The E-mail Banking News
(Bank Regulatory News)

November 2018

Yennik, Inc. has clients in 43 states that rely on our cybersecurity audits to ensure proper Internet security settings and to meet the independent diagnostic test requirements of FDIC, OCC, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) s well as the penetration test complies with the FFIEC Cybersecurity Assessment Tool regarding resilience testing The cybersecurity penetration audit and Internet security testing is an affordable-sophisticated process than goes far beyond the simple scanning of ports.  The audit focuses on a hacker's perspective, which will help you identify real-world cybersecurity weaknesses.  For more information, give R. Kinney Williams a call today at 806-798-7119 or visit http://www.internetbankingaudits.com/.
FFIEC information technology audits - As a former bank examiner with over 40 years IT audit experience, I will bring an examiner's perspective to the FFIEC information technology audit for bankers in Texas, New Mexico, Colorado, and Oklahoma.

November 15, 2018 - OCC Enforcement Actions and Terminations for November 2018 - 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/2018/nr-occ-2018-121.html

November 15, 2018 - St. Louis Fed Ag Survey: Economic Conditions Deteriorate More Than Expected in the Third Quarter - Eighth District agricultural bankers reported that farm income had declined and that farm household spending and capital expenditures remained below levels compared with a year ago, according to the latest Agricultural Finance Monitor published by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2018/11/15/st-louis-fed-ag-survey-economic-conditions-deteriorate-more-than-expected-in-the-third-quarter

November 15, 2018 - Federal Reserve to review strategies, tools, and communication practices it uses to pursue its mandate of maximum employment and price stability - The Federal Reserve next year will review the strategies, tools, and communication practices it uses to pursue its congressionally-assigned mandate of maximum employment and price stability.  www.federalreserve.gov/newsevents/pressreleases/monetary20181115a.htm

November 15, 2018 - NCUA - Board Approves 2019-2020 Budgets - The National Credit Union Administration Board held its tenth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items: www.ncua.gov/newsroom/Pages/news-2018-nov-board-approves-2019-2020-budgets.aspx

November 14, 2018 - Comptroller of the Currency Discusses Condition of the U.S. Banking System - Comptroller of the Currency Joseph M. Otting today discussed the condition of the U.S. federal banking system during a speech in Tokyo. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-120.html

November 14, 2018 - U.S. and Oklahoma Economic Outlook By Chad Wilkerson Oklahoma City Branch Executive and Economist - Broken Arrow Chamber Presentation.   www.kansascityfed.org/~/media/files/publicat/speeches/2018/2018-wilkerson-broken-arrow-chamber-11-18.pdf

November 14, 2018 - FDIC Releases 2018 Version of Money Smart for Adults - The FDIC today released the 2018 version of its popular instructor-led Money Smart for Adults financial education curriculum. Instructors can use the fully scripted materials with minimal preparation to deliver unbiased, relevant, and accurate financial education. www.fdic.gov/news/news/press/2018/pr18083.html

November 14, 2018 - FDIC Requests Information on Small-Dollar Lending - The Federal Deposit Insurance Corporation today announced that it is seeking public comment on issues related to small-dollar lending by FDIC-supervised financial institutions. www.fdic.gov/news/news/press/2018/pr18084.html

November 14, 2018 - Structure Data for U.S. Banking Offices of Foreign Entities.  www.federalreserve.gov/releases/iba/201806/default.htm

November 14, 2018 - Intercorporate Equity Holdings in the Financial Accounts of the United States - Joseph Briggs and Hannah Hall - Nonfinancial corporations often invest in other corporations by purchasing equity. Such investments might reflect private or public equity purchases, and might be made for strategic reasons or as passive investments. www.federalreserve.gov/econres/notes/feds-notes/intercorporate-equity-holdings-in-the-financial-accounts-of-the-united-states-20181114.htm

November 14, 2018 - Rural Affordable Rental Housing: Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas - Andrew M. Dumont - Recently, there has been significant interest in the high levels of rental cost burden being experienced across the United States.  www.federalreserve.gov/econres/feds/files/2018077pap.pdf

November 14, 2018 - The Non-Bank Credit Cycle - Esti Kemp, René van Stralen, Alexandros Vardoulakis, and Peter Wierts - We investigate the cyclical properties of non-bank credit and its relevance for financial stability. www.federalreserve.gov/econres/feds/files/2018076pap.pdf

November 14, 2018 - Selective Sovereign Defaults - Aitor Erce and Enrico Mallucci - Governments issue debt both domestically and abroad. This heterogeneity introduces the possibility for governments to operate selective defaults that discriminate across investors. www.federalreserve.gov/econres/ifdp/files/ifdp1239.pdf

November 14, 2018 - Measuring the Implementation of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions in the European Union - Nicholas Coleman, Andromachi Georgosouli, and Tara Rice - There are lingering concerns about the health of European banks and extensive market commentary about whether post-crisis regulatory reforms in Europe have adequately addressed these concerns. www.federalreserve.gov/econres/ifdp/files/ifdp1238.pdf 

November 14, 2018 - Testimony by Vice Chairman for Supervision Randal K. Quarles Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20181114a.htm

November 14, 2018 - On the U.S. Firm and Establishment Size Distributions - Illenin O. Kondo, Logan T. Lewis, and Andrea Stella - This paper revisits the empirical evidence on the nature of firm and establishment size distributions in the United States using the Longitudinal Business Database, a confidential Census Bureau panel of all non-farm private firms and establishments with at least one employee. www.federalreserve.gov/econres/feds/files/2018075pap.pdf

November 14, 2018 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The October 2018 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 corresponds to the third quarter of 2018. www.federalreserve.gov/data/sloos/sloos-201810.htm

November 13, 2018 - Bridging Between Policymakers’ and Economists’ Views on Bubbles By Gadi Barlevy - The policy debate over bubbles concerns the question of what policymakers should do when faced with a rapid increase in asset prices that does not coincide with corresponding changes in the value of the dividends these assets are expected to pay out. www.chicagofed.org/publications/economic-perspectives/2018/4

November 13, 2018 - Why Does the Yield-Curve Slope Predict Recessions? By Luca Benzoni , Olena Chyruk , David Kelley - Many studies document the predictive power of the slope of the Treasury yield curve for forecasting recessions.   www.chicagofed.org/publications/chicago-fed-letter/2018/404

November 13, 2018 - OCC Enforcement Actions: OCC Enforcement Action Policies and Procedures Manuals - The Office of the Comptroller of the Currency issued today its Policies and Procedures Manual for enforcement actions against institution-affiliated parties of national banks, federal savings associations, and federal branches and agencies of foreign banks. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-41.html
 
November 13, 2018 - OCC Allows National Banks and Federal Savings Associations Affected by California Wildfires to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by wildfires and high winds in California to close. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-119.html

November 13, 2018 - U.S. and Oklahoma Economic Outlook - Tulsa Risk Management Association - Chad Wilkerson Oklahoma City Branch Executive and Economist.   www.kansascityfed.org/~/media/files/publicat/speeches/2018/2018-wilkerson-tulsa-rma11-18.pdf

November 13, 2018 - Testimony by Vice Chairman for Supervision Randal K. Quarles Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20181114a.htm

November 13, 2018 - Senior Loan Officer Opinion Survey on Bank Lending Practices - The October 2018 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 corresponds to the third quarter of 2018. www.federalreserve.gov/data/sloos/sloos-201810.htm

November 13, 2018 - Speech by Governor Lael Brainard on what we are learning about artificial intelligence in financial services At Fintech and the New Financial Landscape, Philadelphia, Pennsylvania.  www.federalreserve.gov/newsevents/speech/brainard20181113a.htm

November 13, 2018 - Federal Reserve Board issues enforcement action with The First State Bank of Dongola.  www.federalreserve.gov/newsevents/pressreleases/enforcement20181113a.htm

November 9, 2018 - NCUA Observes Veterans Day 2018 - National Credit Union Administration Board Chairman J. Mark McWatters and Board Member Rick Metsger today issued statements on the eve of the 2018 observance of Veterans Day. www.ncua.gov/newsroom/Pages/news-2018-nov-ncua-observes-veterans-day.aspx

November 9, 2018 - Credit and Liquidity Programs and the Balance Sheet - 0Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

November 9, 2018 - Publications - 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 Chairman for Supervision. www.federalreserve.gov/publications/supervision-and-regulation-report.htm

November 9, 2018 - Speech by Vice Chairman for Supervision Quarles on a new chapter in stress testing At the Brookings Institution, Washington, D.C. www.federalreserve.gov/newsevents/speech/quarles20181109a.htm

November 9, 2018 - Federal Reserve Board on November 28 intends to begin publishing semiannual report presenting Board's assessment of financial stability conditions.   www.federalreserve.gov/newsevents/pressreleases/bcreg20181109a.htm

November 8, 2018 - The OCC's Mutual Savings Association Advisory Committee Charter Renewed - The Office of the Comptroller of the Currency has renewed the charter of its Mutual Savings Association Advisory Committee, which advises the agency on issues and opportunities facing mutual savings institutions. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-118.html
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November 8, 2018 - The OCC's Mutual Savings Association Advisory Committee Charter Renewed - The Office of the Comptroller of the Currency has renewed the charter of its Mutual Savings Association Advisory Committee, which advises the agency on issues and opportunities facing mutual savings institutions. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-118.html

November 8, 2018 - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of the Northern Mariana Islands Affected by Super Typhoon Yutu - The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of the Northern Mariana Islands affected by Super Typhoon Yutu. www.fdic.gov/news/news/financial/2018/fil18069.html

November 8, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on November 7, 2018 and continued at 9:00 a.m. on November 8, 2018. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20181107closed.htm

November 8, 2018 - 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 that economic activity has been rising at a strong rate. www.federalreserve.gov/newsevents/pressreleases/monetary20181108a.htm

November 7, 2018 - Statistical Release - Consumer Credit - G.19 - "Consumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent during the third quarter. Revolving credit increased at an annual rate of 2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent. In September, consumer credit increased at an annual rate of 3-1/4 percent." www.federalreserve.gov/releases/g19/current/default.htm

November 7, 2018 - Agencies issue proposal to streamline regulatory reporting for qualifying small institutions - The three federal banking agencies today invited public comment on a proposal to reduce regulatory reporting burden on small institutions by expanding the number of regulated institutions eligible for streamlined reporting.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20181107a.htm
Press Release: www.fdic.gov/news/news/press/2018/pr18082.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-117.html

November 6, 2018 - Kansas City Fed announces winners of annual Code-A-Thon - UCM named Back-to-Back Champions, CSU Pueblo awarded second place - The Federal Reserve Bank of Kansas City announced today that the University of Central Missouri team, Mules 2, was awarded first place in the third annual Kansas City Fed Code-A-Thon.  www.kansascityfed.org/~/media/files/publicat/newsroom/2018/codeathonwinnerfinaldocx.pdf

November 6, 2018 - Federal Reserve Board to publish inaugural Supervision and Regulation Report on November 9 - The Federal Reserve Board on November 9 at 12:00 p.m. EST will publish its inaugural Supervision and Regulation Report, which will summarize current banking system conditions and the Board's recent supervisory and regulatory actions. www.federalreserve.gov/newsevents/pressreleases/bcreg20181106a.htm

November 6, 2018 - Federal Reserve Board announces termination of enforcement action with McHenry Bancorp, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20181106a.htm

November 5, 2018 - Cybersecurity: Cyber-Related Sanctions - The Federal Financial Institutions Examination Council, on behalf of its members, has issued a statement to alert financial institutions of the recent actions taken by the U.S. Department of the Treasury�s Office of Foreign Assets Control under OFAC�s Cyber-Related Sanctions Program and to the potential impact similar sanctions may have on financial institutions� operations. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-40.html 

November 5, 2018 - The Federal Financial Institutions Examination Council members issued a joint statement alerting financial institutions to recent actions taken by the Department of Treasury�s Office of Foreign Asset Control under their Cyber-Related Sanctions Program and to the potential impact it may have on financial institutions� risk-management programs. www.ffiec.gov/press/pr110518.htm

November 5, 2018 - 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 2018. www.fdic.gov/news/news/press/2018/pr18081.html

November 5, 2018 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 1:00 p.m. on November 7, 2018. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20181107closed.htm

November 2, 2018 - Federal Reserve Board finalizes new supervisory rating system for large financial institutions - The Federal Reserve Board on Friday finalized a new supervisory rating system for large financial institutions that is aligned with the core areas most important to supporting a large firm's safety and soundness and U.S. financial stability. www.federalreserve.gov/newsevents/pressreleases/bcreg20181102a.htm

November 2, 2018 - FOIA - Chairman Powell's calendar, September 2018.  www.federalreserve.gov/foia/chairmanscalendar-092018.htm

November 2, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

November 2, 2018 - Legal Interpretations - Bank Holding Company Act, July 6, 2018.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2018.htm

November 2, 2018 - Federal Reserve Board finalizes new supervisory rating system for large financial institutions - The Federal Reserve Board on Friday finalized a new supervisory rating system for large financial institutions that is aligned with the core areas most important to supporting a large firm's safety and soundness and U.S. financial stability. www.federalreserve.gov/newsevents/pressreleases/bcreg20181102a.htm
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November 1, 2018 - OCC Releases CRA Evaluations for 37 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 1, 2018 through October 31, 2018. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-116.html

November 1, 2018 - Modifications to the Statement of Policy for Section 19 of the Federal Deposit Insurance Act - The FDIC issued modifications to its Statement of Policy for Section 19 of the Federal Deposit Insurance Act. Section 19 prohibits, without the prior written consent of the FDIC, a person convicted of any criminal offense involving dishonesty, breach of trust, money laundering, or who has entered into a pretrial diversion or similar program in connection with a prosecution for such offense, from participating in the affairs of an FDIC-insured institution. www.fdic.gov/news/news/financial/2018/fil18068.html

November 1, 2018 - Closed Board Meeting on November 1, 2018 - On Thursday, November 1, 2018 at 10:15 a.m., a meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C., to consider the following matters of official Board business. www.federalreserve.gov/aboutthefed/boardmeetings/20181101closed.htm

November 1, 2018 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in OCTOBER 2018 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

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