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

October 31, 2016 - Index shows Midwest economic growth steady in September - The Midwest Economy Index edged down to –0.10 in September from –0.08 in August. However, the relative MEI moved up to +0.17 in September from +0.13 in August.  www.chicagofed.org/~/media/publications/mei/2016/mei-september2016-pdf.pdf?la=en

October 31, 2016 - NCUA Issues Prohibition Notices - The National Credit Union Administration in October issued five 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-prohibition-orders.aspx

October 31, 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 11:30 AM on October 31, 2016.  www.federalreserve.gov/aboutthefed/boardmeetings/20161031exp.htm
 
October 31, 2016 - Agencies Request Comment on Proposed Private Flood Insurance Rule - Five federal regulatory agencies are requesting comment on a joint notice of proposed rulemaking to implement provisions of the Biggert-Waters Flood Insurance Reform Act that require regulated lending institutions to accept certain private flood insurance policies in addition to policies made available by the Federal Emergency Management Agency.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161031a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16097.html
Press Release: https://occ.gov/news-issuances/news-releases/2016/nr-ia-2016-139.html

October 28, 2016 - OCC Notifies Congress of Incident Involving Unauthorized Removal of Information - The Office of the Comptroller of the Currency today notified Congress and other federal agencies of a major information security incident, as required by the Federal Information Security Modernization Act https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-138.html

October 28, 2016 - OCC Enforcement Actions and Terminations for October 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-2016-137.html

October 28, 2016 - FDIC Makes Public September Enforcement Actions; No Administrative Hearings Scheduled for November 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled for November 2016. www.fdic.gov/news/news/press/2016/pr16096.html

October 28, 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 1, 2016. Matter to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20161101advexp.htm

October 28, 2016 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

October 28, 2016 - Statistical Release - Updated Communications Equipment Price Indexes.  www.federalreserve.gov/releases/g17/commequip_price_indexes.htm

October 28, 2016 - Federal Reserve Board announces approval of application by Wintrust Financial Corporation - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act by Wintrust Financial Corporation, Rosemont, Illinois, to merge with First Community Financial Corporation and thereby indirectly acquire First Community Bank, both of Elgin, Illinois. www.federalreserve.gov/newsevents/press/orders/20161028a.htm

October 27, 2016 - Banking Structure - Financial Holding Companies - Under the Bank Holding Company Act, bank holding companies may elect to be financial holding companies. Following is a list of those companies whose elections to become or be treated as financial holding companies are effective.  www.federalreserve.gov/bankinforeg/fhc.htm

October 27, 2016 - NCUA - Modern Field-of-Membership Rule Improves Consumer Access to Affordable Credit - Board Action Bulletin - Board Proposes Further Community Charter Options for Federal Credit Unions - The National Credit Union Administration Board held its ninth open meeting of 2016 at the agency’s headquarters here today and unanimously approved five items: www.ncua.gov/newsroom/Pages/news-2016-oct-modern-field-membership-rule-improves-consumer-access-affordable-credit.aspx

October 27, 2016 - OCC Hosts Risk Governance and Compliance Workshops in Philadelphia - The Office of the Comptroller of the Currency will host two workshops in Philadelphia at the Sheraton Suites Philadelphia Airport, December 6-7, for directors of national community banks and federal savings associations supervised by the OCC. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-136.html

October 27, 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 12:00 PM on October 31, 2016. Matter to be 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/20161031advexp.htm
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October 27, 2016 - St. Louis Fed Financial Stress Index Declines Slightly - Financial market stress fell modestly in the latest reporting week after rising slightly in the previous week. For the week ending Oct. 21, the St. Louis Fed Financial Stress Index measured -1.189, down from the previous week’s revised value of -1.137 and the fourth decline in the past five weeks. www.stlouisfed.org/news-releases/2016/10/27/st-louis-fed-financial-stress-index-declines-slightly

October 27, 2016 - Federal Reserve Board announces termination of enforcement action with SouthFirst Bancshares.  www.federalreserve.gov/newsevents/press/enforcement/20161027a.htm

October 27, 2016 - Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2017 - The Federal Reserve Board on Thursday announced the annual indexing of two amounts used in determining reserve requirements of depository institutions.  www.federalreserve.gov/newsevents/press/bcreg/20161027a.htm

October 26, 2016 - NCUA Reaches Record Score for Overall Employee Satisfaction - Agency Again Receives High Marks in Annual Federal Employee Survey - The National Credit Union Administration reached its highest score ever for overall employee satisfaction in the 2016 Federal Employee Viewpoint Survey. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-reaches-record-score-overall-employee-satisfaction.aspx

October 26, 2016 - OCC Issues Responsible Innovation Framework - The Office of the Comptroller of the Currency today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-135.html  

October 26, 2016 - FDIC to Hold 6th Annual Consumer Research Symposium in Arlington, Virginia - The Federal Deposit Insurance Corporation will sponsor the 6th Annual Consumer Research Symposium on October 28, 2016. The conference will feature a presentation of selected research papers and a keynote address by FDIC Chairman Martin J. Gruenberg. www.fdic.gov/news/news/press/2016/pr16095.html

October 25, 2016 - NCUA Honored for Providing Opportunities to Hispanic Students - Hispanic Association of Colleges and Universities Lauds Internship Program - The National Credit Union Administration’s internship program has been recognized by the Hispanic Association of Colleges and Universities for its success providing opportunities for Hispanic students. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-honored-providing-opportunities-hispanic-students.aspx

October 25, 2016 - Comptroller Discuss Interagency Collaboration - WASHINGTON—Comptroller of the Currency Thomas J. Curry today discussed the importance of interagency collaboration to the supervision and regulation of the financial services industry. The remarks came during an event for bank regulators related to accounting and auditing of regulated financial institutions. www.occ.gov/news-issuances/speeches/2016/pub-speech-2016-134.pdf

October 25, 2016 - Electronic Filing of Part 363 Annual Reports and Other Reports and Notices - he FDIC has launched a program that provides insured depository institutions subject to Part 363 of the FDIC's regulations the option to file the annual reports and other reports and notices required under Part 363 electronically through the FDIC's secure website, FDICconnect, rather than in paper form. www.fdic.gov/news/news/financial/2016/fil16071.pdf

October 25, 2016 - Cybersecurity Awareness Month — Industry Webinar - President Obama designated October as National Cybersecurity Awareness Month to raise awareness of both threats to the technologies that have become part of our everyday lives and the need to proactively defend our digital landscape.  www.fdic.gov/news/news/financial/2016/fil16072.pdf

October 25, 2016 - FDIC to Hold 6th Annual Consumer Research Symposium in Arlington, Virginia - The Federal Deposit Insurance Corporation will sponsor the 6th Annual Consumer Research Symposium on October 28, 2016. The conference will feature a presentation of selected research papers and a keynote address by FDIC Chairman Martin J. Gruenberg. www.fdic.gov/news/news/press/2016/pr16095.html

October 25, 2016 - Secure Payments Task Force Identifies Key Priorities, Seeks Comments - The 160-member task force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for comments on its efforts to enhance payment identity management, data protection, and information sharing related to payments risk and fraud. www.federalreserve.gov/newsevents/press/other/20161025b.htm

October 25, 2016 - Federal Reserve Board approves fee schedule for Federal Reserve Bank priced services - The Federal Reserve Board on Tuesday announced the approval of fee schedules, effective January 3, 2017, for payment services the Federal Reserve Banks provide to depository institutions www.federalreserve.gov/newsevents/press/other/20161025a.htm

October 25, 2016 - Slide Presentation Outlines U.S. Economic Conditions - Chicago Fed President Charles Evans spoke October 24 at the University Club of Chicago and shared his thoughts on monetary policy and national economic conditions. www.chicagofed.org/publications/speeches/2016/10-24-2016-monetary-policy-in-lower-interest-rate-environment-chicago

October 24, 2016 - NCUA - 30 Credit Unions Agree to Late-Filing Penalties for First Quarter of 2016 - Thirty federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2016 have consented to penalties totaling $20,036, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2016-oct-30-credit-unions-agree-late-filing-penalties-first-quarter-2016.aspx

October 24, 2016 - NCUA - Ransomware Is a Serious and Growing Threat - Smaller financial institutions, like credit unions, face a dangerous and growing threat to the safety and security of their data and sensitive information in the form of ransomware. www.ncua.gov/newsroom/Pages/news-2016-oct-ransomware-serious-growing-threat.aspx

October 24, 2016 - Charles M. Steele Named Deputy Chief Counsel - The Office of the Comptroller of the Currency today announced Charles M. Steele as the agency’s Deputy Chief Counsel. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-132.html 

October 24, 2016 - Trend Job Growth: Where’s Normal? - Rhys Bidder, Tim Mahedy, and Rob Valletta - With the U.S. labor market at or near maximum employment, assessing trend job growth has become increasingly important. This “breakeven” rate, which is the pace of job growth needed to maintain a healthy labor market, depends primarily on growth in the labor force.  www.frbsf.org/economic-research/publications/economic-letter/2016/october/trend-job-growth-where-is-normal/

October 24, 2016 - St. Louis Fed's Bullard Discusses "One Equation to Understand the Current Monetary Policy Debate" - Federal Reserve Bank of St. Louis President James Bullard discussed “One Equation to Understand the Current Monetary Policy Debate” on Monday at the fall conference of the Association for University Business and Economic Research.   www.stlouisfed.org/news-releases/2016/10/24/st-louis-feds-bullard-discusses-one-equation

October 24, 2016 - Advisory Councils - Record of the Meeting of the Community Advisory Council, October 21, 2016 - 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

October 24, 2016 - Publication - The 10th edition of Federal Reserve System: Purposes and Functions - The 10th edition of Federal Reserve System: Purposes and Functions details the structure, responsibilities, and aims of the U.S. central banking system. www.federalreserve.gov/pf/pf.htm

October 24, 2016 - Regulatory Reform - Communications with the public through October 24, 2016 - 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/newsevents/reform_meetings.htm 

October 24, 2016 - Governor Jerome H. Powell - Opening Remarks on Government Securities Settlement - At The Evolving Structure of the U.S. Treasury Market: Second Annual Conference, Federal Reserve Bank of New York, New York, New York. www.federalreserve.gov/newsevents/speech/powell20161024.htm

October 24, 2016 - Agencies Issue an Exception on Real Estate Transactions from the Appraisal Requirements for Transactions in Areas Affected by Severe Storms and Flooding in Louisiana - Four federal financial institution regulatory agencies issued an exception from the appraisal requirements for real estate-related financial transactions in the parishes declared to be in a major disaster area due to the severe storms and flooding in Louisiana.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161024b.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16094.html 
Press Release: www.occ.gov/news-issuances/news-releases/2016/nr-ia-2016-133.html 
Press Release: www.ncua.gov/newsroom/Pages/news-2016-oct-louisiana-disaster-relief-appraisal-exemption.aspx

October 24, 2016 - The Federal Reserve Board on Monday announced its approval of the application under section 3 of the Bank Holding Company Act by River Holding Company, Stoddard, Wisconsin, to merge with Sparta Union Bancshares, Inc., and thereby indirectly acquire its subsidiary bank, Union National Bank & Trust Company, both of Sparta, Wisconsin. www.federalreserve.gov/newsevents/press/orders/20161024a.htm

October 24, 2016 - The Federal Reserve Board announced on Monday it has voted to affirm the Countercyclical Capital Buffer at the current level of 0 percent.  http://www.federalreserve.gov/newsevents/press/bcreg/20161024a.htm

October 21, 2016 - NCUA Launches New Examiner’s Guide - Features Include Improved Format, Searchable Content and Updated Guidance - 00The National Credit Union Administration today launched the online Examiner’s Guide, a new, interactive tool on www.ncua.gov for examiners that provides up-to-date, comprehensive supervisory guidance on key regulatory and supervisory issues affecting the credit union system. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-launches-new-examiners-guide.aspx

October 21, 2016 - St. Louis Fed Econ Education Materials Receive Awards from National Association of Economic Educators - Education resources created by the Federal Reserve Bank of St. Louis recently received nine awards from the National Association of Economic Educators. www.stlouisfed.org/news-releases/2016/10/21/st-louis-fed-econ-education-materials-receive-awards-from-national-association-of-economic-educators

October 21, 2016 - The Federal Reserve Board announced Friday that it plans to collect data from banks for secondary market transactions in U.S. Treasury securities and will enter into negotiations with the Financial Industry Regulatory Authority to potentially act as the Board's collection agent for the data.  www.federalreserve.gov/newsevents/press/other/20161021a.htm

October 21, 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 

October 21, 2016 - Federal Reserve Board announces plans to enter negotiations with FINRA to potentially act as collection agent of U.S. Treasury securities secondary market transactions data.   www.federalreserve.gov/newsevents/press/other/20161021a.htm

October 20, 2016 - St. Louis Fed Financial Stress Index Rises Slightly - Financial market stress rose modestly in the latest reporting week, according to the St. Louis Fed Financial Stress Index. For the week ending Oct. 14, the index measured -1.136, up from the previous week’s revised value of -1.179 and the first increase in four weeks.  www.stlouisfed.org/news-releases/2016/10/20/st-louis-fed-financial-stress-index-rises-slightly

October 20, 2016 - Share of U.S. Households without a Bank Account Drops - The number of U.S. households without a bank account fell significantly in 2015, according to the National Survey of Unbanked and Underbanked Households released by the Federal Deposit Insurance Corporation on Thursday. www.fdic.gov/news/news/press/2016/pr16093.html

October 20, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 9:00 AM on October 20, 2016. Matter considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20161020exp.htm

October 20, 2016 - Federal Reserve announces results of offering of seven-day term deposits on October 20 - On October 20, 2016, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility.  www.federalreserve.gov/newsevents/press/monetary/20161020a.htm

October 20, 2016 - Chair Yellen to host town hall meeting with educators Federal Reserve Board Chair Janet Yellen will host a town hall meeting with educators from across the country on January 12, 2017.  www.federalreserve.gov/newsevents/press/other/20161020a.htm
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October 20, 2016 - Share of U.S. Households without a Bank Account Drops - The number of U.S. households without a bank account fell significantly in 2015, according to the National Survey of Unbanked and Underbanked Households released by the Federal Deposit Insurance Corporation on Thursday. www.fdic.gov/news/news/press/2016/pr16093.html

October 20, 2016 - NCUA Posts Detailed Information on Securities Litigation and Recoveries - The National Credit Union Administration today posted a new webpage with detailed information about recoveries from the NCUA Board’s lawsuits against the banks and securities firms that sold faulty securities to five corporate credit unions, which later failed.  www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-posts-information-securities-litigation-recoveries.aspx

October 19, 2016 - Chicago Fed Survey of Business Conditions - Survey shows growth picked up in late August and September Activity Indexes: Overall and by Sector Manufacturing Nonmanufacturing - The Chicago Fed Survey of Business Conditions Activity Index increased to +7 from –16, suggesting that growth in economic activity picked up to a moderate pace in late August and September. www.chicagofed.org/~/media/publications/cfsbc/2016/cfsbc-october2016-pdf.pdf?la=en

October 19, 2016 - U.S. and Oklahoma Economic Update - Tahlequah Economic Forum - By Vice President, Economist, and Oklahoma City Branch Executive Federal Reserve Bank of Kansas City.  www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-wilkerson-tahlequah-10-19.pdf

October 19, 2016 - Econ Lowdown Enrollments Top 1 Million - This year enrollments for Econ Lowdown online courses and videos topped 1 million for the first time since the creation of the economic education materials from the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2016/10/19/econ-lowdown-enrollments-top-1-million

October 19, 2016 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Commonly known as the Beige Book, this report is published eight times per year.  www.federalreserve.gov/monetarypolicy/beigebook/files/Beigebook_20161019.pdf

October 19, 2016 - Effects of Changing Monetary and Regulatory Policy on Overnight Money Markets - Elizabeth Klee, Zeynep Senyuz, and Emre Yoldas - Money markets have been operating under a new monetary policy implementation framework since the Federal Reserve started paying interest on bank reserves in late 2008.  www.federalreserve.gov/econresdata/feds/2016/files/2016084pap.pdf

October 19, 2016 - Simple Estimators for ARCH Models - Todd Prono - Covariances between contemporaneous squared values and lagged levels form the basis for closed-form instrumental variables estimators of ARCH processes. www.federalreserve.gov/econresdata/feds/2016/files/2016083pap.pdf

October 19, 2016 - "Limited Attention" and Inflation Expectations of Households - Claudia Sahm and Jason Sockin - In 1980 the typical household expected prices to increase at a rate of nearly 10 percent per year; today median expected inflation is less than 3 percent, as shown in Figure 1.1  www.federalreserve.gov/econresdata/notes/feds-notes/2016/limited-attention-and-inflation-expectations-of-households-20161019.html

October 19, 2016 - Agencies issue advanced notice of proposed rulemaking on enhanced cyber risk management standards - The three federal banking regulatory agencies today approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply to large and interconnected entities under their supervision. 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161019a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16092.html
Press Release: https://occ.gov/news-issuances/news-releases/2016/nr-ia-2016-131.html

October 18, 2016 - Minutes of the Board's discount rate meetings from August 29 and September 19, 2016.   www.federalreserve.gov/newsevents/press/monetary/monetary20161018a1.pdf

October 18, 2016 - Proposal for Comment - Proposal to approve under OMB delegated authority the extension for three years, without revision, of the following information collection: FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, and FR 4023. www.federalreserve.gov/apps/foia/proposedregs.aspx#icp

October 18, 2016 - IFDP Notes - Emerging Market Capital Flows and U.S. Monetary Policy - The years 2009-2011, immediately following the global financial crisis, were marked by a surge in capital flows to emerging market economies coupled with the aggressive loosening of monetary policy in advanced economies.   www.federalreserve.gov/econresdata/notes/ifdp-notes/2016/emerging-market-capital-flows-and-us-monetary-policy-20161018.html

October 18, 2016 - FDIC Announces Youth Savings Pilot Symposium - The Federal Deposit Insurance Corporation today announced that it will hold a symposium on fostering youth savings on Friday, October 21, 2016. The symposium, "Learning to Save – Saving to Learn," will bring together representatives from nearly 20 banks participating in the FDIC's Youth Savings Pilot program, as well as non-profit and school partners.  www.fdic.gov/news/news/press/2016/pr16091.html

October 18, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas in Florida and Georgia Affected by Hurricane Matthew - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas in Florida and Georgia affected by Hurricane Matthew. www.fdic.gov/news/news/financial/2016/fil16069.pdf

October 18, 2016 - FFIEC Cybersecurity Assessment Tool - Frequently Asked Questions - The Federal Financial Institutions Examination Council issued a Frequently Asked Questions guide related to the Cybersecurity Assessment Tool.  www.fdic.gov/news/news/financial/2016/fil16068.html

October 18, 2016 - NCUA to Repay Treasury in Full - By Oct. 31, the National Credit Union Administration plans to fully repay the $1 billion outstanding balance on the agency’s borrowing line with the U.S. Treasury. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-to-repay-treasury.aspx

October 18, 2016 - Studies Illuminate the History of the Office of the Comptroller of the Currency, the Federal Banking System, and Bank Supervision - The international publisher, Routledge, today released Banking Modern America: Studies in Regulatory History, a collection of essays providing unique perspective on the history of the Office of the Comptroller of the Currency, the federal banking system, and bank supervision. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-130.html

October 17, 2016 - 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. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-129.html

October 17, 2016 - OCC Hosts Risk Governance and Credit Workshops in Houston - The Office of the Comptroller of the Currency will host two workshops in Houston, Texas, at the Royal Sonesta Hotel Houston, November 29-30, for directors of national community banks and federal savings associations supervised by the OCC. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-128.html

October 17, 2016 - Consequences of Rising Income Inequality - Kevin J. Lansing and Agnieszka Markiewicz - The increase in U.S. income inequality since 1970 largely reflects gains made by households in the top 20% of the income distribution. www.frbsf.org/economic-research/publications/economic-letter/2016/october/welfare-consequences-of-income-inequality/

October 17, 2016 - Zheng Liu, senior research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of October 13, 2016. www.frbsf.org/economic-research/publications/fedviews/2016/october/october-13-2016/

October 17, 2016 - In The Regional Economist: Changing Work Roles for Married Couples, Geography of Immigration, President Bullard’s Take on GDP Growth and More - A new issue of The Regional Economist, the Federal Reserve Bank of St. Louis’ quarterly review of regional, national and international economic issues of the day, has been posted online www.stlouisfed.org/news-releases/2016/10/17/in-the-regional-economist-changing-work-roles-for-married-couples

October 17, 2016 - FFIEC Issues Frequently Asked Questions Guide on the Cybersecurity Assessment Tool - The Federal Financial Institutions Examination Council, on behalf of its members, today issued a frequently asked questions guide related to the Cybersecurity Assessment Tool.  www.ffiec.gov/press/pr101716.htm

October 17, 2016 - Military Lending Act: Interagency Consumer Compliance Examination Procedures, DOD Interpretive Rule, and the FDIC'S Supervisory Expectations - The FDIC has released revised interagency examination procedures that reflect the Department of Defense's 2015 amendments to the implementing regulations of the Military Lending Act of 2006 and its August 2016 interpretive rule that provides guidance on certain questions received regarding compliance with the MLA rule.  www.fdic.gov/news/news/financial/2016/fil16065.html

October 17, 2016 - Banker Teleconference Series - Timely and Comprehensive Information from the FDIC - The Federal Deposit Insurance Corporation's Division of Depositor and Consumer Protection (DCP) 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 compliance and consumer protection area.  www.fdic.gov/news/news/financial/2016/fil16066.html

October 17, 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 9:00 AM on October 20, 2016. Matter to be considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20161020advexp.htm

October 17, 2016 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production edged up 0.1 percent in September after falling 0.5 percent in August. For the third quarter as a whole, industrial production rose at an annual rate of 1.8 percent for its first quarterly increase since the third quarter of 2015.  www.federalreserve.gov/releases/g17/Current/default.htm

October 17, 2016 - Vice Chairman Stanley Fischer - Why Are Interest Rates So Low? Causes and Implications - At the Economic Club of New York, New York, New York.   www.federalreserve.gov/newsevents/speech/fischer20161017a.htm

October 17, 2016 - NCUA - FFIEC Issues Frequently Asked Questions Guide on the Cybersecurity Assessment Tool - The Federal Financial Institutions Examination Council, on behalf of its members, today issued a frequently asked questions guide related to the Cybersecurity Assessment Tool.  www.ncua.gov/newsroom/Pages/news-2016-oct-ffiec-frequently-asked-questions.aspx

October 14, 2016 - Corporate Cash Flow and Its Uses - Thomas King , Timothy Larach - We decompose corporate cash flow into its primary components to examine how funds are being internally allocated and to elucidate current trends in corporate behavior.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2016/cfl368-pdf.pdf

October 14, 2016 - Evidence for the Effects of Mergers on Market Power and Efficiency - Bruce A. Blonigen and Justin R. Pierce - Study of the impact of mergers and acquisitions on productivity and market power has been complicated by the difficulty of separating these two effects. www.federalreserve.gov/econresdata/feds/2016/files/2016082pap.pdf

October 14, 2016 - NCUA Posts 2017–2018 Budget Proposal - Agency Now Accepting Comments and Requests to Attend Budget???? Briefing - A detailed summary of the National Credit Union Administration’s 2017–2018 budget proposal is now available online, and the agency is accepting comments as well as requests to attend its Oct. 27 budget briefing. www.ncua.gov/newsroom/Pages/news-2016-oct-budget-proposal.aspx 

October 14, 2016 - FDIC Honors Former Chairman Sheila C. Bair - The Federal Deposit Insurance Corporation on Friday honored former Chairman Sheila C. Bair at a ceremony to dedicate the Sheila C. Bair Auditorium at the agency's L. William Seidman Center in Arlington, Va. Former Chairman Bair as well as all of the FDIC's current board members spoke at the event. www.fdic.gov/news/news/press/2016/pr16090.html

October 14, 2016 - Janet L. Yellen,  Chair - Macroeconomic Research After the Crisis - At "The Elusive 'Great' Recovery: Causes and Implications for Future Business Cycle Dynamics" 60th annual economic conference sponsored by the Federal Reserve Bank of Boston, Boston, Massachusetts.   www.federalreserve.gov/newsevents/speech/yellen20161014a.htm

October 14, 2016 - Federal Reserve Board announces approval of application by BNC Bancorp - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act by BNC Bancorp to merge with High Point Bank Corporation and thereby indirectly acquire High Point Bank and Trust Company, all of High Point, North Carolina. www.federalreserve.gov/newsevents/press/orders/20161014a.htm
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October 13, 2016 - OCC Releases CRA Evaluations for 26 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 September 1, 2016 through September 30, 2016. www.occ.gov/news-issuances/news-releases/2016/nr-occ-2016-127.html   

October 13, 2016 - St. Louis Fed Financial Stress Index Falls for Third Consecutive Week - Financial market stress fell for the third consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Oct. 7, the index measured -1.177, down from the previous week’s revised value of -1.158. www.stlouisfed.org/news-releases/2016/10/13/st-louis-fed-financial-stress-index-falls-for-third-consecutive-week

October 13, 2016 - FDIC Advisory Committee will Meet to Discuss Unbanked/Underbanked Survey - The Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion will meet on Thursday, October 20, to discuss the results and release of the full FDIC National Survey of Unbanked and Underbanked Households. www.fdic.gov/news/news/press/2016/pr16089.html

October 13, 2016 - Do Mortgage Subsidies Help or Hurt Borrowers? - David E. Rappoport - Mortgage subsidies affect homeownership costs by reducing effective mortgage rates and increasing house prices.  www.federalreserve.gov/econresdata/feds/2016/files/2016081pap.pdf

October 13, 2016 - Learn more about the Federal Reserve in a new video: What is the Fed? www.federalreserve.gov/mediacenter/media.htm

October 13, 2016 - Option-Implied Libor Rate Expectations across Currencies - Nick Gebbia - In this paper, I study risk-neutral probability densities regarding future Libor rates denominated in British pounds, euros, and US dollars as implied by option prices.  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1182.pdf

October 13, 2016 - Can Learning Explain Boom-Bust Cycles In Asset Prices? An Application to the US Housing Boom - Colin Caines - Explaining asset price booms poses a difficult question for researchers in macroeconomics: how can large and persistent price growth be explained in the absence large and persistent variation in fundamentals?  www.federalreserve.gov/econresdata/ifdp/2016/files/ifdp1181.pdf

October 13, 2016 - Federal Reserve to offer seven-day term deposits on October 20 - The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility with one operation in October.  www.federalreserve.gov/newsevents/press/monetary/20161013a.htm

October 12, 2016 - NCUA Hosting Loan Underwriting Webinar - Learn to Better Decipher Lending Basics to Grow Loans and Net Income - Credit unions can learn new ways of approaching consumer loan underwriting in an upcoming webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-loan-underwriting-webinar.aspx

October 12, 2016 - NCUA - September 2016 NCUA Board Video Available - The video recording of the Sept. 15, 2016, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-board-video-available-sept-2016.aspx

October 12, 2016 - Minutes of the Federal Open Market Committee, September 20-21, 2016 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 20-21, 2016.  www.federalreserve.gov/newsevents/press/monetary/20161012a.htm

October 11, 2016 - Improving the U.S. Payment System: Progress, Challenges, and Opportunities Ahead By Esther George www.kansascityfed.org/~/media/files/publicat/speeches/2016/2016-george-chicago-10-12.pdf

October 11, 2016 - Evans Addresses Business Economists - Chicago Fed President Charles Evans talked about conducting monetary policy in an evolving environment October 11 during an Australian Business Economists luncheon in Sydney, Australia. www.chicagofed.org/publications/speeches/2016/10-11-2016-conducting-monetary-policy-in-an-evolving-environment-sydney

October 11, 2016 - What Is the New Normal for U.S. Growth? - John Fernald - Estimates suggest the new normal for U.S. GDP growth has dropped to between 1½ and 1¾%, noticeably slower than the typical postwar pace.  www.frbsf.org/economic-research/publications/economic-letter/2016/october/new-normal-for-gdp-growth/

October 11, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of North Carolina 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 North Carolina affected by Hurricane Matthew. www.fdic.gov/news/news/financial/2016/fil16064.html

October 11, 2016 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:00 AM on October 11, 2016. Matter considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20161011exp.htm

October 9, 2016 - Stanley Fischer,  Vice Chairman - The U.S. Economy and Monetary Policy - At the 31st Annual Group of Thirty International Banking Seminar, Washington, D.C. www.federalreserve.gov/newsevents/speech/fischer20161009a.htm

October 7, 2016 - OCC Hosts Compliance and Operational Risk Workshops in Arkansas - The Office of the Comptroller of the Currency will host two workshops in Little Rock, Ark., at the Wyndham Riverfront Little Rock, Nov. 15-16, for directors of national community banks and federal savings associations supervised by the OCC. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-126.html

October 7, 2016 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the September 30, 2016, report date must be submitted to the agencies' Central Data Repository by Sunday, October 30, 2016. Certain institutions with foreign offices have an additional five calendar days to file their reports. www.fdic.gov/news/news/financial/2016/fil16063.html

October 7, 2016 - Statistical Release - Consumer Credit - G.19 - In August, consumer credit increased at a seasonally adjusted annual rate of 8-1/2 percent. Revolving credit increased at an annual rate of 7 percent, while nonrevolving credit increased at an annual rate of 9 percent. www.federalreserve.gov/releases/g19/current/default.htm

October 7, 2016 - FOIA - Chair Yellen's calendar, August 2016.  www.federalreserve.gov/foia/files/chair-yellen-calendar-082016.pdf

October 7, 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

October 7, 2016 - Lael Brainard, Governor - Distributed Ledger Technology: Implications for Payments, Clearing, and Settlement - At the Institute of International Finance Annual Meeting Panel on Blockchain, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20161007a.pdf

October 6, 2016 - FDIC Launches Financial Services Website in Spanish - The Federal Deposit Insurance Corporation (FDIC) today launched a new Spanish-language website with links to the agency's available resources in Spanish as the nation observes Hispanic Heritage Month. www.fdic.gov/news/news/press/2016/pr16088.html
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October 6, 2016 - FFIEC Announces Webinars in Observance of Cybersecurity Awareness Month - The Federal Financial Institutions Examination Council will host two webinars for financial institutions in October in recognition of National Cybersecurity Awareness Month. www.ncua.gov/newsroom/Pages/news-2016-oct-ffiec-announces-webinars-cybersecurity-awareness-month.aspx

October 6, 2016 - NCUA Economic Update Video Now Available - After the financial turmoil and increased economic uncertainty following the United Kingdom’s decision to leave the European Union in June, underlying economic trends—mostly favorable—reasserted themselves in the U.S., according to a new Economic Update released today by the National Credit Union Administration. The latest video in the agency’s Economic Update YouTube series is available here?. www.ncua.gov/newsroom/Pages/news-2016-oct-economic-update.aspx

October 6, 2016 - NCUA - Extended Exam Cycle Could Begin in 2017 - Exam Flexibility Initiative Makes 10 Recommendations to Improve Exam Process - Well-managed, low-risk federal credit unions with assets of less than $1 billion could move to an extended examination cycle beginning next year, pending approval by the NCUA Board. www.ncua.gov/newsroom/Pages/news-2016-oct-extended-exam-cycle-could-being-2017.aspx

October 6, 2016 - OCC Issues Suspension Notice to FOREX Executive - The Office of the Comptroller of the Currency today issued a notice of suspension to Mark Johnson, Global Head of Foreign Exchange and Commodities, Americas, HSBC Bank USA, N.A.  https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-125.html

October 6, 2016 - St. Louis Fed Financial Stress Index Declines - Financial market stress fell in the latest reporting week. For the week ending Sept. 30, the St. Louis Fed Financial Stress Index measured -1.155, down from the previous week’s revised value of -1.048 and the fourth decline in the past five weeks.  www.stlouisfed.org/news-releases/2016/10/06/st-louis-fed-financial-stress-index-declines

October 6, 2016 - FFIEC Announces Webinars in Observance of Cybersecurity Awareness Month - The Federal Financial Institutions Examination Council will host two webinars for financial institutions in October in recognition of National Cybersecurity Awareness Month. www.ffiec.gov/press/pr100616.htm

October 6, 2016 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Florida Affected by Hurricane Hermine - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Florida affected by Hurricane Hermine. www.fdic.gov/news/news/financial/2016/fil16062.html

October 6, 2016 - FDIC Launches Financial Services Website in Spanish - The Federal Deposit Insurance Corporation today launched a new Spanish-language website with links to the agency's available resources in Spanish as the nation observes Hispanic Heritage Month. www.fdic.gov/news/news/press/2016/pr16088.html

October 6, 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 October 11, 2016. www.federalreserve.gov/aboutthefed/boardmeetings/20161011advexp.htm

October 6, 2016 - Survey and Reports - Senior Credit Officer Opinion Survey on Dealer Financing Terms – September 2016 - The September 2016 Senior Credit Officer Opinion Survey on Dealer Financing Terms collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter) derivatives markets.  www.federalreserve.gov/econresdata/releases/scoos_201609.htm

October 6, 2016 - FRB/US model packages - The main FRB/US model package is a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure.  www.federalreserve.gov/econresdata/frbus/us-models-package.htm

October 6, 2016 - Updating the Recession Risk and the Excess Bond Premium - Giovanni Favara, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajšek - In our recent FEDS Note, Recession Risk and the Excess Bond Premium (April 8, 2016), we used the excess bond premium, a financial indicator introduced by Gilchrist and Zakrajšek, to predict the probability that the U.S. economy will enter a recession sometime during the next 12 months. www.federalreserve.gov/econresdata/notes/feds-notes/2016/updating-the-recession-risk-and-the-excess-bond-premium-20161006.html

October 6, 2016 - Federal Reserve Board takes action to bar two former foreign exchange traders of HSBC from employment in banking industry - The Federal Reserve Board on Thursday took action to bar two former foreign exchange (FX) traders of HSBC from employment in the banking industry. www.federalreserve.gov/newsevents/press/enforcement/20161006a.htm

October 5, 2016 - Vice Chairman Stanley Fischer - Low Interest Rates - At the 40th Annual Central Banking Seminar, sponsored by the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/fischer20161005a.htm

October 5, 2016 - Evans Addresses CFA Society - Chicago Fed President Charles Evans talked about monetary policy in a lower interest rate environment October 5 during a CFA Society luncheon in Auckland, New Zealand. www.chicagofed.org/~/media/publications/speeches/2016/10-05-2016-monetary-policy-in-a-lower-interest-rate-environment-evans-auckland-print-pdf.pdf

October 5, 2016 - NCUA - Credit Unions in Florida, Southeast Should Prepare for Hurricane Matthew - Credit unions in Florida and parts of the Eastern Seaboard should take steps to prepare for the arrival of Hurricane Matthew early Friday morning, the National Credit Union Administration said today. www.ncua.gov/newsroom/Pages/news-2016-oct-credit-unions-florida-southeast-prepare-hurricane-matthew.aspx

October 5, 2016 - NCUA - Metsger Asks CFPB to Exempt Payday Alternative Loans in Proposed Rule - Chairman Says NCUA Regulations Provide Necessary Consumer Protection - National Credit Union Administration Board Chairman Rick Metsger says NCUA’s payday alternative loan rules protect consumers, and he has asked the Consumer Financial Protection Bureau to fully exempt these loans from its final payday lending rule. www.ncua.gov/newsroom/Pages/news-2016-oct-metsger-asks-exempt-payday-alternative-loans.aspx

October 5, 2016 - OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Matthew to Close - The Office of the Comptroller of the Currency today issued a proclamation allowing national banks and federal savings associations affected by Hurricane Matthew to close at their discretion. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-124.html 

October 5, 2016 - OCC Releases Risk Reevaluation Guidance for Foreign Correspondent Banking - The Office of the Comptroller of the Currency today issued risk management guidance to national banks, federal savings associations, and federal branches and agencies that addresses periodic reevaluations of risks associated with foreign correspondent banking accounts.  https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-123.html 

October 5, 2016 - Consolidated Reports of Condition and Income for Third Quarter 2016 - The attached materials pertain to the Consolidated Reports of Condition and Income for the September 30, 2016, report date.  www.fdic.gov/news/news/financial/2016/fil16061.html

October 5, 2016 - U.S., European Officials to Hold Planned Coordination Exercise on Cross-Border Resolution Planning - Senior officials representing resolution authorities in the United States and Europe on Monday will hold the second in an ongoing series of planned exercises to enhance coordination on cross-border resolution. www.fdic.gov/news/news/press/2016/pr16087.html

October 4, 2016 - OCC Reports Bank Trading Revenue Increased in the Second Quarter 2016 - Trading revenue of U.S. commercial banks and savings associations rose to $6.9 billion in the second quarter of 2016 from $5.8 billion in the previous quarter, and $5.5 billion in the second quarter a year earlier, the Office of the Comptroller of the Currency reported in its Quarterly Report on Bank Trading and Derivatives Activities. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-122.html

October 4, 2016 - OCC Hosts Compliance and Operational Risk Workshops in Ohio - The Office of the Comptroller of the Currency will host two workshops in Cincinnati, Ohio, at the Hyatt Regency Cincinnati, Nov. 9-10, for directors of national community banks and federal savings associations supervised by the OCC. https://occ.gov/news-issuances/news-releases/2016/nr-occ-2016-121.html

October 4, 2016 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. www.fdic.gov/news/news/press/2016/pr16085.html

October 4, 2016 - Agencies post public sections of "targeted submissions" for eight firms - The Federal Reserve Board and the Federal Deposit Insurance Corporation on Tuesday posted the public portions of the required "targeted submissions" for the eight systemically important, domestic banking institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20161004a.htm
Press Release: www.fdic.gov/news/news/press/2016/pr16086.html

October 4, 2016 - Task forces begin review of faster payments solution proposals - Members of the two national task forces convened by the Federal Reserve to make payments faster and more secure have begun to review and discuss 19 specific proposals submitted by interested task force members across the payments industry that outline potential approaches for a faster payment system in the United States. www.federalreserve.gov/newsevents/press/other/20161004a.htm

October 4, 2016 - Federal Reserve Board announces termination of enforcement action with Capital Commerce Bancorp, Inc. www.federalreserve.gov/newsevents/press/enforcement/20161004a.htm

October 3, 2016 - NCUA Stepping Up Cybersecurity Efforts - Agency Encourages Credit Unions to Use Cybersecurity Assessment Tool - Advances in technology and increased use of cyberspace for financial transactions means more opportunities for cybercriminals, and the National Credit Union Administration is continuing to work to help credit unions and consumers protect themselves. https://www.ncua.gov/newsroom/Pages/news-2016-oct-ncua-stepping-up-cybersecurity.aspx

October 3, 2016 - Clearing the Fog: The Effects of Weather on Jobs - Catherine van der List and Daniel J. Wilson - Understanding how rain, snow, and cold weather affect the economy is important for interpreting economic data.  www.frbsf.org/economic-research/publications/economic-letter/2016/october/weather-effects-on-employment/

October 3, 2016 - Understanding the New Normal: The Role of Demographics - Etienne Gagnon, Benjamin K. Johannsen, and David Lopez-Salido - Since the onset of the Great Recession, the U.S. economy has experienced low real GDP growth and low real interest rates, including for long maturities.  www.federalreserve.gov/econresdata/feds/2016/files/2016080pap.pdf

October 3, 2016 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in SEPTEMBER 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