The E-mail Banking News
(Bank Regulatory News)
June 2013

June 28, 2013 - Midwest Economic Growth Decreased in May - The Midwest Economy Index was –0.18 in May, down from +0.03 in April.   http://chicagofed.org/digital_assets/publications/mei/2013/mei_may2013.pdf

June 28, 2013 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued eleven orders in June prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20130628ProhibitionOrders.aspx

June 28, 2013 - Reports - Statistical Releases - E.16 Country Exposure Lending Survey and - Country Exposure Information Report. 
Available approximately 90 days after the report date. www.ffiec.gov/E16.htm

June 28, 2013 - FDIC Makes Public May Enforcement Actions; No Administrative Hearings Scheduled for July 2013.   www.fdic.gov/news/news/press/2013/pr13055.html

June 28, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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June 28, 2013 - FDIC Makes Public May Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May. http://www.fdic.gov/news/news/press/2013/pr13055.html

June 27, 2013 - Midwest Manufacturing Output Decreased in May - The Chicago Fed Midwest Manufacturing Index decreased 0.4% in May, to a seasonally adjusted level of 95.8. - This article finds that a federal minimum wage hike would boost the real income and spending of minimum wage households. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cflaugust2013_313.pdf

June 27, 2013 - Minimum Wage Hike Affect the Economy? - Chicago Fed Letter finds that a federal minimum wage hike would boost the economy in the short term, but with virtually no effect in the long term. www.chicagofed.org/webpages/publications/chicago_fed_letter/2013/august_313.cfm

June 27, 2013 - Mortgage Performance Continues Steady Improvement, OCC Report Says - The performance of first-lien mortgages serviced by large national and federal savings banks continued to improve in the first quarter of 2013, according to a report released today by the Office of the Comptroller of the Currency.  www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-106.html

June 27, 2013 - Mark A. Bentley Joins St. Louis Fed’s Real Estate Industry Council - Mark A. Bentley, SIOR, principal, managing director, Central Arkansas Colliers International, Little Rock, Ark., has been named to the Real Estate Industry Council of the Federal Reserve Bank of St. Louis.
www.stlouisfed.org/newsroom/displayNews.cfm?article=1834

June 27, 2013 - St. Louis Fed Financial Stress Index ticks up to -0.32 from previous week’s -0.39.  www.stlouisfed.org/newsroom/displayNews.cfm?article=1832

June 27, 2013 - Governor Jerome H. Powell - Thoughts on Unconventional Monetary Policy - At the Bipartisan Policy Center, Washington, D.C. www.federalreserve.gov/newsevents/speech/powell20130627a.htm

June 26, 2013 - Monetary Policy and Financial Stability Risks: An Example - James A. Clouse - The financial crisis and its aftermath have raised numerous questions about the appropriate role of financial stability considerations in the conduct of monetary policy. This paper develops a simple example of the possible connections between financial stability and monetary policy. www.federalreserve.gov/pubs/feds/2013/201341/201341pap.pdf

June 25, 2013 - Chief National Bank Examiner Testifies on Private Student Lending - Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner John C. Lyons discussed the supervision of private student lending conducted by national banks and federal savings associations during a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-105.html

June 25, 2013 - Statistical Release - Large Commercial Banks.  www.federalreserve.gov/releases/lbr/current/default.htm

June 25, 2013 - Statistical Release - Minority-Owned Banks - Minority Owned Financial Institutions And Their Branches as of March 31, 2013.   www.federalreserve.gov/releases/mob/current/default.htm

June 25, 2013 - Federal Reserve Board proposes new data collection requirements related to money market instruments - The Federal Reserve Board on Tuesday proposed new data collection requirements related to selected money market instruments.  www.federalreserve.gov/newsevents/press/bcreg/20130625a.htm

June 25, 2013 - Federal Reserve Board announces termination of enforcement action with Farmers Bank.   www.federalreserve.gov/newsevents/press/enforcement/20130625a.htm

June 24, 2013 - Testimony by Todd Vermilyea, Senior Associate Director, Division of Banking Supervision and Regulation Private student loans.  www.federalreserve.gov/newsevents/testimony/vermilyea20130625a.htm

June 24, 2013 - NCUA Posts Two New Economic Videos - Updates Focus on Improving Economic Trends and Derivatives Proposed Rule - The National Credit Union Administration released a new economic update on the agency’s official “YouTube” channel today.  www.ncua.gov/News/Pages/NW20130624EconUpdate.aspx

June 21, 2013 - NCUA Places PEF Federal Credit Union into Conservatorship - The National Credit Union Administration today assumed control of service and operations at PEF Federal Credit Union of Highland Heights, Ohio. www.ncua.gov/News/Pages/NW20130621PEFFCU.aspx

June 21, 2013 - 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/2013/nr-occ-2013-104.html

June 21, 2013 - OCC Reports First Quarter Trading Revenue of $7.5 Billion - Insured U.S. commercial banks and savings institutions reported trading revenue of $7.5 billion in the first quarter of 2013, up $3.1 billion from $4.4 billion in the fourth quarter of 2012, and $466 million higher than in the first quarter of 2012, the Office of the Comptroller of the Currency reported today in the OC C's Quarterly Report on Bank Trading and Derivatives Activities. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-103.html

June 21, 2013 - President Bullard’s Comments on Recent FOMC Actions - Federal Reserve Bank of St. Louis President James Bullard dissented with the Federal Open Market Committee decision announced on June 19, 2013. In his view, the Committee should have more strongly signaled its willingness to defend its inflation target of 2 percent in light of recent low inflation readings. www.stlouisfed.org/newsroom/displayNews.cfm?article=1829

June 21, 2013 - 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. The list includes only the top-tier company in each organization. www.federalreserve.gov/bankinforeg/fhc.htm
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June 21, 2013 - 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/2013/nr-occ-2013-104.html

June 19, 2013 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in May suggests that economic activity has been expanding at a moderate pace. Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated.  www.federalreserve.gov/newsevents/press/monetary/20130619a.htm

June 19, 2013 - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the June 18-19 meeting of the Federal Open Market Committee. www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20130619.pdf

June 18, 2013 - Managing Economic Development in Times of Fiscal Uncertainty - Rick Mattoon, Sarah Wetmore - On April 4, 2013, the Federal Reserve Bank of Chicago and the Civic Federation held a conference to examine the impact of state and local tax adjustments, as well as fiscal policy uncertainties, on economic development.   http://chicagofed.org/webpages/publications/chicago_fed_letter/2013/july_312a.cfm

June 18, 2013 - Office of the Comptroller of the Currency Hosts Workshops in Chicago - The Office of the Comptroller of the Currency will host two workshops in Chicago, Ill., at the Gleacher Center, July 30-31, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-99.html

June 18, 2013 - OCC Report Highlights Risks Facing National Banks and Federal Savings Associations - Key risks facing national banks and federal savings associations involve the potential for banks to take excessive risks to improve profitability, revenue challenges from a slow economy, and a surge in sophisticated cyber threats. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-101.html

June 18, 2013 - Supervisory Considerations for the Communication of Supervisory Findings.  www.federalreserve.gov/bankinforeg/srletters/sr1313.pdf

June 18, 2013 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - The federal bank and thrift regulatory agencies today announced the availability of the 2013 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act consideration as "community development."
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20130618a.htm
Press Release: www.fdic.gov/news/news/press/2013/pr13054.html 
Press Release: www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-100.html

June 18, 2013 - Federal Reserve Board issues enforcement action with M&T Bank Corporation and Manufacturers & Traders Trust Company.   www.federalreserve.gov/newsevents/press/enforcement/20130618a.htm

June 17, 2013 - Managing Economic Development in Times of Fiscal Uncertainty - Rick Mattoon, Sarah Wetmore - On April 4, 2013, the Federal Reserve Bank of Chicago and the Civic Federation held a conference to examine the impact of state and local tax adjustments, as well as fiscal policy uncertainties, on economic development. http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cfljuly2013_312a.pdf

June 17, 2013 - The NCUA Report for June 2013 Now Available - The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know. It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions. www.ncua.gov/News/NewsLtrs/Pages/default.aspx

June 17, 2013 - .S. Treasury Community Development Financial Institutions Fund Bank Enterprise Award Program – FY 2013 Funding Round and Application Deadline - The U.S. Treasury Community Development Financial Institutions Fund has announced that it will award $17 million in financial incentives in fiscal year 2013 through its Bank Enterprise Award Program to eligible FDIC-insured depository institutions. www.fdic.gov/news/news/financial/2013/fil13028.html

June 17, 2013 - FDIC Announces Senior Personnel Changes - The Federal Deposit Insurance Corporation has announced that James Wigand, Director of the Office of Complex Financial Institutions, plans to retire. The FDIC Board of Directors has approved the appointments of Arthur J. Murton as the new Director of OCFI and Diane Ellis as the new Director of the Division of Insurance and Research. www.fdic.gov/news/news/press/2013/pr13053.html

June 17, 2013 - Statistical Release - Household Debt and Financial Obligations Ratio - The household debt service ratio is an estimate of the ratio of debt payments to disposable personal income. Debt payments consist of the estimated required payments on outstanding mortgage and consumer debt.   www.federalreserve.gov/releases/housedebt/default.htm

June 17, 2013 - 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

June 14, 2013 - NCUA Signs Letter of Understanding and Agreement with Valley Pride Federal - The National Credit Union Administration has entered into a Letter of Understanding and Agreement with the Valley Pride Federal Credit Union of Plains, Pa., that requires the credit union to take steps to correct unsafe and unsound practices. www.ncua.gov/News/Pages/NW20130612LetterofUnderstanding.aspx

June 14, 2013 - Independent Foreclosure Review Payments Exceed $2.4 Billion - More than 2.7 million checks, totaling more than $2.4 billion, related to the Independent Foreclosure Review Payment Agreement have been cashed or deposited through June 13, 2013. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-98.html

June 14, 2013 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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June 13, 2013 - OCC Publishes "A Common Sense Approach to Community Banking" - The Office of the Comptroller of the Currency announced today that it is publishing on its Web site a new booklet that shares the agency’s perspective on the best practices that distinguish high-performing community banks. http://www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-97.html

June 12, 2013 - FDIC Announces Memorandum of Understanding With Canada Deposit Insurance Corporation - Agreement Provides Formal Basis for Information Sharing and Cooperation Related to Resolution Planning and Implementation - The Federal Deposit Insurance Corporation announced today the signing of a memorandum of understanding (MOU) with the Canada Deposit Insurance Corporation (CDIC) that formalizes and strengthens cross-border cooperation in the event of the failure of a large, complex financial institution operating in both countries. http://www.fdic.gov/news/news/press/2013/pr13051.html

June 12, 2013 - FDIC and CFPB Collaborate to Develop a Tool for Older Adults to Prevent Financial Exploitation - The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) today launched a new financial resource tool, Money Smart for Older Adults, to help older adults and their caregivers prevent elder financial exploitation across the country. http://www.fdic.gov/news/news/press/2013/pr13052.html

June 12, 2013 - Interest on Required Balances and Excess Balances - The Federal Reserve Banks pay interest on required reserve balances (balances held at Reserve Banks to satisfy reserve requirements) and on excess balances (balances held in excess of required reserve balances). http://www.federalreserve.gov/monetarypolicy/reqresbalances.htm

June 12, 2013 - OCC Holds Web Conference for Community Banks on Cyber Threats - The Office of the Comptroller of the Currency (OCC) yesterday held a webinar on cyber threats and vulnerabilities to raise awareness for community banks. http://www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-96.html

June 11, 2013 - Federal Reserve Board issues enforcement action with Northwestern Bancorp and termination of enforcement action with Saehan Bancorp. http://www.federalreserve.gov/newsevents/press/enforcement/2013enforcement.htm

Freedom of Information Act (FOIA) Requests - The Freedom of Information Act (FOIA) is a federal statute that allows any person to obtain records of a federal agency. The agency may only withhold records that are exempt from disclosure by FOIA. http://www.ncua.gov/Resources/FOIA/Pages/default.aspx

June 11, 2013 - Office of the Comptroller of the Currency Hosts Workshops in Wisconsin - The Office of the Comptroller of the Currency will host two workshops in Milwaukee, Wisc., at the Crowne Plaza Milwaukee Airport, July 16-17, for directors of national community banks and federal savings associations. http://www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-95.html

June 11, 2013 - Report to the Congress - GPRA Annual Performance Plan 2013. http://www.federalreserve.gov/publications/gpra/default.htm

June 11, 2013 - Summary of Deposits Survey - The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. http://www.fdic.gov/news/news/financial/2013/fil13027.html

June 11, 2013 - Comptroller Curry Tells Minority Depository Institutions OCC Rules Make It Easier for Minority Institutions to Raise Capital - Comptroller of the Currency Thomas J. Curry told an interagency conference on minority depository institutions (MDI) and community development financial institutions today that the OCC has revised its policy statement on minority institutions to make it easier for those banks and thrifts to raise capital. http://www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-94.html

June 10, 2013 - Consolidated Reports of Condition and Income - With the approval of the Federal Financial Institutions Examination Council (FFIEC), the FDIC and the other banking agencies plan to implement on June 30, 2013, two of the proposed revisions to the Consolidated Reports of Condition and Income (Call Report) issued for comment in February 2013. http://www.fdic.gov/news/news/financial/2013/fil13026.html

June 10, 2013 - St. Louis Fed's Bullard Discusses U.S. Economy and Monetary Policy. http://www.stlouisfed.org/newsroom/displayNews.cfm?article=1814

June 7, 2013 - Advisory on Mandatory Clearing Requirements for Over-the-Counter Interest Rate and Credit Default Swap Contracts. http://www.fdic.gov/news/news/financial/2013/fil13025.html
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June 6, 2013 - Estimating the Trend in Employment Growth - Daniel Aaronson Scott Brave - For the unemployment rate to decline, the U.S. economy needs to generate above-trend job growth. We currently estimate trend employment growth to be around 80,000 jobs per month, and we expect it to decline over the remainder of the decade, due largely to changing labor force demographics and slower population growth. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2013/cfljuly2013_312.pdf

June 6, 2013 - FFIEC Forms Cybersecurity and Critical Infrastructure Working Group - The Federal Financial Institutions Examination Council today announced the formation of a working group to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues. www.ncua.gov/News/Pages/NW20130606Cybersecurity.aspx

June 6, 2013 - Community Banks in Western States Grow Stronger, Agricultural Banks Performing Well - Community banks and thrifts in the western part of the United States are growing stronger as housing, commercial real estate, agriculture and other key business sectors in that region continue to improve, officials from the Office of the Comptroller of the Currency said today. www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-91.html

June 6, 2013 - Housing Market Conditions Report Shows Q1 Home Price Growth in Most Eighth District States - First quarter 2013 house prices were higher across most of the seven states that comprise the Federal Reserve's Eighth District compared with this time last year, according to the St. Louis Fed’s latest Housing Market Conditions report. www.stlouisfed.org/newsroom/displayNews.cfm?article=1811

June 6, 2013 - Supervisory Insights Journal Summer 2013 Issue Now Available - The Summer 2013 issue of Supervisory Insights features articles of critical interest to examiners, bankers, and supervisors. These articles include an overview of the new creditworthiness standards for investment securities with an emphasis on how to conduct credit risk due diligence, the heightened importance of bank information technology examinations, and the importance of ensuring compliance with consumer protection rules and regulations during the planning process for mergers and acquisitions. www.fdic.gov/news/news/financial/2013/fil13022.html

June 6, 2013 - Banker Teleconference on Leveraged Lending Guidance - The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency are co-sponsoring a free 90-minute "Ask-the-Regulator" teleconference at 12:30 p.m. EDT, June 19, 2013, to discuss the recently issued leveraged lending guidance. www.fdic.gov/news/news/financial/2013/fil13023.html

June 6, 2013 - FDIC Report Focuses on Credit Risk Assessment of Investment Securities - "Credit Risk Assessment of Bank Investment Portfolios," which appears in the Summer 2013 issue of Supervisory Insights released today, discusses the new standards of creditworthiness banks now must apply to investment portfolios. www.fdic.gov/news/news/press/2013/pr13048.html

June 6, 2013 - Statistical Release - Z.1 - Financial Accounts of the United States.  www.federalreserve.gov/Releases/Z1/Current/

June 6, 2013 - Governor Sarah Bloom Raskin - Let's Move Forward: The Case for Timely Implementation of Revised Capital Rules - At the Ohio Bankers Day, Columbus, Ohio.  www.federalreserve.gov/newsevents/speech/raskin20130606a.htm

June 5, 2013 - Financial Conditions Remain Looser Than Average - The NFCI and ANFCI were largely unchanged over the course of May, with both continuing to indicate looser-than-average financial conditions. www.chicagofed.org/webpages/publications/nfci/index.cfm

June 5, 2013 - Office of the Comptroller of the Currency Hosts Workshop in Oklahoma - The Office of the Comptroller of the Currency will host a workshop in Tulsa, Okla., at the Embassy Suites Tulsa, July 8-10, for directors of national community banks and federal savings associations.
www.occ.gov/news-issuances/news-releases/2013/nr-occ-2013-90.html

June 5, 2013 - Federal Reserve Releases June Beige Book and Related Sound Clip - Audio highlights of the Federal Reserve's Beige Book, which summarize economic conditions for the United States as a whole and the Fed's Eighth District, are available for downloading. Produced in MP3 format.
www.stlouisfed.org/newsroom/displayNews.cfm?article=1807
www.stlouisfed.org/newsroom/displayNews.cfm?article=1808

June 5, 2013 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/default.htm

June 5, 2013 - Federal Reserve Board approves interim final rule on treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of Dodd-Frank - The Federal Reserve Board on Wednesday approved an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under the so-called swaps push-out provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act. www.federalreserve.gov/newsevents/press/bcreg/20130605a.htm

June 4, 2013 - NCUA Annual Reports Now Available Online - As part of its ongoing efforts to increase transparency, the National Credit Union Administration has posted online annual reports back to 1944. www.ncua.gov/News/Pages/NW20130604AnnualReports.aspx

June 4, 2013 - NCUA: First Quarter 2013 State Data Show Growth in Loans, Assets and Membership - A new analysis of state-level data for federally insured credit unions finds loans, assets and membership grew in the year ending March 31, 2013, according to the National Credit Union Administration. www.ncua.gov/News/Pages/NW20130604Q1MapReview.aspx

June 4, 2013 - 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.  www.fdic.gov/news/news/press/2013/pr13047.html

June 3, 2013 - Solid and Improving Economic Growth Expected in 2013 and 2014, Chicago Fed Automotive Outlook Symposium Participants Say - The 20th annual Automotive Outlook Symposium was held in Detroit on Thursday and Friday, May 30 and 31, and drew more than 80 participants from the manufacturing and banking industries, as well as consulting and service firms and academia. www.chicagofed.org/digital_assets/others/events/2013/automotive_outlook_symposium/aos_press_release.pdf

June 3, 2013 - Is the Information Technology Revolution Over? - David M. Byrne, Stephen D. Oliner, and Daniel E. Sichel - Given the slowdown in labor productivity growth in the mid-2000s, some have argued that the boost to labor productivity from IT may have run its course. This paper contributes three types of evidence to this debate. First, we show that since 2004, IT has continued to make a significant contribution to labor productivity growth in the United States, though it is no longer providing the boost it did during the productivity resurgence from 1995 to 2004. www.federalreserve.gov/pubs/feds/2013/201336/201336pap.pdf

June 3, 2013 - Duration Risk versus Local Supply Channel in Treasury Yields: Evidence from the Federal Reserve's Asset Purchase Announcements - Michael E. Cahill, Stefania D’Amico, Canlin Li, and John S. Sears - The FOMC's announcements of Treasury purchase programs and the subsequent or contemporaneous statements by the New York Fed about the programs' operational details provide a sequence of natural experiments with the potential to shed light on the relative importance of the duration risk channel versus the local supply channel for the transmission of supply effects to the term structure of interest rates. www.federalreserve.gov/pubs/feds/2013/201335/201335pap.pdf

June 3, 2013 - The Effectiveness of the Non-Standard Policy Measures during the Financial Crises: The Experiences of the Federal Reserve and the European Central Bank - Seth B. Carpenter, Selva Demiralp, and Jens Eisenschmidt - A growing number of studies have sought to measure the effects of non-standard policy on bank funding markets. The purpose of this paper is to carry those estimates a step further by looking at the effects of bank funding market stress on the volume of bank lending, using a simultaneous equation approach. www.federalreserve.gov/pubs/feds/2013/201334/201334pap.pdf

June 3, 2013 - A Primer on Farm Mortgage Debt Relief Programs during the 1930s - Jonathan D. Rose - This paper describes New Deal farm mortgage debt relief programs, implemented through the Federal Land Banks and the Land Bank Commissioner. Along with the Home Owners' Loan Corporation, the analogous program for nonfarm residential mortgage borrowers, these were the first large-scale mortgage debt relief programs in US history. www.federalreserve.gov/pubs/feds/2013/201333/201333pap.pdf

June 2, 2013 - Vice Chair Janet L. Yellen - Regulatory Landscapes: A U.S. Perspective - At the International Monetary Conference, Shanghai, China.   www.federalreserve.gov/newsevents/speech/yellen20130602a.htm

June 2, 2013 - Chairman Ben S. Bernanke - The Ten Suggestions - At the Baccalaureate Ceremony at Princeton University, Princeton, New Jersey.   www.federalreserve.gov/newsevents/speech/bernanke20130602a.htm