The E-mail Banking News
(Bank Regulatory News)
February 2015

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.

February 27, 2015 - OCC Assesses $500,000 Civil Money Penalty Against First National Community Bank, Dunmore, Pennsylvania, for Bank Secrecy Act Violations - The OCC found that the bank engaged in violations of 12 C.F.R. § 21.11 when it failed to file suspicious activity reports on a timely basis in connection with certain suspicious transactions. www.occ.gov/static/enforcement-actions/ea2015-016.pdf

February 27, 2015 - OCC Issues Second Quarter 2015 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second quarter of 2015. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-31.html 

February 27, 2015 - OCC Assesses $500,000 Civil Money Penalty Against First National Community Bank, Dunmore, Pennsylvania, for Bank Secrecy Act Violations - The Office of the Comptroller of the Currency today announced a $500,000 civil money penalty against First National Community Bank, Dunmore, Pennsylvania, for violations of the Bank Secrecy Act.  http://www2.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-30.html

February 27, 2015 - Banco Popular De Puerto Rico, Hato Rey, Puerto Rico, Assumes all of the Deposits of Doral Bank, San Juan, Puerto Rico - Doral Bank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of Puerto Rico, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank. www.fdic.gov/news/news/press/2015/pr15024.html

February 27, 2015 - FDIC Makes Public January Enforcement Actions; - No Administrative Hearings Scheduled for March 2015 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in January. No administrative hearings are scheduled for March 2015. www.fdic.gov/news/news/press/2015/pr15023.html

February 27, 2015 - Frequently Asked Questions - Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act - Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act added a new section 13 to the Bank Holding Company Act of 1956, commonly referred to as the Volcker rule, that generally prohibits insured depository institutions and any company affiliated with an insured depository institution from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund. www.federalreserve.gov/bankinforeg/volcker-rule/faq.htm

February 27, 2015 - Vice Chairman Stanley Fischer - Conducting Monetary Policy with a Large Balance Sheet - At the 2015 U.S. Monetary Policy Forum, Sponsored by the University of Chicago Booth School of Business, New York, New York.  www.federalreserve.gov/newsevents/speech/fischer20150227a.htm

February 27, 2015 - Federal Reserve Board announces approval of applications by Centennial Bank - The Federal Reserve Board on Friday announced its approval of the applications by Centennial Bank, Conway, Arkansas, to (1) acquire certain assets and assume certain liabilities from Doral Bank, San Juan, Puerto Rico, pursuant to section 18(c) of the Federal Deposit Insurance Act; and (2) establish and operate branches at the locations of the acquired branches of Doral Bank, pursuant to section 9 of the Federal Reserve Act. www.federalreserve.gov/newsevents/press/orders/20150227c.htm

February 27, 2015 - Federal Reserve Board announces approval of applications by Banco Popular de Puerto Rico - The Federal Reserve Board on Friday announced its approval of the applications by Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to (1) acquire certain assets and assume certain liabilities from Doral Bank, San Juan, Puerto Rico, pursuant to section 18(c) of the Federal Deposit Insurance Act; and (2) establish and operate branches at the locations of the acquired branches of Doral Bank, pursuant to section 9 of the Federal Reserve Act. www.federalreserve.gov/newsevents/press/orders/20150227a.htm _______________

February 26, 2015 - St. Louis Fed Report Documents Enduring Wealth Disparities among Races - A new report from the Federal Reserve Bank of St. Louis shows that disparities in wealth across race and ethnicity remain largely unchanged from a quarter-century ago. www.stlouisfed.org/news-releases/2015/02/26/hfs-race-essay-release

February 26, 2015 - Financial Market Stress Declines for Fifth Consecutive Week - Financial market stress fell for the fifth consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Feb. 20, 2015, the STLFSI measured -0.958, its lowest level in seven weeks and down modestly from the previous week’s revised value of -0.933. www.stlouisfed.org/news-releases/2015/02/26/financial-market-stress-declines-for-fifth-consecutive-week

February 26, 2015 - FDIC Issues Second Quarter 2015 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 2015.  www.fdic.gov/news/news/press/2015/pr15022.html

February 26, 2015 - Where Are The Construction Workers? - Andrew Paciorek1 - The labor market for construction workers suffered a massive shock in the wake of the housing bust, as demand for new homes dried up and firms rapidly shed workers.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/where-are-the-construction-workers-20150226.html

February 26, 2015 - The Effects of Forward Guidance in Three Macro Models - Hess Chung - With the federal funds rate at its effective zero lower bound since the end of 2008, much attention has been focused on estimating the effects of "unconventional" monetary policy actions, such as large-scale asset purchases or explicit forward guidance concerning the future path of the funds rate.   www.federalreserve.gov/econresdata/notes/feds-notes/2015/effects-of-forward-guidance-in-three-macro-models-20150226.html

February 26, 2015 - Federal Reserve Board extends comment period until April 3 for proposed rule to implement capital surcharges for largest, most systemically important U.S. bank holding companies.  www.federalreserve.gov/newsevents/press/bcreg/20150226a.htm

February 25, 2015 - Comptroller of the Currency Discusses Financial Literacy Efforts, the Value of Savings - Comptroller of the Currency Thomas Curry discussed the importance of financial literacy and encouraging healthy savings habits early in life during remarks at the Financial Literacy and Education Commission. www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-29.pdf

February 25, 2015 - Deputy Comptroller Discusses Risk Management - Deputy Comptroller for Supervision Risk Management Darrin Benhart today discussed risk management practices during a speech at the Global Association of Risk Professionals 16th annual conference. www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-28.pdf

February 25, 2015 - In St. Louis Fed Report, Economists Discuss New Research in Plain English - The Federal Reserve Bank of St. Louis has released exclusive interviews with U.S. and international economists explaining their recent macroeconomic research in clear language so that the general public may understand how their work can inform and shape economic policy. www.stlouisfed.org/news-releases/2015/02/25/fall-conference-volume-2015

February 25, 2015 - Risk Choices and Compensation Design - Mark Carey and Bo Sun - We analyze the impact of bad-tail risks on managerial pay functions, especially the decision to pay managers in stock or in options.  www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1130.pdf

February 25, 2015 - Government Connections and Financial Constraints: Evidence from a Large Representative Sample of Chinese Firms - Robert Cull, Wei Li, Bo Sun, and Lixin Colin Xu - We examine the role of firms' government connections, defined by government intervention in CEO appointment and the status of state ownership, in determining the severity of financial constraints faced by Chinese firms. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1129.pdf

February 25, 2015 - A Model of Anomaly Discovery - Qi Liu, Lei Lu, Bo Sun, and Hongjun Yanand - We analyze a model of anomaly discovery. Consistent with existing evidence, we show that the discovery of an anomaly reduces its magnitude and increases its correlation with existing anomalies.  www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1128.pdf

February 24, 2015 - Financial Regulators Issue Guidance Encouraging Youth Savings Programs, Address Frequently Asked Questions - Five federal financial regulatory agencies today issued guidance to encourage federally insured depository institutions to offer youth savings programs to expand the financial capability of young people. The guidance also provides answers to frequently asked questions related to the establishment of these programs.
Press Release: www.fdic.gov/news/news/press/2015/pr15021.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-27.html
Press Release: www.ncua.gov/News/Pages/NW20150224Youth.aspx
Press Release: www.federalreserve.gov/bankinforeg/srletters/sr1505.pdf

February 24, 2015 - FDIC-Insured Institutions Earned $36.9 Billion in the Fourth Quarter of 2014 - Community Bank Earnings Up 28 Percent - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $36.9 billion in the fourth quarter of 2014, down $2.9 billion (7.3 percent) from earnings of $39.8 billion that the industry reported a year earlier.   www.fdic.gov/news/news/press/2015/pr15020.html

February 24, 2015 - Chair Janet L. Yellen - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. - Chairman Shelby, Ranking Member Brown, and members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress.  www.federalreserve.gov/newsevents/testimony/yellen20150224a.htm

February 24, 2015 - Report to the Congress - Monetary Policy Report - The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future."  www.federalreserve.gov/monetarypolicy/mpr_default.htm

February 24, 2015 - Minutes of the Board's discount rate meeting for January 26, 2015.  www.federalreserve.gov/newsevents/press/monetary/monetary20150224a1.pdf

February 23, 2015 - Economic Growth Picked Up Slightly in January - The Chicago Fed National Activity Index was +0.13 in January, up from -0.07 in December. www.chicagofed.org/~/media/publications/cfnai/2015/cfnai-february2015-pdf.pdf?la=en

February 23, 2015 - NCUA Rolls Out Online Resources for America and Military Saves Week - Credit union members, particularly those serving in the nation’s armed forces, now have newly updated personal finance information available online from the National Credit Union Administration. www.ncua.gov/News/Pages/NW20150223SavesWeek.aspx

February 23, 2015 - OCC Supports America Saves Week - Comptroller of the Currency Thomas J. Curry today issued the following statement in recognition of America Saves Week, February 23 – 28, 2015: www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-26.html

February 23, 2015 - Business Continuity Planning Booklet Appendix J Update to FFIEC IT Examination Handbook Series - The Federal Financial Institutions Examination Council has issued an appendix to the Business Continuity Planning booklet of the FFIEC Information Technology Examination Handbook entitled "Strengthening the Resilience of Outsourced Technology Services."  www.fdic.gov/news/news/financial/2015/fil15009.pdf

February 23, 2015 - Regulatory Capital Reporting Changes - The Federal Financial Institutions Examination Council has approved revisions to the reporting of risk-weighted assets in Part II of Schedule RC-R, Regulatory Capital, of the Consolidated Reports of Condition and Income.  www.fdic.gov/news/news/financial/2015/fil15010.html

February 23, 2015 - Regulatory Reform - Communications with the public through February 23, 2015.   www.federalreserve.gov/newsevents/reform_meetings.htm

February 20, 2015 - NCUA - Matz: America’s Strength Built on the Courage of Immigrants - ?NCUA Chairman Speaks at Naturalization Ceremony for 440 New Citizens - NCUA Board Chairman Debbie Matz today welcomed 440 new American citizens at special naturalization ceremony, telling her audience they will shape the country’s character and future. www.ncua.gov/News/Pages/NW20150220MatzNaturalization.aspx
 
February 20, 2015 - NCUA Launches Small Business Lending Resource Center - Credit unions have a new online destination for information about member business lending thanks to a webpage released today by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20150220SBLResource.aspx

February 20, 2015 - NCUA - Keys Federal Credit Union Restructuring Continued in 2014 - Focusing on greater efficiency and consumer lending led to improved performance for Keys Federal Credit Union during 2014. www.ncua.gov/News/Pages/NW20150220Keys.aspx

February 20, 2015 - OCC Enforcement Actions and Terminations for February 2015 - 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/2015/nr-occ-2015-25.html

February 20, 2015 - OCC Participates in Consumer Protection Event on Capitol Hill - The Office of the Comptroller of the Currency promoted awareness of consumer protection resources during today’s National Consumer Protection Week event on Capitol Hill. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-24.html

February 20, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data 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

February 20, 2015 - Supervision Manuals - Bank Holding Company Supervision Manual. www.federalreserve.gov/boarddocs/supmanual/default.htm

February 20, 2015 - The Federal Reserve Board on Friday, announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Sumitomo Mitsui Financial Group, Inc., and Sumitomo Mitsui Banking Corporation, both of Tokyo, Japan, to acquire up to 19.9 percent of the voting shares of The Bank of East Asia, Limited, Hong Kong S.A.R., People's Republic of China. www.federalreserve.gov/newsevents/press/orders/orders20150220a1.pdf

February 20, 2015 - The Federal Reserve Board on Friday announced its approval of the application by Taiwan Cooperative Bank, Ltd., Taipei, Taiwan, to establish a branch in New York, New York. www.federalreserve.gov/newsevents/press/orders/orders20150220b1.pdf

February 20, 2015 - Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden - The federal bank regulatory agencies requested comment on a second set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150220a.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15019.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-23.html
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February 19, 2015 - Financial Market Stress Declines for Fourth Consecutive Week - Financial market stress fell for the fourth consecutive week, according to the St. Louis Fed Financial Stress Index.  www.stlouisfed.org/news-releases/2015/02/19/financial-market-stress-declines-for-fourth-consecutive-week

February 19, 2015 - Branch Banking Remains Prevalent Despite the Growth of Online and Mobile Banking - The Federal Deposit Insurance Corporation today released a study showing that despite the increased use of online and mobile banking, brick-and-mortar banking offices continue to be the primary means through which FDIC-insured institutions deliver financial services to their customers.  www.fdic.gov/news/news/press/2015/pr15018.html

February 19, 2015 - Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations - Josh Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache - We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement facility, an innovative tool for implementing monetary policy during the normalization process.   www.federalreserve.gov/econresdata/feds/2015/files/2015010pap.pdf

February 19, 2015 - The Evolution of Retirement Wealth - Sebastian Devlin-Foltz, Alice M. Henriques, and John Sabelhaus - Is the current mix of tax preferences for employer-sponsored pensions and individual retirement saving in the U.S. delivering the best possible retirement-preparedness across and within generations? www.federalreserve.gov/econresdata/feds/2015/files/2015009pap.pdf

February 19, 2015 - Mode effects in mixed-mode economic surveys: Insights from a randomized experiment - Joanne W. Hsu and Brooke H. McFall - Web-based surveys have become increasingly common in economic, marketing, and other social science research.   www.federalreserve.gov/econresdata/feds/2015/files/2015008pap.pdf

February 19, 2015 - The National Credit Union Administration and the Small Business Administration will host a joint webinar, “Balancing Member Business Loan Portfolios with SBA Guarantees,” on March 4, 2015, at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20150219SBLWebinar.aspx

February 19, 2015 - NCUA Board Proposes $100 Million Threshold for Regulatory Relief - Share Insurance Fund Trends Positive, Taunton Charter Expansion Approved - The National Credit Union Administration Board convened its second open meeting of 2015 at the agency’s headquarters today.   www.ncua.gov/about/Pages/Board%20Actions/BAB20150219.aspx

February 18, 2015 - NCUA Permanent Funds Earn Clean Audit Opinions for 2014 - Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF - The National Credit Union Administration’s four permanent funds have received unmodified, or “clean,” audit opinions for 2014, according to audited financial reports released today by the Office of the Inspector General. www.ncua.gov/News/Pages/NW20150218AuditReport.aspx 

February 18, 2015 - NCUA - The Finest Federal Credit Union Chartered - ?First 2015 Charter Will Provide Affordable Financial Services to Law Enforcement Agencies in New York City - The Finest Federal Credit Union is the first new federally chartered credit union of 2015.   www.ncua.gov/News/Pages/NW20150218FinestCU.aspx

February 18, 2015 - NCUA - February NCUA Report Now Available - The National Credit Union Administration announced today the February 2015 issue of The NCUA Report is now available online. www.ncua.gov/News/Pages/NW20150217NCUAReport.aspx

February 18, 2015 - NCUA - Metsger: Field of Membership and College Costs Key to Credit Unions’ Futures - NCUA Vice Chairman Says Federal Charter Must Keep up with Changing Times - Modernizing NCUA’s field of membership regulations may have a greater impact on the nation’s credit unions than any other issue before the agency in the next couple of years, NCUA Vice Chairman Rick Metsger told attendees at the Education Credit Union Council’s Annual Conference Monday. www.ncua.gov/News/Pages/NW20150216Metsger.aspx

February 18, 2015 - KANSAS CITY FED ANNOUNCES ADVISORY COUNCIL APPOINTMENTS - The Federal Reserve Bank of Kansas City recently announced the following appointments to its Community Depository Institutions Advisory Council.   www.kc.frb.org/publicat/newsroom/2015pdf/Press.Release.02.18.15.pdf

February 18, 2015 - David Hardy Joins St. Louis Fed's Real Estate Industry Council - David L. Hardy, managing director for CBRE, Inc., Louisville, Ky., has been named to the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/02/18/david-hardy-joins-real-estate-industry-council-february-18-2015

February 18, 2015 - Agencies Announce Extension of Resolution Plan Submission for Three Financial Institutions - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Wednesday announced that they are extending the resolution plan submission deadline for American International Group, Inc., General Electric Capital Corporation, Inc., and Prudential Financial, Inc.
Press Releae: www.fdic.gov/news/news/press/2015/pr15017.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-22.html

February 18, 2015 - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/

February 18, 2015 - Governor Jerome H. Powell - Financial Institutions, Financial Markets, and Financial Stability - At the Stern School of Business, New York University, New York, New York.  www.federalreserve.gov/newsevents/speech/powell20150218a.htm

February 18, 2015 - Federal Reserve Board announces approval of applications by First Farmers Bank & Trust - The Federal Reserve Board announced on Wednesday its approval of the applications under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by First Farmers Bank & Trust, Converse, Indiana, to merge with First National Bank of Chrisman, Chrisman, Illinois, and to establish a branch at the location of First National Bank of Chrisman. www.federalreserve.gov/newsevents/press/orders/20150218b.htm

February 18, 2015 - Federal Reserve Board announces approval of application by IBERIABANK Corporation - The Federal Reserve Board announced on Wednesday its approval of the application under section 3 of the Bank Holding Company Act by IBERIABANK Corporation, Lafayette, Louisiana, to acquire Florida Bank Group, Inc., and its wholly owned subsidiary, Florida Bank, both of Tampa, Florida.   www.federalreserve.gov/newsevents/press/orders/20150218a.htm

February 18, 2015 - Agencies Announce Extension of Resolution Plan Submission for Three Financial Institutions - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Wednesday announced that they are extending the resolution plan submission deadline for American International Group, Inc., General Electric Capital Corporation, Inc., and Prudential Financial, Inc.  www.federalreserve.gov/newsevents/press/bcreg/20150218b.htm

February 18, 2015 - Minutes of the Federal Open Market Committee, January 27-28, 2015 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 27-28, 2015. www.federalreserve.gov/newsevents/press/monetary/20150218a.htm

February 18, 2015 - Agencies announce reissuance of checks related to the Independent Foreclosure Review - Replacement checks are being mailed this week to borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements and who have not yet cashed or deposited their check, the Federal Reserve Board and the Office of the Comptroller of the Currency announced Wednesday.   www.federalreserve.gov/newsevents/press/bcreg/20150218a.htm

February 13, 2015 - First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Capitol City Bank & Trust Company, Atlanta, Georgia - Capitol City Bank & Trust Company, Atlanta, Georgia, was closed today by the Georgia Department of Banking & Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Capitol City Bank & Trust Company. https://www.fdic.gov/news/news/press/2015/pr15016.html

February 13, 2015 - OCC Appoints Four New Members to Minority Depository Institutions Advisory Committee - The Office of the Comptroller of the Currency today named four new members to its Minority Depository Institutions Advisory Committee. The MDIAC advises the OCC on steps it can take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-21.html

February 13, 2015 - Cropland values holding steady according to Agricultural Credit Survey - Farmland values in the seven-state Tenth District Federal Reserve District generally held steady in the fourth quarter of 2014 despite further declines in farm income, according to the Federal Reserve Bank of Kansas City’s quarterly Survey of Agricultural Credit Conditions.   www.kc.frb.org/publicat/newsroom/2015pdf/Press.Release.02.13.15.pdf

February 13, 2015 - FDIC Releases Additional Technical Assistance Video on CFPB Mortgage Rules - The Federal Deposit Insurance Corporation today announced the release of the third in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements.  www.fdic.gov/news/news/press/2015/pr15015.html

February 13, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data 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 
____________________

February 12, 2015 - Midwest Farmland Values Down Slightly - According to the most recent AgLetter, Seventh District farmland values in the fourth quarter of 2014 were 3 percent lower than a year ago.  www.chicagofed.org/~/media/publications/agletter/2015-2019/february-2015-pdf.pdf?la=en

February 12, 2015 - Risk Perspectives: Highlights of Risk Monitoring in the Seventh District - The Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends on an ongoing basis.  www.chicagofed.org/publications/risk-perspectives/2015-2019/2015-quarter-one

February 12, 2015 - #NCUACHAT Returns for America and Military Saves Week - Credit unions and their members are encouraged to share strategies for developing positive savings behavior during the National Credit Union Administration’s live Twitter chat on Thursday, Feb. 26, beginning at 11 a.m. Eastern. www.ncua.gov/News/Pages/NW20150212NCUACHAT.aspx

February 12, 2015 - Financial Market Stress Declines for Third Consecutive Week - Financial market stress fell for the third consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Feb. 6, 2015, the STLFSI measured -0.912, down moderately from the previous week’s value of -0.888.   www.stlouisfed.org/news-releases/2015/02/12/financial-market-stress-declines-for-third-consecutive-week

February 12, 2015 - FDIC Encourages Consumers to Develop a Plan to Save Toward Their Goals - America Saves Week is February 23 - February 28, 2015 The Federal Deposit Insurance Corporation encourages consumers to use America Saves Week as a time to begin or continue saving towards financial goals. https://www.fdic.gov/news/news/press/2015/pr15014.html

February 12, 2015 - Basel Regulatory Framework - Advanced Approaches Capital Framework Implementation - The Advanced Approaches capital framework requires certain banking organizations to use an internal ratings-based approach and other methodologies to calculate risk-based capital requirements for credit risk and advanced measurement approaches to calculate risk-based capital requirements for operational risk. www.federalreserve.gov/bankinforeg/basel/advanced-approaches-capital-framework-implementation.htm

February 12, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System at 2:00 PM on February 17, 2015, will be held under expedited procedures. Matter(s) considered: Proposed Semiannual Monetary Policy Report to the Congress.   www.federalreserve.gov/aboutthefed/boardmeetings/20150217advexp.htm

February 12, 2015 - Federal Reserve Board announces approval of the applications by Simmons First National Corporation - The Federal Reserve Board on Thursday announced its approval of the application by Simmons First National Corporation, Pine Bluff, Arkansas, to merge with Community First Bancshares, Inc., and thereby indirectly acquire First State Bank, both of Union City, Tennessee. www.federalreserve.gov/newsevents/press/orders/20150212a.htm

February 12, 2015 - Federal Reserve announces results of offering of 21-day term deposits on February 12.  www.federalreserve.gov/newsevents/press/monetary/20150212a.htm

February 12, 2015 - Federal Reserve Board announces release dates for the latest supervisory stress tests results and related results from the Comprehensive Capital Analysis and Review - The Federal Reserve Board on Thursday announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on Thursday, March 5, and the related results from the Comprehensive Capital Analysis and Review, will be released on Wednesday, March 11. www.federalreserve.gov/newsevents/press/bcreg/20150212a.htm 

February 12, 2015 - Federal Reserve Board announces termination of enforcement action with Macon Bancorp. www.federalreserve.gov/newsevents/press/enforcement/20150212a.htm

February 11, 2015 - January NCUA Board Meeting Video Now Available Online - The video recording of the January 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/News/Pages/NW20150211boardvideo.aspx

Deputy Comptroller Discusses Operational Risk and Cyber Threats - Deputy Comptroller for Operational Risk Beth Dugan today discussed operational risks, cyber threats, and the importance of effective risk management during a speech at The Clearing House’s Operational Risk.  www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-20.pdf

February 11, 2015 - Regulatory Capital Rules: Regulatory Capital Tool for Securitization Exposures - The FDIC has published a simplified supervisory formula approach tool as part of its continued outreach efforts to help institutions implement the revised capital rules.  www.fdic.gov/news/news/financial/2015/fil15007.html

February 11, 2015 - FDIC Announces New Members for the Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation today announced the selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009.  www.fdic.gov/news/news/press/2015/pr15013.html

February 11, 2015 - The Real Effects of Credit Line Drawdowns - Jose M. Berrospide and Ralf R. Meisenzahl - Do firms use credit line drawdowns to finance investment? Using a unique dataset of 467 COMPUSTAT firms with credit lines, we study the purpose of drawdowns during the 2007-2009 financial crisis.   www.federalreserve.gov/econresdata/feds/2015/files/2015007pap.pdf

February 11, 2015 - Regulation YY Intermediate Holding Company Requests - The Board's Regulation YY requires a foreign banking organization with $50 billion or more in U.S. non-branch assets as of June 30, 2015, to establish a U.S. intermediate holding company and to hold its interest in the substantial majority of its U.S. subsidiaries through the intermediate holding company by July 1, 2016. www.federalreserve.gov/bankinforeg/regulation-yy-intermediate-holding-company-requests.htm

February 11, 2015 - Record of the Meeting of the Federal Advisory Council and the Board of Governors - 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

February 11, 2015 - NCUA Regulation Targeted, Balanced - ?Fazio Testifies on Efforts to Ease Regulation, Makes Case for Vendor Authority - The National Credit Union Administration works hard to provide credit unions with regulatory relief, but Congress needs to grant authority over third-party vendors, the agency told the Senate Banking Committee today. www.ncua.gov/News/Pages/NW20150210FazioTestimony.aspx

February 10, 2015 - Senior Deputy Comptroller Discusses Challenges Facing Community Banks and Thrifts - Senior Deputy Comptroller for Midsize and Community Bank Supervision Toney Bland today discussed challenges facing small national banks and federal savings associations during testimony before the U.S. Senate.  www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-19.html

February 10, 2015 - Low- to moderate-income conditions mixed in second half of 2014 - Indicators of economic and financial conditions in the Tenth Federal Reserve District’s low- to moderate-income community were mixed during the second half of 2014,according to the Federal Reserve Bank of Kansas City’s latest LMI survey. www.kc.frb.org/publicat/newsroom/2014pdf/Press.Release.02.10.15.pdf

February 10 2015 - Maryann F. Hunter, Deputy Director, Division of Banking Supervision and Regulation Community Banks - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/hunter20150210a.htm

February 9, 2015 - NCUA - Agenda for the 2/19/2015 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20150219.aspx

February 9, 2015 - NCUA Posts 2015 Regulation Review List - The National Credit Union Administration is now accepting public comments on the list of regulations the agency will review in 2015. www.ncua.gov/News/Pages/NW20150209RegReview.aspx

February 9, 2015 - OCC Hosts San Antonio Workshop for Bank Directors - The Office of the Comptroller of the Currency will host a workshop in San Antonio at the DoubleTree San Antonio, March 16-18, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-18.html

February 9, 2015 - St. Louis Fed Will Webcast Special Feb. 12 Dialogue with the Fed, Plunging Crude Prices: Impact on U.S. and State Economies - The recent drop in oil prices and its ramifications for the economy will be discussed Thursday, Feb. 12, 2015, as part of Dialogue with the Fed, the St. Louis Fed’s free evening lecture series for the general public. www.stlouisfed.org/news-releases/2015/02/09/st-louis-fed-will-webcast-special-feb-12-dialogue-with-the-fed-plunging-crude-prices-impact-on-us

February 9, 2015 - Notice of a Meeting under Expedited Procedures - Was held at 11:30 AM on February 9, 2015. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Bank. www.federalreserve.gov/aboutthefed/boardmeetings/20150209exp.htm

February 9, 2015 - Governor Jerome H. Powell - "Audit the Fed" and Other Proposals - At the Catholic University of America, Columbus School of Law, Washington, D.C. www.federalreserve.gov/newsevents/speech/powell20150209a.htm

February 6, 2015 - NCUA - Financial Regulators Release New Appendix to Business Continuity Planning Booklet - Appendix J: Strengthening the Resilience of Outsourced Technology Services - The Federal Financial Institutions Examination Council members today issued a revised Business Continuity Planning Booklet, which is part of the FFIEC Information Technology Examination Handbook. The update consists of the addition of a new appendix, entitled Strengthening the Resilience of Outsourced Technology Services.   www.ncua.gov/News/Pages/NW20150206FFIECAppendixJ.aspx

February 6, 2015 - Credit Unions, Small Businesses Will Benefit from NCUA-SBA Partnership - Agencies Believe Credit Unions Well-Suited to Expanding Small Business Loans - The National Credit Union Administration will team up with the U.S. Small Business Administration on a series of initiatives aimed at helping small businesses connect with local credit unions to get better access to capital. www.ncua.gov/News/Pages/NW20150206Partnership.aspx

February 6, 2015 - Credit and Liquidity Programs and the Balance Sheet - 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. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 6, 2015 - The Determinants of Subprime Mortgage Performance Following a Loan Modification - Maximilian D. Schmeiser and Matthew B. Gross - We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent housing crisis, and the effect of the various types of modifications on the subsequent loan performance.  www.federalreserve.gov/econresdata/feds/2015/files/2015006pap.pdf

February 6, 2015 - FFIEC Information Technology Examination Handbook - The Federal Financial Institutions Examination Council has issued updated guidance for examiners, financial institutions,1 and technology service providers to explain the components of an effective third-party management program that can identify, measure, monitor, and control the risks associated with outsourcing. www.federalreserve.gov/bankinforeg/srletters/sr1503.htm

February 6, 2015 - Agencies announce public meeting on proposed CIT Group acquisition of IMB Holdco and its subsidiary OneWest Bank National Association; public comment period extended. 
Press Release: www.federalreserve.gov/newsevents/press/orders/20150206a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-17.html
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February 5, 2015 - OCC Hosts New Jersey Workshops on Risk Governance and Credit Risk - The Office of the Comptroller of the Currency will host two workshops in Morristown, N.J., at the Hyatt Morristown at Headquarters Plaza, March 10-11, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-16.html

February 5, 2015 - Comptroller of the Currency Discusses Federal Branches and Agencies - Comptroller of the Currency Thomas J. Curry today discussed the role of the federal branches and agencies in today’s financial system and among OCC-supervised financial institutions. www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-15.pdf

February 5, 2015 - Financial Market Stress Falls for Second Consecutive Week - Financial market stress declined for the second week since the start of 2015, according to the St. Louis Fed Financial Stress Index. For the week ending Jan. 30, the STLFSI measured -0.883, down about 0.02 points from the prior week’s revised value of -0.861.  www.stlouisfed.org/news-releases/2015/02/05/financial-market-stress-falls-for-second-consecutive-week

February 5, 2015 - The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies - Eric M. Engen, Thomas T. Laubach, and David Reifschneider - After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate--in order to provide additional monetary policy accommodation. www.federalreserve.gov/econresdata/feds/2015/files/2015005pap.pdf

February 5, 2015 - Advanced Notice of a Meeting under Expedited Procedures- A closed meeting of the Board of Governors of the Federal Reserve System at 11:30 AM on February 9, 2015, will be held under expedited procedures.  www.federalreserve.gov/aboutthefed/boardmeetings/20150209advexp.htm

February 5, 2015 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System at  3:00 PM on February 5, 2015, was held under expedited procedures. Matter(s) considered: Enforcement Matters. www.federalreserve.gov/whatsnew.htm

February 5, 2015 - Federal Reserve Board announces termination of enforcement action with FNB Bancorp.   www.federalreserve.gov/newsevents/press/enforcement/20150205a.htm

February 5, 2015 - Still Time to Register for Town Hall Webinar with Chairman Matz and Director Cordray - Register Now to Join an In-Depth Discussion of NCUA, CFPB Regulatory Issues - Registration is still open for a town hall webinar with National Credit Union Administration Board Chairman Debbie Matz and her guest, Richard Cordray, Director of the Consumer Financial Protection Bureau. www.ncua.gov/News/Pages/NW20150205Webinar.aspx

February 4, 2015 - Update on Financial Conditions - The NFCI increased to its highest value since late November 2012 in the latest week, and the ANFCI indicated that financial conditions are slightly tighter than what would typically be suggested by current economic conditions. www.chicagofed.org/publications/nfci/index

February 4, 2015 - NCUA to Stream Open Board Meetings Live - Open meetings of the National Credit Union Administration Board will be available through online livestreaming beginning this month, the agency announced today. www.ncua.gov/News/Pages/NW20150204LiveStream.aspx

February 4, 2015 - NCUA Board Reschedules October Open Meeting - The National Credit Union Administration Board has rescheduled the open Board meeting set for Thursday, Oct. 22, beginning at 10 a.m. Eastern. The open Board meeting is now scheduled for Thursday, Oct. 15, beginning at 10 a.m. Eastern. www.ncua.gov/News/Pages/NW20150204Schedule.aspx

February 4, 2015 - Senior Deputy Comptroller Discusses Regulatory Burden Relief - Senior Deputy Comptroller for Midsize and Community Bank Supervision Toney Bland today discussed efforts to enhance regulation and reduce unnecessary regulatory burden during an interagency outreach meeting on the Economic Growth and Regulatory Paperwork Reduction Act.   www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-14.pdf

February 4, 2015 - New Leadership and Membership Changes for Federal Reserve Bank of San Francisco’s Economic Advisory Council - The Federal Reserve Bank of San Francisco announced that George Zinn, corporate vice president and treasurer of Microsoft Corporation and John E. “Jack” Pelo, president and CEO of Swire Coca-Cola USA, were appointed chair and vice chair of the Federal Reserve Bank of San Francisco’s Economic Advisory Council. Mr. Zinn and Mr. Pelo joined the EAC in 2012 and 2013, respectively. www.frbsf.org/our-district/press/news-releases/2015/new-leadership-membership-changes-federal-reserve-bank-san-francisco-economic-advisory-council/

February 4, 2015 - 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 November 2014.  www.fdic.gov/news/news/press/2015/pr15012.html

February 4, 2015 - Governor Jerome H. Powell - Welcoming Remarks - At the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting, Dallas, Texas.  www.federalreserve.gov/newsevents/speech/powell20150204a.htm

February 3, 2015 - OCC Hosts Minority Depository Institutions Advisory Committee Meeting - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee on Wednesday, February 18, 2015, beginning at 8:30 a.m. Eastern Standard Time.  www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-13.html

February 3, 2015 - Freedom of Information Act - 2014 FOIA Annual Report.  www.federalreserve.gov/foia/annrept_2014.htm

February 3, 2015 - Legal Developments: Fourth Quarter, 2014 - Six orders were issued this quarter, one for First American Bank Corporation and ViewPoint Financial Group, Inc. under Section 3 of the Bank Holding Company Act, one for Midland States Bancorp, Inc. and Southside Bancshares, Inc. under Section 4 of the Bank Holding Company Act, and one for Central Bank of Audrain County and Veritex Community Bank under the Federal Reserve Act.
www.federalreserve.gov/pubs/bulletin/2015/pdf/legalq414.pdf

February 2, 2015 - Farm Income’s Impact on the Midwest Economy - Chicago Fed Letter examines recent farm income trends, plus their interplay with the regional economy. While farm income has long been an important driver of midwestern economic activity, the influence of the agricultural sector had been waning until the boom in crop prices of 2004–13.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl335-pdf.pdf

February 2, 2015 - NCUA Hosting Fair Lending Webinar - Hom Learn More About NCUA’s Fair Lending Exam Program and Best Practices - The National Credit Union Administration will host a free webinar, “Fair Lending and HMDA Compliance,” on Friday, Feb. 20, 2015, beginning at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20150202Webinar.aspx

February 2, 2015 - OCC Releases CRA Evaluations for 48 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, 2015 through January 31, 2015.  www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-12.html

February 2, 2015 - Guidance on Private Student Loans with Graduated Repayment Terms at Loan Origination - The agencies1, in conjunction with the State Liaison Committee, have issued Guidance on Private Student Loans with Graduated Repayment Terms at Loan Origination.  www.fdic.gov/news/news/financial/2015/fil15006.html

February 2, 2015 - How Does Student Loan Debt Affect Light Vehicle Purchases - Christopher Kurz and Geng Li - Light vehicle sales plummeted during the recent financial crisis and the ensuing recession.1 However, since the first quarter of 2009, sales of automobiles and light trucks have rebounded, spurring production and investment, as a result, gains in employment.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/how-does-student-loan-debt-affect-light-vehicle-purchases-20150202.html

February 2, 2015 - The January 2015 Senior Loan Officer Opinion Survey on Bank Lending Practices - The January 2015 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months. www.federalreserve.gov/boarddocs/SnLoanSurvey/201502/default.htm

February 2, 2015 - Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment - Jonas E. Arias, Guido Ascari, Nicola Branzoli, and Efrem Castelnuovo - Working with a small-scale calibrated New-Keynesian model, Coibion and Gorodnichenko (2011) find that the reduction in trend inflation during Volcker's mandate was a key factor behind the Great Moderation.   www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1127.pdf

February 2, 2015 - Which Way to Recovery Housing Market Outcomes and the Neighborhood Stabilization Program - Jenny Schuetz, Jonathan Spader, Jennifer Lewis Buell, Kimberly Burnett, Larry Buron, Alvaro Cortes, Michael DiDomenico, Anna Jefferson, Christian Redfearn, and Stephen Whitlow - To help communities recover from the foreclosure crisis, Congress enacted a set of policies known as the Neighborhood Stabilization Program.  www.federalreserve.gov/econresdata/feds/2015/files/2015004pap.pdf

February 2, 2015 - Tradability of Output, Business Cycles, and Asset Prices - Mary H. Tian - I examine the effect of a firm's tradability, the proportion of output that is exported abroad, on its stock returns. There are three novel empirical findings: (1) firms with higher tradability have more cyclical asset returns;   www.federalreserve.gov/econresdata/feds/2015/files/2015003pap.pdf

February 2, 2015 - Bayesian Estimation of Time-Changed Default Intensity Models - Michael B. Gordy and Pawel J. Szerszen - We estimate a reduced-form model of credit risk that incorporates stochastic volatility in default intensity via stochastic time-change.  www.federalreserve.gov/econresdata/feds/2015/files/2015002pap.pdf

February 2, 2015 - Loan Sales and Bank Liquidity Risk Management: Evidence from a U.S. Credit Register - Rustom M. Irani and Ralf R. Meisenzahl - We examine the impact of banks' liquidity risk management on secondary loan sales.  www.federalreserve.gov/econresdata/feds/2015/files/2015001pap.pdf

February 2, 2015 - Legal Interpretations - Bank Holding Company Act, January 29, 2015.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2015.htm

February 2, 2015 - Federal Reserve announces series of expanded TDF test operations with early withdrawal feature - As part of operational testing of the Term Deposit Facility, the Federal Reserve plans to conduct a series of three weekly TDF operations in February that offer 21-day term deposits with an early withdrawal feature.  www.federalreserve.gov/newsevents/press/monetary/20150202a.htm