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

February 28, 2013 - Office of the Comptroller of the Currency Provides Consumer Information at National Consumer Protection Week Event on Capitol Hill.   www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-36.html

February 28, 2013 - FDIC Issues Second Quarter 2013 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 second quarter of 2013. www.fdic.gov/news/news/press/2013/pr13015.html

February 28, 2013 - Governor Sarah Bloom Raskin - Reflections on Reputation and its Consequences - At the 2013 Banking Outlook Conference at the Federal Reserve Bank of Atlanta, Atlanta, Georgia.  www.federalreserve.gov/newsevents/speech/raskin20130228a.htm

February 28, 2013 - Amendments to consent orders memorialize $9.3 billion foreclosure agreement - The Office of the Comptroller of the Currency and the Federal Reserve Board today released amendments to their enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments require the servicers to provide $9.3 billion in payments and other assistance to borrowers.
Press Release: www.federalreserve.gov/newsevents/press/enforcement/20130228a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-35.html

February 28, 2013 - NCUA Home Mortgage Disclosure Act Webinar Now Available Online - The National Credit Union Administration’s recent webinar about the Home Mortgage Disclosure Act (HMDA) and Loan Application Registers is now available online, the agency announced today. www.ncua.gov/News/Pages/NW20130228Webinar.aspx

February 28, 2013 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued orders prohibiting the following individuals from participating in the affairs of any federally insured financial institution.  www.ncua.gov/News/Pages/NW20130228Prohibition.aspx

February 27, 2013 - Comptroller Speaks to Members of the National Association of Affordable Housing Lenders - Comptroller of the Currency Thomas J. Curry today discussed the benefits and strength of public welfare investment authority during a speech before the National Association of Affordable Housing Lenders. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-34.html

February 26, 2013 - NCUA - Fryzel: Credit Unions Draw on a “Powerful Legacy of Common Purpose” - National Credit Union Administration Board Member Michael E. Fryzel told a crowd of more than 4,200 credit union officials that their joint vision and values rescued the industry from the recent recession and honored what their predecessors had created. www.ncua.gov/News/Pages/NW20130226FryzelGAC.aspx

February 26, 2013 - Comptroller Addresses the National Association of Attorneys General - Comptroller of the Currency Thomas J. Curry today discussed the Office of the Comptroller of the Currency’s authority and use of enforcement actions during a speech before the National Association of Attorneys General. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-33.html

February 26, 2013 - FDIC-Insured Institutions Earned $34.7 Billion in The Fourth Quarter of 2012 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $34.7 billion in the fourth quarter of 2012, a $9.3 billion (36.9 percent) improvement from the $25.3 billion in profits the industry reported in the fourth quarter of 2011. www.fdic.gov/news/news/press/2013/pr13014.html

February 26, 2013 - Chairman Ben S. Bernanke - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/bernanke20130226a.htm

February 26, 2013 - Federal Reserve Board announces proposed rule regarding Federal Reserve Bank accounts and services for financial market utilities designated as systemically important.  www.federalreserve.gov/newsevents/press/bcreg/20130226a.htm

February 26, 2013 - Minutes of the Board's discount rates meetings from January 14 and January 28, 2013.   www.federalreserve.gov/newsevents/press/monetary/20130226a.htm

February 25, 2013 - Unemployment Among Recent Veterans - Economic Perspectives article looks at how recent veterans have fared in the labor market during and after the Great Recession. www.chicagofed.org/digital_assets/publications/economic_perspectives/2013/1Q2013_part1_faberman_foster.pdf

February 25, 2013 - Economic Growth Moderated in January - The Chicago Fed National Activity Index was –0.32 in January, down from +0.25 in December. http://chicagofed.org/digital_assets/publications/cfnai/2013/cfnai_february2013.pdf

February 25, 2013 - NCUA - Chairman Matz Introduces the “New NCUA” - National Credit Union Administration Board Chairman Debbie Matz unveiled the “new” NCUA, more responsive to emerging risks, industry challenges and credit unions’ needs, in a keynote speech today. www.ncua.gov/News/Pages/NW20130225MatzGAC.aspx

February 25, 2013 - Office of the Comptroller of the Currency Marks Sesquicentennial Year - The Office of the Comptroller of the Currency turns 150 today. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-32.html

February 25, 2013 - FDIC and European Commission Meet to Discuss International Resolution Initiatives - Representatives of the Federal Deposit Insurance Corporation and the European Commission met on Tuesday, February 19, to discuss issues related to the resolution of banks and systemically important financial institutions and to deposit insurance regimes. www.fdic.gov/news/news/press/2013/pr13013.html

February 22, 2013 - FDIC Makes Public January Enforcement Actions; No Administrative Hearings Scheduled for March 2013.   www.fdic.gov/news/news/press/2013/pr13012.html

February 22, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 22, 2013 - Governor Jerome H. Powell - Discussion of "Crunch Time: Fiscal Crises and the Role of Monetary Policy" - At the "U.S. Monetary Policy Forum" conference sponsored by the University of Chicago Booth School of Business, New York, New York.   www.federalreserve.gov/newsevents/speech/powell20130221a.htm

February 22, 2013 - Federal Reserve Board extends comment period on proposed rule to implement enhanced prudential standards and early remediation requirements until April 30, 2013 www.federalreserve.gov/newsevents/press/bcreg/20130222a.htm
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February 21, 2013 - Are Local Property Tax Breaks for Businesses and Nonprofits Broken?  Chicago Fed Letter explores the role of property tax incentives in supporting business growth, as well as the tax treatment of nonprofits’ properties.   www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cflmarch2013_308a.pdf

February 21, 2013 - February NCUA Economic Video Now Available on YouTube.   www.youtube.com/watch?v=2Zw2XXmmyLM&feature=youtu.be

February 21, 2013 - St. Louis Fed’s Bullard Discusses the Current Stance of U.S. Monetary Policy - Federal Reserve Bank of St. Louis President James Bullard gave remarks Thursday on “Perspectives on the Current Stance of Monetary Policy” to the Center for Global Economy and Business at New York University’s Stern School of Business. www.stlouisfed.org/newsroom/displayNews.cfm?article=1673

February 21, 2013 - Deposit Insurance Coverage - Free Nationwide Telephone Seminars for Bank Officers and Employees - The FDIC will conduct 15 free telephone seminars on deposit insurance coverage for bank officers and employees between March 20, 2013, and December 3, 2013. www.fdic.gov/news/news/financial/2013/fil13006.html

February 21, 2013 - FDIC Calls Upon American Consumers to Save and Build Wealth; America Saves Week Is February 25 - March 2, 2013.   www.fdic.gov/news/news/press/2013/pr13011.html

February 20, 2013 - NCUA - Federal and State Regulators Offer More Opportunities for Low-Income Credit Unions.   www.ncua.gov/News/Pages/NW20130220NCUA-NASCUS.aspx

February 20, 2013 - Minutes of the Federal Open Market Committee, January 29-30, 2013.   www.federalreserve.gov/newsevents/press/monetary/20130220a.htm

February 19, 2013 - NCUA Permanent Funds Earn Clean Audit Opinions for 2012 - All four National Credit Union Administration permanent funds have received unqualified, or “clean,” audit opinions for 2012, according to audited financial reports released today by the agency. www.ncua.gov/News/Pages/NW20130219Audits.aspx

February 19, 2013 - NCUA - Amez United Credit Union Closes - The Michigan Office of Financial and Insurance Regulation today liquidated Amez United Credit Union of Detroit, Mich., and appointed the National Credit Union Administration as liquidating agent. www.ncua.gov/News/Pages/NW20130219Amez.aspx

February 19, 2013 - FDICCONNECT - Three New FDICconnect Business Transactions Available - The FDIC is offering three new online business transactions through FDICconnect, its secure transaction-based Web site for FDIC-insured institutions. Institutions will be able to submit interagency bank merger applications, notices of change in control, and notices of change of director or senior executive officer. www.fdic.gov/news/news/financial/2013/fil13005.html

February 19, 2013 - Regulatory Reform - Communications with the public through February 19, 2013.   www.federalreserve.gov/newsevents/reform_meetings.htm

February 19, 2013 - Federal Reserve Board announces termination of enforcement action against Central Pacific Financial Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20130219a.htm

February 15, 2013 - Liberty Bank and Trust Company, New Orleans, Louisiana, Assumes All of the Deposits of Covenant Bank, Chicago, Illinois - Covenant Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Liberty Bank and Trust Company, New Orleans, Louisiana, to assume all of the deposits of Covenant Bank. www.fdic.gov/news/news/press/2013/pr13010.html

February 15, 2013 - The NCUA Report for February 2013 Now Available - The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know. It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions. www.ncua.gov/News/NewsLtrs/Pages/default.aspx

February 15, 2013 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-30.html
 
February 15, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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February 14, 2013 - Midwest Farmland Values Continue to Surge - Latest AgLetter reports farmland values for 2012 increased 16 percent from the previous year in the Seventh Federal Reserve District. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/february_2013.pdf

February 14, 2013 - NCUA Raises Awareness of the Earned Income Tax Credit - The National Credit Union Administration is joining the Internal Revenue Service and other federal agencies to inform qualified taxpayers and remind credit unions providing tax assistance services of the Earned Income Tax Credit.  www.ncua.gov/News/Pages/NW20130214EarnedIncome.aspx

February 14, 2013 - Comptroller of the Currency Testifies on Regulatory Reform - Comptroller of the Currency Thomas J. Curry today discussed the status of efforts to implement the regulatory reforms required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 during a hearing before the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate. www.occ.gov/news-issuances/congressional-testimony/2013/pub-test-2013-29-oral.pdf

February 14, 2013 - Leadership and membership appointments announced for the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council - Steven R. Gardner, president and CEO, Pacific Premier Bancorp, Inc., Costa Mesa, CA, was appointed as vice chair of the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council. Mr. Gardner has been on the council since October 2011. www.frbsf.org/news/releases/2013/0214.html

February 14, 2013 - St. Louis Fed President James Bullard Will Speak at New York University’s Stern School of Business.   www.stlouisfed.org/newsroom/displayNews.cfm?article=1670

February 14, 2013 - St. Louis Fed’s Bullard Says U.S. Monetary Policy Is Considerably Easier Today Than in 2012 - Federal Reserve Bank of St. Louis President James Bullard gave remarks Thursday on “U.S. Monetary Policy: Easier Than You Think It Is,” at a special banking forum sponsored by Mississippi State University’s Department of Finance and Economics. www.stlouisfed.org/newsroom/displayNews.cfm?article=1669

February 14, 2013 - Federal Reserve Board announces termination of enforcement action with Rurban Financial Corp. and Rurbanc Data Services, Inc. www.federalreserve.gov/newsevents/press/enforcement/20130214a.htm

February 13, 2013 - Comptroller of the Currency Discusses OCC Enforcement Actions, Independent Foreclosure Review Agreement - Comptroller of the Currency Thomas J. Curry today discussed OCC enforcement policy in a speech before the Women in Housing and Finance group. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-28.html

February 13, 2013 - D. Bryan Jordan Reappointed to Federal Advisory Council.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1667

February 13, 2013 - St. Louis Fed Ag Survey Shows Higher Than Expected 2012 Farm Income; Crop Insurance Alleviates Much of Drought’s Financial Impact in Midwest, Mid-South.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1662

February 13, 2013 - St. Louis Fed Announces Changes to Board of Directors.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1663

February 13, 2013 - St. Louis Fed Announces Changes To The Louisville Branch Board of Directors.   www.stlouisfed.org/newsroom/displayNews.cfm?article=1665

February 12, 2013 - Fed Presidents Respond to Money Market Mutual Fund Reform Proposal - The presidents of the 12 Federal Reserve Banks have submitted a joint letter responding to the Financial Stability Oversight Council's proposal on money market mutual fund reform. www.bostonfed.org/news/press/2013/pr021213-letter.pdf

February 12, 2013 - NCUA Hosting Webinar on Net Worth Restoration Plans - The National Credit Union Administration Office of Small Credit Union Initiatives will host a free webinar - “Net Worth Restoration Plans: A Path to Recovery” - on Wednesday, Feb. 20, at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20130212NetWorthWebinar.aspx

February 12, 2013 - FDIC Approves Proposed Rule on the Definition of Insured Deposit at Foreign Branches of U.S. Banks - The Board of Directors of the Federal Deposit Insurance Corporation today approved a notice of proposed rulemaking to clarify that while deposits in foreign branches of U.S. banks can be deposits for purposes of the national depositor preference statute enacted in 1993, they are not FDIC-insured. www.fdic.gov/news/news/press/2013/pr13009.html

February 12, 2013 - Payment Systems - Peak and Average Daylight Overdrafts, Quarterly Data Updates.   www.federalreserve.gov/paymentsystems/psr_data.htm

February 12, 2013 - Federal Reserve Board issues an enforcement action against Commonwealth Savingshares Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20130212a.htm

February 11, 2013 - NCUA - Lee Named NCUA’s Ombudsman - National Credit Union Administration Chairman Debbie Matz announced that Joy Lee will assume the duties as Ombudsman for the agency, effective today. www.ncua.gov/News/Pages/NW20130211Ombudsman.aspx

February 11, 2013 - Vice Chair Janet L. Yellen - A Painfully Slow Recovery for America's Workers: Causes, Implications, and the Federal Reserve's Response - At the "A Trans-Atlantic Agenda for Shared Prosperity" conference sponsored by the AFL-CIO, Friedrich Ebert Stiftung, and the IMK Macroeconomic Policy Institute, Washington, D.C. www.federalreserve.gov/newsevents/speech/yellen20130211a.htm

February 8, 2013 - Modifications to the Statement of Policy for Section 19 of the Federal Deposit Insurance Act - Section 19 of the Federal Deposit Insurance Act prohibits, without the prior written consent of the Federal Deposit Insurance Corporation, a person convicted of a criminal offense involving dishonesty, breach of trust, money laundering, or who has entered into a pretrial diversion program, from participating in the affairs of an FDIC-insured institution. www.fdic.gov/news/news/financial/2013/fil13003.html

February 8, 2013 - Lessons from the Historical Use of Reserve Requirements in the United States to Promote Bank Liquidity - Mark A. Carlson - Efforts in the United States to promote bank liquidity through reserve requirements, a minimum ratio of liquid assets relative to liabilities, extend at least as far back as the aftermath of the Panic of 1837. www.federalreserve.gov/pubs/feds/2013/201311/201311pap.pdf

February 8, 2013 - From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply - Rodney Ramcharan, Skander Van den Heuvel, and Stephane Verani - This paper studies how the collapse of the asset backed securities market during the financial crisis of 2007-2009 affected the supply of credit to the broader economy using a new dataset that describes unique interbank relationships within the credit union industry. www.federalreserve.gov/pubs/feds/2013/201310/201310pap.pdf

February 8, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 8, 2013 - Federal Open Market Committee - 2007 Bluebooks and Greenbooks.   www.federalreserve.gov/monetarypolicy/fomchistorical2007.htm
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February 7, 2013 - OCC Names Donna Murphy as Director for Community and Consumer Law - The Office of the Comptroller of the Currency today announced the selection of Donna Murphy as Director for Community and Consumer Law. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-27.html

February 7, 2013 - Larry Hattix Named Senior Deputy Comptroller for Enterprise Governance and Ombudsman - Comptroller of the Currency Thomas J. Curry today named Larry Hattix the agency's Senior Deputy Comptroller for Enterprise Governance and Ombudsman. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-26.html

February 7, 2013 - OCC Newsletter Highlights State Small Business Credit Initiative - The Office of the Comptroller of the Currency today published the latest edition of its Community Development Investments electronic newsletter, titled “The State Small Business Credit Initiative.” www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-25.html

February 7, 2013 - Consumer credit increased at a seasonally adjusted annual rate of 6-1/2 percent during the fourth quarter. Revolving credit was little changed, while nonrevolving credit increased at an annual rate of 9-1/2 percent. In December, consumer credit increased at an annual rate of 6-1/4 percent. www.federalreserve.gov/releases/g19/Current/

February 7, 2013 - Governor Jeremy C. Stein - Overheating in Credit Markets: Origins, Measurement, and Policy Responses - At the "Restoring Household Financial Stability after the Great Recession: Why Household Balance Sheets Matter" research symposium sponsored by the Federal Reserve Bank of St. Louis, St. Louis, Missouri.  www.federalreserve.gov/newsevents/speech/stein20130207a.htm

February 7, 2013 - Federal Reserve Board issues enforcement action with Countricorp, and announces termination of enforcement action with JLL Associates G.P. FCH, L.L.C., JLL Associates FCH, L.P., JLL Partners Fund FCH, L.P., JLL/FCH Holdings I, L.L.C.   www.federalreserve.gov/newsevents/press/enforcement/20130207a.htm

February 6, 2013 - Financial Conditions Edge Tighter in Week Ending February 1 - The NFCI ticked up to –0.71 in the week ending February 1, indicating slightly tighter financial conditions. The risk, credit and nonfinancial leverage subindexes increased slightly from the previous week, while the leverage subindex decreased slightly. www.chicagofed.org/webpages/research/data/nfci/background.cfm

February 6, 2013 - St. Louis Fed President James Bullard Will Speak at Arkansas State University’s Agribusiness Conference.   www.stlouisfed.org/newsroom/displayNews.cfm?article=1653

February 5, 2013 - International Training & Assistance for Bank Supervisors - 2013 Course Catalog - The Board of Governors and the Reserve Banks of the Federal Reserve System offer training and technical assistance for supervisors and staff of other central banks, as well as bank supervisory authorities. www.federalreserve.gov/bankinforeg/ita/about_ita.htm

February 5, 2013 - Governor Elizabeth A. Duke - The Future of Community Banking - At the Southeastern Bank Management and Directors Conference, University of Georgia, Terry College of Business, Duluth, Georgia. www.federalreserve.gov/newsevents/speech/duke20130205a.htm

February 5, 2013 - Federal Reserve Board announces termination of enforcement action with Progressive Growth Corp. www.federalreserve.gov/newsevents/press/enforcement/20130205a.htm

February 4, 2013 - 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/2013/pr13008.html

February 4, 2013 - The January 2013 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the supply of, and demand for, bank loans to businesses and households over the past three months. This summary is based on responses from 68 domestic banks and 22 U.S. branches and agencies of foreign banks. www.federalreserve.gov/boarddocs/snloansurvey/201302/default.htm

February 4, 2013 - Vice Chair Janet L. Yellen - Interconnectedness and Systemic Risk: Lessons from the Financial Crisis and Policy Implications
At the American Economic Association/American Finance Association Joint Luncheon, San Diego, California.   www.federalreserve.gov/newsevents/speech/yellen20130104a.htm

February 1, 2013 - OCC Releases CRA Evaluations for 44 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 January 1, 2013 through January 31, 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-24.html

February 1, 2013 - Office of the Comptroller of the Currency Hosts Workshops in Washington, D.C. - The Office of the Comptroller of the Currency will host two workshops at the OCC Headquarters in Washington, D.C., with accommodations provided at the Residence Inn by Marriott, March 5-6, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-23.html

February 1, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 1, 2013 - Uncertainty at the Zero Lower Bound - Taisuke Nakata - This paper examines how the presence of uncertainty alters allocations and prices when the nominal interest rate is constrained by the zero lower bound. I conduct the analysis using a standard New Keynesian model in which the nominal interest rate is determined according to a truncated Taylor rule. www.federalreserve.gov/pubs/feds/2013/201309/201309pap.pdf

February 1, 2013 - Stock Prices, News, and Economic Fluctuations: Comment - Andre Kurmann and Elmar Mertens - Beaudry and Portier (American Economoc Review, 2006) propose an identification scheme to study the effects of news shocks about future productivity in Vector Error Correction Models.   www.federalreserve.gov/pubs/feds/2013/201308/201308pap.pdf

February 1, 2013 - Annual Report on FOIA for Fiscal Year 2012 - The following information is submitted to the U.S. Department of Justice by the Board of Governors of the Federal Reserve System in accordance with the requirements of the Freedom of Information Act (5 U.S.C. § 552(e)), as amended. www.federalreserve.gov/foia/annrept_2012.htm

February 1, 2013 - A Test for Selection in Matched Administrative Earnings Data - Jesse Bricker and Gary V. Engelhardt - We test whether individuals in the Health and Retirement Study who consented to have administrative earnings data matched to survey responses represent a non-random sample.  www.federalreserve.gov/pubs/feds/2013/201307/201307pap.pdf

February 1, 2013 - Price and Quality Dispersion in an Offshoring Market: Evidence from Semiconductor Production Services - David M. Byrne, Brian K. Kovak, and Ryan Michaels - We study cross-country differences in price and quality in the market for semiconductor wafer manufacturing services.   www.federalreserve.gov/pubs/feds/2013/201306/201306pap.pdf

February 1, 2013 - Government Debt and Macroeconomic Activity: A Predictive Analysis for Advanced Economies - Deniz Baglan and Emre Yoldas - This paper explores the empirical relationship between government debt and future macroeconomic activity using data on twenty advanced economies throughout the post-war era.  www.federalreserve.gov/pubs/feds/2013/201305/201305pap.pdf