The E-mail Banking News
(Bank Regulatory News)
July 2016

July 29, 2016 - Index shows Midwest economic growth slowed in June - The Midwest Economy Index decreased to –0.04 in June from +0.11 in May. The relative MEI moved down to +0.37 in June from +0.44 in May. June’s value for the relative MEI indicates that Midwest economic growth was somewhat higher than what would typically be suggested by the growth rate of the national economy. www.chicagofed.org/~/media/publications/mei/2016/mei-june2016-pdf.pdf?la=en

July 29, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in July has issued eight notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2016-july-ncua-issues-prohibition-notices.aspx

July 29, 2016 - U.S. and Northeast Oklahoma Economic Update - By Chad Wilkerson.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-pryor-07-16.pdf

July 29, 2016 - Financial Institution Letters - Reminder on FDIC Examination Findings - The Federal Deposit Insurance Corporation is updating and reissuing FIL-13-2011, Reminder on FDIC Examination Findings, dated March 1, 2011, to re-emphasize the importance of open communications regarding supervisory findings.  www.fdic.gov/news/news/financial/2016/fil16051.html

July 29, 2016 - FDIC Seeks Comment on Bank Appeals Guidelines, Third-Party Lending Guidance as Part of Package of Updated Policies and Procedures - The Federal Deposit Insurance Corporation is seeking comments on updates to its guidelines for institutions to appeal certain material supervisory determinations.  www.fdic.gov/news/news/press/2016/pr16061.html

July 29, 2016 - FDIC Makes Public June Enforcement Actions; One Administrative Hearing Scheduled for August 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in June.  www.fdic.gov/news/news/press/2016/pr16060.html

July 29, 2016 - Shared National Credit Review Finds Risk Remains High, but Underwriting and Risk Management Improve - Credit risk in the Shared National Credit portfolio remained elevated, but underwriting and risk management practices improved from prior assessments, according to a review of large shared and complex credits released today by federal banking agencies.
Press Release: www.fdic.gov/news/news/press/2016/pr16059.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-87.html

July 29, 2016 - Has Tax-Preferred Retirement Saving Offset Rising Wealth Concentration? - Sebastian Devlin-Foltz, Alice M. Henriques, and John E. Sabelhaus - The share of wealth owned by top wealth-holders in the U.S. has been rising over the past few decades, though there is some debate about exactly how concentrated wealth is, and how fast those top wealth shares are rising (Saez and Zucman 2014; Bricker, et al. 2016).   www.federalreserve.gov/econresdata/notes/feds-notes/2016/has-tax-preferred-retirement-saving-offset-rising-wealth-concentration-20160729.html

July 29, 2016 - Statistical Release - G.20 - Finance Companies.  www.federalreserve.gov/releases/g20/current/

July 29, 2016 - The Role of Social Security in Overall Retirement Resources: A Distributional Perspective - Sebastian Devlin-Foltz1, Alice Henriques, and John Sabelhaus - During recent decades, the US employer-sponsored retirement system has undergone a major shift from primarily defined benefit type plans to primarily defined contribution (DC)-type plans.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/role-of-social-security-in-overall-retirement-resources-a-distributional-perspective-20160729.html

July 29, 2016 - Does Anyone Listen when Politicians Talk? The Effect of Political Commentaries on Policy Rate Decisions and Expectations - Selva Demiralp, Sharmila King, and Chiara Scotti - This paper investigates the effects of political commentaries on policy rate decisions and policy expectations in the United States and the euro area.  
www.federalreserve.gov/econresdata/feds/2016/files/2016058pap.pdf

July 29, 2016 - Predictability of Growth in Emerging Markets: Information in Financial Aggregates - Ayelen Banegas - This paper tests for predictability of output growth in a panel of 22 emerging market economies. We use pooled panel data methods that control for endogeneity and persistence in the predictor variables to test the predictive power of a large set of financial aggregates.   www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1174.pdf

July 29, 2016 - Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act by Huntington Bancshares Incorporated, Columbus, Ohio, to merge with FirstMerit Corporation and thereby indirectly acquire its wholly owned subsidiary, FirstMerit Bank, N.A., both of Akron, Ohio. www.federalreserve.gov/newsevents/press/orders/20160729a.htm

July 29, 2016 - Shared National Credit review finds risk remains high, but underwriting and risk management improve - Credit risk in the Shared National Credit portfolio remained elevated, but underwriting and risk management practices improved from prior assessments, according to a review of large shared and complex credits released today by federal banking agencies. www.federalreserve.gov/newsevents/press/bcreg/20160729a.htm 
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July 28, 2016 - NCUA Releases Videos about Exam Process - New Online Training Explains Purpose, Process and Components of an Exam for Credit Union Board Directors - Credit union board members can learn more about the purpose, process and components of a NCUA examination in a new four-part video released today on the National Credit Union Administration’s YouTube channel. www.ncua.gov/newsroom/Pages/news-2016-july-exam-process-videos.aspx

July 28, 2016 - The Intensity of Job Search and Search Duration - R. Jason Faberman and Marianna Kudlyak - We use panel data on individual applications to job openings on a job search website to study search intensity and search duration. www.frbsf.org/economic-research/files/wp2016-13.pdf

July 28, 2016 - St. Louis Fed Financial Stress Index Falls for Fifth Week in a Row - Financial market stress has fallen for the fifth week in a row, according to the St. Louis Fed Financial Stress Index. For the week ending July 22, the index measured -1.156, down slightly from the previous week’s revised value of -1.144.  www.stlouisfed.org/news-releases/2016/07/28/st-louis-fed-financial-stress-index-falls-for-fifth-week-in-a-row

July 28, 2016 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective.  www.federalreserve.gov/bankinforeg/fhc.htm

July 28, 2016 - Federal Reserve Board permanently bars Thomas H. Huston and T. Mark Huston from participating in the banking industry - The Federal Reserve Board on Thursday permanently barred Thomas H. Huston and T. Mark Huston, former officers of Columbus Junction State Bank, Columbus Junction, Iowa, from the banking industry for engaging in improper financial activity and concealing or attempting to conceal that activity from state and federal bank examiners. www.federalreserve.gov/newsevents/press/enforcement/20160728b.htm

July 28, 2016 - Federal Reserve Board announces termination of enforcement action with CCF Holding Company. www.federalreserve.gov/newsevents/press/enforcement/20160728a.htm

July 27, 2016 - Prudent Risk Management of Oil and Gas Exposures - FDIC-supervised institutions with direct or indirect oil and gas exposures are reminded to maintain sound underwriting standards, strong credit administration practices, and effective risk management strategies.  www.fdic.gov/news/news/financial/2016/fil16049.html

July 27, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on July 26, 2016, at 10:00 a.m. and continued on Wednesday, July 27, 2016, at 9:00 a.m. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20160727exp.htm

July 27, 2016 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in June indicates that the labor market strengthened and that economic activity has been expanding at a moderate rate. www.federalreserve.gov/newsevents/press/monetary/20160727a.htm

July 26, 2016 - NCUA Awards $2.5 Million in Grants - More than 300 Grants Will Support Growth, Training, Security and Internships - Grants totaling nearly $2.5 million will help 309 low-income credit unions expand services to underserved communities, train staff, improve cybersecurity and provide students with work experience, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-july-ncua-awards-millions-grants.aspx

July 25, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on July 25, 2016, at 11:30 a.m. Matter 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/20160725exp.htm

July 25, 2016 - Federal Reserve Board extends comment period for advanced notice of proposed rulemaking detailing conceptual frameworks for capital standards until September 16, 2016.   www.federalreserve.gov/newsevents/press/bcreg/20160725a.htm

July 22, 2016 - NCUA Selects Two Regional Executives - National Credit Union Administration Executive Director Mark A. Treichel today announced the selection of two new associate regional directors of operations in the agency’s Region II and Region V offices. www.ncua.gov/newsroom/Pages/news-2016-july-regional-director-selections.aspx

July 22, 2016 - OCC's Minority Depository Institutions Advisory Committee Charter Renewed - The Office of the Comptroller of the Currency has renewed the charter of its Minority Depository Institutions Advisory Committee, which advises the agency on issues and opportunities facing minority depository institutions. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-85.html

July 22, 2016 - Payment Systems - Average Debit Card Interchange Fee 2015 data - The Board's Regulation II provides that an issuer subject to the interchange fee standard may not receive an interchange fee that exceeds 21 cents plus 0.05 percent multiplied by the value of the transaction, plus a 1-cent fraud-prevention adjustment, if eligible.   www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm

July 22, 2016 - 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 22, 2016 - Payment Systems - Peak and Average Daylight Overdrafts, Quarterly Data.  www.federalreserve.gov/paymentsystems/psr_data.htm

July 22, 2016 - Consumer Compliance Handbook, July 2016.  www.federalreserve.gov/boarddocs/supmanual/supervision_cch.htm

July 22, 2016 - Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today issued a proposal detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from higher priced mortgage loan appraisal requirements. www.federalreserve.gov/newsevents/press/bcreg/20160722b.htm 

July 22, 2016 - Agencies issue proposal on method to adjust thresholds for exempting certain consumer credit and lease transactions - The Federal Reserve Board and the Consumer Financial Protection Bureau today issued a proposal detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160722a.htm
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-86.html

July 21, 2016 - Economic Growth Picked Up in June - The Chicago Fed National Activity Index was +0.16 in June, up from –0.56 in May. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-july2016-pdf.pdf?la=en

July 21, 2016 - Federal Reserve Board announces adoption of changes to part II of the Federal Reserve Policy on Payment System Risk - The Federal Reserve Board on Thursday announced the adoption of changes to part II of the Federal Reserve Policy on Payment System Risk to conform with enhancements to the Reserve Banks' same-day automated clearing house service previously announced by the Board on September 23, 2015. www.federalreserve.gov/newsevents/press/other/20160721a.htm
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July 21, 2016 - Economic Growth Picked Up in June - The Chicago Fed National Activity Index was +0.16 in June, up from –0.56 in May. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-july2016-pdf.pdf

July 21, 2016 - OCC Will Hold Hearing on Charges against James E. Guldi; Agency Seeks Prohibition Order and Civil Money Penalty - The Office of the Comptroller of the Currency today announced a public hearing before an Administrative Law Judge beginning Tuesday, July 26, 2016, where the OCC will litigate enforcement actions against James E. Guldi, former Loan Officer of Fidelity Bank of Florida, N.A.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-84.html

July 21, 2016 - St. Louis Fed Financial Stress Index Falls to Lowest Level in Nearly a Year - Financial market stress has fallen to its lowest level in nearly a year, according to the St. Louis Fed Financial Stress Index. For the week ending July 15, the index measured -1.141, down from the previous week’s revised value of -1.044.  www.stlouisfed.org/news-releases/2016/07/21/st-louis-fed-financial-stress-index-falls-to-lowest-level-in-nearly-a-year

July 21, 2016 - 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 25, 2016. 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/20160725advexp.htm

July 20, 2016 - NCUA - Brexit Highlights Need to Be Ready for Anything - Read the Latest Issue of “The NCUA Report” Online - The United Kingdom’s decision to leave the European Union and the stock market’s reaction to the vote shows that credit unions need to ready for a number of potential economic and interest rate scenarios.
www.ncua.gov/newsroom/Pages/news-2016-july-ncua-report.aspx

July 20, 2016 - St. Louis Fed’s FRED Gets a Facelift - ST. LOUIS–FRED®, the signature economic database of the Federal Reserve Bank of St. Louis, has received a facelift for its 25th birthday. www.stlouisfed.org/news-releases/2016/07/20/st-louis-feds-fred-gets-a-facelift

July 20, 2016 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the June 30, 2016, report date must be submitted to the agencies' Central Data Repository by Saturday, July 30, 2016. Certain institutions with foreign offices have an additional five calendar days to file their reports. www.fdic.gov/news/news/financial/2016/fil16048.html

July 19, 2016 - NCUA, FTC to Focus July 27 #NCUAChat on Military Consumer Issues - Twitter Chat to Educate Service members and Families on Protecting Financial Security - In recent years, servicemembers have become particularly vulnerable to predatory lenders, so the National Credit Union Administration and the Federal Trade Commission will be providing information to empower servicemembers, veterans and their families to be informed consumers in an upcoming #NCUAChat. www.ncua.gov/newsroom/Pages/news-2016-july-ncuachat-military-consumer-issues.aspx

July 19, 2016 - Consolidated Reports of Condition and Income for Second Quarter 2016 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2016, 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/2016/fil16047.html

July 19, 2016 - Technical Assistance Video on Corporate Governance - As part of its Community Banking Initiative and Technical Assistance Video Program, the FDIC is announcing the release of an updated video on community bank corporate governance. The video is designed to assist community bank directors and officers in developing a sound corporate governance framework. www.fdic.gov/news/news/financial/2016/fil16046.html

July 19, 2016 - Reports to the Congress - Preserving Minority Depository Institutions, July 2016.  www.federalreserve.gov/publications/other-reports/default.htm#mdi

July 19, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on July 19, 2016, at 9:00 a.m. Matter considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20160719exp.htm 

July 19, 2016 - Federal Reserve Board prohibits former foreign exchange trader from participating in banking industry for his manipulation of FX pricing benchmarks.   www.federalreserve.gov/newsevents/press/enforcement/20160719a.htm

July 18, 2016 - NCUA Providing Consulting Services to 161 Credit Unions - Consulting services provided by the National Credit Union Administration to 161 federally insured credit unions will help them grow, innovate and provide better member services, the agency announced today. www.ncua.gov/newsroom/Pages/news-2016-july-consulting-services.aspx

July 18, 2016 - Fed Policy Liftoff and Emerging Markets - Following reports in 2015 that the Federal Reserve would likely begin to raise the short-term policy interest rate—after seven years of near-zero levels—net capital outflows from emerging economies intensified.  www.frbsf.org/economic-research/publications/economic-letter/2016/july/liftoff-and-emerging-markets/

July 18, 2016 - Economic Outlook - John Fernald, senior research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of July 14, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/july/july-14-2016/

July 18, 2016 - In the Regional Economist: Too Big to Fail, Inflation, the Gender Pay Gap 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. www.stlouisfed.org/news-releases/2016/07/18/in-the-regional-economist-too-big-to-fail-inflation-the-gender-pay-gap-and-more

July 18, 2016 - FDIC Announces Advisory Committee on Community Banking Meeting - The Federal Deposit Insurance Corporation today announced that it will hold a meeting of the Advisory Committee on Community Banking on Wednesday, July 20. Senior staff will discuss and provide updates on: fintech; millennials' perspectives on banking; FDIC's Community Banking Initiative; the Economic Growth and Regulatory Paperwork Reduction Act regulatory review; and consumer compliance issues.   www.fdic.gov/news/news/press/2016/pr16058.html

July 18, 2016 - Oil Price Elasticities and Oil Price Fluctuations - Dario Caldara, Michele Cavallo, and Matteo Iacoviello - We study the identification of oil shocks in a structural vector autoregressive (SVAR) model of the oil market. First, we show that the cross-equation restrictions of a SVAR impose a nonlinear relation between the short-run price elasticities of oil supply and oil demand. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1173.pdf

July 15, 2016 - NCUA Releases Video, Brochure on Remittance Transfers - New Resources Educate Consumers about Rights When Sending Money Abroad - Consumers have new ways to learn about their rights and protections when sending money internationally through a new video and brochure released today by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-july-remittances.aspx

July 15, 2016 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-83.html

July 15, 2016 - Bank Complexity: Is Size Everything? - Jeremy Oldfather, Stefan Gissler, and Doriana Ruffino - Can we measure the complexity of large banks by comparing their balance sheets? The Basel Committee on Banking Supervision acknowledges that we cannot, but it stops short of defining alternative non-balance-sheet measures.   www.federalreserve.gov/econresdata/notes/feds-notes/2016/bank-complexity-is-size-everything-20160715.html

July 15, 2016 - Statistical Release - Survey of Terms of Business Lending - E.2.  www.federalreserve.gov/releases/e2/current/default.htm

July 15, 2016 - 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 19, 2016. Matter to be considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20160719advexp.htm

July 15, 2016 - Agencies release final revisions to interagency questions and answers regarding community reinvestment - The federal bank regulatory agencies with responsibility for Community Reinvestment Act rulemaking today published final revisions to "Interagency Questions and Answers Regarding Community Reinvestment".
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160715a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16057.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-82.html
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July 15, 2016 - OCC Enforcement Actions - 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. http://www.occ.treas.gov/news-issuances/news-releases/2016/nr-occ-2016-83.html

July 14, 2016 - St. Louis Fed Financial Stress Index Falls Again, This Time to -1.041 - Financial market stress fell sharply in the latest reporting week. For the week ending July 8, the St. Louis Fed Financial Stress Index measured -1.041, down from the previous week’s revised value of -0.932. The index has declined in four of the past five weeks.   www.stlouisfed.org/news-releases/2016/07/14/st-louis-fed-financial-stress-index-falls-again

July 14, 2016 - For Better and for Worse? Effects of Access to High-Cost Consumer Credit - Christine L. Dobridge - I provide empirical evidence that the effect of high-cost credit access on household material well-being depends on if a household is experiencing temporary financial distress.  www.federalreserve.gov/econresdata/feds/2016/files/2016056pap.pdf

July 14, 2016 - Federal Reserve Board announces termination of enforcement action with Northpointe Bancshares, Inc.   www.federalreserve.gov/newsevents/press/enforcement/20160714a.htm

July 14, 2016 - NCUA Webinar Will Discuss Interest Rate Risk Supervision and Adding ‘S’ to CAMEL - Credit unions interested in the National Credit Union Administration’s updated interest rate risk supervision and plans for possibly adding an “S” to the CAMEL rating can get valuable information from an upcoming agency webinar. www.ncua.gov/newsroom/Pages/news-2016-july-webinar-interest-rate-risk-supervision-camel.aspx

July 13, 2016 - Survey Shows Growth Remained Modest in Late May and June - The Chicago Fed Survey of Business Conditions Activity Index decreased to –24 from –21, suggesting that growth in economic activity remained modest in late May and June. www.chicagofed.org/~/media/publications/cfsbc/2016/cfsbc-july2016-pdf.pdf?la=en

July 13, 2016 - OCC Hosts Mutual Savings Association Advisory Committee Meeting on August 3 - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Wednesday, August 3, 2016, beginning at 1:00 p.m. Eastern Daylight Time.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-81.html

July 13, 2016 - OCC Hosts Risk Governance and Credit Workshops in Kansas City - The Office of the Comptroller of the Currency will host two workshops in Kansas City, Missouri, at the Westin Kansas City at Crown Center, August 16-17, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-80.html

July 13, 2016 - NCUA Board Welcomes Herrera Nomination - National Credit Union Administration Board Chairman Rick Metsger and Board Member J. Mark McWatters both issued statements welcoming President Barack Obama’s intent to nominate John Herrera of North Carolina to the NCUA Board: www.ncua.gov/newsroom/Pages/news-2016-july-herrera-board-nomination.aspx

July 13, 2016 - St. Louis Fed Updates Economic Conditions on Its Seven-State District - The Federal Reserve Bank of St. Louis released today its portion of the Federal Reserve’s latest Beige Book, also published today.  www.stlouisfed.org/news-releases/2016/07/13/st-louis-fed-updates-economic-conditions-on-its-seven-state-district

July 13, 2016 - CA 16-4 - Repeal of Regulation AA and Publication of Revised Examination Procedures for Section 5 of the Federal Trade Commission Act.   www.federalreserve.gov/bankinforeg/caletters/caltr1604.htm 

July 13, 2016 - Beige Book - Summary of Commentary on Current Economic Conditions by Federal Reserve District - Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. www.federalreserve.gov/monetarypolicy/beigebook/default.htm

July 13, 2016 - Financial Vulnerabilities, Macroeconomic Dynamics, and Monetary Policy- David Aikman, Andreas Lehnert, Nellie Liang, and Michele Modugno - We define a measure to be a financial vulnerability if, in a VAR framework that allows for nonlinearities, an impulse to the measure leads to an economic contraction.  www.federalreserve.gov/econresdata/feds/2016/files/2016055pap.pdf

July 12, 2016 - Payment Systems -Currency and Coin Services, $1 Coin Quarterly Inventories, Payments, and Receipts update.   www.federalreserve.gov/paymentsystems/coin_data.htm#dollarcoin

July 12, 2016 - NCUA Marketing and Social Media Webinar Will Help Credit Unions Boost Their Brands - Learn How Social Media Improve Your Credit Union’s Bottom Line - Credit unions can learn how to use social media to increase their web traffic, improve their brand identity and boost their lending during the National Credit Union Administration’s upcoming webinar, “Marketing – Effective Use of Social Media,” on Wednesday, Aug. 10, starting at 2 p.m. Eastern. www.ncua.gov/newsroom/Pages/news-2016-july-marketing-social-media-webinar.aspx

July 12, 2016 - St. Louis Fed's Bullard Discusses U.S. Macroeconomic and Monetary Policy Outlook - Federal Reserve Bank of St. Louis President James Bullard discussed “A Tale of Two Narratives” on Tuesday during an event of the St. Louis Gateway Chapter of the National Association for Business Economics.  www.stlouisfed.org/news-releases/2016/07/12/bullard-macroeconomic-monetary-policy-outlook

July 12, 2016 - Governor Daniel K. Tarullo - Opening Remarks - At the Center for American Progress and Americans for Financial Reform Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20160712a.pdf

July 12, 2016 - Federal Reserve Board announces approval of application by KeyCorp -The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by KeyCorp, Cleveland, Ohio, to acquire First Niagara Financial Group, Inc., and thereby indirectly acquire First Niagara Bank, National Association, both of Buffalo, New York. www.federalreserve.gov/newsevents/press/orders/orders20160712a1.pdf

July 12, 2016 - Minutes of the Board's discount rate meetings from May 23 and June 13, 2016.  www.federalreserve.gov/newsevents/press/monetary/monetary20160712a1.pdf

July 11, 2016 - OCC Report Examines Risks Facing National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency reported strategic, credit, operational, and compliance risks remain top concerns in its Semiannual Risk Perspective for Spring 2016, released today. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-79.html

July 11, 2016 - Fed Communication and the Zero Lower Bound - Carlos Viana de Carvalho, Eric Hsu, and Fernanda Nechio - After the onset of the global financial crisis, the Federal Reserve had to rely on other tools—including communication—to work around the constraints of being unable to lower the federal funds rate below zero. www.frbsf.org/economic-research/publications/economic-letter/2016/july/fed-communication-and-zero-lower-bound/

July 11, 2016 - 2017 Federal Reserve Note Print Order - The Board of Governors, as the issuing authority for Federal Reserve notes, approved and submitted its fiscal year 2017 order for approximately 7.1 billion Federal Reserve notes, valued at $209.0 billion, to the U.S. Treasury Department’s Bureau of Engraving and Printing on June 27, 2016.   www.federalreserve.gov/paymentsystems/coin_currency_orders.htm

July 8, 2016 - Statistical Release - Consumer Credit - G.19 - In May, consumer credit increased at a seasonally adjusted annual rate of 6-1/4 percent. Revolving credit increased at an annual rate of 3 percent, while nonrevolving credit increased at an annual rate of 7-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

July 8, 2016 - FRB/US model packages - 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. The package contains the following files and subdirectories: www.federalreserve.gov/econresdata/frbus/us-models-package.htm
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July 7, 2016 - St. Louis Fed Financial Stress Index Dips Slightly - Financial stress declined slightly in the latest reporting week, according to the St. Louis FedFinancial Stress Index. For the week ending July 1, the index measured -0.928, a decrease of 0.014 from the previous week’s revised value of -0.914. Zero represents normal financial stress. www.stlouisfed.org/news-releases/2016/07/07/st-louis-fed-financial-stress-index-dips-slightly

July 7, 2016 - Legal Developments - Section 19 letters, March 8, 16, 23, 29, and 30 (3 letters), and April 1, 12, and 14.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2016.htm

July 7, 2016 - Federal Reserve Board formalizes previously announced one-year conformance period extension for certain Volcker rule legacy fund investments - Formalizing its prior commitment to facilitate the orderly implementation of section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, the Federal Reserve Board on Thursday announced that it will extend until July 21, 2017 the conformance period for banking entities to divest ownership in certain legacy investment funds and terminate relationships with funds that are prohibited under the rule. www.federalreserve.gov/newsevents/press/bcreg/20160707a.htm

July 6, 2016 - NCUA - New Economic Update Focuses on Economic Trends, Interest Rates and Brexit - Firm labor markets and increasing consumer spending means credit risk is likely to remain low in most areas, according to a new Economic Update video released today by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-july-economic-update-economic-trends-interest-rates-brexit.aspx

July 6, 2016 - OCC Releases CRA Evaluations for 19 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 1, 2016 through June 30, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-78.html

July 6, 2016 - Consolidated Reports of Condition and Income - As part of its community bank Call Report burden-reduction initiative, the Federal Financial Institutions Examination Council has approved a number of burden-reducing changes to the Consolidated Reports of Condition and Income as well as certain new and revised data items and instructional revisions.
www.fdic.gov/news/news/financial/2016/fil16045.html

July 6, 2016 - Optimal Unemployment Insurance and International Risk Sharing - Stéphane Moyen, Nikolai Stähler, and Fabian Winkler - We discuss how cross-country unemployment insurance can be used to improve international risk sharing. We use a two-country business cycle model with incomplete financial markets and frictional labor markets where the unemployment insurance scheme operates across both countries. www.federalreserve.gov/econresdata/feds/2016/files/2016054pap.pdf

July 6, 2016 - Technical error occurred during release of June FOMC minutes - A technical error occurred Wednesday during the media lock-up for the release of the minutes of the June meeting of the Federal Open Market Committee. As a result of the error in the use of the Federal Reserve equipment that cuts off and enables electronic access from the media lock-up room, one media organization informed us it prematurely transmitted some embargoed information.  www.federalreserve.gov/newsevents/press/other/20160706a.htm

July 6, 2016 - Minutes of the Federal Open Market Committee, June 14-15, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14-15, 2016.  www.federalreserve.gov/newsevents/press/monetary/20160706a.htm

July 5, 2016 - Economy to Keep Rolling Along in 2016 and Accelerate Slightly in 2017 - William A. Strauss , Rebecca Friedman - 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 in 2017. Inflation is expected to increase in both 2016 and 2017.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl364-pdf.pdf

July 5, 2016 - 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 2016.  www.fdic.gov/news/news/press/2016/pr16056.html

July 1, 2016 - NCUA - June 2016 NCUA Board Video Available - The video recording of the June 2016 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-july-june-board-video-available.aspx

July 1, 2016 - OCC Reports Mortgage Performance Improves in First Quarter of 2016 - Performance of first-lien mortgages improved during the first quarter of 2016 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-77.html
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July 1, 2016 - Revisions to the Consolidated Reports of Condition and Income - The Federal Financial Institutions Examination Council has approved revisions to the Call Report that will take effect September 30, 2016, and March 31, 2017. These Call Report revisions were proposed by the three federal banking agencies, under the auspices of the FFIEC, in September 2015 www.fdic.gov/news/news/financial/2016/fil16044.html

July 1, 2016 - FDIC Ombudsman Retires - The Federal Deposit Insurance Corporation today announced the retirement of Cottrell Webster as the FDIC's Ombudsman. His retirement was effective June 30, 2016. Gordon Talbot, an Associate Ombudsman, is serving as Acting FDIC Ombudsman until a permanent replacement is appointed. www.fdic.gov/news/news/press/2016/pr16055.html

July 1, 2016 - FOIA - Chair Yellen's calendar, May 2016.  www.federalreserve.gov/foia/chairscalendar-052016.htm

July 1, 2016 - 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 1, 2016 - Foreign Exchange Rates -- G.5 Monthly - The table below shows the average rates of exchange in JUNE 2016 together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York. www.federalreserve.gov/releases/g5/current/default.htm

July 1, 2016 - Supervision and Regulation - Supervision and Regulation Assessment for 2015 - Section 318 of the Dodd-Frank Wall Street Reform and Consumer Protection Actdirects the Board of Governors of the Federal Reserve System to collect assessments, fees, or other charges ("assessments") from bank holding companies and savings and loan holding companies with $50 billion or more in total consolidated assets... www.federalreserve.gov/bankinforeg/supervision-regulation-assessment-2015.htm

July 1, 2016 - Reports to the Congress - Effect of Capital Rules on Mortgage Servicing Assets.  www.federalreserve.gov/publications/other-reports/default.htm#mortgage-servicing