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

December 29, 2017 - Midwest Economy Index - Index points to a pickup in Midwest economic growth in November.  www.chicagofed.org/~/media/publications/mei/2017/mei-november2017-pdf.pdf

December 29, 2017 - Competitiveness of Ethnic Minority Neighborhoods in Metropolitan Areas in the Seventh District - Maude Toussaint-Comeau - This article by senior business economist Maude Toussaint-Comeau explores employment change in ethnic minority neighborhoods in the Seventh District in comparison to job growth within their regions before and after the Great Recession. www.chicagofed.org/publications/profitwise-news-and-views/index

December 29, 2017 - NCUA Issues Prohibition Notices - The National Credit Union Administration issued one prohibition order and two notices of prohibition in December. These three individuals are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2017-dec-prohibition-orders.aspx

December 29, 2017 - FDIC Makes Public November Enforcement Actions - No dministrative Hearings Scheduled for January 2018 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in November. www.fdic.gov/news/news/press/2017/pr17103.html

December 29, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 29, 2017 - Regulatory Reform - Discount Window Lending, 2015:Q4 - 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. www.federalreserve.gov/regreform/discount-window.htm

December 29, 2017 - Financial Accounting Manual for Federal Reserve Banks.  www.federalreserve.gov/aboutthefed/files/BSTfinaccountingmanual.pdf
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December 28, 2017 - Quantitative easing and bank risk taking: evidence from lending - John Kandrac and Bernd Schlusche - We empirically assess the effect of reserve accumulation as a result of quantitative easing on bank-level lending and risk taking activity. www.federalreserve.gov/econres/feds/files/2017125pap.pdf

December 28, 2017 - Interest on Reserves and Arbitrage in Post-Crisis Money Markets - Thomas Keating and Marco Macchiavelli - Abstract: Currently, Eurodollars and fed funds markets combined trade about $220 billion in funds daily, the vast majority of which with overnight tenor. www.federalreserve.gov/econres/feds/files/2017124pap.pdf

December 27, 2017 - ProfitWise News and Views - Articles on community and economic development news, trends, policy, and research. www.chicagofed.org/publications/profitwise-news-and-views/index

December 27, 2017 - NCUA - December 2017 NCUA Board Meeting Video Available - The video recording of the Dec. 14, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2017-dec-14-board-meeting-video-available.aspx

December 26, 2017 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/

December 26, 2017 - OCC Reports Third Quarter Trading Revenue of $6.4 Billion - The Office of the Comptroller of the Currency reported trading revenue of U.S. commercial banks and savings associations of $6.4 billion in the third quarter 2017, $241 million, or 3.6 percent, lower than the previous quarter. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-154.html

December 22, 2017 - NCUA Webinar Will Discuss New Office of Credit Union Resources and Expansion - Register Now to Learn about Services that will Become Available - The National Credit Union’s new Office of Credit Union Resources and Expansion will begin operations on Jan. 7, 2018, and credit unions can learn about what CURE is offering on an agency webinar scheduled for Wednesday, Jan. 10, 2018. www.ncua.gov/newsroom/Pages/news-2017-dec-new-cure-office.aspx

December 22, 2017 - NCUA - 39 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2017 - Thirty-nine federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the second quarter of 2017 have agreed to penalties totaling $10,150, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2017-dec-late-filers-q2.aspx

December 22, 2017 - OCC Reports Mortgage Performance Unchanged - Performance of first-lien mortgages remained unchanged during the third quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-153.html

December 22, 2017 - Collaborative Relationships with Minority Depository Institutions - Insured depository institutions may realize business and regulatory benefits from partnerships and other collaborative relationships with minority depository institutions. www.fdic.gov/news/news/financial/2017/fil17064.html

December 22, 2017 - FDIC Resource Guide Highlights Collaborative Opportunities with Minority Depository Institutions - The Federal Deposit Insurance Corporation today issued a resource guide that underscores ways insured depository institutions, including community banks, can partner with minority depository institutions to the benefit of all institutions involved, as well as the communities they serve. www.fdic.gov/news/news/press/2017/pr17102.html

December 22, 2017 - Assessing the Severity of Rent Burden on Low-Income Families - Jeff Larrimore, Board of Governors of the Federal Reserve System,1 and Jenny Schuetz, Brookings Institution - Housing costs are a severe financial burden to many low-income families.  www.federalreserve.gov/econres/notes/feds-notes/assessing-the-severity-of-rent-burden-on-low-income-families-20171222.htm

December 22, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update The Federal Reserve operates with a sizable balance sheet that includes a large number of distinct assets and liabilities. www.federalreserve.gov/monetarypolicy/bst_fedsbalancesheet.htm

December 21, 2017 - Federal Reserve Payments Study Supplement Points to Accelerated Credit Card Use - Kansas City, Missouri, December 21, 2017 - Growth in the number of credit card payments rose sharply from 2015 to 2016 - eclipsing growth for other card types, according to new payments data collected by the Federal Reserve.  https://frbservices.org/news/press-releases/122117-payments-study-supplement.html

December 21, 2017 - Chicago Fed National Activity Index - Led by slower growth in production-related indicators, the Chicago Fed National Activity Index declined to +0.15 in November from +0.76 in October. www.chicagofed.org/~/media/publications/cfnai/2017/cfnai-december2017-pdf.pdf

December 21, 2017 - Home Mortgage Disclosure Act: Statement on Institutions' Good Faith Compliance Efforts - The FDIC is issuing a statement regarding the evaluation of financial institutions' compliance with the Home Mortgage Disclosure Act, implemented by Regulation C. Specifically, for HMDA data collected in 2018 and reported in 2019, the FDIC does not intend to require data resubmission unless data errors are material.
Press Release: www.fdic.gov/news/news/financial/2017/fil17063.html
Press Release: www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-62.html

December 21, 2017 - Expectations for Supervised Institutions Regarding Amended Regulation C - This letter provides guidance on the Federal Reserve Board's supervisory expectations in connection with early examinations of Board-supervised institutions for compliance with the Consumer Financial Protection Bureau's October 15, 2015 and August 24, 2017 amendments to Regulation C, which implements the Home Mortgage Disclosure Act. www.federalreserve.gov/supervisionreg/caletters/caltr1704.htm

December 21, 2017 - Senior Credit Officer Opinion Survey on Dealer Financing Terms - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets. www.federalreserve.gov/data/scoos/scoos.htm

December 21, 2017 - Agencies announce Shared National Credit definition change; aggregate loan commitment threshold increased to adjust for inflation, and changes in average loan size - To adjust for inflation and changes in average loan size, the federal banking agencies on Thursday announced that, effective January 1, 2018, the aggregate loan commitment threshold for inclusion in the Shared National Credit program will increase from $20 million to $100 million.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20171221c.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17101.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-152.html

December 21, 2017 - Federal Reserve Board announces termination of enforcement action First Baird Bancshares, Inc.  www.federalreserve.gov/newsevents/pressreleases/enforcement20171221a.htm

December 21, 2017 - Federal Reserve payments study supplement points to accelerated credit card use - Growth in the number of credit card payments rose sharply from 2015 to 2016--eclipsing growth for other card types, according to new payments data collected by the Federal Reserve. www.federalreserve.gov/newsevents/pressreleases/bcreg20171221b.htm

December 21, 2017 - 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/pressreleases/bcreg20171221a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17100.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-151.html

December 20, 2017 - NCUA Charters Civic Federal Credit Union - New Credit Union Will Serve North Carolina Local Government Employees - The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to Civic Federal Credit Union in Raleigh, North Carolina. www.ncua.gov/newsroom/Pages/news-2017-dec-ncua-charters-civic-federal-credit-union.aspx
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December 20, 2017 - FOIA - 2017 FOIA Annual Report - The following information is submitted to the U.S. Department of Justice by the Board of Governors of the Federal Reserve System (Board) in accordance with the requirements of the Freedom of Information Act (5 U.S.C. § 552(e)) (FOIA), as amended. www.federalreserve.gov/foia/annrept_2017.htm

December 20, 2017 - NCUA - State Credit Union Data Show Loan Growth Rate Up; Assets, Shares Growth Slower in Third Quarter of 2017 - Federally insured credit unions across the country saw loans grow at a faster rate in the third quarter than a year earlier, while assets and shares grew more slowly, according to state-level data compiled by the National Credit Union Administration and released today. www.ncua.gov/newsroom/Pages/news-2017-dec-state-maps-third-quarter.aspx

December 19, 2017 - FDIC Board Approves 2018 Operating Budget, Down 48 Percent from Peak in 2010 - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $2.09 billion operating budget for 2018, down 3.0 percent from 2017 and 48 percent lower than the peak in 2010 at the height of the financial crisis. www.fdic.gov/news/news/press/2017/pr17098.html
 
December 19, 2017 - FEDS Notes - Stigma and the discount window - Mark Carlson and Jonathan D. Rose - One of the primary roles of central banks like the Federal Reserve is to provide liquidity to the financial system, particularly during periods of stress. www.federalreserve.gov/econres/notes/feds-notes/stigma-and-the-discount-window-20171219.htm

December 19, 2017 - Agencies announce joint determinations for living wills - Reflecting the significant progress made in recent years, the Federal Deposit Insurance Corporation and the Federal Reserve Board on Tuesday announced that the resolution plans of the eight largest and most complex domestic banking organizations did not have "deficiencies," which are weaknesses severe enough to trigger a resubmission process that could result in more stringent requirements.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20171219a.htm 
Press Release: www.fdic.gov/news/news/press/2017/pr17099.html

December 19, 2017 - Federal Reserve Board issues enforcement action with Société Générale S.A. and announces termination of enforcement action with Cecil Bank.   www.federalreserve.gov/newsevents/pressreleases/enforcement20171219a.htm

December 18, 2017 - FDIC Releases History of Agency’s Response to the Financial Crisis - The Federal Deposit Insurance Corporation (FDIC) on Monday released a history of the financial crisis focusing on the agency's response and lessons learned from its experience. www.fdic.gov/news/news/press/2017/pr17097.html

December 18, 2017 - Can macroprudential measures make cross-border lending more resilient? Lessons from the taper tantrum - Elod Takáts and Judit Temesvary - We study the effect of macroprudential measures on cross-border lending during the taper tantrum, which saw a strong slowdown of cross-border bank lending to some jurisdictions. www.federalreserve.gov/econres/feds/files/2017123pap.pdf

December 18, 2017 - Federal Advisory Council, Record of Meeting, November 30, 2017 - The Federal Advisory Council, which is composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction. www.federalreserve.gov/aboutthefed/fac.htm

December 18, 2017 - Community Depository Institutions Advisory Council - Record of Meeting, November 17, 2017 - The Community Depository Institutions Advisory Council was established in 2010 by the Board of Governors to provide input to the Board on the economy, lending conditions, and other issues of interest to community depository institutions. www.federalreserve.gov/aboutthefed/cdiac.htm

December 18, 2017 - New Evidence on an Old Unanswered Question: Why Some Borrowers Purchase Credit Insurance and Other Debt Protection and Some Do Not - Thomas A. Durkin and Gregory Elliehausen - Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer's debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. www.federalreserve.gov/econres/feds/files/2017122pap.pdf

December 18, 2017 - Federal Reserve Board announces approval of application by Commercial Bancgroup, Inc., and its parent companies, Robertson Holding Company, L.P., and Unified Shares, LLC - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Commercial Bancgroup, Inc., and its parent companies, Robertson Holding Company, L.P., and Unified Shares, LLC, all of Harrogate, Tennessee, to acquire Citizens Bancorp, Inc., and thereby indirectly acquire Citizens' subsidiary bank, Citizens Bank, both of New Tazewell, Tennessee. www.federalreserve.gov/newsevents/pressreleases/orders20171218b.htm

December 18, 2017 - Federal Reserve Board announces approval of application by NATCOM Bancshares, Inc. - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by NATCOM Bancshares, Inc., Superior, Wisconsin, to acquire 49.0 percent of the voting shares of Republic Bancshares, Inc., and thereby indirectly acquire control of Republic Bank, Inc., both of Duluth, Minnesota. www.federalreserve.gov/newsevents/pressreleases/orders20171218a.htm

December 18, 2017 - Federal Reserve Board repeals Regulation C and seeks public comment on proposal to revise Regulation M - The Federal Reserve Board on Monday announced the repeal of one regulation and the revision of a second to reflect the transfer of certain consumer protection rulewriting authority to the Consumer Financial Protection Bureau. www.federalreserve.gov/newsevents/pressreleases/bcreg20171218a.htm

December 15, 2017 - NCUA Conserves Louisville Metro Police Officers Credit Union - Member Deposits Insured up to $250,000; Member Services Uninterr???upted - The National Credit Union Administration today placed Louisville Metro Police Officers Credit Union, in Louisville, Kentucky, into conservatorship. www.ncua.gov/newsroom/Pages/news-2017-dec-louisville-metro-police-conserved.aspx

December 15, 2017 - OCC Appoints Receiver for Washington Federal Bank for Savings, Chicago, Illinois -The Office of the Comptroller of the Currency today appointed the Federal Deposit Insurance Corporation as receiver for Washington Federal Bank for Savings, Chicago, Illinois www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-150.html

December 15, 2017 - Chicago Fed President Charles Evans Dissent Statement - Rationale for My Dissent at the December 2017 FOMC Meeting Comments on the December 2017 Federal Open Market Committee vote. www.chicagofed.org/publications/speeches/2017/12-15-2017-evans-rationale-for-dissent-december-fomc

December 15, 2017 - NCUA Conserves Louisville Metro Police Officers Credit Union - Member Deposits Insured up to $250,000; Member Services Uninterrupted - The National Credit Union Administration today placed Louisville Metro Police Officers Credit Union, in Louisville, Kentucky, into conservatorship. www.ncua.gov/newsroom/Pages/news-2017-dec-louisville-metro-police-conserved.aspx

December 15, 2017 - Major Disasters: Interagency Examiner Guidance for Institutions Affected by Major Disasters - The Office of the Comptroller of the Currency and the other federal financial institutions regulatory agencies, in consultation with the Conference of State Bank Supervisors, are issuing guidance to their respective examiners regarding supervisory practices to be followed when assessing the financial condition of financial institutions directly affected by a disaster that results in a Presidential declaration of a major disaster. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-61.html

December 15, 2017 - OCC Releases Examiner Guidance for Institutions Affected by Major Disasters - The Office of the Comptroller of the Currency issued guidance for examiners of national banks and federal savings association outlining the supervisory practices for assessing the condition of national banks, federal savings associations, and federal branches and agencies of foreign banks directly affected by a disaster that results in a Presidential declaration of a major disaster. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-149.html

December 15, 2017 - Major Disaster Examiner Guidance - Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster - The federal financial institution regulatory agencies, in consultation with the Conference of State Bank Supervisors, have jointly issued the attached guidance outlining the supervisory practices to be followed in assessing the financial condition of insured depository institutions and branches and agencies of foreign banking organizations affected by a disaster that results in the President declaring an area a major disaster with individual assistance. www.fdic.gov/news/news/financial/2017/fil17062.html

December 15, 2017 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production moved up 0.2 percent in November after posting an upwardly revised increase of 1.2 percent in October. Manufacturing production also rose 0.2 percent in November, its third consecutive monthly gain. The output of utilities dropped 1.9 percent. www.federalreserve.gov/releases/g17/current/

December 15, 2017 - Payment Systems - Quarterly data updates: Fedwire Funds Services, Fedwire Securities Services, and National Settlement Services.   www.federalreserve.gov/paymentsystems.htm

December 15, 2017 - A Macroeconomic Model with Financial Panics - Mark Gertler, Nobuhiro Kiyotaki, and Andrea Prestipino - This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. www.federalreserve.gov/econres/ifdp/files/ifdp1219.pdf

December 15, 2017 - Investor Concentration, Flows, and Cash Holdings: Evidence from Hedge Funds - Mathias S. Kruttli, Phillip J. Monin, and Sumudu W. Watugala - We show that when only a few investors own a substantial portion of a hedge fund's net asset value, flow volatility increases because investors' exogenous, idiosyncratic liquidity shocks are not diversified away. www.federalreserve.gov/econres/feds/files/2017121pap.pdf

December 15, 2017 - Investment Responses to Trade Liberalization: Evidence from U.S. Industries and Establishments - Justin R. Pierce and Peter K. Schott - This paper examines the effect of a change in U.S. trade policy on the domestic investment of U.S. manufacturers. Using a difference-in-differences identification strategy, we find that industries more exposed to reductions in import tariff uncertainty exhibit relative declines in investment after the change in trade policy. www.federalreserve.gov/econres/feds/files/2017120pap.pdf

December 15, 2017 - Dealers' Insurance, Market Structure, And Liquidity - Francesca Carapella and Cyril Monnet - We develop a parsimonious model to study the equilibrium structure of financial markets and its efficiency properties. www.federalreserve.gov/econres/feds/files/2017119pap.pdf

December 15, 2017 - Vice Chairman Quarles will voluntarily recuse himself from participating in matters specific to Wells Fargo to avoid even the potential appearance of a conflict of interest.   www.federalreserve.gov/newsevents/pressreleases/other20171215a.htm

December 15, 2017 - Federal Reserve Board permanently bars Lowell W. McCoy, Angela Asbell, and Jacob Harrison from banking industry for engaging in separate unsafe and unsound practices.  www.federalreserve.gov/newsevents/pressreleases/enforcement20171215a.htm 
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December 14, 2017 - OCC Enforcement Actions and Terminations for December 2017 - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. https://www.occ.treas.gov/news-issuances/news-releases/2017/nr-occ-2017-148.html

December 14, 2017 - Joint Release/Single Resolution Board and Federal Deposit Insurance Corporation sign Cooperation Arrangement - Single Resolution Board and Federal Deposit Insurance Corporation sign Cooperation Arrangement - The Cooperation Arrangement between the Single Resolution Board and the Federal Deposit Insurance Corporation further strengthens the close cooperation between the two organizations in compliance with the legal frameworks in the United States and the European Union. www.fdic.gov/news/news/press/2017/pr17095.html

December 14, 2017 - NCUA Board Approves Central Office Reorganization, Emergency Mergers Rules - The National Credit Union Administration Board held its tenth open meeting of 2017 at the agency’s headquarters here today and unanimously approved two items: www.ncua.gov/newsroom/Pages/news-2017-dec-ncua-board-approves-central-office-reorganization-emergency-mergers-rules.aspx

December 13, 2017 - Workforce Development in Today's Economy - Governor Lael Brainard - At "Leading the Way: A Workforce Development Video Campaign" awards ceremony hosted by the Federal Reserve Bank of New York and Pathways in Technology Early College High Schools in the Greater Rochester Area, Rochester, N.Y. www.federalreserve.gov/newsevents/speech/brainard20171213a.htm

December 13, 2017 - NCUA Releases Q3 2017 Credit Union System Performance Data - NCUA Releases Q3 2017 Credit Union System Performance Data.   www.ncua.gov/newsroom/Pages/news-2017-dec-ncua-releases-q3-2017-credit-union-system-performance-data.aspx

December 13, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on December 12, 2017 and continued at 9:00 a.m. on December 13, 2017. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20171212closed.htm

December 13, 2017 - Federal Reserve Board and Federal Open Market Committee release economic projections from the December 12-13 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 12-13 meeting. www.federalreserve.gov/newsevents/pressreleases/monetary20171213b.htm

December 13, 2017 - 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 rising at a solid rate. www.federalreserve.gov/newsevents/pressreleases/monetary20171213a.htm

December 11, 2017 - Federal Reserve Board requests comment on proposed changes to the Payment System Risk Policy - The Federal Reserve Board on Monday requested public comment on proposed policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations. www.federalreserve.gov/newsevents/pressreleases/other20171211a.htm

December 11, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on December 11, 2017. Matter(s) considered: Supervisory Matter. www.federalreserve.gov/recentpostings.htm

December 11, 2017 - NCUA - Executive Order Establishes New Agency Seal - New Design Reflects NCUA’s Critical Role in Promoting Financial Stability - President Donald J. Trump has signed an Executive Order establishing the new official seal for the National Credit Union Administration, the agency announced today. www.ncua.gov/newsroom/Pages/news-2017-dec-executive-order-establishes-new-agency-seal.aspx

December 8, 2017 - Central Counterparty Risk Management: Beyond Default Risk By Rebecca Lewis - On October 17, 2017, the Federal Reserve Bank of Chicago held its fourth annual Central Counterparty Risk Management Conference: Beyond Default Risk. www.chicagofed.org/publications/chicago-fed-letter/2017/389

December 8, 2017 - Metsger Discusses Taxi Medallion Credit Unions and Risk-Based Capital Rule - NCUA Board Member Speaks to Oregon Cred????it Union CEOs - National Credit Union Administration Board Member Rick Metsger today reminded credit unions the National Credit Union Share Insurance Fund may be required to increase loss reserves as the values of taxi medallions decline. www.ncua.gov/newsroom/Pages/news-2017-dec-metsger-discusses-taxi-medallion-credit-unions.aspx

December 8, 2017 - Advanced Notice of a Meeting under Expedited Procedures- A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:00 p.m. on December 12, 2017. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20171212closed.htm

December 8, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 8, 2017 - Federal Reserve Board announces final plans for the production of three new reference rates based on overnight repurchase agreement transactions secured by Treasury securities.  www.federalreserve.gov/newsevents/pressreleases/bcreg20171208a.htm 

December 8, 2017 - Federal Reserve System announces new payments security strategy leader - The Federal Reserve System today announced the appointment of its payments security strategy leader, Kenneth Montgomery, the first vice president and chief operating officer of the Federal Reserve Bank of Boston. www.federalreserve.gov/newsevents/pressreleases/other20171208b.htm

December 7, 2017 - Openings for Experienced Economists - The Economic Research Department of the Federal Reserve Bank of Chicago is looking to hire Ph.D. economists with expertise in financial economics, microeconomics or macroeconomics. www.chicagofed.org/people/jobs/experienced-economists

December 7, 2017 - OCC Allows National Banks and Federal Savings Associations Affected by Wildfires in California to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations affected by wildfires in California to close. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-146.html

December 7, 2017 - U.S. banking agencies support conclusion of reforms to international capital standards - The federal banking agencies on Thursday announced their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis.
Press Release - www.federalreserve.gov/newsevents/pressreleases/bcreg20171207b.htm
Press Release - www.fdic.gov/news/news/press/2017/pr17094.html
Press Release - www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-147.html

December 7, 2017 - Statistical Release - Consumer Credit - G.19 - In October, consumer credit increased at a seasonally adjusted annual rate of 6-1/2 percent. Revolving credit increased at an annual rate of 10 percent, while nonrevolving credit increased at an annual rate of 5-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

December 7, 2017 - U.S. banking agencies support conclusion of reforms to international capital standards - The federal banking agencies on Thursday announced their support for the conclusion of efforts to reform the international bank capital standards initiated in response to the global financial crisis. www.federalreserve.gov/newsevents/pressreleases/bcreg20171207b.htm

December 7, 2017 - Federal Reserve Board requests comment on package of proposals that would increase the transparency of its stress testing program - The Federal Reserve Board on Thursday requested comment on a package of proposals that would increase the transparency of its stress testing program while maintaining the Federal Reserve's ability to test the resilience of the nation's largest and most complex banks. www.federalreserve.gov/newsevents/pressreleases/bcreg20171207a.htm
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December 7, 2017 - Central Counterparty Risk Management: Beyond Default Risk By Rebecca Lewis - On October 17, 2017, the Federal Reserve Bank of Chicago held its fourth annual Central Counterparty Risk Management Conference: Beyond Default Risk.  www.chicagofed.org/publications/chicago-fed-letter/2017/389

December 7, 2017 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 a.m. on December 11, 2017. Matter(s) considered: Supervisory Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20171211closed.htm

December 7, 2017 - 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 6, 2017 - Federal Reserve Board announces approval of application by CenterState Bank Corporation - The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by CenterState Bank Corporation, Winter Haven, Florida, to merge with HCBF Holding Company, Inc., and thereby indirectly acquire HCBF's subsidiary bank, Harbor Community Bank, both of Fort Pierce, Florida. www.federalreserve.gov/newsevents/pressreleases/orders20171206a.htm

December 5, 2017 - Comptroller of the Currency Lauds Progress Toward Meaningful Regulatory Reform - Comptroller of the Currency Joseph M. Otting issued the following statement on Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.” www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-145.html

December 5, 2017 - OCC Releases CRA Evaluations for 29 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, 2017 through November 30, 2017. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-144.html

December 5, 2017 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in September 2017.   www.fdic.gov/news/news/press/2017/pr17093.html

December 5, 2017 - Federal Reserve Board announces termination of enforcement action with Citizens Commerce Bancshares, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20171205a.htm

December 4, 2017 - Economy to Grow at Pace Slightly Above Average in 2018, Say Chicago Fed Economic Outlook Symposium Participants - The 31st annual Economic Outlook Symposium, held in Chicago on December 1, drew participants from the manufacturing, banking, and auto industries, as well as academia and consulting and service firms. www.chicagofed.org/~/media/others/events/2017/economic-outlook-symposium/eos-press-release-pdf.pdf

December 4, 2017 - NCUA - Riverdale Credit Union Closes, Jefferson Financial Assumes Members, Shares, and Loans - The National Credit Union Administration today liquidated Riverdale Credit Union of Selma, Alabama. Jefferson Financial Federal Credit Union of Metairie, Louisiana, immediately assumed Riverdale Credit Union’s membership, shares, loans, and most other assets. www.ncua.gov/newsroom/Pages/news-2017-dec-riverdale-credit-union-closes-jefferson-financial-assumes-members-shares-loans.aspx

December 4, 2017 - FDIC Consumer News Offers Tips on Dealing with Debt - Whether you have a little bit of debt or a lot, managing it wisely and ultimately paying off what you owe can be crucial to your financial well-being. www.fdic.gov/news/news/press/2017/pr17092.html

December 4, 2017 - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:30 a.m. on December 4, 2017. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20171204closed.htm

December 4, 2017 - Federal Reserve Board requests public comment on proposal to amend Regulation A - The Federal Reserve Board on Monday requested public comment on a proposal to amend its Regulation A, which governs extensions of credit by Federal Reserve Banks, to make certain technical adjustments including to reflect the expiration of the Term Asset Backed Securities Loan Facility program. www.federalreserve.gov/newsevents/pressreleases/bcreg20171204a.htm
 
December 4, 2017 - Thomas Barkin named president and chief executive officer of the Federal Reserve Bank of Richmond - Board Chair Lewis Announces Appointment of Thomas I. Barkin as Next President.  www.richmondfed.org/press_room/press_releases/2017/president_barkin_20171204

December 1, 2017 - Office of the Comptroller of the Currency Fees and Assessments: Calendar Year 2018 Fees and Assessments Structure - This bulletin informs all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the Office of the Comptroller of the Currency for calendar year 2018. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2016-60.html

December 1, 2017 - December 1, 2017 - Federal Reserve Bank of St. Louis’ Louisville Branch Commemorates 100 Years of Service - In 1916 a group of Louisville bankers, trekked to Washington to make their case in front of the Federal Reserve Board of Governors four days before Christmas to petition to be a branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2017/12/01/federal-reserve-bank-of-st-louis-louisville-branch-commemorates-100-years-of-service 

December 1, 2017 - St. Louis Fed's Bullard Addresses the Risk of Yield Curve Inversion - Federal Reserve Bank of St. Louis President James Bullard gave remarks on “Assessing the Risk of Yield Curve Inversion” at a regional economic briefing in Little Rock on Friday. www.stlouisfed.org/news-releases/2017/12/01/bullard-addresses-risk

December 1, 2017 - Housing Bust, Bank Lending & Employment: Evidence from Multimarket Banks - David P. Glancy - I use geographic variation in bank lending to study how bank real estate losses impacted the supply of credit and employment during the Great Recession. www.federalreserve.gov/econres/feds/files/2017118pap.pdf

December 1, 2017 - Liquidity from Two Lending Facilities - Sriya L. Anbil and Angela Vossmeyer - During financial crises, the lender of last resort uses lending facilities to inject critical funding into the banking sector. www.federalreserve.gov/econres/feds/files/2017117pap.pdf

December 1, 2017 - Legal Interpretations - Bank Holding Company Act, August 3, July 28, and June 21, 2017.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2017.htm

December 1, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

December 1, 2017 - Statistical Release - Foreign Exchange Rates - G.5.  www.federalreserve.gov/releases/g5/current/default.htm

December 1, 2017 - Federal Reserve Board announces it has voted to affirm Countercyclical Capital Buffer at current level of 0 percent - In making this determination, the Board followed the framework detailed in the Board's policy statement for setting the CCyB for private-sector credit exposures located in the United States. www.federalreserve.gov/newsevents/pressreleases/bcreg20171201a.htm

December 1, 2017 - Federal Reserve announces College Fed Challenge winners - Pace University won the 14th annual national College Fed Challenge on Friday, 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/pressreleases/other20171201a.htm

November 30, 2017 - NCUA Names Mary Anne Bradfield as Director of Public and Congressional Affairs - Mary Anne Bradfield will become the National Credit Union Administration’s Director of Public and Congressional Affairs, effective Monday, Dec. 18, the agency announced today. www.ncua.gov/newsroom/Pages/news-2017-nov-ncua-names-mary-anne-bradfield-director-public-congressional-affairs.aspx

November 30, 2017 - Capital and Dividends: Revised Comptroller's Licensing Manual Booklet - The Office of the Comptroller of the Currency issued today the “Capital and Dividends” booklet of the Comptroller’s Licensing Manual. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-59.html

November 30, 2017 - St. Louis Fed Releases Beige Book - The Federal Reserve Bank of St. Louis released its portion of the Federal Reserve’s latest Beige Book, published today. The local report summarizes economic conditions for the Eighth District, which is based in St. Louis and covers all of Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee. www.stlouisfed.org/news-releases/2017/11/30/st-louis-fed-releases-beige-book

November 30, 2017 - Customer Liquidity Provision: Implications for Corporate Bond Transaction Costs - Jaewon Choi and Yesol Huh - The convention in calculating trading costs in corporate bond markets is to assume that dealers provide liquidity to non-dealers and calculate average bid-ask spreads that customers pay dealers. www.federalreserve.gov/econres/feds/files/2017116pap.pdf

November 30, 2017 - Federal Reserve Board announces termination of enforcement action with Brand Group Holdings, Inc. and The Brand Banking Company.   www.federalreserve.gov/newsevents/pressreleases/enforcement20171130a.htm