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fell to –9.91 in May from –6.00 in April. Contributions to the May MEI from all four broad of nonfarm business activity and all five Seventh Federal Reserve District states decreased from April. www.chicagofed.org/~/media/publications/mei/2020/mei-may2020-pdf.pdf June 30, 2020 - Business Interruption Insurance and the Covid-19 Pandemic By Shanthi Ramnath - After nonessential businesses shut down their operations to slow the spread of the Covid-19 virus in March 2020, many business owners looked to their property insurance policies for relief. www.chicagofed.org/publications/chicago-fed-letter/2020/440 June 30, 2020 - Helping Homeowners During the Covid-19 Pandemic: Lessons from the Great Recession By Gene Amromin , Jane Dokko , Karen Dynan - The Covid-19 public health crisis has sharply reduced the earnings of millions of U.S. households, following the severe curtailment of economic activity needed to contain the spread of the virus. www.chicagofed.org/publications/chicago-fed-letter/2020/443 June 30, 2020 - NCUA Issues Prohibition Order - The National Credit Union Administration issued one prohibition order in June. This individual is prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/press-release/2020/ncua-issues-prohibition-order June 30, 2020 - NCUA Chairman Hood’s Statement on Bimal Patel’s Departure from Treasury Department - National Credit Union Administration Chairman Rodney E. Hood issued the following statement today commending Bimal Patel, who is stepping down as Assistant Secretary of the Treasury for Financial Institutions. www.ncua.gov/newsroom/press-release/2020/ncua-chairman-hoods-statement-bimal-patels-departure-treasury-department June 30, 2020 - Pondering Payments: Challenges of Reaching All Americans By Esther George, President and CEO, Federal Reserve Bank of Kansas City. www.kansascityfed.org/~/media/files/publicat/speeches/2020/policy_perspectives_6_30_20.pdf June 30, 2020 - Ron Tindall Jr. Joins St. Louis Fed’s Transportation Industry Council Tindall is the president of the Terminal Railroad Association of St. Louis. www.stlouisfed.org/news-releases/2020/06/30/ron-tindall-jr-joins-st-louis-fed-transportation-industry-council June 30, 2020 - FDIC Launches Competition to Modernize Bank Financial Reporting - The Federal Deposit Insurance Corporation today announced the start of a rapid prototyping competition to help develop a new and innovative approach to financial reporting, particularly for community banks. www.fdic.gov/news/press-releases/2020/pr20079.html June 30, 2020 - Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market - Zhimin Li, Leslie Sheng Shen, Calvin Zhang - We study the effects of foreign real estate capital flows on local asset prices and employment using detailed housing transactions data. www.federalreserve.gov/econres/ifdp/capital-flows-asset-prices-and-the-real-economy-a-china-shock-in-the-us-real-estate-market.htm June 30, 2020 - Testimony by Chair Jerome H. Powell - Coronavirus and CARES Act Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/powell20200630a.htm June 30, 2020 - Regulatory Reform - Discount Window Lending, 2018:Q2. www.federalreserve.gov/regreform/discount-window.htm June 30, 2020 - Federal Reserve Board issues enforcement action with Benchmark Community Bank and announces the termination of enforcement action with Peoples Bank. www.federalreserve.gov/newsevents/pressreleases/enforcement20200630a.htm June 30, 2020 - Testimony by Chair Jerome H. Powell - Coronavirus and CARES Act Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/powell20200630a.htm June 29, 2020 - NCUA Chairman Rodney E Hood Statement on Supreme Court’s Decision on Field-of-Membership Lawsuit. www.ncua.gov/newsroom/press-release/2020/ncua-chairman-rodney-e-hood-statement-supreme-courts-decision-field-membership-lawsuit June 29, 2020 - Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices : New Comptroller's Handbook Booklet and Rescissions. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-65.html June 29, 2020 - OCC Highlights Key Risks for Federal Banking System - The Office of the Comptroller of the Currency today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2020. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-86.html June 29, 2020 - The Shift from Active to Passive Investing: Potential Risks to Financial Stability? - Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, and Emilio Osambela - The past couple of decades have seen a significant shift from active to passive investment strategies. www.federalreserve.gov/econres/feds/the-shift-from-active-to-passive-investing-potential-risks-to-financial-stability.htm June 29, 2020 - Household's Balance Sheets and the Effect of Fiscal Policy - Javier Andrés, José E. Boscá, Javier Ferri, and Cristina Fuentes-Albero - Using households' balance sheet composition in the Panel Survey of Income Dynamics, we identify six household types. www.federalreserve.gov/econres/feds/households-balance-sheets-and-the-effect-of-fiscal-policy.htm June 29, 2020 - How Correlated is LIBOR with Bank Funding Costs? - David Bowman, Chiara Scotti, and Cindy M. Vojtech - In a recent article in the BIS Quarterly Review, authors Schrimpf and Sushko (2019) provide an overview of the LIBOR transition to risk-free rates led by the FSB Official Sector Steering Group. www.federalreserve.gov/econres/notes/feds-notes/how-correlated-is-libor-with-bank-funding-costs-20200629.htm June 29, 2020 - Statistical Release - Finance Companies - G-20. www.federalreserve.gov/releases/g20/current/g20.htm June 29, 2020 - Federal Reserve Board announces that it is seeking individuals to serve on its Insurance Policy Advisory Committee - The Federal Reserve Board on Monday announced that it is seeking individuals to serve on its Insurance Policy Advisory Committee, or IPAC, which was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act. www.federalreserve.gov/newsevents/pressreleases/bcreg20200629a.htm June 29, 2020 - Federal Reserve Board releases new term sheet for the Primary Market Corporate Credit Facility, adding pricing and other information - As detailed in an FAQ released today, pricing will be issuer-specific and informed by market conditions. www.federalreserve.gov/newsevents/pressreleases/monetary20200629a.htm June 26, 2020 - NCUA to Delay Start of Phased Resumption of Onsite Operations - Due to the evolving nature of the COVID-19 pandemic, the National Credit Union Administration is delaying the start of its phased resumption of onsite operations. www.ncua.gov/newsroom/press-release/2020/ncua-delay-start-phased-resumption-onsite-operations June 26, 2020 - OCC Reports First Quarter 2020 Bank Trading Revenue - The Office of the Comptroller of the Currency reported trading revenue of U.S. commercial banks and federal savings associations of $6.7 billion in the first quarter 2020, which was $505.0 million, or 7.0 percent, less than the previous quarter. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-85.html June 26, 2020 - FDIC Makes Public May Enforcement Actions - 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/press-releases/2020/pr20078.html June 26, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm June 26, 2020 - Designing a Main Street Lending Facility - Alexandros P. Vardoulakis - Banks add value by monitoring borrowers. High funding costs make banks reluctant to lend. A central bank can ease funding by purchasing loans, but cannot distinguish which loans require more or less monitoring, exposing it to adverse selection. www.federalreserve.gov/econres/feds/designing-a-main-street-lending-facility.htm June 26, 2020 -Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200626a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20077.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-84.html Press Release: www.ncua.gov/newsroom/press-release/2020/agencies-release-proposed-revisions-interagency-questions-and-answers-regarding-flood-insurance June 25, 2020 - NCUA Chairman Rodney E. Hood Opening Statement NAFCU’s State of the Industry Webinar. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-opening-statement-nafcus-state-industry-webinar June 25, 2020 - NCUA Chairman Rodney E. Hood’s Statement During the Presentation of NCUA’s 2019 Annual Report to Congress on Preserving Minority Depository Institutions During the June 2020 Board Meeting. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hoods-statement-during-presentation-ncuas-2019-annual-report-congress June 25, 2020 - NCUA Chairman Rodney E. Hood Opening Statement During the June 2020 Open Board Meeting. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-opening-statement-during-june-2020-open-board-meeting June 25, 2020 - The Coronavirus Shock: Implications for the Economy and Monetary Policy By Esther George President and Chief Executive Officer Federal Reserve Bank of Kansas City. https://www.kansascityfed.org/~/media/files/publicat/speeches/2020/2020-george-kansascity-06-25.pdf June 25, 2020 - FDIC Issues Final Rule Clarifying the Interest Rates State-Chartered Banks and Insured Branches of Foreign Banks May Charge - On June 25, 2020, the FDIC Board of Directors authorized publication of a final rule that would clarify the law governing the interest rates that state-chartered banks and insured branches of foreign banks may charge. www.fdic.gov/news/financial-institution-letters/2020/fil20065.html June 25, 2020 - FDIC Issues Rule to Codify Permissible Interest on Transferred Loans - The Federal Deposit Insurance Corporation today issued a final regulation to codify the agency’s longstanding guidance that the valid interest rate for a loan is determined when the loan is made, and will not be affected by a subsequent sale, assignment, or other transfer of the loan. www.fdic.gov/news/press-releases/2020/pr20074.html June 25, 2020 - Who Owns U.S. CLO Securities? An Update by Tranche - Laurie DeMarco, Emily Liu, Tim Schmidt-Eisenlohr - Against the backdrop of the COVID-19 crisis, leveraged loans have deteriorated and concerns about collateralized loan obligations, the main buyers of loans on the secondary market, have increased. www.federalreserve.gov/econres/notes/feds-notes/who-owns-us-clo-securities-an-update-by-tranche-20200625.htm June 25, 2020 - Monetary Policy Expectations, Fund Managers, and Fund Returns: Evidence from China - John Ammer, John Rogers, Gang Wang, and Yang Yu - Although many central banks in the 21st century have become more transparent, Chinese monetary policy communications have been relatively opaque, making it more difficult for financial market participants to make decisions that depend on the future path of interest rates. www.federalreserve.gov/econres/ifdp/monetary-policy-expectations-fund-managers-and-fund-returns-evidence-from-china.htm June 25, 2020 - Federal Reserve Board releases results of stress tests for 2020 and additional sensitivity analyses conducted in light of the coronavirus event. www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm June 25, 2020 - Agencies finalize amendments to swap margin rule - Five federal agencies have finalized changes to their swap margin rule to facilitate the implementation of prudent risk management strategies at banks and other entities with significant swap activities. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20076.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-83.html June 25, 2020 - Financial regulators modify Volcker rule - Five federal regulatory agencies today finalized a rule modifying the Volcker rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The final rule is broadly similar to the proposed rule from January. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200625a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20075.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-82.html _______________________ June 24, 2020 - President Evans Shares Some Thoughts on the Future of the U.S. Economy - A speech presented virtually on June 24, 2020, to the Corridor Business Journal Mid-Year Economic Review. www.chicagofed.org/publications/speeches/2020/future-of-economy June 24, 2020 - FFIEC Announces Availability of 2019 Data on Mortgage Lending - The Federal Financial Institutions Examination Council today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act. www.ncua.gov/newsroom/press-release/2020/ffiec-announces-availability-2019-data-mortgage-lending June 24, 2020 - The Federal Financial Institutions Examination Council today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act. www.ffiec.gov/press/pr062420_2.htm June 24, 2020 - The Evolution of Price Discovery in an Electronic Market - Alain Chaboud, Erik Hjalmarsson, and Filip Zikes - We study the evolution of the price discovery process in the euro-dollar and dollar-yen currency pairs over a ten-year period on the EBS platform, a global trading venue used by both manual and automated traders. www.federalreserve.gov/econres/feds/the-evolution-of-price-discovery-in-an-electronic-market.htm June 24, 2020 - The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Spanish Influenza Pandemic - Haelim Anderson, Jin-Wook Chang, and Adam Copeland - The coronavirus outbreak raises the question of how central bank liquidity support affects financial stability and promotes economic recovery. www.federalreserve.gov/econres/feds/the-effect-of-the-central-bank-liquidity-support-during-pandemics-evidence-from-the-1918-spanish-influenza-pandemic.htm June 24, 2020 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/ June 24, 2020 - Supervision of De Novo State Member Banks - This letter1 provides guidance to Federal Reserve Banks regarding the supervision of de novo state member banks, and the evaluation of de novo insured depository institutions2 seeking to become state member banks. www.federalreserve.gov/supervisionreg/srletters/SR2016.htm June 24, 2020 - 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 2020 list of distressed or underserved nonmetropolitan middle-income geographies. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200624a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20073.html Press Release: www.ffiec.gov/press/pr062420.htm Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-81.html June 23, 2020 - NCUA Extends MDI Mentoring Grants Application Deadline to July 31 - Credit unions eligible to apply for the National Credit Union Administration�s minority depository institutions mentoring grants now have until Friday, July 31, to submit their applications, the agency announced today. www.ncua.gov/newsroom/press-release/2020/ncua-extends-mdi-mentoring-grants-application-deadline-july-31 June 23, 2020 - Federal and state regulatory agencies issue examiner guidance for assessing safety and soundness considering the effect of the COVID-19 pandemic on financial institutions - The four federal agencies in conjunction with the state bank and credit union regulators today issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic. No action on the part of supervised institutions is required. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200623a.htm Press Release: www.fdic.gov/news/press-releases/2020/pr20072.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-80.html Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-64.html Press Release: www.ncua.gov/newsroom/press-release/2020/federal-and-state-regulatory-agencies-issue-examiner-guidance-assessing-safety-and-soundness June 22, 2020 - Watch Chair Powell's Comments on Racial Equality - Comments from Federal Reserve Chairman Jerome Powell June 10th Press Conference Following FOMC Meeting. www.chicagofed.org/publications/news/2020/chair-comments June 22, 2020 - Chicago Fed National Activity Index Suggests Economic Growth Increased Substantially in May - Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index rose to +2.61 in May from �17.89 in April. www.chicagofed.org/~/media/publications/cfnai/2020/cfnai-june2020-pdf.pdf June 22, 2020 - Assessments : Interim Final Rule - The Office of the Comptroller of the Currency today approved an interim final rule to reduce assessments in response to the national emergency declared in connection with the coronavirus disease. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-63.html June 22, 2020 - OCC Interim Final Rule Reduces Assessments in Response to COVID-19 - The Office of the Comptroller of the Currency today approved an interim final rule that will reduce assessments due to be paid to the OCC on September 30, 2020. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-79.html June 22, 2020 - FDIC Issues Final Rule to Mitigate the Deposit Insurance Assessment Effect of Participation in the Paycheck Protection Program, the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility - The Federal Deposit Insurance Corporation today approved a final rule that mitigates the deposit insurance assessment effects of participating in the Paycheck Protection Program established by the U.S. Small Business Administration and the Paycheck Protection Program Liquidity Facility and Money Market Mutual Fund Liquidity Facility established by the Board of Governors of the Federal Reserve System. www.fdic.gov/news/press-releases/2020/pr20071.html June 22, 2020 - FDIC Unveils Redesigned Website - For the first time in nearly a decade, the Federal Deposit Insurance Corporation today unveiled a comprehensive overhaul of the agency�s flagship website. www.fdic.gov/news/press-releases/2020/pr20070.html June 22, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:00 a.m. on June 22, 2020. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20200622closed.htm June 22, 2020 - Legal Developments - Section 19 letters, April 21, 2020 (2 letters) - Orders Issued under the Bank Merger Act, FDI Act, Federal Reserve Act, Home Owners' Loan Act, and International Banking Act, 2020 Bank Merger Act Federal Deposit Insurance Act. www.federalreserve.gov/supervisionreg/ordersother2020.htm June 22, 2020 - Aggregate Demand and Aggregate Supply Effects of COVID-19: A Real-time Analysis - Geert Bekaert, Eric Engstrom, and Andrey Ermolov - We extract aggregate demand and supply shocks for the US economy from real-time survey data on inflation and real GDP growth using a novel identification scheme. www.federalreserve.gov/econres/feds/files/2020049pap.pdf June 22, 2020 - Global Demand for Basket-Backed Stablecoins - Garth Baughman and Jean Flemming - We develop a model where persistent trade shocks create demand for a basket- backed stablecoin, such as Mark Carney's "synthetic hegemonic currency" or Facebook's recent proposal for Libra. In numerical simulations, we find four main results. www.federalreserve.gov/econres/feds/global-demand-for-basket-backed-stablecoins.htm June 19, 2020 - How does social distancing affect the spread of Covid-19 in the United States? By Bhash Mazumder , Avinash Moorthy - In recent weeks the country has begun to ease restrictions put in place to counter the Covid-19 pandemic. www.chicagofed.org/publications/chicago-fed-letter/2020/442 June 19, 2020 - NCUA�s Hood: Juneteenth Compels Us to Advance the Goal of Financial Inclusion - The celebration of Juneteenth compels all of us to do our part to advance the goal of greater financial inclusion for more Americans, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2020/ncuas-hood-juneteenth-compels-us-advance-goal-financial-inclusion June 19, 2020 - Statistical Release - Enhanced Financial Accounts, June 2020 update. www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm June 19, 2020 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:30 a.m. on June 22, 2020. www.federalreserve.gov/aboutthefed/boardmeetings/20200622closed.htm June 19, 2020 - Measuring the Natural Rate of Interest: The Role of Inflation Expectations - David Lopez-Salido, Gerardo Sanz-Maldonado, Carly Schippits, and Min Wei - The "natural" or equilibrium real rate of interest is an important concept in macroeconomics. www.federalreserve.gov/econres/notes/feds-notes/measuring-the-natural-rate-of-interest-the-role-of-inflation-expectations-20200619.htm June 19, 2020 - Speech by Vice Chair for Supervision Quarles on the adaptability of stress testing At Women in Housing and Finance, Washington, D.C. www.federalreserve.gov/newsevents/speech/quarles20200619a.htm June 19, 2020 - Introductory comments by Chair Powell at "Building a Resilient Workforce," a video conference sponsored by the Federal Reserve Bank of Cleveland, Youngstown, Ohio. www.federalreserve.gov/newsevents/speech/powell20200619a.htm June 18, 2020 - The FDIC Updates its Enforcement Actions Manual for Flood Insurance Civil Money Penalties - The FDIC has updated its Formal and Informal Enforcement Actions Manual regarding the assessment of mandatory civil money penalties for certain pattern and practice violations of the National Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973, as revised, 42 U.S.C. � 4012a and Part 339 of the FDIC Regulations. www.fdic.gov/news/news/financial/2020/fil20061.html June 18, 2020 - Senior Credit Officer Opinion Survey on Dealer Financing Terms, June 2020 - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a quarterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets. www.federalreserve.gov/data/scoos.htm June 18, 2020 - Federal Reserve announces FraudClassifier Model to help organizations classify fraud involving payments - The Federal Reserve today published the FraudClassifier model�a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. www.federalreserve.gov/newsevents/pressreleases/other20200618a.htm ____________________ June 18, 2020 - Community Advisory Council, Records of Meeting - April 13 and May 14, 2020 - The Community Advisory Council was formed by the Federal Reserve Board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations. www.federalreserve.gov/aboutthefed/cac.htm June 18, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on June 18, 2020. Matter(s) considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Stress Tests 2020. www.federalreserve.gov/aboutthefed/boardmeetings/20200618closed.htm June 18, 2020 - NCUA�s Harper: Take Action to Advance Economic Equality and Justice - During the Illinois Credit Union League�s Virtual Town Hall Meeting on June 11, National Credit Union Administration Board Member Todd M. Harper called on the NCUA and the credit union industry to take action to advance economic equality and justice. www.ncua.gov/newsroom/press-release/2020/ncuas-harper-take-action-advance-economic-equality-and-justice June 17, 2020 - How does social distancing affect the spread of Covid-19 in the United States? By Bhash Mazumder , Avinash Moorthy - In recent weeks the country has begun to ease restrictions put in place to counter the Covid-19 pandemic. Consequently, it is important for policymakers and the public to understand the extent to which increasing levels of mobility among the population may lead to a rise in the spread of the disease. www.chicagofed.org/publications/chicago-fed-letter/2020/442 June 17, 2020 - COVID-19 Relief Programs : Preemption - Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of COVID-19. While the Office of the Comptroller of the Currency recognizes that a wide range of stakeholders, including state and local governments, have an important role to play in the country�s COVID-19 response, the agency reminds stakeholders that banks1 are governed primarily by uniform federal standards. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-62.html June 17, 2020 - Prohibition Against Interstate Deposit : Annual Host State Loan-to-Deposit Ratios - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued on June 2, 2020, the host state loan-to-deposit ratios. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-61.html June 17, 2020 - Household Debt Service and Financial Obligations Ratios - www.federalreserve.gov/releases/housedebt/default.htm June 17, 2020 - Macroeconomic Effects of Large-Scale Asset Purchases: New Evidence - Kyungmin Kim, Thomas Laubach, and Min Wei - We examine the macroeconomic effect of large-scale asset purchases and forward guidance using a proxy structural VAR estimated on data through 2015, where the stance of the LSAP policy is measured using primary dealer expectations of the Federal Reserve's asset holdings. www.federalreserve.gov/econres/feds/macroeconomic-effects-of-large-scale-asset-purchases-new-evidence.htm June 17, 2020 - Taxation, Social Welfare, and Labor Market Frictions - Brendan Epstein, Ryan Nunn, Musa Orak, and Elena Patel - Taking inefficiencies from taxation as given, a well-known public finance literature shows that the elasticity of taxable income is a sufficient statistic for assessing the deadweight loss from taxing labor income in a static neoclassical framework. www.federalreserve.gov/econres/ifdp/taxation-social-welfare-and-labor-market-frictions.htm June 16, 2020 - OCC Reports Mortgage Performance Remains Stable - The Office of the Comptroller of the Currency reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-78.html June 16, 2020 - St. Louis Fed�s Housing Market Perspectives: Why Haven�t Mortgage Rates Fallen Further? - Homeowners interested in mortgage refinancing and homebuyers calculating the monthly mortgage payment they can afford may be wondering why mortgage rates have not fallen as much as other interest rates during the recent economic downturn. https://www.stlouisfed.org/news-releases/2020/06/16/st-louis-fed-housing-market-perspectives-why-havent-mortgage-rates-fallen-further June 16, 2020 - The Main Street Lending Program is Now Available - The goal of the Main Street Lending Program is to keep credit flowing to small and mid-sized businesses that were in sound financial condition before the coronavirus pandemic but now need financing to maintain operations. www.bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program.aspx June 16, 2020 - How does social distancing affect the spread of Covid-19 in the United States? By Bhash Mazumder , Avinash Moorthy - In recent weeks the country has begun to ease restrictions put in place to counter the Covid-19 pandemic. www.chicagofed.org/publications/chicago-fed-letter/2020/442 June 16, 2020 - NCUA Chairman Hood�s Statement on Andrew Olmem�s Departure from the NEC - National Credit Union Administration Chairman Rodney E. Hood issued the following statement commending the service of Andrew Olmem, who is stepping down as Deputy Director of the National Economic Council. www.ncua.gov/newsroom/press-release/2020/ncua-chairman-hoods-statement-andrew-olmems-departure-nec June 16, 2020 - The Federal Financial Institutions Examination Council today announced the selection of Melanie Hall to the FFIEC�s State Liaison Committee. Hall�s term runs from May 1, 2020, through April 30, 2022. www.ffiec.gov/press/pr061620.htm June 16, 2020 - For the 5,116 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation, aggregate net income totaled $18.5 billion in first quarter 2020, a decline of $42.2 billion (69.6 percent) from a year ago. www.fdic.gov/news/news/press/2020/pr20069.html June 16, 2020 - Advanced Notice of a Meeting under Expedited Procedures- A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 a.m. on June 18, 2020. Matter(s) considered: Update on Comprehensive Capital Analysis and Review and Dodd-Frank Stress Tests 2020. www.federalreserve.gov/aboutthefed/boardmeetings/20200618closed.htm June 16, 2020 - An Instrumental Variables Estimator for the Correlated Random Coefficients Model - David Benson, Matthew A. Masten, Alexander Torgovitsky -We present the ivcrc command, which implements an instrumental variables (IV) estimator for the linear correlated random coefficients model. www.federalreserve.gov/econres/feds/ivcrc-an-instrumental-variables-estimator-for-the-correlated-random-coefficients-model.htm June 16, 2020 - Testimony by Chair Jerome H. Powell - 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/powell20200616a.htm June 16, 2020 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Total industrial production increased 1.4 percent in May, as many factories resumed at least partial operations following suspensions related to COVID-19. www.federalreserve.gov/releases/g17/current/default.htm une 16, 2020 - Speech by Vice Chair Clarida on the U.S. economic outlook and monetary policy At the Foreign Policy Association, New York, New York. www.federalreserve.gov/newsevents/speech/clarida20200616a.htm June 15, 2020 - NCUA Chairman Hood Congratulates Kyle S. Hauptman on Board Nomination - I congratulate Mr. Hauptman on President Trump�s intent to nominate him to the NCUA Board,� NCUA Chairman Hood said. �Kyle has significant experience in the financial services sector as well as the public policy arena, which will serve him well. www.ncua.gov/newsroom/press-release/2020/ncua-chairman-hood-congratulates-kyle-s-hauptman-board-nomination June 15, 2020 - Statement from the St. Louis Fed's Jim Bullard president and CEO and David Sapenaro first vice president: The St. Louis Fed is opposed to racism, discrimination and violence. We serve a district that is diverse across many dimensions, and we believe our differences are our greatest strengths. www.stlouisfed.org/news-releases/2020/06/15/statement-from-bullard-and-sapenaro June 15, 2020 - Statistical Release - Charge-off and Delinquency Rates on Loans and Leases at Commercial Banks. www.federalreserve.gov/releases/chargeoff/ June 15, 2020 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facility Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) the Municipal Liquidity Facility. Municipal Liquidity Facility (MLF) Transaction-specific Disclosures. www.federalreserve.gov/publications/files/mlf-6-15-2020.pdf June 15, 2020 - Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations - As with the existing Main Street Lending Program, which targets small and medium-sized businesses, the proposed expansion would offer loans to small and medium-sized nonprofits that were in sound financial condition before the coronavirus pandemic and could benefit from additional liquidity to manage through this challenging period. www.federalreserve.gov/newsevents/pressreleases/monetary20200615b.htm June 15, 2020 - Federal Reserve Board announces approval of application by First Horizon National Corporation - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Horizon National Corporation, Memphis, Tennessee, to merge with IBERIABANK Corporation and thereby indirectly acquire its subsidiary state member bank, IBERIABANK, both of Lafayette, Louisiana. www.federalreserve.gov/newsevents/pressreleases/orders20200615a.htm June 15, 2020 - Federal Reserve Board announces updates to Secondary Market Corporate Credit Facility, which will begin buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers. www.federalreserve.gov/newsevents/pressreleases/monetary20200615a.htm June 15, 2020 - Federal Reserve Board announces it will resume examination activities for all banks, after previously announcing a reduced focus on exam activity in light of the coronavirus response. www.federalreserve.gov/newsevents/pressreleases/bcreg20200615a.htm June 12, 2020 - Interest-Only Mortgages and Speculation in Hot Housing Markets By Gadi Barlevy , Jonas D. M. Fisher - Even as housing markets have temporarily shut down across the U.S. during the Covid-19 pandemic, housing remains a key sector that contributes disproportionately to fluctuations in overall economic activity and that will likely play an important role as the economy reopens. www.chicagofed.org/publications/chicago-fed-letter/2020/439 June 12, 2020 - Chair Powell�s Remarks on Racial Equality - Federal Reserve Chair Jerome Powell addressed current events surrounding racial injustice during a June 10 press conference following the latest Federal Open Market Committee meeting. Chair Powell offered comments on behalf of his colleagues across the Federal Reserve System: www.stlouisfed.org/news-releases/2020/06/12/chair-powells-remarks-on-racial-equality June 12, 2020 - Revisions to the Consolidated Reports of Condition and Income and the FFIEC 101 Report - The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency, have requested and received emergency approval from the U.S. Office of Management and Budget for certain revisions to the three versions of the Call Report and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework, effective as of the June 30, 2020, report date. www.fdic.gov/news/news/financial/2020/fil20060.html June 12, 2020 - Can Forecast Errors Predict Financial Crises? Exploring the Properties of a New Multivariate Credit Gap - Elena Afanasyeva - Yes, they can. I propose a new method to detect credit booms and busts from multivariate systems -- monetary Bayesian vector autoregressions. www.federalreserve.gov/econres/feds/files/2020045pap.pdf June 12, 2020 - Housing Supply and Affordability: Evidence from Rents, Housing Consumption and Household Location - Raven Molloy, Charles G. Nathanson and Andrew Paciorek - We examine how housing supply constraints affect housing affordability, which we define as the quality-adjusted price of housing services. www.federalreserve.gov/econres/feds/housing-supply-and-affordability.htm June 12, 2020 - Wealth Distribution and Retirement Preparation Among Early Savers - Lindsay Jacobs, Elizabeth Llanes, Kevin Moore, Jeffrey Thompson, Alice Henriques Volz - This paper develops a new combined wealth measure using data from the Survey of Consumer Finances, by augmenting data on net worth with estimates of defined benefit pension wealth and expected Social Security wealth. www.federalreserve.gov/econres/feds/files/2020043pap.pdf June 12, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm une 12, 2020 - How do Rural and Urban Retail Banking Customers Differ? - David Benson, Serafin Grundl and Richard Windle - This note documents differences and similarities between rural and urban retail banking clients using data from the Board's Survey of Consumer Finances. www.federalreserve.gov/econres/notes/feds-notes/how-do-rural-and-urban-retail-banking-customers-differ-20200612.htm June 12, 2020 - Federal Advisory Council - Record of the Meeting, May 7, 2020 - The Federal Advisory Council, which is composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction. www.federalreserve.gov/aboutthefed/files/fac-20200607.pdf June 12, 2020 - Report to the Congress - Monetary Policy Report - The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." www.federalreserve.gov/monetarypolicy/mpr_default.htm June 12, 2020 - Assessing the Resiliency of Non-DFAST Banks to a Financial Shock - Kevin F. Kiernan and Cindy M. Vojtech - Every year the Federal Reserve Board conducts stress tests on large bank holding companies to ensure that those institutions will remain healthy enough to lend to households and businesses even in a significant downturn. www.federalreserve.gov/econres/notes/feds-notes/assessing-the-resiliency-of-non-dfast-banks-to-a-financial-shock-20200612.htm June 12, 2020 - Publications - GPRA Annual Performance Report 2019 - The Government Performance and Results Act of 1993 requires federal agencies to prepare a strategic plan covering a multiyear period and requires each agency to submit an annual performance plan and an annual performance report. www.federalreserve.gov/publications/gpra.htm June 12, 2020 - Federal Reserve Board releases a report, Fed Listens: Perspectives from the Public, summarizing the 15 Fed Listens events held by the Board and the Federal Reserve Banks since the beginning of 2019. www.federalreserve.gov/newsevents/pressreleases/monetary20200612a.htm June 11, 2020 - NCUA Board Member Todd M. Harper Remarks at the Illinois Credit Union League Virtual Town Hall Meeting. www.ncua.gov/newsroom/speech/2020/ncua-board-member-todd-m-harper-remarks-illinois-credit-union-league-virtual-town-hall-meeting June 11, 2020 - NCUA - Southern Pine Credit Union Conserved - The National Credit Union Administration today placed Southern Pine Credit Union in Valdosta, Georgia, into conservatorship. This action was taken in consultation with the Georgia Department of Banking and Finance. www.ncua.gov/newsroom/press-release/2020/southern-pine-credit-union-conserved June 11, 2020 - Chair Powell addresses inequality issues - During his press conference following the Federal Open Market Committee meeting on June 10, Federal Reserve Chairman Jerome Powell addressed recent events that have put a spotlight on racial injustice. www.kansascityfed.org/newsroom/newsreleases/2020/powell%20addresses%20inequality%20issues June 11, 2020 - 2020 Economic Policy Symposium to be virtual event - The Federal Reserve Bank of Kansas City announced today the 44th annual Economic Policy Symposium will be conducted online, Aug. 27 to Aug. 28. www.kansascityfed.org/newsroom/newsreleases/2020/jacksonhole2020 ________________________ June 11, 2020 - Chair Powell addresses inequality issues - During his press conference following the Federal Open Market Committee meeting on June 10, Federal Reserve Chairman Jerome Powell addressed recent events that have put a spotlight on racial injustice. Below is a section of his prepared remarks. www.kansascityfed.org/newsroom/newsreleases/2020/powell%20addresses%20inequality%20issues June 11, 2020 - Statistical Release - Z.1 - Financial Accounts of the United States - The Financial Accounts of the United States includes data on transactions and levels of financial assets and liabilities, by sector and financial instrument; full balance sheets, including net worth, for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses; Integrated Macroeconomic Accounts; and additional supplemental detail. www.federalreserve.gov/releases/z1/default.htm June 10, 2020 - Chicago Fed Survey of Business Conditions Suggests Growth Picked Up in May - The Chicago Fed Survey of Business Conditions Activity Index increased to −32 in May from �72 in April, suggesting that economic growth remained well below trend. www.chicagofed.org/~/media/publications/cfsbc/2020/cfsbc-june2020-pdf.pdf June 10, 2020 - Employment Contracts, Mutual to Stock Conversions, and Technical Amendments : Final Rule - On June 9, 2020, the Office of the Comptroller of the Currency issued a final rule to address recommendations from the Economic Growth and Regulatory Paperwork Reduction Act report issued in March 2017. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-60.html June 10, 2020 - FDIC Issues Annual Report on Efforts to Preserve and Promote Minority Depository Institutions - The Federal Deposit Insurance Corporation today released a report submitted to Congress that chronicles the efforts the agency made to preserve and promote Minority Depository Institutions in 2019. www.fdic.gov/news/news/press/2020/pr20068.html June 10, 2020 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act: (1) Primary Dealer Credit Facility), (2) Commercial Paper Funding Facility, (3) Money Market Mutual Fund Liquidity Facility and (4) the Paycheck Protection Program Liquidity Facility . www.federalreserve.gov/publications/files/pdcf-cpff-mmlf-pplf-6-10-2020.pdf June 10, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 a.m. on June 9, 2020 and continued at 9:00 a.m. on June 10, 2020. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20200609closed.htm June 10, 2020 - Federal Reserve Board and Federal Open Market Committee release economic projections from the June 9-10 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the June 9-10 meeting. www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm June 10, 2020 - Federal Reserve issues FOMC statement - The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm June 9, 2020 - NCUA/EXIM Bank Partnership Will Help Credit Unions Support Small Businesses - The National Credit Union Administration and the Export-Import Bank of the United States today launched a three-year collaborative effort to bring small businesses and credit unions together and expand awareness about EXIM programs. www.ncua.gov/newsroom/press-release/2020/ncuaexim-bank-partnership-will-help-credit-unions-support-small-businesses June 9, 2020 - NCUA Chairman Rodney E. Hood Opening Remarks Signing of Memorandum of Understanding with Export-Import Bank. www.ncua.gov/newsroom/speech/2020/ncua-chairman-rodney-e-hood-opening-remarks-signing-memorandum-understanding-export-import-bank June 9, 2020 - Federal Reserve Board announces that results from both its Dodd-Frank Act stress tests and the related Comprehensive Capital Analysis and Review will be released on Thursday, June 25, at 4:30 p.m. EDT. www.federalreserve.gov/newsevents/pressreleases/bcreg20200609a.htm June 9, 2020 - Federal Reserve Board issues enforcement action with East West Bank. www.federalreserve.gov/newsevents/pressreleases/files/enf20200609a1.pdf June 8, 2020 - OCC Hosts Mutual Savings Association Advisory Committee Meeting June 29 Via Webinar - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Monday, June 29, 2020, via webinar. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-77.html June 8, 2020 - Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support - The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm June 05, 2020 - NCUA Board Member Todd M. Harper Statement on Economic Equality and Justice. www.ncua.gov/newsroom/speech/2020/ncua-board-member-todd-m-harper-statement-economic-equality-and-justice June 5, 2020 - Financial Regulators Statement on Financial Inclusion - We, the prudential and consumer financial protection regulators of the U.S. financial system, are committed to financial inclusion. www.ncua.gov/newsroom/press-release/2020/financial-regulators-statement-financial-inclusion June 5, 2020 - The members of the Federal Financial Institutions Examination Council released the statement on the importance of financial inclusion. www.ffiec.gov/press/pr060520.htm June 5, 2020 - Statistical Release - Consumer Credit - G.19 - In April, consumer credit decreased at a seasonally adjusted annual rate of 19-1/2 percent. Revolving credit decreased at a annual rate of 65 percent, while nonrevolving credit decreased at an annual rate of 4 percent. www.federalreserve.gov/releases/g19/current/default.htm June 5, 2020 - FOIA - Chair Powell's calendar, April 2020. www.federalreserve.gov/foia/chairman-powell-calendar.htm June 5, 2020 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 a.m. on June 9, 2020. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20200609closed.htm June 5, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm June 4, 2020 - OCC Requests Comment on Proposal to Update Activities and Operations Rules and its Rules on Digital Activities www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-76.html _______________________ June 4, 2020 - Detroit Economic Activity Index Suggests Growth Declined Substantially in March - The Detroit Economic Activity Index measures growth in economic activity for the city of Detroit. www.chicagofed.org/publications/deai/index June 4, 2020 - National Bank and Federal Savings Association Digital Activities : Advance Notice of Proposed Rulemaking - On June 3, 2020, the Office of the Comptroller of the Currency issued an advance notice of proposed rulemaking inviting public comment on its regulations at 12 CFR 7, subpart E, and 12 CFR 155 on national bank and federal savings association digital activities. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-59.html June 4, 2020 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in March 2020. www.fdic.gov/news/news/press/2020/pr20067.html June 4, 2020 - Federal Reserve Board announces termination of enforcement action with State Street Corporation and State Street Bank and Trust Company. www.federalreserve.gov/newsevents/pressreleases/enforcement20200604a.htm June 3, 2020 - Summary of Deposits Survey and Filing for June 30, 2020 - 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/2020/fil20059.html June 3, 2020 - Federal Reserve Board announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility - Under the new terms, all U.S. states will be able to have at least two cities or counties eligible to directly issue notes to the MLF regardless of population. www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm June 2, 2020 - Brave-Butters-Kelley Indexes - The Brave-Butters-Kelley Indexes are a research project of the Federal Reserve Bank of Chicago. The BBK Coincident and Leading Indexes and Monthly GDP Growth for the U.S. are constructed from a collapsed dynamic factor analysis of a panel of 500 monthly measures of real economic activity and quarterly real GDP growth. www.chicagofed.org/publications/bbki/index June 2, 2020 - NCUA Chairman Hood Responds to Current Events Surrounding George Floyd - National Credit Union Administration Chairman Rodney E. Hood issued the following statement today reflecting on the death of George Floyd and current events: www.ncua.gov/newsroom/press-release/2020/ncua-chairman-hood-responds-current-events-surrounding-george-floyd June 2, 2020 - Permissible Interest on Loans That Are Sold, Assigned, or Otherwise Transferred : Final Rule - The Office of the Comptroller of the Currency issued a final rule today to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible before the transfer continues to be permissible after the transfer. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-57.html June 2, 2020 - OCC Releases CRA Evaluations for 17 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, 2020 through May 31, 2020. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-74.html June 2, 2020 - 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. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200602a.htm Press Release: www.fdic.gov/news/news/press/2020/pr20066.html Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-75.html June 1, 2020 - NCUA Issues Prohibition Notices and Order - The National Credit Union Administration issued two prohibition notices and one prohibition order in May. These individuals are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/press-release/2020/ncua-issues-prohibition-notices-and-order June 1, 2020 - OCC Sounds Warning About Effects of COVID-19 'Lockdowns' on Banking System - Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system. www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-73.html June 1, 2020 - U.S and Oklahoma Economies - Oklahoma Bankers Association By Chad Wilkerson Vice President and Oklahoma City Branch Executive. www.kansascityfed.org/~/media/files/publicat/speeches/2020/wilkerson-2020-6-1-oklahomabankersassociation.pdf June 1, 2020 - Statistical Release - Foreign Exchange Rates - G.5. www.federalreserve.gov/releases/g5/current/default.htm June 1, 2020 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on June 1, 2020. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20200601closed.htm |
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