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

The Community Banker
Brought to you by Yennik, Inc. the acknowledged leader in Internet auditing for financial institutions.


The E-mail Banking News
(Bank Regulatory News)

October 201

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

October 11, 2017 - FDIC to Hold 7th Annual Consumer Research Symposium in Arlington, Virginia - The Federal Deposit Insurance Corporation will sponsor the 7th Annual Consumer Research Symposium on October 13, 2017. www.fdic.gov/news/news/press/2017/pr17078.html

October 11, 2017 - Federal Reserve Board issues enforcement actions with Bank of Gueydan and Farmers State Bank.  www.federalreserve.gov/newsevents/pressreleases/enforcement20171010a.htm

October 10, 2017 - Consolidated Reports of Condition and Income for Third Quarter 2017 - The attached materials pertain to the Consolidated Reports of Condition and Income for the September 30, 2017, report date. Please plan to complete the preparation, editing, and review of your institution's Call Report data and the submission of these data to the agencies' Central Data Repository as early as possible. www.fdic.gov/news/news/financial/2017/fil17049.html

October 10, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on October 10, 2017. 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/recentpostings.htm

October 6, 2017 - T+2 Securities Transaction Settlement Cycle: Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency is requesting comment on a proposed rule to shorten the standard settlement cycle for securities purchased or sold by national banks or federal savings associations. www.occ.treas.gov/news-issuances/bulletins/2017/bulletin-2017-39.html

October 6, 2017 - NCUA Advises Credit Unions in the Path of Tropical Storm Nate to Prepare - Credit unions in the path of Tropical Storm Nate are being advised to take precautions as the storm nears the Gulf Coasts of Louisiana, Mississippi, Alabama and Florida, the National Credit Union Administration said today. www.ncua.gov/newsroom/Pages/news-2017-oct-ncua-advises-credit-unions-path-tropical-storm-nate-prepare.aspx

October 6, 2017 - NCUA Posts 2018–2019 Budget Proposal - Agency Accepting Comments and Budget Briefing Presentation Requests - The National Credit Union Administration’s 2018–2019 budget proposal is now available online, and the agency is accepting comments as well as requests to present at its Oct. 18 budget briefing. www.ncua.gov/newsroom/Pages/news-2017-oct-ncua-posts-2018-2019-budget-proposal.aspx

October 6, 2017 - St. Louis Fed's Bullard Discusses Living Standards across U.S. Metro Areas - Federal Reserve Bank of St. Louis President James Bullard discussed “Living Standards across U.S. Metropolitan Statistical Areas” at Bi-State Development’s 2017 annual meeting on Friday. www.stlouisfed.org/news-releases/2017/10/06/bullard-living-standards-us-metro-areas

October 6, 2017 - Banker Teleconference Series: HMDA Implementation - Timely and Comprehensive Information and Insights from the FDIC - The FDIC will discuss implementation of the 2015 Home Mortgage Disclosure Act Final Rule regarding requirements that become effective beginning in 2018. www.fdic.gov/news/news/financial/2017/fil17047.html

October 6, 2017 - Banker Teleconference: Proposed Simplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 - The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System will host an interagency conference call on Thursday, October 12, 2017, at 1:00 p.m. Eastern Time. www.fdic.gov/news/news/financial/2017/fil17048.html

October 6, 2017 - Statistical Release - Consumer Credit - G.19 - In August, consumer credit increased at a seasonally adjusted annual rate of 4-1/4 percent. Revolving credit increased at an annual rate of 7 percent, while nonrevolving credit increased at an annual rate of 3-1/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

October 6, 2017 - FOIA - Chair Yellen's calendar, August 2017.  www.federalreserve.gov/foia/files/chair-yellen-calendar-082017.pdf
October 6, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

October 6, 2017 - Federal Reserve Board announces approval of application by Columbia Banking System, Inc. - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Columbia Banking System, Inc., Tacoma, Washington, to acquire Pacific Continental Corporation and thereby indirectly acquire Pacific's subsidiary bank, Pacific Continental Bank, both of Eugene, Oregon. www.federalreserve.gov/newsevents/pressreleases/orders20171006a.htm

October 5, 2017 - Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy By Lamont K. Black, Makaylah Brookshire, Louie Christopoulos, Alexandra Dumitriu, Andrew Edwards, Courtney Markovich, Kristin Rhodes, Brian Wolfe - The Chicago Fed’s Supervision and Regulation Department and DePaul University’s Center for Financial Services held their tenth annual risk conference on March 29–30, 2017. www.chicagofed.org/publications/chicago-fed-letter/2017/388

October 5, 2017 - Acting Comptroller of the Currency Rescinds Deposit Advance Product Guidance - Acting Comptroller of the Currency Keith A. Noreika today approved rescission of the agency’s Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products that was published in the Federal Register on November 26, 2013, and accompanying OCC Bulletin 2013-40. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-118.html

October 5, 2017 - OCC Hosts Credit Risk and Operational Risk Workshops in Louisville - The Office of the Comptroller of the Currency will host two workshops at the Holiday Inn Louisville Airport, Louisville, Ky., November 14-15, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-117.html

October 5, 2017 - Acting Comptroller Discusses Efforts to Reduce Regulatory Burden and Expand Economic Opportunity - During his remarks before a group of midsize bank risk officers, the Acting Comptroller also highlighted risks facing those banks and the federal banking system. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-116.html

October 5, 2017 - Federal Reserve and CSBS Release Findings from 2017 National Survey of Community Banks - The Federal Reserve System and the Conference of State Bank Supervisors today released findings from a national survey of community bankers presented at the fifth annual Community Banking in the 21st Century Research and Policy Conference held at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2017/10/5/federal-reserve-and-csbs-release-findings-from-2017-national-survey-of-community-banks

October 5, 2017 - 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/2017/pr17077.html 

October 5, 2017 - Trader Positions and Marketwide Liquidity Demand - Esen Onur, John S. Roberts, and Tugkan Tuzun - In electronic, liquid markets, traders frequently change their positions. The distribution of these trader position changes carries important information about liquidity demand in the market. www.federalreserve.gov/econres/feds/2017.htm#2017103

October 5, 2017 - 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 11:30 a.m. on October 10, 2017. 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/20171010closed.htm

October 5, 2017 - Speech by Governor Powell on Treasury markets and the TMPG Governor Jerome H. Powell.  www.federalreserve.gov/newsevents/speech/powell20171005a.htm 

October 5, 2017 - The Federal Reserve Board announced the termination of the First Bancorp, San Juan, Puerto Rico.  www.federalreserve.gov/newsevents/pressreleases/enforcement20171005a.htm

October 4, 2017 - OCC Releases CRA Evaluations for 31 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act performance evaluations that became public during the period of September 1, 2017 through September 30, 2017. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-115.html

October 4, 2017 - U.S. and Ponca City Area Economic Update By Chad Wilkerson Oklahoma City Branch Executive and Economist Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-wilkerson-ponca-city-10-17.pdf 

October 4, 2017 - Statistical Release - Minority-Owned Depository Institutions - Historically, the Federal Reserve Board compiled quarterly data on depository institutions that participate in the Treasury’s Minority Bank Deposit Program. Beginning with the June 30, 2015 Release Date, depository institutions that participate in the FDIC’s Minority Depository Institutions Program have been added in addition to depository institutions defined by the Treasury. www.federalreserve.gov/releases/mob/

October 4, 2017 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/

October 4, 2017 - International Transfer Pricing and Tax Avoidance: Evidence from Linked Trade-Tax Statistics in the UK - Li Liu, Tim Schmidt-Eisenlohr, and Dongxian Guo - This paper employs unique data on export transactions and corporate tax returns of UK multinational firms and finds that firms manipulate their transfer prices to shift profits to lower-taxed destinations. www.federalreserve.gov/econres/ifdp/files/ifdp1214.pdf

October 4, 2017 - Own-Account IT Equipment Investment - David M. Byrne, Carol A. Corrado, and Daniel E. Sichel - This note considers a puzzle: why has information technology equipment investment in the National income and Product Accounts been so weak since 2007 at the same time that financial reports indicate massive increases in capital expenditures by IT service companies? www.federalreserve.gov/econres/notes/feds-notes/own-account-it-equipment-investment-20171004.htm

October 4, 2017 - A Shadow Rate Model of Intermediate-Term Policy Rate Expectations - Marcel Priebsch - This note introduces a shadow rate term structure model based on OIS rates and surveys to quantify federal funds rate expectations and term premiums over horizons ranging from one month to five years. www.federalreserve.gov/econres/notes/feds-notes/shadow-rate-model-of-intermediate-term-policy-rate-expectations-20171004.htm

October 4, 2017 - Welcoming Remarks by Chair Yellen - Chair Janet L. Yellen At Community Banking in the 21st Century Fifth Annual Community Banking Research and Policy Conference cosponsored by the Federal Reserve System and Conference of State Bank Supervisors, Federal Reserve Bank of St. Louis, St. Louis, Missouri.   www.federalreserve.gov/newsevents/speech/yellen20171004a.htm

October 3, 2017 - FDIC Releases Results of Summary of Deposits Survey - The Federal Deposit Insurance Corporation today released the results of its annual survey of branch office deposits for all FDIC-insured institutions. The latest data are as of June 30, 2017. www.fdic.gov/news/news/press/2017/pr17076.html

October 3, 2017 - Measuring Inflation Anchoring and Uncertainty: A US and Euro Area Comparison - Olesya Grishchenko, Sarah Mouabbi, and Jean-Paul Renne - We use several US and euro-area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time-varying uncertainty. www.federalreserve.gov/econres/feds/files/2017102pap.pdf

October 3, 2017 - Statement of Chair Janet L. Yellen on the Financial Stability Oversight Council's decision to rescind the designation of American International Group as a systemic nonbank financial company. www.federalreserve.gov/newsevents/pressreleases/other20171002a.htm 

October 2, 2017 - NCUA - Shreveport Closes, Red River Employees Assumes Members, Most Shares and Loans Member Services Continue, Deposits Remain Protected by Share Insurance Fund - The National Credit Union Administration today liquidated Shreveport Federal Credit Union of Shreveport, Louisiana. www.ncua.gov/newsroom/Pages/news-2017-oct-shreveport-closes-red-river-employees-assumes-members-shares-loans.aspx

October 2, 2017 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in SEPTEMBER 2017 together with comparable figures for other months. www.federalreserve.gov/releases/g5/current/default.htm

September 29, 2017 - Midwest Economy Index - Index points to slower Midwest economic growth again in August - The Midwest Economy Index decreased to +0.10 in August from +0.30 in July. Contributions to the August MEI from three of the four broad sectors of nonfarm business activity and four of the five Seventh Federal Reserve District states declined from July. www.chicagofed.org/~/media/publications/mei/2017/mei-august2017-pdf.pdf

September 29, 2017 - NCUA Issues Prohibition Notices - The National Credit Union Administration in September issued two 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-2017-sept-prohibition-notices.aspx

September 29, 2017 - OCC Reports Mortgage Performance Continues to Improve - Performance of first-lien mortgages improved during the second quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-114.html

September 29, 2017 - Report to the Congress - Report to the Congress on the Availability of Credit to Small Businesses - This report is prepared in accordance with section 2227 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires that, every five years, the Board of Governors of the Federal Reserve System submit a report to the Congress detailing the extent of small business lending by all creditors. www.federalreserve.gov/publications/files/sbfreport2017.pdf

September 29, 2017 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

September 29, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

September 29, 2017 - Semiannual Reports on Banking Applications Activity - This report provides information regarding the applications filed by banking organizations and reviewed by the Federal Reserve as of the most recent reporting period ending on June 30 and December 31 of each calendar year. https://www.federalreserve.gov/publications/semiannual-report-on-banking-applications-activity.htm

September 29, 2017 - Discount Window Lending - The discount window helps to relieve liquidity strains for individual depository institutions and for the banking system as a whole by providing a reliable backup source of funding. https://www.federalreserve.gov/regreform/discount-window.htm 

September 29, 2017 - The Federal Reserve Board on Friday announced its approval of the application by the Bank of East Asia, Limited, Hong Kong SAR, People's Republic of China, to upgrade its existing limited federal branch in Los Angeles, California, to a full-service branch. www.federalreserve.gov/newsevents/pressreleases/orders20170929a.htm

September 29, 2017 - Federal Reserve Board fines HSBC Holdings plc and HSBC North America Holdings Inc. $175 million for unsafe and unsound practices in FX trading.   www.federalreserve.gov/newsevents/pressreleases/enforcement20170929a.htm 

September 29, 2017 - FDIC Makes Public August Enforcement Actions; No Administrative Hearings Scheduled for October 2017 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in August. There are no administrative hearings scheduled for October 2017. www.fdic.gov/news/news/press/2017/pr17075.html

September 28, 2017 - Emerging Trends in the Colorado Economy By Alison Felix Economist and Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-felix-efgreeley-09-28.pdf

September 28, 2017 - Minority Banks and the Economy By Esther George President and Chief Executive Officer Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-george-kansascity-09-28.pdf

September 28, 2017 - U.S. and Oklahoma Economic Update By Chad Wilkerson Oklahoma City Branch Executive and Economist Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-wilkerson-muskogee-rotary-09-17.pdf

September 28, 2017 - The Federal Financial Institutions Examination Council published a Press Release announcing the availability of 2016 HMDA data. www.ffiec.gov/press/pr092817.htm

September 28, 2017 - Agencies extend next resolution plan filing deadline for certain domestic and foreign banks - The Federal Reserve Board and the Federal Deposit Insurance Corporation today extended the next resolution plan filing deadline for eight large domestic banks by one year to July 1, 2019.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170928a.htm
Press release: www.fdic.gov/news/news/press/2017/pr17074.html

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