newsevents/press/bcreg/20161212b.htm

December 12, 2016 - NCUA Issues Cease and Desist Order - Member Deposits at S M Federal Credit Union Remain Insured Up to $250,000 - The National Credit Union Administration has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania. www.ncua.gov/newsroom/Pages/news-2016-dec-ncua-issues-cease-desist-order.aspx

December 12, 2016 - NCUA - Third-Quarter State Credit Union Data Show Overall Growth Trends Continuing - Federally insured credit unions saw continued improvement in nearly every category during the third quarter of 2016, according to state-level data compiled by the National Credit Union Administration and released today. www.ncua.gov/newsroom/Pages/news-dec-2016-third-quarter-data-review.aspx

December 12, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 11:30 AM on December 12, 2016. Matter considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20161212exp.htm

December 12, 2016 - Andreas Lehnert appointed new director of Division of Financial Stability - The Federal Reserve Board on Monday announced the appointment of Andreas Lehnert as director of its Division of Financial Stability, effective December 25, 2016. www.federalreserve.gov/newsevents/press/other/20161212a.htm

December 12, 2016 - Federal banking agencies finalize rule expanding number of banks and savings associations qualifying for 18-month examination cycle - The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency issued interagency final rules that increase the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161212a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16107.html 
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-154.html

December 9, 2016 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:00 PM on December 13, 2016. Matter to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20161213advexp.htm

December 9, 2016 - Federal Reserve Board announces approval of technical amendments to rule that identifies global systemically important bank holding companies and requires additional amounts of risk-based capital - The Federal Reserve Board on Friday announced the approval of technical amendments to its rule that identifies global systemically important bank holding companies and requires those firms to hold additional amounts of risk-based capital to avoid restrictions on capital distributions and discretionary bonus payments.  www.federalreserve.gov/newsevents/press/bcreg/20161209b.htm

December 9, 2016 - The Federal Reserve Board on Friday invited comment on a proposal to fully apply the Board's existing rating system for bank holding companies to savings and loan holding companies. www.federalreserve.gov/newsevents/press/bcreg/20161209a.htm 

December 8, 2016 - Statistical Release - Mortgage Debt Outstanding. www.federalreserve.gov/econresdata/releases/mortoutstand/current.htm

December 8, 2016 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 12:00 PM on December 12, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20161212advexp.htm
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December 8, 2016 - Chicago Fed Letter, No. 369, 2016 - The Global Diffusion of Ideas and Its Impact on Productivity and Growth By Francisco (Paco) Buera , Ezra Oberfield The merit of free trade is a widely debated subject. www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl369-pdf.pdf 

December 8, 2016 - Open Board Meeting Notice - An Open Board meeting will be held on December 15, 2016, at 11 a.m. ET. Matter to be considered: 1. Final Rule establishing Total Loss-Absorbing Capacity and Buffers, Long-term Debt, and Clean Holding Company Requirements for U.S. Global Systemically Important Banking Holding Companies and U.S. Intermediate Holding Companies of Foreign Global Systemically Important Banking Organizations. www.federalreserve.gov/aboutthefed/boardmeetings/20161215open.htm

December 8, 2016 - Statistical Release - Financial Accounts of the United States - Z.1 - The Financial Accounts of the United States includes data on the flow of funds and levels of financial assets and liabilities, by sector and financial instrument; full balance sheets, including net worth, for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses; Integrated Macroeconomic Accounts; and additional supplemental detail. www.federalreserve.gov/releases/z1/current/default.htm

December 7, 2016 - The Federal Reserve's Dual Mandate - The monetary policy goals of the Federal Reserve are to foster economic conditions that achieve both stable prices and maximum sustainable employment. www.chicagofed.org/research/dual-mandate/dual-mandate

December 7, 2016 - Statistical Release - Consumer Credit - G.19 - In October, consumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit increased at an annual rate of 3 percent, while nonrevolving credit increased at an annual rate of 6 percent. www.federalreserve.gov/releases/g19/current/default.htm

December 7, 2016 - Federal Reserve Board announces new members of Community Advisory Council - The CAC is composed of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests, including from such fields as affordable housing, economic development, labor, small business, and asset and wealth building.  www.federalreserve.gov/newsevents/press/other/20161207a.htm

December 6, 2016 - Favar Approach - Zheng Liu, Mark M. Spiegel, and Andrew Tai - Exchange rate shocks have mixed effects on economic activity in both theory and empirical VAR models. In this paper, we extend the empirical literature by considering the implications of a positive shock to the U.S. dollar in a factor-augmented vector autoregression (FAVAR) model for the U.S. and three large Asian economies: Korea, Japan and China. www.frbsf.org/economic-research/files/wp2016-30.pdf

December 6, 2016 - Economy to Grow at Pace Slightly Above Average in 2017, Say Chicago Fed Economic Outlook Symposium Participants.   www.chicagofed.org/~/media/others/events/2016/economic-outlook-symposium/eos-press-release-pdf.pdf

December 6, 2016 - NCUA Consumer Assistance Center Portal Adds Flexibility for Credit Unions - Policy Change Allows Access to One Additional Authorized Official - Credit unions will have more flexibility to use the National Credit Union Administration’s Consumer Assistance Complaint portal, the agency announced today. www.ncua.gov/newsroom/Pages/news-2016-dec-consumer-assistance-center-portal.aspx

December 6, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 10:00 AM on December 6, 2016. Matter considered: Bank Supervisory Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20161206exp.htm

December 6, 2016 - Federal Reserve announces civil money penalty and issues cease and desist order against Customers Bank - The Federal Reserve Board on Tuesday issued a consent order to cease and desist and assessed a civil money penalty against Customers Bank of Phoenixville, Pennsylvania.  www.federalreserve.gov/newsevents/press/enforcement/20161206b.htm

December 6, 2016 - Federal Reserve Board announces termination of enforcement action.  https://www.federalreserve.gov/newsevents/press/enforcement/20161206a.htm

December 5, 2016 - Chicago Fed Earns High Mark on LGBT Workplace Equality Scorecard - The Federal Reserve Bank of Chicago received a score of 100 on the 2017 Corporate Equality Index, a national benchmarking survey and report on corporate policies and practices relating to lesbian, gay, bisexual and transgender workplace equality, administered by the Human Rights Campaign Foundation. www.chicagofed.org/publications/news/2016/corporate-equality-index-award

December 5, 2016 - Why Are Long-Term Interest Rates So Low? - Michael D. Bauer and Glenn D. Rudebusch - Despite recent increases, long-term interest rates remain close to their historical lows. A variety of structural factors, notably slower productivity growth and a surplus of global saving, likely have lowered expectations of steady-state interest rates and pushed down long-term yields through the expectations component. www.frbsf.org/economic-research/publications/economic-letter/2016/december/why-are-long-term-interest-rates-so-low/

December 5, 2016 - Economy to Grow at Pace Slightly Above Average in 2017, Say Chicago Fed Economic Outlook Symposium Participants - The 30th annual Economic Outlook Symposium, held in Chicago on December 2, drew participants from the manufacturing, banking, and auto industries, as well as academia and consulting and service firms. www.chicagofed.org/~/media/others/events/2016/economic-outlook-symposium/eos-press-release-pdf.pdf

December 5, 2016 - Insured Shares and Deposits Exceed $1 Trillion in Third Quarter - Insured shares and deposits in federally insured credit unions grew, for the first time, to more than $1 trillion and membership reached 106.2 million in the third quarter of 2016, the National Credit Union Administration reported today. www.ncua.gov/newsroom/Pages/news-2016-dec-third-quarter-data.aspx

December 5, 2016 - St. Louis Fed's Bullard Discusses Low Real Interest Rates and New Policies in Washington - St. Louis Fed's Bullard Discusses Low Real Interest Rates and New Policies in Washington - Federal Reserve Bank of St. Louis President James Bullard discussed “The Low Real Interest Rate Regime Post-Election: Is There a Switch?” on Monday at Arizona State University’s annual economic forecast luncheon. www.stlouisfed.org/news-releases/2016/12/05/bullard-low-real-interest-rates-new-policies

December 5, 2016 - Quarterly Debt Monitor: Consumer Debt Growth Stalls Despite Strong Sectors - Total per capita consumer debt fell across the nation in the third quarter of 2016, as reported in The Quarterly Debt Monitor. Serious delinquency rates largely improved, with the exception of auto debt, according to the report from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/12/05/contact-laura-taylor-draft   

December 5, 2016 - Inflation Perceptions and Inflation Expectations - Alan Detmeister, David Lebow, and Ekaterina Peneva - According to surveys, consumers tend to expect future inflation that is higher than official estimates of current inflation. Inflation expectations of consumers also tend to exceed those of professional forecasters and those inferred from financial-market prices. www.federalreserve.gov/econresdata/notes/feds-notes/2016/inflation-perceptions-and-inflation-expectations-20161205.html

December 5, 2016 - Prices and Depreciation in the Market for Tablet Computers - David Byrne, Wendy Dunn, and Eugenio Pinto - Spurred by advances in electronic miniaturization and power efficiency, lightweight, powerful and inexpensive tablet computers entered the mass market in significant volumes in 2010. www.federalreserve.gov/econresdata/notes/feds-notes/2016/prices-and-depreciation-in-the-market-for-tablet-computers-20161205.html

December 5, 2016 - Distributed ledger technology in payments, clearing, and settlement - David Mills, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian, Max Ellithorpe, Wendy Ng, and Maria Baird - Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf

December 2, 2016 - OCC Issues First Quarter 2017 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the first quarter of 2017. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-153.html

December 2, 2016 - OCC To Consider Fintech Charter Applications, Seeks Comment - Comptroller of the Currency Thomas J. Curry today announced that the Office of the Comptroller of the Currency would move forward with considering applications from financial technology companies to become special purpose national banks. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-152.html

December 2, 2016 - Emerging Trends in the U.S. and Colorado Economies - By Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-felix-ierg-12-02.pdf

December 2, 2016 - New Economic Mobility Publication Released by the Federal Reserve Bank of St. Louis - Economic mobility is the subject of a new publication released by the Federal Reserve Bank of St. Louis and the Board of Governors of the Federal Reserve System. www.stlouisfed.org/news-releases/2016/12/02/new-economic-mobility-publication-released-by-the-federal-reserve-bank-of-st-louis

December 2, 2016 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. www.fdic.gov/news/news/press/2016/pr16106.html

December 2, 2016 - FOIA - Chair Yellen's calendar, October 2016,  www.federalreserve.gov/foia/chairscalendar-102016.htm

December 2, 2016 - Advanced Notice of a Meeting under Expedited Procedures - It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 10:00 AM on Tuesday, December 6, 2016, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. www.federalreserve.gov/aboutthefed/boardmeetings/20161206advexp.htm

December 2, 2016 - Supervisory Expectations for Risk Management of Reserve-Based Energy Lending Risk - The purpose of this letter is to enhance existing energy lending guidance1 and to update financial institutions and supervisory staff about key risks and risk management factors for reserve-based lending activities. www.federalreserve.gov/bankinforeg/srletters/sr1617.htm

December 2, 2016 - The Effect of Hurricane Matthew on Consumer Spending - Aditya Aladangady, Shifrah Aron-Dine, Wendy Dunn, Laura Feiveson, Paul Lengermann, and Claudia Sahm - Severe weather events, such as blizzards and hurricanes, can temporarily disrupt economic activity.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/effect-of-hurricane-matthew-on-consumer-spending-20161202.html

December 2, 2016 - Daniel K. Tarullo,  Governor - Financial Regulation Since the Crisis-At the Federal Reserve Bank of Cleveland and Office of Financial Research 2016 Financial Stability Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20161202a.pdf

December 2, 2016 - Lael Brainard,  Governor - The Opportunities and Challenges of Fintech - At the Conference on Financial Innovation at the Board of Governors of the Federal Reserve System, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20161202a.pdf

December 1, 2016 - Independent Foreclosure Review - Independent Foreclosure Review Payment Agreement - December 1, 2016 Update - December 1, 2016 Update: All outstanding checks for borrowers of Federal Reserve supervised servicers must be cashed or deposited by December 31, 2016. www.federalreserve.gov/consumerinfo/independent-foreclosure-review-payment-agreement.htm
_______________________December 1, 2016 - 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 November 1, 2016 through November 30, 2016. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-151.html

December 1, 2016 - Comptroller Discusses CRA and Affordable Housing - Comptroller of the Currency Thomas J. Curry today discussed efforts to enhance compliance supervision and the Community Reinvestment Act.  https://occ.gov/news-issuances/speeches/2016/pub-speech-2016-150.pdf

December 1, 2016 - Emerging Trends in the U.S. and Regional Economy - By Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branc.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-felix-ccv-12-01.pdf

December 1, 2016 - FDIC Issues First Quarter 2017 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the first quarter of 2017. www.fdic.gov/news/news/press/2016/pr16105.html

December 1, 2016 - Foreign Exchange Rates -- G.5 Monthly - The table below shows the average rates of exchange in NOVEMBER 2016 together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York. www.federalreserve.gov/releases/g5/current/default.htm

December 1, 2016 - Holiday Spending and Financing Decisions in the 2015 Survey of Household Economics and Decisionmaking - Jeff Larrimore - One of the recurring themes in the Federal Reserve Board's Survey of Household Economics and Decisionmaking is a lack of savings capacity for many individuals. www.federalreserve.gov/econresdata/notes/feds-notes/2016/holiday-spending-and-financing-decisions-in-2015-survey-of-household-economics-and-decisionmaking-20161201.html

December 1, 2016 - Federal Reserve announces College Fed Challenge winners - Rutgers University won the 13th annual national College Fed Challenge on Thursday, 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/20161201a.htm

December 1, 2016 - NCUA - October 2016 NCUA Board Meeting and Budget Briefing Videos Available - The video recordings of the Oct. 27, 2016, open meeting of the National Credit Union Administration Board and the agency’s budget briefing are now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-dec-board-budget-briefing-videos.aspx