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PHONE NUMBER CHANGE - Because of the never-ending increasing fees, I am going to stop using my AT&T business landline in January 2020. If you have not already done so, please change our phone number to my cell phone 806-535-8300. November 29, 2019 - Do Negative Interest Rates Explain Low Profitability of European Banks? - Nicholas Coleman* and Viktors Stebunovs* - In this note, we examine the effects of low and negative sovereign yields on net interest margins and the general profitability of European banks. www.federalreserve.gov/econres/notes/feds-notes/do-negative-interest-rates-explain-low-profitability-of-european-banks-20191129.htm November 29, 2019 - FDIC Issues CRA Examination Schedules for First and Second Quarter 2020 - The Federal Deposit Insurance Corporation today issued the lists of institutions scheduled for a Community Reinvestment Act examination during the first and second quarter 2020. www.fdic.gov/news/news/press/2019/pr19113.html November 29, 2019 - FDIC Makes Public October Enforcement Actions - 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 2019. www.fdic.gov/news/news/press/2019/pr19114.html November 29, 2019 - NCUA Issues Prohibition Notices and Orders - The National Credit Union Administration issued three prohibition notices and three prohibition orders in November. These individuals are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/press-release/2019/ncua-issues-prohibition-notices-and-orders-1 __________________________ November 27, 2019 - Household Debt and the Heterogeneous Effects of Forward Guidance - Francesco Ferrante and Matthias Paustian - We develop an incomplete-markets heterogeneous agent New-Keynesian model in which households are allowed to lend and borrow, subject to a borrowing constraint. www.federalreserve.gov/econres/ifdp/files/ifdp1267.pdf November 27, 2019 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beigebook201911.htm November 27, 2019 - Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services - The Reserve Banks project that they will recover 100.2 percent of their priced services costs in 2020. www.federalreserve.gov/newsevents/pressreleases/other20191127a.htm November 26, 2019 - OCC Issues First and Second Quarter 2020 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 first quarter and second quarter 2020. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-140.html November 26, 2019 - FDIC-Insured Institutions Reported Net Income of $57.4 Billion in Third Quarter 2019 - "Despite nonrecurring events at three large institutions that impacted overall net income, the banking industry reported positive results this quarter. With the sustained economic expansion, the FDIC urges banks to uphold careful underwriting standards and prudent risk management." - FDIC Chairman Jelena McWilliams www.fdic.gov/news/news/press/2019/pr19112.html November 26, 2019 - 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 26, 2019 - Collateralized Debt Networks with Lender Default - Jin-Wook Chang - The Lehman Brothers' 2008 bankruptcy spread losses to its counterparties even when Lehman was a lender of cash, because collateral for that lending was tied up in the bankruptcy process. www.federalreserve.gov/econres/feds/files/2019083pap.pdf November 26, 2019 - Speech by Governor Brainard on the Federal Reserve review of monetary policy strategy, tools, and communications: some preliminary views At the Presentation of the 2019 William F. Butler Award New York Association for Business Economics, New York, New York. www.federalreserve.gov/newsevents/speech/brainard20191126a.htm November 26, 2019 - Minutes of the Board's discount rate meetings from October 7 through October 30, 2019. www.federalreserve.gov/newsevents/pressreleases/monetary20191126a.htm November 25, 2019 - Chicago Fed National Activity Index Suggests Economic Growth Slowed Further in October - Led by declines in production-related indicators, the Chicago Fed National Activity Index fell to �0.71 in October from �0.45 in September. www.chicagofed.org/~/media/publications/cfnai/2019/cfnai-november2019-pdf.pdf November 25, 2019 - OCC Reduces 2020 Assessments on National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency is reducing the rates in all fee schedules by 10 percent for the 2020 calendar year. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-139.html November 25, 2019 - The U.S. Syndicated Term Loan Market: Who holds what and when? - Seung Jung Lee, Dan Li, Ralf R. Meisenzahl, and Martin J. Sicilian - The large increase in leveraged term loan originations in the syndicated lending market recently has called into question whether banks are sufficiently prepared for a significant downturn in economic activity stemming from problems in the corporate sector. www.federalreserve.gov/econres/notes/feds-notes/the-us-syndicated-term-loan-market-20191125.htm November 25, 2019 - Strategic Liquidity Mismatch and Financial Sector Stability - Andr� F. Silva - This paper examines whether banks strategically incorporate their competitors' liquidity mismatch policies when determining their own and how these collective decisions impact financial sector stability. www.federalreserve.gov/econres/feds/files/2019082pap.pdf November 25, 2019 - Federal Reserve Board publishes report on bank branch access in rural communities - The Federal Reserve Board on Monday released Perspectives from Main Street: Bank Branch Access in Rural Communities, a report that examines how rural consumers and small businesses use bank branches and how their communities have been affected by branch closures. www.federalreserve.gov/newsevents/pressreleases/other20191125a.htm November 22, 2019 - Banker Teleconference Series: Understanding the Requirements of the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule - The FDIC offers a series of events for bankers, including teleconferences and webinars, to maintain open lines of communication and update bank management and staff on important bank regulatory and emerging issues in the consumer compliance area. www.fdic.gov/news/news/financial/2019/fil19073.html November 22, 2019 - Value Added and Productivity Linkages Across Countries - Fran�ois de Soyres and Alexandre Gaillard - What is the relationship between international trade and business cycle synchronization? www.federalreserve.gov/econres/ifdp/files/ifdp1266.pdf .November 22, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm November 22, 2019 - Statistical Release - Finance Companies - G.20. www.federalreserve.gov/releases/g20/current/ November 22, 2019 - The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets - Emily Liu, Friederike Niepmann, and Tim Schmidt-Eisenlohr - This paper shows that monetary policy and prudential policies interact. U.S. banks issue more commercial and industrial loans to emerging market borrowers when U.S. monetary policy eases. www.federalreserve.gov/econres/ifdp/files/ifdp1265.pdf November 22, 2019 - Federal Reserve announces College Fed Challenge winners - Pace University won the 16th annual national College Fed Challenge on Friday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve. www.federalreserve.gov/newsevents/pressreleases/other20191122a.htm November 21, 2019 - U.S. and Oklahoma Economic Outlook By Chad Wilkerson Vice President and Oklahoma City Branch Executive at Oklahoma State Senate Retreat Stillwater, OK. www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-wilkerson-state-senate-11-21-2019.pdf November 21, 2019 - NCUA - Board Approves Second-Chance Policy Changes - The National Credit Union Administration Board held its tenth open meeting of 2019 at the agency�s headquarters today and unanimously approved two items: www.ncua.gov/newsroom/press-release/2019/board-approves-second-chance-policy-changes November 21, 2019 - NCUA Board Member Todd M. Harper Remarks - Proposed Residential Real Estate Appraisal Rule. www.ncua.gov/newsroom/speech/2019/ncua-board-member-todd-m-harper-remarks-proposed-residential-real-estate-appraisal-rule November 21, 2019 - NCUA Chairman Rodney E. Hood Remarks - Second-Chance Interpretive Rule and Policy Statement. www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-second-chance-interpretive-rule-and-policy-statement ________________________ November 21, 2019 - Permissible Interest on Loans That Are Transferred : Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency is issuing a notice of proposed rulemaking requesting comment on a proposed rule that would clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible prior to the transfer continues to be permissible following the transfer. Comments must be received by January 21, 2020. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-58.html November 21, 2019 - 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/2019/nr-occ-2019-138.html November 20, 2019 - OCC Supports Minority Depository Institutions, Deputy Comptroller Testifies - Deputy Comptroller for the Northeastern District Beverly Cole today described agency efforts to support minority depository institutions. Her remarks came during testimony before the Subcommittee on Consumer Protection and Financial Institutions of the House Committee on Financial Services. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-137.html November 20, 2019 - Regulatory Capital Rules: Revised Definition of a High Volatility Commercial Real Estate Exposure - The federal banking agencies jointly issued a final rule that revises the definition of a "high volatility commercial real estate" exposure in the regulatory capital rules in accordance with Section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. www.fdic.gov/news/news/financial/2019/fil19072.html November 20, 2019 - Manual - Reserve Maintenance Manual - The Reserve Maintenance Manual provides information regarding reserve calculations and account maintenance for depository institutions that file the Federal Reserve 2900 form with the Federal Reserve, either weekly or quarterly. www.federalreserve.gov/monetarypolicy/reservereq-reserve-maintenance-manual.htm November 20, 2019 - Does Intergenerational Mobility Increase Corporate Profits? - James F. Albertus and Michael Smolyansky - We find that firms located in areas with higher intergenerational mobility are more profitable. www.federalreserve.gov/econres/feds/2019.htm#2019081 November 20, 2019 - Testimony by Arthur Lindo, Deputy Director, Division of Supervision and Regulation Before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/lindo20191120a.htm November 20, 2019 - Minutes of the Federal Open Market Committee, October 29-30, 2019. www.federalreserve.gov/newsevents/pressreleases/monetary20191120a.htm November 20, 2019 - Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2020 - The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and the low reserve tranche. These amounts are used in the calculation of reserve requirements for depository institutions. www.federalreserve.gov/newsevents/pressreleases/bcreg20191120a.htm November 20, 2019 - NCUA - Kressman Named Acting General Counsel, McKenna Retires - National Credit Union Administration Chairman Rodney E. Hood today announced that Frank Kressman will serve as the agency�s Acting General Counsel. www.ncua.gov/newsroom/press-release/2019/kressman-named-acting-general-counsel-mckenna-retires November 20, 2019 - NCUA - Director, Office of Credit Union Resources and Expansion Martha Ninichuk Testimony before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions. www.ncua.gov/newsroom/testimony/2019/director-office-credit-union-resources-and-expansion-martha-ninichuk-testimony-house-financial November 19, 2019 - Comptroller Acts to Promote the Safe, Sound, and Fair Operation of the Federal Banking System - The Comptroller of the Currency today approved the following interagency final rules to promote the safe, sound, and fair operation of the federal banking system. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-133.html November 19, 2019 - FDIC Approves the Merger Between BB&T and SunTrust - The Federal Deposit Insurance Corporation Board of Directors unanimously approved the Bank Merger Act application submitted by Branch Banking and Trust Company, Winston-Salem, NC, to merge with SunTrust Bank, Atlanta, GA. www.fdic.gov/news/news/press/2019/pr19111.html November 19, 2019 - FDIC Proposes New Rule Clarifying Federal Interest Rate Authority - The Federal Deposit Insurance Corporation's Board of Directors is proposing a new rule to clarify the Federal law governing interest rates state banks may charge their customers. www.fdic.gov/news/news/press/2019/pr19107.html November 19, 2019 - FDIC Proposes New Rule Codifying Policy on Section 19 Hiring - he Federal Deposit Insurance Corporation today published a proposed rule to formalize a longstanding agency policy related to individuals seeking to work in the banking industry with minor criminal offenses. www.fdic.gov/news/news/press/2019/pr19106.html November 19, 2019 - FDIC Board Approves Establishment of Advisory Committee of State Regulators - The Federal Deposit Insurance Corporation's Board of Directors today approved establishing a new advisory committee for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications on the regulation and supervision of state-chartered financial institutions. www.fdic.gov/news/news/press/2019/pr19105.html November 19, 2019 - Federal Reserve Board announces approval of application by BB&T Corporation to merge with SunTrust Banks - The Federal Reserve Board on Tuesday met and approved the application by BB&T Corporation of Winston-Salem, North Carolina, to merge with SunTrust Banks, Inc. of Atlanta, Georgia. www.federalreserve.gov/newsevents/pressreleases/orders20191119a.htm November 19, 2019 - Federal bank regulatory agencies finalize rule to update calculation of counterparty credit risk for derivative contracts Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20191119c.htm Press Release: www.fdic.gov/news/news/press/2019/pr19110.html Press Release: www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-136.html November 19, 2019 - Federal bank regulatory agencies issue final rule on treatment of high volatility commercial real estate - Three federal bank regulatory agencies finalized a rule to modify the treatment of high volatility commercial real estate exposures as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20191119b.htm Press Release: www.fdic.gov/news/news/press/2019/pr19108.html Press Release: www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-134.html November 19, 2019 - Agencies finalize changes to supplementary leverage ratio as required by Economic Growth, Regulatory Relief, and Consumer Protection Act - The federal bank regulatory agencies have finalized changes to a capital requirement for banking organizations predominantly engaged in custodial activities, as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act. Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20191119a.htm Press Release: www.fdic.gov/news/news/press/2019/pr19109.html Press Release: www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-135.html November 19, 2019 - Federal Reserve Board issues enforcement action with former employee of East West Bank and announces termination of enforcement actions with Markesan State Bank, Banco Esp�rito Santo, and Esp�rito Santo e Comercial de Lisboa, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20191119a.htm November 18, 2019 - OCC Proposes Rule to Clarify "Valid When Made" Doctrine - The Office of the Comptroller of the Currency is soliciting comments on a proposed rule to clarify that when a national bank or savings association sells, assigns, or otherwise transfers a loan, interest permissible prior to the transfer continues to be permissible following the transfer. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-132.html November 18, 2019 - Statistical Release - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks. www.federalreserve.gov/releases/chargeoff/ November 18, 2019 - Regulatory Reform - Communications with the public through November 18, 2019 - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/regreform/communications-with-public.htm November 18, 2019 - Local Ties in Spatial Equilibrium - Mike Zabek - If someone lives in an economically depressed place, they were probably born there. The presence of people with local ties - a preference to live in their birthplace - leads to smaller migration responses. www.federalreserve.gov/econres/feds/files/2019080pap.pdf November 18, 2019 - The Self-Employment Option in Rigid Labor Markets: An Empirical Investigation - Joaquin Garcia-Cabo and Rocio Madera - This paper studies selection into and returns to self-employment in labor markets with stringent employment protection. Using Spanish administrative panel data, we characterize self-employment dynamics in the presence of rigidities that affect workers� outside options. www.federalreserve.gov/econres/ifdp/files/ifdp1264.pdf November 18, 2019 - Publications - 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/quarterly-balance-sheet-developments-report.htm November 18, 2019 - Publications - Combined Quarterly Financial Report - The quarterly financial reports present summary financial information on the combined financial position and results of operations of the Reserve Banks. www.federalreserve.gov/aboutthefed/combined-quarterly-financial-reports-unaudited.htm November 18, 2019 - Statement on Chair Powell's meeting with the President and the Treasury Secretary. www.federalreserve.gov/newsevents/pressreleases/other20191118a.htm November 15, 2019 - Financial Stability Report - Report summarizing the Federal Reserve Board�s framework for assessing the resilience of the U.S. financial system and presenting the Board�s current assessment. www.federalreserve.gov/publications/financial-stability-report.htm November 15, 2019 - FFIEC Information Technology Examination Handbook - The Federal Financial Institutions Examination Council has revised the February 2015 version of the "Business Continuity Management" booklet of the FFIEC Information Technology Examination Handbook. The BCM booklet is one of 11 booklets that make up the IT Handbook. www.federalreserve.gov/supervisionreg/srletters/SR1913.htm November 15, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm November 15, 2019 - Intermediary Segmentation in the Commercial Real Estate Market - David P. Glancy, John R. Krainer, Robert J. Kurtzman, and Joseph B. Nichols Abstract: Banks, life insurers, and commercial mortgage-backed securities lenders originate the vast majority of U.S. commercial real estate loans. www.federalreserve.gov/econres/feds/files/2019079pap.pdf November 14, 2019 - In the Latest Edition of AgLetter - Midwest Farmland Values Little Changed in the Third Quarter - According to the most recent AgLetter, Seventh District farmland values in the third quarter of 2019 were 1 percent lower than a year ago. Values for �good� agricultural land in the third quarter of 2019 were 1 percent higher than in the second quarter. www.chicagofed.org/publications/agletter/index November 14, 2019 - NCUA - Financial Regulators Revise Business Continuity Management Booklet to Stress to Examiners the Value of Resilience to Avoid Disruptions to Operations - The members of the Federal Financial Institutions Examination Council today emphasized that examiners understand how management of banks and other regulated entities, including depository financial institutions, nonbank financial institutions, bank holding companies, and third-party service providers, have prepared their operations to avoid disruptions and to recover service. www.ncua.gov/newsroom/press-release/2019/financial-regulators-revise-business-continuity-management-booklet-stress-examiners-value-resilience November 14, 2019 - How Similar Are Credit Scores across Generations? - By Daniel Hartley , Bhash Mazumder , Aastha Rajan - With the rise in economic inequality in the United States in recent decades, there has been growing concern about whether there is a sufficient degree of equality of opportunity in our society. www.chicagofed.org/publications/chicago-fed-letter/2019/424 November 14, 2019 - FFIEC Information Technology Examination Handbook : Revised Business Continuity Management Booklet - The Federal Financial Institutions Examination Council revised the "Business Continuity Management" booklet, one of a series of booklets that make up the FFIEC Information Technology Examination Handbook. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-57.html November 14, 2019 - Updated FFIEC IT Examination Handbook - Business Continuity Management Booklet - The Federal Financial Institutions Examination Council (FFIEC) issued the Business Continuity Management booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet replaces the Business Continuity Planning booklet issued in February 2015. www.fdic.gov/news/news/financial/2019/fil19071.html November 14, 2019 - FDIC Releases Three Reports Analyzing Growth of Nonbank Lending - The Federal Deposit Insurance Corporation today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. www.fdic.gov/news/news/press/2019/pr19104.html ____________________________ FYI - The Growth and Challenges of Cyber Insurance - Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. https://www.chicagofed.org/publications/chicago-fed-letter/2019/426 FYI - Google will offer checking accounts next year, report says - The tech giant is reportedly partnering with Citigroup and a credit union at Stanford University. Google reportedly plans to start offering checking accounts to consumers next year. The accounts will be run by Citigroup and a credit union at Stanford University, according to a report Wednesday from The Wall Street Journal. https://www.msn.com/en-us/news/technology/google-will-offer-checking-accounts-next-year-report-says/ar-BBWHe5n FYI - The FFIEC members revised and renamed the Business Continuity Planning booklet to Business Continuity Management (BCM) to reflect updated information technology risk practices and frameworks and the increased focus on ongoing, enterprise-wide business continuity and resilience. The new Handbook can be found at: https://ithandbook.ffiec.gov/it-booklets/business-continuity-management.aspx November 14, 2019 - Midwest Farmland Values Down Slightly in the Second Quarter - According to the most recent AgLetter, Seventh District farmland values in the second quarter of 2019 were 1 percent lower than a year ago. Values for �good� agricultural land in the second quarter of 2019 were largely the same as in the first quarter. www.chicagofed.org/publications/agletter/index November 14, 2019 - Innovation on the Fringe and at the Core of Financial Services - A speech presented on November 14, 2019, at the Third Annual Fintech Conference in Philadelphia, PA. www.chicagofed.org/publications/speeches/2019/innovation-on-the-fringe-and-at-the-core November 14, 2019 - St. Louis Fed�s Bullard Discusses the FOMC�s Substantial Turn during 2019 - Federal Reserve Bank of St. Louis President James Bullard presented �The FOMC�s Substantial Turn during 2019� at the Rotary Club of Louisville on Thursday. www.stlouisfed.org/news-releases/2019/11/14/bullard-discusses-the-fomcs-substantial-turn November 14, 2019 - Speech by Vice Chair Clarida on the Federal Reserve�s review of its monetary policy strategy, tools, and communication practices At "Fed Policy: A Shadow Review" Cato Institute�s 37th Annual Monetary Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/clarida20191114a.htm November 14, 2019 - Brief remarks by Vice Chair for Supervision Quarles via pre-recorded video At "Supervision in a Digital Era," the 26th Annual Conference of the International Association of Insurance Supervisors, Abu Dhabi, the United Arab Emirates www.federalreserve.gov/newsevents/speech/quarles20191114a.htm November 13, 2019 - Regulatory Capital Rule: Capital Simplification for Qualifying Community Banking Organizations : Final Rule - 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 final rule in the Federal Register on November 13, 2019, that will provide a simplified measure of capital adequacy for qualifying community banking organizations. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-55.html November 13, 2019 - Learning and Misperception: Implications for Price-Level Targeting - Martin Bodenstein, James Hebden, and Fabian Winkler - Abstract: Monetary policy strategies that target the price level have been advocated as a more effective way to provide economic stimulus in a deep recession when conventional monetary policy is limited by the zero lower bound on nominal interest rates. www.federalreserve.gov/econres/feds/files/2019078pap.pdf November 13, 2019 - 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 4:30 p.m. on November 15, 2019. Matter(s) considered: Federal Reserve Supervision and Regulation Report. www.federalreserve.gov/aboutthefed/boardmeetings/20191115closed.htm November 13, 2019 - Testimony by Chair Jerome H. Powell - The Economic Outlook Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/powell20191113a.htm November 13, 2019 - NCUA Chairman Rodney E. Hood Remarks - National Association of State Credit Union Supervisors, Connecticut Executive Forum. www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-national-association-state-credit-union-supervisors-connecticut November 12, 2019 - Understanding Recent Fluctuations in Short-Term Interest Rates - By Sam Schulhofer-Wohl - In mid-September 2019, there were sudden, large fluctuations in short-term interest rates. Why did these fluctuations happen, and what do they tell us about the Federal Reserve�s monetary policy toolkit? www.chicagofed.org/publications/chicago-fed-letter/2019/423 November 12, 2019 - The Growth and Challenges of Cyber Insurance By Andrew Granato, Andy Polacek - Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. www.chicagofed.org/publications/chicago-fed-letter/2019/426 November 12, 2019 - U.S. & New Mexico Economic Update By Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch. www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-felix-nmcongressstaff-11-12.pdf November 12, 2019 - Speech by Vice Chair Clarida on monetary policy, price stability, and equilibrium bond yields: success and consequences At the High-Level Conference on Global Risk, Uncertainty, And Volatility, co-sponsored by the Bank for International Settlements, the Board of Governors of the Federal Reserve System, and the Swiss National Bank, Zurich, Switzerland www.federalreserve.gov/newsevents/speech/clarida20191112a.htm November 8, 2019 - NCUA�s Hood: �Fresh Thinking� can Help Credit Unions Support Small Business, Communities - Chairman Joins Roundtable on Building Sustainable Local Economies - Credit unions should be allowed to make the most of their resources to help small businesses and local economies grow and thrive, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2019/ncuas-hood-fresh-thinking-can-help-credit-unions-support-small-business-communities November 8, 2019 - NCUA Chairman Rodney E. Hood Remarks - Reid Temple A.M.E. Church, Small Business Symposium. www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-reid-temple-ame-church-small-business-symposium November 8, 2019 - Margin and Capital Requirements for Covered Swap Entities : Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency seek comment on a proposed rule that would amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-53.html November 8, 2019 - U.S. and Oklahoma Economic Outlook By Chad Wilkerson Vice President and Oklahoma City Branch Executive. www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-wilkerson-tulsa-rma-11-8-19.pdf November 8, 2019 - Kansas City Fed announces winners of annual Code-A-Thon - The Federal Reserve Bank of Kansas City announced a team from Pittsburg State University won first place in the fourth annual Kansas City Fed Code-AThon. www.kansascityfed.org/~/media/files/publicat/newsroom/2019/codeathonwinnersannouncedfinal11819.pdf November 8, 2019 - Banker Webinar: Community Bank Leverage Ratio Framework - The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System will host an interagency webinar on November 21, 2019, from 2:00 p.m. to 3:30 p.m. Eastern Time to discuss the community bank leverage ratio. www.fdic.gov/news/news/financial/2019/fil19070.html November 8, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm November 8, 2019 - Speech by Governor Brainard on why climate change matters for monetary policy and financial stability At "The Economics of Climate Change" a research conference sponsored by the Federal Reserve Bank of San Francisco, San Francisco, California. www.federalreserve.gov/newsevents/speech/brainard20191108a.htm November 8, 2019 - Federal Reserve Board invites public comment on proposal to extend by 18 months initial compliance dates for foreign banks subject to its single-counterparty credit limit rule. www.federalreserve.gov/newsevents/pressreleases/bcreg20191108a.htm November 7, 2019 - NCUA: Diversity Self-Assessment Offers Many Benefits to Credit Unions - Federally insured credit unions could enjoy many benefits�and no risks�by participating in the Voluntary Credit Union Diversity Self-Assessment available from the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2019/ncua-diversity-self-assessment-offers-many-benefits-credit-unions November 7, 2019 - San Francisco Fed Hosting Economics of Climate Change Research Conference - Researchers from around the globe will convene at the San Francisco Fed tomorrow for the Federal Reserve System�s first research conference on the economic impacts of climate change. www.frbsf.org/our-district/press/news-releases/2019/san-francisco-fed-hosting-economics-of-climate-change-research-conference/ _________________ November 7, 2019 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasaonlly adjusted annual rate of 5 percent during the third quarter. Revolving credit increased at an annual rate of 2-1/4 annual rate of 6 percent. In September, consumer credit increased at an annual rate of 2-3/4 percent. www.federalreserve.gov/releases/g19/current/default.htm November 7, 2019 - Kevin Greenfield Named Deputy Comptroller for Operational Risk - The Office of the Comptroller of the Currency today announced Kevin Greenfield would become the agency�s Deputy Comptroller for Operational Risk. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-131.html November 7, 2019 - San Francisco Fed Hosting Economics of Climate Change Research Conference - Researchers from around the globe will convene at the San Francisco Fed tomorrow for the Federal Reserve System�s first research conference on the economic impacts of climate change. www.frbsf.org/our-district/press/news-releases/2019/san-francisco-fed-hosting-economics-of-climate-change-research-conference/ November 7, 2019 - Oil Prices and Consumption across Countries and U.S. States - Andrea De Michelis, Thiago R. T. Ferreira, and Matteo Iacoviello - We study the effects of oil prices on consumption across countries and U.S. states, by exploiting the time-series and cross-sectional variation in oil dependency of these economies. www.federalreserve.gov/econres/ifdp/files/ifdp1263.pdf November 6, 2019 - Kansas City Fed appoints senior vice president and general counsel - Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther George has announced that Craig Zahnd will join the Bank as senior vice president, general counsel and chief compliance officer, effective Nov. 18. www.kansascityfed.org/~/media/files/publicat/newsroom/2019/zahnd2019%20002witpic.pdf November 6, 2019 - Proposed Regulatory Reporting Revisions - The banking agencies, under the auspices of the Federal Financial Institutions Examination Council, have issued the attached Federal Register notice requesting comment on proposed capital-related reporting changes and other reporting revisions. www.fdic.gov/news/news/financial/2019/fil19069.html November 6, 2019 - FDIC Announces Settlement with HomeStreet Bank in Seattle for Violations of the Real Estate Settlement Procedures Act - The Federal Deposit Insurance Corporation today announced a settlement with HomeStreet Bank, Seattle, Washington, for violations of the Real Estate Settlement Procedures Act. HomeStreet Bank stipulated to the issuance of an Order to Pay Civil Money Penalty in the amount of $1,350,000. www.fdic.gov/news/news/press/2019/pr19103.html November 6, 2019 - Dealer Leverage and Exchange Rates: Heterogeneity Across Intermediaries - Ricardo Correa and Laurie P. DeMarco - In line with a growing literature on financial intermediary asset pricing, we find that changes in the leverage of primary dealers have predictive power in forecasting exchange rates. www.federalreserve.gov/econres/ifdp/files/ifdp1262.pdf November 6, 2019 - NCUA Board Member Todd M. Harper Closing Remarks - �My Diversity Journey and Commitment�, NCUA�s Inaugural Credit Union Diversity, Equity, and Inclusion Summit www.ncua.gov/newsroom/speech/2019/ncua-board-member-todd-m-harper-closing-remarks-my-diversity-journey-and-commitment-ncuas-inaugural November 6, 2019 - NCUA Chairman Rodney E. Hood Remarks - The America Saves Summit: Attacking the Savings Crisis, Washington, D.C. www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-america-saves-summit-attacking-savings-crisis-washington-dc November 6, 2019 - NCUA Chairman Rodney E. Hood Remarks - Diversity, Inclusion, and Equity Summit, Alexandria, VA. www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-diversity-inclusion-and-equity-summit-alexandria-va November 5, 2019 - NCUA - Chairman Hood Appoints Gisele Roget, Evann Berry to Senior Roles - National Credit Union Administration Chairman Rodney E. Hood announced today the appointments of Gisele Roget and Evann Berry to senior leadership roles responsible for the agency�s communications, external affairs, and industry engagement functions. www.ncua.gov/newsroom/press-release/2019/chairman-hood-appoints-gisele-roget-evann-berry-senior-roles November 5, 2019 - Second NCUA/SBA Webinar Scheduled for Nov. 13 - Credit unions that participate in U.S. Small Business Administration programs or that are interested in those programs can get valuable information on a Nov. 13 webinar hosted by the SBA and the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2019/second-ncuasba-webinar-scheduled-nov-13 November 5, 2019 - Kansas City Fed releases latest Bank Capital Analysis update - The Federal Reserve Bank of Kansas City today released the June 30, 2019, publication of its Bank Capital Analysis, which provides an objective and data-based approach to judging capital strength across the banking industry. www.kansascityfed.org/~/media/files/publicat/banking/bca/pressreleasebca11519.pdf November 5, 2019 - Proposed Revisions to the Consolidated Reports of Condition and Income and the FFIEC 101 Report - On October 4, 2019, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council, published proposed regulatory reporting changes in the Federal Register for public comment. www.fdic.gov/news/news/financial/2019/fil19068.html November 5, 2019 - 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 2019. www.fdic.gov/news/news/press/2019/pr19102.html November 5, 2019 - Advisory Council - Community Advisory Council, Record of Meeting - November 1, 2019 - The Community Advisory Council was formed by the Federal Reserve Board in 2015 to offer diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income populations. www.federalreserve.gov/aboutthefed/cac.htm November 5, 2019 - Data Yield Curve Models - The yield curve, also called the term structure of interest rates, refers to the relationship between the remaining time-to-maturity of debt securities and the yield on those securities. www.federalreserve.gov/data/yield-curve-models.htm November 5, 2019 - Payment Systems - Fedwire Securities Service, quarterly update. www.federalreserve.gov/paymentsystems/fedsecs_qtr.htm November 5, 2019 - Payment Systems - National Settlement Service, quarterly update. www.federalreserve.gov/paymentsystems/natl_qtr.htm November 5, 2019 - Payment Systems - Fedwire Funds Service, quarterly update. www.federalreserve.gov/paymentsystems/fedfunds_qtr.htm November 4, 2019 - Brave-Butters-Kelley Indexes - The Brave-Butters-Kelley Indexes are a research project of the Federal Reserve Bank of Chicago. The BBK Coincident and Leading Indexes and Monthly GDP Growth for the U.S. are constructed from a collapsed dynamic factor analysis of a panel of 500 monthly measures of real economic activity and quarterly real GDP growth. www.chicagofed.org/publications/bbki/index November 4, 2019 - St. Louis Fed Presents: How Fintech is Transforming Banking - Technological innovations and fintech firms are reshaping banking, creating new opportunities, and posing new challenges. www.stlouisfed.org/news-releases/2019/st-louis-fed-presents-how-fintech-is-transforming-banking November 4, 2019 - Revised Effective Date for Simplifications to the Capital Rule - The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and the Federal Reserve Board jointly issued a final rule that permits insured depository institutions and depository institution holding companies to implement the simplifications to the capital rule on January 1, 2020, rather than April 1, 2020. www.fdic.gov/news/news/financial/2019/fil19067.html November 4, 2019 - Community Bank Leverage Ratio Framework - The federal banking agencies jointly issued a final rule that provides for an optional, simplified measure of capital adequacy, the community bank leverage ratio framework, for qualifying community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. www.fdic.gov/news/news/financial/2019/fil19066.html November 4, 2019 - Effective Lower Bound Risk - Timothy S. Hills, Taisuke Nakata, and Sebastian Schmidt - Even when the policy rate is currently not constrained by its effective lower bound, the possibility that the policy rate will become constrained in the future lowers today's inflation by creating tail risk in future inflation and thus reducing expected inflation. www.federalreserve.gov/econres/feds/files/2019077pap.pdf November 4, 2019 - Senior Loan Officer Opinion Survey on Bank Lending Practices, October 2019 - Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee. www.federalreserve.gov/data/sloos.htm November 4, 2019 - Notice of a Meeting under Expedited Procedures A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:00 a.m. on November 4, 2019. Matter(s) considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20191104closed.htm November 4, 2019 - Publications - Consumer & Community Context: Small Business - Consumer & Community Context, an article series, features original analysis about the financial conditions and experiences of consumers and communities, including traditionally underserved and economically vulnerable households and neighborhoods. www.federalreserve.gov/publications/consumer-community-context.htm November 1, 2019 - NCUA Awards Three MDI Credit Unions $74,875 in Mentoring Grants - Three low-income credit unions designated as minority depository institutions will build mentoring programs with three larger institutions with the help of grants announced today by the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2019/ncua-awards-three-mdi-credit-unions-74875-mentoring-grants November 1, 2019 - Applicability Thresholds for Regulatory Capital and Liquidity Requirements : Final Rule - 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 final rule in the Federal Register on November 1, 2019, that revises the framework for determining the applicability of regulatory capital and standardized liquidity requirements for large U.S. banking organizations, the U.S. intermediate holding companies of certain foreign banking organizations, and certain of their depository institution subsidiaries. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-52.html November 1, 2019 - 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 October 1, 2019 through October 31, 2019. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-129.html November 1, 2019 - OCC Issues Final Rule to Change Applicability Thresholds for Regulatory Capital and Liquidity Requirements - The Office of the Comptroller of the Currency today announced a final rule to tailor capital and liquidity requirements for certain banking organizations with more than $100 billion in total consolidated assets to more closely match their risk profiles. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-128.html November 1, 2019 - Statistical Release - Foreign Exchange Rates - G.5. www.federalreserve.gov/releases/g5/current/default.htm November 1, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm November 1, 2019 - The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges - The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges - Michael T. Kiley - Real interest rates have been persistently below historical norms over the past decade, leading economists and policymakers to view the equilibrium real interest rate as likely to be low for some time. www.federalreserve.gov/econres/feds/files/2019076pap.pdf November 1, 2019 - In Search of Lost Time Aggregation - Edmund Crawley - In 1960, Working noted that time aggregation of a random walk induces serial correlation in the first difference that is not present in the original series. www.federalreserve.gov/econres/feds/files/2019075pap.pdf November 1, 2019 - Speech by Vice Chair for Supervision Quarles on Friedrich Hayek and the price system At "The Road to Serfdom at 75: The Future of Classical Liberalism and the Free Market" Ninth Annual Conference of the William F. Buckley, Jr., Program at Yale, New Haven, Connecticut. www.federalreserve.gov/newsevents/speech/quarles20191101a.htm November 1, 2019 - Speech by Vice Chair Clarida on the United States, Japan, and the global economy At the Japan Society, New York, New York. www.federalreserve.gov/newsevents/speech/clarida20191101a.htm |
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