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

July 31, 2015 - The Effect of Weather on First-Quarter GDP - François Gourio - In a pattern similar to that of the previous year, the U.S. economy appeared to slow down this past winter.   www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl341-pdf.pdf

July 31, 2015 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued four orders in July prohibiting the following individuals from participating in the affairs of any federally insured financial institution.  www.ncua.gov/News/Pages/NW20150731Orders.aspx

July 31, 2015 - In The Regional Economist: Oil Prices and Inflation, States’ Efforts on Immigration, the Lifetime Premium of an Education, and More - A new issue of The Regional Economist, the Federal Reserve Bank of St. Louis’ quarterly review of regional, national and international economic issues of the day, has been posted online.   https://www.stlouisfed.org/news-releases/2015/07/31/july-2015-regional-economist

July 31, 2015 - Federal Reserve Bulletin - Legal Developments: Second Quarter, 2015 - Five orders were issued this quarter; one for Chemical Financial, BB&T Corporation, Sterling Bancorp, and Merchants & Farmers Bancshares, Inc. under Section 3 of the Bank Holding Company Act; and one for The Bank of Versailles under the Federal Reserve Act. www.federalreserve.gov/pubs/bulletin/2015/pdf/legalq215.pdf

July 31, 2015 - Consumer Spending and Property Taxes - Paolo Surico and Riccardo Trezzi - A major change of the property tax system in 2011 generated significant variation in the amount of housing taxes paid by Italian households. Using new questions added to the Survey on Household Income and Wealth, we exploit this variation to provide an unprecedented analysis of the effects of property taxes on consumer spending. www.federalreserve.gov/econresdata/feds/2015/files/2015057pap.pdf

July 31, 2015 - FOIA - Chair Yellen's calendar archive.  www.federalreserve.gov/foia/files/chair-yellen-calendar-062015.pdf

July 31, 2015 - Taxonomy of Studies on Interconnectedness - Gazi Kara, Mary Tian, and Margaret Yellen1 - For the purpose of this note, "interconnectedness" is defined as a broad set of relationships and interactions among financial market participants. www.federalreserve.gov/econresdata/notes/feds-notes/2015/taxonomy-of-studies-on-interconnectedness-20150731.html

July 31, 2015 - Identification of First-Price Auctions With Biased Beliefs - Serafin J. Grundl and Yu Zhu - This paper exploits variation in the number of bidders to separately identify the valuation distribution and the bidders' belief about the valuation distribution in first-price auctions with independent private values.   www.federalreserve.gov/econresdata/feds/2015/files/2015056pap.pdf

July 31, 2015 - Un-Networking: The Evolution of Networks in the Federal Funds Market - Daniel O. Beltran, Valentin Bolotnyy, and Elizabeth C. Klee - Using a network approach to characterize the evolution of the federal funds market during the Great Recession and financial crisis of 2007-2008, we document that many small federal funds lenders began reducing their lending to larger institutions in the core of the network starting in mid-2007. www.federalreserve.gov/econresdata/feds/2015/files/2015055pap.pdf

July 31, 2015 - A margin call gone wrong: Credit, stock prices, and Germany's Black Friday 1927 - Stefan Gissler - Leverage is often seen as villain in financial crises. Sudden deleveraging may lead to fire sales and price pressure when asset demand is downward-sloping.  www.federalreserve.gov/econresdata/feds/2015/files/2015054pap.pdf
____________________

July 30, 2015 - Financial Market Stress Falls for Second Consecutive Week - The St. Louis Fed Financial Stress Index fell in the latest reporting week. For the week ending July 24, the index measured -1.050, down modestly from the previous week’s revised value of -1.033.  www.stlouisfed.org/news-releases/2015/07/30/financial-market-stress-falls-for-second-consecutive-week

July 30, 2015 - Federal Reserve System appoints Faster Payments strategy leader - The Federal Reserve System on Thursday announced the appointment of Federal Reserve Bank of Chicago Senior Vice President Sean Rodriguez as its Faster Payments Strategy Leader. In this role, Rodriguez will lead activities to identify effective approaches for implementing a safe, ubiquitous, faster payments capability in the United States. www.federalreserve.gov/newsevents/press/other/20150730a.htm

July 29, 2015 - New NCUA Video Educates Consumers on Payday Loans, Alternatives - Each year, nearly 12 million people in the United States take out a payday loan, which can have higher interest rates and fees than other forms of credit, according to a new video released today by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20150729PaydayLoansVideo.aspx

July 29, 2015 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in June indicates that economic activity has been expanding moderately in recent months. Growth in household spending has been moderate and the housing sector has shown additional improvement; however, business fixed investment and net exports stayed soft.  www.federalreserve.gov/newsevents/press/monetary/20150729a.htm 

July 28, 2015 - Karama Neal of Southern Bancorp Community Partners Joins St. Louis Fed’s Little Rock Branch Board - Karama Neal, Ph.D., chief operating officer of Southern Bancorp Community Partners in Little Rock, Ark., has been appointed to fill the unexpired portion of a three-year term, ending Dec. 31, 2017, on the board of directors of the Little Rock Branch of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/07/28/karama-neal-joins-little-rock-branch-board

July 28, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:00 AM on July 30, 2015. Matter to be considered: Bank Application Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20150730advexp.htm

July 28, 2015 - Agencies Provide Feedback to Nonbank Firms on Resolution Plans - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday provided feedback to three nonbank financial companies regarding their initial resolution plans and guidance to the firms for their upcoming filings.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150728a.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15063.html

July 28, 2015 - Agencies Provide Additional Guidance for Certain Resolution Plans - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday provided guidance to 119 firms that in December will be filing updated resolution plans.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150728b.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15062.html

July 27, 2015 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:45 AM on July 27, 2015, under expedited procedures. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20150727exp.htm

July 27, 2015 - Statistical Release - Finanance Companies - G.20.  www.federalreserve.gov/releases/g20/Current/

July 27, 2015 - Federal Reserve Board supplemented an earlier release by providing Board staff projections prepared for the June 16-17 FOMC meeting.   www.federalreserve.gov/newsevents/press/monetary/monetary20150724b1.pdf

July 24, 2015 - Comptroller Discusses Risk And Opportunities Facing Financial Services - Comptroller of the Currency Thomas J. Curry today discussed risks and opportunities facing financial services during remarks before the New England Council. During his speech, the Comptroller commented on interest rate risk, compliance risk, cybersecurity, and the role collaboration can play in mitigating these risks.  www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-106.pdf

July 24, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:30 AM on July 28, 2015. Matter to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20150728advexp.htm

July 24, 2015 - Staff economic projections for the June 16-17, 2015, FOMC meeting inadvertently included in file posted to the Board's website - Economic projections prepared by Federal Reserve Board staff as background for the June 16-17, 2015, meeting of the Federal Open Market Committee were inadvertently included in a computer file posted to the Board's public website on June 29.  www.federalreserve.gov/newsevents/press/monetary/20150724a.htm
_______________

July 23, 2015 - Economic Update on U.S. and Colorado Economies By Alison Felix Economist & Branch Executive Federal Reserve Bank ofKansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-felix-aamd-07-23.pdf

July 23, 2015 - Financial Market Stress Declines - The St. Louis Fed Financial Stress Index decreased last week as financial market volatility returned to more stable levels. For the week ending July 17, the index measured -1.029, a decline of 0.107 basis points from the prior week’s revised value of -0.922. www.stlouisfed.org/news-releases/2015/07/23/financial-market-stress-declines

July 23, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 12:00 PM on July 27, 2015. Matter to be considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20150727advexp.htm

July 23, 2015 - Interest on Required Balances and Excess Balances- The Federal Reserve Banks pay interest on required reserve balances and on excess reserve balances. The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D.  www.federalreserve.gov/monetarypolicy/reqresbalances.htm

July 23, 2015 - NCUA - Matz: Fiscal Discipline, Transparency and Communication Mark NCUA’s Operations - Chairman Tells House Subcommittee Agency Is Committed to Regulatory Relief - Heeding the lessons of the recent financial crisis, the National Credit Union Administration is committed to fiscal discipline, operational transparency and open communication, Board Chairman Debbie Matz said today. www.ncua.gov/News/Pages/NW20150723MatzTestimony.aspx 

July 23, 2015 - NCUA - Fixed-Asset Rule Provides Relief to More than 3,800 Federal Credit Unions - Board Action Bulletin - Mid-Year Budget Adjustments Save Credit Unions More Than $1.3 Million - The National Credit Union Administration Board convened its seventh open meeting of 2015 at the agency’s headquarters here today and approved three items: www.ncua.gov/about/BoardActions/Pages/BAB20150723.aspx

July 22, 2015 - Economic Growth Decelerated Slightly in June - The Chicago Fed National Activity Index was +0.12 in June, down from +0.16 in May. www.chicagofed.org/~/media/publications/cfnai/2015/cfnai-july2015-pdf.pdf?la=en

July 22, 2015 - FDIC and CDBO Assess Civil Money Penalties Against Banamex USA, Century City, CA - The Federal Deposit Insurance Corporation today announced the assessment of a civil money penalty of $140 million against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. www.fdic.gov/news/news/press/2015/pr15061.html

July 22, 2015 - NCUA - July Issue of The NCUA Report Now Available - The National Credit Union Administration announced today the July 2015 issue of The NCUA Report is now available online. - This latest issue includes columns from NCUA Board Chairman Debbie Matz and Board Member J. Mark McWatters.  www.ncua.gov/News/Pages/NW20150722JulyNCUAReport.aspx

July 22, 2015 - NCUA - 15 Credit Unions Agree to Late-Filing Penalties for First Quarter 2015 - Agency Continues to Push for Full Compliance and to Offer Assistance - The number of federally insured credit unions subject to civil money penalties for filing late Call Reports dropped to 15 in the first quarter of 2015, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20150722LateFilers.aspx

July 21, 2015 - NCUA Hosting Webinar on FFIEC Cybersecurity Assessment Tool - Credit unions can learn more about using the cybersecurity assessment tool recently announced by the Federal Financial Institutions Examination Council during an upcoming National Credit Union Administration webinar. www.ncua.gov/News/Pages/NW20150721Webinar.aspx

July 21, 2015 - OCC Approves OneWest Bank, N.A. - CIT Bank Merger; Terminates Foreclosure-Related Consent Order - The Office of the Comptroller of the Currency today announced that it granted conditional approval to merge CIT Bank, Salt Lake City, Utah, into OneWest Bank, N.A., Pasadena, Calif. The combined bank will change its name to CIT Bank, N.A. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-105.html

July 21, 2015 - OCC Newsletter Focuses on Increasing Sustainable Loan Modifications and Reducing Foreclosures - The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments electronic newsletter entitled “Hardest Hit Fund: State Programs to Improve Loan Modification Sustainability and Stabilize Communities.” www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-104.html

July 21, 2015 - OCC Assesses $35 Million Penalty Against Citibank, N.A. and An Affiliate; Orders Restitution to Customers for Unfair Billing Practices and Deceptive Marketing.   www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-103.html

July 21, 2015 - Issuance of Final Rule on Loans in Areas Having Special Flood Hazards - The FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Farm Credit Administration approved the issuance of a joint final rule to amend their respective regulations regarding loans in special flood hazard areas.  www.fdic.gov/news/news/financial/2015/fil15032.html

July 21, 2015 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 9:00 AM on July 21, 2015, under expedited procedures. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20150721exp.htm

July 21, 2015 - Federal Reserve Board announces approval of application by CIT Group - The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act by CIT Group, Inc., Livingston, New Jersey, to acquire IMB Holdco LLC and thereby indirectly acquire its wholly owned subsidiary, OneWest Bank, National Association, both of Pasadena, California. www.federalreserve.gov/newsevents/press/orders/20150721a.htm

July 21, 2015 - Federal Reserve announces steering committees of new Payments Task Forces - The Federal Reserve on Tuesday announced the members of the steering committees of both the Faster Payments Task Force and Secure Payments Task Force described in the Strategies for Improving the U.S. Payment System paper released in January 2015. Representatives were elected by the membership to represent stakeholder categories within each task force. www.federalreserve.gov/newsevents/press/other/20150721a.htm

July 21, 2015 - Federal Reserve Board issues enforcement action with China Construction Bank Corporation and termination of enforcement action with Atlantic Coast Financial Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20150721a.htm 

July 20, 2015 - Dana Huber Joins St. Louis Fed’s Agribusiness Industry Council - Dana Huber, vice president of marketing/public relations for Huber's Orchard, Winery & Vineyards, Borden, Ind., has been named to the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/07/20/dana-huber-joins-st-louis-fed-agribusiness-industry-council

July 20, 2015 - Report to the Congress - Government-Administered, General-Use Prepaid Cards, July 2015.  www.federalreserve.gov/publications/other-reports/default.htm

July 20, 2015 - Do financial market frictions affect executive compensation? - Bo Sun - Transaction costs for investors trading in the U.S. stock market have declined significantly over the past 30 years: For example, the bid-ask spreads on Dow Jones stocks dropped from over 0.7% in 1980 to 0.2% in the 2000s, and the average brokerage commissions on listed stocks fell from 13 cents per share in 1980 to 4 cents per share in the 2000s.  www.federalreserve.gov/econresdata/notes/ifdp-notes/2015/do-financial-market-frictions-affect-executive-compensation-20150720.html

July 20, 2015 - Does it matter who your parents are?  Findings on economic mobility from the Survey of Household Economics and Decisionmaking - Jeff Larrimore - Coming out of the Great Recession, there are renewed concerns about the level of economic opportunity throughout the income distribution and the extent to which economic advancement is a realistic goal for all American families.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/findings-on-economic-mobility-from-the-survey-of-household-economics-and-decisionmaking-20150720.html

July 20, 2015 - Federal Reserve Board issues final order that establishes enhanced prudential standards for General Electric Capital Corporation - The Federal Reserve Board on Monday issued a final order that establishes enhanced prudential standards for General Electric Capital Corporation, a nonbank financial company designated by the Financial Stability Oversight Council for supervision by the Board. www.federalreserve.gov/newsevents/press/bcreg/20150720b.htm

July 20, 2015 - Federal Reserve Board approves final rule requiring the largest, most systemically important U.S. bank holding companies to further strengthen their capital positions - The Federal Reserve Board on Monday approved a final rule requiring the largest, most systemically important U.S. bank holding companies to further strengthen their capital positions.  www.federalreserve.gov/newsevents/press/bcreg/20150720a.htm

July 17, 2015 - Derivatives and Collateral at U.S. Life Insurers - Kyal Berends , Thomas King - Although insurers represent a relatively small part of the derivatives markets, they are an interesting case study, in part because they report very detailed information about their derivatives positions and associated collateral in quarterly regulatory filings.  www.chicagofed.org/~/media/publications/economic-perspectives/2015/1q2015-part2-berends-king-pdf.pdf

July 17, 2015 - NCUA - Teachers Credit Union Assumes Lakeside Shares, Purchases Loans - ?Member Deposits Protected up to $250,000 by Share Insurance Fund - Teachers Credit Union of South Bend, Indiana, has completed the purchase and assumption of Lakeside Federal Credit Union of Hammond, Indiana, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20150717TeachersCreditUnion.aspx

July 17, 2015 - OCC Co-Hosts Technical Assistance Event - The Office of the Comptroller of the Currency will co-host a technical assistance event for minority- and women-owned businesses interested in federal contracting opportunities on August 12, at George Mason University in Arlington, Va. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-102.html

July 17, 2015 - OCC Enforcement Actions and Terminations for July 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-2015-101.html

July 17, 2015 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the June 30, 2015, report date must be received by Thursday, July 30, 2015. Certain institutions with foreign offices have an additional five calendar days to submit their reports.  www.fdic.gov/news/news/financial/2015/fil15031.html

July 17, 2015 - Asset Return Dynamics under Habits and Bad-Environment Good-Environment Fundamentals - Geert Bekaert and Eric Engstrom - We introduce a "bad environment-good environment" technology for consumption growth in a consumption-based asset pricing model with external habit formation.  www.federalreserve.gov/econresdata/feds/2015/files/2015053pap.pdf

July 17, 2015 - How much has dollar appreciation affected U.S. corporate profits? - Carol Bertaut and Nitish Sinha - U.S. corporate profits fell about 1.4 percent in the fourth quarter of last year and, based on estimates from the Bureau of Economic Analysis, declined a further 5.2 percent in the first quarter of 2015. www.federalreserve.gov/econresdata/notes/ifdp-notes/2015/how-much-has-dollar-appreciation-affected-us-corporate-profits-20150717.html 

July 17, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 9:00 AM on July 21, 2015. Matter to be considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20150721advexp.htm

July 17, 2015 - Federal Reserve Board proposes rule to modify capital planning and stress testing regulations - The Federal Reserve Board on Friday proposed a rule to modify its capital planning and stress testing regulations. The proposed changes would take effect for the 2016 capital plan and stress testing cycles. www.federalreserve.gov/newsevents/press/bcreg/20150717a.htm

July 17, 2015 - Federal Reserve Board announces approval of application by Cathay General Bancorp - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by Cathay General Bancorp, Los Angeles, California, to acquire Asia Bancshares, Inc., and thereby indirectly acquire its wholly owned subsidiary, Asia Bank, National Association, both of Flushing, New York. www.federalreserve.gov/newsevents/press/orders/20150716a.htm
_________________

July 16, 2015 - Financial Market Stress Rises for Second Consecutive Week - The St. Louis Fed Financial Stress Index remained elevated last week due to widening in high-yield credit risk spreads. For the week ending July 10, the index measured -0.918, a slight increase from the prior week’s revised value of -0.922.   www.stlouisfed.org/news-releases/2015/07/16/financial-market-stress-rises-for-second-consecutive-week

July 16, 2015 - Consolidated Reports of Condition and Income for Second Quarter 2015 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2015, report date. Please plan to complete the preparation, editing, and review of your institution’s Call Report data and the submission of these data to the agencies’ Central Data Repository as early as possible.  www.fdic.gov/news/news/financial/2015/fil15030.html

July 16, 2015 - Banking Structure - Financial Holding Companies - Rules, amendments, requests for comment, guidance and reports, announcements, and updates of reserve calculations and deposit reporting.  www.federalreserve.gov/newsevents/press/bcreg/2015bcreg.htm

July 16, 2015 - The Cyclicality of Sales, Regular and Effective Prices: Comment - Etienne Gagnon, David Lopez-Salido, and Jason A. Sockin - Coibion, Gorodnichenko, and Hong (2015) argue that the CPI underestimates the deceleration in consumer prices during economic downturns because the index fails to account for the reallocation of consumer spending from high- to low-price stores.  www.federalreserve.gov/econresdata/feds/2015/files/2015052pap.pdf

July 15, 2015 - Listen to St. Louis Fed Economist Discuss the July Beige Book - The St. Louis Fed has released audio highlights of the Federal Reserve's latest Beige Book, released on July 15, 2015. The sound clips summarize economic conditions for the United States as a whole, as well as for the Fed's Eighth District, based in St. Louis. www.stlouisfed.org/news-releases/2015/07/15/july-2015-beige-book

July 15, 2015 - St. Louis Fed Finds Younger Families on Track for Lower Wealth than Previous Generations - Younger families are more likely to be better educated and more diverse than those of previous generations, but unless they pick up some saving and spending habits from their elders, they’re not on track to acquire as much wealth.  www.stlouisfed.org/news-releases/2015/07/15/st-louis-fed-finds-younger-families-on-track-for-lower-wealth-than-previous-generations

July 15, 2015 - Chair Janet L. Yellen - Semiannual Monetary Policy Report to the Congress - Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20150715a.htm

July 15, 2015 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production increased 0.3 percent in June but fell at an annual rate of 1.4 percent for the second quarter of 2015. In June, manufacturing output was unchanged: The output of motor vehicles and parts fell 3.7 percent, but production elsewhere in manufacturing rose 0.3 percent.  www.federalreserve.gov/releases/g17/Current/default.htm

July 15, 2015 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beigebook/default.htm

July 14, 2015 - Minutes of the Board's discount rate meeting for June 15, 2015.  www.federalreserve.gov/newsevents/press/monetary/monetary20150714a1.pdf

July 14, 2015 - Federal Reserve Board issues enforcement action with Raton Capital Corporation and announces termination of enforcement action with Village Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/enf20150714a1.pdf

July 13, 2015 - NCUA Taps Davy as OMWI Director - The National Credit Union Administration has selected Monica Hughes Davy as the agency’s Director of the Office of Minority and Women Inclusion.  www.ncua.gov/News/Pages/NW20150713Davy.aspx

July 13, 2015 - OCC Hosts Compliance and Credit Risk Workshops in Kansas - The Office of the Comptroller of the Currency will host two workshops in Wichita, Kansas, at the Hyatt Regency Wichita, August 18-19, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-100.html

July 13, 2015 - Cheap Talk and the Efficacy of the ECB’s Securities Market Programme: Did Bond Purchases Matter? - Michiel De Pooter, Rebecca DeSimone, Robert F. Martin, and Seth Pruitt - In 2010, in response to an ever-worsening fiscal crisis, the ECB began purchasing sovereign debt from troubled euro-area countries through its Securities Market Programme.   www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1139.pdf

July 13, 2015 - The Liquidity Effects of Official Bond Market Intervention - Michiel De Pooter, Robert F. Martin, and Seth Pruitt - To "ensure depth and liquidity," the European Central Bank in 2010 and 2011 repeatedly intervened in sovereign debt markets through its Securities Markets Programme. These purchases provide a unique natural experiment for testing the effects of large-scale asset purchases on risk premia arising from liquidity concerns. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1138.pdf

July 13, 2015 - Notice of Open Board Meeting - An open meeting of the Board of Governors of the Federal Reserve System will be held at 1:00 PM on Monday, July 20, 2015. Matter(s) considered: 1. Final Rule to Establish Risk-Based Capital Surcharges for Systemically Important Bank Holding Companies.    www.federalreserve.gov/aboutthefed/boardmeetings/20150720open.htm

July 13, 2015 - Release of Joint Staff Report on October 15, 2014 - Staff from the U.S. Department of Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission today issued a joint report analyzing the significant volatility in the U.S. Treasury market on October 15, 2014.  www.federalreserve.gov/newsevents/press/other/20150713a.htm

July 10, 2015 - NCUA - Trailblazer Federal Credit Union Closes; Chrome Assumes Members and Shares - Member Deposits Remain Protected up to $250,000 by Share Insurance Fund - The National Credit Union Administration today liquidated Trailblazer Federal Credit Union of Washington, Pennsylvania. www.ncua.gov/News/Pages/NW20150710Liquidation.aspx

July 10, 2015 - NCUA - June NCUA Board Video Now Available - The video recording of the June 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/News/Pages/NW20150710JuneBoardVideo.aspx

July 10, 2015 - Banker Teleconference Series - Timely and Comprehensive Information from the FDIC - The FDIC's Division of Depositor and Consumer Protection offers a series of events for bankers, including teleconferences and webinars, to maintain open lines of communication and update bank management and staff on important bank regulatory and emerging issues in the compliance and consumer protection area. www.fdic.gov/news/news/financial/2015/fil15029.html

July 10, 2015 - United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Premier Bank, Denver, Colorado - Premier Bank, Denver, Colorado, was closed today by the Colorado 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 United Fidelity Bank, fsb, Evansville, Indiana, to assume all of the deposits of Premier Bank. www.fdic.gov/news/news/press/2015/pr15060.html

July 10, 2015 - Modelling Dependence in High Dimensions with Factor Copulas - Dong Hwan Oh and Andrew J. Patton - This paper presents flexible new models for the dependence structure, or copula, of economic variables based on a latent factor structure. The proposed models are particularly attractive for relatively high dimensional applications, involving fifty or more variables, and can be combined with semiparametric marginal distributions to obtain flexible multivariate distributions. www.federalreserve.gov/econresdata/feds/2015/files/2015051pap.pdf

July 10, 2015 - High-Dimensional Copula-Based Distributions with Mixed Frequency Data - Dong Hwan Oh and Andrew J. Patton - This paper proposes a new model for high-dimensional distributions of asset returns that utilizes mixed frequency data and copulas.  www.federalreserve.gov/econresdata/feds/2015/files/2015050pap.pdf

July 10, 2015 - Chair Janet L. Yellen - Recent Developments and the Outlook for the Economy - At the City Club of Cleveland, Cleveland, Ohio www.federalreserve.gov/newsevents/speech/yellen20150710a.htm
_________________

July 9, 2015 - Weighing the Costs of Waiting by Esther L. George President and Chief Executive Officer Federal Reserve Bank of Kansas City
Oklahoma Economic Forum Stillwater, Oklahoma.  www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-george-stillwater-07-09.pdf

July 9, 2015 - St. Louis Fed Financial Stress Index Rises to Highest Level since 2013 - In response to a marked increase in equity and bond market volatility, the St. Louis Fed Financial Stress Index rose sharply in the latest reporting week.  www.stlouisfed.org/news-releases/2015/07/09/st-louis-fed-financial-stress-index-rises-to-highest-level-since-2013

July 9, 2015 - Heterogeneity in Economic Shocks and Household Spending - Sebastian J. Devlin-Foltz and John Sabelhaus - Large swings in aggregate household-sector spending, especially for big ticket items such as cars and housing, have been a dominant feature of the macroeconomic landscape in the past two decades. www.federalreserve.gov/econresdata/feds/2015/files/2015049pap.pdf

July 9, 2015 - Proposal for Comments - Proposal to approve under OMB delegated authority the extension for three years, with revision, of the following report: FR Y-15.  www.federalreserve.gov/apps/foia/dfproposals.aspx#ICP-201518

July 9, 2015 - Governor Lael Brainard - Dodd-Frank at Five: Assessing Progress on Too Big to Fail - At the "Dodd-Frank at Five: Looking Back and Looking Forward" Bipartisan Policy Center and Managed Funds Association, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20150709a.htm

July 9, 2015 - Federal Reserve Board issues termination of enforcement action with MSB Capital Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20150709a.htm

July 8, 2015 - OCC Fines JPMorgan Chase $30 Million for Deficiencies in Debt Collection Practices and Servicemembers Civil Relief Act Compliance - The Office of the Comptroller of the Currency today assessed a $30 million civil money penalty against JPMorgan Chase Bank, N.A.; JPMorgan Bank and Trust Company, N.A.; and Chase Bank USA, N.A. for unsafe or unsound practices related to the non-home loan debt collection litigation practices and to the Servicemembers Civil Relief Act compliance practices. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-98.html

July 8, 2015 - Fed’s Williams “not that worried” about Q1 GDP numbers - Citing research by his staff economists and others, Q1 GDP figures were, “much better than they seemed,” said John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco. www.frbsf.org/our-district/press/news-releases/2015/john-c-williams-speech-commercial-bank-economists/

July 8, 2015 - The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects - Bernardo Morais, Jose-Luis Peydro, and Claudia Ruiz - We identify the international credit channel of monetary policy by analyzing the universe of corporate loans in Mexico, matched with firm and bank balance-sheet data, and by exploiting foreign monetary policy shocks, given the large presence of European and U.S. banks in Mexico. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1137.pdf

July 8, 2015 - Statistical Release - Consumer Credit - G.19 - In May, consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent. Revolving credit increased at an annual rate of 2 percent, while nonrevolving credit increased at an annual rate of 7 percent.   www.federalreserve.gov/releases/g19/current/

July 8, 2015 - Minutes of the Federal Open Market Committee, June 16-17, 2015 - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, June 16, 2015, at 1:00 p.m. and continued on Wednesday, June 17, 2015, at 9:00 a.m. www.federalreserve.gov/monetarypolicy/fomcminutes20150617.htm

July 8, 2015 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation today announced the availability of the 2015 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act consideration as community development.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150708a.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15059.html
Press Release: www.ffiec.gov/press/pr070815.htm
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-99.html

July 8, 2015 - Minutes of the Federal Open Market Committee, June 16-17, 2015 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 16-17, 2015.   www.federalreserve.gov/newsevents/press/monetary/20150708a.htm

July 7, 2015 - NCUA Charters ELCA Federal Credit Union - Third 2015 Charter to Provide Services to Evangelical Lutheran Church in America - ELCA Federal Credit Union today became the third new federally chartered credit union of 2015. www.ncua.gov/News/Pages/NW20150707Charter.aspx

July 7, 2015 - NCUA, NTEU Sign New Collective Bargaining Agreement - National Credit Union Administration Board Chairman Debbie Matz and National Treasury Employees Union President Colleen Kelley today signed a new, five-year collective bargaining agreement. www.ncua.gov/News/Pages/NW20150707NewAgreement.aspx

July 7, 2015 - OCC Releases CRA Evaluations for 21 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 June 1, 2015 through June 30, 2015. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-97.html

July 7, 2015 - OCC Hosts Mutual Savings Association Advisory Committee Meeting - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Wednesday, July 22, 2015, beginning at 1:00 p.m. Eastern Daylight Time. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-96.html

July 7, 2015 - FFIEC Cybersecurity Assessment Tool for Chief Executive Officers and Boards of Directors FFIEC Cybersecurity Assessment Tool for Chief Executive Officers and Boards of Directors - The purpose of this letter is to announce that the Federal Financial Institutions Examination Council (FFIEC) has developed a Cybersecurity Assessment Tool, the output of which can assist a financial institution’s senior management and board of directors in assessing the institution’s cybersecurity risk and preparedness.  www.federalreserve.gov/bankinforeg/srletters/sr1509.htm

July 7, 2015 - Federal Reserve Board announces approval of application by BB&T Corporation - The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act by BB&T Corporation, Winston-Salem, North Carolina, to acquire Susquehanna Bancshares, Inc., and thereby indirectly acquire its wholly owned subsidiary, Susquehanna Bank, both of Lititz, Pennsylvania. www.federalreserve.gov/newsevents/press/orders/orders20150707a1.pdf

July 7, 2015 - Federal Reserve Board issues enforcement action with Santander Holdings USA.   www.federalreserve.gov/newsevents/press/enforcement/enf20150707a1.pdf

July 6, 2015 - NCUA - Matz Comments on GAO’s NCUA Vendor Authority Recommendation - NCUA Board Chairman Debbie Matz favorably commented today on the Government Accountability Office’s recommendation to Congress that NCUA be granted enhanced examination authority over third-party technology service providers. www.ncua.gov/News/Pages/NW20150706MatzComment.aspx

July 6, 2015 - FDIC Announces Meeting of Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation today announced that its Advisory Committee on Community Banking will meet on Friday, July 10. Staff will provide an update on the FDIC's Community Banking Initiatives and discuss a number of issues, including examination frequency and offsite monitoring; call report streamlining; the cybersecurity assessment tool; and recent rulemakings. www.fdic.gov/news/news/press/2015/pr15056.html

July 6, 2015 - Monetary Policy, Hot Housing Markets and Leverage - Christoph T. Ungerer Expansionary monetary policy can increase household leverage by stimulating housing liquidity. Low mortgage rates encourage buyers to enter the housing market, raising the speed at which properties can be sold.   www.federalreserve.gov/econresdata/feds/2015/files/2015048pap.pdf

July 6, 2015 - Monetary Policy 101: A Primer on the Fed's Changing Approach to Policy Implementation - Jane E. Ihrig, Ellen E. Meade, and Gretchen C. Weinbach - The Federal Reserve conducts monetary policy in order to achieve its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates as prescribed by the Congress and laid out in the Federal Reserve Act. www.federalreserve.gov/econresdata/feds/2015/files/2015047pap.pdf

July 6, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart 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 

July 6, 2015 - Agencies Post Public Sections of Resolution Plans - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Monday posted the public portions of annual resolution plans for 12 large financial firms. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure of the company.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150706b.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15058.html

July 6, 2015 - Agencies announce EGRPRA outreach meeting in Kansas City focusing on rural banking issues - The federal banking agencies will hold an outreach meeting on Tuesday, August 4, 2015, at the Federal Reserve Bank of Kansas City as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20150706a.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15057.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-95.html
__________________________

July 2, 2015 - OCC - FFIEC Cybersecurity Assessment Tool - The Federal Financial Institutions Examination Council (FFIEC),1 on behalf of its members, has issued a Cybersecurity Assessment Tool (Assessment) that institutions may use to evaluate their risks and cybersecurity preparedness. http://www.occ.treas.gov/news-issuances/bulletins/2015/bulletin-2015-31.html

July 2, 2015 - The FDIC, in coordination with the other members of the Federal Financial Institutions Examination Council (FFIEC), is issuing the FFIEC Cybersecurity Assessment Tool to help institutions identify their cybersecurity risks and determine their preparedness. https://www.fdic.gov/news/news/financial/2015/fil15028.html

July 2, 2015 - Financial Market Stress Declines for Second Consecutive Week - The St. Louis Fed Financial Stress Index (STLFSI) has declined for the second consecutive week. For the week ending June 26, the index measured -1.053, a modest decline from the previous week’s revised value of -1.024. The latest reading is the lowest in four weeks. www.stlouisfed.org/news-releases/2015/07/02/financial-market-stress-declines-for-second-consecutive-week

July 2, 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 April 2015.  www.fdic.gov/news/news/press/2015/pr15055.html

July 2, 2015 - Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown? - Mary Amiti Leaving the Board, Tyler Bodine-Smith, Michele Cavallo, and Logan Lewis - The decline in U.S. GDP of 0.2 percent in the first quarter of 2015 was much larger than market analysts expected, with net exports subtracting a staggering 1.9 percentage points (seasonally adjusted annualized rate).  www.federalreserve.gov/econresdata/notes/ifdp-notes/2015/did-the-west-coast-port-dispute-contribute-to-the-first-quarter-gdp-slowdown-20150702.html

July 2, 2015 - Federal Reserve Board issues enforcement actions with Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. and Rabobank Nederland, and Seaway Bancshares, and termination of enforcement actions with Cherokee Bancshares, Inc., First Chatsworth Bankshares, Inc., and Olmsted Holding Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20150702a.htm

July 1, 2015 - Communications with the Public - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking. www.federalreserve.gov/newsevents/reform_meetings.htm

July 1, 2015 - Economic Growth Forecasts—Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and the U.S. economy through 2016. - According to participants in the Chicago Fed’s annual Automotive Outlook Symposium, the nation’s economic growth is forecasted to be near its long-term average this year and to strengthen somewhat. www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl340-pdf.pdf

July 1, 2015 - Measuring Small Business Financial Health - ProfitWise News and Views features articles about small business financial health and workforce development. - Throughout the Great Recession and continuing into the recovery, small businesses have played an important role in creating jobs and stabilizing communities. www.chicagofed.org/~/media/publications/profitwise-news-and-views/2015/pnv-issue2-2015-web-pdf.pdf?la=en 

July 1, 2015 - NCUA Co-Hosting Federal Contracting Event for Minority, Women Business Owners - Minority- and women-owned businesses interested in contracting with the federal government will find valuable information at an upcoming event co-hosted by the National Credit Union Administration, the agency announced today. www.ncua.gov/News/Pages/NW20150701ContractingEvent.aspx

July 1, 2015 - NCUA Hosting Webinar on Compliance - Keeping pace with regulatory changes is important, and an upcoming National Credit Union Administration webinar, “Fine-Tuning Your Compliance Program: Common Compliance Violations,” will provide valuable information about best practices for avoiding violations. www.ncua.gov/News/Pages/NW20150701Webinar.aspx

July 1, 2015 - Prices for Data Storage Equipment and the State of IT Innovation - David Byrne - Innovation in information technology has been the subject of considerable debate recently.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/prices-for-data-storage-equipment-and-the-state-of-it-innovation-20150701.html

July 1, 2015 - Senior Credit Officer Opinion Survey on Dealer Financing Terms - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets.  www.federalreserve.gov/econresdata/releases/scoos.htm

July 1, 2015 - Governor Lael Brainard - Recent Changes in the Resilience of Market Liquidity - At the Policy Makers' Panel on Financial Intermediation: Complexities and Risks for "The Future of Financial Intermediation: Banking, Securities Markets, or Something New?" Salzburg Global Forum on Finance in a Changing World, Salzburg, Austria www.federalreserve.gov/newsevents/speech/brainard20150701a.htm 

July 1, 2015 - Federal Reserve Board releases first determination of the aggregate consolidated liabilities of all financial companies in accordance with section 622 of the Dodd-Frank Act.  www.federalreserve.gov/newsevents/press/bcreg/20150701a.htm