Virtual/remote audits - I am performing virtual/remote FFIEC IT/AIO audits for banks and credit unions. I am a former bank examiner with years of IT auditing experience. Please contact R. Kinney Williams at examiner@yennik.com from your bank's email and I will send you information and fees. All correspondence is confidential.

July 29, 2022 - NCUA Issues Prohibition Order - The National Credit Union Administration issued one prohibition order in July. This individual is prohibited from participating in the affairs of any federally insured depository institution. www.ncua.gov/newsroom/press-release/2022/ncua-issues-prohibition-order-2

July 29, 2022 - Growth in Tenth District Services Slowed in July - Regional services activity grew more slowly in July. However, firms were optimistic about the outlook. www.kansascityfed.org/surveys/services-survey/growth-in-tenth-district-services-slowed-in-july/

July 29, 2022 - Advisory to FDIC-Insured Institutions Regarding Deposit Insurance and Dealings with Crypto Companies - To address certain misrepresentations about FDIC deposit insurance by some crypto companies, the FDIC is issuing an Advisory to FDIC-insured institutions Regarding Deposit Insurance and Dealings with Crypto Companies. www.fdic.gov/news/financial-institution-letters/2022/fil22035.html

July 29, 2022 - Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies - The Federal Deposit Insurance Corporation today published the Fact Sheet: What the Public Needs to Know About FDIC Deposit Insurance and Crypto Companies www.fdic.gov/news/press-releases/2022/pr22058.html

July 29, 2022 - 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 2022. www.fdic.gov/news/press-releases/2022/pr22057.html

July 29, 2022 - Letter to Barclays US LLC communicating the Board's approval under Regulation YY of a contractual provision that must be included in certain debt issued by U.S. intermediate holding companies of foreign GSIBs, on the terms explained in that letter. www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol20220629.pdf

July 29, 2022 - Climate Change and Financial Policy: A Literature Review - Benjamin N. Dennis - This article reviews the rapidly proliferating economic literature on climate change and financial policy. www.federalreserve.gov/econres/feds/climate-change-and-financial-policy-a-literature-review.htm

July 29, 2022 - Disclosures Regarding the Emergency Lending Response to COVID-19, Pursuant to Section 11(s) of the Federal Reserve Act - The Federal Reserve has issued these disclosures, pursuant to section 11(s) of the Federal Reserve Act, concerning the lending facilities authorized by the Board in response to the COVID-19 pandemic. www.federalreserve.gov/publications/disclosures-in-response-to-covid-19-pursuant-to-section-11-s.htm

July 29, 2022 - Report to Congress on operations of the Board during the year - This report covers the calendar-year operations and activities carried out by the Board in its five key functional areas: www.federalreserve.gov/publications/annual-report.htm  

July 29, 2022 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

July 29, 2022 - Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions, July 2022 - Analyzes the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services. www.federalreserve.gov/publications/credit-card-profitability.htm

July 29, 2022 - What does the Beveridge curve tell us about the likelihood of a soft landing? - Andrew Figura and Chris Waller - Any assessment of the likelihood and characteristics of a soft landing should take into account the situation in the labor market currently and the likely dynamics in the labor market going forward. www.federalreserve.gov/econres/notes/feds-notes/what-does-the-beveridge-curve-tell-us-about-the-likelihood-of-a-soft-landing-20220729.htm

July 28, 2022 - Tenth District Manufacturing Activity Grew Moderately in July - The pace of regional factory growth remained more moderate than earlier in the year. Meanwhile, survey price indexes were the lowest in over a year. www.kansascityfed.org/surveys/manufacturing-survey/tenth-district-manufacturing-activity-grew-moderately-in-july/

July 28, 2022 - FDIC and Federal Reserve Board issue letter demanding Voyager Digital cease and desist from making false or misleading representations of deposit insurance status - The Federal Deposit Insurance Corporation and the Federal Reserve Board today issued a joint letter demanding that the crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements regarding its FDIC deposit insurance status and take immediate action to correct any such prior . 
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20220728a.htm
Press Release: www.fdic.gov/news/press-releases/2022/pr22056.html

July 28, 2022 - Federal Reserve Board approves discount rate action by the Boards of Directors of the Federal Reserve Banks of St. Louis and Minneapolis.   www.federalreserve.gov/newsevents/pressreleases/monetary20220728a.htm
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July 28, 2022 - What is the Community Reinvestment Act - Federal banking agencies want your input on proposed rulemaking to strengthen and modernize regulations to the Community Reinvestment Act. www.chicagofed.org/region/community-development/community-economic-development/community-reinvestment

July 28, 2022 - Federal Reserve Board announces termination of enforcement action with United Bank of El Paso del Norte.   www.federalreserve.gov/newsevents/pressreleases/enforcement20220728a.htm

July 27, 2022 - OCC Updates Policy Statement on Minority Depository Institutions - The Office of the Comptroller of the Currency today announced it is revising its 2013 policy statement for minority depository institutions to update and streamline descriptions of its policies, procedures, and programs. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-92.html

July 27, 2022 - FOMC Press Conference - Opening Statement.  www.federalreserve.gov/mediacenter/files/FOMCpresconf20220727.pdf

July 27, 2022 - Federal Reserve issues FOMC statement - Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. www.federalreserve.gov/newsevents/pressreleases/monetary20220727a.htm

July 26, 2022 - Statistical Release - Money Stock Measures - H.6 Release.  www.federalreserve.gov/releases/h6/current/default.htm

July 25, 2022 - OCC Solicits Research on Implications of Financial Technology for Banking - The Office of the Comptroller of the Currency is soliciting academic-and policy-focused research on the impact of financial technology entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-91.html

July 25, 2022 - The FDIC Updates its Enforcement Actions Manual regarding Minimum Standards for Termination of Cease-and-Desist and Consent Orders - The manual provides direction for professional staff related to the work necessary to pursue formal and informal enforcement actions. It is also intended to support the work of the field, regional, and Washington office�s staff involved in processing and monitoring enforcement actions. www.fdic.gov/news/financial-institution-letters/2022/fil22034.html

July 22, 2022 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

July 21, 2022 - NCUA Board Issues Proposed Rule on Cyber Incident Reporting Requirements - Through a live webcast, the National Credit Union Administration Board held its seventh open meeting of 2022 and unanimously approved two items:  www.ncua.gov/newsroom/press-release/2022/ncua-board-issues-proposed-rule-cyber-incident-reporting-requirements 
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July 21, 2022 - OCC Enforcement Actions and Terminations - 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/2022/nr-occ-2022-90.html

July 20, 2022 - Notice of Proposed Rulemaking on Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update - The Federal Deposit Insurance Corporation issued a notice of proposed rulemaking (proposal) to incorporate updated accounting standards in the risk-based deposit insurance assessment system applicable to all large and highly complex insured depository institutions. www.fdic.gov/news/financial-institution-letters/2022/fil22033.html

July 20, 2022 - Legal Interpretations - Bank Holding Company Act, June 29, 2022.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2022.htm

July 19, 2022 - 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/2022/nr-occ-2022-87.html

July 19, 2022 - OCC Seeks Nominations for Mutual Savings Association Advisory Committee - The Office of the Comptroller of the Currency is seeking nominations for members of its Mutual Savings Association Advisory Committee. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-88.html

July 19, 2022 - OCC - nnounces Executive Assignments in Chief Counsel's Office - The Office of the Comptroller of the Currency today announced the selection of Patricia Grady as Deputy Chief Counsel and Jonathan Fink as Associate Chief Counsel. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-89.html

July 19, 2022 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Montana Affected by a Severe Storm and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Montana affected by a severe storm and flooding. www.fdic.gov/news/financial-institution-letters/2022/fil22032.html

July 19, 2022 - Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities? Kenneth P. Brevoort - Under the Community Reinvestment Act banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income communities or by purchasing loans made by others. www.federalreserve.gov/econres/feds/does-giving-cra-credit-for-loan-purchases-increase-mortgage-credit.htm

July 19, 2022 - Remarks by Vice Chair Brainard on updating the Community Reinvestment Act At National Native Coalition Virtual Series on the Community Reinvestment Act Notice of Proposed Rulemaking.  www.federalreserve.gov/newsevents/speech/brainard20220719a.htm

July 19, 2022 - Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System,   www.federalreserve.gov/newsevents/pressreleases/other20220719a.htm

July 19, 2022 - Federal Reserve Board invites comment on proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued next year.   www.federalreserve.gov/newsevents/pressreleases/bcreg20220719a.htm

July 15, 2022 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma Affected by a Severe Storm, Tornadoes and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oklahoma affected by a severe storm, tornadoes and flooding. www.fdic.gov/news/financial-institution-letters/2022/fil22031.html

July 15, 2022 - FDIC Updates on Brokered Deposits - The Federal Deposit Insurance Corporation is issuing a statement, adding a new Question and Answer, and updating public information on the Banker Resource Center Brokered Deposits Page, to remind FDIC-insured depository institutions that deposits swept from broker dealers with a primary purpose exception to unaffiliated IDIs must be reported as brokered if there are any additional third parties involved that qualify as a deposit broker, as defined by Section 337.6 �Brokered Deposits, of the FDIC�s Rules and Regulations. www.fdic.gov/news/financial-institution-letters/2022/fil22030.html

July 15, 2022 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

July 15, 2022 - An Analysis of the Interest Rate Risk of the Federal Reserve�s Balance Sheet, Part 1: Background and Historical Perspective - Alyssa Anderson, Dave Na, Bernd Schlusche, and Zeynep Senyuz - As part of its implementation of monetary policy, the Federal Reserve holds Treasury securities and agency mortgage-backed securities in the System Open Market Account. www.federalreserve.gov/econres/notes/feds-notes/an-analysis-of-the-interest-rate-risk-of-the-federal-reserves-balance-sheet-part-1-20220715.htm

July 15, 2022 - An Analysis of the Interest Rate Risk of the Federal Reserve�s Balance Sheet, Part 2: Projections under Alternative Interest Rate Paths - Alyssa Anderson, Philippa Marks, Dave Na, Bernd Schlusche, and Zeynep Senyuz - As discussed in the first note of this two-note series, net income of the Federal Reserve and its remittances to the U.S. Treasury along with the unrealized gain or loss position of the System Open Market Account portfolio are affected by fluctuations in interest rates. www.federalreserve.gov/econres/notes/feds-notes/an-analysis-of-the-interest-rate-risk-of-the-federal-reserves-balance-sheet-part-2-20220715.htm

July 15, 2022 - Fiscal policy and excess inflation during Covid-19: a cross-country view - Fran�ois de Soyres, Ana Maria Santacreu and Henry Young - The recent surge in inflation in many countries around the world and the fiscal stimulus provided in the face of the COVID-19 pandemic has renewed interest in analyzing the potential role of large fiscal spending as a driver of price increases. www.federalreserve.gov/econres/notes/feds-notes/fiscal-policy-and-excess-inflation-during-covid-19-a-cross-country-view-20220715.htm
 
July 15, 2022 - Industrial Production and Capacity Utilization - G.17 - Total industrial production moved down 0.2 percent in June but advanced at an annual rate of 6.1 percent for the second quarter as a whole. www.federalreserve.gov/releases/g17/current/default.htm

July 15, 2022 - Minutes of the Board's discount rate meetings from May 16 through June 15, 2022. www.federalreserve.gov/newsevents/pressreleases/monetary20220712a.htm

July 15, 2022 - Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for reserve balances - The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. www.federalreserve.gov/newsevents/pressreleases/other20220715a.htm

July 14, 2022 - OCC Assesses $125 Million Civil Money Penalty Against Bank of America, Orders Restitution for Unfair and Deceptive Practices - The Office of the Comptroller of the Currency today assessed a $125 million civil money penalty against Bank of America, N.A., for violations of law and unsafe or unsound practices relating to the bank�s administration of a prepaid card program to distribute unemployment insurance and other public benefit payments. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-84.html

July 14, 2022 - Fit-for-Purpose Payment System Interoperability: A Framework - Angela N. Lawson and Jorge Herrada - The U.S. payment system is not one system, but many. www.federalreserve.gov/econres/notes/feds-notes/fit-for-purpose-payment-system-interoperability-a-framework-20220714.htm 

July 14, 2022 - Young Borrowers' Usage of Cosigned Credit Cards and Long Run Outcomes - Hannah Case - In the United States, access to credit is an important channel for smoothing consumption and building wealth. www.federalreserve.gov/econres/notes/feds-notes/young-borrowers-usage-of-cosigned-credit-cards-and-long-run-outcomes-20220714.htm
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July 14, 2022 - Acting Comptroller Discusses Importance of Financial Health for Consumers - Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency�s efforts to advance financial health for consumers before the U.S. Department of the Treasury�s Financial Literacy Education Commission. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-83.html

July 14, 2022 - OCC Hosts Compliance and Operational Risk Workshops in Denver - The Office of the Comptroller of the Currencywill host two workshops August 9-10 in Denver for directors of community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-82.html

July 14, 2022 - SONOMA: a Small Open ecoNOmy for MAcrofinance - Mariano Massimiliano Croce, Mohammad R. Jahan-Parvar, and Samuel Rosen - We develop a new small open economy model in which domestic corporate debt and equities are affected by shocks to both external credit and equity markets. www.federalreserve.gov/econres/ifdp/sonoma-a-small-open-economy-for-macrofinance.htm

July 14, 2022 - Speech by Governor Waller on the economic outlook At Rocky Mountain Economic Summit Global Interdependence Center, Victor, Idaho.   www.federalreserve.gov/newsevents/speech/waller20220714a.htm

July 13, 2022 - The KCFSI suggests financial stress remained near its historical average in June - The KCFSI suggests financial stress remained near its historical average in June. www.kansascityfed.org/data-and-trends/kansas-city-financial-stress-index/current-release/

July 13, 2022 - Increased Loan Demand and Higher Interest Rates May Benefit Ag Banks - Extreme weather, geopolitical conflicts, supply chain disruptions, and rising interest rates all directly affect U.S. agriculture, which may in turn affect banks that make agricultural loans. www.kansascityfed.org/research/economic-bulletin/increased-loan-demand-and-higher-interest-rates-may-benefit-ag-banks/

July 13, 2022 - Decomposing Changes in Higher Education Return on Investment Over Time - Douglas Webber - The economic returns to attending college are a crucial aspect of discussions surrounding student debt and rising tuition. www.federalreserve.gov/econres/notes/feds-notes/decomposing-changes-in-higher-education-return-on-investment-over-time-20220713.htm

July 13, 2022 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beigebook202207.htm

July 12, 2022 - Marks Project REACh Anniversary with Financial Inclusion Symposium - The Office of the Comptroller of the Currency today hosted a financial inclusion symposium at its headquarters in Washington, D.C., to mark the second anniversary of Project REACh. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-81.html

July 12, 2022 - Labor Market Conditions Indicators - The KC Fed LMCI suggests the level of activity was little changed and momentum decelerated moderately in June. www.kansascityfed.org/data-and-trends/lmci/current-release/

July 12, 2022 - Consolidated Reports of Condition and Income for Second Quarter 2022 - The attached materials pertain to the Consolidated Reports of Condition and Income for the June 30, 2022, report date and provide guidance on certain reporting issues. www.fdic.gov/news/financial-institution-letters/2022/fil22029.html

July 12, 2022 - Monetary Policy, Inflation Outlook, and Recession Probabilities - Andrea Ajello, Luca Benzoni, Makena Schwinn, Yannick Timmer, and Francisco Vazquez-Grande - An inverted yield curve�defined as an episode in which long-maturity Treasury yields fall below their short-maturity counterparts - is a powerful near-term predictor of recessions. www.federalreserve.gov/econres/notes/feds-notes/monetary-policy-inflation-outlook-and-recession-probabilities-20220712.htm

July 12, 2022 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - The Federal Reserve filed these reports with Congress pursuant to section 13(3) of the Federal Reserve Act concerning the lending facilities established by the Board. www.federalreserve.gov/publications/reports-to-congress-in-response-to-covid-19.htm

July 12, 2022 - Minutes of the Board's discount rate meetings from May 16 through June 15, 2022.  www.federalreserve.gov/newsevents/pressreleases/monetary20220712a.htm

July 11, 2022 - Assessing Market Conditions ahead of Quantitative Tightening - Quantitative tightening �the reduction in the Federal Reserve�s balance sheet�will transfer a significant amount of Treasury and agency mortgage-backed securities to investors. www.kansascityfed.org/research/economic-bulletin/assessing-market-conditions-ahead-of-quantitative-tightening/

July 11, 2022 - Federal Advisory Council, Record of Meeting - May 12, 2022 - The Federal Advisory Council, which is composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction. www.federalreserve.gov/aboutthefed/fac.htm

July 8, 2022 - OCC Releases CRA Evaluations for 18 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, 2022, through June 30, 2022. www.occ.gov/news-issuances/news-releases/2022/nr-occ-2022-80.html

July 8, 2022 - Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks - Staff of the Board of Governors of the Federal Reserve System has developed the following frequently asked questions to assist entities in complying with the Board's Regulation O. www.federalreserve.gov/supervisionreg/legalinterpretations/reg-o-frequently-asked-questions.htm

July 8, 2022 - Statistical Release Consumer Credit - G.19 - In May, consumer credit increased at a seasonally adjusted annual rate of 5.9 percent. www.federalreserve.gov/releases/g19/current/default.htm

July 8, 2022 - Declining Affordability and Home Purchase Borrowing by Lower Income Households - Daniel Ringo - The COVID-19 era has experienced an unprecedented surge in home values. In the two years between March of 2020 and March of 2022, the S&P/Case Shiller U.S. National Home Price Index grew approximately 37 percent in nominal terms. www.federalreserve.gov/econres/notes/feds-notes/declining-affordability-and-home-purchase-borrowing-by-lower-income-households-20220708.htm

July 8, 2022 - Standard Information Request Process - The purpose of this letter is to reinforce the importance of effective communication practices during consumer compliance examinations of community banking organizations. www.federalreserve.gov/supervisionreg/caletters/caltr2205.htm

July 8, 2022 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm .

July 8, 2022 - Renewable Technology Adoption Costs and Economic Growth - Bernardino Adao, Borghan Narajabad, and Ted Temzelides - We develop a dynamic general equilibrium integrated assessment model that incorporates costs due to new technology adoption in renewable energy as well as externalities associated with carbon emissions and renewable technology pillovers. www.federalreserve.gov/econres/feds/renewable-technology-adoption-costs-and-economic-growth.htm

July 7, 2022 - St. Louis Fed�s Bullard Presents �The First Steps Toward Disinflation in the U.S.� - Federal Reserve Bank of St. Louis President James Bullard presented �The First Steps Toward Disinflation in the U.S.� on Thursday at an event hosted by the Little Rock Regional Chamber.  www.stlouisfed.org/news-releases/2022/07/07/bullard-presents-the-first-steps-toward-disinflation-us

Crypto-Assets and Decentralized Finance through a Financial Stability Lens - Recent volatility has exposed serious vulnerabilities in the crypto financial system.  https://www.federalreserve.gov/newsevents/speech/brainard20220708a.htm 

July 7, 2022 - Cybersecurity and Financial System Resilience Report, July 2022 - In response to a Consolidated Appropriations Act requirement, the Board will publish this report annually for the next seven years to describe measures it has taken to strengthen cybersecurity in the financial services sector. www.federalreserve.gov/publications/cybersecurity-and-financial-system-resilience-report.htm

July 7, 2022 - Income Declines During COVID --19 - Jeff Larrimore, Jacob Mortenson, and David Splinter - The COVID-19 pandemic caused regressive income declines, but also led to progressive policy responses. www.federalreserve.gov/econres/notes/feds-notes/income-declines-during-covid-19-20220707.htm
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July 7, 2022 - Restoring confidence in troubled financial institutions after a financial crisis - Charles W. Calomiris and Mark Carlson - After an unprecedented number of banks suspended operations in the during Panic of 1893, the head regulator of banks chartered by the United States government allowed about 100 banks to reopen after certifying their solvency. www.federalreserve.gov/econres/feds/restoring-confidence-in-troubled-financial-institutions-after-a-financial-crisis.htm

July 7, 2022 - Federal Reserve Board issues enforcement action with Easthampton Savings Bank.  www.federalreserve.gov/newsevents/pressreleases/enforcement20220707a.htm

July 6, 2022 - Minutes of the Federal Open Market Committee, June 14-15, 2022 - 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, 2022. www.federalreserve.gov/newsevents/pressreleases/monetary20220706a.htm

July 6, 2022 - The Federal Reserve Boardnd the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14�15, 2022. - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and the Office of the Comptroller of the Currency are issuing a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
Press Release: www.federalreserve.gov/supervisionreg/srletters/SR2205.htm
Press Release: www.fdic.gov/news/financial-institution-letters/2022/fil22028.html
Press Release: www.occ.gov/news-issuances/bulletins/2022/bulletin-2022-18.html

July 6, 2022 - Inflation in 1972: A Cautionary Tale - The path of inflation over the pas6 two years looks strikingly similar to the path observed during the 1970s, when the Federal Open Market Committee shifted its focus away from fighting inflation before price pressures were fully under control. www.kansascityfed.org/research/economic-bulletin/inflation-in-1972-a-cautionary-tale/

July 5, 2022 - The Fed�s Inaugural Conference on the International Roles of the U.S. Dollar - Ricardo Correa, Linda S. Goldberg, Robert Lerman, and Bo Sun - The U.S. dollar has played a preeminent role in the global economy since the second World War. www.federalreserve.gov/econres/notes/feds-notes/the-feds-inaugural-conference-on-the-international-roles-of-the-us-dollar-20220705.htm

July 5, 2022 - Unemployment Insurance in Survey and Administrative Data - Jeff Larrimore, Jacob Mortenson, and David Splinter - Unemployment insurance was a centerpiece of the economic policy response to the Covid‑19 recession. www.federalreserve.gov/econres/notes/feds-notes/unemployment-insurance-in-survey-and-administrative-data-20220705.htm

July 5, 2022 - Climate-related Financial Stability Risks for the United States: Methods and Applications - Celso Brunetti, John Caramichael, Matteo Crosignani, Benjamin Dennis, Gurubala Kotta, Don Morgan, Chaehee Shin, and Ilknur Zer Boudet - This report has two objectives: 1. Review the available literature on Climate-Related Financial Stability Risks as it pertains to the United States. www.federalreserve.gov/econres/feds/climate-related-financial-stability-risks-for-the-united-states.htm

July 1, 2022 - The public is invited to a Community Town Hall to discuss the next Kansas City Fed President - The Federal Reserve Bank of Kansas City�s presidential Search Committee will host a virtual community town hall on Wednesday, July 13, to address questions and provide an update on its search for a successor to President and CEO Esther George, External Linkwho will be required to retire in 2023. www.kansascityfed.org/events/community-town-hall/

July 1, 2022 - FDIC�s Office of the Ombudsman publishes 2021 Services and Activities Report - The Federal Deposit Insurance Corporation�s Office of the Ombudsman today published a report highlighting its activities and the services provided to stakeholders during 2021. www.fdic.gov/news/financial-institution-letters/2022/fil22027.html

July 1, 2022 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in April 2022. www.fdic.gov/news/press-releases/2022/pr22053.html

July 1, 2022 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the a - verage rates of exchange in JUNE 2022 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

July 1, 2022 - FOIA - Chair Powell's calendar, May 2022. www.federalreserve.gov/foia/chair-powell-calendar-052022.htm

July 1, 2022 - Integrating Prediction and Attribution to Classify News - Nelson P. Rayl and Nitish R. Sinha - Recent modeling developments have created tradeoffs between attribution-based models, models that rely on causal relationships, and "pure prediction models" such as neural networks. www.federalreserve.gov/econres/feds/integrating-prediction-and-attribution-to-classify-news.htm

July 1, 2022 - An Approach to Quantifying Operational Resilience Concepts - Chase Englund - In the years following the global financial crisis, the international regulatory community implemented a number of measures aimed at reforming the global prudential framework and enhancing the stability of the financial sector. www.federalreserve.gov/econres/notes/feds-notes/an-approach-to-quantifying-operational-resilience-concepts-20220701.htm

July 1, 2022 - Economic Resilience in the COVID-19 Pandemic - Emily Highkin and Eva Van Leemput - The global spread of COVID-19 virus in early 2020, and the measures taken to contain it pushed the global economy into a deep contraction. www.federalreserve.gov/econres/notes/feds-notes/economic-resilience-in-the-covid-19-pandemic-20220701.htm

July 1, 2022 - Federal Reserve Board announces approval of application by Benchmark Community Bank - The Federal Reserve Board on Friday announced its approval of the application by Benchmark Community Bank, Kenbridge, Virginia, to acquire certain assets and assume certain liabilities of First Community Bank, Bluefield, Virginia, and to establish and operate a branch in Emporia, Virginia. www.federalreserve.gov/newsevents/pressreleases/orders20220701a.htm

July 1, 2022 - Federal Reserve and FDIC extend deadline for U.S. GSIB resolution plan feedback - The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced that they have extended the period for issuing feedback for the U.S. global systemically important banks' 2021 resolution plans to allow the agencies additional time to analyze them. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20220701b.htm
Press Release: www.fdic.gov/news/press-releases/2022/pr22055.html

July 1, 2022 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act consideration pursuant to the definition of community development under the agencies' regulations.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20220701a.htm
Press Release: www.fdic.gov/news/press-releases/2022/pr22054.html
Press Release: www.ffiec.gov/press/pr070122.htm
Press Release: www.occ.gov/news-issuances/news-releases/2022/nr-ia-2022-79.html