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

May 30, 2014 - Homebuilders, Affiliated Financing Arms, and the Mortgage Crisis - Economic Perspectives article finds that although homebuilder financing affiliates make loans to riskier borrowers, they have lower delinquency rates than unaffiliated lenders. www.chicagofed.org/digital_assets/publications/economic_perspectives/2014/2Q2014_part1_agarwal_etal.pdf

May 30, 2014 - Fed’s Evans Addresses Central Bank of Istanbul - Charles Evans June 2 slide presentation to the Istanbul School of Central Banking, 2014 Macro Workshop, in Istanbul Turkey. www.chicagofed.org/webpages/publications/speeches/2014/06_02_14_charles-evans-istanbul-monetary-policy.cfm

May 30, 2014 - Midwest Economic Growth Increased in April - The Midwest Economy Index was +0.12 in April, up from –0.04 in March. www.chicagofed.org/webpages/publications/mei/index.cfm

May 30, 2014 - NCUA - Chairman Matz' Reply to Congressman Peter King.  www.ncua.gov/News/Pages/CLReply20140528Matz.pdf

May 30, 2014 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued nine orders in May prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20140530ProhibitionOrders.aspx

May 30, 2014 - FDIC Makes Public April Enforcement Actions - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June 2014. www.fdic.gov/news/news/press/2014/pr14040.html

May 30, 2014 - FDIC Issues Third Quarter 2014 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act examination during the third quarter of 2014. www.fdic.gov/news/news/press/2014/pr14039.html

May 30, 2014 - Interagency Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings.
Press Release: www.federalreserve.gov/bankinforeg/caletters/CA_14-3_Letter_Increased_Flood_Coverage_053014.pdf
Press Release: www.fdic.gov/news/news/financial/2014/fil14028.html

May 30, 2014 - Report to the Congress - Annual Performance Plan 2014.  www.federalreserve.gov/publications/gpra/files/2014-gpra-performance-plan.pdf ______________

May 30, 2014 - FDIC Makes Public April Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled for June 2014. http://www.fdic.gov/news/news/press/2014/pr14040.html

May 29, 2014 - Financial Market Stress Falls for Third Straight Week - The St. Louis Fed Financial Stress Index fell for the third straight week. For the week ending May 23, 2014, the STLFSI measured -1.228, down modestly from the previous week’s revised value of -1.223. The STLFSI remained at its lowest level since the week ending Feb. 23, 2007. www.stlouisfed.org/newsroom/displayNews.cfm?article=2208

May 29, 2014 - Federal Reserve Board issues enforcement action with Columbus Junction State Bank.   www.federalreserve.gov/newsevents/press/enforcement/enf20140529a1.pdf

May 28, 2014 - OCC Announces Actions to Respond to International Peer Review Recommendations - The Office of the Comptroller of the Currency today announced significant changes intended to strengthen both the supervisory process and the examining force supervising the nation’s largest and most complex financial institutions. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-75.html

May 28, 2014 - FDIC-Insured Institutions Earned $37.2 Billion in the First Quarter of 2014 - FDIC-Insured Institutions Earned $37.2 Billion in the First Quarter of 2014 - Reporting Expanded to Include New Coverage of Community Banks - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $37.2 billion in the first quarter of 2014, down $3.1 billion (7.6 percent) from earnings of $40.3 billion the industry reported a year earlier. The decline in earnings was mainly attributable to a $7.1 billion (10.7 percent) decline in noninterest income.   www.fdic.gov/news/news/press/2014/pr14038.html

May 28, 2014 - Stanley Fischer sworn in as member of the Board of Governors of the Federal Reserve System.   www.federalreserve.gov/newsevents/press/other/20140528a.htm

May 27, 2014 - NCUA Named a “Best of the Best” Place for Veterans to Work - The National Credit Union Administration has been rated as a “Best of the Best” place to work in terms of opportunities for veterans from U.S. Veterans Magazine. www.ncua.gov/News/Pages/NW20140527Veterans.aspx

May 27, 2014 - 2014 FDIC Consumer Newsletter Features More Ways to Save at the Bank - Consumers want to make the most of their dollars for priorities ranging from everyday expenses to a comfortable retirement, but knowing how to do that can be a challenge.  www.fdic.gov/news/news/press/2014/pr14037.html

May 27, 2014 - Minutes of the Board's discount rates meetings from April 14 through April 28, 2014 - DISCOUNT AND ADVANCE RATES -- Requests by nine Reserve Banks to maintain the existing rate and requests by three Reserve Banks to increase the primary credit rate. www.federalreserve.gov/newsevents/press/monetary/monetary20140527a1.pdf

May 23, 2014 - Life Line Credit Union, Inc., Closes; Shares Assumed by Virginia Credit Union, Inc. - The Virginia State Corporation Commission has closed Life Line Credit Union, Inc., of Richmond, Va., and appointed the National Credit Union Administration Board as receiver to act as liquidating agent. www.ncua.gov/News/Pages/NW20140523LifeLineCreditUnion.aspx

May 23, 2014 - NCUA Releases a New Guide to Mergers - “Truth in Mergers” Identifies Best Practices for Merging Credit Unions - Credit unions considering a merger now have a new resource to assist in navigating that process, a brochure entitled, “Truth in Mergers: A Guide for Merging Credit Unions,” from the National Credit Union Administration’s Office of Small Credit Union Initiatives. www.ncua.gov/News/Pages/NW20140523Mergers.aspx

May 23, 2014 - United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Columbia Savings Bank, Cincinnati, Ohio - Columbia Savings Bank, Cincinnati, Ohio, was closed today by the Ohio Division 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 United Fidelity Bank, fsb, Evansville, Indiana, to assume all of the deposits of Columbia Savings Bank. www.fdic.gov/news/news/press/2014/pr14036.html

May 23, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 23, 2014 - Credit and Liquidity Programs and the Balance Sheet - Federal Reserve Banks Combined Quarterly Financial Report, First Quarter 2014.   www.federalreserve.gov/monetarypolicy/files/quarterly-report-20140331.pdf

May 23, 2014 - Credit and Liquidity Programs and the Balance Sheet - Quarterly Report on Federal Reserve Balance Sheet Developments, May 2014 - The Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public. www.federalreserve.gov/monetarypolicy/quarterly-balance-sheet-developments-report.htm
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May 22, 2014 - Do Low Interest Rates Hurt or Help Banks? - Chicago Fed Letter finds the negative impact on bank profitability is likely offset by the positive impact on overall economic activity. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljuly2014_324.pdf

May 22, 2014 - Fed’s Williams: We’re on the Road to Normal - While it will be a slow and cautious process, monetary policy is on the road to normalization, according to John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco. www.frbsf.org/our-district/press/news-releases/2014/monetary-policy-road-normal/

May 22, 2014 - Financial Market Stress Falls to Its Lowest Level in Over Seven Years - The St. Louis Fed Financial Stress Index fell to its lowest level in a little more than seven years. For the week ending May 16, 2014, the STLFSI measured -1.214, down modestly from the previous week’s revised value of -1.194 and its lowest level since the week ending Feb. 23, 2007. www.stlouisfed.org/newsroom/displayNews.cfm?article=2205

May 22, 2014 - Assessing the Change in Labor Market Conditions - The U.S. labor market is large and multifaceted. Often-cited indicators, such as the unemployment rate or payroll employment, measure a particular dimension of labor market activity, and it is not uncommon for different indicators to send conflicting signals about labor market conditions.  www.federalreserve.gov/econresdata/notes/feds-notes/2014/assessing-the-change-in-labor-market-conditions-20140522.html

May 22, 2014 - Federal Reserve issues final rules to repeal its Regulations DD and P and to amend Regulation V - The Federal Reserve Board on Thursday repealed its Regulation DD and Regulation P and issued final amendments to the Identity Theft Red Flags rule in Regulation V.   www.federalreserve.gov/newsevents/press/bcreg/20140522a.htm

May 22, 2014 - Federal Reserve Board announces termination of enforcement actions with First Banks, Inc., The San Francisco Company, and First Bank.   www.federalreserve.gov/newsevents/press/enforcement/20140522a.htm

May 22, 2014 - NCUA - May 2014 Board Meeting: Stabilization Fund’s Net Position Improves - NCUA’s Chief Financial Officer reported on the Stabilization Fund’s operations, based on preliminary and unaudited information. In the first quarter of 2014, the net position of the Stabilization Fund improved by $101.8 million from a $142.2 million deficit on Dec. 31, 2013, to a $40.4 million deficit on March 31, 2014. www.ncua.gov/about/Pages/Board%20Actions/BAB20140522.aspx

May 21, 2014 - Blog Series: Reflections from Community Leaders Forum - This is the final of three guest blogs discussing the Fed’s Community Leaders Forum, which took place March 5-6 in Washington DC. Guest bloggers are from the IFF, Chicago Lawyers’ Committee for Civil Rights, and the Community Development Advocates of Detroit. http://cdps.chicagofedblogs.org/?p=1357

May 21, 2014 - NCUA - Examiner Training Benefits Credit Unions - NCUA’s National Training Conference Comes in 8.5 Percent Below Budget - Federally insured credit unions will benefit from better examinations and service from National Credit Union Administration examiners after the completion of an extensive skills development program conducted at the agency’s biennial National Training Conference. www.ncua.gov/News/Pages/NW20140521Training.aspx

May 21, 2014 - Tania Seger Joins St. Louis Fed’s Agribusiness Industry Council - Tania Seger, vice president of finance for U.S. Commercial Row Crops with Monsanto Company in St. Louis, has been named to the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/newsroom/displayNews.cfm?article=2201

May 21, 2014 - Uncovered Equity Parity and Rebalancing in International Portfolios - Stephanie E. Curcuru, Charles P. Thomas, Francis E. Warnock, and Jon Wongswan - Portfolio rebalancing is a key driver of the Uncovered Equity Parity condition.  www.federalreserve.gov/pubs/ifdp/2014/1103/ifdp1103.pdf

May 21, 2014 - Perspectives on the Recent Weakness in Investment - Eugenio Pinto and Stacey Tevlin1 - After having been a relatively bright spot early in the recovery, nonresidential private fixed investment, which in this note we refer to as business fixed investment, increased at an average annual rate of only about 4 percent in 2012 and 2013, an unusually slow pace during an expansion.  www.federalreserve.gov/econresdata/notes/feds-notes/2014/perspectives-on-the-recent-weakness-in-investments-20140521.html

May 21, 2014 - Report to the Congress - 100th Annual Report.  www.federalreserve.gov/publications/annual-report/files/2013-annual-report.pdf

May 21, 2014 - Statistical Release - Finance Companies - G.20. www.federalreserve.gov/releases/g20/Current/

May 21, 2014 - Chair Janet L. Yellen - Commencement Remarks - At New York University's 2014 Commencement, New York, New York.   www.federalreserve.gov/newsevents/speech/yellen20140521a.htm

May 21, 2014 - Minutes of the Federal Open Market Committee, April 29-30, 2014.  www.federalreserve.gov/newsevents/press/monetary/20140521a.htm

May 20, 2014 - Debt Deflation Effects of Monetary Policy - Li Lin, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis - This paper assesses the role that monetary policy plays in the decision to default using a General Equilibrium model with collateralized loans, trade in fiat money and production.   www.federalreserve.gov/pubs/feds/2014/201437/201437pap.pdf

May 20, 2014 - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/

May 20, 2014 - Federal Reserve Board issues enforcement action with Western Bank, and termination of enforcement actions with TCM Company and Tonganoxie Bankshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20140520a.htm

May 19, 2014 - Payment Systems - $1 Coin Quarterly Inventories, Payments, and Receipts, quarterly data.   www.federalreserve.gov/paymentsystems/coin_data.htm

May 19, 2014 - Legal Interpretations - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control, 2014 Letters.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2014.htm

May 19, 2014 - Hedge fund holdings and stock market efficiency - Charles Cao, Bing Liang, Andrew W. Lo, and Lubomir Petrasek - We examine the relation between changes in hedge fund stock holdings and measures of informational efficiency of equity prices derived from transactions data, and find that, on average, increased hedge fund ownership leads to significant improvements in the informational efficiency of equity prices.  www.federalreserve.gov/pubs/feds/2014/201436/201436pap.pdf

May 19, 2014 - FDIC Announces Additional Research on Community Bank Trends - The Federal Deposit Insurance Corporation (FDIC) today published an article in its FDIC Quarterly on the trends in rural depopulation and the implication of these trends on rural community banks.   www.fdic.gov/news/news/press/2014/pr14035.html 

May 16, 2014 - NCUA - The NCUA Report for May 2014 Now Available.  www.ncua.gov/News/Pages/AllNewsSummary.aspx

May 16, 2014 - NCUA - Health One Credit Union Conserved - The Director of the Michigan Department of Insurance and Financial Services today placed Health One Credit Union into conservatorship and named the National Credit Union Administration as agent to handle the credit union’s day-to-day operations. Health One Credit Union is a Michigan-chartered, federally insured credit union headquartered in Detroit. www.ncua.gov/News/Pages/NW20140516HealthOne.aspx

May 16, 2014 - NCUA - Nominations for Consulting Close May 31 - Credit unions that qualify to receive free consulting services from the National Credit Union Administration’s Office of Small Credit Union Initiatives have until May 31 to submit nominations, the agency announced today. www.ncua.gov/News/Pages/NW20140516Consulting.aspx

May 16, 2014 - OCC Enforcement Actions - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-74.html

May 16, 2014 - Comptroller Highlights Regulators' Work To Minimize Risks of Cyberattacks - Comptroller of the Currency Thomas J. Curry today discussed what regulators are doing to meet the challenge of cyberattacks.   www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-73.html

May 16, 2014 - St. Louis Fed’s Bullard Discusses the Fed’s Taper, GDP Growth - Federal Reserve Bank of St. Louis President James Bullard discussed “A Tame Taper” at the Arkansas Day with the Commissioner event hosted by the Arkansas Bankers Association on Friday. www.stlouisfed.org/newsroom/displayNews.cfm?article=2197

May 16, 2014 - Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of AztecAmerica Bank, Berwyn, Illinois - AztecAmerica Bank, Berwyn, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corporation as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of AztecAmerica Bank. www.fdic.gov/news/news/press/2014/pr14034.html

May 16, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 15, 2014 - Speech by Chair Janet L. Yellen - Small Businesses and the Recovery www.federalreserve.gov/newsevents/speech/yellen20140515a.htm
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May 15, 2014 - Flat Growth in Midwest Farmland Values - Latest AgLetter reports Seventh District farmland values in the first quarter of 2014 were 1 percent higher than a year ago. - Agricultural land values in the Seventh Federal Reserve District were still higher than a year ago during the first quarter of 2014, but by just 1 percent. In contrast, “good” farmland values depreciated 1 percent in the first quarter of 2014 relative to the fourth quarter of 2013. www.chicagofed.org/digital_assets/publications/agletter/2010_2014/may_2014.pdf

May 15, 2014 - St. Louis Fed Ag Survey Shows Farmland Prices down for First Quarter 2014 - Farm income declined in the first quarter of 2014 relative to a year earlier, according to the latest Agricultural Finance Monitor, a newsletter published quarterly by the Federal Reserve Bank of St. Louis.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2194 

May 15, 2014 - Financial Market Stress Down for Fourth Week out of Past Five - The St. Louis Fed Financial Stress Index fell for the fourth week in the past five weeks. For the week ending May 9, 2014, the STLFSI measured -1.185, down slightly from the previous week’s revised value of -1.180. www.stlouisfed.org/newsroom/displayNews.cfm?article=2195

May 15, 2014 - Are Household Investors Noise Traders: Evidence from Belief Dispersion and Stock Trading Volume - Dan Li and Geng Li - We document a robust positive relationship between the belief dispersion about macroeconomic conditions among household investors and the stock market trading volume, using more than 30 years of household survey data and a novel approach to measuring belief dispersions.   www.federalreserve.gov/pubs/feds/2014/201435/201435pap.pdf

May 15, 2014 - Legal Interpretations - Bank Holding Companies/Savings and Loan Holding Companies/Change in Control, 2013 Letters.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2014.htm

May 15, 2014 - Federal Reserve offers seven-day term deposits from its Term Deposit Facility - On May 19, 2014, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility.  www.federalreserve.gov/newsevents/press/monetary/20140515a.htm

May 15, 2014 - Federal Reserve Board announces termination of enforcement action with Central Federal Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20140515a.htm

May 15, 2014 - NCUA - Agenda for the 5/22/2014 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20140522.aspx

May 15, 2014 - NCUA - April NCUA Board Meeting Video Now Available Online - The video recording of the April open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/News/Pages/NW20140515BoardMeeting.aspx

May 14, 2014 - NCUA - $1.2 Million Available in NCUA’s Second Grant Round of 2014 - The National Credit Union Administration will make $1.2 million available to low-income credit unions in the second round of Community Development Revolving Loan Fund grants for 2014, the agency announced today. www.ncua.gov/News/Pages/NW20140514Grants.aspx

May 14, 2014 - Comptroller Discusses Bank Supervision of the Country's Dual Banking System - Comptroller of the Currency Thomas J. Curry today discussed the importance of effective bank supervision at federal and state levels to ensure a safe and sound financial system for the entire country that can meet the needs of communities and a national economy. www.occ.gov/news-issuances/speeches/2014/pub-speech-2014-72.pdf

May 14, 2014 - Payment Systems - Interchange Fee Small Issuer Exemption, data update - To facilitate compliance with the debit card interchange fee standards in the Board’s Regulation II, 12 CFR part 235 (which implements section 920 of the Electronic Fund Transfer Act), the Board is publishing two lists of institutions using data available to the Board.  www.federalreserve.gov/paymentsystems/regii-interchange-fee-standards.htm

May 14, 2014 - Federal Reserve Board announces approval of applications by Cullen/Frost Bankers, Inc. - The Federal Reserve Board on Wednesday announced its approval of the applications for Cullen/Frost Bankers, Inc., San Antonio, to acquire WNB Bancshares, Inc., Odessa, both of Texas; and for Cullen/Frost's subsidiary bank, Frost Bank, San Antonio, to merge with Western National Bank, Odessa, and retain and operate branches at the locations of Western National Bank's main office and branches. www.federalreserve.gov/newsevents/press/orders/20140514a.htm

May 13, 2014 - Is Something Ailing the Illinois Economy? - In a blog posting, Chicago Fed's William Testa, vice president and director of regional research, looks at the economic recovery in Illinois. http://midwest.chicagofedblogs.org/archives/2014/05/is_something_ai.html

May 13, 2014 - Analysis of Small Business Administration Loan Program in Michigan - In our continuing effort to understand the small business lending landscape in Detroit, ProfitWise News and Views explores role of the Small Business Administration program in facilitating credit flow to the city’s low-income and (predominantly) black neighborhoods. www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2014/pnvspring2014_final%20web.pdf

May 13, 2014 - Focused on Operational Risk, Stronger Midwest Community Banks and Federal Thrifts Lay Groundwork for Improved Earnings, Loan Growth; Chicago, Minneapolis See Largest Improvement - The Office of the Comptroller of the Currency today reported that the financial condition of community national banks and federal savings associations in its nine-state Central District improved in 2013 as banks focused on strengthening risk management systems to help boost their performance. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-71.html

May 13, 2014 - FDIC Announces Settlement with Sallie Mae for Unfair and Deceptive Practices and Violations of the Servicemembers Civil Relief Act - The Federal Deposit Insurance Corporation today announced a settlement with Sallie Mae Bank, Salt Lake City, Utah, and Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), subsidiaries of SLM Corporation and Navient Corporation, respectively, and herein collectively referred to as Sallie Mae, for unfair and deceptive practices related to student loans in violation of Section 5 of the Federal Trade Commission Act (Section 5) and for violations of the Servicemembers Civil Relief Act.  www.fdic.gov/news/news/press/2014/pr14033.html

May 13, 2014 - Federal Advisory Council - Record of Meeting, May 9, 2014 - 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. The council ordinarily meets four times a year, the minimum number of meetings required by the Federal Reserve Act. www.federalreserve.gov/aboutthefed/fac-20140513.pdf

May 13, 2014 - Federal Reserve Board issues enforcement action with Bank of Gueydan.   www.federalreserve.gov/newsevents/press/enforcement/enf20140513a1.pdf

May 12, 2014 - NCUA Releases 2013 Annual Report - Report Reviews Ongoing Efforts to Modernize and Protect Credit Union System - The National Credit Union Administration today released its 2013 Annual Report that highlights the agency’s activities, policy initiatives and accomplishments for the year. www.ncua.gov/News/Pages/NW20140512AnnualReport.aspx

May 12, 2014 - Office of the Comptroller of the Currency Hosts St. Louis Workshop for New and Experienced Bank Directors - The Office of the Comptroller of the Currency will host a workshop in St. Louis at the St. Louis Union Station Hotel, June 23-25, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-70.html

May 12, 2014 - St. Louis Fed President James Bullard Will Speak at Arkansas Day with the Bank Commissioner.   www.stlouisfed.org/newsroom/displayNews.cfm?article=2193

May 12, 2014 - FDIC Announces Upcoming Community Affairs Webinar - Innovation at Work: Financial Empowerment Programs - The FDIC's Division of Depositor and Consumer Protection Community Affairs Branch will host a webinar titled Innovation at Work: Financial Empowerment Programs on May 30, 2014, from 12:00 p.m. to 1:00 p.m..  www.fdic.gov/news/news/financial/2014/fil14027.pdf

May 12, 2014 - Commercial Bank Examination Manual, April 2014 update - Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/boarddocs/supmanual/supervision_cbem.htm

May 12, 2014 - Machines vs. Machines: High Frequency Trading and Hard Information - Yesol Huh - In today's markets where high frequency traders act as both liquidity providers and takers, I argue that information asymmetry induced by liquidity-taking HFTs' use of machine-readable information is important.  www.federalreserve.gov/pubs/feds/2014/201433/201433pap.pdf

May 12, 2014 - Fertility Choice in a Life Cycle Model with Idiosyncratic Uninsurable Earnings Risk - Kamila Sommer - This paper studies the link between rising income uncertainty and household fertility patterns in an Aiyagari-Bewley-Huggett framework augmented to include fertility decisions and infertility risk. Building on Becker and Tomes (1976), I model fertility decisions as sequential, irreversible choices over the number of children, accompanied by parental choices of time and money invested toward improving children's quality. www.federalreserve.gov/pubs/feds/2014/201432/201432pap.pdf

May 9, 2014 - The Affordable Care Act and the Labor Market - Chicago Fed Letter discusses the law’s potential impact on employment, wages, and job mobility. www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cfljune2014_323.pdf

May 9, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 9, 2014 - Reports to the Congress - Reports Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008.   www.federalreserve.gov/monetarypolicy/bst_reports.htm

May 9, 2014 - Legal Interpretations - Bank Holding Company Act, April 17 and May 2, 2014 
www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20140417.pdf
www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20140502.pdf
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May 8, 2014 - Comptroller Discusses Efforts to Enhance Risk Management - Comptroller of the Currency Thomas J. Curry today highlighted efforts to enhance risk management during remarks before the Risk Management Association’s Governance, Compliance, and Operational Risk Conference. www.occ.gov/news-issuances/speeches/2014/pub-speech-2014-69a.pdf

May 8, 2014 - Financial Market Stress Little Changed over Previous Week - The St. Louis Fed’s Financial Stress Index was little changed over the past week. For the week ending May 2, 2014, the STLFSI measured -1.171, up slightly from last week’s revised value of -1.179. Year-to-date, the STLFSI has averaged -1.081; this is modestly higher than its average of -1.114 over the comparable period in 2013. www.stlouisfed.org/newsroom/displayNews.cfm?article=2191

May 8, 2014 - FDIC Releases Resource Guide to Help Financial Institutions Evaluate Opportunities to Collaborate with Community Development Financial Institutions - The FDIC has produced a resource guide, Strategies for Community Banks to Develop Partnerships with Community Development Financial Institutions, to inform FDIC-supervised institutions of strategies to meet community credit and development needs and receive consideration under the Community Reinvestment Act through collaboration with community development financial institutions. www.fdic.gov/news/news/financial/2014/fil14026.pdf

May 8, 2014 - Governor Daniel K. Tarullo - Rethinking the Aims of Prudential Regulation - At the Federal Reserve Bank of Chicago Bank Structure Conference, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/tarullo20140508a.htm

May 8, 2014 - Federal Reserve Board invites comment on proposed rulemaking implementing section 622 of the Dodd-Frank Act.   www.federalreserve.gov/newsevents/press/bcreg/20140508a.htm

May 8, 2014 - Federal Reserve Board announces approval of application by Mercantile Bank Corporation - The Federal Reserve Board announced today its approval of the application filed by Mercantile Bank Corporation, Grand Rapids, to acquire Firstbank Corporation, Alma, and thereby indirectly acquire Firstbank, Mount Pleasant, and Keystone Community Bank, Kalamazoo, all of Michigan. www.federalreserve.gov/newsevents/press/orders/orders20140508a1.pdf

May 8, 2014 - NCUA Responds to Areas Hit by Tornadoes - The National Credit Union Administration continues to monitor the situation in areas of the South and Midwest struck by recent tornadoes and flooding, and the agency has taken several actions to assist credit unions in response to the disaster. www.ncua.gov/News/Pages/NW20140508Tornadoes.aspx

May 7, 2014 - Update on Financial Conditions - The NFCI and ANFCI both continued to indicate looser-than-average financial conditions in April. - The NFCI ticked up to -0.92 in the week ending May 2, continuing to indicate looser-than-average financial conditions.  http://chicagofed.org/webpages/publications/nfci/index.cfm

May 7, 2014 - NCUA - Matz: FSOC an “Unheralded Success Story” - National Credit Union Administration Board Chairman Debbie Matz made the following statement following the release of the Financial Stability Oversight Council’s 2014 annual report: www.ncua.gov/News/Pages/NW20140507FSOC.aspx

May 7, 2014 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Florida Affected by Severe Storms, Tornadoes, Straight-Line Winds, and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by severe weather. www.fdic.gov/news/news/financial/2014/fil14025.html

May 7, 2014 - The Risk Channel of Monetary Policy - Oliver de Groot - This paper examines how monetary policy affects the riskiness of the financial sector's aggregate balance sheet, a mechanism referred to as the risk channel of monetary policy.  www.federalreserve.gov/pubs/feds/2014/201431/201431pap.pdf

May 7, 2014 - Gates, Fees, and Preemptive Runs - Marco Cipriani, Antoine Martin, Patrick E. McCabe, and Bruno M. Parigi - We build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis--a form of suspension of convertibility--can lead to preemptive runs. In our model, a fraction of investors (depositors) can become informed about a shock to the return of the intermediary's assets. www.federalreserve.gov/pubs/feds/2014/201430/201430pap.pdf

May 7, 2014 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent in the first quarter. Revolving credit decreased at an annual rate of 1/2 percent, while nonrevolving credit increased 8 percent.  www.federalreserve.gov/releases/g19/current/default.htm

May 7, 2014 - Forecasting Stock Market Crashes is Hard--Especially Future Ones: Can Option Prices Help? - Yogi Berra's admonition, "It's tough to make predictions, especially about the future," applies to many types of prognostication, but it is especially appropriate for forecasting the stock market.  www.federalreserve.gov/econresdata/notes/feds-notes/2014/forecasting-stock-market-crashes-is-hard-especially-future-ones-20140507.html

May 7, 2014 - Chair Janet L. Yellen - The Economic Outlook - Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20140507a.htm

May 6, 2014 - Governor Jeremy C. Stein - Challenges for Monetary Policy Communication - At the Money Marketeers of New York University, New York, New York.  www.federalreserve.gov/newsevents/speech/stein20140506a.htm

May 6, 2014 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Severe Storms, Tornadoes, Straight-Line Winds, and Flooding.  www.fdic.gov/news/news/financial/2014/fil14024.pdf

May 6, 2014 - Federal Reserve Board announces termination of enforcement actions with Continental Bank Holdings, First National Bancshares of Central Alabama, HMN Financial, and Lincoln Federal Bancorp.  www.federalreserve.gov/newsevents/press/enforcement/20140506a.htm

May 5, 2014 - NCUA - Spanish Version of NCUA Share Insurance Estimator Now Available - Spanish-speaking credit union members now have a new resource to help them make informed decisions about their finances with the release of the Spanish version of the Share Insurance Estimator, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20140505SpanishEstimator.aspx

May 5, 2014 - NCUA Hosts First Webinar on Anti-Money Laundering Compliance - Credit unions can learn how to better comply with federal anti-money laundering requirements during a free webinar, “How to Be in Compliance with OFAC and FinCEN,” offered by the National Credit Union Administration on Wednesday, May 21, 2014, at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20140505Anti-MoneyLaunderingWebinar.aspx

May 5, 2014 - St. Louis Fed Expands Site That Tracks Banking Regulations from Start to Finish - The Federal Reserve Bank of St. Louis has expanded its banking regulations web site to help the public easily track and comment on rules being written by banking regulatory agencies. www.stlouisfed.org/newsroom/displayNews.cfm?article=2184

May 5, 2014 - Live Webcast from Research Symposium on Young Americans' Balance Sheets - Those who cannot attend the May 8-9 research symposium, “The Balance Sheets of Younger Americans: Is the American Dream at Risk?” at the Federal Reserve Bank of St. Louis will be able to watch part of the event via webcast. www.stlouisfed.org/newsroom/displayNews.cfm?article=2185

May 5, 2014 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Mississippi Affected by Severe Storms, Tornadoes, and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, and flooding. www.fdic.gov/news/news/financial/2014/fil14023.html

May 5, 2014 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.  www.fdic.gov/news/news/press/2014/pr14032.html

May 5, 2014 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks.  www.federalreserve.gov/boarddocs/snloansurvey/201405/fullreport.pdf

May 2, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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May 1, 2014 - Jawahar Kaliani Named OCC's Deputy Chief Information Officer - Jawahar Kaliani was recently named Deputy Chief Information Officer for Application Services Delivery at the Office of the Comptroller of the Currency. Mr. Kaliani will lead the development and implementation of complex applications to deliver secure business solutions that meet organizational priorities and support the agency’s mission of ensuring the safety and soundness of national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-68.html

May 1, 2014 - Deputy Comptroller Discusses Small Business Lending - During remarks before the State Small Business Credit Initiative Conference, Deputy Comptroller for Community Affairs Barry Wides today discussed the significance of small business lending and national bank and federal savings association participation in SSBCI. www.occ.gov/news-issuances/speeches/2014/pub-speech-2014-67a.pdf

May 1, 2014 - OCC Releases CRA Evaluations for 41 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 April 1, 2014 through April 30, 2014. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-66.html

May 1, 2014 - Financial Market Stress Falls to Lowest Level in Over a Year - The St. Louis Fed Financial Stress Index posted its largest weekly decline in 10 weeks. For the week ending April 25, 2014, the STLFSI measured -1.171, down from last week’s revised value of -1.116.   www.stlouisfed.org/newsroom/displayNews.cfm?article=2179

May 1, 2014 - St. Louis Fed President James Bullard Will Speak at Center for Household Financial Stability Research Symposium.   www.stlouisfed.org/newsroom/displayNews.cfm?article=2180

May 1, 2014 - The Federal Financial Institutions Examination Council announced today the reappointment of David J. Cotney, Commissioner of Banks for the Commonwealth of Massachusetts, to the Council’s State Liaison Committee.  www.ffiec.gov/press/pr050114.htm

May 1, 2014 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Mississippi Affected by Severe Storms, Tornadoes, and Flooding.  www.fdic.gov/news/news/financial/2014/fil14023.html

May 1, 2014 - Federal Open Market Committee - 2014 FOMC Chief FOIA Officer Report.  www.federalreserve.gov/foia/fomc/servicecenter.htm

May 1, 2014 - Report to the Congress - Annual Performance Report 2013 - Although the Federal Reserve Board is not covered by the Government Performance and Results Act of 1993, the Board has chosen to voluntarily comply with the spirit of the act.   www.federalreserve.gov/publications/gpra/default.htm

May 1, 2014 - Payment Systems - Peak and Average Daylight Overdrafts--Quarterly Data Update.  www.federalreserve.gov/paymentsystems/psr_data.htm

May 1, 2014 - Chair Janet L. Yellen - Tailored Supervision of Community Banks - At the Independent Community Bankers of America 2014 Washington Policy Summit, Washington, D.C. www.federalreserve.gov/newsevents/speech/yellen20140501a.htm

May 1, 2014 - Federal Reserve Board announces termination of enforcement actions with Miners and Merchants Bancorp, Trupoint Bank, and Southport Financial Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20140501a.htm

May 1, 2014 - NCUA’s Urgent Needs Grants Available - The National Credit Union Administration reminds low-income credit unions in areas of the South and Midwest hit by the recent tornadoes the Urgent Needs Initiative provides grants to help restore operations and repair facilities. www.ncua.gov/News/Pages/NW20140501Grants.aspx

May 1, 2014 - NCUA - Cotney Reappointed to the FFIEC State Liaison Committee and Re-Elected as State Liaison Committee Chairman - The Federal Financial Institutions Examination Council announced today the reappointment of David J. Cotney, Commissioner of Banks for the Commonwealth of Massachusetts, to the Council’s State Liaison Committee. www.ncua.gov/News/Pages/NW20140501Cotney.aspx