R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

The Community Banker
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The E-mail Banking News
(Bank Regulatory News)

March 201
7

Yennik, Inc. has clients in 43 states that rely on our cybersecurity audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) s well as the penetration study complies with the FFIEC Cybersecurity Assessment Tool regarding resilience testing The cybersecurity penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world cybersecurity weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.

March 17, 2017 - OCC Enforcement Actions and Terminations for March 2017 - The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. https://www.occ.treas.gov/news-issuances/news-releases/2017/nr-occ-2017-32.html

March 16, 2017 - Federal Reserve Board announces termination of enforcement action with Community Shores Bank Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20170316a.htm

March 15, 2017 - NCUA - Fourth-Quarter 2016 State Credit Union Data Show Growth Trends Continuing - Federally insured credit unions saw continued improvement in nearly every category during the fourth quarter of 2016, according to state-level data compiled by the National Credit Union Administration and released today. www.ncua.gov/newsroom/Pages/fourth-quarter-data.aspx

March 15, 2017 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of Minneapolis.  www.federalreserve.gov/newsevents/press/monetary/20170316a.htm 

March 15, 2017 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of Minneapolis.  www.federalreserve.gov/newsevents/press/monetary/20170315c.htm 

March 15, 2017 - OCC Issues Draft Licensing Manual Supplement for Evaluating Charter Applications From Financial Technology Companies, Will Accept Comments Through April 14 - The Office of the Comptroller of the Currency today provided additional detail on evaluating national bank charter applications from financial technology companies that engage in the business of banking. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-31.html

March 15, 2017 - 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 AM on March 14, 2017, and continued at 9:00 AM on March 15, 2017, under expedited procedures. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20170315exp.htm

March 15, 2017 - Federal Reserve Board approves action by the Boards of Directors of the Federal Reserve Banks of New York and St. Louis - The Federal Reserve Board has approved actions on Wednesday by the Boards of Directors of the Federal Reserve Banks of New York and St. Louis, increasing the discount rate at the Banks from 1-1/4 percent to 1-1/2 percent, effective March 16, 2017. www.federalreserve.gov/newsevents/press/monetary/20170315c.htm

March 15, 2017 - Federal Reserve Board and Federal Open Market Committee release economic projections from the March 14-15 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 March 14-15 meeting. www.federalreserve.gov/newsevents/press/monetary/20170315b.htm

March 15, 2017 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in February indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace. www.federalreserve.gov/newsevents/press/monetary/20170315a.htm

March 13, 2017 - Comptroller Discusses the Value of International Collaboration and Bank Supervision - Comptroller of the Currency Thomas J. Curry today discussed the value of international collaboration and professional bank supervision during the Institute of International Bankers’ Annual Washington Conference. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-30.html

March 13, 2017 - NCUA Issues 2016 Annual Report - The National Credit Union Administration released today its 2016 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for 2016. www.ncua.gov/newsroom/Pages/news-2017-march-ncua-issues-2016-annual-report.aspx

March 13, 2017 - FDIC Enhances Tool to Prevent Elder Financial Exploitation - The Federal Deposit Insurance Corporation (FDIC) today announced enhancements to its Money Smart for Older Adults curriculum that provide new information and resources to help older adults and their caregivers avoid financial exploitation through fraud and scams. www.fdic.gov/news/news/press/2017/pr17021.html

March 13, 2017 - Raphael Bostic named president and chief executive officer of the Federal Reserve Bank of Atlanta - Raphael W. Bostic will become the 15th president and chief executive officer of the Federal Reserve Bank of Atlanta effective June 5, 2017, announced Thomas A. Fanning, chairman of the board of the Federal Reserve Bank of Atlanta. www.frbatlanta.org/news/pressreleases/atlantafed/2017/0313-atlanta-fed-names-bostic-new-president-and-ceo

March 10, 2017 - Comptroller Discusses the Condition of the Federal Banking System - Comptroller of the Currency Thomas J. Curry discussed the condition of the federal banking system during remarks at Central Connecticut State University last night. www.occ.gov/news-issuances/speeches/2017/pub-speech-2017-29.pdf 

March 10, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

March 10, 2017 - Advance 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 AM on March 14, 2017. Matter to be considered: Discussion of Monetary Policy.  www.federalreserve.gov/aboutthefed/boardmeetings/20170314advexp.htm

March 10, 2017 - Federal Reserve Board seeks to fine and prohibit two former managing directors at J.P. Morgan Securities from employment in banking industry.  www.federalreserve.gov/newsevents/press/enforcement/20170310a.htm

March 9, 2017 - March Open Board Meeting Cancelled - The National Credit Union Administration Board will not hold an open meeting on March 16, as previously scheduled. www.ncua.gov/newsroom/Pages/news-2017-march-open-board-meeting-cancelled.aspx 
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March 9, 2017 - Statistical Release - Financial Accounts of the United States - Z.1 - The Financial Accounts of the United States includes data on the flow of funds 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/current/default.htm

March 8, 2017 - St. Louis Fed’s FRED Adds New County-Level Data - FRED® (Federal Reserve Economic Data), the signature economic database of the Federal Reserve Bank of St. Louis, has beefed up its U.S. county-level data. www.stlouisfed.org/news-releases/2017/03/08/st-louis-fed-fred-adds-new-county-level-data

March 7, 2017 - OCC Issues Second Quarter 2017 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second quarter of 2017. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-28.html

March 7, 2017 - Supervisory Insights Journal: Winter 2016 Issue Now Available - The Winter 2016 issue of Supervisory Insights features an article of interest to bankers, examiners, and supervisors. "Credit Risk Trends and Supervisory Expectation Highlights" identifies trends in credit risk in commercial real estate, agriculture, and oil and gas-related lending. www.fdic.gov/news/news/financial/2017/fil17012.pdf

March 7, 2017 - FDIC's Supervisory Insights Winter Edition Focuses on Credit Risk - The Federal Deposit Insurance Corporation today issued "Credit Risk Trends and Supervisory Expectation Highlights," which appears in the Winter 2016 issue of Supervisory Insights. The article identifies trends in credit risk and emphasizes to bankers and examiners that now is the time to heed long-standing principles of sound risk-management practices. www.fdic.gov/news/news/press/2017/pr17020.html

March 7, 2017 - Statistical Release - Consumer Credit - G.19 - Statistical Release - In January, consumer credit increased at a seasonally adjusted annual rate of 2-3/4 percent. Revolving credit decreased at an annual rate of 4-1/2 percent, while nonrevolving credit increased at an annual rate of 5-1/2 percent. www.federalreserve.gov/releases/g19/current/default.htm

March 7, 2017 - Federal Reserve Board issues enforcement action with Platte Valley Bank.  www.federalreserve.gov/newsevents/press/enforcement/enf20170307a1.pdf

March 6, 2017 - Recent Declines in the Fed’s Longer-Run Economic Projections By Jonas D. M. Fisher , Christopher Russo - This Chicago Fed Letter investigates the evolution of longer-run economic projections made by participants of the Federal Reserve’s monetary policy committee, the Federal Open Market Committee, in its Summary of Economic Projections, and by the private sector. www.chicagofed.org/publications/chicago-fed-letter/2017/375

March 6, 2017 - NCUA: Q4 2016 Credit Union System Financial Performance Data Now Available - NCUA: Q4 2016 Credit Union System Financial Performance Data Now Available - The National Credit Union Administration today released the new credit union system financial performance figures based on Call Report data submitted to and compiled by the agency for the quarter ending Dec. 31, 2016. www.ncua.gov/newsroom/Pages/news-2017-march-q4-2016-credit-union-system-financial-performance-data-available.aspx

March 6, 2017 - NCUA’s Komyathy Again Named CFC Hero - Agency Receives Awards for Innovation and Website in Annual Charity Campaign - JeanMarie Komyathy, Deputy Director of the National Credit Union Administration’s Office of Small Credit Union Initiatives, was honored for the second time as a Hero of the Year by the Combined Federal Campaign of the National Capital Area. www.ncua.gov/newsroom/Pages/news-2017-march-komyathy-named-cfc-hero.aspx

March 6, 2017 - Comptroller Discusses Financial Technology Innovation - Comptroller of the Currency Thomas J. Curry today discussed financial technology innovation during a large industry conference. www.occ.gov/news-issuances/speeches/2017/pub-speech-2017-27.pdf

March 6, 2017 - 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 AM on March 06, 2017. 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/20170306exp.htm

March 3, 2017 - New St. Louis Fed Analysis Shows College Inadvertently Increases Racial and Ethnic Disparity in Income and Wealth - Despite generations of generally rising college-graduation rates, higher education’s promise of significantly reducing income and wealth disparities across all races and ethnicities remains largely unfulfilled, according to a new In the Balance report from the St. Louis Fed’s Center for Household Financial Stability. www.stlouisfed.org/news-releases/2017/03/analysis-shows-college-inadvertently-increases-racial-and-ethnic-disparity-in-income-and-wealth

March 3, 2017 - The Goldilocks Problem: How to get Incentives and Default Waterfalls “Just Right” By John W. McPartland , Rebecca Lewis - Regulatory reforms in the wake of the 2007–08 financial crisis have increased the focus on the systemic importance of central counterparties, which guarantee the performance of their clearing members’ financial contracts. www.chicagofed.org/publications/economic-perspectives/2017/1-mcpartland-lewis

March 3, 2017 - Banker Webinar on Revisions to the Consolidated Reports of Condition and Income - The federal banking agencies will conduct a webinar for bankers on March 8, 2017, to discuss the new FFIEC 051 Call Report for eligible small institutions and changes to the existing FFIEC 031 and FFIEC 041 Call Reports. www.fdic.gov/news/news/financial/2017/fil17011.html

March 3, 2017 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.   www.fdic.gov/news/news/press/2017/pr17018.html

March 3, 2017 - Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of Proficio Bank, Cottonwood Heights, Utah - Proficio Bank, Cottonwood Heights, Utah, was closed today by the Utah Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume all of the deposits of Proficio Bank. www.fdic.gov/news/news/press/2017/pr17019.html

March 3, 2017 - FOIA - Chair Yellen's calendar, January 2017.  www.federalreserve.gov/foia/chairscalendar-012017.htm

March 3, 2017 - Janet L. Yellen,  Chair - From Adding Accommodation to Scaling It Back - At The Executives' Club of Chicago, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/yellen20170303a.pdf

March 3, 2017 - Stanley Fischer,  Vice Chairman - Monetary Policy: By Rule, By Committee, or By Both? - At the 2017 U.S. Monetary Policy Forum, sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York, New York.  www.federalreserve.gov/newsevents/speech/fischer20170303c.pdf

March 3, 2017 - Jerome H. Powell,  Governor - Innovation, Technology, and the Payments System At Blockchain: The Future of Finance and Capital Markets? - The Yale Law School Center for the Study of Corporate Law, New Haven, Connecticut.   www.federalreserve.gov/newsevents/speech/powell20170303b.pdf

March 3, 2017 - Federal Reserve releases examples of new charts that illustrate uncertainty around monetary policymakers’ macroeconomic and interest rate projections.  www.federalreserve.gov/newsevents/press/monetary/20170303a.htm
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March 2, 2017 - OCC Hosts Credit Risk and Operational Risk Workshops in Phoenix - The Office of the Comptroller of the Currency will host two workshops at the Crowne Plaza Phoenix Airport in Phoenix, Ariz., April 11-12, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-26.html

March 2, 2017 - Webinar on the New Consolidated Reports of Condition and Income for Small Institutions and Other Call Report Revisions Scheduled for March 8 - As the Federal Financial Institutions Examination Council previously advised, the federal banking agencies are implementing a new streamlined FFIEC 051 Call Report for eligible small institutions and other burden-reducing changes to the existing versions of the Call Report effective March 31, 2017. www.fdic.gov/news/news/financial/2017/fil17010.html

March 2, 2017 - Advance 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 March 6, 2017. Matter to be 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/20170306advexp.htm

March 2, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 9:30 AM on March 2, 2017. Matter considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20170302exp.htm

March 2, 2017 - Federal Reserve Board announces that it will not object to a resubmitted capital plan from Morgan Stanley - The Federal Reserve Board on Thursday announced that it will not object to a resubmitted capital plan from Morgan Stanley, as a result of progress made by the firm in addressing deficiencies identified by the Board in last year's Comprehensive Capital Analysis and Review.  www.federalreserve.gov/newsevents/press/bcreg/20170302a.htm

March 1, 2017 - Lael Brainard,  Governor - Transitions in the Outlook and Monetary Policy - At the John F. Kennedy School of Government, Harvard University, Cambridge, Massachusetts.   www.federalreserve.gov/newsevents/speech/brainard20170301a.htm

March 1, 2017 - Chicago Fed Survey of Business Conditions Shows Growth Picked Up in January and Early February - The Chicago Fed Survey of Business Conditions Activity Index increased to +4 from –13, suggesting that growth in economic activity picked up to a moderate pace in January and early February. The CFSBC Manufacturing Activity Index rose to +31 from +12, and the CFSBC Nonmanufacturing Activity Index moved up to –11 from –27. www.chicagofed.org/~/media/publications/cfsbc/2017/cfsbc-march2017-pdf.pdf

March 1, 2017 - NCUA - Providing Electronic Financial Services the Subject of Next NCUA Webinar - Register Now to Join the Conversation on March 22 - Electronic financial services are critical to success in the financial industry, and the National Credit Union Administration will host a webinar, “Pathways to Offering E-Services,” to help credit unions better understand how to put those services to work for their members. www.ncua.gov/newsroom/Pages/news-2017-march-providing-electronic-financial-services-ncua-webinar.aspx

March 1, 2017 - OCC Hosts Workshop for Bank Directors in Pittsburgh - The Office of the Comptroller of the Currency will host a workshop at the Pittsburgh Marriott City Center in Pittsburgh, Pa., April 10-12, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-25.html

March 1, 2017 - 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 February 1, 2017 through February 28, 2017. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-24.html 

March 1, 2017 - Emerging Trends in the U.S. and Colorado Economies By Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch.  www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-felix-icba-03-01.pdf 

March 1, 2017 - Current FAQ What is the basic framework that determines the conduct of monetary policy? - Under the Federal Reserve Act, the Congress established a basic framework for the conduct of monetary policy that involves three key pillars: www.federalreserve.gov/faqs/basic-framework-determines-conduct-monetary-policy.htm

March 1, 2017 - Current FAQ What is the Summary of Economic Projections? - Four times a year, the Federal Reserve releases a summary of Federal Open Market Committee participants' projections for economic growth, unemployment, inflation, and policy interest rates over a three-year horizon and over the longer run, along with additional information regarding policymakers' views on the uncertainty and risks surrounding their economic forecasts. www.federalreserve.gov/faqs/summary-economic-projections-sep.htm

March 1, 2017 - Current FAQ What are the Minutes of the Federal Open Market Committee? - Detailed minutes of Federal Open Market Committee meetings are released three weeks after each meeting. www.federalreserve.gov/faqs/minutes-federal-open-market-committee-fomc.htm

March 1, 2017 - Current FAQ - Federal Open Market Committee meetings are not open to the public, so how do I know what the FOMC is doing? - The Federal Open Market Committee has greatly enhanced transparency surrounding the monetary policy process through a variety of mechanisms, including www.federalreserve.gov/faqs/federal-open-market-committee-fomc-not-public.htm

March 1, 2017 - Current FAQ What is the Federal Open Market Committee? - The Federal Open Market Committee is a committee within the Federal Reserve System that sets national monetary policy. www.federalreserve.gov/faqs/federal-open-market-committee-fomc.htm

March 1, 2017 - Current FAQ - Does the Federal Reserve tell the public what it holds on its balance sheet? - The Board publishes a quarterly report, the Quarterly Report on Federal Reserve Balance Sheet Developments, with detailed information about the balance sheet and the combined financial position and results of operations of the Reserve Banks. https://www.federalreserve.gov/faqs/federal-reserve-public-balance-sheet.htm

March 1, 2017 - Current FAQ Is the Fed's lending audited by the Congress? - The Congress established several mechanisms to enhance transparency and accountability for the Federal Reserve's emergency lending: www.federalreserve.gov/faqs/federal-reserve-lending-audited-by-congress.htm

March 1, 2017 - Current FAQ How can I learn more about the assets the Federal Reserve owns and the loans it makes to financial institutions? - The Federal Reserve provides a great deal of information to the public on a regular basis concerning all the basic tools of monetary policy, including open market operations and discount window lending. www.federalreserve.gov/faqs/assets-federal-reserve-owns-loans-it-makes-to-financial-institutions.htm

March 1, 2017 - Current FAQ What is the statement on longer-run goals and monetary policy strategy and why does the Federal Open Market Committee put it out? - In January 2012, the Federal Open Market Committee (FOMC) first published a "Statement on Longer-Run Goals and Monetary Policy Strategy." www.federalreserve.gov/faqs/statement-on-longer-run-goals-monetary-policy-strategy-FOMC.htm

March 1, 2017 - Beige Book - March 01, 2017 - This report was prepared at the Federal Reserve Bank of New York based on information collected on or before February 17, 2017.   www.federalreserve.gov/monetarypolicy/beigebook/beigebook201703.htm

March 1, 2017 - Ann Misback appointed new Secretary of the Board - The Federal Reserve Board on Wednesday announced the appointment of Ann Misback as its Secretary, effective April 2, 2017. www.federalreserve.gov/newsevents/press/other/20170301a.htm

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