The E-mail Banking News
(Bank Regulatory News)

December 2018

Yennik, Inc. has clients in 43 states that rely on our cybersecurity audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) s well as the penetration test complies with the FFIEC Cybersecurity Assessment Tool regarding resilience testing The cybersecurity penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world cybersecurity weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.
FFIEC information technology audits - As a former bank examiner with over 40 years IT audit experience, I will bring an examiner's perspective to the FFIEC information technology audit for bankers in Texas, New Mexico, Colorado, and Oklahoma.

December 6, 2018 - Detroit Economic Activity Index - The Detroit Economic Activity Index measures growth in economic activity for the city of Detroit. The index is constructed using a mixed-frequency dynamic factor model of 23 Detroit-specific data series capturing income, employment, residential and commercial real estate activity, electric customer counts, tax revenues, and port activity. www.chicagofed.org/publications/deai/index

December 6, 2018 - Managing Risk in Global Financial Markets: CCP Governance, Supervisory Stress Testing, and Default Management Auctions By Nahiomy Alvarez - The second annual Symposium on OTC Derivatives was held in Shanghai on June 26, 2018. www.chicagofed.org/publications/chicago-fed-letter/2018/408

December 6, 2018 - NCUA Releases Q3 2018 Credit Union System Performance Data - Data on the financial performance of federally insured credit unions for the quarter ending Sept. 30, 2018, are now available from the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2018-dec-ncua-releases-q3-credit-union-system-performance-data.aspx

December 6, 2018 - FDIC Requests Information on the Deposit Insurance Application Process - The Federal Deposit Insurance Corporation today announced that it is seeking comments from interested parties on all aspects of the deposit insurance application process. The request is part of the FDIC's efforts to enhance transparency, efficiency, and accountability. www.fdic.gov/news/news/financial/2018/fil18080.html

December 6, 2018 - FDIC Re-Issues its Processing Timeframe Guidelines for Applications, Notices, and Other Requests - The FDIC is re-publishing its timeframe guidelines for processing applications, notices, requests, and other filings submitted on behalf of existing and proposed institutions and other parties. www.fdic.gov/news/news/financial/2018/fil18081.html

December 6, 2018 - Review Process for Draft Deposit Insurance Proposals - The FDIC is establishing a process to allow prospective organizers the option to request FDIC review of a draft deposit insurance proposal prior to filing an official application. www.fdic.gov/news/news/financial/2018/fil18082.html

December 6, 2018 - FDIC Issues an Update to its Publication Entitled Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions, Finalizes its Deposit Insurance Applications Procedures Manual, and Establishes a Designated Applications Mailbox - The FDIC issued an update to its publication entitled Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions, and is issuing its Deposit Insurance Applications Procedures Manual in final form. www.fdic.gov/news/news/financial/2018/fil18083.html

December 6, 2018 - FDIC Announces Actions to Promote a More Transparent, Streamlined, and Accountable Deposit Insurance Application Process - The Federal Deposit Insurance Corporation is announcing multiple initiatives and resources related to the deposit insurance application process for organizers of new, or de novo, banks, and to promote a more transparent, streamlined and accountable process for all applications submitted to the agency. www.fdic.gov/news/news/press/2018/pr18095.html

December 6, 2018 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:30 a.m. on December 10, 2018. 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. Supervisory Matter. www.federalreserve.gov/recentpostings.htm

December 6, 2018 - Statistical Release - Financial Accounts of the United States - Z.1 - The Financial Accounts of the United States includes data on transactions 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 5, 2018 - Chicago Fed Survey of Business Conditions - Survey shows growth picked up in October and early November - The Chicago Fed Survey of Business Conditions Activity Index increased to -4 from -11, suggesting that growth in economic activity remained at a modest pace in October and early November. www.chicagofed.org/~/media/publications/cfsbc/2018/cfsbc-december2018-pdf.pdf

December 5, 2018 - 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/2018/12/st-louis-fed-releases-beige-book

December 5, 2018 - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Most of the twelve Federal Reserve Districts reported that their economies expanded at a modest or moderate pace from mid-October through late November, though both Dallas and Philadelphia noted slower growth compared with the prior Beige Book period. www.federalreserve.gov/monetarypolicy/beigebook201812.htm

December 5, 2018 - Speech by Vice Chairman for Supervision Quarles on banks as vital infrastructure for rural communities of the West At the Stanford Institute for Economic Policy Research, Stanford University, Stanford, California.  www.federalreserve.gov/newsevents/speech/quarles20181205a.htm

December 4, 2018 - The Recent Rise in Health Care Inflation By Diane Alexander - Health care services inflation was consistently at or above 3% per year in the early 2000s, declined from around 3% at the end of the 2000s to under 1% in 2015, and then rebounded to just under 2% in early 2018. www.chicagofed.org/publications/chicago-fed-letter/2018/407

December 4, 2018 - OCC Releases CRA Evaluations for 28 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, 2018 through November 30, 2018. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-134.html

December 4, 2018 - FDIC's Advisory Committee on Systemic Resolution to Meet on December 6, 2018 - FDIC Chairman Jelena McWilliams, will begin the meeting at 9:00 a.m. with opening remarks. After the chairman's statement, the committee members will discuss and receive updates on Title I: Making Bankruptcy Work; Title II: Orderly Liquidation; and Cross-Border Resolution Implementation. www.fdic.gov/news/news/press/2018/pr18093.html

December 4, 2018 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in September 2018. www.fdic.gov/news/news/press/2018/pr18092.html

December 4, 2018 - Agencies seek public comment on proposal to raise appraisal exemption threshold for residential real estate transactions - The three federal banking agencies announced they are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20181204a.htm
Press Release: www.fdic.gov/news/news/press/2018/pr18094.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-133.html

December 4, 2018 - Minutes of the Board's discount rate meeting on November 8, 2018 - In a joint meeting of the Federal Open Market Committee and the Board today, the FOMC decided to maintain the target range for the federal funds rate at 2 to 2.25 percent. www.federalreserve.gov/newsevents/pressreleases/files/monetary20181204a1.pdf 

December 3, 2018 - Symposium Participants Expect Economy to Grow at Pace Somewhat Above Average in 2019 - The 32nd annual Economic Outlook Symposium, held in Chicago on November 30, drew participants from the manufacturing, banking, and auto industries, as well as academia and consulting and service firms.  www.chicagofed.org/~/media/others/events/2018/economic-outlook-symposium/eos-press-release-pdf.pdf

December 3, 2018 - OCC Report Discusses Key Risks for Federal Banking System - The Office of the Comptroller of the Currency today reported credit, operational, compliance, and interest rate risks are key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2018. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-131.html

December 3, 2018 - Federal Reserve Banks remain open on Dec. 5 - On Wednesday, December 5, 2018, the Federal Reserve Bank payment and securities settlement systems will operate normally. Reserve Bank cash offices will fulfill financial institution orders for currency and coin according to normal operating procedures. www.frbservices.org/app/status/serviceStatus.do

December 3, 2018 - Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency are issuing the attached joint statement to encourage banks to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering compliance obligations.
Press Release: www.federalreserve.gov/supervisionreg/srletters/sr1810.htm
Press Release: www.fdic.gov/news/news/financial/2018/fil18079.html
Press Release: www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-44.html

December 3, 2018 - Cross-Border Bank Flows and Monetary Policy - Ricardo Correa, Teodora Paligorova, Horacio Sapriza, and Andrei Zlate - We analyze the impact of monetary policy on bilateral cross-border bank flows using the BIS Locational Banking Statistics between 1995 and 2014. www.federalreserve.gov/econres/ifdp/files/ifdp1241.pdf

December 3, 2018 - A Promised Value Approach to Optimal Monetary Policy - Timothy S. Hills, Taisuke Nakata, and Takeki Sunakawa - This paper characterizes optimal commitment policy in the New Keynesian model using a novel recursive formulation of the central bank's infinite horizon optimization problem. www.federalreserve.gov/econres/feds/files/2018083pap.pdf

December 3, 2018 - Supervisory Stress Testing For CCPs: A Macro-Prudential, Two-Tier Approach - Edward L. Anderson, Fernando Cerezetti, and Mark Manning - Stress testing has become an increasingly important mechanism to support a variety of financial stability objectives. Stress tests can be used to test the individual resilience of a single entity or to assess the system-wide vulnerabilities of a network. www.federalreserve.gov/econres/feds/files/2018082pap.pdf

December 3, 2018 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in NOVEMBER 2018 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

December 3, 2018 - Speech by Governor Brainard on the structure of the Treasury market Governor Lael Brainard At "The Evolving Structure of the U.S. Treasury Market" Fourth Annual Conference Hosted by the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/brainard20181203a.htm

December 3, 2018 - Federal Reserve Board offices in Washington, D.C. will be closed on Wednesday, December 5, 2018, in observance of the national day of mourning for former President George H.W. Bush.  www.federalreserve.gov/newsevents/pressreleases/other20181203a.htm

December 3, 2018 - Federal Reserve Board issues joint statement encouraging depository institutions to explore innovative approaches to meet BSA/anti-money laundering compliance obligations and to further strengthen the financial system against illicit financial activity.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20181203a.htm 
Press Release: www.fdic.gov/news/news/press/2018/pr18091.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-130.html
Press Release: www.ncua.gov/newsroom/Pages/news-2018-dec-joint-statement-encourage-innovative-approaches.aspx

FYI - Don't forget to follow me on LinkedIn at https://www.linkedin.com/in/yennik where I post a weekly question on IT and cybersecurity auditing.

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