The E-mail Banking News
(Bank Regulatory News)
May 2021

May 28, 2021 - Index points to little change in Midwest growth through April - The MEI will be discontinued following the June 30, 2021, release. www.chicagofed.org/~/media/publications/mei/2021/mei-april2021-pdf.pdf

May 28, 2021 - Tenth District Services Activity Continued to Expand at High Levels: Federal Reserve Bank of Kansas City Releases May Services Survey - According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District services activity continued to expand at high levels, and expectations for future activity increased. www.kansascityfed.org/newsroom/2021-news-releases/tenth-district-services-activity-continued-to-expand-at-high-levels/

May 28, 2021 - FDIC Issues CRA Examination Schedules for Third Quarter 2021 and Fourth Quarter 2021 - The Federal Deposit Insurance Corporation today issued the lists of institutions scheduled for a Community Reinvestment Act examination during the third quarter 2021 and fourth quarter 2021. www.fdic.gov/news/press-releases/2021/pr21050.html

May 28, 2021 - FDIC Makes Public April Enforcement Actions - The FDIC issued five orders in April 2021. www.fdic.gov/news/press-releases/2021/pr21049.html

May 28, 2021 - High-Frequency Estimates of the Natural Real Rate and Inflation Expectations - Alex Aronovich and Andrew Meldrum - We propose a new method of estimating the natural real rate and long-horizon inflation expectations, using nonlinear regressions of survey-based measures of short-term nominal interest rates and inflation expectations on U.S. Treasury yields. www.federalreserve.gov/econres/feds/high-frequency-estimates-of-the-natural-real-rate-and-inflation-expectations.htm

May 28, 2021 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 28, 2021 - Industrial Production and Capacity Utilization - G.17 Annual Revision - The Federal Reserve has revised its index of industrial production and the related measures of capacity and capacity utilization. www.federalreserve.gov/releases/g17/revisions/Current/DefaultRev.htm

May 28, 2021 - Government Performance and Results Act Annual Performance Report 2020 - The Government Performance and Results Act of 1993 requires federal agencies to prepare a strategic plan covering a multiyear period and requires each agency to submit an annual performance plan and an annual performance report. www.federalreserve.gov/publications/gpra.htm

May 28, 2021 - Federal Reserve Board invites public comment on proposed changes to its Policy on Payment System Risk that governs the provision of intraday credit - The PSR policy establishes limits on the value of an institution's uncollateralized daylight overdrafts, which occur when a depository institution's Federal Reserve account is in a negative position during the business day. www.federalreserve.gov/newsevents/pressreleases/other20210528a.htm

May 27, 2021 - Extension of CRA consideration for community development activities in Puerto Rico and the U.S. Virgin Islands in response to hurricane Maria.
 Press Release: www.federalreserve.gov/supervisionreg/caletters/caltr2109.htm
Press Release: www.fdic.gov/news/financial-institution-letters/2021/fil21037.html
Press Release: www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021- 62.html
_______________________________

May 27, 2021 - Collective Investment Funds: Prior Notice Period for Withdrawals: Final Rule - The Office of the Comptroller of the Currency published a final rule in the Federal Register on May 26, 2021, that adopts with one minor change the interim final rule �Collective Investment Funds: Prior Notice Period for Withdrawals,� published on August 13, 2020. www.occ.treas.gov/news-issuances/bulletins/2021/bulletin-2021-26.html 

May 27, 2021 - Tenth District Manufacturing Activity Continued to Expand at Strong Pace - Tenth District manufacturing activity continued to expand at a strong pace, and expectations for future activity remained solid. www.kansascityfed.org/surveys/manufacturing-survey/tenth-district-manufacturing-activity-continued-to-expand-at-strong-pace/

May 27, 2021 - Puzzlingly Divergent Trends in Household Wealth and Business Formation - Economic theory suggests wealthier households are more likely to start businesses�but the rate of new business formation has declined sharply even as household wealth has increased. www.kansascityfed.org/research/economic-review/puzzlingly-divergent-trends-in-household-wealth-and-business-formation/

May 27, 2021 - Revisiting Capital-Skill Complementarity, Inequality, and Labor Share - This paper revisits capital-skill complementarity and inequality, as in Krusell, Ohanian, Rios-Rull and Violante. www.federalreserve.gov/econres/ifdp/revisiting-capital-skill-complementarity-inequality-and-labor-share.htm

May 27, 2021 - Legal Interpretations - Federal Reserve Act, January 29, 2021 - Letter to Blake Paulson, Acting Comptroller of the Currency, finding that the exemption requested by Vanguard National Trust Company, N.A. from section 23A of the Federal Reserve Act and the Board's Regulation W (12 CFR Part 223) for Bank to invest in securities issued by its affiliate and to extend credit to an affiliate would be in the public interest and consistent with the purposes of section 23A. www.federalreserve.gov/supervisionreg/legalinterpretations/federalreserveact2021.htm

May 27, 2021 - Regional Improvements in Farm Credit Conditions - Farm loan demand remained muted at commercial banks in the first quarter of 2021. www.kansascityfed.org/agriculture/agfinance-updates/regional-improvements-in-farm-credit-conditions/

May 27, 2021 - Statistical Release - Finance Companies - G.20. www.federalreserve.gov/releases/g20/current/g20.htm

May 26, 2021 - The Past, Present and Future of Black Wall Street - This edition of the Oklahoma Economist reviews the history of Black Wall Street, its economy in recent years and current efforts that hold promise for its future. www.kansascityfed.org/oklahomacity/oklahoma-economist/oklahoma-economist-the-past-present-and-future-of-black-wall-street/

May 26, 2021 - OCC Announces Virtual Compliance Risk Workshops for Community Bank Directors - The OCC examiner-led workshops provide training and guidance on the critical elements of an effective compliance risk management program, regulations such as the Bank Secrecy Act and the Equal Credit Opportunity Act, and other emerging issues regarding compliance risk. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-61.html

May 26, 2021 - FDIC-Insured Institutions Reported Net Income of $76.8 Billion In First Quarter 2021. www.fdic.gov/news/press-releases/2021/pr21048.html

May 26, 2021 - Remarks by Vice Chair for Supervision Quarles at the National Association of Insurance Commissioners International Insurance F orum At the National Association of Insurance Commissioners International Insurance Forum (via prerecorded video).  www.federalreserve.gov/newsevents/speech/quarles20210526a.htm

May 26, 2021 - Speech by Vice Chair for Supervision Quarles on the economic outlook and monetary policy At the Hutchins Center on Fiscal and Monetary Policy, The Brookings Institution, Washington, D.C. (via webcast).  www.federalreserve.gov/newsevents/speech/quarles20210526b.htm

May 25, 2021 - Inflation Considerations and the Monetary Policy Response - Panel remarks presented virtually on May 25, 2021, at the 2021 Bank of Japan�Institute for Monetary and Economic Studies Conference, Adapting to the New Normal: Perspectives and Policy Challenges after the COVID-19 Pandemic. www.chicagofed.org/publications/speeches/2021/may-25-bank-of-japan-conference

May 25, 2021 - The Dynamic Relationship Between Global Debt and Output - By Yun Jung Kim , Jing Zhang , Caroline Beetz Fenske - The global economy has reached record levels of indebtedness, to the concern of researchers and policymakers. www.chicagofed.org/publications/chicago-fed-letter/2021/457

May 25, 2021 - OCC Issues Third and Fourth Quarter 2021 CRA Evaluation Schedule - The Office of the Comptroller of the Currency today released its schedule of Community Reinvestment Act evaluations to be conducted in the third quarter and fourth quarter 2021. www.occ.treas.gov/news-issuances/news-releases/2021/nr-occ-2021-60.html

May 25, 2021 - Proposed Revisions to the Consolidated Reports of Condition and Income Related to FDIC Assessments, Brokered Deposits and Sweep Deposits - On May 24, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council, published the attached final regulatory reporting changes in the Federal Register. www.fdic.gov/news/financial-institution-letters/2021/fil21036.html

May 25, 2021 - Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated. www.federalreserve.gov/newsevents/pressreleases/orders20210525a.htm

May 25, 2021 - Minutes of the Board's discount rate meetings from April 5 through April 28, 2021. www.federalreserve.gov/newsevents/pressreleases/monetary20210525a.htm

May 24, 2021 - NCUA Places Empire Financial Federal Credit Union Into Conservatorship - Accounts Protected by Share Insurance Fund; Member Services Uninterrupted - The National Credit Union Administration today placed Empire Financial Federal Credit Union in Jackson, New Jersey, into conservatorship. www.ncua.gov/newsroom/press-release/2021/ncua-places-empire-financial-federal-credit-union-conservatorship

May 24, 2021 - Spatial Variation in the 2020 Housing Market Decline and Recovery - Brigitte Roth Tran and Nathan Ausubel - After plunging in the spring due to the COVID-19 pandemic, residential investment had a strong recovery in the second half of 2020. www.federalreserve.gov/econres/notes/feds-notes/spatial-variation-in-the-2020-housing-market-decline-and-recovery-20210524.htm

May 24, 2021 - Speech by Governor Brainard on private money and central bank money as payments go digital: an update on CBDCs At the Consensus by CoinDesk 2021 Conference, Washington, D.C. (via webcast).  www.federalreserve.gov/newsevents/speech/brainard20210524a.htm

May 24, 2021 - Federal Reserve Board announces approval of application by Adyen, N.V Amsterdam.  www.federalreserve.gov/newsevents/pressreleases/files/orders20210524a1.pd.pdf

May 24, 2021 - Chicago Fed National Activity Index suggests economic growth moderated in April - The Chicago Fed National Activity Index declined to +0.24 in April from +1.71
in March. www.chicagofed.org/~/media/publications/cfnai/2021/cfnai-may2021-pdf.pdf

May 24, 2021 - Supporting Chicago�s Youth Through Summer Employment and Beyond By Caroline Beetz Fenske - Chicago Fed staff and community leaders discussed the importance of summer jobs programs for Chicago�s youth and identified ways to strengthen these organized efforts over the coming months in the virtual forum, �Brighter Prospects for Chicago�s Youth: Strengthening Summer Jobs and Beyond,� on May 5, 2021. www.chicagofed.org/publications/blogs/chicago-fed-insights/2021/supporting-chicagos-youth

May 21, 2021 - OCC Finalizes Rule Creating Exception to Withdrawal Period Requirement for Collective Investment Funds - The Office of the Comptroller of the Currency today finalized a rule applicable to national banks and federal savings associations administering a collective investment fund invested primarily in real estate or other assets that are not readily marketable. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-58.html

May 21, 2021 - Federal Reserve Bulletin - Legal Developments: First Quarter, 2021 - The Federal Reserve Bulletin--first published by the Federal Reserve Board in 1914--contains topical research and analysis and quarterly "Legal Developments." www.federalreserve.gov/publications/bulletin.htm

May 21, 2021 - Statistical Release - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks. www.federalreserve.gov/releases/chargeoff/

May 21, 2021 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/

May 21, 2021 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 21, 2021 - Community Depository Institutions Advisory Council, Record of Meeting - April 1, 2021 - The Community Depository Institutions Advisory Council was established in 2010 by the Board of Governors to provide input to the Board on the economy, lending conditions, and other issues of interest to community depository institutions. www.federalreserve.gov/aboutthefed/cdiac.htm

May 21, 2021 - Agencies issue host state loan-to-deposit ratios - Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20210521a.htm
Press Release: www.fdic.gov/news/press-releases/2021/pr21047.html
Press Release: www.occ.treas.gov/news-issuances/news-releases/2021/nr-ia-2021-59.html
Press Release: www.occ.gov/news-issuances/news-releases/2021/nr-ia-2021-59.html

May 20, 2021 - Federal Reserve Chair Jerome H. Powell outlines the Federal Reserve's response to technological advances driving rapid change in the global payments landscape.   www.federalreserve.gov/newsevents/pressreleases/other20210520b.htm

May 20, 2021 - NCUA Board Approves Derivatives Final Rule - The NCUA Board approved a final rule that modernizes the NCUA�s derivatives rule and makes it more principles-based while retaining essential safety and soundness components. www.ncua.gov/newsroom/press-release/2021/ncua-board-approves-derivatives-final-rule
______________________

May 20, 2021 - OCC Enforcement Actions and Terminations - 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/2021/nr-occ-2021-57.html

May 20, 2021 - Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances - The Senior Financial Officer Survey is used by the Board to obtain information about deposit pricing and behavior, bank liability management, the provision of financial services, and reserve management strategies and practices. www.federalreserve.gov/newsevents/pressreleases/other20210520a.htm

May 20, 2021 - NCUA Board Chairman Todd M. Harper Statement on the Final Derivatives Rule.  www.ncua.gov/newsroom/speech/2021/ncua-board-chairman-todd-m-harper-statement-final-derivatives-rule

May 20, 2021 - NCUA Board Chairman Todd M. Harper Statement on the Request for Information on the Normal Operating Level www.ncua.gov/newsroom/speech/2021/ncua-board-chairman-todd-m-harper-statement-request-information-normal-operating-level

May 20, 2021 - NCUA Board Chairman Todd M. Harper Statement on the Share Insurance Fund and Equity Ratio Projection Briefing.  www.ncua.gov/newsroom/speech/2021/ncua-board-chairman-todd-m-harper-statement-share-insurance-fund-and-equity-ratio-projection

May 19, 2021 - Acting Comptroller of the Currency Michael J. Hsu today testified before the U.S. House Financial Services Committee on the condition of the federal bankings system, the agency�s response to the COVID-19 pandemic, and its efforts to promote diversity and inclusion. Mr. Hsu�s testimony also included a description of his priorities as head of the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-56.html

May 19, 2021 - Ask an Economist: Community banks and the Paycheck Protection Program - Research by our economists shows that community banks have played an outsized role in the Paycheck Protection Program. www.kansascityfed.org/ten/2021-spring-ten-magazine/ask-an-economist-community-banks-and-the-paycheck-protection-program/

May 19, 2021 - Six Oklahoma Students Named Outstanding Economic Students - The Oklahoma City Branch of the Federal Reserve Bank of Kansas City and Oklahoma Council on Economic Education honored six students as Outstanding Economic Students at the 11th annual Outstanding Economic Student Awards. www.kansascityfed.org/newsroom/2021-news-releases/six-oklahoma-students-named-outstanding-economic-students/

May 19, 2021 - Federal Reserve Bank of San Francisco Launches Search for New Bank First Vice President and COO - The incumbent, Mark A. Gould, was recently named the Federal Reserve System�s first chief payments executive. www.frbsf.org/our-district/press/news-releases/2021/search-for-new-first-vice-president-and-coo/

May 19, 2021 - Testimony by Vice Chair for Supervision Quarles on supervision and regulation Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20210519a.htm

May 19, 2021 - Minutes of the Federal Open Market Committee, April 27-28, 2021 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 27�28, 2021. www.federalreserve.gov/newsevents/pressreleases/monetary20210519a.htm

May 19, 2021 - Testimony by Vice Chair for Supervision Quarles on supervision and regulation Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20210519a.htm

May 19, 2021 - NCUA Chairman Todd M. Harper's Written Testimony before the U.S. House of Representatives Committee on Financial Services.   www.ncua.gov/newsroom/testimony/2021/ncua-chairman-todd-m-harpers-written-testimony-us-house-representatives-committee-financial-services

May 18, 2021 - Consumer Payment Behavior Reflects Pandemic Uncertainty, According to New Federal Reserve Report - The Federal Reserve System�s Cash Product Office has released a report in its ongoing research on payment habits of the U.S. population. https://www.frbsf.org/our-district/press/news-releases/2021/consumer-payment-behavior-reflects-pandemic-uncertainty

May 18, 2021 - Community Reinvestment Act: Implementation of the June 2020 Final Rule - The Office of the Comptroller of the Currency published in the Federal Register on June 5, 2020, a final rule to modernize the agency�s regulations under the Community Reinvestment Act. www.occ.treas.gov/news-issuances/bulletins/2021/bulletin-2021-24.html

May 18, 2021 - OCC Report Examines Key Risks, Effects of COVID-19 Pandemic on Federal Banking System - The Office of the Comptroller of the Currency today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2021. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-55.html   

May 18, 2021 - Kansas City Fed Releases Semi-Annual Update of the Bank Capital Analysis - The Federal Reserve Bank of Kansas City released the December 31, 2020 results from its semiannual Bank Capital Analysis, which provides an objective and data-based approach to judging capital strength across the banking industry. www.kansascityfed.org/newsroom/2021-news-releases/kansas-city-fed-releases-semi-annual-update-of-the-bank-capital-analysis/

May 18, 2021 - The Global Determinants of International Equity Risk Premiums - Juan M. Londono and Nancy R. Xu - We examine the commonality in international equity risk premiums by linking empirical evidence for the international stock return predictability of US downside and upside variance risk premiums with implications from an international asset pricing framework, which takes the perspective of a US/global investor and features asymmetric global macroeconomic, financial market, and risk aversion shocks. www.federalreserve.gov/econres/ifdp/the-global-determinants-of-international-equity-risk-premiums.htm

May 17, 2021 - AgLetter: Midwest Farmland Values Continued to Rise in the First Quarter - Agricultural land values for the Seventh Federal Reserve District strengthened in the first quarter of 2021, rising 7 percent from a year ago. www.chicagofed.org/~/media/publications/agletter/2020-2024/may-2021-pdf.pdf

May 17, 2021 - Tax Allocation Agreements: Notice of Proposed Rulemaking - On May 10, 2021, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a proposed rule to establish enforceable guidelines implementing requirements for tax allocation agreements and principles for the relationship between national banks, state banks, savings associations, and their holding companies in a consolidated tax filing group. www.occ.treas.gov/news-issuances/bulletins/2021/bulletin-2021-23.html

May 17, 2021 - Benjamin W. McDonough Named OCC Chief Counsel - The Office of the Comptroller of the Currency today named Benjamin W. McDonough its Senior Deputy Comptroller and Chief Counsel. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-53.html

May 17, 2021 - FDIC Issues Request for Information on Digital Assets - The Federal Deposit Insurance Corporation today announced that it is gathering information and soliciting comments from interested parties about insured depository institution� current and potential digital asset activities. www.fdic.gov/news/press-releases/2021/pr21046.html

May 17, 2021 - The Emergence of Forward Guidance As a Monetary Policy Tool - Edward Nelson - Forward guidance�the issuance by a central bank of public statements concerning the likely future settings of its policy instruments�is widely regarded as a new tool of monetary policy. www.federalreserve.gov/econres/feds/the-emergence-of-forward-guidance-as-a-monetary-policy-tool.htm

May 17, 2021 - Speech by Vice Chair Clarida on sovereign markets, global factors At "Fostering a Resilient Economy and Financial System: The Role of Central Banks" 25th Annual Financial Markets Conference, sponsored by the Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta, Amelia Island, FL (via webcast).   www.federalreserve.gov/newsevents/speech/clarida20210517a.htm

May 17, 2021 - Agencies extend comment period on request for information on artificial intelligence -Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions' use of artificial intelligence until July 1, 2021.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20210517a.htm
Press Release: www.fdic.gov/news/press-releases/2021/pr21045.html
Press Release: www.occ.gov/news-issuances/news-releases/2021/nr-ia-2021-54.html
Press Release: www.ncua.gov/newsroom/press-release/2021/agencies-extend-comment-period-request-information-artificial-intelligence

May 17, 2021 - Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households - In the fourth quarter of 2020, nearly one-fourth of adults said that they were worse off financially compared to a year earlier, reflecting the economic fallout and distress resulting from the global COVID-19 pandemic. www.federalreserve.gov/newsevents/pressreleases/other20210517a.htm

May 14, 2021 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Tennessee Affected by Severe Storms, Tornadoes, and Flooding.   www.fdic.gov/news/financial-institution-letters/2021/fil21033.html

May 14, 2021 - The Treasury Market Flash Event of February 25, 2021 - The Treasury Market Flash Event of February 25, 2021. www.federalreserve.gov/econres/notes/feds-notes/the-treasury-market-flash-event-of-february-25-2021-20210514.htm

May 14, 2021 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 14, 2021 - Resumption of Home Mortgage Disclosure Act Quarterly Reporting - On March 31, 2020, the Board of Governors of the Federal Reserve issued Consumer Affairs Letter 20-6, �Home Mortgage Disclosure Act Quarterly Reporting during the COVID-19 Pandemic,� to inform its supervised financial institutions that it did not intend to cite in an examination or initiate an enforcement action for failure to report the quarterly HMDA data. www.federalreserve.gov/supervisionreg/caletters/caltr2108.htm

May 14, 2021 - Arbitrage Capital of Global Banks - Alyssa G. Anderson, Wenxin Du, and Bernd Schlusche - We show that the role of unsecured, short-term wholesale funding for global banks has changed significantly in the post-financial-crisis regulatory environment. www.federalreserve.gov/econres/feds/arbitrage-capital-of-global-banks.htm

May 14, 2021 - Industrial Production and Capacity Utilization - G.17 - Total industrial production increased 0.7 percent in April. www.federalreserve.gov/releases/g17/current/default.htm

May 14, 2021 - Federal Reserve Board announces approval of applications by The PNC Financial Services Group, Inc. and PNC Bancorp, Inc. www.federalreserve.gov/newsevents/pressreleases/orders20210514a.htm

May 14, 2021 - Federal Reserve Board announces the third extension of a rule to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program - Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses. www.federalreserve.gov/newsevents/pressreleases/bcreg20210514a.htm

May 13, 2021 - Farm Credit Conditions Show Additional Strength - Agricultural credit conditions in the Tenth District continued to strengthen in the first quarter of 2021. www.kansascityfed.org/agriculture/ag-credit-survey/farm-credit-conditions-show-additional-strength/
____________________________

May 14, 2021 - Midwest Farmland Values Continued to Rise in the First Quarter - According to the most recent AgLetter, Seventh District farmland values in the first quarter of 2021 were 7 percent higher than a year ago. www.chicagofed.org/publications/agletter/index

May 13, 2021 - St. Louis Fed's Bullard Discusses a Booming U.S. Economy - Federal Reserve Bank of St. Louis President James Bullard presented �U.S. Economy Booming� at a virtual event of the Greater Memphis Chamber�s Chairman�s Circle on Thursday. www.stlouisfed.org/news-releases/2021/05/13/bullard-discusses-a-booming-us-economy

May 13, 2021 - Speech by Governor Waller on the economic outlook and monetary policy At The Global Interdependence Center's 39th Annual Monetary and Trade Conference, The LeBow College of Business, Drexel University, Philadelphia, Pennsylvania (via webcast).  www.federalreserve.gov/newsevents/speech/waller20210513a.htm

May 12, 2021 - Chicago Fed Survey of Business Conditions - The Chicago Fed Survey of Business Conditions Activity Index rose to +42 in April from +22 in March, suggesting that
economic growth was well above trend.  https://www.chicagofed.org/publications/cfsbc/index

May 12, 2021 - NCUA, CDFI Fund to Cohost Webinar on Small-Dollar Loan Program - Credit unions are invited to learn more about the Department of the Treasury�s Community Development Financial Institutions Fund�s Small-Dollar Loan Program during a webinar scheduled for Thursday, May 27, beginning at 2 p.m. Eastern. www.ncua.gov/newsroom/press-release/2021/ncua-cdfi-fund-cohost-webinar-small-dollar-loan-program

May 12, 2021 - Registration Now Open for NCUA, CISA Cybersecurity Webinar - The National Credit Union Administration will host a webinar on Wednesday, May 26, to provide credit unions with important information about protecting their organizations and their members from cyberattacks. www.ncua.gov/newsroom/press-release/2021/registration-now-open-ncua-cisa-cybersecurity-webinar

May 12, 2021 - Foreign banks� asset reallocation in response to the introduction of the Intermediate Holding Company rule of 2016 - Teodora Paligorova and Judit Temesvary - The implementation of the 2016 intermediate holding company rule required foreign banking organizations operating with more than $50 billion total global consolidated assets and with $50 billion or more in U.S. non-branch assets to consolidate their non-branch activities � including their U.S. subsidiaries and U.S. broker-dealers � into holding companies, to be supervised by the Federal Reserve. www.federalreserve.gov/econres/notes/feds-notes/foreign-banks-asset-reallocation-intermediate-holding-company-rule-of-2016-20210512.htm

May 12, 2021 - Speech by Vice Chair Clarida on the U.S. economic outlook and monetary policy At the "NABE International Symposium: A Vision of the Economy Post COVID," Washington, D.C. (via webcast).  www.federalreserve.gov/newsevents/speech/clarida20210512a.htm

May 12, 2021 - NCUA Board Member Rodney E. Hood Remarks at National Association of Federally Insured Credit Unions CEOs and Senior Executives Conference.   www.ncua.gov/newsroom/speech/2021/ncua-board-member-rodney-e-hood-remarks-national-association-federally-insured-credit-unions-nafcu

May 11, 2021 - Federal Financial Regulators to Hold Webinar on Emergency Capital Investment Program - The National Credit Union Administration encourages credit unions interested in learning more about the Treasury Department�s Emergency Capital Investment Program to join an �Ask the Regulators� webinar hosted by NCUA and other federal financial regulators. www.ncua.gov/newsroom/press-release/2021/federal-financial-regulators-hold-webinar-emergency-capital-investment-program

May 11, 2021 - The KCFSI indicates stress decreased to a low level in April - The KCFSI suggests financial stress decreased to a low level in April. www.kansascityfed.org/data-and-trends/kansas-city-financial-stress-index/financial-stress-decreased-2021-04/

May 11, 2021 - FDIC Publishes 2021 Risk Review - The Federal Deposit Insurance Corporation today published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. www.fdic.gov/news/press-releases/2021/pr21044.html

May 11, 2021 - Legal Interpretations - Letters from December 3, 2020 and May 6, 2021 - Letter to Robert J. Rhatigan advising that Virtus Investment Partners, Inc. and affiliated entities collectively may acquire up to 25 percent, and up to 15 percent of any class of voting securities of a bank holding company, bank, savings and loan holding company, or savings association without being deemed to have acquired control of that institution, when the acquisition complies with certain conditions. www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2021.htm

May 11, 2021 - Speech by Governor Brainard on patience and progress as the economy reopens and recovers At "The Road to Recovery and What's Next," a virtual conference sponsored by the Society for Advancing Business Editing and Writing (via webcast).  www.federalreserve.gov/newsevents/speech/brainard20210511a.htm 

May 10, 2021 - Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency - Acting Comptroller of the Currency Michael J. Hsu today shared the following statement with agency staff at the conclusion of his first day in this role. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-52.html

May 10, 2021 - The Dynamic Relationship Between Global Debt and Output By Yun Jung Kim , Jing Zhang , Caroline Beetz Fenske - The global economy has reached record levels of indebtedness, to the concern of researchers and policymakers. www.chicagofed.org/publications/chicago-fed-letter/2021/457

May 10, 2021 - A Fireside Chat With President Charles Evans Hosted by SABEW - President Charles Evans participated in a fireside chat with Mark Hamrick, Washington bureau chief for Bankrate.com, hosted by the Society for Advancing Business Editing and Writing on Monday, May 10. www.chicagofed.org/publications/speeches/2021/sabew-5-10

May 10, 2021 - NCUA Issues Prohibition Notice - LaBrandi N. Wilson, a former member of Alaska Air Group Federal Credit Union in SeaTac, Washington, was sentenced on the charges of falsifying business records and larceny/embezzlement in connection with her employment at the credit union. www.ncua.gov/newsroom/press-release/2021/ncua-issues-prohibition-notice-1

May 10, 2021 - FDiTech Announces New Deputy Director of Office of Innovation - The Federal Deposit Insurance Corporation today announced the appointment of Zunera Mazhar as Deputy Director of the agency�s Office of Innovation. www.fdic.gov/news/press-releases/2021/pr21043.html

May 10, 2021 - FDIC Announces Settlement with Umpqua Bank, Roseburg, Oregon for Unfair and Deceptive Practices in Violation of Section 5 of the Federal Trade Commission Act.   www.fdic.gov/news/press-releases/2021/pr21042.html

May 10, 2021 - Report and Disclosures on Funding, Credit, Liquidity, and Loan Facilities - The Federal Reserve filed these reports with Congress pursuant to section 13(3) of the Federal Reserve Act concerning the lending facilities established by the Board. www.federalreserve.gov/publications/files/pdcf-mmlf-cpff-pmccf-smccf-talf-mlf-ppplf-msnlf-mself-msplf-nonlf-noelf-05-10-21.pdf

May 7, 2021 - Michael J. Hsu to Become Acting Comptroller of the Currency May 10, 2021 - The U.S. Department of the Treasury today announced that Michael J. Hsu will become Acting Comptroller of the Currency on May 10, 2021, pursuant to 12 USC 4 as designated by Secretary of the Treasury Janet Yellen. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-51.html

May 7, 2021 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 5.1 percent during the first quarter. www.federalreserve.gov/releases/g19/current/default.htm

May 7, 2021 - Chair Powell's calendar, March 2021.  www.federalreserve.gov/foia/chairman-powell-calendar.htm

May 7, 2021 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

May 7, 2021 - Federal Reserve Board invites public comment on proposed changes to Regulation II regarding network availability for card-not-present debit card transactions and publishes a biennial report containing summary information on debit card transactions in 2019.  www.federalreserve.gov/newsevents/pressreleases/bcreg20210507a.htm

May 6, 2021 - Some Inflation Scenarios for the American Rescue Plan Act of 2021 By Francesco Bianchi , Jonas D. M. Fisher , Leonardo Melosi - The American Rescue Plan Act signed into law on March 11, 2021, authorized approximately $1.9 trillion in federal government spending. ARP is widely expected to boost economic growth over the next two to three years�and significantly so early on. www.chicagofed.org/publications/chicago-fed-letter/2021/453

May 6, 2021 - Credit Card Delinquency and Covid-19: Neighborhood Trends in the Seventh District By Sharada Dharmasankar , Taz George , Robin Newberger , Mark O'Dell - To better understand how financial hardships have varied across communities, we investigate credit card delinquencies across the states of the Federal Reserve�s Seventh District: Illinois, Indiana, Iowa, Michigan, and Wisconsin. www.chicagofed.org/publications/chicago-fed-letter/2021/454

May 6, 2021 - Improving Economic Conditions Reaching LMI Communities - Overall economic conditions for LMI populations improved over last quarter and last year. www.kansascityfed.org/surveys/low-and-moderate-income-economic-conditions/improving-economic-conditions-reaching-lmi-communities/

May 6, 2021 - FDIC Announces Meeting of Advisory Committee on Economic Inclusion.  https://www.fdic.gov/news/press-releases/2021/pr21041.html

May 6, 2021 - Financial Stability Report - This report summarizes the Federal Reserve Board�s framework for assessing the resilience of the U.S. financial system and presents the Board�s current assessment. www.federalreserve.gov/newsevents/pressreleases.htm

May 6, 2021 - Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality - Yesol Huh and You Suk Kim - We study optimal securitization and its impact on market quality when the secondary market structure leads to cheapest-to-deliver pricing in the context of agency mortgage-backed securities. www.federalreserve.gov/econres/feds/cheapest-to-deliver-pricing-optimal-mbs-securitization-and-market-quality.htm
_____________________

May 6, 2021 - FDIC Announces Meeting of Advisory Committee on Economic Inclusion - The Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion will meet virtually on Thursday, May 13, with two panels of experts to discuss the topics of Expanding Inclusion through Technology and Innovation and Expanding Account Access via the FDIC Public Awareness Campaign #GetBanked, which was launched on April 5, 2021. www.fdic.gov/news/press-releases/2021/pr21041.html

May 6, 2021 - Cheapest-to-Deliver Pricing, Optimal MBS Securitization, and Market Quality - Yesol Huh and You Suk Kim - We study optimal securitization and its impact on market quality when the secondary market structure leads to cheapest-to-deliver pricing in the context of agency mortgage-backed securities. www.federalreserve.gov/econres/feds/cheapest-to-deliver-pricing-optimal-mbs-securitization-and-market-quality.htm

May 5, 2021 - Some Inflation Scenarios for the American Rescue Plan Act of 2021- By Francesco Bianchi , Jonas D. M. Fisher , Leonardo Melosi - The American Rescue Plan Act signed into law on March 11, 2021, authorized approximately $1.9 trillion in federal government spending. www.chicagofed.org/publications/chicago-fed-letter/2021/453

May 5, 2021 - Credit Card Delinquency and Covid-19: Neighborhood Trends in the Seventh District - By Sharada Dharmasankar , Taz George , Robin Newberger , Mark O'Dell - The Covid-19 pandemic has resulted in great economic and financial disruption. www.chicagofed.org/publications/chicago-fed-letter/2021/454

May 5, 2021 - A Promising Growth Outlook and Thoughts on Inflation Dynamics - A speech presented virtually on May 5, 2021, at the 29th Annual Hyman P. Minksy Conference on the State of the US and World Economies: Prospects for the US and Europe in an Emerging Post-Pandemic Recovery, organized by the Levy Economics Institute of Bard College. www.chicagofed.org/publications/speeches/2021/levy-economics-institute-conference

May 5, 2021 - The Dynamic Relationship Between Global Debt and Output By Yun Jung Kim, Jing Zhang, Caroline Beetz Fenske - The global economy has reached record levels of indebtedness, to the concern of researchers and policymakers. www.chicagofed.org/publications/chicago-fed-letter/2021/457

May 5, 2021 - Brighter Prospects for Chicago�s Youth: Strengthening Summer Jobs and Beyond - This virtual event will focus on the important role summer jobs can play for Chicago�s South and West Side youth as vaccination rates rise and the pandemic shows signs of abating. www.chicagofed.org/events/project-hometown/strengthening-summer-jobs

May 5, 2021 - NCUA Charters Maun Federal Credit Union - Maun Federal Credit Union, in Kendall Park, New Jersey, has been chartered to serve a local Islamic community, the National Credit Union Administration announced today. www.ncua.gov/newsroom/press-release/2021/ncua-charters-maun-federal-credit-union

May 5, 2021 - Study Shows Surge in Savings During the Pandemic - Research found a significant increase in savings as a percentage of personal income amid COVID-19. www.kansascityfed.org/ten/2021-spring-ten-magazine/study-shows-surge-in-savings-during-the-pandemic/

May 5, 2021 - Kansas City Fed Appoints Assistant Vice President and Community Affairs Officer - In this role, Miller will lead the Tenth District�s Community Development Division, which identifies and works to address pressing community and economic development challenges faced by low- to moderate-income communities and small businesses. www.kansascityfed.org/newsroom/2021-news-releases/kansas-city-fed-appoints-assistant-vice-president-and-community-affairs-officer/

May 5, 2021 - FDIC�s Office of the Ombudsman Publishes Report on 2019 & 2020 Activities - The Federal Deposit Insurance Corporation�s Office of the Ombudsman today published a report detailing its activities, as well as assistance provided on behalf of the banking industry, for calendar years 2019 and 2020. www.fdic.gov/news/press-releases/2021/pr21040.html

May 5, 2021 - The Effect of the PPPLF on PPP Lending by Commercial Banks - Sriya Anbil, Mark Carlson, and Mary-Frances Styczynski - We analyze whether the Federal Reserve�s Paycheck Protection Program Liquidity Facility was successful in bolstering the ability of commercial banks to provide credit to small businesses under the Small Business Administration�s Paycheck Protection Program. www.federalreserve.gov/econres/feds/the-effect-of-the-ppplf-on-ppp-lending-by-commercial-banks.htm

May 5, 2021 - Speech by Governor Bowman on the economic outlook and implications for monetary policy At The Colorado Forum, Denver, Colorado (via webcast).   www.federalreserve.gov/newsevents/speech/bowman20210505a.htm

May 5, 2021 - Federal Reserve Board invites public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks.   www.federalreserve.gov/newsevents/pressreleases/bcreg20210505a.htm

May 4, 2021 - OCC Releases CRA Evaluations for 15 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, 2021 through April 30, 2021. www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-50.html

May 4, 2021 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in February 2021. www.fdic.gov/news/press-releases/2021/pr21039.html

May 3, 2021 - NCUA - Fite Elected as State Liaison Committee Chairman, Reappointed to FFIEC State Liaison Committee www.ncua.gov/newsroom/press-release/2021/fite-elected-state-liaison-committee-chairman-reappointed-ffiec-state-liaison-committee

May 3, 2021 - The Federal Financial Institutions Examination Council�s today announced the election of Thomas Fite by the State Liaison Committee as SLC Chairman and the reappointment of Fite to the FFIEC�s SLC for a second two-year term. www.ffiec.gov/press/pr050321.htm

May 3, 2021 - Senior Loan Officer Opinion Survey on Bank Lending Practices, April 2021 - he April 2021 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, which generally correspond to the first quarter of 2021. www.federalreserve.gov/data/sloos/sloos-202104.htm

May 3, 2021 - Speech by Chair Powell on community development At the "2021 Just Economy Conference" sponsored by the National Community Reinvestment Coalition, Washington, D.C. (via webcast).  www.federalreserve.gov/newsevents/speech/powell20210503a.htm 

April 30, 2021 - Midwest Economy Index Points to a Pickup in Growth Through March - The Midwest Economy Index, which approximates quarterly growth at a monthly frequency,
increased to +0.65 in March from +0.50 in February. www.chicagofed.org/~/media/publications/mei/2021/mei-march2021-pdf.pdf

April 30, 2021 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Alabama Affected by Severe Storms, Straight-line Winds, and Tornadoes.   www.fdic.gov/news/financial-institution-letters/2021/fil21032.html

April 30, 2021 - Regulatory Relief: Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Kentucky Affected by Severe Storms, Flooding, Landslides, and Mudslides - This Financial Institution Letter applies to all FDIC-supervised financial institutions. www.fdic.gov/news/financial-institution-letters/2021/fil21031.html

April 30, 2021 - FDIC Makes Public March Enforcement Actions - The FDIC issued ten orders containing 12 administrative actions in March 2021. www.fdic.gov/news/press-releases/2021/pr21038.html

April 30, 2021 - Developments in the Credit Score Distribution over 2020 - Sarena Goodman, Geng Li, Alvaro Mezza, and Lucas Nathe - The distribution of household credit risk can vary with aggregate economic and credit conditions. www.federalreserve.gov/econres/notes/feds-notes/developments-in-the-credit-score-distribution-over-2020-20210430.htm

April 30, 2021 - The Global Transmission of Real Economic Uncertainty - Juan M. Londono, Sai Ma, and Beth Anne Wilson - Using a sample of 30 countries representing about 65% of the global GDP, we find that real economic uncertainty has negative long-lasting domestic economic effects and transmits across countries. www.federalreserve.gov/econres/ifdp/the-global-transmission-of-real-economic-uncertainty.htm

April 30, 2021 - Supervision and Regulation Report - The report summarizes banking conditions and the Federal Reserve�s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision. www.federalreserve.gov/publications/supervision-and-regulation-report.htm

April 30, 2021 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 30, 2021 - Price Setting and Volatility: Evidence from Oil Price Volatility Shocks - Matthew Klepacz - How do changes in aggregate volatility alter the impulse response of output to monetary policy? www.federalreserve.gov/econres/ifdp/price-setting-and-volatility-evidence-from-oil-price-volatility-shocks.htm

April 30, 2021 - Supply of Sovereign Safe Assets and Global Interest Rates - Thiago Ferreira and Samer Shousha - We estimate that the supply of sovereign safe assets is a major driver of neutral interest rates--real rates consistent with both economic activity and inflation at their trends. www.federalreserve.gov/econres/ifdp/supply-of-sovereign-safe-assets-and-global-interest-rates.htm

April 30, 2021 - Dynamic Factor Copula Models with Estimated Cluster Assignments - Dong Hwan Oh and Andrew J. Patton - This paper proposes a dynamic multi-factor copula for use in high dimensional time series applications. www.federalreserve.gov/econres/feds/dynamic-factor-copula-models-with-estimated-cluster-assignments.htm

April 30, 2021 - Are Repo Markets Fragile? Evidence from September 2019 - Sriya Anbil, Alyssa Anderson, and Zeynep Senyuz - We show that the segmented structure of the U.S. Treasury repo market, in which some participants have limited access across the segments, leads to rate dispersion, even in this essentially riskless market. www.federalreserve.gov/econres/feds/are-repo-markets-fragile-evidence-from-september-2019.htm

April 30, 2021 - Unintended Consequences of Unemployment Insurance Benefits: The Role of Banks - Yavuz Arslan, Ahmet Degerli, Gazi Kabaş - We use disaggregated U.S. data and a border discontinuity design to show that more generous unemployment insurance policies lower bank deposits. www.federalreserve.gov/econres/feds/unintended-consequences-of-unemployment-insurance-benefits-the-role-of-banks.htm

April 30, 2021 - Limited Participation in Equity Markets and Business Cycles - Juan M. Morelli - This paper studies how the rise in US households' participation in equity markets affects the transmission of macroeconomic shocks to the economy. www.federalreserve.gov/econres/feds/limited-participation-in-equity-markets-and-business-cycles.htm

April 29, 2021 - Federal Reserve Board issues enforcement actions with former employee of Barclays Bank PLC and former employee of Texas Community Bank.   www.federalreserve.gov/newsevents/pressreleases/enforcement20210429a.htm