The E-mail Banking News
(Bank Regulatory News)
May 2016

May 31, 2016 - Midwest Economic Growth Steady in April - The Midwest Economy Index (MEI) was unchanged at +0.25 in April. 
www.chicagofed.org/publications/mei/index

May 31, 2016 - NCUA Schedules Webinar on Internal Controls and Accounting - Learn about Internal Controls, Red Flags and Accounting Standards Changes - Strong internal controls and accurate accounting are essential to safe and sound credit union operations, and the National Credit Union Administration will host a webinar to discuss important topics in these areas. www.ncua.gov/newsroom/Pages/news-2016-may-webinar-internal-controls-accounting.aspx

May 31, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in May has issued six notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2016-may-prohibition-orders.aspx

May 31, 2016 - Summary of Deposits Survey - The Summary of Deposits is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks.  www.fdic.gov/news/news/financial/2016/fil16036.html

May 31, 2016 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/ 

May 31, 2016 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies.   www.federalreserve.gov/bankinforeg/fhc.htm

May 31, 2016 - Reports to the Congress - 102nd Annual Report - Report on operations of the Board during the year. Provides minutes of Federal Open Market Committee meetings, financial statements of the Board and combined financial statements of the Reserve Banks, financial statements for Federal Reserve priced services, information on other services provided by the Reserve Banks, directories of Federal Reserve officials and advisory committees, statistical tables, and maps showing the System's District and Branch boundaries. http://www.federalreserve.gov/publications/annual-report/files/2015-annual-report.pdf

May 31, 2016 - Federal Reserve Board announces termination of enforcement action with Broadway Financial Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20160531a.htm

May 29, 2016 - St. Louis Fed's Bullard Discusses Optimal Monetary Policy Amidst Incomplete Credit Markets - During an academic talk Monday at the Bank of Korea, Federal Reserve Bank of St. Louis President James Bullard discussed optimal monetary policy in an environment where credit markets are incomplete. www.stlouisfed.org/news-releases/2016/05/29/st-louis-feds-bullard-discusses-optimal-monetary-policy-amidst-incomplete-credit-markets

May 27, 2016 - NCUA Examiners Keep Pace with Change - 2016 National Exam Program Training More than 18 Percent below Budget-As the credit union system grows and changes, National Credit Union Administration examiners are being trained to keep pace and continue to provide credit unions and their members with high-quality service. www.ncua.gov/newsroom/Pages/news-2016-may-ncua-examiners-keep-pace-change.aspx

May 27, 2016 - NCUA - McWatters Named NCUA Liaison to Defense Credit Union Council - Agency Committed to Supporting Service Members and Hiring Veterans - National Credit Union Administration Board Member J. Mark McWatters will serve as the agency’s liaison to the Defense Credit Union Council. www.ncua.gov/newsroom/Pages/news-2016-may-mcwatters-liaison-defense-credit-union-council.aspx

May 27, 2016 - FDIC Issues Third Quarter 2016 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 2016.  www.fdic.gov/news/news/press/2016/pr16044.html

May 27, 2016 - FDIC Makes Public April Enforcement Actions; - No Administrative Hearings Scheduled for June 2016 - 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 2016. www.fdic.gov/news/news/press/2016/pr16043.html

May 27, 2016 - Open Board Meeting Notice - An open meeting of the Board of Governors of the Federal Reserve System will be held at 3:00 p.m. on June 3, 2016. Matters to be considered: 1. Advance Notice of Proposed Rulemaking Regarding Capital Requirements for Supervised Institutions Significantly Engaged in Insurance Activities; 2. Notice of Proposed Rulemaking to Apply Enhanced Prudential Standards for Systemically Important Insurance Companies. www.federalreserve.gov/aboutthefed/boardmeetings/20160603open.htm

May 27, 2016 - Why are Inventory-Sales Ratios at U.S. Auto Dealerships so High? - Wendy E. Dunn and Daniel J. Vine - Motor vehicle dealerships in the United States tend to hold inventories equivalent to around 65 days' worth of sales, a relatively high level that has been nearly unchanged for 50 years.  www.federalreserve.gov/econresdata/feds/2016/files/2016047pap.pdf

May 27, 2016 - Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy - Nils Gornemann, Keith Kuester, and Makoto Nakajima - We build a New Keynesian business-cycle model with rich household heterogeneity.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1167.pdf
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May 26, 2016 - FDIC Report Shows Mobile Banking Can Help Underserved Consumers - Mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking, according to a Federal Deposit Insurance Corporation (FDIC) report released today.  www.fdic.gov/news/news/press/2016/pr16042.html

May 26, 2016 - Macroeconomic Modeling of Financial Frictions for Macroprudential Policymaking: A Review of Pressing Challenges - Michael T. Kiley1 - Structural macroeconomic modeling plays a central role economic policy discussions.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/macroeconomic-modeling-of-financial-frictions-for-macroprudential-policymaking-a-review-of-pressing-challenges-20160526.html

May 26, 2016 - Do Insurers in Catastrophe-Prone Regions Buy Enough Reinsurance? - Insurers in catastrophe-prone areas use as much as four times more reinsurance than insurers in less risky areas, and this risk transfer significantly reduces their losses. www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl360-pdf.pdf

May 26, 2016 - Jerome H. Powell, Governor - Recent Economic Developments, the Productive Potential of the Economy, and Monetary Policy - At the Peterson Institute for International Economics, Washington, D.C. www.federalreserve.gov/newsevents/speech/powell20160526a.htm

May 26, 2016 - Corporate Bond Issuers' Swap Exposure to Rising Interest Rates - Richard Ogden, Francisco Palomino, Nitish Sinha, and Youngsuk Yook - United States corporate bond issuance has been elevated in recent years relative to historical standards, reflecting in part accommodative financing conditions at historically low rates. www.federalreserve.gov/econresdata/notes/feds-notes/2016/corporate-bond-issuers-swap-exposure-to-rising-interest-rates-20160526.html

May 26, 2016 - St. Louis Fed Financial Stress Index Rises Slightly - Financial market stress rose slightly in the latest reporting week but still remains lower than its long-run average, based on the St. Louis Fed Financial Stress Index. www.stlouisfed.org/news-releases/2016/05/26/st-louis-fed-financial-stress-index-rises-slightly

May 26, 2016 - St. Louis Fed's Bullard Discusses Two Monetary Policy Normalization Views - Federal Reserve Bank of St. Louis President James Bullard discussed “Slow Normalization or No Normalization?” at the Official Monetary and Financial Institutions Forum’s City Lecture on Thursday. www.stlouisfed.org/news-releases/2016/05/26/st-louis-feds-bullard-discusses-two-monetary-policy-normalization-views

May 26, 2016 - NCUA - Metsger: We Want to Hear from Credit Unions on Examinations and Supervision - Credit unions have an opportunity to assist the National Credit Union Administration in efforts to modernize the agency’s examination and supervision program. www.ncua.gov/newsroom/Pages/exam-flexibility-initiative.aspx

May 26, 2016 - NCUA Reminds Grant Applicants: Don’t Wait to File - Registration with the System for Award Management is Now Required - With a new registration system now required for grant applicants, low-income credit unions seeking Community Development Revolving Loan Fund assistance grants should give themselves adequate time to file, the National Credit Union Administration said today.  www.ncua.gov/newsroom/Pages/news-2016-may-grant-appliants-dont-wait-to-file.aspx 

May 25, 2016 - OCC Hosts California Workshop for Bank Directors - The Office of the Comptroller of the Currency will host a workshop in Santa Ana, Calif., at the DoubleTree Santa Ana-Orange County Airport Hotel, July 11-13, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-62.html 

May 25, 2016 - OCC Terminates Mortgage Servicing-Related Consent Order Against Wells Fargo Bank, Issues $70 Million Civil Money Penalty - The Office of the Comptroller of the Currency today terminated its mortgage servicing-related order against Wells Fargo Bank, N.A., and assessed a $70 million civil money penalty against the bank for previous violations of the order. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-61.html

May 25, 2016 - The Macroeconomic Impact of Financial and Uncertainty Shocks - Dario Caldara, Cristina Fuentes-Albero, Simon Gilchrist and Egon Zakrajsek - The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1166.pdf

May 25, 2016 - The Macroeconomic Impact of Financial and Uncertainty Shocks - Dario Caldara, Cristina Fuentes-Albero, Simon Gilchrist and Egon Zakrajsek - The extraordinary events surrounding the Great Recession have cast a considerable doubt on the traditional sources of macroeconomic instability.  www.federalreserve.gov/econresdata/ifdp/2016/index.htm#1

May 24, 2016 - Supervision Manuals -Commercial Bank Examination Manual, Semiannual 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 25, 2016 - Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households - American families overall reported continued mild improvement in their financial well-being in 2015 although many families were struggling financially and felt excluded from economic advancement, according to the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households. www.federalreserve.gov/newsevents/press/other/20160525a.htm

May 24, 2016 - NCUA Board Revises 2016 Meeting Schedule - The National Credit Union Administration Board has revised its monthly meeting schedule for the remainder of 2016. www.ncua.gov/newsroom/Pages/news-2016-may-board-schedule-revision.aspx

Open Board meetings are scheduled to begin at 10 a.m. Eastern on the following dates: https://www.ncua.gov/newsroom/Pages/news-2016-may-board-schedule-revision.aspx#sthash.DsGHRcZh.dpuf

May 24, 2016 - Minutes of the Board's discount rate meetings from March 28 to April 25, 2016.  www.federalreserve.gov/newsevents/press/monetary/monetary20160524a1.pdf

May 24, 2016 - Federal Reserve Board announces termination of enforcement action with American Bancorporation of Minnesota, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160524a.htm

May 23, 2016 - NCUA to Host Webinar on Growing Your Credit Union - Industry Leaders Will Discuss Best Practices for Sustainable Growth - Successful credit unions achieve sustained growth using multiple strategic initiatives, and the National Credit Union Administration is offering a webinar, “Best Practices to Grow Your Credit Union,” to examine that path to growth. www.ncua.gov/newsroom/Pages/news-2016-may-oscui-webinar.aspx

May 23, 2016 - NCUA Extends Call Report Deadlines for July, October Reporting - New Filing Schedule Being Studied for Future Call Reports - Credit unions will have three extra calendar days to file Call Reports for the second and third quarters of this year, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-may-call-report-deadline-extended.aspx

May 23, 2016 - Household Formation among Young Adults - Fred Furlong - The muted housing recovery can be traced in part to slower household formation among young adults. Analysis suggests weak household formation relative to population growth among young adults represents a reversal of the unusual strength during the boom years.  www.frbsf.org/economic-research/publications/economic-letter/2016/may/household-formation-among-young-adults/

May 23, 2016 - St. Louis Fed's Bullard Discusses Two Monetary Policy Normalization Views - Federal Reserve Bank of St. Louis President James Bullard discussed “Slow Normalization or No Normalization?” at the Official Monetary and Financial Institutions Forum’s City Lecture on Monday. www.stlouisfed.org/news-releases/2016/05/23/st-louis-feds-bullard-discusses-two-monetary-policy-normalization-views

May 23, 2016 - 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 May 23, 2016. Matter considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20160523exp.htm

May 23, 2016 - Do Rising Top Incomes Lead to Increased Borrowing in the Rest of the Distribution? - Jeffrey Thompson - One potential consequence of rising concentration of income at the top of the distribution is increased borrowing, as less affluent households attempt to maintain standards of living with less income.  www.federalreserve.gov/econresdata/feds/2016/files/2016046pap.pdf

May 23, 2016 - Accounting for Productivity Dispersion over the Business Cycle - Robert J. Kurtzman and David Zeke - This paper presents accounting decompositions of changes in aggregate labor and capital productivity. Our simplest decomposition breaks changes in an aggregate productivity ratio into two components:  www.federalreserve.gov/econresdata/feds/2016/files/2016045pap.pdf

May 20, 2016 - NCUA - Lay Named Business Innovations Director - National Credit Union Administration Executive Director Mark Treichel today announced the selection of Kelly Lay as the agency’s new Business Innovations Director. www.ncua.gov/newsroom/Pages/news-2016-may-lay-named-director.aspx

May 20, 2016 - FDIC Extends Comment Period on Deposit Account Recordkeeping Proposal - The Federal Deposit Insurance Corporation is extending the comment period for proposed recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts. www.fdic.gov/news/news/press/2016/pr16041.html

May 20, 2016 - FDIC Advisory Committee on Economic Inclusion to Meet Next Week - The Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion will meet on Wednesday, May 25, to discuss the Mobile Financial Services Report.  www.fdic.gov/news/news/press/2016/pr16040.html

May 20, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 20, 2016 - Reports Quarterly Report on Federal Reserve Balance Sheet Developments, May 2016 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

May 20, 2016 - Reports - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited), 2016:Q1. www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm

May 20, 2016 - Governor Daniel K. Tarullo - Insurance Companies and the Role of the Federal Reserve - At the National Association of Insurance Commissioner’s International Insurance Forum, Washington, D.C. https://www.federalreserve.gov/newsevents/speech/tarullo20160520a.htm
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May 19, 2016 - Index shows economic growth picked up in April - Led by improvements in production-related indicators, the Chicago Fed National Activity Index rose to +0.10 in April from –0.55 in March. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-may2016-pdf.pdf?la=en

May 19, 2016 - OCC Hosts Risk Governance and Credit Workshops in Milwaukee - The Office of the Comptroller of the Currency will host two workshops in Milwaukee at the Crowne Plaza Milwaukee Airport, June 28-29, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-60.html

May 19, 2016 - OCC Enforcement Actions and Terminations for May 2016 - 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/2016/nr-occ-2016-59.html

May 19, 2016 - Comptroller Discusses Mutual Savings Associations and U.K.’s Building Societies - Comptroller of the Currency Thomas J. Curry today discussed challenges and opportunities facing mutual savings associations in the United States and their similarities with building societies in the United Kingdom.  www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-58.pdf

May 19, 2016 - St. Louis Fed Financial Stress Index Decreases - Financial stress decreased in the latest reporting week according to the St. Louis Fed’s Financial Stress Index, reversing a slight increase in the index the week prior. www.stlouisfed.org/news-releases/2016/05/19/st-louis-fed-financial-stress-index-decreases

May 19, 2016 - Nowcasting Turkish GDP and News Decomposition - Michele Modugno, Baris Soybilgen, and Ege Yazgan - Real gross domestic product data in Turkey are released with a very long delay compared with other economies, between 10 and 13 weeks after the end of the reference quarter.  www.federalreserve.gov/econresdata/feds/2016/files/2016044pap.pdf

May 19, 2016 - 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 AM on May 23, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20160519advexp.htm 

May 19, 2016 - Vice Chairman Stanley Fischer - Interest and Prices: Patinkin and Woodford - At "A Conference in Honor of Michael Woodford’s Contributions to Economics" cosponsored by the Federal Reserve Bank of New York, Columbia University Program for Economic Research, and Columbia University Department of Economics, New York, New York.   www.federalreserve.gov/newsevents/speech/fischer20160519.htm

May 19, 2016 - Federal Reserve announces results of offering of seven-day term deposits on May 19 - On May 19, 2016, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility.  www.federalreserve.gov/newsevents/press/monetary/20160519a.htm

May 18, 2016 - NCUA - Chairman Metsger Initiates Board Briefings on Evolving Credit Union Issues - Credit union system stakeholders will have an opportunity to hear National Credit Union Administration Board Members discussing issues prior to taking action under a new procedural direction announced today by NCUA Board Chairman Rick Metsger. www.ncua.gov/newsroom/Pages/news-2016-may-chairman-initiates-board-briefings.aspx

May 18, 2016 - Interagency Guidance: Deposit-Reconciliation Practices - The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the National Credit Union Administration and the Office of the Comptroller of the Currency are issuing guidance to ensure that financial institutions are aware of the Agencies' supervisory expectations regarding deposit-reconciliation practices that may be detrimental to customers.
Press Release: www.fdic.gov/news/news/financial/2016/fil16035.html

May 18, 2016 - Interagency Guidance Regarding Deposit Reconciliation Practices - The Federal Reserve Board (Board), the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency have issued the attached interagency guidance to explain the Agencies’ supervisory expectations regarding institutions’ account deposit reconciliation practices.  www.federalreserve.gov/bankinforeg/caletters/caltr1602.htm

May 18, 2016 - Relative Wealth Concerns, Executive Compensation, and Systemic Risk-Taking - Qi Liu and Bo Sun - Given the recent empirical evidence on peer effects in CEO compensation, this paper theoretically examines how relative wealth concerns, in which a manager’s satisfaction with his own compensation depends on the compensation of other managers, affect the equilibrium contracting strategy and managerial risk-taking.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1164.pdf

May 18, 2016 - Statistical Release - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/

May 18, 2016 - Minutes of the Federal Open Market Committee, April 26-27, 2016 - The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s Annual Report. www.federalreserve.gov/newsevents/press/monetary/20160518a.htm

May 17, 2016 - NCUA - April 2016 NCUA Board Video Available - The video recording of the April 2016 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-news-april-board-video-available.aspx

May 17, 2016 - NCUA - Implementing a Few Proven Security Measures Can Deter Most Robbery Attempts - As long as financial institutions have existed, there been bank robbers—meaning that all credit unions regardless of asset size are tempting targets. www.ncua.gov/newsroom/Pages/news-2016-may-security-measures-deter-robbery-attempts.aspx

May 17, 2016 - Advisory Council - Record of the Meeting of the Community Advisory Council and the Board of Governors - The Community Advisory Council was formed by the Federal Reserve Board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations.  www.federalreserve.gov/aboutthefed/cac.htm

May 17, 2016 - Firm Entry and Macroeconomic Dynamics: A State-level Analysis - Francois Gourio, Todd Messer, and Michael Siemer - Using an annual panel of US states over the period 1982-2014, we estimate the response of macroeconomic variables to a shock to the number of new firms.  www.federalreserve.gov/econresdata/feds/2016/files/2016043pap.pdf

May 17, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production increased 0.7 percent in April after decreasing in the previous two months. Manufacturing output rose 0.3 percent after declining the same amount in March.  www.federalreserve.gov/releases/g17/Current/default.htm

May 17, 2016 - Federal Reserve Board issues enforcement action with First Community Bank.  www.federalreserve.gov/newsevents/press/enforcement/20160517a.htm 

May 16, 2016 - NCUA - 22 Credit Unions Agree to Late-Filing Penalties for Fourth Quarter of 2015 - Twenty-two federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2015 have consented to penalties, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-may-fourth-quarter-2015-late-filers.aspx

May 16, 2016 - OCC Names Bryan Hubbard Deputy Comptroller for Public Affairs - Comptroller of the Currency Thomas J. Curry announced today the selection of Bryan Hubbard as Deputy Comptroller for Public Affairs. Mr. Hubbard succeeds Robert M. Garsson, who is retiring on May 31. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-57.html

May 16, 2016 - Registration Now Open for OCC’s Forum on Supporting Responsible Innovation in the Federal Banking System - The Office of the Comptroller of the Currency today opened registration for its forum on “Supporting Responsible Innovation in the Federal Banking System.”  www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-55.html

May 16, 2016 - Economic Outlook: Springtime Is on My Mind - John C. Williams - The labor market looks good, inflation is moving back toward the FOMC’s target, and the economic expansion remains on track. Under these conditions, monetary policy is going back to the basics. www.frbsf.org/economic-research/publications/economic-letter/2016/may/economic-outlook-springtime-is-on-my-mind-sacramento-speech/

May 16, 2016 - Economic Outlook - Rob Valletta, vice president at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of May 12, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/may/may-12-2016/

May 16, 2016 - Incentive-Based Compensation Arrangements - Interagency Notice of Proposed Rulemaking - On April 26, 2016, the FDIC Board of Directors approved a second joint Notice of Proposed Rulemaking to implement Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  www.fdic.gov/news/news/financial/2016/fil16034.html

May 16, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 a.m. on May 16, 2016. Matter considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20160516exp.htm

May 16, 2016 - FEDS Notes - Is Underemployment Underestimated? Evidence from Panel Data - Geng Li and Brett McCully1 - Despite a broad recovery of the U.S. economy from the depths of the Great Recession, lingering slack remains in the labor market. www.federalreserve.gov/econresdata/notes/feds-notes/2016/is-underemployment-underestimated-evidence-from-panel-data-20160516.html

May 16, 2016 - Payment Systems - Automated Clearinghouse Services, quarterly data. www.federalreserve.gov/paymentsystems/fedach_data.htm

May 16, 2016 - Payment Systems - Check Services, quarterly data. www.federalreserve.gov/paymentsystems/check_data.htm

May 16, 2016 - Agencies invite comment on proposed rule to prohibit incentive-based pay that encourages inappropriate risk-taking in financial institutions - Six federal agencies are inviting public comment on a proposed rule to prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160516a.htm 
Press Release: www.fdic.gov/news/news/press/2016/pr16039.html
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-56.html
Press Release: www.ncua.gov/newsroom/Pages/news-2016-may-proposed-rule-prohibit-incentive-based-pay.aspx

May 13, 2016 - NCUA - Personal Guarantee Waivers No Longer Required for Member Business Loans - Credit unions now have the ability, under certain circumstances, to make member business loans without requiring a personal guarantee, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/personal-guarantee-waivers.aspx

May 13, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm  
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May 12, 2016 - Midwest Farmland Values Continue to Fall - Latest AgLetter reports Seventh District farmland values in the first quarter of 2016 were 4 percent lower than a year ago. - According to the most recent AgLetter, Seventh District farmland values in the first quarter of 2016 were 4 percent lower than a year ago. Values for “good” agricultural land in the first quarter of 2016 were 1 percent lower than in the fourth quarter of 2015. www.chicagofed.org/~/media/publications/agletter/2015-2019/may-2016-pdf.pdf?la=en

May 12, 2016 - Farm debt accumulating according to Kansas City Fed Agricultural Credit Survey - Further increases in farm debt pointed to growing concerns about the Tenth District’s agricultural economy. Loan demand continued to rise, repayment rates continued to weaken, and almost all District bankers in the seven-state region reported that farm income declined in the first quarter of 2016, according to the Kansas City Fed’s quarterly Survey of Agricultural Credit Conditions. www.kansascityfed.org/~/media/files/publicat/newsroom/2016pdf/pressrelease051216acs.pdf

May 12, 2016 - Longer-Term Labor Market Trends, the Economic Outlook and Monetary Policy - By Esther George.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-george-albuquerque-05-12.pdf

May 12, 2016 - St. Louis Fed Financial Stress Index Rises Slightly - Financial market stress rose slightly in the latest reporting week, according to the St. Louis Fed Financial Stress Index. For the week ending May 6, the index measured -0.919, up from the previous week’s revised value of -0.954. www.stlouisfed.org/news-releases/2016/05/12/st-louis-fed-financial-stress-index-rises-slightly

May 12, 2016 - Legal Interpretation - Bank Holding Company/Savings and Loan Holding Companies/Change in Control - 2016 Letters.   www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2016.htm

May 12, 2016 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 AM on May 16, 2016. Matter to be considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20160516advexp.htm

May 12, 2016 - Federal Reserve to offer seven-day term deposits through its Term Deposit Facility on May 19 - The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility with one operation in May.  www.federalreserve.gov/newsevents/press/monetary/20160512a.htm

May 12, 2016 - NCUA - Metsger Will Launch a "Thoughtful, Thorough" Review of Examination Process - NCUA Chairman Seeks to Eliminate Calendar Year Requirement, Forming Working Group - National Credit Union Administration Board Chairman Rick Metsger is initiating a review of the agency's examination process, including the frequency of examinations, and he will form a working group to bring all stakeholders into that effort. www.ncua.gov/newsroom/Pages/news-2016-may-metsger-review-examination-process.aspx

May 11, 2016 - OCC Provides Mid-Cycle Status Report on Its Fiscal Year 2016 Committee on Bank Supervision Operating Plan - The Office of the Comptroller of the Currency today released its mid-cycle report on key actions completed to date to execute its annual Committee on Bank Supervision’s operating plan and on priority objectives for the remainder of the year. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-54.html

May 11, 2016 - Where do I see the Monetary Policy Normalization Tools on the Fed's Balance Sheet and Income Statement? - Christian Miller and Casey Clark1 - On December 16, 2015, the Federal Open Market Committee determined it was appropriate to raise the effective federal funds rate from the 0 to 25 basis point range it had been set at since late 2008.  www.federalreserve.gov/econresdata/notes/feds-notes/2016/where-do-i-see-the-monetary-policy-normalization-tools-on-the-feds-balance-sheet-and-income-statement-20160511.html

May 11, 2016 - Federal Reserve Board announces Office of Financial Policy and Research has been designated a division of the Board and renamed Division of Financial Stability.   www.federalreserve.gov/newsevents/press/other/20160511a.htm

May 10, 2016 - Evans Comments on Structure of Market for U.S. Treasuries - Recent letter from Chicago Fed president discusses trading venue rules, reporting requirements, clearing arrangements and regulation. - The Federal Reserve Bank of Chicago submitted a public comment on the U.S. Department of Treasury’s Request for Information on the Evolution of the Treasury Market Structure (Docket No. TREAS–DO–2015–0013) on May 6, 2016. www.chicagofed.org/markets/comment-letters

May 10, 2016 - St. Louis Fed’s Louisville Branch to Host Regional Economic Update - The Louisville Branch of the Federal Reserve Bank of St. Louis will host a Regional Economic Briefing on May 19 in Bowling Green, Ky. www.stlouisfed.org/news-releases/2016/05/10/st-louis-feds-louisville-branch-to-host-regional-economic-update

May 10, 2016 - Record of the Meeting of the Federal Advisory Council and the Board of Governors - 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 9, 2016 - Medicare Payment Cuts Continue to Restrain Inflation - Jeffrey Clemens, Joshua D. Gottlieb, and Adam Hale Shapiro - A steady downward trend in health-care services price inflation over the past decade has been a major factor holding down core inflation.  www.frbsf.org/economic-research/publications/economic-letter/2016/may/medicare-payment-cuts-affect-core-inflation/

May 9, 2016 - St. Louis Fed Speaker Will Discuss the Choices Ahead for China - As economic growth in the world's most populous country slows, its leaders face some tough policy choices. Should Chinese authorities further restrict Chinese from investing abroad? Should China release its grip on the exchange value of its currency, devaluing it further? Or should China's central bank raise interest rates to support the value of the currency? www.stlouisfed.org/news-releases/2016/05/09/st-louis-fed-speaker-will-discuss-the-choices-ahead-for-china

May 9, 2016 - Payment Systems - Peak and Average Daylight Overdrafts and Related Fees, Quarterly data update.  www.federalreserve.gov/paymentsystems/psr_data.htm

May 9, 2016 - Federal Reserve Board accepting applications for its Community Advisory Council - The Federal Reserve Board announced on Monday that it is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council. The CAC was formed in 2015. www.federalreserve.gov/newsevents/press/other/20160509a.htm

May 6, 2016 - NCUA Offers Older Americans Valuable Consumer Financial Help Online - The National Credit Union Administration is reminding older Americans about the agency’s online resources to help them manage money and protect themselves against fraud. www.ncua.gov/newsroom/Pages/news-2016-may-financial-help-for-older-americans.aspx

May 6, 2016 - Net Stable Funding Ratio: Proposed Rule - The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System have issued a proposed rule that would implement a liquidity requirement consistent with the net stable funding ratio agreed to by the Basel Committee on Banking Supervision.   www.fdic.gov/news/news/financial/2016/fil16033.html

May 6, 2016 - FDIC Highlights Resources on Banking for Small Businesses During National Small Business Week - FDIC Highlights Resources on Banking for Small Businesses During National Small Business Week.  www.fdic.gov/news/news/press/2016/pr16037.html

May 6, 2016 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 6-1/2 percent during the first quarter. Revolving credit increased at an annual rate of 6 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent. www.federalreserve.gov/releases/g19/current/default.htm

May 6, 2016 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update - Since the beginning of the financial market turmoil in August 2007, the Federal Reserve's balance sheet has grown in size and has changed in composition.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 6, 2016 - FOIA - Chair Yellen's calendar, March 2016.  www.federalreserve.gov/foia/chairscalendar-032016.htm

May 4, 2016 - What Does Online Job Search Tell Us about the Labor Market? - Jason Faberman , Marianna Kudlyak - This article finds that in 2011, online job search was much more prevalent and significantly more effective in helping job seekers gain employment than about a decade earlier.  www.chicagofed.org/publications/economic-perspectives/2016/1
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May 5, 2016 - St. Louis Fed's Bullard Discusses Two Monetary Policy Normalization Views - Federal Reserve Bank of St. Louis President James Bullard discussed “Slow Normalization or No Normalization?” on Thursday during the 35th UC Santa Barbara Economic Forecast Project hosted by the University of California, Santa Barbara. www.stlouisfed.org/news-releases/2016/05/05/st-louis-feds-bullard-discusses-two-monetary-policy-normalization-views

May 5, 2016 - For the 10th Time in 11 Weeks, the St. Louis Fed Financial Stress Index Declines- Financial market stress fell again in the latest reporting week, based on the St. Louis Fed Financial Stress Index. For the week ending April 29, the index measured -0.952, slightly lower than the previous week’s revised value of -0.926. www.stlouisfed.org/news-releases/2016/05/05/for-the-10th-time-in-11-weeks-the-st-louis-fed-financial-stress-index-declines

May 5, 2016 - Credit Default Swaps and Debt Contracts: Spillovers and Extensive Default Premium Choice - R. Matthew Darst and Ehraz Refayet - This paper highlights two new effects of credit default swap markets on credit markets.  www.federalreserve.gov/econresdata/feds/2016/files/2016042pap.pdf

May 5, 2016 - What does it take to list abroad? The Role of Global Underwriters - Cecilia R. Caglio, Kathleen Weiss Hanley, and Jennifer Marietta-Westberg - This paper examines which firms benefit the most from going public abroad and how a robust IPO market affects the trend toward greater globalization of capital.  www.federalreserve.gov/econresdata/feds/2016/files/2016041pap.pdf

May 5, 2016 - Federal Reserve Board to host conference on rural housing issues - The Federal Reserve Board is cosponsoring a policy forum next week to explore changing demographic and economic trends that affect housing and community development policy in rural communities. www.federalreserve.gov/newsevents/press/other/20160505a.htm 

May 5, 2016 - NCUA Offers Older Americans Valuable Consumer Financial Help Online - The National Credit Union Administration is reminding older Americans about the agency’s online resources to help them manage money and protect themselves against fraud. www.ncua.gov/newsroom/Pages/news-2016-may-financial-help-for-older-americans.aspx

May 5, 2016 - Payment Systems - National Settlement Service - Quarterly Data updates.  www.federalreserve.gov/paymentsystems/natl_data.htm

May 5, 2016 - Payment Systems - Fedwire Securities Services - Quarterly Data updates.  www.federalreserve.gov/paymentsystems/fedsecs_data.htm

May 5, 2016 - Payment Systems - Fedwire Funds Services - Quarterly Data updates.  www.federalreserve.gov/paymentsystems/fedfunds_data.htm

May 5, 2016 - Federal Reserve Board to host conference on rural housing issues - The Federal Reserve Board is cosponsoring a policy forum next week to explore changing demographic and economic trends that affect housing and community development policy in rural communities.  www.federalreserve.gov/newsevents/press/other/20160505a.htm 

May 5, 2016 - Federal Reserve Board announces approval of application by Origin Bank - The Federal Reserve Board on Thursday announced its approval of the applications under section 9 of the Federal Reserve Act by Origin Bank, Choudrant, Louisiana, to establish a branch at 2049 West Gray Street, Houston, Texas, and a mobile branch in Harris County, Texas. www.federalreserve.gov/newsevents/press/orders/20160505a.htm

May 4, 2016 - Update on Financial Conditions - The NFCI decreased slightly in April, while the ANFCI edged higher. www.chicagofed.org/publications/nfci/index

May 4, 2016 - NCUA to Host Cybersecurity Risk Webinar - Learn More about the Cybersecurity Landscape for Credit Unions - Credit unions can get valuable information about protecting themselves and their members from cyber threats during an upcoming webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-may-cybersecurity-webinar.aspx

May 4, 2016 - NCUA Board Chairman Metsger Names Radway Chief of Staff - National Credit Union Administration Board Chairman Rick Metsger has named Michael Radway to be his Chief of Staff. www.ncua.gov/newsroom/Pages/news-2016-may-radway-named-chief-of-staff.aspx

May 4, 2016 - OCC Hosts New York Workshop for Bank Directors - The Office of the Comptroller of the Currency will host a workshop in Syracuse, N.Y., at the Sheraton Syracuse University Hotel, June 20-22, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-53.html

May 4, 2016 - U.S. and Oklahoma Economic Outlook - Broken Arrow Chamber of Commerce May 4, 2016 - Chad Wilkerson Vice President, Economist, and Oklahoma City Branch Executive Federal Reserve Bank of Kansas City.  https://www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-broken-arrow-05-16.pdf 

May 4, 2016 - 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/2016/pr16036.html

May 4, 2016 - Legal Interpretations - Bank Holding Company/Savings and Loan Holding Companies/Change in Control - 2016 Letters.  www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2016.htm

May 4, 2016 - Tips from TIPS: the Informational Content of Treasury Inflation-Protected Security Prices - Stefania D'Amico, Don H. Kim, and Min Wei - Treasury Inflation-Protected Securities are frequently thought of as risk-free real bonds.  www.federalreserve.gov/pubs/feds/2014/201424/201424pap.pdf

May 3, 2016 - Agencies Propose Net Stable Funding Ratio Rule - The federal banking agencies proposed a rule to strengthen the resilience of large banking organizations by requiring them to maintain a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments, over a one-year period.  www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-52.html

May 3, 2016 - OCC Releases CRA Evaluations for 24 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, 2016 through April 30, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-51.html 

May 3, 2016 - Request for Comments on Mobile Financial Services Strategies and Participation in Economic Inclusion Demonstrations - The FDIC's Division of Depositor and Consumer Protection is seeking input from financial institutions, consumer groups and other stakeholders on the FDIC's plans to assess opportunities for mobile financial services to enhance underserved consumers' banking experiences. www.fdic.gov/news/news/financial/2016/fil16032.html

May 3, 2016 - FFIEC Information Technology Examination Handbook - Retail Payment Systems Booklet - The Federal Financial Institutions Examination Council has released a new appendix, "Mobile Financial Services," to the "Retail Payment Systems" booklet of the FFIEC Information Technology Examination Handbook.  www.federalreserve.gov/bankinforeg/srletters/sr1610.htm

May 3, 2016 - Macroeconomic Dynamics Near the ZLB: A Tale of Two Countries - S. Boragan Aruoba, Pablo Cuba-Borda, and Frank Schorfheide - We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound constraint on nominal interest rates and a full set of stochastic fundamental shocks.   www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1163.pdf

May 3, 2016 - The Macroeconomic Risks of Undesirably Low Inflation - Jonas E. Arias, Christopher Erceg, and Mathias Trabandt - This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New Keynesian model.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1162.pdf

May 3, 2016 - Bank Capital Pressures, Loan Substitutability, and Nonfinancial Employment - Seung Jung Lee and Viktors Stebunovs - We exploit the cross-state, cross-time variation in bank tangible capital ratios--brought about by bank branch deregulation on a state-by-state basis--to identify the effects of bank capital pressures on employment and firm dynamics during two waves of changes in bank capital regulation.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1161.pdf 

May 3, 2016 - A New Approach to Identifying the Real Effects of Uncertainty Shocks - Minchul Shin and Molin Zhong - This paper proposes a multivariate stochastic volatility-in-vector autoregression model called the conditional autoregressive inverse Wishart-in-VAR model as a framework for studying the real effects of uncertainty shocks. www.federalreserve.gov/econresdata/feds/2016/files/2016040pap.pdf

May 3, 2016 - Does Trade Liberalization with China Influence U.S. Elections? - Yi Che, Yi Lu, Justin R. Pierce, Peter K. Schott, and Zhigang Tao -This paper examines the impact of trade liberalization on U.S. Congressional elections.  www.federalreserve.gov/econresdata/feds/2016/files/2016039pap.pdf

May 3, 2016 - Federal Reserve Board proposes rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms.   www.federalreserve.gov/newsevents/press/bcreg/20160503b.htm 

May 3, 2016 - Agencies Propose Net Stable Funding Ratio Rule - The federal banking agencies proposed a rule to strengthen the resilience of large banking organizations by requiring them to maintain a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments, over a one-year period.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20160503a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16035.html

May 2, 2016 - Aggregation in Bank Stress Tests - Galina Hale and John Krainer - Banks can use loan data to precisely estimate individual default risk. However, scenarios used for stress tests—as well as the reports banks must provide—reflect a bank’s entire portfolio.   www.frbsf.org/economic-research/publications/economic-letter/2016/may/aggregating-data-in-bank-stress-test-models/

May 3, 2016 - Federal Reserve Board issues enforcement action with Farmers & Merchants Bank of Ashland and termination of enforcement action with First Mutual of Richmond, Inc. and Richmond Mutual Bancorporation, Inc. www.federalreserve.gov/newsevents/press/enforcement/20160503a.htm

May 2, 2016 - NCUA Consulting Assistance Nomination Season Open through May 31 - Credit unions that qualify for consulting assistance from the National Credit Union Administration have until May 31 to submit nominations, the agency announced today. www.ncua.gov/newsroom/Pages/news-2016-may-consulting-assistance-nomination-through-may-31.aspx

May 2, 2016 - NCUA - Lawson Elected as State Liaison Committee Chairman - ?The Federal Financial Institutions Examination Council’s State Liaison Committee today announced the election of Karen Lawson as its Chairman.  www.ncua.gov/newsroom/Pages/news-2016-may-lawson-elected.aspx

May 2, 2016 - NCUA to Host Minority Depository Institutions Listening Session - The National Credit Union Administration announced today that it will host a May 25 listening session to solicit input on ways it can enhance its Minority Depository Institutions Preservation Program. www.ncua.gov/newsroom/Pages/news-2016-may-minority-depository-session.aspx

May 2, 2016 - Lawson Elected as State Liaison Committee Chairman - The Federal Financial Institutions Examination Council’s State Liaison Committee today announced the election of Karen Lawson 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.
Press Release: www.ffiec.gov/press/pr050216_1.htm
Press Release: www.ncua.gov/newsroom/Pages/news-2016-may-face-appointed-ffiec.aspx

May 2, 2016 - Face Appointed to FFIEC State Liaison Committee - The Federal Financial Institutions Examination Council today announced the appointment of Edward “Joe” Face to the Council's State Liaison Committee. Face’s SLC nomination was confirmed by the Council for a two-year term starting May 1, 2016, and continuing through April 30, 2018. www.ffiec.gov/press/pr050216_2.htm

May 2, 2016 - The Role of Global Supply Chains in the Transmission of Shocks: Firm-Level Evidence from the 2011 Tohoku Earthquake - Christoph E. Boehm, Aaron Flaaen, and Nitya Pandalai-Nayar - The April 2016 Kumamoto earthquake in southwest Japan has sent ripple effects through global supply chains. www.federalreserve.gov/econresdata/notes/feds-notes/2016/role-of-global-supply-chains-in-the-transmission-of-shocks-20160502.html

May 2, 2016 - Senior Loan Officer Opinion Survey on Bank Lending Practices, April 2016 - The April 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.  www.federalreserve.gov/boarddocs/SnLoanSurvey/201605/default.htm

May 2, 2016 - Statistical Release - Finance Companies - G.20 - www.federalreserve.gov/releases/g20/current/

May 2, 2016 - Federal Reserve Board announces approval of application by Republic Bancorp, Inc. - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Republic Bancorp, Inc., Louisville, Kentucky, to merge with Cornerstone Bancorp, Inc., and thereby indirectly acquire Cornerstone Community Bank, both of St. Petersburg, Florida. www.federalreserve.gov/newsevents/press/orders/20160502a.htm

May 2, 2016 - Federal Reserve Board announces approval of joint agency notice of proposed rulemaking to implement incentive compensation provisions of section 956 of the Dodd Frank Wall Street Reform and Consumer Protection Act.  www.federalreserve.gov/newsevents/press/bcreg/20160502a.htm