The E-mail Banking News
(Bank Regulatory News)
June 2014

June 30, 2014 - Federal Reserve announces civil money penalty and issues cease and desist order against BNP Paribas, S.A. - The Federal Reserve on Monday announced a $508 million penalty against BNP Paribas, S.A., Paris, France--the largest penalty ever assessed by the agency--for violations of U.S. sanctions laws.  www.federalreserve.gov/newsevents/press/enforcement/20140630a.htm

June 30, 2014 - Midwest Economic Growth Increased in May - The Midwest Economy Index was +0.41 in May, up from +0.11 in April. - Led by improvements in the manufacturing sector, the Midwest Economy Index increased to +0.41 in May from +0.11 in April, reaching its highest level since December 2013.  www.chicagofed.org/digital_assets/publications/mei/2014/mei_may2014.pdf

June 30, 2014 - NCUA Chief Economist: Economy Growing, but Watch Out for Interest Rate Risk - It took more than six years, but America’s economy has regained all the jobs lost during the Great Recession and its aftermath, according to an analysis by the National Credit Union Administration, which is featured in the agency’s latest online economic update.  www.ncua.gov/News/Pages/NW20140630Economy.aspx

June 30, 2014 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued six orders in June prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20140630ProhibitionOrders.aspx

June 30, 2014 - OCC Hosts Mutual Savings Association Advisory Committee Meeting - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Wednesday, July 23, 2014, in Washington, D.C. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-93.html

June 30, 2014 - Fed’s Williams on Accommodative Stance: “The Bottom Line is, it has Worked” - The Federal Reserve’s continued accommodation has been absolutely the right stance to take, John C. Williams, president and CEO of the San Francisco Federal Reserve said today. www.frbsf.org/our-district/press/news-releases/2014/accommodative-monetary-policy-speech/

June 30, 2014 - Hispanic Population’s Share of Wealth Likely to Increase by 2025 - Wealth owned by Hispanic families could triple within 10 years if trends observed in the past two decades resume, according to new analysis from the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=2242

June 30, 2014 - Basel Coordination Committee Bulletins - Supervisory Guidance for Data, Modeling, and Model Risk Management Under the Operational Risk Advanced Measurement Approaches - The following Basel Coordination Committee Bulletins provide examination guidance relating to the implementation of the advanced approaches risk-based capital rule. www.federalreserve.gov/bankinforeg/basel/basel-coordination-committee-bulletins.htm

June 30, 2014 - Repurchase Agreements in the Financial Accounts of the United States - Runs on a variety of short-term funding markets were central to the financial crisis of 2007 to 2009. One of the main culprits was the market for security repurchase agreements, commonly referred to as RPs or repo (Gorton and Metrick, 2012; Krishnamurthy and Nagel, 2012; Krishnamurthy, Nagel, and Orlov, 2013). www.federalreserve.gov/econresdata/notes/feds-notes/2014/repurchase-agreements-in-the-financial-accounts-of-the-united-states-20140630.html

June 30, 2014 - FRB/US Model - Updated databases - The main FRB/US model package is a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure. The package contains the following files and subdirectories: www.federalreserve.gov/econresdata/frbus/us-models-package.htm

June 30, 2014 - Survey of Terms of Business Lending - MAY 5-9, 2014.  www.federalreserve.gov/releases/e2/current/default.htm

June 30, 2014 - Quarterly Transaction Data - Discount Window Lending Data, Second Quarter 2012.   www.federalreserve.gov/newsevents/reform_discount_window.htm

June 30, 2014 - Federal Reserve Board announces approval of application by First Interstate BancSystem - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by First Interstate BancSystem, Inc., Billings, Montana, to merge with Mountain West Financial Corp. and thereby indirectly acquire Mountain West Bank, N.A., both of Helena, Montana. www.federalreserve.gov/newsevents/press/orders/20140630a.htm

June 30, 2014 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2014 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/20140630a.htm
Press Release: www.fdic.gov/news/news/press/2014/pr14051.html

June 27, 2014 - NCUA - Obama: Credit Unions “Support Americans as They Strive to Reach Their Financial Dreams” - Presidential Message Memorializes 80th Anniversary of Federal Credit Union Act - The White House has issued a Message from the President about the 80th anniversary of the Federal Credit Union Act, praising credit unions for their dedication to providing affordable financial services. www.ncua.gov/News/Pages/NW20140627PresidentialProclamation.aspx

June 27, 2014 - Alva State Bank & Trust Company, Alva, Oklahoma, Assumes All of the Deposits of The Freedom State Bank, Freedom, Oklahoma - The Freedom State Bank, Freedom, Oklahoma, was closed today by the Oklahoma State Banking Department, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alva State Bank & Trust Company, Alva, Oklahoma, to assume all of the deposits of The Freedom State Bank. www.fdic.gov/news/news/press/2014/pr14050.html 

June 27, 2014 - FDIC Makes Public May Enforcement Actions - The FDIC issued a total of 39 orders. The orders included: two consent orders; one prompt corrective action directive; seven removal and prohibition orders; seven section 19 orders; three civil money penalties; 16 orders terminating consent orders and cease and desist orders; one order dismissing notice of assessment of civil money penalties and order to pay; one order terminating supervisory prompt corrective action directive; and one final order of dismissal. www.fdic.gov/news/news/press/2014/pr14049.html

June 27, 2014 - Advanced Notice of a Meeting under Expedited Procedures - Will be held on July 1, 2014. Discussion of Proposed Semiannual Monetary Policy Report to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20140701advexp.htm
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June 27, 2014 - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled for July 2014. http://www.fdic.gov/news/news/press/2014/pr14049.html

June 26, 2014 - Mortgage Performance Improvement Continues, OCC Reports - The performance of first-lien mortgages serviced by large national and federal savings banks improved in the first quarter of 2014, according to a report released today by the Office of the Comptroller of the Currency.  www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-92.html

June 26, 2014 - Financial Market Stress Sets Another Record Low - The St. Louis Fed Financial Stress Index fell to a record low for the third out of the past four weeks. For the week ending June 20, 2014, the STLFSI measured -1.332, down from the previous week’s revised value of -1.311. www.stlouisfed.org/newsroom/displayNews.cfm?article=2241

June 26, 2014 - Notice of a Meeting under Expedited Procedures - Held on June 26, 2014. Discussion of Proposed Enforcement Matter. - On Thursday, June 26, 2014 at 11:00 AM, a meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th and C Streets, N.W., Washington, D.C., to consider the following matters of official Board business Proposed Enforcement Matter. www.federalreserve.gov/aboutthefed/boardmeetings/20140626exp.htm

June 26, 2014 - Frequently Asked Questions - Implementation of Regulation YY Enhanced Prudential Standards for Foreign Banking Organizations - The frequently asked questions below are based on questions received by Board staff during an industry outreach call and other questions the Federal Reserve has received from foreign banking organizations.  www.federalreserve.gov/bankinforeg/topics/faq-enhanced-prudential-standards-fbo.htm

June 26, 2014 - Data now available for use evaluating the individual systemic footprint of 33 large U.S. bank holding companies - The Federal Reserve Board today announced the availability of data that can be used to evaluate the individual systemic footprint of 33 large U.S. bank holding companies.   www.federalreserve.gov/newsevents/press/bcreg/20140626a.htm

June 26, 2014 - NCUA Marks 80th Anniversary of Federal Credit Union Act - Agency Offers Video, Graphics and Other Resources to Credit Unions - Born out of the Great Depression, America’s credit union system has grown larger and stronger in the past 80 years, NCUA Board Chairman Debbie Matz said today as the agency released material marking the anniversary of the Federal Credit Union Act. www.ncua.gov/News/Pages/NW2014062680thAnniversary.aspx

June 26, 2014 - NCUA Premieres New Consumer Compliance Regulatory Resource for Credit Unions - Critical Regulatory Information Consolidated on Easy-to-Use Webpage - To help credit unions comply with the new mortgage rules and other consumer lending rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws, the National Credit Union Administration unveiled a new webpage today. www.ncua.gov/News/Pages/NW20140626ConsumerResource.aspx

June 25, 2014 - Manufacturing Research and Development Leading in Midwest - In a recent blog posting, Chicago Fed’s William Testa discusses innovation in the Midwest manufacturing industry.  http://midwest.chicagofedblogs.org/archives/2014/06/rd_mfg_blog.html

June 25, 2014 - NCUA - Metsger Talks Capital, Risk and Balance - Balance is the key to effective regulation, particularly in issues of capital and risk, National Credit Union Administration Board Member Rick Metsger said Monday. www.ncua.gov/News/Pages/NW20140625MetsgerTalks.aspx

June 25, 2014 - OCC Report Examines Risks Facing National Banks and Federal Savings Associations - Competitive pressures, and strategic and operational risks top the semiannual list of supervisory concerns in a report released today by the Office of the Comptroller of Currency.  www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-91.html

June 25, 2014 - Proposed Regulatory Capital Reporting Changes - The federal banking agencies are requesting comments on proposed revisions to the risk-weighted assets portion of Schedule RC-R, Regulatory Capital, of the Consolidated Reports of Condition and Income.   www.fdic.gov/news/news/financial/2014/fil14032.pdf

June 25, 2014 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities - Statistical Release Structure and Share Data for U.S. Banking Offices of Foreign Entities. www.federalreserve.gov/releases/iba/

June 25, 2014 - Governor Daniel K. Tarullo - Stress Testing after Five Years - At the Federal Reserve Third Annual Stress Test Modeling Symposium, Boston, Massachusetts.  www.federalreserve.gov/newsevents/speech/tarullo20140625a.htm

June 25, 2014 - Federal Reserve Board announces money penalty and issues consent order against Regions Bank - The Federal Reserve Board on Wednesday announced that Regions Bank, Birmingham, Alabama, will pay a $46 million penalty for misconduct related to the process followed by the bank in the first quarter of 2009 for identifying and reporting non-accrual loans. www.federalreserve.gov/newsevents/press/enforcement/20140625a.htm

June 24, 2014 - Economic Growth Forecasts - Views from the Automotive Sector - Chicago Fed Letter reports symposium forecasts for the auto sector and U.S. economy through 2015. http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljuly2014_324b.pdf

June 24, 2014 - Little Rock Burgundy Book: Economic Conditions Improve in the Little Rock Zone - The near-term outlook for the Little Rock zone improved modestly according to a May survey of business contacts. Roughly two-thirds expect economic conditions in 2014 to be better or somewhat better than they were in 2013. www.stlouisfed.org/newsroom/displayNews.cfm?article=2234

June 24, 2014 - Memphis Burgundy Book: Despite Improvement, Contacts Are Less Optimistic About 2014 Prospects - Our quarterly survey of business contacts revealed a slightly less optimistic view of economic conditions in 2014 than three months earlier. Nearly one in five respondents expects conditions this year to be worse than last year. www.stlouisfed.org/newsroom/displayNews.cfm?article=2235

June 24, 2014 - Louisville Burgundy Book: Despite Slower Growth, Louisville Business Contacts Remain Optimistic - A survey of Louisville zone business contacts showed modestly higher levels of optimism about the economy in 2014 than existed three months earlier.   www.stlouisfed.org/newsroom/displayNews.cfm?article=2236

June 24, 2014 - St. Louis Burgundy Book: Mixed Bag: Business Optimism, Job Growth, but Higher Unemployment - Similar to our February survey, a majority of St. Louis-area business contacts continue to expect that local economic conditions in 2014 will be better than last year. 
www.stlouisfed.org/newsroom/displayNews.cfm?article=2237

June 24, 2014 - The Federal Financial Institutions Examination Council today launched a Web page on cybersecurity. The Web page is a central repository for current and future FFIEC-related materials on cybersecurity. www.ffiec.gov/press/pr062414.htm

June 24, 2014 - Taxes and International Risk Sharing - Brendan Epstein, Rahul Mukherjee, and Shanthi P. Ramnath - We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries.  www.federalreserve.gov/pubs/ifdp/2014/1110/ifdp1110.pdf

June 24, 2014 - The Energy Boom and Manufacturing in the United States - William R. Melick - This paper examines the response of U.S. manufacturers to changes in competitiveness brought about by movements in the price of natural gas. I estimate the response of various measures of manufacturing activity using panel regression methods across roughly 80 industries that allow each industry's response to vary with its energy intensity. www.federalreserve.gov/pubs/ifdp/2014/1108/ifdp1108.pdf

June 24, 2014 - Flights to Safety - Lieven Baele, Geert Bekaert, Koen Inghelbrecht, and Min Wei - Using only daily data on bond and stock returns, we identify and characterize flight to safety episodes for 23 countries.  www.federalreserve.gov/pubs/feds/2014/201446/201446pap.pdf

June 24, 2014 - Relative Liquidity and Future Volatility - Marcela Valenzuela, Ilknur Zer, Piotr Fryzlewicz, and Thorsten Rheinlander - The main contribution of this paper is to identify the strong predictive power of the relative concentration of depth provision, rather than volume of orders, over volatility.   www.federalreserve.gov/pubs/feds/2014/201445/201445pap.pdf

June 24, 2014 - Navigating Constraints: The Evolution of Federal Reserve Monetary Policy, 1935-59 - Mark A. Carlson and David C. Wheelock - The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy.  www.federalreserve.gov/pubs/feds/2014/201444/201444pap.pdf

June 24, 2014 - Behavioral Economics and Macroeconomic Models - John C. Driscoll and Steinar Holden - Over the past 20 years, macroeconomists have incorporated more and more results from behavioral economics into their models.  www.federalreserve.gov/pubs/feds/2014/201443/201443pap.pdf

June 24, 2014 - U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies - David Bowman, Juan M. Londono, and Haracio Sapriza - We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies, and we analyze how these effects depend on country-specifc characteristics. www.federalreserve.gov/pubs/ifdp/2014/1109/ifdp1109.pdf

June 24, 2014 - Understanding the Great Recession - Lawrence J. Christiano, Martin S. Eichenbaum, and Mathias Trabandt - We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions interacting with the zero lower bound. www.federalreserve.gov/pubs/ifdp/2014/1107/ifdp1107.pdf

June 24, 2014 - The Decline of Drudgery and the Paradox of Hard Work - Brendan Epstein and Miles S. Kimball - We develop a theory that focuses on the general equilibrium and long-run macroeconomic consequences of trends in job utility. www.federalreserve.gov/pubs/ifdp/2014/1106/ifdp1106.pdf

June 24, 2014 - Deleveraging: Is it over and what was it? - Claudia Sahm - Anyone who has followed the commentary on consumer spending in recent years has heard a lot about household deleveraging. In my opinion, much of the deleveraging talk shifts the focus from spending to debt without adding much new on what is driving household behavior. www.federalreserve.gov/econresdata/notes/feds-notes/2014/deleveraging-is-it-over-and-what-was-it-20140624.html

June 24, 2014 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/

June 24, 2014 - Deadline extension for capital plan resubmissions, no increased capital distribution until Federal Reserve approves, for four firms - The Federal Reserve on Tuesday announced that it has extended the deadline for capital plan resubmissions by Citigroup, Inc., HSBC North America Holdings, Inc., RBS Citizens, Inc., and Santander Holdings USA, Inc. www.federalreserve.gov/newsevents/press/bcreg/20140624a.htm

June 23, 2014 - Proposed Regulatory Capital Reporting Changes - 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, are requesting comment on proposed revisions to the risk-weighted assets portion of Schedule RC-R, Regulatory Capital, in the Consolidated Reports of Condition and Income.   www.fdic.gov/news/news/financial/2014/fil14031.pdf

June 23, 2014 - NCUA Hosting Webinar on Mobile Apps - Learn How Mobile Applications Are Changing the Financial Services Landscape - The growing use of mobile applications and the rewards and risks associated with their usage will be discussed during a free webinar, “Mobile Applications - The Next Step” hosted by the National Credit Union Administration on Wednesday, July 9, 2014, at 2 p.m. Eastern. 
www.ncua.gov/News/Pages/NW20140623Webinar.aspx

June 23, 2014 - Economic Growth Picked Up in May - The Chicago Fed National Activity Index was +0.21 in May, up from –0.15 in April. - Three of the four broad categories of indicators that make up the index made positive contributions to the index in May, and three of the four categories increased from April.   www.chicagofed.org/digital_assets/publications/cfnai/2014/cfnai_june2014.pdf

June 20, 2014 - NCUA - New NCUA Interest Rate Risk Resource Page and Video Now Available - Interest rate risk poses a significant threat to the credit union system, and the National Credit Union Administration today launched a new web resource page for credit unions to use to better understand and prepare for changes in interest rates and the risk those changes present. www.ncua.gov/News/Pages/NW20140620NewResource.aspx 

June 20, 2014 - 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/2014/nr-occ-2014-90.html

June 20, 2014 - Landmark Bank, National Association, Fort Lauderdale, Florida, Assumes All of the Deposits of Valley Bank, Fort Lauderdale, Florida - Valley Bank, Fort Lauderdale, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Landmark Bank, National Association, Fort Lauderdale, Florida, to assume all of the deposits of Valley Bank. www.fdic.gov/news/news/press/2014/pr14048.html

June 20, 2014 - Great Southern Bank, Reeds Spring, Missouri, Assumes All of the Deposits of Valley Bank, Moline, Illinois - Valley Bank, Moline, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Reeds Spring, Missouri, to assume all of the deposits of Valley Bank. www.fdic.gov/news/news/press/2014/pr14047.html

June 20, 2014 - Legal Developments - Section 19 letters, November 26, 2013, and April 30, 2014.   www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2014.htm

June 20, 2014 - Statistical Release - Household Debt Service and Financial Obligations Ratios - Household debt service payments and financial obligations as a percentage of disposable personal income; seasonally adjusted.  www.federalreserve.gov/releases/housedebt/default.htm

June 20, 2014 - 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 19, 2014 - Financial Market Stress Falls to All-Time Low for Second Time in Three Weeks - The St. Louis Fed Financial Stress Index fell to an all-time low for the second time in three weeks. For the week ending June 13, 2014, the STLFSI measured -1.303, down modestly from the previous week’s revised value of -1.264. www.stlouisfed.org/newsroom/displayNews.cfm?article=2231

June 19, 2014 - Intercompany Income Tax Allocation Agreements - Addendum to Policy Statement - The federal banking agencies have approved an addendum that supplements and clarifies the 1998 Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure.   www.fdic.gov/news/news/financial/2014/fil14030.html

June 19, 2014 - Federal Reserve offers seven-day term deposits through its Term Deposit Facility - On June 23, 2014, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility. The Federal Reserve will offer seven-day term deposits with an interest rate of 0.28000 percent and a maximum tender amount of $10,000,000,000. www.federalreserve.gov/newsevents/press/monetary/20140619a.htm

June 19, 2014 - NCUA - Senate Confirms McWatters to NCUA Board - The U.S. Senate today confirmed J. Mark McWatters as a National Credit Union Administration Board Member. www.ncua.gov/News/Pages/NW20140619McWatters.aspx

June 19, 2014 - NCUA - June 2014 Board Meeting: NCUA Board Proposes Allowing Credit Unions to Securitize their Own Assets - The National Credit Union Administration Board convened its sixth scheduled open meeting of 2014 at the agency’s headquarters here today. www.ncua.gov/about/Pages/Board%20Actions/BAB20140619.aspx

June 18, 2014 - Office of the Comptroller of the Currency Hosts Ohio Workshop for New and Experienced Bank Directors - The Office of the Comptroller of the Currency will host a workshop in Columbus, Ohio, at the Sheraton Columbus Hotel at Capitol Square, July 28-30, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-89.html

June 18, 2014 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in April indicates that growth in economic activity has rebounded in recent months. Labor market indicators generally showed further improvement. The unemployment rate, though lower, remains elevated. www.federalreserve.gov/newsevents/press/monetary/20140618a.htm

June 18, 2014 - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 17-18 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 17-18 meeting of the Federal Open Market Committee. www.federalreserve.gov/newsevents/press/monetary/20140618b.htm

June 17, 2014 - The NCUA Report for June 2014 Now Available.  www.ncuareport.org/ncuareport/june_2014#pg1

June 17, 2014 - NCUA Hosts Second Anti-Money Laundering Webinar with OFAC and FinCEN - The National Credit Union Administration will host part two of its webinar series, “How to Be in Compliance with OFAC and FinCEN” on Wednesday, June 25, at 2 p.m. Eastern.
www.ncua.gov/News/Pages/NW20140617Webinar.aspx

June 17, 2014 - OCC Hosts Risk Assessment and Compliance Risk Workshops in Minneapolis - The Office of the Comptroller of the Currency will host two workshops in Minneapolis, Minn., at the Hyatt Regency Minneapolis, July 22-23, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-88.html

June 17, 2014 - Notice of a Meeting under Expedited Procedures - Held on June 17, 2014. Discussion of Medium-Term Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20140617exp.htm

June 17, 2014 - Federal Reserve Board issues enforcement action with First Southern Bank.   www.federalreserve.gov/newsevents/press/enforcement/enf20140617a1.pdf

June 16, 2014 - FDIC Releases Proposed Rulemaking to Amend Annual Stress Test Rule - The Federal Deposit Insurance Corporation today announced it is seeking comment on a notice of proposed rulemaking amending the FDIC's Annual Stress Test rule. The FDIC's NPR follows similar action by the Federal Reserve Board and the Office of Comptroller of the Currency on June 12. www.fdic.gov/news/news/press/2014/pr14046.html

June 16, 2014 - Supervision Manual - Consumer Compliance Handbook, June 2014 update.   www.federalreserve.gov/boarddocs/supmanual/supervision_cch.htm

June 16, 2014 - Notice of a Meeting under Expedited Procedures - Was held on June 16, 2014. 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/20140616exp.htm

June 16, 2014 - Industrial production rose 0.6 percent in May after having declined 0.3 percent in April. The decrease in April was previously reported to have been 0.6 percent. Manufacturing output increased 0.6 percent in May after having moved down 0.1 percent in the previous month.   www.federalreserve.gov/releases/g17/Current/default.htm

June 16, 2014 - Lael Brainard sworn in as member of the Board of Governors of the Federal Reserve System, Jerome H. Powell sworn in for second term, and Stanley Fischer sworn in as Vice Chairman of the Board.  www.federalreserve.gov/newsevents/press/other/20140616a.htm

June 13, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.    www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 13, 2014 - Advanced Notice of a Meeting under Expedited Procedures - Will be held on June 16, 2014. 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/20140616advexp.htm

June 13, 2014 - Federal banking regulators finalize joint supplemental guidance on income tax allocation agreements - Federal banking regulators on Friday issued final supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions. An aim of the guidance is to reduce confusion regarding ownership of tax refunds.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140613a.htm
Press Release: www.fdic.gov/news/news/press/2014/pr14045.html
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-87.html
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June 12, 2014 - Industrial Cities Initiative Profiled in New Report - Posted on June 12, 2014 by Emily Engel - Community Development and Policy Studies at the Chicago Fed recently published profiles of a group of 10 cities that experienced significant manufacturing job loss in recent decades. http://cdps.chicagofedblogs.org/?p=1436 

June 12, 2014 - OCC Releases Proposed Rulemaking to Amend Annual Stress Test Rule - This proposed rule would shift back the timing of the annual stress testing cycle by approximately 90 days, and clarify that institutions covered by the Annual Stress Test rule will not have to calculate their regulatory capital ratios using the Basel III advanced approaches until the stress testing cycle beginning on January 1, 2016. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-86.html

June 12, 2014 - Financial Market Stress Rises Modestly over Previous Week - The St. Louis Fed Financial Stress Index rose modestly over the previous week. This was the first increase in five weeks. For the week ending June 6, 2014, the STLFSI measured -1.256, up from the previous week’s revised value of -1.289. The STLFSI has been below zero for 127 consecutive weeks. www.stlouisfed.org/newsroom/displayNews.cfm?article=2224

June 12, 2014 - Report to the Congress - Profitability of Credit Card Operations of Depository Institutions, June 2014.   www.federalreserve.gov/publications/other-reports/files/ccprofit2014.pdf

June 12, 2014 - Federal Reserve Board invites comment on proposal to modify regulations for capital planning and stress testing - The proposed rule would shift the start date of the capital plan and stress test cycles from October 1 of a calendar year to January 1 of the following calendar year.   www.federalreserve.gov/newsevents/press/bcreg/20140612a.htm

June 12, 2014 - NCUA - Agenda for the 6/19/2014 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20140619.aspx

June 11, 2014 - OCC Hosts Minority Depository Institutions Advisory Committee Meeting - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee on Wednesday, June 25, 2014, in Dallas, Texas. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-85.html

June 11, 2014 - *Media Advisory* A St. Louis Regional Economic Briefing.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2129

June 11, 2014 - Louise L. Roseman, Director, Division of Reserve Bank Operations and Payment Systems - Statement for the Record on currency developments and management of coin distribution - Submitted to the Subcommittee on Monetary Policy and Trade, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/roseman20140611a.htm

June 10, 2014 - OCC Announces Executive Changes - Comptroller of the Currency Thomas J. Curry today announced Jennifer Kelly will succeed John Lyons as the agency’s Senior Deputy Comptroller for Bank Supervision Policy and Chief National Examiner when Mr. Lyons retires August 1. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-84.html

June 10, 2014 - Frequently Asked Questions - Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.   www.federalreserve.gov/bankinforeg/volcker-rule/faq.htm

June 10, 2014 - Federal Reserve Board issues enforcement action with Allied First Bancorp.   www.federalreserve.gov/newsevents/press/enforcement/enf20140610a1.pdf

June 9, 2014 - FDIC Announces Improvements to Deposit Insurance Education Materials - The Federal Deposit Insurance Corporation today announced significant new improvements to the deposit insurance education materials available on the FDIC's website.  www.fdic.gov/news/news/press/2014/pr14044.html

June 9, 2014 - Governor Daniel K. Tarullo - Corporate Governance and Prudential Regulation - At the Association of American Law Schools 2014 Midyear Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/tarullo20140609a.htm

June 9, 2014 - St. Louis Fed’s Bullard Discusses Stance of Monetary Policy, Economy Relative to Pre-Crisis Levels - Federal Reserve Bank of St. Louis President James Bullard discussed “How Far Is the FOMC from Its Goals?” at the Tennessee Bankers Association’s annual meeting on Monday. www.stlouisfed.org/newsroom/displayNews.cfm?article=2220

June 9, 2014 - Deputy Comptroller Addresses Veterans Association of Real Estate Professionals - Deputy Comptroller for Community Affairs Barry Wides today discussed programs and initiatives to support and protect the banking needs of U.S. servicemembers and veterans in remarks before the Veterans Association of Real Estate Professionals. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-83.html

June 6, 2014 - After Detroit: How Will Illinois and Its Communities Respond? - Chicago Fed Letter explores how Chicago and other municipalities are avoiding and resolving fiscal stress following Detroit’s bankruptcy. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljuly2014_324a.pdf

June 6, 2014 - Housing Market Conditions Continue To Improve During First Quarter 2014 - Housing market conditions continued to improve across states that comprise the St. Louis Fed's Eighth District during the first quarter of 2014, with mortgage delinquencies declining for the fourth quarter in a row and home prices rising slightly in all states except one, according to the St. Louis Fed’s latest Housing Market Conditions report. www.stlouisfed.org/newsroom/displayNews.cfm?article=2211

June 6, 2014 - The Welfare Costs of Skill-Mismatch Employment - David M. Arseneau and Brendan Epstein - Skill-mismatch employment occurs when high-skilled individuals accept employment in jobs for which they are over-qualified. These employment relationships can be beneficial because they allow high-skilled individuals to more rapidly transition out of unemployment. www.federalreserve.gov/pubs/feds/2014/201442/201442pap.pdf

June 6, 2014 - Bank Failure, Relationship Lending, and Local Economic Performance - John Kandrac - Whether bank failures have adverse effects on local economies is an important question for which there is conflicting and relatively scarce evidence.   www.federalreserve.gov/pubs/feds/2014/201441/201441pap.pdf

June 6, 2014 - When are the Effects of Fiscal Policy Uncertainty Large? - Benjamin K. Johannsen - Using a new-Keynesian model with endogenous capital accumulation, I show that uncertainty about fiscal policy can cause large declines in consumption, investment, and output when the zero lower bound binds, but has modest effects when the monetary authority is not constrained by the ZLB. www.federalreserve.gov/pubs/feds/2014/201440/201440pap.pdf

June 6, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 6, 2014 - Governor Jerome H. Powell - A Conversation on Central Banking Issues- At the 2014 Spring Membership Meeting, Institute for International Finance, London, United Kingdom www.federalreserve.gov/newsevents/speech/powell20140606a.htm

June 6, 2014 - Federal Reserve Board announces appointment of Eric S. Belsky as Director of the Division of Consumer and Community Affairs - The Federal Reserve Board on Friday announced the appointment of Eric S. Belsky as Director of the Division of Consumer and Community Affairs. He is expected to start at the Board in August. www.federalreserve.gov/newsevents/press/other/20140606a.htm

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June 5, 2014 - Financial Market Stress Falls to Its Lowest Level on Record - The St. Louis Fed Financial Stress Index fell to its lowest level on record (back to December 1993) for the week ending May 30, 2014. In the current reporting week, the STLFSI measured -1.281, down modestly from the previous week’s revised value of -1.237. www.stlouisfed.org/newsroom/displayNews.cfm?article=2212

June 5, 2014 - Summary of Deposits Survey - Filing for June 30, 2014 - The Summary of Deposits 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.  www.fdic.gov/news/news/financial/2014/fil14029.html 

June 5, 2014 - Statistical -Financial Accounts of the United States - Z.1.  www.federalreserve.gov/releases/z1/Current/z1.pdf

June 5, 2014 - Federal Open Market Committee announces its tentative meeting schedule for 2015.    www.federalreserve.gov/newsevents/press/monetary/20140605b.htm

June 5, 2014 - May NCUA Board Meeting Video Now Available Online - www.ncua.gov/News/Pages/NW20140605BoardMeeting.aspx

June 5, 2014 - NCUA: State Data Show Loan, Membership Growth Gain Speed in First Quarter 2014 - A new analysis of state-level data by the National Credit Union Administration shows several key performance measures, particularly loan and membership growth, rising at federally insured credit unions in the year ending March 31, 2014.  www.ncua.gov/News/Pages/NW20140605QuarterlyMapReview.aspx

June 5, 2014 - Federal Reserve Board announces termination of enforcement actions with Anchor Commercial Bank, Columbia Commercial Bancorp, Patriot Bancshares, Inc., and Patriot Holdings Nevada, Inc. www.federalreserve.gov/newsevents/press/enforcement/20140605a.htm

June 4, 2014 - Update on Financial Conditions - The NFCI and ANFCI were little changed in May, with both indexes continuing to indicate looser-than-average financial conditions. http://chicagofed.org/webpages/publications/nfci/index.cfm

June 4, 2014 - OCC Hosts Risk Assessment and Credit Risk Workshops in Seattle - The Office of the Comptroller of the Currency will host two workshops in Seattle at the Westin Seattle, July 8-9, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-82.html

June 4, 2014 - 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. The entire Beige Book audio clip is produced in MP3 format.
www.stlouisfed.org/newsroom/displayNews.cfm?article=2213
www.stlouisfed.org/newsroom/displayNews.cfm?article=2214

June 4, 2014 - 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/2014/pr14042.html

June 4, 2014 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/files/BeigeBook_20140604.pdf

June 4, 2014 - Monetary Policy and Real Borrowing Costs at the Zero Lower Bound - Simon Gilchrist, David Lopez-Salido, and Egon Zakrajsek - This paper compares the effects of conventional monetary policy on real borrowing costs with those of the unconventional measures employed after the target federal funds rate hit the zero lower bound.  www.federalreserve.gov/pubs/feds/2014/201439/201439pap.pdf

June 4, 2014 - Assessing the Effects of the Zero-Interest-Rate Policy through the Lens of a Regime-Switching DSGE Model - Han Chen - Standard dynamic stochastic general equilibrium (DSGE) models assume a Taylor rule and forecast an increase in interest rates immediately after the 2007-2009 economic recession given the predicted output and inflation, contradictory to the extended period of near-zero interest rate policy conducted by the Federal Reserve.  www.federalreserve.gov/pubs/feds/2014/201438/201438pap.pdf

June 4, 2014 - Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden - The federal bank regulatory agencies today published the first of a series of requests for comments to identify outdated, unnecessary, or unduly burdensome regulations imposed on insured depository institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140604a.htm
Press Release: www.fdic.gov/news/news/press/2014/pr14043.html
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-81.html

June 3, 2014 - NCUA - Bruns Selected as NCUA Deputy Inspector General - National Credit Union Administration Inspector General James Hagen today announced the selection of William Bruns as the agency’s next Deputy Inspector General. www.ncua.gov/News/Pages/NW20140603BurnsDeputyInspectorGeneral.aspx

June 3, 2014 - NCUA: Credit Union Expansion Continued during First Quarter - Higher Interest Rates and Long-Term Investment Growth Remain of Concern - America’s credit union system continued to grow during the first quarter of 2014, although higher interest rates during the first quarter that slowed mortgage originations and ongoing growth in long-term investments are still concerns, the National Credit Union Administration reported today. www.ncua.gov/News/Pages/NW20140603Expansion1stQtr.aspx

June 3, 2014 - Sovereign Debt Crises - Ricardo Correa and Horacio Sapriza - Sovereign debt crises have been recurrent events over the past two centuries. In recent years, the timing of sovereign crises has coincided or has directly followed banking crises.  www.federalreserve.gov/pubs/ifdp/2014/1104/ifdp1104.pdf

June 3, 2014 - Legal Interpretations - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2014.htm

June 3, 2014 - Federal Reserve announces new schedule of margins applicable for collateral pledged by depository institutions - Federal Reserve announces new schedule of margins applicable for collateral pledged by depository institutions.  www.federalreserve.gov/newsevents/press/monetary/20140603a.htm

June 3, 2014 - Federal Reserve Board issues enforcement action with CBOA Financial, Inc., and announces termination of enforcement action with Foundation Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/enf20140603a1.pdf

June 2, 2014 - Chicago Fed Symposium Economic Outlook for 2014-2015 - Solid and improving economic growth expected, according to Chicago Fed Automotive Outlook Symposium participants. www.chicagofed.org/digital_assets/others/events/2014/automotive_outlook_symposium/aos_press_release.pdf

June 2, 2014 - OCC Releases CRA Evaluations for 36 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 May 1, 2014 through May 31, 2014. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-80.html

June 2, 2014 - OCC Seeks Members for Its Minority Depository Institutions Advisory Committee - The Office of the Comptroller of the Currency is seeking nominations for members for its Minority Depository Institutions Advisory Committee. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-79a.pdf

June 2, 2014 - OCC Seeks Members for Its Mutual Savings Association Advisory Committee - The Office of the Comptroller of the Currency is seeking nominations for members for its Mutual Savings Association Advisory Committee.  www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-78a.pdf

June 2, 2014 - OCC Issues Third Quarter CRA Evaluation Schedule.  www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-77.html

June 2, 2014 - Regulatory Reform - Communications with the public through June 2, 2014 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. During the rulemaking process, meetings will take place between the Board and the public--representatives of bank organizations, consumer groups, trade associations, researchers and academics--that allow the Board to gather information and help educate the public on matters subject to agency rulemaking. www.federalreserve.gov/newsevents/reform_meetings.htm

June 2, 2014 - Notice of a Meeting under Expedited Procedures - On Monday, June 2, 2014 at 11:30 AM, a meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th and C Streets, N.W., Washington, D.C., to consider the following matters of official Board business. www.federalreserve.gov/aboutthefed/boardmeetings/20140602exp.htm

June 2, 2014 - The effect of labor slack on wages: Evidence from state-level relationships - Christopher L. Smith - Over the past several years, increases in most broad measures of wages have been quite muted, which many would consider symptomatic of weak demand for labor.  www.federalreserve.gov/econresdata/notes/feds-notes/2014/effect-of-labor-slack-on-wages-evidence-from-state-level-relationships-20140602.html

June 2, 2014 - Using cross-state variation to assess the potential for additional improvement in measures of labor market conditions - While the national unemployment rate and the monthly change in payroll employment receive considerable attention among analysts seeking to assess the current state of the labor market, a broader range of labor market indicators are potentially also useful.  www.federalreserve.gov/econresdata/notes/feds-notes/2014/using-cross-state-variation-to-assess-the-potential-for-additional-improvement-in-measures-of-labor-market-conditions-20140602.html