R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

The Community Banker
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The E-mail Banking News
(Bank Regulatory News)

November 201

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November 30, 2016 - Survey Shows Growth Slowed in October and Early November - The Chicago Fed Survey of Business Conditions Activity Index decreased to –20 from +9, suggesting that growth in economic activity slowed to a modest pace in October and early November. www.chicagofed.org/~/media/publications/cfsbc/2016/cfsbc-november2016-pdf.pdf?la=en

November 30, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in November issued four 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-nov-prohibition-orders.aspx

November 30, 2016 - New NCUA Videos Educate Credit Union Board Members about Financial Statements - Reading financial statements is an essential job for any credit union board member, and a new video series from the National Credit Union Administration can help make that job easier. www.ncua.gov/newsroom/Pages/news-2016-nov-ncua-videos-educate-credit-union-members-financial-statements.aspx

November 30, 2016 - Comptroller Discusses Progress in the Federal Banking System - Comptroller of the Currency Thomas J. Curry today discussed the importance of strong capital, the value of limiting leverage, the need for sufficient liquidity, and the importance of effective supervision in light of the last financial crisis. https://occ.gov/news-issuances/speeches/2016/pub-speech-2016-149.pdf

November 30, 2016 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

November 30, 2016 - Beige Book- Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Prepared at the Federal Reserve Bank of Cleveland based on information collected on or before November 18, 2016. www.federalreserve.gov/monetarypolicy/beigebook/beigebook201611.htm

November 30, 2016 - Jerome H. Powell,  Governor - A View from the Fed - At the "Understanding Fedspeak" event cosponsored by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution and the Center for Financial Economics at Johns Hopkins University, Washington, D.C. www.federalreserve.gov/newsevents/speech/powell20161130a.pdf

November 30, 2016 - Federal Reserve announces changes that will begin in 2017 to its Beige Book publication - The Federal Reserve on Wednesday announced changes that will begin in 2017 to its Beige Book publication. The modifications will standardize specific core topics included in each of the 12 Federal Reserve Bank District reports, provide a more consistent presentation of the national summary, and enhance the design of the publication. www.federalreserve.gov/newsevents/press/other/20161130a.htm

November 30, 2016 - Federal Reserve Board publishes report containing summary information on debit card transactions in 2015 - The Federal Reserve Board on Wednesday published a report on debit card transactions in 2015, including summary information on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses. www.federalreserve.gov/newsevents/press/bcreg/20161130a.htm

November 29, 2016 - What We Learn from a Sovereign Debt Restructuring in France in 1721 - François Velde - Knowing what happens, or can happen, in the case of a sovereign default is important. Past examples of defaults or debt restructurings can yield important insights into what is technically and politically feasible for a government, and what kinds of motivations lie behind the decisions that are made. www.chicagofed.org/~/media/publications/economic-perspectives/2016/ep2016-5-pdf.pdf

November 29, 2016 - NCUA - First African Baptist Church Federal Credit Union Closes - American Heritage Federal Credit Union Assumes Members, Shares and Deposits - The National Credit Union Administration today liquidated First African Baptist Church Federal Credit Union of Sharon Hill, Pennsylvania. www.ncua.gov/newsroom/Pages/news-2016-nov-first-african-baptist-church-federal-credit-union-closes.aspx

November 29, 2016 - Net Income Rises to $45.6 Billion at FDIC-Insured Institutions In Third Quarter 2016 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $45.6 billion in the third quarter of 2016, up $5.2 billion (12.9 percent) from a year earlier. www.fdic.gov/news/news/press/2016/pr16104.html

November 29, 2016 - Jerome H. Powell,  Governor - Recent Economic Developments and Longer-Run Challenges - At the The Economic Club of Indiana, Indianapolis, Indiana.   www.federalreserve.gov/newsevents/speech/powell20161129a.pdf

November 29, 2016 - Minutes of the Board's discount rate meetings from October 11 and October 31, 2016.  www.federalreserve.gov/newsevents/press/monetary/monetary20161129a1.pdf

November 28, 2016 - The Role of Housing to be Featured at Next Delta Communities Meetings - Housing, which can serve as an asset for families and economic development driver, is the subject of the next Delta Communities meetings, a series that focuses on life in the Arkansas and Mississippi Delta. www.stlouisfed.org/news-releases/2016/11/28/the-role-of-housing-to-be-featured-at-next-delta-communities-meetings

November 28, 2016 - The Neutral Rate and the Summary of Economic Projections - Michelle Bongard and Benjamin K. Johannsen - Since March 2014, the Federal Open Market Committee has indicated in its postmeeting statement that it expects the federal funds to remain below its longer-run normal level for some time. www.federalreserve.gov/econresdata/notes/feds-notes/2016/neutral-rate-and-the-summary-of-economic-projections-20161128.html 

November 25, 2016 - FDIC Makes Public October Enforcement Actions; No Administrative Hearings Scheduled for December 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in October. There are no administrative hearings scheduled for December 2016. www.fdic.gov/news/news/press/2016/pr16103.html

November 25, 2016 - Advisory Council - Record of the Meeting of the Community Depository Institutions Advisory Council and the Board of Governors.   www.federalreserve.gov/aboutthefed/cdiac.htm

November 23, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on November 1-2, 2016. www.federalreserve.gov/newsevents/press/monetary/20161123a.htm

November 23, 2016 - Agencies issue final rule on method to adjust the threshold for exempting small loans from special appraisal requirements and announce 2017 threshold - The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency today issued a final rule detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from special appraisal requirements. 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161123c.htm
Press Release: https://occ.gov/news-issuances/news-releases/2016/nr-ia-2016-148.html

November 23, 2016 - Agencies issue final rule on method to adjust thresholds for exempting certain consumer credit and lease transactions and announce 2017 thresholds - The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today issued a final rule detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act.  www.federalreserve.gov/newsevents/press/bcreg/20161123b.htm

November 23, 2016 - IFDP Notes -Measuring Cross Country Monetary Policy Uncertainty - Measuring Cross Country Monetary Policy Uncertainty - Lucas Husted, John Rogers, and Bo Sun - In previous work, we constructed a news-based index of U.S. monetary policy uncertainty that captures the degree of uncertainty the public perceives about Federal Reserve policy actions and their consequences. In this note, we extend that work to Canada, the Euro Area, Japan, and United Kindgom. www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/measuring-cross-country-monetary-policy-uncertainty-20161123.html

November 23, 2016 - Federal Reserve Board issues final rule regarding dividend payments on Reserve Bank capital stock - The Federal Reserve Board on Wednesday issued a final rule that amends Regulation I to implement provisions of the Fixing America's Surface Transportation Act. The final rule is the same as the interim final rule the Board issued in February.  www.federalreserve.gov/newsevents/press/bcreg/20161123a.htm

November 22, 2016 - NCUA Sets 2017 Call Report Deadlines - Changes Give Credit Unions an Average of Seven Additional Days to File - Beginning with the Dec. 31, 2016, reporting cycle, federally insured, natural-person credit unions will have until the final Sunday of the month following the end of the quarter to file Call Reports, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-nov-ncua-2017-call-report-deadlines.aspx

November 22, 2016 - The Tools and Transmission of Federal Reserve Monetary Policy in the 1920s - Mark Carlson and Burcu Duygan-Bump - This note describes the tools used by the Federal Reserve to implement monetary policy in the 1920s and the degree to which changes in these tools were transmitted to private money markets.   www.federalreserve.gov/econresdata/notes/feds-notes/2016/tools-and-transmission-of-federal-reserve-monetary-policy-in-the-1920s-20161122.html

November 22, 2016 - Uniform Interagency Consumer Compliance Rating System - This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.  www.federalreserve.gov/bankinforeg/caletters/caltr1608.htm

November 21, 2016 - Economic Growth Increased Slightly in October - The Chicago Fed National Activity Index was –0.08 in October, up from –0.23 in September. www.chicagofed.org/~/media/publications/cfnai/2016/cfnai-november2016-pdf.pdf?la=en

November 21, 2016 - TIPS Liquidity and the Outlook for Inflation - Martin M. Andreasen and Jens H.E. Christensen - The prices of special securities known as TIPS can give some insight into how investors view the outlook for future inflation.  www.frbsf.org/economic-research/publications/economic-letter/2016/november/tips-liquidity-and-the-outlook-for-inflation/

November 21, 2016 - Banker Teleconference Series on Military Lending Act Regulations and the Related, Recently Released Interpretive Rule: December 1, 2016 - The FDIC will co-host an interagency webinar scheduled for December 1, 2016, that will focus on the Military Lending Act regulations and the related, recently released Interpretive Rule.  www.fdic.gov/news/news/financial/2016/fil16078.html

November 21, 2016 - Legal Developments: Third Quarter, 2016 - Three orders were issued this quarter, one for KeyCorp, Huntington Bancshares Incorporated, and Chemical Financial Corporation under section 3 of the Bank Holding Company Act. www.federalreserve.gov/pubs/bulletin/2016/pdf/legalq316.pdf

November 21, 2016 - Trade Liberalization and Mortality: Evidence from U.S. Counties - Justin R. Pierce and Peter K. Schott Read Abstract - We investigate the impact of a large economic shock on mortality.   www.federalreserve.gov/econresdata/feds/2016/files/2016094pap.pdf

November 21, 2016 - Stanley Fischer,  Vice Chairman - Longer-Term Challenges for the U.S. Economy - At "A Conversation with Stanley Fischer," sponsored by the Council on Foreign Relations, New York, New York.  www.federalreserve.gov/newsevents/speech/fischer20161121a.htm

November 18, 2016 - Comptroller Discusses Community Banking - CHICAGO—Comptroller of the Currency Thomas J. Curry today discussed the agency’s supervisory priorities for community national banks and federal savings associations, responsible innovation, and how community banks can use collaboration to meet business goals and better serve bank customers.   https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-147.html

November 18, 2016 - The Energy Sector, U.S. Economic Outlook and Monetary Policy By Esther George - Oil and the Economy: Adapting to a New Reality A Joint Conference of the Federal Reserve Banks of Dallas and Kansas City Houston, Texas.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-george-houston-11-18.pdf

November 18, 2016 - Front-End Term Premiums in Federal Funds Futures Rates and Implied Probabilities of Future Rate Hikes - Don H. Kim and Hiroatsu Tanaka - A few recent market commentaries have proposed simple rules of thumb that describe term premiums in money market futures and forward rates in the current interest rate environment as a linear function of horizon with a slope of about minus 1 to minus 2 basis points per month. www.federalreserve.gov/econresdata/notes/feds-notes/2016/front-end-term-premiums-in-federal-funds-futures-rates-and-implied-probabilities-of-future-rate-hikes-20161118.html 

November 18, 2016 - Learning from History: Volatility and Financial Crises - Jon Danielsson, Marcela Valenzuela, and Ilknur Zer - We study the effects of volatility on financial crises by constructing a cross-country database spanning over 200 years.  www.federalreserve.gov/econresdata/feds/2016/files/2016093pap.pdf

November 18, 2016 - Gradualism and Liquidity Traps - Taisuke Nakata and Sebastian Schmidt - Modifying the objective function of a discretionary central bank to include an interest-rate smoothing objective increases the welfare of an economy in which large contractionary shocks occasionally force the central bank to lower the policy rate to its effective lower bound. www.federalreserve.gov/econresdata/feds/2016/files/2016092pap.pdf

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

November 18, 2016 - Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market - Fang Cai, Song Han, Dan Li, and Yi Li - Among growing concerns about potential financial stability risks posed by the asset management industry, herding has been considered as an important risk amplification channel.   www.federalreserve.gov/econresdata/feds/2016/files/2016091pap.pdf

November 18, 2016 - Federal Reserve Banks Combined Quarterly Financial Reports (Unaudited) - The Board of Governors and the Federal Reserve Banks annually prepare and release audited financial statements reflecting balances (as of December 31) and income and expenses for the year then ended. T www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm

November 18, 2016 - Quarterly Report on Federal Reserve - Balance Sheet Developments - 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/files/quarterly_balance_sheet_developments_report_201611.pdf

November 18, 2016 - The Effects of Liquidity Regulation on Bank Demand in Monetary Policy Operations - Marcelo Rezende, Mary-Frances Styczynski, and Cindy M. Vojtech - We estimate the effects of the liquidity coverage ratio, a liquidity requirement for banks, on the tenders that banks submit in Term Deposit Facility operations, a Federal Reserve tool created to manage the quantity of bank reserves. www.federalreserve.gov/econresdata/feds/2016/files/2016090pap.pdf

November 18, 2016 - Jerome H. Powell,  Governor - The Global Trade Slowdown and Its Implications for Emerging Asia At "CPBS 2016 Pacific Basin Research Conference," sponsored by the Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco, San Francisco, California.  www.federalreserve.gov/newsevents/speech/powell20161118a.pdf

November 18, 2016 - Federal Reserve Board to broaden scope of post-employment restrictions for Reserve Bank senior examiners and officers.   www.federalreserve.gov/newsevents/press/bcreg/20161118a.htm

November 16, 2016 - Emerging Trends in the U.S. and Regional Economy - Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-felix-wib-11-16.pdf

November 16, 2016 - THE FUTURE OF BANKING - Amber Conley, Assistant Vice President Supervision and Risk Management.   www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-conley-wib-11-16.pdf

November 16, 2016 - St. Louis Fed's Bullard Discusses U.S. Monetary Policy after the U.S. Presidential Election - Federal Reserve Bank of St. Louis President James Bullard discussed “U.S. Monetary Policy in the Aftermath of the U.S. Presidential Election” on Wednesday at the UBS European Conference 2016. www.stlouisfed.org/news-releases/2016/11/16/bullard-discusses-us-monetary-policy

November 16, 2016 - General Counsel opinion letter to John R. Reisner, Esq., opining that no regulatory purpose would be served by requiring filings under sections 3 and 4 of the Bank Holding Company Act, as amended, and section 10(e) of the Home Owners' Loan Act, as amended, for First Defiance Financial Corporation, Defiance, Ohio, to acquire Commercial Bancshares, Inc. and thereby indirectly acquire The Commercial Savings Bank, both of Upper Sandusky, Ohio. www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol20161116.pdf

November 17, 2016 - OCC Enforcement Actions for November 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. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-146.html

November 17, 2016 - Lael Brainard,  Governor - The "Gig" Economy: Implications of the Growth of Contingent Work At "Evolution of Work," a convening cosponsored by the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, and the Freelancers Union, New York, New York.   www.federalreserve.gov/newsevents/speech/brainard20161117a.htm

November 17, 2016 - Janet L. Yellen,  Chair - The Economic Outlook - Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20161117a.htm

November 17, 2016 - Federal Reserve Board orders JPMorgan Chase & Co. to pay $61.9 million civil money penalty - The Federal Reserve Board on Thursday ordered JPMorgan Chase & Co. to pay a $61.9 million civil money penalty for unsafe and unsound practices related to the firm's practice of hiring individuals referred by foreign officials and other clients in order to obtain improper business advantages for the firm. www.federalreserve.gov/newsevents/press/enforcement/20161117a.htm

November 16, 2016 - NCUA Hosting Vendor Management Webinar - Learn How Effective Vendor Management Reduces Cybersecurity Risk - Credit unions concerned about cybersecurity and strengthening relations with digital vendors will find valuable information in an upcoming National Credit Union Administration webinar. www.ncua.gov/newsroom/Pages/news-2016-nov-ncua-hosting-vendor-management-webinar.aspx

November 16, 2016 - OCC Hosts Mutual Savings Association Advisory Committee Meeting on December 8 - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Thursday, December 8, 2016, beginning at 8:30 a.m. Eastern Standard Time.  https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-145.html

November 16, 2016 - FDIC, SBA Announce Enhanced Money Smart for Small Business Curriculum - The Federal Deposit Insurance Corporation and the U.S. Small Business Administration today announced enhancements to Money Smart for Small Business, a resource that provides practical guidance for starting and managing a small business. www.fdic.gov/news/news/press/2016/pr16102.html

November 16, 2016 - Advance 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 2:00 PM on November 18, 2016. Matter to be considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20161118advexp.htm

November 16, 2016 - Exploring Online and Offline Informal Work: Findings from the Enterprising and Informal Work Activities (EIWA) Survey - Barbara Robles and Marysol McGee - The growing prevalence of alternative work arrangements has accelerated with the rapidly evolving digital platform transformations in local and global markets (Kenny and Zysman, 2015 and 2016). www.federalreserve.gov/econresdata/feds/2016/files/2016089pap.pdf

November 16, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production was unchanged in October after decreasing 0.2 percent in September.   www.federalreserve.gov/releases/g17/Current/default.htm

November 15, 2016 - ncua - Modern Field-of-Membership Rule Improves Access to Affordable Credit - Read the Latest Issue of “The NCUA Report” Online - More Americans will be eligible for credit union products and services with the approval of modernized field-of-membership regulations by the National Credit Union Administration Board in October. www.ncua.gov/newsroom/Pages/news-2016-nov-modern-field-membership-rules-improves-access-affordable-credit.aspx

November 15, 2016 - Senior Deputy Comptroller Discusses Culture and Fair Lending - Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer today discussed the role of a healthy culture at regulated institutions and its impact on Community Reinvestment Act performance and fair lending.  https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-144.html

November 15, 2016 - Banker Teleconference Series: Timely and Comprehensive Information and Insights from the FDIC - On an ongoing basis, staff from the FDIC's Division of Depositor and Consumer Protection offers a series of banker events, including teleconferences and webinars, to maintain open lines of communication, and update bank management and staff on important banking regulatory and emerging issues in the compliance and consumer protection area.  www.fdic.gov/news/news/financial/2016/fil16077.html

November 15, 2016 - FDIC Board Approves Final Rule on Deposit Account Recordkeeping Requirements to Facilitate Timely Access to Deposits in Large Bank Failures - Applies to Institutions with More Than 2 Million Deposit Accounts - The Federal Deposit Insurance Corporation today approved a final rule establishing recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts to facilitate rapid payment of insured deposits to customers if the institutions were to fail. www.fdic.gov/news/news/press/2016/pr16101.html

November 15, 2016 - Economic Forecasting in Theory and Practice: An Interview with David F. Hendry - Neil R. Ericsson - David Hendry has made major contributions to many areas of economic forecasting.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1184.pdf

November 15, 2016 - Banks' Equity Stakes and Lending: Evidence from a Tax Reform - Several papers find a positive association between a bank's equity stake in a borrowing firm and lending to that firm. While such a positive cross-sectional correlation may be due to equity stakes benefiting lending, it may also be driven by endogeneity.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1183.pdf

November 15, 2016 - Stanley Fischer,  Vice Chairman - Is There a Liquidity Problem Post-Crisis? - At "Do We Have a Liquidity Problem Post-Crisis?", a conference sponsored by the Initiative on Business and Public Policy at the Brookings Institution, Washington, D.C. www.federalreserve.gov/newsevents/speech/fischer20161115a.htm

November 15, 2016 - Federal Reserve Board announces approval of application by BOK Financial Corporation - The Federal Reserve Board on Tuesday, announced its approval of the application under section 3 of the Bank Holding Company Act by BOK Financial Corporation, Tulsa, Oklahoma, to acquire MBT Bancshares, Inc., and thereby indirectly acquire Missouri Bank and Trust Company of Kansas City, both of Kansas City, Missouri. www.federalreserve.gov/newsevents/press/orders/20161115a.htm

November 14, 2016 - Job-to-Job Transitions in an Evolving Labor Market - Canyon Bosler and Nicolas Petrosky-Nadeau - Job mobility in the United States has been slowing for almost two decades. The most prominent measure of mobility is direct transitions from one job to another.  www.frbsf.org/economic-research/publications/economic-letter/2016/november/job-to-job-transitions-in-evolving-labor-market/

November 14, 2016 - St. Louis Fed Releases Research on Household Debt “Tipping Point” - Does growing household debt build or deplete wealth, help or harm economic growth? - How big an effect does consumer debt have on families and the U.S. economy?  www.stlouisfed.org/news-releases/2016/11/14/contact-laura-taylor-draft

November 14, 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

November 14, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 10:45 AM on November 14, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20161114exp.htm

November 11, 2016 - Stanley Fischer,  Vice Chairman - U.S. Monetary Policy from an International Perspective - At the 20th Annual Conference of the Central Bank of Chile, Santiago, Chile.   www.federalreserve.gov/newsevents/speech/fischer20161111a.pdf

November 10, 2016 - Midwest Farmland Values Down in Third Quarter - Latest AgLetter reports Seventh District farmland values in the third quarter of 2016 were 3 percent lower than a year ago. www.chicagofed.org/~/media/publications/agletter/2015-2019/november-2016-pdf.pdf?la=en
November 10, 2016 - NCUA Board Sets 2017 Meeting Schedule - The National Credit Union Administration Board today released its monthly meeting schedule for 2017.  www.ncua.gov/newsroom/Pages/news-2016-nov-ncua-board-sets-2017-meeting-schedule.aspx

November 10, 2016 - St. Louis Fed's Bullard Discusses Safe Real Interest Rates and Fed Policy - Bullard discussed how a single equation can describe much of the state of the current monetary policy debate, and how the St. Louis Fed’s new regime-based approach to near-term U.S. macroeconomic and monetary policy projections, which was adopted in June, fits within this one-equation format. www.stlouisfed.org/news-releases/2016/11/10/bullard-safe-real-interest-rates-fed-policy

November 10, 2016 - St. Louis Fed's Bullard Discusses Safe Real Interest Rates and Fed Policy - Federal Reserve Bank of St. Louis President James Bullard discussed “Safe Real Interest Rates and Fed Policy” on Thursday at Commerce Bank’s annual economic breakfast. www.stlouisfed.org/news-releases/2016/11/10/bullard-safe-real-interest-rates-fed-policy

November 10, 2016 - St. Louis Fed Ag Survey: Farm Income Remains Under Pressure; Land Values Stabilize - Midwest and Mid-South farm income and expenditures remained under pressure during the third quarter of 2016, according to the latest Agricultural Finance Monitor published by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/11/10/copy-of-copy-of-contact-suzanne-jenkins-draft

November 10, 2016 - St. Louis Fed's Bullard Discusses Safe Real Interest Rates and Fed Policy - Federal Reserve Bank of St. Louis President James Bullard discussed “Safe Real Interest Rates and Fed Policy” on Thursday at Commerce Bank’s annual economic breakfast. www.stlouisfed.org/news-releases/2016/11/10/copy-of-copy-of-contact-suzanne-jenkins-draft/10/bullard-safe-real-interest-rates-fed-policy

November 10, 2016 - IFDP Notes - Causes of the Global Trade Slowdown - This note analyzes the striking slowdown in world trade in recent years. After documenting key features of this slowdown, we assess its causes, including to what extent it reflects recent cyclical weakness in global growth versus underlying long-term structural shifts in the world economy.  www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/causes-of-the-global-trade-slowdown-20161110.html

November 10, 2016 - Advance 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 November 14, 2016. Matter to be considered:  www.federalreserve.gov/aboutthefed/boardmeetings/20161114advexp.htm

November 10, 2016 - Federal Reserve Board announces approval of application by First Midwest Bancorp, Inc. - The Federal Reserve Board on November 10, 2016, announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by First Midwest Bancorp, Inc., Itasca, Illinois, to merge with Standard Bancshares, Inc. and thereby indirectly acquire Standard Bank and Trust Company, both of Hickory Hills, Illinois. www.federalreserve.gov/newsevents/press/orders/20161110a.htm

November 10, 2016 - NCUA Observes Veterans Day - Federal Credit Unions Serve 13 Million Service Members and Veterans - National Credit Union Administration Board Chairman Rick Metsger and Board Member J. Mark McWatters today issued statements marking Veterans Day. www.ncua.gov/newsroom/Pages/news-2016-nov-ncua-observes-veterans-day.aspx

November 9, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 10:00 AM on November 9, 2016. Matter to be considered: Supervisory Matters. www.federalreserve.gov/aboutthefed/boardmeetings/20161109exp.htm

November 9, 2016 - St. Louis Fed Economist Presents: Is Homeownership Still the American Dream? - Despite recovery in many housing indicators, the homeownership rate continued to fall through mid-year 2016. A Federal Reserve Bank of St. Louis economist will address this topic Tuesday, Nov. 15, 2016, as part of Dialogue with the Fed, the St. Louis Fed’s free evening lecture series for the general public. www.stlouisfed.org/news-releases/2016/11/09/st-louis-fed-economist-presents-is-homeownership-still-the-american-dream

November 8, 2016 - Final Guidance on the Uniform Interagency Consumer Compliance Rating System - The Federal Financial Institutions Examination Council is issuing final revisions to the Uniform Interagency Consumer Compliance Rating System to reflect the regulatory, supervisory, technological, and market changes that occurred in the years since the system was established.  www.fdic.gov/news/news/financial/2016/fil16075.html

November 8, 2016 - Financial Institution Letters - Final Rule Creates New Prepaid Account Requirements Pursuant to the Electronic Fund Transfer Act and the Truth in Lending Act. The Consumer Financial Protection Bureau issued a final rule establishing new consumer compliance requirements for prepaid accounts pursuant to Regulations E and Z.   www.fdic.gov/news/news/financial/2016/fil16076.html

November 8, 2016 - The Effects of Institutional Investor Objectives on Firm Valuation and Governance - Paul Borochin and Jie Yang - We find that ownership by different types of institutional investor has different implications for future firm misvaluation and governance characteristics. Dedicated institutional investors decrease future firm misvaluation relative to fundamentals, as well as the magnitude of this misvaluation.  www.federalreserve.gov/econresdata/feds/2016/files/2016088pap.pdf

November 8, 2016 - Legal Developments - Regulation YY Foreign Banking Organization Requests - The Board's Regulation YY implements enhanced prudential standards for certain companies supervised by the Board, including foreign banking organizations. www.federalreserve.gov/bankinforeg/regulation-yy-foreign-banking-organization-requests.htm

November 8, 2016 - Reserve Requirements - Reserve Maintenance Manual, November 2016 update - The Reserve Maintenance Manual provides information regarding reserve calculations and account maintenance for depository institutions that file the Federal Reserve 2900 form. www.federalreserve.gov/monetarypolicy/reservereq-reserve-maintenance-manual.htm

November 7, 2016 - OCC to Launch Web-Based System for Licensing and Public Welfare Investment Filings - The Office of the Comptroller of the Currency will launch a web-based system for banks to file licensing and public welfare investment applications and notices beginning early next year. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-143.html

November 7, 2016 - Payment Policies - Payment System Risk - Quarterly data updates.  www.federalreserve.gov/paymentsystems/psr_data.htm

November 7, 2016 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 7 percent during the third quarter. Revolving credit increased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at an annual rate of 7-1/2 percent.  www.federalreserve.gov/releases/g19/current/g19.pdf

November 7, 2016 - Advance 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 November 9, 2016. Matter to be considered: Supervisory Matters. www.federalreserve.gov/aboutthefed/boardmeetings/20161109advexp.htm

November 7, 2016 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. www.federalreserve.gov/boarddocs/SnLoanSurvey/201611/default.htm 

November 7, 2016 - What's Driving the Recent Slump in U.S. Imports? - Mary Amiti, Tyler Bodine-Smith, Colin Hottman, and Logan Lewis - The growth in U.S. imports of goods has been stubbornly low since the second quarter of 2015, with an average annual growth rate of 0.7 percent.  www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/files/whats-driving-the-recent-slump-in-us-Imports-20161107.pdf

November 4, 2016 - Cleared Margin Setting at Selected Central Counterparties - Richard Heckinger , Robert Cox , David Marshall - Interviews with senior personnel at six of the world’s largest central counterparty clearing houses and research by financial markets staff shed light on regulations, principles, and best practices in margin setting for derivatives. www.chicagofed.org/~/media/publications/economic-perspectives/2016/ep2016-4-pdf.pdf

November 4, 2016 - New NCUA Guidebook Has Advice for Credit Unions on Digital Services Contracts - Credit unions can get information and advice on negotiating contracts for digital services in a new guidebook from the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-nov-digital-services-contracts-guidebook.aspx

November 4, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Virginia Affected by Hurricane Matthew - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Virginia affected by Hurricane Matthew. www.fdic.gov/news/news/financial/2016/fil16074.html

November 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. The list covers evaluation ratings that the FDIC assigned to institutions in August 2016. www.fdic.gov/news/news/press/2016/pr16100.html

November 4, 2016 - FOIA - Chair Yellen's calendar, September 2016.  www.federalreserve.gov/foia/chairscalendar-092016.htm

November 4, 2016 - Counterparty Risk and Counterparty Choice in the Credit Default Swap Market - Wenxin Du, Salil Gadgil, Michael B. Gordy, and Clara Vega - We investigate how market participants price and manage counterparty risk in the post-crisis period using confidential trade repository data on single-name credit default swap transactions.  www.federalreserve.gov/econresdata/feds/2016/files/2016087pap.pdf

November 4, 2016 - Earnings Management and Corporate Investment Decisions - Brandon Julio and Youngsuk Yook - We investigate the relationship between earnings management and the efficiency of corporate investment decisions. www.federalreserve.gov/econresdata/feds/2016/files/2016086pap.pdf

November 4, 2016 - Equilibrium Yield Curves and the Interest Rate Lower Bound - Taisuke Nakata and Hiroatsu Tanaka - We study the term structure of default-free interest rates in a sticky-price model with an occasionally binding effective lower bound constraint on interest rates and recursive preferences.  www.federalreserve.gov/econresdata/feds/2016/files/2016085pap.pdf

November 4, 2016 - Stanley Fischer,  Vice Chairman - The Economic Outlook - At the 17th Jacques Polak Annual Research Conference, sponsored by the International Monetary Fund, Washington, D.C. www.federalreserve.gov/newsevents/speech/fischer20161104a.pdf

November 3, 2016 - FDIC Announces a New Resource for Community Banks: Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies - The Federal Deposit Insurance Corporation published a new guide to help community bankers learn more about grant and mortgage loan programs offered by State Housing Finance Agencies. www.fdic.gov/news/news/press/2016/pr16099.html

November 3, 2016 - Comptroller Discusses Banking Innovation and Regulation - Comptroller of the Currency Thomas J. Curry today discussed how fintech and consumer expectations are changing the financial services industry, and the agency’s efforts to develop a responsible innovation framework and supervision structure.   https://occ.gov/news-issuances/speeches/2016/pub-speech-2016-142.pdf

November 3, 2016 - St. Louis Fed Financial Stress Index Dips for Second Week - Financial market stress fell for a second consecutive week. For the week ending Oct. 28, the St. Louis Fed Financial Stress Index measured -1.193, down slightly from the previous week’s revised value of -1.190 and the fifth decline in the past six weeks. Zero represents normal stress. www.stlouisfed.org/news-releases/2016/11/03/st-louis-fed-financial-stress-index-dips-for-second-week

November 3, 2016 - St. Louis Fed Event Features CDFI Fund Director Annie Donovan - Annie Donovan, director of the U.S. Treasury Department’s CDFI Fund, spoke at Reviving Louisville’s Distressed Neighborhoods: The Role of CDFIs, a Sept. 28 event hosted by the Community Development department at the Federal Reserve Bank of St. Louis at the Bank’s Louisville, Ky., branch. www.stlouisfed.org/news-releases/2016/11/03/st-louis-fed-event-features-cdfi-fund-director-annie-donovan

November 3, 2016 - Federal Reserve Board issues enforcement action with Fayette County Bank.  www.federalreserve.gov/newsevents/press/enforcement/20161103a.htm

November 2, 2016 - What It’s Worth: Strengthening the Financial Future of Families, Communities and the Nation - ProfitWise News and Views presents a collection of essays exploring wealth building, household financial well-being, and economic inclusion in underserved Chicago communities. www.chicagofed.org/publications/profitwise-news-and-views/2016/financial-well-being-at-the-convergence-of-people-and-place-reflections-from-a-chicago-conversation

November 2, 2016 - NCUA - Nomura Agrees to More than $3 Million Settlement for NCUA Securities Claims - Nomura Asset Acceptance Corporation and Nomura Home Equity Loan, Inc. jointly have agreed to pay more than $3 million to settle claims by the National Credit Union Administration alleging the sale of faulty residential mortgage-backed securities to two corporate credit unions, NCUA announced today.  https://www.ncua.gov/newsroom/Pages/news-2016-nov-nomura-agrees-more-3-million-settlement-ncua-securities-claims.aspx

November 2, 2016 - OCC Releases CRA Evaluations for 33 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act performance evaluations that became public during the period of October 1, 2016 through October 31, 2016. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-141.html

November 2, 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 AM on November 1, 2016, and continued on November 2, 2016 at 9:00 AM. Matter considered: Discussion of Monetary Policy Issues.   www.federalreserve.gov/aboutthefed/boardmeetings/20161102exp.htm

November 2, 2016 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in September indicates that the labor market has continued to strengthen and growth of economic activity has picked up from the modest pace seen in the first half of this year.  www.federalreserve.gov/newsevents/press/monetary/20161102a.htm

November 1, 2016 - NCUA - Nominations for NCUA Consulting Assistance Open through Nov. 30 - Credit unions that qualify for consulting assistance from the National Credit Union Administration have until Wednesday, Nov. 30, to submit their nominations. www.ncua.gov/newsroom/Pages/news-2016-nov-nominations-ncua-consulting-assistance-open-through-november-30.aspx

November 1, 2016 - Morris Morgan Selected To Become Senior Deputy Comptroller for Large Bank Supervision - The Office of the Comptroller of the Currency today announced that Morris Morgan will be the agency’s Senior Deputy Comptroller for Large Bank Supervision. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-140.html  

November 1, 2016 - FDIC Announces Meeting of Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation today announced that it will hold a meeting of the Advisory Committee on Community Banking on Thursday, November 3. www.fdic.gov/news/news/press/2016/pr16098.html

November 1, 2016 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in OCTOBER 2016 together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York. www.federalreserve.gov/releases/g5/current/default.htm

November 1, 2016 - Federal Reserve Board issues enforcement action with Chicago Shore Corporation and Security Chicago Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20161101a.htm

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