The E-mail Banking News
(Bank Regulatory News)

March 2019

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 test 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/.
FFIEC information technology audits - As a former bank examiner with over 40 years IT audit experience, I will bring an examiner's perspective to the FFIEC information technology audit for bankers in Texas, New Mexico, Colorado, and Oklahoma.

March 14, 2019 - Detroit Economic Activity Index Points to a Pickup in Growth in December - The Detroit Economic Activity Index measures growth in economic activity for the city of Detroit.  www.chicagofed.org/publications/deai/index

March 14, 2019 - NCUA - Share Insurance Fund Closed 2018 with $226.5 Million Net Income, Net Position of $15.7 Billion - The National Credit Union Administration Board held its third open meeting of 2019 at the agency’s headquarters today and unanimously approved one item: www.ncua.gov/newsroom/press-release/2019/share-insurance-fund-closed-2018-2265-million-net-income-net-position-157-billion

March 13, 2019 - NCUA Releases 2018 Annual Report - The National Credit Union Administration today released its 2018 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for 2018. www.ncua.gov/newsroom/press-release/2019/ncua-releases-2018-annual-report

March 12, 2019 - NCUA Board’s Partnership Transformed Regulatory Structure - By working together in a bipartisan manner, the NCUA Board enacted a number of regulatory reforms and modernization initiatives to meet its statutory obligation of ensuring a safe and sound credit union system while providing credit unions with measures of regulatory relief, National Credit Union Administration Board Chairman J. Mark McWatters and Board Member Rick Metsger said today. www.ncua.gov/newsroom/press-release/2019/ncua-boards-partnership-transformed-regulatory-structure

March 12, 2019 - Speech by Governor Brainard on the Community Reinvestment Act: how can we preserve what works and make it better?  www.federalreserve.gov/newsevents/speech/brainard20190312a.htm

March 12, 2019 - Federal Reserve Board permanently bars two former employees of The Goldman Sachs Group, Inc. from the banking industry - The Federal Reserve Board on Tuesday announced that it is prohibiting Tim Leissner and Ng Chong Hwa, also known as Roger Ng, from the banking industry for their participation in a scheme to illegally divert billions of dollars from a Malaysian sovereign wealth fund. www.federalreserve.gov/newsevents/pressreleases/enforcement20190312a.htm 

March 11, 2019 - 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 March 11, 2019. www.federalreserve.gov/aboutthefed/boardmeetings/20190311closed.htm

March 11, 2019 - Federal Reserve Board announces approval of application by CenterState Bank Corporation.  www.federalreserve.gov/newsevents/pressreleases/orders20190311a.htm
 
March 8, 2019 - Revisions to the Consolidated Reports of Condition and Income and Other Regulatory Reports - The banking agencies, under the auspices of the Federal Financial Institutions Examination Council, have finalized revisions to the Consolidated Reports of Condition and Income and certain other FFIEC reports that primarily address changes in the accounting for credit losses under the Financial Accounting Standards Board's Accounting Standards Update 2016-13. www.fdic.gov/news/news/financial/2019/fil19012.html

March 8, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

March 8, 2019 - Legal Interpretations - Bank Holding Company Act, February 1, 2019.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol_archive.htm
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March 7, 2019 - Home Mortgage Disclosure Act: Key Data Fields for Full and Partial Reporters - The Office of the Comptroller of the Currency is issuing this bulletin to inform national banks, federal savings associations, and federal branches and agencies about key data fields that the OCC has determined examiners will typically use to test and validate the accuracy and reliability of home mortgage loan data collected beginning in 2018. www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-12.html

March 7, 2019 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Severe Storms, Straight-line Winds, and Tornadoes.   www.fdic.gov/news/news/financial/2019/fil19011.html

March 7, 2019 - Communication Expectations for Community Bank Examinations and Inspections - The purpose of this letter is to reinforce the importance of effective communication practices during targeted and full-scope safety and soundness examinations of community state member banks. www.federalreserve.gov/supervisionreg/srletters/sr1905.htm

March 7, 2019 - 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 March 11, 2019. 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/20190311closed.htm

March 7, 2019 - Who Values Access to College? - Kartik Athreya, Felicia F. Ionescu, Urvi Neelakantan, and Ivan Vidangos - A first glance at US data suggests that college -- given its mean returns and sharply subsidized cost for all enrollees -- could be of great value to most.  www.federalreserve.gov/econres/feds/files/2019015pap.pdf

March 7, 2019 - Statistical Release - Financial Accounts of the United States - Z.1 - 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/current/default.htm

March 7, 2019 - Understanding Persistent Stagnation - Pablo A. Cuba-Borda and Sanjay R. Singh - We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. www.federalreserve.gov/econres/ifdp/files/ifdp1243.pdf

March 7, 2019 - Speech by Governor Brainard on navigating cautiously At the Julis-Rabinowitz Center for Public Policy and Finance and the Bendheim Center for Finance, Woodrow Wilson School of Public and International Affairs, Princeton University, Princeton, New Jersey. www.federalreserve.gov/newsevents/speech/brainard20190307a.htm

March 7, 2019 - NCUA - Board Approves Share Insurance Equity Distribution in 2019 - The National Credit Union Administration Board today approved a $160.1 million equity distribution from the National Credit Union Share Insurance Fund that will be paid to eligible credit unions in the second quarter of 2019. www.ncua.gov/newsroom/press-release/2019/board-approves-share-insurance-equity-distribution-2019

March 7, 2019 - NCUA - FFIEC Members Adopt Policy Statement on the Report of Examination - The Federal Financial Institutions Examination Council members today issued principles to promote consistency, clarity and ease of reference for the presentation of information in examination reports. www.ncua.gov/newsroom/press-release/2019/ffiec-members-adopt-policy-statement-report-examination

March 6, 2019 - Comptroller of the Currency Supports FSOC�s Proposal for an Activities-Based Approach to Identify Potential Market-wide Risks - Comptroller of the Currency Joseph Otting today issued the following statement supporting the Financial Stability Oversight Council�s decision to propose an activities-based approach for identifying potential market-wide risks and to amend the process for designating nonbank financial companies systemically important. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-24.html

March 6, 2019 - Chicago Fed Survey of Business Conditions Shows Growth Slowed in January and Early February - The Chicago Fed Survey of Business Conditions Activity Index decreased to -18 from -3, suggesting that growth in economic activity continued at a modest pace in January and early February.  www.chicagofed.org/~/media/publications/cfsbc/2019/cfsbc-march2019-pdf.pdf

March 6, 2019 - NCUA Releases Q4 2018 Credit Union System Performance Data - The NCUA�s Quarterly Credit Union Data Summary reports include an overview of the quarterly Call Report data as well as tables showing the recent history of major credit union performance indicators. www.ncua.gov/newsroom/press-release/2019/ncua-releases-q4-2018-credit-union-system-performance-data

March 6, 2019 - Report of Examination: FFIEC Policy and Rescissions - The Federal Financial Institutions Examination Council members1 issued today the �Federal Financial Institutions Examination Council Policy Statement on the Report of Examination.� www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-11.html

March 6, 2019 - The Federal Financial Institutions Examination Council members today issued principles to promote consistency, clarity and ease of reference for the presentation of information in examination reports. The FFIEC Policy Statement on the Report of Examination was developed as part of the FFIEC�s Examination Modernization Project, which is aimed at reducing unnecessary regulatory burden on community financial institutions. www.ffiec.gov/press/pr030619.htm

March 6, 2019 - Revisions to the Consolidated Reports of Condition and Income and Certain Other Regulatory Reports - The Federal Financial Institutions Examination Council has approved the implementation of changes to all three versions of the Call Report, the Foreign Branch Report of Condition, the Abbreviated Foreign Branch Report of Condition and the Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework. www.fdic.gov/news/news/financial/2019/fil19010.html

March 6, 2019 - FDIC's Subcommittee on Supervision Modernization for the Advisory Committee on Community Banking Holds its Inaugural Meeting - The subcommittee was established to support the FDIC's Advisory Committee on Community Banking by considering how the FDIC can leverage technology and refine processes to make the examination program more efficient, while managing and training a geographically dispersed workforce. www.fdic.gov/news/news/press/2019/pr19016.html

March 6, 2019 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beigebook201903.htm

March 6, 2019 - Federal Reserve Board announces it will limit the use of the "qualitative objection" in its Comprehensive Capital Analysis and Review exercise, effective for the 2019 cycle.   www.federalreserve.gov/newsevents/pressreleases/bcreg20190306b.htm

March 6, 2019 - Federal Reserve Board issues advance notice of proposed rulemaking seeking public comment on whether to amend Regulation D to lower certain interest rates paid on balances at Federal Reserve Banks www.federalreserve.gov/newsevents/pressreleases/bcreg20190306a.htm

March 5, 2019 - Community Banking: A Time of Promise and Challenge By Jeff Bonham , Paul Curtis-Wittenberg , Whitney Hanson , Pamela Kennedy , Robert Millerick , Gregory Rensink - The 13th annual Community Bankers Symposium, cosponsored by the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, was held at the Federal Reserve Bank of Chicago on November 16, 2018. www.chicagofed.org/publications/chicago-fed-letter/2019/412

March 5, 2019 - The Federal Reserve Bank of Chicago is honored to have achieved the National Association for Female Executives Award. The NAFE Award honors companies that move the needle in helping women grow into leadership roles by having exceptional benefits and policies in place, a diverse and inclusive culture and strong career advancement opportunities. www.chicagofed.org/careers/our-people/r/ronda

March 5, 2019 - OCC Releases CRA Evaluations for 13 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, 2019 through February 28, 2019. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-23.html 

March 5, 2019 - 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 December 2018. www.fdic.gov/news/news/press/2019/pr19015.html

March 5, 2019 - Statistical Release - Structure and Share Data for U.S. Banking Offices of Foreign Entities. www.federalreserve.gov/releases/iba/201809/default.htm

March 5, 2019 - Legal Developments - Section 19 letters, November 28, 2018 - January 28, 2019. www.federalreserve.gov/supervisionreg/ordersother2019.htm

March 5, 2019 - Inferring Term Rates from SOFR Futures Prices - Erik A. Heitfield and Yang-Ho Park - The Alternative Reference Rate Committee, a group of private-sector market participants convened by the Federal Reserve, has recommended that markets transition to the use of the Secured Overnight Financing Rate in financial contracts that currently reference US dollar LIBOR. www.federalreserve.gov/econres/feds/files/2019014pap.pdf

March 5, 2019 - Federal Reserve Board announces termination of enforcement action with Cogent Bancorporation, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20190305a.htm

March 4, 2019 - FDIC Unveils New Resources During National Consumer Protection Week 2019 - In observance of National Consumer Protection Week, March 3�9, the Federal Deposit Insurance Corporation today unveiled new resources to help consumers understand their rights and make well-informed decisions about money. www.fdic.gov/news/news/press/2019/pr19013.html

March 4, 2019 - Test Questions, Economic Outcomes, and Inequality - Eric Nielsen - Standard achievement scales aggregate test questions without considering their relationship to economic outcomes. This paper uses question-level data to improve the measurement of achievement in two ways. www.federalreserve.gov/econres/feds/files/2019013pap.pdf

March 4, 2019 - The Near-Term Forward Yield Spread as a Leading Indicator: A Less Distorted Mirror - Eric C. Engstrom, Steven A. Sharpe - The spread between the yield on a 10-year Treasury bond and the yield on a shorter maturity bond, such as a 2-year Treasury, is commonly used as an indicator for predicting U.S. recessions. www.federalreserve.gov/econres/feds/files/2018055r1pap.pdf

March 1, 2019 - Emerging Trends in the U.S. and Wyoming Economies By Alison Felix Economist and Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-felix-univwy-03-01.pdf

March 1, 2019 - Federal Reserve Bank of Kansas City announces officer promotion.  www.kansascityfed.org/~/media/files/publicat/newsroom/2019/release_robertsonpromotionfinal.pdf

March 1, 2019 - Legal Interpretations - Bank Holding Company Act, Dec. 26, 2018 (1 letter), Feb. 12, 2019.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2019.htm

March 1, 2019 - FOIA - Chair Powell's calendar, January 2019.  www.federalreserve.gov/foia/chairman-powell-calendar-012019.htm

March 1, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

March 1, 2019 - Statistical Release - Foreign Exchange Rates - Effective on February 4, 2019, the Federal Reserve Board staff will make major changes to the methodology used to construct the trade-weighted dollar indexes in the H.10, G.5, and G.5A releases. www.federalreserve.gov/releases/g5/current/default.htm

FYI - Don't forget to follow me on LinkedIn at https://www.linkedin.com/in/yennik where I post a weekly question on IT and cybersecurity auditing.

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