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July 31, 2020 - Midwest Economy Index Suggests Growth Well Below Trend Through June - The Midwest Economy Index (MEI), which approximates quarterly growth at a monthly frequency, fell to –9.48 in June from –8.38 in May. www.chicagofed.org/~/media/publications/mei/2020/mei-june2020-pdf.pdf July 31, 2020 - Press Releases search results - NCUA Issues Prohibition Notice - The National Credit Union Administration issued one prohibition notice in July. www.ncua.gov/newsroom/press-release/2020/ncua-issues-prohibition-notice-0 July 31, 2020 - Volcker Rule Covered Funds : Final Rule - On July 31, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the U.S. Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission published a final rule amending the regulations that implement section 13 of the Bank Holding Company Act, commonly known as the Volcker rule. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-71.html July 31, 2020 - Acting Comptroller of the Currency Presents Varo Bank, N.A. Its Charter. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-99.html July 31, 2020 - U.S. and Regional Economic Conditions - By Nicholas Sly Assistant Vice President, Economist and Denver Branch Executive. www.kansascityfed.org/~/media/files/publicat/speeches/2020/2020-sly-icbanm-07-31.pdf July 31, 2020 - FDIC Makes Public June Enforcement Actions - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in June. There are no administrative hearings scheduled for August 2020. www.fdic.gov/news/press-releases/2020/pr20089.html July 31, 2020 - How Would US Banks Fare in a Negative Interest Rate Environment? - David M. Arseneau - The effectiveness of negative interest rates as a monetary policy tool depends importantly on the response of the banking sector. www.federalreserve.gov/econres/feds/how-would-us-banks-fare-in-a-negative-interest-rate-environment.htm July 31, 2020 - Monitoring Risk From Collateral Runs - Sebastian Infante and Alexandros P. Vardoulakis - We present an estimate of the total amount of funds primary dealers can access from the intermediation of cash and securities through secured. www.federalreserve.gov/econres/notes/feds-notes/monitoring-risk-from-collateral-runs-20200731.htm July 31, 2020 - How Did Banks Fund C&I Drawdowns at the Onset of the COVID-19 Crisis? - David Glancy, Max Gross, and Felicia Ionescu - Banks experienced significant balance sheet expansions in March 2020 due to unprecedented increases in commercial and industrial loans and deposit funding. www.federalreserve.gov/econres/notes/feds-notes/how-did-banks-fund-c-and-i-drawdowns-at-the-onset-of-the-covid-19-crisis-20200731.htm July 31, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm July 31, 2020 - Statistical Release - Seasonal Factors for Motor Vehicle Sales - The Federal Reserve Board has re-estimated seasonal factors for new motor vehicle sales, using data through February 2020. These factors are estimated once per year using X13-ARIMA. The factors will be revised again in the summer of 2021. www.federalreserve.gov/releases/g17/mv_sales_sf.htm July 30, 2020 - NCUA Chairman Rodney E. Hood Statement on the Proposed Rule to Address the Transition to the CECL Methodology. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-statement-proposed-rule-address-transition-cecl-methodology July 30, 2020 - NCUA Chairman Rodney E. Hood Statement on the NCUA’s Final Field-of-Membership Rule. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-statement-ncuas-final-field-membership-rule ________________________________ July 30, 2020 - Proposed Revisions to the Consolidated Reports of Condition and Income and the FFIEC 101 Report - On July 22, 2020, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council, published in the Federal Register for public comment several revisions to the three versions of the Call Report and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework. www.fdic.gov/news/financial-institution-letters/2020/fil20073.html July 29, 2020 - NCUA - Hood Discusses the State of Credit Unions; Calls for Greater Diversity, Inclusion - The COVID-19 pandemic and the national dialogue on the issues of diversity, equity and inclusion provide credit unions with an enormous opportunity to rise to the occasion to support their communities and members, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2020/hood-discusses-state-credit-unions-calls-greater-diversity-inclusion July 29, 2020 - NCUA Chairman Rodney E. Hood�s Remarks at the 43rd Credit Union Leadership Convention. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hoods-remarks-43rd-credit-union-leadership-virtual-convention July 29, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on July 28, 2020 and continued at 9:00 a.m. on July 29, 2020. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/recentpostings.htm July 29, 2020 - Federal Reserve Board announces the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities through March 31, 2021 - These facilities were established in March 2020 to ease strains in global dollar funding markets resulting from the COVID-19 shock and mitigate the effect of such strains on the supply of credit to households and businesses, both domestically and abroad. www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm July 29, 2020 - Federal Reserve issues FOMC statement - The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. www.federalreserve.gov/newsevents/pressreleases/monetary20200729a.htm July 28, 2020 - NCUA to Host Webinar on Lending to Small Business Exporters with EXIM Bank - Credit unions can discover new lending opportunities for their small business exporters through a webinar hosted by the National Credit Union Administration and the Export-Import Bank of the United States. www.ncua.gov/newsroom/press-release/2020/ncua-host-webinar-lending-small-business-exporters-exim-bank July 28, 2020 - Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30 - The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover from the COVID-19 pandemic. www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm July 24, 2020 - Minority Middle Neighborhoods in a Time of Crisis - The Federal Reserve Bank of Chicago invites you to a virtual convening on Minority Middle Neighborhoods in a Time of Crisis. The event will take place on Wednesday July 29 from 12 pm � 1 pm CT. This forum is part of Project Hometown, a new initiative from the Chicago Fed that aims to foster discussion around the challenges and opportunities confronting hometowns in the Seventh District. www.chicagofed.org/events/project-hometown/minority-middle-neighborhoods July 24, 2020 - FDIC Final Rule Revises and Codifies Policy to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records - The FDIC has approved a final rule to revise and incorporate into the agency�s regulations a longstanding Statement of Policy related to individuals with certain criminal offenses on their records who seek employment in the banking industry. www.fdic.gov/news/financial-institution-letters/2020/fil20072.html July 24, 2020 - Joint Release/Agencies Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers under Title II of the Dodd-Frank Act - The Federal Deposit Insurance Corporation and the Securities and Exchange Commission have adopted a final rule required by the Dodd-Frank Act clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers in the event the FDIC is appointed receiver under Title II of the Dodd-Frank Act. www.fdic.gov/news/press-releases/2020/pr20088.html July 24, 2020 - FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records - The Federal Deposit Insurance Corporation approved a final rule to revise and incorporate into the FDIC�s regulations a longstanding Statement of Policy related to individuals with certain criminal offenses on their records who seek employment in the banking industry. www.fdic.gov/news/press-releases/2020/pr20087.html July 24, 2020 - FDIC Minority Depository Institutions Subcommittee to Meet - The Federal Deposit Insurance Corporation today announced the agency�s Minority Depository Institutions Subcommittee to the Advisory Committee on Community Banking will meet virtually on Monday, July 27, 2020. www.fdic.gov/news/press-releases/2020/pr20086.html July 24, 2020 - Statistical Release - Finance Companies - G.20. www.federalreserve.gov/releases/g20/current/g20.htm July 24, 2020 - 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 10:00 a.m. on July 28, 2020. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20200728closed.htm July 24, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm July 24, 2020 - Federal Financial Institutions Examination Council Issues Joint Statement on Managing the LIBOR Transition - On July 1, 2020, the Federal Financial Institutions Examination Council issued a statement that (i) highlights the risks that will result from the expected discontinuation of LIBOR and (ii) encourages supervised institutions to continue their efforts to transition to alternative reference rates to mitigate associated risks. www.federalreserve.gov/supervisionreg/srletters/SR2017.htm July 24, 2020 - Federal Reserve Board finalizes rule that implements technical, clarifying updates to Freedom of Information Act procedures and changes to rules for the disclosure of confidential supervisory information. www.federalreserve.gov/newsevents/pressreleases/bcreg20200724a.htm _____________________________ July 23, 2020 - FDIC Names Five New Members to Its Systemic Resolution Advisory Committee - The Federal Deposit Insurance Corporation today named five new members to its Systemic Resolution Advisory Committee, which was created by the Board of Directors in 2011 to provide the agency with advice and recommendations on a broad range of issues regarding the resolution of systemically important financial companies. www.fdic.gov/news/press-releases/2020/pr20085.html July 23, 2020 - Federal Reserve Board announces expansion of counterparties in the Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, and Commercial Paper Funding Facility. www.federalreserve.gov/newsevents/pressreleases/monetary20200723a.htm July 23, 2020 - NCUA Chairman Rodney E. Hood Remarks During the Americans with Disabilities Act: 30th Anniversary Observance Webinar. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-remarks-during-americans-disabilities-act-30th-anniversary-observance July 22, 2020 - Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets - The Office of the Comptroller of the Currency today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html July 22, 2020 - FDIC Names New Members to Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation today announced three new members to its Advisory Committee on Community Banking, which has been sharing input with the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. www.fdic.gov/news/press-releases/2020/pr20084.html July 21, 2020 - Chicago Fed National Activity Index Suggests Economic Growth Increased Further in June - Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index increased to +4.11 in June from +3.50 in May. www.chicagofed.org/~/media/publications/cfnai/2020/cfnai-july2020-pdf.pdf July 21, 2020 - NCUA Selects Schied As Its New Chief Financial Officer - As the agency�s Chief Financial Officer, Schied will lead a team of more than 50 employees who perform essential functions, such as accounting and financial reporting, enterprise risk management, strategic and performance planning, budgeting, procurement, facilities and logistical support, the administration of credit union operating fees, and the National Credit Union Share Insurance Fund�s capitalization deposits and operations. www.ncua.gov/newsroom/press-release/2020/ncua-selects-schied-its-new-chief-financial-officer July 21, 2020 - Federal Reserve Board to maintain the current schedule of prices for most payment services that the Federal Reserve Banks provide to depository institutions in 2021. www.federalreserve.gov/newsevents/pressreleases/other20200721a.htm July 20, 2020 - NCUA Chairman Rodney E. Hood�s Remarks to the Financial Stability Oversight Council - Since I last updated you in May, the NCUA has taken additional steps to protect the safety of our staff and to execute our mission as effectively and efficiently as possible. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hoods-remarks-financial-stability-oversight-council July 20, 2020 - Office of the Comptroller of the Currency Issues Proposed True Lender Rule - The Office of the Comptroller of the Currency today proposed a rule that would determine when a national bank or federal savings association makes a loan and is the �true lender� in the context of a partnership between a bank and a third party. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-97.html July 20, 2020 - FDIC Seeks Input on Voluntary Certification Program to Promote New Technologies - The Federal Deposit Insurance Corporation today announced that it is seeking the public's input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. www.fdic.gov/news/press-releases/2020/pr20083.html July 20, 2020 - Legal Developments - Section 19 letters, March 30 and May 29, 2020. www.federalreserve.gov/supervisionreg/ordersother2020.htm July 20, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on July 20, 2020. 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/20200720closed.htm July 17, 2020 - NCUA Hosts July 23 ADA Anniversary Webinar - Federally insured credit unions can join a meaningful conversation on the importance of financial inclusion for persons with disabilities and the 30th Anniversary of the Americans with Disabilities Act during a webinar hosted by the National Credit Union Administration on Thursday, July 23, beginning at 2 p.m. Eastern. www.ncua.gov/newsroom/press-release/2020/ncua-hosts-july-23-ada-anniversary-webinar July 17, 2020 - Acting Comptroller of the Currency Joins Senator Tim Scott and HUD Secretary Ben Carson to Promote Access to Capital in Underserved Areas - Acting Comptroller of the Currency Brian Brooks today joined Senator Tim Scott and Secretary of Housing and Urban Development Ben Carson to raise awareness of investment and lending related to Opportunity Zones, which also may receive credit under the Office of the Comptroller of the Currency�s new Community Reinvestment Act rule. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-96.html July 17, 2020 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities. www.federalreserve.gov/releases/iba/default.htm July 17, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm July 17, 2020 - Reconciling Unemployment Claims with Job Losses in the First Months of the COVID-19 Crisis - Tomaz Cajner, Andrew Figura, Brendan M. Price, David Ratner, Alison Weingarden - In the spring of 2020, many observers relied heavily on weekly initial claims for unemployment insurance benefits to estimate contemporaneous reductions in US employment induced by the COVID-19 pandemic. www.federalreserve.gov/econres/feds/reconciling-unemployment-claims-with-job-losses-in-the-first-months-of-the-covid-19-crisis.htm July 17, 2020 - Dealer Inventory Constraints during the COVID-19 Pandemic: Evidence from the Treasury Market and Broader Implications - Jonathan Goldberg - Strains in the Treasury market in March indicated a decline in broker-dealer inventory capacity, which has historically predicted persistent reductions in market liquidity across asset classes, the availability of financing for non-financial firms, and real activity. www.federalreserve.gov/econres/notes/feds-notes/dealer-inventory-constraints-during-covid-19-pandemic-evidence-from-treasury-market-broader-implications-20200717.htm July 17, 2020 - Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. www.federalreserve.gov/newsevents/pressreleases/monetary20200717a.htm July 16, 2020 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Michigan affected by severe storms and flooding. www.fdic.gov/news/financial-institution-letters/2020/fil20070.html July 16, 2020 - What is Certain about Uncertainty? - Danilo Cascaldi-Garcia, Deepa Datta, Thiago Ferreira, Olesya Grishchenko, Mohammad R. Jahan-Parvar, Francesca Loria, Sai Ma, Marius Rodriguez, Juan M. Londono, John Rogers, Cisil Sarisoy, Ilknur Zer - Researchers, policymakers, and market participants have become increasingly focused on the effects of uncertainty and risk on financial market and economic outcomes. www.federalreserve.gov/econres/ifdp/what-is-certain-about-uncertainty.htm July 16, 2020 - 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 11:30 a.m. on July 20, 2020. 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/20200720closed.htm _________________________ July 16, 2020 - 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/2020/nr-occ-2020-95.html July 16, 2020 - Report to the Congress - Annual Report 2019 - Report on operations of the Board during the year. Provides minutes of Federal Open Market Committee meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps showing the System's District and Branch boundaries. www.federalreserve.gov/publications/files/2019-annual-report.pdf July 15, 2020 - OCC Seeks Members for Minority Depository Institutions Advisory Committee - The MDIAC assists the OCC in assessing the needs and challenges facing minority depository institutions. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-94.html July 15, 2020 - OCC Seeks Nominations for Mutual Savings Association Advisory Committee - The MSAAC provides the OCC with advice and recommendations regarding the current and future circumstances and needs of mutual savings associations. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-93.html July 15, 2020 - OCC's Mutual Savings Association Advisory Committee Charter Renewed - The Office of the Comptroller of the Currency has renewed the charter of its Mutual Savings Association Advisory Committee, which advises the agency on issues and opportunities facing mutual savings institutions. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-92.html uly 15, 2020 - OCC Renews Minority Depository Institutions Advisory Committee Charter - 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/2020/nr-occ-2020-91.html July 15, 2020 - U.S. and Oklahoma Economic Outlook in the Midst of COVID-19 and Low Oil Prices - By Chad Wilkerson Oklahoma City Branch Executive & Economist. www.kansascityfed.org/~/media/files/publicat/speeches/2020/2020-wilkerson-virtualeconomicforum-7-15.pdf July 15, 2020 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beige-book-default.htm July 15, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on July 15, 2020. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20200715closed.htm July 15, 2020 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Total industrial production rose 5.4 percent in June after increasing 1.4 percent in May; even so, it remained 10.9 percent below its pre-pandemic February level. www.federalreserve.gov/releases/g17/Current/ July 15, 2020 - The Increasing Deflationary Impact of Consumer Digital Access Services - David M. Byrne and Carol A. Corrado Although U.S. consumer price statistics are prone to upward bias, they remain useful if imperfect accounting has a known and stable effect (Boskin et al., 1998; Moulton, 2018). www.federalreserve.gov/econres/notes/feds-notes/the-increasing-deflationary-impact-of-consumer-digital-access-services-20200715.htm July 15, 2020 - National College Fed Challenge to be held in a virtual format in 2020 - The Federal Reserve Board, along with co-sponsoring Federal Reserve Banks and other regional partners announced on Wednesday that the National College Fed Challenge will be held in a virtual format in 2020. www.federalreserve.gov/newsevents/pressreleases/other20200715a.htm July 15, 2020 - NCUA - COVID-19 Urgent Need Grants Fully Utilized - Funding for the COVID-19 urgent need grants initiative has been fully utilized and new applications will no longer be accepted, the National Credit Union Administration announced today. www.ncua.gov/newsroom/press-release/2020/covid-19-urgent-need-grants-fully-utilized July 14, 2020 - St. Louis Fed's Bullard Discusses the State of the COVID-19 Crisis in the U.S. - During his presentation, Bullard noted that macroeconomic news has been stronger than expected in May and June. www.stlouisfed.org/news-releases/2020/07/14/bullard-state-of-covid-19-crisis-in-us July 14, 2020 - Speech by Governor Brainard on navigating monetary policy through the fog of COVID At the Perspectives on the Pandemic Webinar Series, hosted by the National Association for Business Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20200714a.htm July 13, 2020 - Chicago Fed Survey of Business Conditions Suggests Growth Picked Up in June The Chicago Fed Survey of Business Conditions Activity Index increased to +3 in June from �32 in May, suggesting that economic growth was near trend. www.chicagofed.org/~/media/publications/cfsbc/2020/cfsbc-july2020-pdf.pdf July 13, 2020 - Charles W. Calomiris Named Senior Deputy Comptroller for Economics - As the agency's chief economist, Dr. Calomiris will oversee the OCC's Economics Department, providing economic, risk, and policy analysis to enhance the agency's mission of bank supervision as well as its policy development. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-90.html July 13, 2020 - 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 10:00 a.m. on July 15, 2020. www.federalreserve.gov/aboutthefed/boardmeetings/20200715closed.htm July 10, 2020 - OCC Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations - REACh stands for Roundtable for Economic Access and Change and brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers that prevent full, equal, and fair participation in the nation�s economy. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-89.html July 10, 2020 - Consolidated Reports of Condition and Income for Second Quarter 2020 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2020, report date. www.fdic.gov/news/financial-institution-letters/2020/fil20069.html July 10, 2020 - Scarcity of Safe Assets and Global Neutral Interest Rates - Thiago Ferreira and Samer Shousha - We quantitatively evaluate the role of supply and demand of safe assets in determining neutral interest rates. www.federalreserve.gov/econres/ifdp/scarcity-of-safe-assets-and-global-neutral-interest-rates.htm July 10, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm July 10, 2020 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - The Board of Governors of the Federal Reserve System (Board) is providing the following updates concerning certain lending facilities established by the Board under section 13(3) of the Federal Reserve Act (12 U.S.C. � 343). www.federalreserve.gov/publications/files/mlf-ppplf-pdcf-mmlf-cpff-pmccf-smccf-talf-7-10-20.pdf July 10 2020 - The Hidden Heterogeneity of Inflation Expectations and its Implications - Lena Dr�ger, Michael J. Lamla, and Damjan Pfajfar - Using a new consumer survey dataset, we document a new dimension of heterogeneity in inflation expectations that has implications for consumption and saving decisions as well as monetary policy transmission. www.federalreserve.gov/econres/feds/files/2020054pap.pdf July 9, 2020 - Federal Reserve Bank of St. Louis Announces New First Vice President and Chief Operating Officer - The Federal Reserve Bank of St. Louis has announced the appointment of Kathleen Paese as first vice president, chief operating officer and U.S. Treasury product director. releases/2020/07/09/federal-reserve-bank-of-st-louis-announces-new-first-vice-president-and-chief-operating-officer July 9, 2020 - Computerizing Households and the Role of Investment-Specific Productivity in Business Cycles - Seunghoon Na and Hyunseung Oh - Advancements in computer technology have reshaped not only business operations but also household consumption. We estimate a business-cycle model disaggregating consumer IT and non-IT durable goods from the capital stock. www.federalreserve.gov/econres/ifdp/computerizing-households-and-the-role-of-investment-specific-productivity-in-business-cycles.htm _______________________________ July 9, 2020 - Federal Reserve Bank of San Francisco Launches Virtual Seminar on Climate Economics Series - The Federal Reserve Bank of San Francisco announced today it will host a series of virtual research seminars on the economics of climate change. www.frbsf.org/our-district/press/news-releases/2020/federal-reserve-bank-of-san-francisco-launches-virtual-seminar-on-climate-economics-series/ July 9, 2020 - Computerizing Households and the Role of Investment-Specific Productivity in Business Cycles - Seunghoon Na and Hyunseung Oh - Advancements in computer technology have reshaped not only business operations but also household consumption. www.federalreserve.gov/econres/ifdp/computerizing-households-and-the-role-of-investment-specific-productivity-in-business-cycles.htm July 9, 2020 - Examination Procedures for the Coronavirus Aid, Relief, and Economic Security Act - The CARES Act was signed into law on March 27, 2020, to provide relief to those who are impacted by the Coronavirus Disease 2019 emergency. www.federalreserve.gov/supervisionreg/caletters/caltr2011.htm July 9 2020 - Payment Systems - Currency & Coin Services, quarterly data. www.federalreserve.gov/paymentsystems/coin_data.htm July 9, 2020 - NCUA: Q1 2020 State Credit Union Data Report Now Available - Federally insured credit unions generally saw asset, share-and-deposit, and loan growth over the year ending in the first quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review. www.ncua.gov/newsroom/press-release/2020/ncua-q1-2020-state-credit-union-data-report-now-available July 9, 2020 - Federal Reserve Board announces termination of enforcement action with The Leaders Group, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20200709a.htm July 8, 2020 - Statistical Release - Consumer Credit - G.19 - In May, consumer credit decreased at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit decreased at an annual rate of 28-1/2 percent, while nonrevolving credit increased at an annual rate of 2-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm July 8, 2020 - A New Indicator of Common Wage Inflation - Hie Joo Ahn, Han Chen, and Michael Kister - The cyclical state of the economy and the natural rate of unemployment are key unobserved variables in policymakers' analysis of economic developments. www.federalreserve.gov/econres/notes/feds-notes/a-new-indicator-of-common-wage-inflation-20200708.htm July 8, 2020 - Natural Disasters, Climate Change, and Sovereign Risk - Enrico Mallucci - I investigate how natural disaster can exacerbate fiscal vulnerabilities and trigger sovereign defaults. I extend a standard sovereign default model to include disaster risk and calibrate it to a sample of seven Caribbean countries that are frequently hit by hurricanes. www.federalreserve.gov/econres/ifdp/natural-disasters-climate-change-and-sovereign-risk.htm July 8, 2020 - The State Dependent Effectiveness of Hiring Subsidies - Sebastian Graves - The responsiveness of job creation to shocks is procyclical, while the responsiveness of job destruction is countercyclical. This new finding can be explained by a heterogeneous-firm model in which hiring costs lead to lumpy employment adjustment. www.federalreserve.gov/econres/ifdp/the-state-dependent-effectiveness-of-hiring-subsidies.htm July 8, 2020 - Federal Open Market Committee - Historical Memos, 1964-65 - Preceding each FOMC meeting, the FOMC Secretariat distributes to the Committee memos covering a range of subjects. A selection of these memos is available on this site. www.federalreserve.gov/monetarypolicy/fomc-memos-by-year.htm July 8, 2020 - NCUA�s Hood: We Must Make A Sustained Commitment to Financial Inclusion - The financial services industry must make an institutional commitment to the values of diversity, equity, and financial inclusion, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2020/ncuas-hood-we-must-make-sustained-commitment-financial-inclusion July 8, 2020 - NCUA Chairman Rodney E. Hood Remarks - Institute of International Bankers� Virtual Summit on Diversity, Equality, and Inclusion . www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-remarks-institute-international-bankers-virtual-summit-diversity July 8, 2020 - U.S. Banks and Global Liquidity - Ricardo Correa, Wenxin Du, and Gordon Liao - We characterize how U.S. global systemically important banks supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". www.federalreserve.gov/econres/ifdp/u-s-banks-and-global-liquidity.htm July 7, 2020 - San Francisco Fed to Co-host �Innovation Office Hours� to Meet with Banks and Companies Engaged in Digital Innovations in Finance - The Federal Reserve Bank of San Francisco on Tuesday announced that it will co-host with the Federal Reserve Board a series of �innovation office hours� with banks and companies engaged in digital innovations in financial services. www.frbsf.org/our-district/press/news-releases/2020/san-francisco-fed-to-host-fintech-innovation-office-hours/ July 7, 2020 - New Fed Survey Shows Pandemic�s Impact on Low- to Moderate-Income Communities - COVID-19 continues to have a profound effect on people nationwide. A new Federal Reserve System report co-authored by the Federal Reserve Bank of St. Louis shows specific challenges that low- to moderate-income communities are facing. www.stlouisfed.org/news-releases/2020/07/new-fed-survey-shows-pandemic-impact-on-low-to-moderate-income-communities July 7, 2020 - FDIC Names Bob De Luca Deputy Chief Information Officer - In his new role, Mr. De Luca will oversee the day-to-day administrative functions of the FDIC�s Chief Information Officer Organization and will lead the agency�s efforts to improve application and infrastructure security. www.fdic.gov/news/press-releases/2020/pr20082.html July 7, 2020 - Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times - Sumit Agarwal, Ricardo Correa, Bernardo Morais, Jessica Rold�n and Claudia Ruiz-Ortega - How does a bank react when a substantial share of its borrowers suffer a large negative shock? www.federalreserve.gov/econres/ifdp/credit-concentration-in-bad-times.htm July 7, 2020 - Report on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) Main Street Priority Loan Facility, (2) Main Street New Loan Facility and (3) Main Street Expanded Loan Facility. www.federalreserve.gov/publications/files/msnlf-mself-msplf-7-7-20.pdf July 7, 2020 - Speech by Vice Chair for Supervision Quarles on global in life and orderly in death: post-crisis reforms and the too-big-to-fail question At the Exchequer Club, Washington, D.C. www.federalreserve.gov/newsevents/speech/quarles20200707a.htm July 7, 2020 - Minutes of the Board's discount rate meetings from May 18 through June 10, 2020. www.federalreserve.gov/newsevents/pressreleases/files/monetary20200707a1.pdf July 6, 2020 - NCUA - CLF Borrowing Capacity Exceeds $25 Billion - Following the regulatory enhancements provided by the Coronavirus Aid, Relief, and Economic Security Act and changes to the agency�s regulations, the Central Liquidity Facility experienced a significant increase in its membership and borrowing capacity, the National Credit Union Administration announced today. www.ncua.gov/newsroom/press-release/2020/clf-borrowing-capacity-exceeds-25-billion July 6, 2020 - Flood Disaster Protection Act : Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance - On July 6, 2020, the Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration, published in the Federal Register "Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance" for notice and comment. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-69.html July 6, 2020 - A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession - Stuart Gabriel, Matteo Iacoviello, and Chandler Lutz - We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. www.federalreserve.gov/econres/feds/a-crisis-of-missed-opportunities.htm July 6, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm June 30, 2020 - Ron Tindall Jr. Joins St. Louis Fed�s Transportation Industry Council - Tindall is the president of the Terminal Railroad Association of St. Louis. www.stlouisfed.org/news-releases/2020/06/30/ron-tindall-jr-joins-st-louis-fed-transportation-industry-council July 2, 2020 - GAO - Disclosure of Environmental, Social, and Governance Factors and Options to Enhance Them - Nonfinancial information about how a company does business (e.g., a bank�s cybersecurity program) could be an indicator of its long-term financial performance. https://www.gao.gov/products/GAO-20-530 ____________________________________ July 9, 2020 - Federal Reserve Bank of San Francisco Launches Virtual Seminar on Climate Economics Series - The Federal Reserve Bank of San Francisco announced today it will host a series of virtual research seminars on the economics of climate change. www.frbsf.org/our-district/press/news-releases/2020/federal-reserve-bank-of-san-francisco-launches-virtual-seminar-on-climate-economics-series/ July 9, 2020 - Computerizing Households and the Role of Investment-Specific Productivity in Business Cycles - Seunghoon Na and Hyunseung Oh - Advancements in computer technology have reshaped not only business operations but also household consumption. www.federalreserve.gov/econres/ifdp/computerizing-households-and-the-role-of-investment-specific-productivity-in-business-cycles.htm July 9, 2020 - Examination Procedures for the Coronavirus Aid, Relief, and Economic Security Act - The CARES Act was signed into law on March 27, 2020, to provide relief to those who are impacted by the Coronavirus Disease 2019 emergency. www.federalreserve.gov/supervisionreg/caletters/caltr2011.htm July 9 2020 - Payment Systems - Currency & Coin Services, quarterly data. www.federalreserve.gov/paymentsystems/coin_data.htm July 9, 2020 - NCUA: Q1 2020 State Credit Union Data Report Now Available - Federally insured credit unions generally saw asset, share-and-deposit, and loan growth over the year ending in the first quarter of 2020, according to the latest NCUA Quarterly U.S. Map Review. www.ncua.gov/newsroom/press-release/2020/ncua-q1-2020-state-credit-union-data-report-now-available July 9, 2020 - Federal Reserve Board announces termination of enforcement action with The Leaders Group, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20200709a.htm July 8, 2020 - Statistical Release - Consumer Credit - G.19 - In May, consumer credit decreased at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit decreased at an annual rate of 28-1/2 percent, while nonrevolving credit increased at an annual rate of 2-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm July 8, 2020 - A New Indicator of Common Wage Inflation - Hie Joo Ahn, Han Chen, and Michael Kister - The cyclical state of the economy and the natural rate of unemployment are key unobserved variables in policymakers' analysis of economic developments. www.federalreserve.gov/econres/notes/feds-notes/a-new-indicator-of-common-wage-inflation-20200708.htm July 8, 2020 - Natural Disasters, Climate Change, and Sovereign Risk - Enrico Mallucci - I investigate how natural disaster can exacerbate fiscal vulnerabilities and trigger sovereign defaults. I extend a standard sovereign default model to include disaster risk and calibrate it to a sample of seven Caribbean countries that are frequently hit by hurricanes. www.federalreserve.gov/econres/ifdp/natural-disasters-climate-change-and-sovereign-risk.htm July 8, 2020 - The State Dependent Effectiveness of Hiring Subsidies - Sebastian Graves - The responsiveness of job creation to shocks is procyclical, while the responsiveness of job destruction is countercyclical. This new finding can be explained by a heterogeneous-firm model in which hiring costs lead to lumpy employment adjustment. www.federalreserve.gov/econres/ifdp/the-state-dependent-effectiveness-of-hiring-subsidies.htm July 8, 2020 - Federal Open Market Committee - Historical Memos, 1964-65 - Preceding each FOMC meeting, the FOMC Secretariat distributes to the Committee memos covering a range of subjects. A selection of these memos is available on this site. www.federalreserve.gov/monetarypolicy/fomc-memos-by-year.htm July 8, 2020 - NCUA�s Hood: We Must Make A Sustained Commitment to Financial Inclusion - The financial services industry must make an institutional commitment to the values of diversity, equity, and financial inclusion, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2020/ncuas-hood-we-must-make-sustained-commitment-financial-inclusion July 8, 2020 - NCUA Chairman Rodney E. Hood Remarks - Institute of International Bankers� Virtual Summit on Diversity, Equality, and Inclusion . www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-remarks-institute-international-bankers-virtual-summit-diversity July 8, 2020 - U.S. Banks and Global Liquidity - Ricardo Correa, Wenxin Du, and Gordon Liao - We characterize how U.S. global systemically important banks supply short-term dollar liquidity in repo and foreign exchange swap markets in the post-Global Financial Crisis regulatory environment and serve as the "lenders-of-second-to-last-resort". www.federalreserve.gov/econres/ifdp/u-s-banks-and-global-liquidity.htm July 7, 2020 - San Francisco Fed to Co-host �Innovation Office Hours� to Meet with Banks and Companies Engaged in Digital Innovations in Finance - The Federal Reserve Bank of San Francisco on Tuesday announced that it will co-host with the Federal Reserve Board a series of �innovation office hours� with banks and companies engaged in digital innovations in financial services. www.frbsf.org/our-district/press/news-releases/2020/san-francisco-fed-to-host-fintech-innovation-office-hours/ July 7, 2020 - New Fed Survey Shows Pandemic�s Impact on Low- to Moderate-Income Communities - COVID-19 continues to have a profound effect on people nationwide. A new Federal Reserve System report co-authored by the Federal Reserve Bank of St. Louis shows specific challenges that low- to moderate-income communities are facing. www.stlouisfed.org/news-releases/2020/07/new-fed-survey-shows-pandemic-impact-on-low-to-moderate-income-communities July 7, 2020 - FDIC Names Bob De Luca Deputy Chief Information Officer - In his new role, Mr. De Luca will oversee the day-to-day administrative functions of the FDIC�s Chief Information Officer Organization and will lead the agency�s efforts to improve application and infrastructure security. www.fdic.gov/news/press-releases/2020/pr20082.html July 7, 2020 - Owe a Bank Millions, the Bank Has a Problem: Credit Concentration in Bad Times - Sumit Agarwal, Ricardo Correa, Bernardo Morais, Jessica Rold�n and Claudia Ruiz-Ortega - How does a bank react when a substantial share of its borrowers suffer a large negative shock? www.federalreserve.gov/econres/ifdp/credit-concentration-in-bad-times.htm July 7, 2020 - Report on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) Main Street Priority Loan Facility, (2) Main Street New Loan Facility and (3) Main Street Expanded Loan Facility. www.federalreserve.gov/publications/files/msnlf-mself-msplf-7-7-20.pdf July 7, 2020 - Speech by Vice Chair for Supervision Quarles on global in life and orderly in death: post-crisis reforms and the too-big-to-fail question At the Exchequer Club, Washington, D.C. www.federalreserve.gov/newsevents/speech/quarles20200707a.htm July 7, 2020 - Minutes of the Board's discount rate meetings from May 18 through June 10, 2020. www.federalreserve.gov/newsevents/pressreleases/files/monetary20200707a1.pdf July 6, 2020 - NCUA - CLF Borrowing Capacity Exceeds $25 Billion - Following the regulatory enhancements provided by the Coronavirus Aid, Relief, and Economic Security Act and changes to the agency�s regulations, the Central Liquidity Facility experienced a significant increase in its membership and borrowing capacity, the National Credit Union Administration announced today. www.ncua.gov/newsroom/press-release/2020/clf-borrowing-capacity-exceeds-25-billion July 6, 2020 - Flood Disaster Protection Act : Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance - On July 6, 2020, the Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the National Credit Union Administration, published in the Federal Register "Loans in Areas Having Special Flood Hazards; Interagency Questions and Answers Regarding Flood Insurance" for notice and comment. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-69.html July 6, 2020 - A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession - Stuart Gabriel, Matteo Iacoviello, and Chandler Lutz - We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. www.federalreserve.gov/econres/feds/a-crisis-of-missed-opportunities.htm July 6, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm June 30, 2020 - Ron Tindall Jr. Joins St. Louis Fed�s Transportation Industry Council - Tindall is the president of the Terminal Railroad Association of St. Louis. www.stlouisfed.org/news-releases/2020/06/30/ron-tindall-jr-joins-st-louis-fed-transportation-industry-council July 2, 2020 - GAO - Disclosure of Environmental, Social, and Governance Factors and Options to Enhance Them - Nonfinancial information about how a company does business (e.g., a bank�s cybersecurity program) could be an indicator of its long-term financial performance. https://www.gao.gov/products/GAO-20-530 |
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