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

June 30, 2016 - Information Technology Risk Examination (InTREx) Program - The FDIC updated its information technology and operations risk (IT) examination procedures to provide a more efficient, risk-focused approach. This enhanced program also provides a cybersecurity preparedness assessment and discloses more detailed examination results using component ratings. https://www.fdic.gov/news/news/financial/2016/fil16043.html

June 30, 2016 - Midwest Economic Growth Slowed in May - The Midwest Economy Index was +0.12 in May, down from +0.28 in April.   www.chicagofed.org/~/media/publications/mei/2016/mei-may2016-pdf.pdf?la=en

June 30, 2016 - Comptroller Discusses Efforts to Promote Community Revitalization - Comptroller of the Currency Thomas J. Curry today discussed efforts to promote community revitalization through responsibly innovative funding and other assistance to support rehabilitation of homes in distressed communities. www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-75.pdf

June 30, 2016 - Frequently Asked Questions on Identifying, Accepting and Reporting Brokered Deposits - The FDIC is finalizing updates to its Frequently Asked Questions regarding identifying, accepting and reporting brokered deposits.  www.fdic.gov/news/news/financial/2016/fil16042.html

June 30, 2016 - Information Technology Risk Examination (InTREx) Program - The FDIC updated its information technology and operations risk examination procedures to provide a more efficient, risk-focused approach. www.fdic.gov/news/news/financial/2016/fil16043.html

June 30, 2016 - Unconventional Monetary Policy and International Risk Premia - John H. Rogers, Chiara Scotti, and Jonathan H. Wright - We assess the relationship between monetary policy, foreign exchange risk premia and term premia at the zero lower bound.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1172.pdf 

June 30, 2016 - The Effect of Monetary Policy on Housing Tenure Choice as an Explanation for the Price Puzzle - Daniel A. Dias and João B. Duarte - In this paper we provide an alternative explanation for the price puzzle (Sims 1992) based on the effect of monetary policy on housing tenure choice and the weight of the shelter component in overall CPI.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1171.pdf

June 30, 2016 - Regulatory Reform - Discount Window Lending, 2014:Q2 - The discount window helps to relieve liquidity strains for individual depository institutions and for the banking system as a whole by providing a reliable backup source of funding.  www.federalreserve.gov/newsevents/reform_discount_window.htm

June 30, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in June has issued six notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2016-june-prohibition-orders.aspx

June 29, 2016 - Update on Financial Conditions - The NFCI increased for the fourth straight week, reaching its highest level since February in the week ending June 24. www.chicagofed.org/publications/nfci/index

June 29, 2016 - Findings on Relative Deprivation from the Survey of Household Economics and Decisionmaking - Sam Dodini - The Federal Reserve's Survey of Household Economics and Decisionmaking (SHED) contains questions designed to ascertain overall economic well-being and fragility, which can be used to gauge both the perceptions individuals have about their own economic status and an approximation of their actual financial health. www.federalreserve.gov/econresdata/notes/feds-notes/2016/findings-on-relative-deprivation-from-the-survey-of-household-economics-and-decisionmaking-20160629.html

June 29, 2016 - Federal Reserve releases results of Comprehensive Capital Analysis and Review - The Federal Reserve Board on Wednesday announced it has not objected to the capital plans of 30 bank holding companies participating in the Comprehensive Capital Analysis and Review.  www.federalreserve.gov/newsevents/press/bcreg/20160629a.htm

June 28, 2016 - Federal Reserve Board announces approval of application by Bank of the Ozarks, Inc. - The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Bank of the Ozarks, Inc., Little Rock, Arkansas, to merge with Community & Southern Holdings, Inc., and thereby indirectly acquire Community & Southern Bank, both of Atlanta, Georgia. www.federalreserve.gov/newsevents/press/orders/20160628b.htm

June 28, 2016 - Federal Reserve Board announces approval of application by Ohio Valley Banc Corp. - The Federal Reserve Board on Tuesday announced its approval of the application under section 3 of the Bank Holding Company Act by Ohio Valley Banc Corp., Gallipolis, to merge with Milton Bancorp, Inc., Wellston, and thereby indirectly acquire it subsidiary bank, The Milton Banking Company, Wellston, all of Ohio. www.federalreserve.gov/newsevents/press/orders/20160628a.htm

June 28, 2016 - Jerome H. Powell, Governor - Recent Economic Developments, Monetary Policy Considerations and Longer-term Prospects - At the Chicago Council on Global Affairs, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/powell20160628a.pdf

June 28, 2016 - Macroeconomic Sources of Recent Interest Rate Fluctuations - Behavior of asset prices seems to reflect large decline in oil prices more than recent divergence between U.S. and European monetary policy. - The authors use a new statistical method to attribute daily changes in U.S. Treasury yields and inflation compensation to changes in investor beliefs about domestic and foreign growth, inflation, and monetary policy.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl363-pdf.pdf

June 28, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of West Virginia Affected by Severe Storms, Flooding, Landslides, and Mudslides - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of West Virginia affected by severe weather. www.fdic.gov/news/news/financial/2016/fil16041.html

June 28, 2016 - FDIC Initiates Small Business Lending Survey - The Federal Deposit Insurance Corporation today announced the launch of a survey of banks regarding their small business lending practices. The web-based survey of roughly 2,000 randomly selected FDIC-insured banks will begin in late June and will be administered by the U.S. Census Bureau on behalf of the FDIC. www.fdic.gov/news/news/press/2016/pr16054.html

June 28, 2016 - Federal Open Market Committee announces its tentative meeting schedule for 2017.  www.federalreserve.gov/newsevents/press/monetary/20160628a.htm

June 28, 2016 - Federal Reserve Board announces termination of enforcement actions with Century Bank of Florida, Pilot Bancshares, Inc., and Pilot Bank.   www.federalreserve.gov/newsevents/press/enforcement/20160628a.htm

June 27, 2016 - NCUA Monitoring Credit Unions in Flooded Areas of West Virginia - ?Agency Working to Ensure Access to Needed Financial Services for Members; Share Deposits Remain Protected by Share Insurance Fund - The National Credit Union Administration will work with federally insured credit unions that may have been affected by the recent severe flooding in West Virginia to help protect consumers and ensure the continuity of credit union services. www.ncua.gov/newsroom/Pages/news-2016-june-ncua-monitoring-west-va-credit-unions.aspx

June 27, 2016 - NCUA - Metsger: CDFI Certification can Help Credit Unions Better Serve Members, Communities - NCUA Working to Add More than 200 Certified Credit Unions by the End of 2016 - Credit unions certified as Community Development Financial Institutions can do more to serve members and their communities, and National Credit Union Administration Board Chairman Rick Metsger encouraged qualified credit unions to seek certification. www.ncua.gov/newsroom/Pages/news-2016-june-metsger-cdfi-certification.aspx

June 27, 2016 - Economic and Agricultural Outlook - Nathan Kauffman Omaha Branch Executive and Economist Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-kauffman-ifbf-06-27.pdf

June 27, 2016 - Do Macro Variables Help Forecast Interest Rates? - Michael D. Bauer and James D. Hamilton - Some recent research has suggested that macroeconomic variables, such as output and inflation, can improve interest rate forecasts. However, the evidence for this puzzling result is based on unreliable statistical tests.  www.frbsf.org/economic-research/publications/economic-letter/2016/june/do-macroeconomic-variables-help-forecast-interest-rates/

June 27, 2016 - Labor Force Transitions at Older Ages: Burnout, Recovery, and Reverse Retirement - Lindsay Jacobs and Suphanit Piyapromdee - Partial and reverse retirement are two key behaviors characterizing labor force dynamics for individuals at older ages, with half working part-time and over a third leaving and later re-entering the labor force.  www.federalreserve.gov/econresdata/feds/2016/files/2016053pap.pdf

June 27, 2016 - Funding Liquidity Risk and the Cross-section of MBS Returns - Yuriy Kitsul and Marcelo Ochoa - This paper shows that funding liquidity risk is priced in the cross-section of excess returns on agency mortgage-backed securities.  www.federalreserve.gov/econresdata/feds/2016/files/2016052pap.pdf

June 27, 2016 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

June 24, 2016 - FDIC Makes Public May Enforcement Actions;- No Administrative Hearings Scheduled for July 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in May.  www.fdic.gov/news/news/press/2016/pr16053.html

June 24, 2016 - The Young and the Carless? The Demographics of New Vehicle Purchases - Christopher Kurz, Geng Li, and Daniel Vine - U.S. sales of new light vehicles have rebounded strongly since the end of the 2007-09 recession and are considered one of the bright spots of the recovery.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/the-young-and-the-carless-the-demographics-of-new-vehicle-purchases-20160624.html

June 24, 2016 - Federal Reserve Board announces approval of application by Banque SYZ SA - The Federal Reserve Board on Friday announced its approval of the application by Banque SYZ SA, Geneva, Switzerland, to establish a representative office in Miami, Florida. www.federalreserve.gov/newsevents/press/orders/20160624a.htm

June 24, 2016 - Federal Reserve is carefully monitoring developments in global financial markets - The Federal Reserve is carefully monitoring developments in global financial markets, in cooperation with other central banks, following the results of the U.K. referendum on membership in the European Union.  www.federalreserve.gov/newsevents/press/monetary/20160624a.htm 

June 23, 2016 - Macroeconomic Sources of Recent Interest Rate Fluctuations - Stefania D’Amico , Thomas King , Min Wei - The authors use a new statistical method to attribute daily changes in U.S. Treasury yields and inflation compensation to changes in investor beliefs about domestic and foreign growth, inflation, and monetary policy.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl363-pdf.pdf

June 23, 2016 - Federal Reserve releases results of supervisory bank stress tests - The nation's largest bank holding companies continue to build their capital levels and improve their credit quality, strengthening their ability to lend to households and businesses during a severe recession, according to the results of supervisory stress tests announced by the Federal Reserve Board on Thursday. www.federalreserve.gov/newsevents/press/bcreg/20160623a.htm
________________

June 24, 2016 - 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. No administrative hearings are scheduled for July 2016. https://www.fdic.gov/news/news/press/2016/pr16053.html

June 23, 2016 - Comptroller Highlights Effort To Develop A Framework for Evaluating Responsible Innovation - Comptroller of the Currency Thomas J. Curry today highlighted his agency’s effort to develop a framework for identifying and evaluating responsible innovation. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-74.html

June 23, 2016 - St. Louis Fed Financial Stress Index Rises but Remains Below Normal - Financial stress increased in the latest reporting week, according to the St. Louis Fed Financial Stress Index, reversing the previous week’s decline.  www.stlouisfed.org/news-releases/2016/06/23/st-louis-fed-financial-stress-index-rises-but-remains-below-normal

June 23, 2016 - NCUA: Community Development Grant Applicants Have Seven Days Left to File- Application Deadline is June 30; NCUA Reminds Applicants of New Requirement - Eligible credit unions have seven days remaining to apply for Community Development Revolving Loan Fund grant assistance through the National Credit Union Administration, the agency said today.  www.ncua.gov/newsroom/Pages/news-2016-june-grant-application-deadline.aspx

June 23, 2016 - A Cautionary Note on the Help Wanted Online Data - Tomaz Cajner and David Ratner - Measuring labor demand is one of the crucial tasks in analyzing the labor market. In the case of the United States, two main data sources geared towards this objective are the Job Openings and Labor Turnover Survey, administered by the Bureau of Labor Statistics, and the Conference Board Help Wanted Online series. www.federalreserve.gov/econresdata/notes/feds-notes/2016/a-cautionary-note-on-the-help-wanted-online-data-20160623.html 

June 23, 2016 - Occupational Choice, Retirement, and the Effects of Disability Insurance - Lindsay Jacobs - There is much variation in the physical requirements across occupations, giving rise to great differences in later-life productivity, disability risk, and the value of Social Security Disability Insurance.  www.federalreserve.gov/econresdata/feds/2016/files/2016051pap.pdf

June 23, 2016 - Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry - Nathan Foley-Fisher, Borghan Narajabad, and Stephane Verani - The existing literature implicitly or explicitly assumes that securities lenders primarily respond to demand from borrowers and reinvest their cash collateral through short-term markets. www.federalreserve.gov/econresdata/feds/2016/files/2016050pap.pdf

June 23, 2016 - Economic Growth Slightly Below Average in May - The Chicago Fed National Activity Index (CFNAI) was -0.17 in May, up from -0.19 in April. www.chicagofed.org/publications/cfnai/index

June 22, 2016 - Quarterly Debt Monitor: Consumer Debt Rises for 10th Quarter in a Row - The Center for Household Financial Stability at the Federal Reserve Bank of St. Louis has released the inaugural issue of the report, The Quarterly Debt Monitor: Trends in Consumer Debts in St. Louis, Little Rock, Louisville, Memphis – and Beyond. www.stlouisfed.org/news-releases/2016/06/22/quarterly-debt-monitor-consumer-debt-rises-for-10th-quarter-in-a-row

June 22, 2016 - 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 Tuesday, July 12, 2016, beginning at 8:30 a.m., Eastern Daylight Time. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-73.html

June 22, 2016 - Beverly F. Cole Named Deputy Comptroller for Compliance Supervision - The Office of the Comptroller of the Currency today announced Beverly F. Cole will become its Deputy Comptroller for Compliance Supervision.  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-72.html

June 22, 2016 - Proposed Rulemaking to Remove References to Credit Ratings from the FDIC'S International Banking Regulations - On June 21, 2016, the FDIC Board of Directors adopted the attached Notice of Proposed Rulemaking and request for comment, which would amend the FDIC's international banking regulations related to permissible investment activities and the pledging of assets.  www.fdic.gov/news/news/financial/2016/fil16040.html

June 22, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on June 22, 2016, at 2:00 p.m. Matter considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Act Stress Tests, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20160622exp.htm

June 22, 2016 - Stanley Fischer, Vice Chairman - Comments on the Resolution Framework for Banks and Bank Holding Companies in the United States - At the Panel Discussion on Resolution Riksbank Macroprudential Conference, Stockholm, Sweden.  www.federalreserve.gov/newsevents/speech/fischer20160622a.htm

June 21, 2016 - NCUA Micro-Enterprise Lending Webinar Can Help Credit Unions Serve Businesses - Credit unions can learn how to assist member small businesses while helping their own bottom lines by joining the National Credit Union Administration’s upcoming webinar, “Micro-Enterprise Lending – Making Loans to Small Businesses.” www.ncua.gov/newsroom/Pages/news-2016-june-ncua-micro-enterprise-lending-webinar.aspx

June 21, 2016 - St. Louis Fed Releases St. Louis Burgundy Book - On June 21, the Federal Reserve Bank of St. Louis published its latest St. Louis Burgundy Book, a quarterly review of economic information for the St. Louis Zone of the Eighth District. www.stlouisfed.org/news-releases/2016/06/21/st-louis-fed-releases-st-louis-burgundy-book

June 21, 2016 - St. Louis Fed Releases Memphis Burgundy Book - On June 21, the Federal Reserve Bank of St. Louis published its latest Memphis Burgundy Book, a quarterly review of economic information for the Memphis Zone of the Eighth District. www.stlouisfed.org/news-releases/2016/06/21/st-louis-fed-releases-memphis-burgundy-book

June 21, 2016 - Future of Family Finances to be Discussed at St. Louis Fed event in Memphis - The Federal Reserve Bank of St. Louis will lead an expert discussion on family financial stress July 6 when it hosts “What It’s Worth: Strengthening the Financial Futures of Families, Communities and the Nation.” www.stlouisfed.org/news-releases/2016/06/21/future-of-family-finances-to-be-discussed-at-st-louis-fed-event-in-memphis

June 21, 2016 - St. Louis Fed Releases Louisville Burgundy Book - On June 21, the Federal Reserve Bank of St. Louis published its latest Louisville Burgundy Book, a quarterly review of economic information for the Louisville Zone of the Eighth District. www.stlouisfed.org/news-releases/2016/06/21/st-louis-fed-releases-louisville-burgundy-book

June 21, 2016 - St. Louis Fed Releases Little Rock Burgundy Book - On June 21, the Federal Reserve Bank of St. Louis published its latest Little Rock Burgundy Book, a quarterly review of economic information for the Little Rock Zone of the Eighth District. www.stlouisfed.org/news-releases/2016/06/21/st-louis-fed-releases-little-rock-burgundy-book

June 21, 2016 - Jerome H. Powell, Governor - Introductory Comments - At the Roundtable on the Interim Report of the Alternative Reference Rates Committee sponsored by the Federal Reserve Board and the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/powell20160621a.pdf

June 21, 2016 - Janet L. Yellen, Chair - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20160621a.pdf

June 20, 2016 - Measuring the Natural Rate of Interest: International Trends and Determinants - Kathryn Holston, Thomas Laubach, and John C. Williams - U.S. estimates of the natural rate of interest—the real short-term rate that would prevail absent transitory disturbances—have declined dramatically since the start of the global financial crisis. www.frbsf.org/economic-research/files/wp2016-11.pdf

June 20, 2016 - Energy’s Impact on Inflation Expectations - Yifan Cao and Adam Hale Shapiro - Some closely watched measures of inflation expectations have been in gradual decline over the past five years. Over the same time, oil prices have fallen dramatically. www.frbsf.org/economic-research/publications/economic-letter/2016/june/energy-prices-and-inflation-expectations/

June 20, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 2:00 PM on June 22, 2016. Matter to be considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Act Stress Tests, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20160622advexp.htm

June 20, 2016 - 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, 2016 - Statistical Release - Household Debt Service and Financial Obligations Ratios.  http://www.federalreserve.gov/releases/HouseDebt/default.htm 

June 20, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on June 17, 2016, at 3:00 p.m. Matter considered: Proposed Semiannual Monetary Policy Report and Statement to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20160617exp.htm

June 17, 2016 - NCUA Returns Control of Texans Credit Union to Members - Texans Credit Union of Richardson, Texas, is once again under the control and direction of its members, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-june-ncua-returns-control-texans-credit-union.aspx

June 17, 2016 - OCC Enforc,ons and Terminations for June - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-71.html

June 17, 2016 - Economic Outlook - Nicolas Petrosky-Nadeau, research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of June 9, 2016. www.frbsf.org/economic-research/

June 17. 2016 - The St. Louis Fed's New Characterization of the Outlook for the U.S. Economy - President James Bullard and his co-authors explain the St. Louis Fed’s new characterization of the U.S. macroeconomic and monetary policy outlook, which more explicitly takes into account uncertainty about possible medium- and longer-run outcomes. www.stlouisfed.org/from-the-president/commentary/2016/new-characterization-outlook-economy

June 17, 2016 - The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation published a press release announcing the availability of the 2016 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act consideration as community development. www.ffiec.gov/press.htm

June 17, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on June 17, 2016, at 3:00 p.m. Matter considered: Proposed Semiannual Monetary Policy Report and Statement to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20160617exp.htm

June 17, 2016 - Changes in Prudential Policy Instruments--A New Cross-Country Database - Eugenio Cerutti, Ricardo Correa, Elisabetta Fiorentino, and Esther Segalla - This paper documents the features of a new database that focuses on changes in the intensity in the usage of several widely used prudential tools, taking into account both macro-prudential and microprudential objectives. www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1169.pdf

June 17. 2016 - Federal Reserve Board announces approval of application by Compass Bank - The Federal Reserve Board on Friday announced its approval of the application under section 9 of the Federal Reserve Act by Compass Bank, Birmingham, Alabama, to establish a branch at 5900 Quebec Street, Fort Worth, Texas. www.federalreserve.gov/newsevents/press/orders/20160617a.htm
 
June 17, 2016 - Monetary Policy, Real Activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs - Dario Caldara and Edward Herbst - This paper studies the interaction between monetary policy, financial markets, and the real economy. www.federalreserve.gov/econresdata/feds/2016/files/2016049pap.pdf

June 17, 2016 - Federal Reserve Board announces approval of application by Compass Bank - The Federal Reserve Board on Friday announced its approval of the application under section 9 of the Federal Reserve Act by Compass Bank, Birmingham, Alabama, to establish a branch at 5900 Quebec Street, Fort Worth, Texas. www.federalreserve.gov/newsevents/press/orders/20160617a.htm

June 17, 2016 - Agencies Issue Host State Loan-to-Deposit Ratios - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios, which were released on June 29, 2015.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160617c.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16052.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-70.html

June 17. 2016 - Agencies Issue Joint Statement on New Accounting Standard on Financial Instruments – Credit Losses - The four federal financial institution regulatory agencies today issued a joint statement regarding the new accounting standard, Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses : Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board. The joint statement also provides initial supervisory views regarding the standard's implementation.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160617b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16051.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-69.html
Press Release: www.ncua.gov/newsroom/Pages/news-2016-june-joint-statement-accounting-standard-financial-instruments.aspx

June 17, 2016 - Agencies release list of distressed or underserved nonmetropolitan middle-income geographies - The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation today announced the availability of the 2016 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act consideration as community development.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160617a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16050.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-68.html
__________________________

June 16, 2016 - St. Louis Fed Financial Stress Index Declines Modestly - Financial market stress fell modestly in the latest reporting week, more than reversing the previous week’s slight increase.  www.stlouisfed.org/news-releases/2016/06/16/st-louis-fed-financial-stress-index-declines-modestly

June 16. 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 3:00 PM on June 17, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20160617advexp.htm

June 16, 2016 - Federal Reserve Board issues enforcement action with Affinity Financial Corporation and Waterfield Financial Services, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160616a.htm

June 16, 2016 - NCUA Performs Well in “Best of the Best” Workplace Ratings - The National Credit Union Administration again ranks as a “Best of the Best” place to work for minorities and women, the agency announced today. www.ncua.gov/newsroom/Pages/news-2016-june-ncua-performs-best-workplace-ratings.aspx

June 15, 2016 - NCUA - Metsger: NCUA Will Host Budget Briefing - Information on Proposed 2017-2018 Budget Will Be Available in Advance - Credit union stakeholders will have an opportunity to offer comments on the National Credit Union Administration’s proposed 2017-2018 budget at a briefing in October, Board Chairman Rick Metsger announced today. www.ncua.gov/newsroom/Pages/news-2016-june-metsger-ncua-host-budget-briefing.aspx

June 15, 2016 - OCC Hosts Credit Risk and Operational Risk Workshops in Florida - The Office of the Comptroller of the Currency will host two workshops in Tampa, Fla., at the Holiday Inn Tampa Westshore, July 26-27, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-67.html

June 15. 2016 - Financial Institution Letters - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Texas Affected by Severe Storms and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Texas affected by severe weather. www.fdic.gov/news/news/financial/2016/fil16038.html

June 15, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held on June 14, 2016, at 1:00 p.m. and continued on June 15, 2016, at 9:00 a.m.. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20160615exp.htm

June 15, 2016 - Industrial Production and Capacity Utilization - G.17 - Industrial production decreased 0.4 percent in May after increasing 0.6 percent in April. Declines in the indexes for manufacturing and utilities in May were slightly offset by a small gain for mining.  www.federalreserve.gov/releases/g17/Current/default.htm

June 15. 2016 - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 14-15 FOMC meeting.   www.federalreserve.gov/newsevents/press/monetary/20160615b.htm

June 15, 2016 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in April indicates that the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. www.federalreserve.gov/newsevents/press/monetary/20160615a.htm

June 14, 2016 - Chris Novak Joins St. Louis Fed’s Agribusiness Industry Council - Chris Novak, CEO of the National Corn Growers Association, has been named to the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/06/14/chris-novak-joins-st-louis-fed-agribusiness-industry-council

June 14. 2016 - NCUA Encourages Comments on Exam, Supervision Changes by Aug. 1 - Credit union stakeholders interested in the National Credit Union Administration’s efforts to modify supervision and examination procedures should submit comments by Aug. 1, the agency announced today. www.ncua.gov/newsroom/Pages/news-2016-june-ncua-encourages-comments-exam-supervision.aspx
 
June 14, 2016 - Federal Reserve Board announces termination of enforcement action with First National Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160614a.htm

June 14, 2016 - NCUA - Diversity: A Good Investment for Credit Unions - Read the Latest Issue of “The NCUA Report” Online - The business case for diversity at credit unions is simple-it’s a good investment. www.ncua.gov/newsroom/Pages/news-2016-june-ncua-report.aspx

June 13, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:30 AM on June 13, 2016. Matter considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20160613exp.htm

June 10, 2016 - Is Greece More or Less Indebted than Portugal or Ireland? - Which country is most burdened by its debt? Plausible measures of indebtedness suggest that Greece is anywhere from as much as 50% more indebted to as little as half as indebted as either Portugal or Ireland. - According to Eurostat, the Greek government owed €317 billion in debt at the end of 2014. This is equivalent to more than 177% of gross domestic product or 387% of tax revenue, and amounts to almost €30,000 per person.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl362-pdf.pdf

June 10, 2016 - NCUA - State Credit Union Data Show Growth in Loans, Assets and Shares - Median Delinquency Rate Holds Steady; Return on Average Assets down Slightly? - More than half of federally insured credit unions in every state reported growth in loan balances over the year ending in the first quarter of 2016, according to state-level data compiled by the National Credit Union Administration and released today. www.ncua.gov/newsroom/Pages/news-2016-june-state-credit-union-data-show-growth.aspx

June 10, 2016 - General Counsel opinion letter to Alan B. Kaplan, Esq., opining that no regulatory purpose would be served by requiring a filing under the Bank Holding Company Act of 1956, as amended, for Barclays PLC, London, England, in connection with an internal reorganization involving Barclays Delaware Holdings LLC and Barclays Bank Delaware, both of Wilmington, Delaware. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20160602.pdf

June 10, 2016 - Report to the Congress - Profitability of Credit Card Operations of Depository Institutions - 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. Also reviews trends in credit card pricing, including changes in interest rates. www.federalreserve.gov/publications/other-reports/default.htm

June 10. 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:00 PM on June 14, 2016. Matter to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20160614advexp.htm

June 10, 2016 - Federal Reserve Board announces approval of notice by Sumitomo Mitsui Trust Holdings, Inc., and Sumitomo Mitsui Trust Bank, Limited.   www.federalreserve.gov/newsevents/press/orders/20160610a.htm

June 10, 2016 - Agencies permit reduced content resolution plan submissions for firms with limited U.S. operations - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Friday permitted 84 firms with limited U.S. operations to file reduced content resolution plans for their next three resolution plans.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160610a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16049.html

June 9, 2016 - Statistical Release - Mortgage Debt Outstanding. www.federalreserve.gov/econresdata/releases/mortoutstand/mortoutstand2016.htm
________________________

June 9, 2016 - St. Louis Fed Financial Stress Index Rises by a Hair - Financial market stress inched up in the latest reporting week but still remains low – near levels last seen in August. For the week ending June 3, the St. Louis Fed Financial Stress Index measured -1.007, little changed from the previous week’s revised value of -1.008. www.stlouisfed.org/news-releases/2016/06/09/st-louis-fed-financial-stress-index-rises-by-a-hair

June 9, 2016 - CA 16-3 - Revised Interagency Examination Procedures for Regulation P.  www.federalreserve.gov/bankinforeg/caletters/caltr1603.htm

June 9, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 12:00 PM on June 13, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20160613advexp.htm

June 9, 2016 - Federal Reserve Board announces termination of enforcement action with First State Bank of Warner.  www.federalreserve.gov/newsevents/press/enforcement/20160609a.htm

June 8, 2016 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities.  www.federalreserve.gov/releases/iba/201603/default.htm

June 8, 2016 - NCUA - May 2016 NCUA Board Video Available - The video recording of the May 2016 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-june-board-video.aspx

June 8, 2016 - NCUA Videos Outline Succession Planning - ?New Series Provides Practical Steps for Boards to Build a Succession Plan - Credit union board directors can learn more about the necessity of succession planning in a new three-part video series released today on the National Credit Union Administration’s YouTube channel. www.ncua.gov/newsroom/Pages/news-2016-june-succession-planning.aspx

June 8, 2016 - OCC Newsletter Focuses on Financing Community Health Centers - The Office of the Comptroller of the Currency today published the latest edition of its Community Developments Investments electronic newsletter entitled “Financing Health Centers: Supporting Community Wellness.” www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-66.html

June 8. 2016 - Supervisory Guidance for Assessing Risk Management at Supervised Institutions with Total Consolidated Assets Less than $50 Billion.   www.federalreserve.gov/bankinforeg/srletters/sr1611.htm

June 8, 2016 - Agencies extend deadline for certain foreign banking organizations' resolution plan submissions - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Wednesday announced that four foreign banking organizations will be required to submit their next resolution plans on July 1, 2017.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160608a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16048.html

June 7, 2016 - NCUA - FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks - The Federal Financial Institutions Examination Council members today advised financial institutions, consistent with existing regulatory expectations, to actively manage the risks associated with interbank messaging and wholesale payment networks.  www.ncua.gov/newsroom/Pages/news-2016-june-ffiec-safeguarding-cybersecurity.aspx

June 7, 2016 - NCUA Seeking Stakeholder Input on Modernizing Its Data Collections - Stakeholders throughout the credit union system may provide input on ways the National Credit Union Administration can modernize and improve its Call Reports, with the publication of a request for information in the Federal Register today. www.ncua.gov/newsroom/Pages/news-2016-may-seeking-stakeholder-input.aspx

June 7, 2016 - The Federal Financial Institutions Examination Council, on behalf of its members, is issuing this statement, in light of recent cyber attacks, to remind financial institutions of the need to actively manage the risks associated with interbank messaging and wholesale payment networks. www.ffiec.gov/press/pr060716.htm

June 7, 2016 - FFIEC Joint Statement on Cybersecurity of Interbank Messaging and Wholesale Payment Networks - The FDIC, as a member of the Federal Financial Institutions Examination Council, is issuing the attached statement advising financial institutions to actively manage the risks associated with interbank messaging and wholesale payment networks. www.fdic.gov/news/news/financial/2016/fil16037.html

June 7, 2016 - Statistical Release - Consumer Credit - G.19 - In April, consumer credit increased at a seasonally adjusted annual rate of 4-1/2 percent. Revolving credit increased at an annual rate of 2 percent, while nonrevolving credit increased at an annual rate of 5-1/2 percent. www.federalreserve.gov/releases/g19/current/

June 6, 2016 - Automotive Outlook Symposium: Forecast for 2016–17 - Solid and steady economic growth expected, according to Chicago Fed Automotive Outlook Symposium participants. www.chicagofed.org/events/2016/automotive-outlook-symposium

June 6, 2016 - China’s IPO Activity and Equity Market Volatility - Frank Packer and Mark Spiegel - China allows more IPOs in rising equity markets but restricts them in falling markets, possibly to avoid pushing down values of existing stocks. However, recent research finds IPO activity has no effect on stock price changes.   www.frbsf.org/economic-research/publications/economic-letter/2016/june/china-initial-public-offerings-and-market-volatility/

June 6, 2016 - Legal Interpretations - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control - May 27, 2016.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20160527.pdf

June 6, 2016 - News versus Sentiment: Predicting Stock Returns from News Stories - Steven L. Heston and Nitish R. Sinha - This paper uses a dataset of more than 900,000 news stories to test whether news can predict stock returns. We measure sentiment with a proprietary Thomson-Reuters neural network.  www.federalreserve.gov/econresdata/feds/2016/files/2016048pap.pdf

June 6, 2016 - Chair Janet L. Yellen - Current Conditions and the Outlook for the U.S. Economy - At The World Affairs Council of Philadelphia, Philadelphia, Pennsylvania.   www.federalreserve.gov/newsevents/speech/yellen20160606a.pdf

June 3, 2016 - Evans on Current Monetary Policy Environment - Chicago Fed President Charles Evans spoke June 3 during the Global Interdependence Center conference in London. www.chicagofed.org/publications/speeches/2016/06-03-reflections-current-monetary-policy-environment-london 

June 3. 2016 - NCUA Reports Continued Credit Union Loan Growth in First Quarter of 2016 - Credit unions continued to increase their lending, with loans outstanding increasing 10.7 percent in the year ending in the first quarter of 2016, the National Credit Union Administration reported today. www.ncua.gov/newsroom/Pages/news-2016-june-continued-credit-union-loan-growth-first-quarter.aspx

June 3, 2016 - Delta Challenges, Opportunities Kick Off Regional Meeting Series - A series of forums on the Arkansas and Mississippi Delta region kicks off next week. The meetings are intended to strengthen communities across the region by building awareness of promising tools and strategies for community and economic development. www.stlouisfed.org/news-releases/2016/06/03/delta-challenges-opportunities-kick-off-regional-meeting-series

June 3, 2016 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in March 2016. www.fdic.gov/news/news/press/2016/pr16047.html

June 3, 2016 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities.  www.federalreserve.gov/releases/iba/201512/default.htm

June 3, 2016 - FOIA - Chair Yellen's calendar, April 2016.  www.federalreserve.gov/foia/chairscalendar.htm

June 3, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

June 3, 2016 - Lael Brainard, Governor - The Economic Outlook and Implications for Monetary Policy - At the Council on Foreign Relations, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20160603a.pdf

June 3, 2016 - Federal Reserve Board approves advance notice of proposed rulemaking and approves proposed rule - The Federal Reserve Board on Friday approved an advance notice of proposed rulemaking inviting comment on conceptual frameworks for capital standards that could apply to systemically important insurance companies and to insurance companies that own a bank or thrift. www.federalreserve.gov/newsevents/press/bcreg/20160603a.htm

June 3, 2016 - Federal Reserve Board announces approval of application by BNC Bancorp - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by BNC Bancorp, High Point, North Carolina, to acquire Southcoast Financial Corporation and thereby indirectly acquire Southcoast Community Bank, both of Mt. Pleasant, South Carolina. www.federalreserve.gov/newsevents/press/orders/20160602a.htm
_______________________________

June 2, 2016 - OCC Releases CRA Evaluations for 21 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, 2016 through May 31, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-65.html
 
June 2, 2016 - St. Louis Fed Financial Stress Index Declines Modestly - Financial market stress fell in the latest reporting week, according to the St. Louis Fed Financial Stress Index. For the week ending May 27, the index measured -1.005, down modestly from the previous week’s revised value of -0.978.  www.stlouisfed.org/news-releases/2016/06/02/st-louis-fed-financial-stress-index-declines-modestly

June 2, 2016 - FDIC Announces $190 Million Settlement of Residential Mortgage-Backed Securities Claims with Eight Financial Institutions - The Federal Deposit Insurance Corporation as receiver for five failed banks today announced a $190 million settlement of certain residential mortgage-backed securities claims with Barclays Capital Inc.; BNP Paribas Securities Corporation; Credit Suisse Securities LLC; Deutsche Bank Securities Inc.; Edward D. Jones & Co., L.P.; Goldman, Sachs & Co; RBS Securities Inc.; and UBS Securities LLC. www.fdic.gov/news/news/press/2016/pr16046.html

June 2, 2016 - Macroeconomic Sources of Recent Interest Rate Fluctuations - Stefania D'Amico, Thomas B. King, and Min Wei 1 - The authors use a new statistical method to attribute daily changes in U.S. Treasury yields and inflation compensation to changes in investor beliefs about domestic and foreign growth, inflation, and monetary policy.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/macroeconomic-sources-of-recent-interest-rate-fluctuations-20160602.html

June 2, 2016 - Federal Reserve Board announces schedule for results from Dodd-Frank Act stress tests and Comprehensive Capital Analysis and Review - The Federal Reserve Board on Thursday announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on Thursday, June 23, and the related results from the Comprehensive Capital Analysis and Review, will be released on Wednesday, June 29. Results for both exercises will be released at 4:30 p.m. EDT. www.federalreserve.gov/newsevents/press/bcreg/20160602a.htm

June 2, 2016 - NCUA to Host Webinar on Changes to Military Lending Act Regulations - Learn More about Enhanced Protections for Service Members and Their Families - The National Credit Union Administration will host a webinar, “Preparing to Comply with Regulatory Changes to the Military Lending Act,” on Wednesday, June 29, starting at 2 p.m. Eastern. www.ncua.gov/newsroom/Pages/news-2016-may-military-lending-webinar.aspx

June 1, 2016 - Medicaid Expansion and the Affordable Care Act - Chicago Fed Letter examines states' strategies for expanding health insurance coverage under the health care law. - On April 4, 2016, the Federal Reserve Bank of Chicago and the Civic Federation held a conference to examine how states are lowering the ranks of the uninsured under the Affordable Care Act by expanding Medicaid and through other strategies. www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl361-pdf.pdf

June 1, 2016 - NCUA - Search Feature Added to CUSO Registry - NCUA Releases “CUSOs at a Glance” to Provide Annual Snapshot of the Sector - Stakeholders will be able to gain a better understanding of credit union service organizations with the addition of a search feature to the National Credit Union Administration’s CUSO Registry. www.ncua.gov/newsroom/Pages/news-2016-june-search-feature-cuso-registry.aspx

June 1, 2016 - NCUA Hosting Community Development Financial Institutions Certification Webinar - Learn about the CDFI Fund-NCUA Joint Effort to Certify More Credit Unions - Low-income credit unions interested in becoming certified as Community Development Financial Institutions can get valuable information from an upcoming webinar, “CDFI Certification –Special Credit Union Version,” hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-june-cdfi-certification.aspx

June 1, 2016 - OCC Hosts Compliance and Operational Risk Workshops in South Dakota - The Office of the Comptroller of the Currency will host two workshops in Sioux Falls, S.D., at the Sheraton Sioux Falls & Convention Center, July 19-20, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-64.html

June 1, 2016 - OCC Issues Third Quarter 2016 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the third quarter of 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-63.html

June 1, 2016 - St. Louis Fed Updates Economic Conditions on Its Seven-State District - The Federal Reserve Bank of St. Louis released today its portion of the Federal Reserve’s latest Beige Book, also published today.  www.stlouisfed.org/news-releases/2016/06/01/st-louis-fed-updates-economic-conditions-on-its-seven-state-district

June 1, 2016 - Net Income Declines 2 Percent to $39.1 Billion At FDIC-Insured Institutions In First Quarter 2016 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $39.1 billion in the first quarter of 2016, down $765 million (1.9 percent) from a year earlier.  www.fdic.gov/news/news/press/2016/pr16045.html

June 1, 2016 - Raising an Inflation Target: the Japanese Experience with Abenomics - Andrea De Michelis and Matteo Iacoviello - This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap.  www.federalreserve.gov/econresdata/ifdp/2016/index.htm#1

June 1, 2016 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/files/Beigebook_20160601.pdf

June 1, 2016 - Foreign Exchange Rates -- G.5 Monthly - Rates in currency units per U.S. dollar except as noted - The table below shows the average rates of exchange in MAY 2016 together with comparable figures for other months.  www.federalreserve.gov/releases/g5/current/default.htm