The E-mail Banking News
(Bank Regulatory News)

January 2020

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 Office/Cell 806-535-8300 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.

January 16, 2020 - OCC Enforcement Actions and Terminations - 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/2020/nr-occ-2020-4.html

January 16, 2020 - FDIC Updates Money Smart for Small Business Credit and Banking Modules - As part of their ongoing commitment to strengthening bank-community partnerships, the Federal Deposit Insurance Corporation and U.S. Small Business Administration today released two updates to the popular Money Smart for Small Business curriculum.  www.fdic.gov/news/news/press/2020/pr20003.html

January 16, 2020 - Confidence, financial literacy and investment in risky assets: Evidence from the Survey of Consumer Finances - Andrej CupŠk, Pirmin Fessler, Joanne W. Hsu, Piotr R. Paradowski - We employ recent Survey of Consumer Finances microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets on both the extensive and intensive margins. www.federalreserve.gov/econres/feds/files/2020004pap.pdf

January 16, 2020 - Supervision Manual - A User's Guide for the Bank Holding Company Performance Report, June 2019 - Serves as an aid in using the Bank Holding Company Performance Report. Provides definitions of the financial ratios and items presented on each page of the BHCPR. www.federalreserve.gov/publications/files/_A_Users_Guide_for_the_Bank_Holding_Company_Performance_Report_Final.pdf

January 16, 2020 - Speech by Governor Bowman on the outlook for housing At the 2020 Economic Forecast Breakfast, Home Builders Association of Greater Kansas City, Kansas City, Missouri.   www.federalreserve.gov/newsevents/speech/bowman20200116a.htm

January 15, 2020 - Economic Outlook Symposium: Summary of 2019 Results and 2020 Forecasts By William A. Strauss , Kelley Sarussi - According to participants in the Chicago Fedís annual Economic Outlook Symposium, the U.S. economy is forecasted to expand at a pace in 2020 near the long-term average, with inflation ticking up and the unemployment rate remaining low. www.chicagofed.org/publications/chicago-fed-letter/2020/429

January 15, 2020 - Chicago Fed Survey of Business Conditions Shows Steady Growth in Late November and December - The Chicago Fed Survey of Business Conditions Activity Index edged down to -8 from -6, suggesting that growth in economic activity remained at a modest pace in late November and December.  www.chicagofed.org/~/media/publications/cfsbc/2020/cfsbc-january2020-pdf.pdf

January 15, 2020 - St. Louis Fedís Wolla Awarded for his Economic Education Work - Scott Wolla, economic education coordinator at the Federal Reserve Bank of St. Louis, was named the 2020 winner of the Bessie B. Moore Service Award from the National Association of Economic Educators. www.stlouisfed.org/news-releases/2020/01/15/st-louis-fed-wolla-awarded-for-his-economic-education-work

January 15, 2020 - St. Louis Fed Presents: The Community Reinvestment Act - Separating Truth from Myths - The Community Reinvestment Act has played an integral part in expanding access to credit in communities and to borrowers across the United States. www.stlouisfed.org/news-releases/2020/01/15/st-louis-fed-presents-the-community-reinvestment-act-separating-truth-from-myths

January 15, 2020 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - This report was prepared at the Federal Reserve Bank of New York based on information collected on or before January 6, 2020. www.federalreserve.gov/monetarypolicy/beigebook202001.htm

January 14, 2020 - 2020 Vision: Solid Growth in a Challenging Low-Interest-Rate World By Esther George President and Chief Executive Officer Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2020/2020-george-kansascity-01-14.pdf

January 14, 2020 - Frequently Asked Questions on the Tailoring Rules - The Board of Governors of the Federal Reserve System is issuing frequently asked questions in response to questions from institutions regarding the final rules to tailor certain prudential standards for large domestic and foreign banking organizations to more closely match their risk profiles. www.federalreserve.gov/supervisionreg/srletters/SR2002.htm

January 14, 2020 - Federal Reserve Board announces members of its Community Depository Institutions Advisory Council for 2020 - The CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. www.federalreserve.gov/newsevents/pressreleases/other20200114a.htm 

January 13, 2020 - Symposium Participants Forecast Economy to Grow at Pace Near Average in 2020 By William A. Strauss , Kelley Sarussi - According to participants in the Chicago Fedís annual Economic Outlook Symposium, the U.S. economy is forecasted to expand at a pace in 2020 near the long-term average, with inflation ticking up and the unemployment rate remaining low. www.chicagofed.org/publications/chicago-fed-letter/2020/429

January 13, 2020 - St. Louis Fed Accepting Applications for 2020-21 Student Board of Directors - The St. Louis Fedís student board of directors program offers high school seniors a dynamic way to learn about our nation's central bank. www.stlouisfed.org/news-releases/2020/01/13/st-louis-fed-accepts-applications-for-202021-student-board-of-directors 

January 13, 2020 - Consolidated Reports of Condition and Income for Fourth Quarter 2019 - The Consolidated Reports of Condition and Income for the December 31, 2019, report date must be submitted to the agencies' Central Data Repository by Thursday, January 30, 2020. Certain institutions with foreign offices have an additional five calendar days to file their reports. www.fdic.gov/news/news/financial/2020/fil20002.html

January 13, 2020 - Consolidated Reports of Condition and Income for Fourth Quarter 2019 - The attached materials pertain to the Consolidated Reports of Condition and Income for the December 31, 2019, report date. Please plan to complete as early as possible the preparation, editing, and review of your institutionís Call Report data and the submission of these data to the agenciesí Central Data Repository. www.fdic.gov/news/news/financial/2020/fil20001.html 

January 13, 2020 - Legal Developments - Section 19 letters, October 21 (2 letters) and November 21, 2019. www.federalreserve.gov/supervisionreg/ordersother2019.htm

January 10, 2020 - Chicago Fed Announces 2020 Chicago and Detroit Board Members - The Federal Reserve Bank of Chicago today announced the election of four Directors, appointment of a Director, appointment of the Board Chair and Deputy Chair, re-appointment of a Detroit Branch Director, appointment of a Detroit Branch Director, re-appointment of the Detroit Branch Chair, and the re-appointment of the Federal Advisory Council representative. All are effective January 1, 2020. www.chicagofed.org/publications/news/2020/board-of-directors-announcement-01-10-2020

January 10, 2020 - NCUA Offers Information, Assistance to Credit Unions Affected by Puerto Rico Earthquakes - In the wake of the recent earthquakes in Puerto Rico, the National Credit Union Administration will be ready to assist the seven federally insured credit unions there with maintaining or restoring operations, if necessary. www.ncua.gov/newsroom/press-release/2020/ncua-offers-information-assistance-credit-unions-affected-puerto-rico-earthquakes

January 10, 2020 - Community Reinvestment Act : Request for Public Input - The Office of the Comptroller of the Currency today issued a request for public input related to the OCC and Federal Deposit Insurance Corporationís recent joint notice of proposed rulemaking that would modernize regulations implementing the Community Reinvestment Act. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-4.html

January 10, 2020 - Community Reinvestment Act : Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have issued a joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-3.html 

January 10, 2020 - Kansas City Fed announces director election results and appointments - The Federal Reserve Bank of Kansas City announces director election results and appointments to fill seats on its headquarters office and branch boards of directors. All appointments are effective Jan. 1, 2020. www.kansascityfed.org/~/media/files/publicat/newsroom/2020/pressrelease2020boardsofdirectorsdraft.pdf 

January 10, 2020 - D. Bryan Jordan Appointed to Federal Advisory Council - The board of directors of the Federal Reserve Bank of St. Louis has appointed D. Bryan Jordan, chairman, president and CEO of First Horizon National Corp. in Memphis, Tenn., to serve on the Federal Advisory Council for a one-year term that ends on Dec. 31, 2020. www.stlouisfed.org/news-releases/2020/01/10/d-bryan-jordan-appointed-to-federal-advisory-council 

January 10, 2020 - St. Louis Fed Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis has announced the following changes to its board of directors, effective Jan. 1 www.stlouisfed.org/news-releases/2020/01/10/st-louis-fed-announces-changes-to-board-of-directors

January 10, 2020 - St. Louis Fed Little Rock Branch Announces Changes to Board of Directors.  www.stlouisfed.org/news-releases/2020/01/10/st-louis-fed-little-rock-branch-announces-changes-to-board-of-directors

January 10, 2020 - St. Louis Fed Louisville Branch Announces Changes to Board of Directors.  www.stlouisfed.org/news-releases/2020/01/10/st-louis-fed-louisville-branch-announces-changes-to-board-of-directors

January 10, 2020 - FDIC Named One of the Best Places to Work in the Federal Government - The Federal Deposit Insurance Corporation has again been recognized as one of the top federal agencies listed on the Best Places to Work in the Federal Governmentģ by the Partnership for Public Service. This year, the FDIC ranked No. 4 among midsize agencies, up one spot from last year. www.fdic.gov/news/news/press/2020/pr20002.html

January 10, 2020 - Annual Report to the Congress on the Presidential $1 Coin Program - Reports on the Federal Reserve and the United States Mint's collaborative efforts to develop the Presidential $1 Coin Program and improve the distribution and circulation of $1 coins. www.federalreserve.gov/publications/presidential-dollar-coin-program.htm

January 10, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

January 10, 2020 - 2014 FOMC meeting transcripts, presentation materials, Tealbooks, agendas, and SEP individual projections.  www.federalreserve.gov/monetarypolicy/fomchistorical2014.htm

January 10, 2020 - Federal Reserve Board announces appointment of the chairs and deputy chairs of the Federal Reserve Banks for 2020 - Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as Chair and a second as Deputy Chair. www.federalreserve.gov/newsevents/pressreleases/other20200110b.htm

January 10, 2020 - Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2019 - The Federal Reserve Board on Friday announced preliminary results indicating that the Reserve Banks provided for payments of approximately $54.9 billion to the U.S. Treasury. The 2019 audited Reserve Bank financial statements are expected to be published in March and may include adjustments to these preliminary unaudited results. www.federalreserve.gov/newsevents/pressreleases/other20200110a.htm

January 9, 2020 - St. Louis Fed's Bullard Discusses "A Soft Landing in 2020?" - Bullard discussed how U.S. economic growth slowed on a year-over-year basis in 2019. ďThe Federal Open Market Committee took action to help ensure a soft landing by dramatically altering the path of monetary policy during 2019,Ē he said. www.stlouisfed.org/news-releases/2020/01/09/bullard-discusses-a-soft-landing

January 9, 2020 - FRB/US historical database and FRB/US EViews databases - January 9, 2020 update - The main FRB/US model package is a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure. www.federalreserve.gov/econres/us-models-package.htm

January 9, 2020 - Minutes of the Board's discount rate meetings from November 4 and December 11, 2019.  www.federalreserve.gov/newsevents/pressreleases/monetary20200109a.htm

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January 9, 2020 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/

January 9, 2020 - Speech by Vice Chair Clarida on the U.S. economic outlook and monetary policy At the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York, New York.  www.federalreserve.gov/newsevents/speech/clarida20200109a.htm

January 9, 2020 - Federal Reserve Board issues enforcement action with United Bank of El Paso del Norte. www.federalreserve.gov/newsevents/pressreleases/enforcement20200109a.htm

January 8, 2020 - Civil Money Penalties : Notice Adjusting Maximum Civil Money Penalties for 2020 - On December 30, 2019, the Office of the Comptroller of the Currency published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-2.html

January 8, 2020 - Employment Contracts, Mutual-to-Stock Conversions, and Technical Amendments : Notice of Proposed Rulemaking - On January 8, 2020, the Office of the Comptroller of the Currency issued a proposed rule to address recommendations from the Economic Growth and Regulatory Paperwork Reduction Act report issued in March 2017. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-1.html

January 8, 2020 - Raising the Inflation Target: Lessons from Japan - Equilibrium real interest rates across the world, including in the United States, have declined over the past few decades and are expected to stay at low levels going forward. All else equal, lower equilibrium real interest rates imply that the policy rate will be constrained by the effective lower bound more frequently. www.federalreserve.gov/econres/notes/feds-notes/raising-the-inflation-target-lessons-from-japan-20200108.htm

January 8, 2020 - Statistical Release - Consumer Credit - G.19 - In November, consumer credit increased at a seasonally adjusted annual rate of 3-1/2 percent. Revolving credit decreased at an annual rate of 2-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

January 8, 2020 - Why Has Wage Growth Been Subdued in the Advanced Foreign Economies? - Stephen Lin, Kaede Johnson, and Tyler Powell - In recent years, nominal wage growth has remained relatively subdued in a number of advanced foreign economies, even as labor markets have tightened substantially. www.federalreserve.gov/econres/notes/feds-notes/why-has-wage-growth-been-subdued-in-the-advanced-foreign-economies-20200708.htm

January 8, 2020 - Monetary Policy Space in a Recession: Some Simple Interest Rate Arithmetic - Nominal interest rates are low by historical standards. In October 2019, nominal interest rates from the overnight to a 10-year maturity averaged between 1.5 and 2 percent. www.federalreserve.gov/econres/notes/feds-notes/monetary-policy-space-in-a-recession-20200108.htm

January 8, 2020 - Short-term Planning, Monetary Policy, and Macroeconomic Persistence - Christopher Gust, Edward Herbst, and David L�pez-Salido - This paper uses aggregate data to estimate and evaluate a behavioral New Keynesian model in which households and firms plan over a finite horizon. www.federalreserve.gov/econres/feds/files/2020003pap.pdf

January 8, 2020 - Speech by Governor Brainard on strengthening the Community Reinvestment Act by staying true to its core purpose At the Urban Institute, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20200108a.htm

January 7, 2020 - NCUA�s 2020 Supervisory Priorities Include BSA Compliance, Consumer Protection, Cybersecurity - The National Credit Union Administration today issued its annual letter to credit unions listing its 2020 supervisory priorities as well as updates on regulations and the agency�s modernization programs. www.ncua.gov/newsroom/press-release/2020/ncuas-2020-supervisory-priorities-include-bsa-compliance-consumer-protection-cybersecurity

January 6, 2020 - Brian James Selected to be Deputy Comptroller for the Central District - In this role, Mr. James will oversee 320 community banks and federal savings associations and manage more than 380 examiners and other professional personnel who ensure the financial institutions they supervise operate in a safe, sound, and fair manner. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-3.html

January 3, 2020 - 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 October 2019. www.fdic.gov/news/news/press/2020/pr20001.html

January 3, 2020 - Monetary Policy and Birth Rates: The Effect of Mortgage Rate Pass-Through on Fertility - Fergus Cumming and Lisa Dettling - Abstract: This paper examines whether monetary policy pass-through to mortgage interest rates affects household fertility decisions. www.federalreserve.gov/econres/feds/files/2020002pap.pdf

January 3, 2020 - FOIA - Chair Powell's calendar, November 2019. www.federalreserve.gov/foia/chairman-powell-calendar.htm

January 3, 2020 - Minutes of the Federal Open Market Committee, December 10-11, 2019 - The Federal Reserve Board and the Federal Open Market Committee on Friday released the attached minutes of the Committee meeting held on December 10-11, 2019.  www.federalreserve.gov/newsevents/pressreleases/monetary20200103a.htm ______________________

January 2, 2020 - OCC Releases 2020 Schedule of Workshops for Directors and Senior Management of National Community Banks and Federal Savings Associations - The OCC examiner-led workshops provide practical training and guidance to directors of national community banks and federal savings associations to support the safe and sound operation of community-based financial institutions. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-1.html

January 2, 2020 - OCC Releases CRA Evaluations for 24 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 December 1, 2019 through December 31, 2019. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-2.html

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