The E-mail Banking News
(Bank Regulatory News)
May 2015

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May 29, 2015 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued three orders in May prohibiting the following individuals from participating in the affairs of any federally insured financial institution: www.ncua.gov/News/Pages/NW20150529Orders.aspx

May 29, 2015 - NCUA Monitoring Credit Unions in Flooded Areas in Texas, Oklahoma - Agency Works to Ensure Access to Needed Financial Services for Credit Union Members; Share Deposits Remain Protected up to $250,000 - The National Credit Union Administration is working with federally insured credit unions in areas of Texas and Oklahoma affected by recent flooding to help protect consumers and ensure the continuity of credit union services. www.ncua.gov/News/Pages/NW20150529Flooding.aspx

May 29, 2015 - OCC Takes Action Against Bank of America to Protect Consumers and to Ensure Servicemembers Receive Credit Protections for Their Non-Home Loans - The Office of the Comptroller of the Currency today assessed a $30 million civil money penalty against Bank of America, National Association, and ordered remediation to approximately 73,000 affected customer accounts. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-74.html

May 29, 2015 - Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden - The federal bank regulatory agencies on Friday approved a notice requesting comment on a third set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.
Press Release: www.fdic.gov/news/news/press/2015/pr15044.html
Press Release: www.federalreserve.gov/newsevents/press/other/20150529b.htm
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-75.html

May 29, 2015 - FDIC Issues Third Quarter 2015 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 2015.  www.fdic.gov/news/news/press/2015/pr15043.html

May 29, 2015 - FDIC Makes Public April Enforcement Actions; - No Administrative Hearings Scheduled for June 2015 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in April.  www.fdic.gov/news/news/press/2015/pr15042.html

May 29, 2015 - Reports to the Congress - Annual Performance Report 2014 - 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/files/2014-gpra-performance-report.pdf

May 29, 2015 - Federal Reserve names Payments Strategy Director to lead payment system improvement - The Federal Reserve today named Gordon Werkema as Payments Strategy Director with responsibility for leading major payment system improvement initiatives described in its recently published "Strategies for Improving the U.S. Payment System" paper.  www.federalreserve.gov/newsevents/press/other/20150529a.htm
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May 28, 2015 - OCC Allows National Banks and Federal Savings Associations Affected by Flooding in Oklahoma and Texas to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations at their discretion to close offices affected by flooding in Oklahoma and Texas. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-73.html

May 28, 2015 - Financial Market Stress Rises for Fourth Consecutive Week - The St. Louis Fed Financial Stress Index measured -1.090 for the week ending May 22, 2015, up modestly from the previous week’s revised value of -1.096.  www.stlouisfed.org/news-releases/2015/05/28/financial-market-stress-rises-for-fourth-consecutive-week

May 28, 2015 - St. Louis Fed's Bullard Releases Study on Optimal Monetary Policy at the Zero Lower Bound - In a new research working paper released today, Federal Reserve Bank of St. Louis President James Bullard examines options for optimal monetary policy when the short-term nominal interest rate targeted by monetary policymakers remains effectively at zero. www.stlouisfed.org/news-releases/2015/05/28/st-louis-feds-bullard-releases-study-on-optimal-monetary-policy-at-the-zero-lower-bound

May 28, 2015 - Media Advisory: Bullard will Deliver Welcoming Remarks and Athanasios Orphanides will Present at 2015 Homer Jones Memorial Lecture.   www.stlouisfed.org/news-releases/2015/05/28/bullard-to-deliver-welcoming-remarks-athanasios-orphanides-at-2015-homer-jones-memorial-lecture

May 28, 2015 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Oklahoma 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 Oklahoma affected by severe storms, tornadoes, straight-line winds, and flooding. www.fdic.gov/news/news/financial/2015/fil15022.html

May 28, 2015 - Payment Systems - Interchange Fee Standards: Small Issuer Exemption - To facilitate compliance with the debit card interchange fee standards in the Board’s Regulation II, 12 CFR part 235, the Board is publishing two lists of institutions using data available to the Board.  www.federalreserve.gov/paymentsystems/regii-interchange-fee-standards.htm

May 28, 2015 - Proposal for Comment - Proposal to approve under OMB delegated authority the extension for three years, without revision, of the following report: FR 4199.  www.federalreserve.gov/apps/foia/proposedregs.aspx#icp

May 28, 2015 - On May 28, 2015, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. The operation offered seven-day term deposits with the rate set equal to the sum of the interest rate paid on excess reserves plus a fixed spread of 1 basis point. www.federalreserve.gov/newsevents/press/monetary/20150528a.htm

May 28, 2015 - Federal Reserve Board issues enforcement action with Discover Financial Services.   www.federalreserve.gov/newsevents/press/enforcement/20150528a.htm

May 27, 2015 - Economic Update on U.S. and Colorado - By Alison Felix - Unemployment rates have declined sharply in the U.S. and Colorado and are expected to decline further as the economic recovery strengthens. www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-felix-cba-05-27.pdf

May 27, 2015 - Letter to Robert D. Klingler granting a request by EJF Capital LLC, Arlington, Virginia, for relief from a commitment it made to the Board in connection with its acquisition of securities that were issued by Flagstar Bancorp, Inc., Troy, Michigan, to the Department of the Treasury as part of the Troubled Asset Relief Program's Capital Purchase Program. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20140327a1.pdf

May 27, 2015 - Dividend Taxes and Stock Volatility - Erin E. Syron Ferris - How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural experiment to identify their impact on firm's price volatility. www.federalreserve.gov/econresdata/feds/2015/files/2015036pap.pdf 

May 27, 2015 - Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households - The Federal Reserve Board's latest survey of the financial and economic conditions of American households released Wednesday finds that individuals' overall perceptions of financial well-being improved modestly between 2013 and 2014 but their optimism about future financial prospects increased significantly. www.federalreserve.gov/newsevents/press/other/20150527a.htm

May 27, 2015 - FDIC-Insured Institutions Earn $39.8 Billion in First Quarter 2015 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $39.8 billion in the first quarter of 2015, up $2.6 billion (6.9 percent) from a year earlier.  www.fdic.gov/news/news/press/2015/pr15041.html

May 276, 2015 - OCC Hosts Risk Governance and Compliance Workshops in Iowa - The Office of the Comptroller of the Currency will host two workshops in Des Moines, Iowa, at the Embassy Suites Des Moines Downtown, July 14-15, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-72.html

May 27, 2015 - NCUA - April NCUA Board Video Now Available - The video recording of the April 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/News/Pages/NW20150527BoardVideo.aspx

May 26, 2015 - Assessing the Community Reinvestment Act's Role in the Financial Crisis - Neil Bhutta and Daniel Ringo - An important question arising out of the financial crisis is whether the Community Reinvestment Act (CRA) played a significant role in the subprime mortgage boom and bust by pushing banks to make loans to risky borrowers.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/assessing-the-community-reinvestment-acts-role-in-the-financial-crisis-20150526.html

May 26, 2015 - Vice Chairman Stanley Fischer - The Federal Reserve and the Global Economy - At the conference held in honor of Professor Haim Ben-Shahar, former president of Tel Aviv University, Tel Aviv University, Tel Aviv, Israel. www.federalreserve.gov/newsevents/speech/fischer20150526a.htm

May 26, 2015 - Minutes of the Board's discount rate meetings for March 30 through April 27, 2015.   www.federalreserve.gov/newsevents/press/monetary/monetary20150526a1.pdf

May 26, 2015 - Federal Reserve Board issues termination of enforcement action with Meta Financial Group, Inc.   www.federalreserve.gov/newsevents/press/enforcement/20150526a.htm

May 22, 2015 - Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News - Lena Dräger, Michael J. Lamla, and Damjan Pfajfar - In this paper we analyze whether central bank communication can facilitate the understanding of key economic concepts.  www.federalreserve.gov/econresdata/feds/2015/files/2015035pap.pdf

May 22, 2015 - On Default and Uniqueness of Monetary Equilibria - Li Lin, Dimitrios P. Tsomocos, and Alexandros P. Vardoulakis - We examine the role that credit risk in the central bank's monetary operations plays in the determination of the equilibrium price level and allocations.  www.federalreserve.gov/econresdata/feds/2015/files/2015034pap.pdf

May 22, 2015 - Ambiguity in Securitization Markets - Alyssa G. Anderson - During the financial crisis of 2008, origination and trading in asset-backed securities markets dropped dramatically. I present a model with ambiguity averse investors to explain how such a market freeze could occur and to investigate how ambiguity affects origination and securitization decisions. www.federalreserve.gov/econresdata/feds/2015/files/2015033pap.pdf

May 22, 2015 - Credit and Liquidity Programs and the Balance Sheet - Quarterly Report on Federal Reserve Balance Sheet Developments.   www.federalreserve.gov/monetarypolicy/files/quarterly_balance_sheet_developments_report_201505.pdf

May 22, 2015 - Chair Janet L. Yellen - The Outlook for the Economy - At the Providence Chamber of Commerce, Providence, Rhode Island
www.federalreserve.gov/newsevents/speech/yellen20150522a.htm  
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May 21, 2015 - Economic Growth Increased Slightly in April - The Chicago Fed National Activity Index was -0.15 in April, up from -0.36 in March. www.chicagofed.org/~/media/publications/cfnai/2015/cfnai-may2015-pdf.pdf?la=en

May 21, 2015 - Financial Market Stress Rises for Third Consecutive Week - Financial market stress rose for the third consecutive week, according to the St. Louis Fed Financial Stress Index (STLFSI). For the week ending May 15, 2015, the index measured -1.092, a slight increase from the previous week’s revised value of -1.102.  https://www.stlouisfed.org/news-releases/2015/05/21/financial-market-stress-rises-for-third-consecutive-week

May 21, 2015 - Supervision Manuals - Commercial Bank Examination Manual, April 2015 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/cbem/cbem.pdf

May 21, 2015 - Statistical Release - Finance Companies - G.20 - Owned and Managed Receivables Outstanding 2 - Seasonally adjusted. Billions of dollars except as noted. www.federalreserve.gov/releases/g20/Current/

May 21, 2015 - Vice Chairman Stanley Fischer - Past, Present, and Future Challenges for the Euro Area - At the ECB Forum on Central Banking conference "Inflation and Unemployment in Europe", Sintra, Portugal.  www.federalreserve.gov/newsevents/speech/fischer20150521.htm

May 21, 2015 - Federal Reserve proposes adding certain investment grade general obligation state and local municipal bonds to types of assets big banks may hold to meet liquidity needs during time of financial stress - The Federal Reserve Board on Thursday proposed adding certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy regulatory requirements designed to ensure that large banking organizations have the capacity to meet their liquidity needs during a period of financial stress. www.federalreserve.gov/newsevents/press/bcreg/20150521a.htm

May 21, 2015 - Federal Reserve Board requests public comment on enhancements to same-day ACH service - The Federal Reserve Board on Thursday requested comment on enhancements that the Federal Reserve Banks are considering to their current same-day automated clearing house service in order to correspond to recently adopted amendments Leaving the Board to NACHA's ACH operating rules. www.federalreserve.gov/newsevents/press/other/20150521a.htm

May 21, 2015 - NCUA - Corporate Stabilization Fund’s Net Position Stays in the Black - Board Action Bulletin - Sale of All Real Estate of Five Failed Corporate Credit Unions Now Complete - The National Credit Union Administration Board convened its fifth open meeting of 2015 at the agency’s headquarters today. www.ncua.gov/about/BoardActions/Pages/BAB20150521.aspx

May 20, 2015 - Fed’s Evans Offers Economic Forecast - Chicago Fed President Charles Evans talked about monetary policy and the economy on May 20 during the National Association for Business Economics International Symposium in Munich, Germany. - Exercising Caution in Normalizing Monetary Policy.   www.chicagofed.org/~/media/publications/speeches/2015/05-20-2015-caution-normalizing-monetary-policy-chicago-fed-evans-nabe-print-pdf.pdf

May 20, 2015 - NCUA - May Issue of The NCUA Report Now Available - The National Credit Union Administration announced today the May 2015 issue of The NCUA Report is now available online. This latest issue includes columns from NCUA Board Chairman Debbie Matz, Vice Chairman Rick Metsger and Board Member J. Mark McWatters.  www.ncua.gov/News/Pages/NW20150518MayReport.aspx

May 20, 2015 - Theodore F. Craver, Jr. joins Federal Reserve Bank of San Francisco’s Economic Advisory Council - Theodore F. Craver, Jr. - The Federal Reserve Bank of San Francisco announced that Theodore (Ted) F. Craver, Jr., chairman, president and CEO of Edison International, was appointed a member of the Federal Reserve Bank of San Francisco’s Economic Advisory Council. www.frbsf.org/our-district/press/news-releases/2015/theodore-craver-jr-joins-federal-reserve-bank-of-san-franciscos-economic-advisory-council/

May 20, 2015 - International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals? - Shaghil Ahmed, Brahima Coulibaly, and Andrei Zlate - We assess the importance of economic fundamentals in the transmission of international shocks to financial markets in various emerging market economies. www.federalreserve.gov/econresdata/ifdp/2015/index.htm#1

May 20, 2015 - Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry - Nathan C. Foley-Fisher, Borghan Narajabad, and Stephane H. Verani - Is liquidity creation in shadow banking vulnerable to self-fulfilling runs? Investors typically decide to withdraw simultaneously, making it challenging to identify self-fulfilling runs.   www.federalreserve.gov/econresdata/feds/2015/files/2015032pap.pdf

May 20, 2015 - Minutes of the Federal Open Market Committee, April 28-29, 2015.  www.federalreserve.gov/newsevents/press/monetary/20150520a.htm

May 20, 2015 - Federal Reserve announces fines totaling more than $1.8 billion against six major banking organizations for their unsafe and unsound practices in the foreign exchange markets.  www.federalreserve.gov/newsevents/press/enforcement/20150520a.htm

May 19, 2015 - Sin Taxes: The Sobering Fiscal Reality - Chicago Fed Letter examines the use and efficacy of taxes on goods seen as costly to individuals and society. www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl339-pdf.pdf

May 19, 2015 - Study Looks at U.S. Manufacturing - In a recent blog posting, economist Rick Mattoon recaps conference on whether the U.S. can design policies that support manufacturing and provide greater opportunity for U.S. workers. http://midwest.chicagofedblogs.org/?p=2398

May 19, 2015 - NCUA - FSOC Report Calls for NCUA Vendor Authority - Matz Urges Credit Unions to Review Recommendations on Cybersecurity, Interest-Rate Risk and Asset-Liability Management - National Credit Union Administration Board Chairman Debbie Matz made this statement following today’s release of the Financial Stability Oversight Council’s 2015 annual report. www.ncua.gov/News/Pages/NW20150519FSOCREPORT.aspx

May 19, 2015 - OCC Newsletter Focuses on Financing Small Multifamily Rental Properties - The Office of the Comptroller of the Currency today published the latest edition of its Community Developments Investments electronic newsletter entitled "Small Multifamily Rental Property Financing.” www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-71.html

May 19, 2015 - Legal Developments: First Quarter, 2015 - Twelve orders were issued this quarter; one for IBERIABANK Corporation, Hillister Enterprises, II, Inc., KSRS, LLC, and Sumitomo Mitsui Financial Group, Inc. and two for Simmons First National Corporation under Section 3 of the Bank Holding Company Act; one for Banco Popular de Puerto Rico, Banco Popular North America, Centennial Bank, Comerica Bank, and First Farmers Bank & Trust under the Federal Reserve Act; and one for Taiwan Cooperative Bank, Ltd. under the International Banking Act. www.federalreserve.gov/pubs/bulletin/2015/pdf/legalq115.pdf

May 18, 2015 - Password Reset for St. Louis Fed Research Website User Accounts - The following notification information was emailed today to individuals who have an active user account for our publicly available economic data and analysis tools (FRED, FRASER, GeoFRED, ALFRED), which are available on our research division’s public website. www.stlouisfed.org/news-releases/2015/05/18/password-reset-for-st-louis-fed-research-website-user-accounts

May 18, 2015 - Fed’s Evans Offers Economic Forecast - Chicago Fed President Charles Evans talked about monetary policy and the economy on May 18 during the Swedbank Global Outlook Seminar in Stockholm, Sweden. - Exercising Caution in Normalizing Monetary Policy.  www.chicagofed.org/~/media/publications/speeches/2015/05-18-2015-caution-normalizing-monetary-policy-chicago-fed-evans-swedbank-print-pdf.pdf

May 18, 2015 - McWatters: NCUA Budget Hearings Would Promote Transparency, Accountability - Public hearings on the National Credit Union Administration’s annual budget would lead to greater transparency and accountability, Board Member J. Mark McWatters said Friday. www.ncua.gov/News/Pages/NW20150518McWatters.aspx

May 18, 2015 - NCUA - Up to $2 Million Available in NCUA’s Second 2015 Grant Round - Applications for Four Categories Accepted Between June 1 and June 30 - The National Credit Union Administration will make up to $2 million available to low-income credit unions in the second round of Community Development Revolving Loan Fund grants for 2015, the agency announced today. www.ncua.gov/News/Pages/NW20150518Grants.aspx

May 18, 2015 - OCC Releases Final Rule Integrating National Bank and Federal Savings Association Licensing Activities - The Office of the Comptroller of the Currency today released a final rule integrating policies and procedures for corporate activities and transactions of national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-70.html

May 18, 2015 - Risk, Financial Development and Firm Dynamics - Bernardo Morais - I document that the average productivity of firms tends to increase, and its variance to decrease, as they age. These two facts combined suggest that managers learn to reduce their mistakes as they operate. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1134.pdf

May 18, 2015 - Firm Dynamics and the Origins of Aggregate Fluctuations - Andrea Stella - What drives aggregate fluctuations? I test the granular hypothesis, according to which the largest firms in the economy drive aggregate dynamics, by estimating a dynamic factor model with firm-level data and controlling for the propagation of firm-level shocks using multi-firm growth model. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1133.pdf

May 18, 2015 - Statistical Release - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.   www.federalreserve.gov/releases/chargeoff/

May 18, 2015 - Basel Coordination Committee Bulletins - BCC 15-1: Supervisory Guidance for Implementation of the Simplified Supervisory Formula Approach for Securitization Exposures under the Advanced Approaches Risk-Based Capital Rule www.federalreserve.gov/bankinforeg/basel/basel-coordination-committee-bulletins.htm

May 18, 2015 - Regulation II - Debit Card Interchange Fees and Routing - Frequently Asked Questions -- Regulation II.   www.federalreserve.gov/paymentsystems/regii-faqs.htm

May 15, 2015 - NCUA Wins Labor-Management Award - Matz: Ingredients of Good Relations Are Respect, Communication, Professionalism and Cooperation - The National Credit Union Administration’s efforts to promote effective labor-management relations today earned the recognition of the Society of Federal Labor and Employee Relations Professionals. www.ncua.gov/News/Pages/NW20150515LaborAward.aspx

May 15, 2015 - NCUA Charters Seneca Nation of Indians Federal Credit Union - Second 2015 Charter Will Strengthen the Seneca Community - Seneca Nation of Indians Federal Credit Union today became the second new federally chartered credit union of 2015. www.ncua.gov/News/Pages/NW20150515Seneca.aspx

May 15, 2015 - 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/2015/nr-occ-2015-69.html

May 15, 2015 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective.  www.federalreserve.gov/bankinforeg/fhc.htm

May 15, 2015 - Secondary Market Liquidity and the Optimal Capital Structure - David M. Arseneau, David E. Rappoport, and Alexandros Vardoulakis - We present a model where endogenous liquidity generates a feedback loop between secondary market liquidity and firms' financing decisions in primary markets.  www.federalreserve.gov/econresdata/feds/2015/files/2015031pap.pdf

May 15, 2015 - Measuring Income and Wealth at the Top Using Administrative and Survey Data - Jesse Bricker, Alice M. Henriques, Jake A. Krimmel, and John E. Sabelhaus - Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014).  www.federalreserve.gov/econresdata/feds/2015/files/2015030pap.pdf

May 15, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data 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.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 15, 2015 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production decreased 0.3 percent in April for its fifth consecutive monthly loss. Manufacturing output was unchanged in April after recording an upwardly revised gain of 0.3 percent in March.  www.federalreserve.gov/releases/g17/Current/default.htm 
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May 15, 2015 - OCC Enforcement Actions - 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. http://www.occ.treas.gov/news-issuances/news-releases/2015/nr-occ-2015-69.html

May 14, 2015 - Midwest Farmland Values Flat in First Quarter - Latest AgLetter reports Seventh District farmland values values in the first quarter of 2015 were largely the same as a year ago. - According to the most recent AgLetter, Seventh District farmland values in the first quarter of 2015 were largely the same as a year ago. www.chicagofed.org/~/media/publications/agletter/2015-2019/may-2015-pdf.pdf?la=en

May 14, 2015 - St. Louis Fed Ag Survey: Farm Income, Land Values Continue to Slide - Amid an ongoing worldwide slump in grain prices, Eighth District agricultural bankers reported a continued decline in farm income during the first quarter of 2015 compared with the previous year, according to latest Agricultural Finance Monitor published by the Federal Reserve Bank of St. Louis.   www.stlouisfed.org/news-releases/2015/05/14/afm

May 14, 2015 - Financial Market Stress Rises for Second Consecutive Week - Financial market stress edged upward for the second consecutive week, according to the St. Louis Fed Financial Stress Index.   www.stlouisfed.org/news-releases/2015/05/14/financial-market-stress-rises-for-second-consecutive-week

May 14, 2015 - Report to the Congress - Report to the Congress on the Use of the ACH System and Other Payment Mechanisms for Remittance Transfers to Foreign Countries.  www.federalreserve.gov/publications/other-reports/default.htm

May 14, 2015 - Residual Seasonality in GDP - Charles E. Gilbert, Norman J. Morin, Andrew D. Paciorek, and Claudia R. Sahm - Real GDP growth stalled in the first quarter of this year, according to the advance estimate from the Bureau of Economic Analysis.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/residual-seasonality-in-gdp-20150514.html

May 14, 2015 - Regulatory Reform - Communications with the public through May 14, 2015.  www.federalreserve.gov/newsevents/reform_meetings.htm

May 14, 2015 - Governor Jerome H. Powell - Regulation and Supervision of Community Banks - At the Annual Community Bankers Conference sponsored by the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/powell20150514a.htm

May 14, 2015 - Federal Reserve announces plans for periodic testing of its Term Deposit Facility - The Federal Reserve plans to continue periodic testing of Term Deposit Facility operations, beginning with two operations this month.  www.federalreserve.gov/newsevents/press/monetary/20150514a.htm

May 14, 2015 - NCUA - Agenda for the 5/21/15 Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20150521.aspx

May 13, 2015 - NCUA - Matz Salutes Law Enforcement at Opening of The Finest Federal Credit Union - Credit unions and law enforcement agencies share the goal of serving their communities for good, not for gain, National Credit Union Administration Board Chairman Debbie Matz said today. www.ncua.gov/News/Pages/NW20150513MatzFinestFCU.aspx

May 12, 2015 - Regional Economic Update - Nathan Kauffman - Omaha Branch Executive and Economist - Federal Reserve Bank of Kansas City.   https://kansascityfed.org/~/media/files/publicat/speeches/2015-kauffman-southsioux-05-12.pdf

May 12, 2015 - NCUA Translates Webpages into Spanish - As part of its effort to provide critical financial information to audiences with limited English proficiency, the National Credit Union Administration announced today that it has translated portions of its public website into Spanish. www.ncua.gov/News/Pages/NW20150512NCUAgov.aspx 
www.ncua.gov/News/Pages/NW20150512NCUAgovenespanol.aspx

May 12, 2015 - Comptroller Discusses Community Reinvestment Act and Small Business Lending - Comptroller of the Currency Thomas J. Curry today discussed how the Community Reinvestment Act can help spur small business lending. www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-68.pdf

May 12, 2015 - “Every FOMC meeting is on the table”: Fed’s Williams - Reiterating that all policy decisions will be data-driven, John C. Williams, president and CEO of the Federal Reserve Bank of San Francisco, said today that the economy’s solid footing convinced him that rates should be raised before inflation reaches the Fed’s 2 percent target. www.frbsf.org/our-district/press/news-releases/2015/john-c-williams-speech-new-york-association-business-economics/

May 12, 2015 - Record of the Meeting of the Federal Advisory Council, May 8, 2015 - 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/fac.htm

May 12, 2015 - Federal Reserve Board issues enforcement action with The Freedom Bank of Virginia.   www.federalreserve.gov/newsevents/press/enforcement/20150512a.htm

May 11, 2015 - NCUA Sweeps “Best of the Best” Workplace Ratings - Matz: Agency Diversity Initiatives Building a Stronger Workforce - The National Credit Union Administration ranks as a “Best of the Best” place to work for minorities, women, veterans and Hispanics, the agency announced today.  http://www.ncua.gov/News/Pages/NW20150511BestofBest.aspx

May 11, 2015 - Federal Reserve Board announces five former private bankers and senior managers of Credit Suisse, AG, Zurich, Switzerland barred from employment in the banking industry.  www.federalreserve.gov/newsevents/press/enforcement/20150511a.htm

May 11, 2015 - Federal Open Market Committee announces its tentative meeting schedule for 2016.   www.federalreserve.gov/newsevents/press/monetary/20150511a.htm

May 8, 2015 - Changing Labor Force and the Natural Rate of Unemployment - Chicago Fed Letter discusses why changes in labor force composition may have lowered the natural rate to 5 percent or less. - This article discusses why changes in the composition of the labor force may have lowered the natural rate of unemployment—the unemployment rate that would prevail in an economy making full use of its productive resources—to 5 percent or less. www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl338-pdf.pdf

May 8, 2015 - Jeremiah O. Norton Submits Resignation as Director of the Federal Deposit Insurance Corporation - Jeremiah O. Norton submitted his resignation Friday as Director of the Federal Deposit Insurance Corporation, effective June 5, 2015. Norton, who has served as Director since April 16, 2012, submitted his letter of resignation to President Obama. www.fdic.gov/news/news/press/2015/pr15039.html

May 8, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data 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

May 8, 2015 - Republic Bank of Chicago, Oak Brook, Illinois, Assumes All of the Deposits of Edgebrook Bank, Chicago, Illinois - Edgebrook Bank, Chicago, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) 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 Edgebrook Bank. https://www.fdic.gov/news/news/press/2015/pr15040.html

May 8, 2015 - Currency and Coin Services - $1 Coin Quarterly Inventories, Payments, and Receipts.   www.federalreserve.gov/paymentsystems/coin_data.htm#dollarcoin 
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May 7, 2015 - NCUA Board Meeting Livestream: No Reservations Required - The National Credit Union Administration today announced that, beginning with the May 21 open Board meeting, the livestream of each open Board meeting will be available from the agency’s homepage. www.ncua.gov/News/Pages/NW20150507Livestream.aspx

May 7, 2015 - NCUA, AARP Hosting May 13 Twitter Chat - Learn More About Detecting, Addressing and Preventing Elder Abuse - Credit unions can get valuable information on detecting and addressing financial abuse of the elderly on a May 13 Twitter chat hosted by the National Credit Union Administration and AARP. www.ncua.gov/News/Pages/NW20150507TwitterChat.aspx

May 7, 2015 - Financial Market Stress Rises for First Time in Seven Weeks - Financial market stress increased slightly last week, according to the St. Louis Fed Financial Stress Index. For the week ending May 1, 2015, the STLFSI measured -1.208, up from the prior week’s revised value of -1.236.    www.stlouisfed.org/news-releases/2015/05/07/financial-market-stress-rises-for-first-time-in-seven-weeks

May 7, 2015 - Payment Systems - Average Debit Card Interchange Fee by Payment Card Network, 2014 Data - The Board's Regulation II provides that an issuer subject to the interchange fee standard may not receive an interchange fee that exceeds 21 cents plus 0.05 percent multiplied by the value of the transaction, plus a 1-cent fraud-prevention adjustment, if eligible.  www.federalreserve.gov/paymentsystems/regii-average-interchange-fee.htm

May 7, 2015 - Payment Systems - Quarterly data updates: Fedwire Funds Services, Fedwire Securities Services, and National Settlement Service.   www.federalreserve.gov/paymentsystems/default.htm

May 7, 2015 - The Federal Reserve Board on Thursday announced its approval of the application under section 9 of the Federal Reserve Act by The Bank of Versailles, Versailles, Missouri, to establish a branch at the location of 76 Grand Point Boulevard, Sunrise Beach, Missouri. www.federalreserve.gov/newsevents/press/orders/20150507a.htm

May 7, 2015 - National Financial Conditions Index - The Chicago Fed’s National Financial Conditions Index provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems. www.chicagofed.org/publications/nfci/index

May 6, 2015 - NCUA - Secondary Capital Working Group Webpage Now Available - As part of the agency’s ongoing efforts to increase access to secondary capital for low-income credit unions and provide appropriate regulatory relief to all credit unions, the National Credit Union Administration announced today the availability of a Secondary Capital Working Group webpage. www.ncua.gov/News/Pages/NW20150506SecondaryCapital.aspx

May 6, 2015 - St. Louis Fed Discusses Demographics of Wealth and the Future of American Families - The Federal Reserve Bank of St. Louis will host a luncheon on Wednesday, May 13, 2015, in Owensboro, Ky., to discuss the growing divide between financial “thrivers” and “strugglers” in the United States, and how race, education and age are increasingly becoming determining factors between these two groups. www.stlouisfed.org/news-releases/2015/05/06/hfs-owensboro-ky-essay-event

May 6, 2015 - Measuring Income and Wealth at the Top Using Administrative and Survey Data - Jesse Bricker, Alice M. Henriques, Jake A. Krimmel, and John E. Sabelhaus - Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014).  www.federalreserve.gov/econresdata/feds/2015/files/2015030pap.pdf

May 6, 2015 - Inflation Expectations and Recovery from the Depression in 1933: Evidence from the Narrative Record - Andrew Jalil and Gisela Rua - This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. www.federalreserve.gov/econresdata/feds/2015/files/2015029pap.pdf

May 6, 2015 - Chair Janet L. Yellen - Finance and Society - At the "Finance and Society," a conference sponsored by Institute for New Economic Thinking, Washington, D.C. www.federalreserve.gov/newsevents/speech/yellen20150506a.htm

May 5, 2015 - NCUA - 28 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2014 - Matz: Agency Offers Small Credit Unions Assistance with Compliance - Twenty-eight federally insured credit unions subject to civil money penalties for filing fourth-quarter 2014 Call Reports late have consented to those penalties, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20150505LateFilers.aspx

May 5, 2015 - NCUA - Matz: Proposed Payday Rules Could Limit Credit Union Lending to Military Members - NCUA Chairman Speaks on Regulatory Issues to Defense Credit Union Council - Regulatory proposals to change payday lending rules could prevent credit unions from making affordable payday alternative loans, NCUA Board Chairman Debbie Matz said today. www.ncua.gov/News/Pages/NW20150505MatzSpeech.aspx

May 5, 2015 - St. Louis Fed Finds Wealth Gaps Have Widened among Different Education Groups in the United States Over the Past 25 Years - Finance-related gaps among American families with different educational attainment levels have increased on many measures – income, wealth, balance sheet strength and financial health – over the past quarter-century, according to a new report by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/05/05/hfs-education-essay

May 5, 2015 - Dr. Lisa M. Klesges Joins St. Louis Fed's Health Care Industry Council - Dr. Lisa M. Klesges, founding dean and professor of the School of Public Health at the University of Memphis, Memphis, Tenn., has been named to the Health Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/05/05/lisa-klesges-joins-st-louis-fed-health-care-industry-council

May 5, 2015 - Federal Reserve Board announces civil money penalty against Truxton Trust Company.   www.federalreserve.gov/newsevents/press/enforcement/20150505a.htm

May 4, 2015 - Credit-Market Sentiment and the Business Cycle - David Lopez-Salido, Jeremy C. Stein, and Egon Zakrajsek - Using U.S. data from 1929 to 2013, we show that elevated credit-market sentiment in year t-2 is associated with a decline in economic activity in years t through t+2. Underlying this result is the existence of predictable mean reversion in credit-market conditions. www.federalreserve.gov/econresdata/feds/2015/files/2015028pap.pdf

May 4, 2015 - Fed's Evans Addresses Indiana Business Leaders - Chicago Fed President Charles Evans talked about monetary policy and the economy May 4, during the Columbus Economic Development Board Annual Meeting in Columbus, IN. www.chicagofed.org/publications/speeches/2015/05-04-2015-mananging-risk-manufacturing-cities-broader-us-economy-charles-evans

May 4, 2015 - Nominations for NCUA Consulting Assistance Close May 31 - Credit unions that qualify for consulting assistance 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/NW20150504OSCUINominations.aspx

May 4, 2015 - Comptroller Addresses Efforts to Ease Regulatory Burden on Community National Banks and Federal Thrifts - Comptroller of the Currency Thomas J. Curry today addressed efforts to ease the burden of regulation on community national banks and federal savings associations at the third outreach meeting conducted under the Economic Growth and Paperwork Reduction Act.  www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-67.pdf

May 4, 2015 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky Affected by Severe Storms, Tornadoes, Flooding, Landslides, and Mudslides. - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Kentucky affected by severe storms, tornadoes, flooding, landslides, and mudslides. www.fdic.gov/news/news/financial/2015/fil15021.html

May 4, 2015 - 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/2015/pr15038.html

May 4, 2015 - 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/201505/default.htm

May 4, 2015 - Governor Daniel K. Tarullo - Opening Remarks - At the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting, Boston, Massachusetts.  www.federalreserve.gov/newsevents/speech/tarullo20150504.htm

May 1, 2015 - Lawson Re-Appointed to FFIEC State Liaison Committee - The Federal Financial Institutions Examination Council announced today the re-appointment of Karen K. Lawson to the FFIEC’s five-member State Liaison Committee.  www.ncua.gov/News/Pages/NW20150501Lawson.aspx

May 1, 2015 - NCUA - Kingry Elected as State Liaison Committee Chairman - The Federal Financial Institutions Examination Council’s (FFIEC or Council) State Liaison Committee announced today the election of Lauren Kingry as its Chairman. www.ncua.gov/News/Pages/NW20150501Kingry.aspx

May 1, 2015 - OCC Hosts Risk Governance and Compliance Workshops in Florida - The Office of the Comptroller of the Currency will host two workshops in Jacksonville, Fla., at the Omni Jacksonville Hotel, June 16-17, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-66.html

May 1, 2015 - OCC Releases CRA Evaluations for 33 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, 2015 through April 30, 2015. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-65.html

May 1, 2015 - Legislating Policy Rules Hurts in Times of Crisis - Orange, California, 2015 — Legislating that a central bank follow a strict set of operational mandates restricts its freedom to react in crises and limits “the discretionary decision making” of the Fed, said one of its top officials on Friday. www.frbsf.org/our-district/press/news-releases/

May 1, 2015 - Jason M. Little Joins St. Louis Fed's Health Care Industry Council - Jason M. Little, president & CEO of Baptist Memorial Health Care Corporation, Memphis, Tenn., has been named to the Health Care Industry Council of the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2015/05/01/jason-little-joins-st-louis-fed-health-care-industry

May 1, 2015 - Kingry Elected as State Liaison Committee Chairman - The Federal Financial Institutions Examination Council’s State Liaison Committee announced today the election of Lauren Kingry as its Chairman. The SLC Chairman’s term is a one-year period that begins May 1 and runs until April 30 of the following year. The SLC can re-elect their chairman for additional terms. www.ffiec.gov/press/pr050115_1.htm

May 1, 2015 - Lawson Re-Appointed to FFIEC State Liaison Committee - The Federal Financial Institutions Examination Council announced today the re-appointment of Karen K. Lawson to the FFIEC’s five-member State Liaison Committee.  www.ffiec.gov/press/pr050115_2.htm

May 1, 2015 - Banker Teleconference Series - Timely and Comprehensive Information from the FDIC - The FDIC's Division of Depositor and Consumer Protection offers a series of events for bankers, including teleconferences and webinars, to maintain open lines of communication and update bank management and staff on important bank regulatory and emerging issues in the compliance and consumer protection area.  www.fdic.gov/news/news/financial/2015/fil15020.html

May 1, 2015 - Forecasts of Economic Activity in the Great Recession - Claudia Sahm - Forecasts by the Board staff for economic activity during the Great Recession proved to be overly optimistic on some dimensions, such as GDP, and yet were appropriately pessimistic on other dimensions, such as the GDP gap (the deviation of GDP from potential output).  www.federalreserve.gov/econresdata/notes/feds-notes/2015/forecasts-of-economic-activity-in-the-great-recession-20150501.html

May 1, 2015 - An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases - John Kandrac and Bernd Schlusche - In this paper, we document that mortgage-backed securities held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. www.federalreserve.gov/econresdata/feds/2015/index.htm#1

May 1, 2015 - Derivatives Pricing under Bilateral Counterparty Risk - We consider risk-neutral valuation of a contingent claim under bilateral counterparty risk in a reduced-form setting similar to that of Duffie and Huang [1996] and Duffie and Singleton [1999].  www.federalreserve.gov/econresdata/feds/2015/files/2015026pap.pdf

May 1, 2015 - The Effect of Shocks to College Revenues on For-Profit Enrollment: Spillover from the Public Sector - Sarena F. Goodman and Alice M. Henriques - This paper investigates whether declines in public funding for post-secondary institutions have increased for-profit enrollment. www.federalreserve.gov/econresdata/feds/2015/files/2015025pap.pdf

May 1, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm