The E-mail Banking News
(Bank Regulatory News)

October 2018

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

October 11, 2018 - Thoughts on the U.S. Economy, Monetary Policy and Energy Sector Dynamics By Esther George President and Chief Executive Officer Federal Reserve Bank of Kansas City.  www.kansascityfed.org/~/media/files/publicat/speeches/2018/2018-george-tulsa-10-10.pdf

October 11, 2018 - How Can We Measure the Value of a Home? Comparing Model-Based Estimates with Owner-Occupant Estimates - Raven Molloy and Eric Nielsen - Housing is difficult to value because homes have a wide variety of characteristics and they trade infrequently. A common method of valuing homes is to ask owner-occupants what they think their home is worth. www.federalreserve.gov/econres/notes/feds-notes/comparing-model-based-estimates-with-owner-occupant-estimates-20181011.htm

October 11, 2018 - Reliably Computing Nonlinear Dynamic Stochastic Model Solutions: An Algorithm with Error Formulas - Gary S. Anderson - This paper provides a new technique for representing discrete time nonlinear dynamic stochastic time invariant maps. Using this new series representation, the paper augments the usual solution strategy with an additional set of constraints thereby enhancing algorithm reliability. www.federalreserve.gov/econres/feds/files/2018070pap.pdf

October 10, 2018 - Margin and Capital Requirements for Covered Swap Entities: Final Rule - 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 published a final rule in the Federal Register to 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.treas.gov/news-issuances/bulletins/2018/bulletin-2018-37.html
 
October 10, 2018 - Amy Berg Joins St. Louis Fed’s Real Estate Industry Council - my Berg of St. Louis has been named to the Real Estate Industry Council of the Federal Reserve Bank of St. Louis. Berg is the president of construction services firm S. M. Wilson & Co. www.stlouisfed.org/news-releases/2018/10/10/amy-berg-joist-louis-fed-real-estate-industry-council

October 10, 2018 - Banker Teleconference Series: Consumer Compliance Provisions in the Economic Growth, Regulatory Relief, and Consumer Protection Act Timely and Comprehensive Information and Insights from the FDIC www.fdic.gov/news/news/financial/2018/fil18056.html

October 10, 2018 - FDIC Announces Subscription Alerts for Updates to Examination Manuals - The FDIC is offering FDIC-supervised institutions the ability to receive a notification when the agency's Examination Manuals are updated on the website. This service will help community banks remain current on changes in instructions provided to examination staff. www.fdic.gov/news/news/financial/2018/fil18057.html

October 10, 2018 - Home Mortgage Disclosure Act: Bureau of Consumer Financial Protection Interpretive and Procedural Rule on Partial Exemptions from HMDA Requirements www.fdic.gov/news/news/financial/2018/fil18058.html

October 10, 2018 - Regulatory Relief - Meeting the Financial Needs of Customers Affected by Hurricane Michael and its Aftermath - The FDIC encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. www.fdic.gov/news/news/financial/2018/fil18059.html

October 10, 2018 - FDIC Announces New Members for the Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation has announced the selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. www.fdic.gov/news/news/press/2018/pr18073.html

October 10, 2018 - Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Michael.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20181010a.htm
Press Release: www.fdic.gov/news/news/press/2018/pr18074.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-110.html
Press Release: www.ncua.gov/newsroom/Pages/news-2018-oct-interagency-statement-financial-institutions-affected-hurricane-michael.aspx

October 9, 2018 - Welcoming Remarks A speech presented on October 9, 2018, before the Opportunity Finance Network in Chicago. www.chicagofed.org/publications/speeches/2018/10-09-2018-welcoming-remarks-opportunity-finance-network

October 9, 2018 - NCUA Offers Information, Assistance to Credit Unions in Path of Hurricane Michael.  www.ncua.gov/newsroom/Pages/news-2018-oct-information-assistance-credit-unions-hurricane-michael.aspx

October 9, 2018 - NCUA Webinar Will Discuss Using a Narrative for Community Charter Applications - Credit unions can get valuable information about using a “well-defined local community” field-of-membership narrative for community charter applications on an Oct. 24 webinar hosted by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2018-oct-webinar-discuss-using-narrative-community-charter-applications.aspx

October 9, 2018 - OCC Allows National Banks and Federal Savings Associations Affected by Hurricane Michael in the Gulf Coast Region to Close. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-109.html

October 8, 2018 - St. Louis Fed's Bullard Addresses the U.S. Growth Surprise - Federal Reserve Bank of St. Louis President James Bullard on Monday delivered the OMFIF Foundation City Lecture with remarks titled “Some Consequences of the U.S. Growth Surprise.” www.stlouisfed.org/news-releases/2018/10/08/bullard-addresses-us-growth-surprise

October 5, 2018 - NCUA - Ten Credit Unions Agree to Late-Filing Penalties for First Quarter of 2018. www.ncua.gov/newsroom/Pages/news-2018-oct-ten-credit-unions-late-filing-penalties.aspx

October 5, 2018 - FDIC to Hold 8th Annual Consumer Research Symposium in Arlington, Virginia - The conference will feature brief remarks by FDIC Chairman Jelena McWilliams, presentations of selected research papers, and a distinguished guest lecture on fairness in machine learning from Aaron Roth, Class of 1940 Bicentennial Term Associate Professor of Computer and Information Science, University of Pennsylvania. www.fdic.gov/news/news/press/2018/pr18072.html

October 5, 2018 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in July 2018. www.fdic.gov/news/news/press/2018/pr18071.html

October 5, 2018 - Statistical Release - Consumer Credit - G.19 - In August, consumer credit increased at a seasonally adjusted annual rate of 6-1/4 percent. Revolving credit increased at an annual rate of 5-1/2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent. www.federalreserve.gov/releases/g19/current/default.htm

October 5, 2018 - Statistical Release - Large Commercial Banks.  www.federalreserve.gov/releases/lbr/current/default.htm

October 5, 2018 - Statistical Release - Minority-Owned Depository Institutions.  www.federalreserve.gov/releases/mob/current/default.htm

October 5, 2018 - Credit and Liquidity Programs and the Balance Sheet -Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

October 4, 2018 - FDIC Announces Meeting of Advisory Committee on Community Banking - The Federal Deposit Insurance Corporation today announced that it will hold a meeting of the Advisory Committee on Community Banking on Wednesday, October 10. www.fdic.gov/news/news/press/2018/pr18070.html

October 4, 2018 - Senior Credit Officer Opinion Survey on Dealer Financing Terms - The September 2018 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/data/scoos/scoos_201809.htm
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October 4, 2018 - Bank Secrecy Act/Anti-Money Laundering: Interagency Statement on Sharing Bank Secrecy Act Resources - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Financial Crimes Enforcement Network are publishing a statement to address instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act and anti-money laundering obligations more efficiently and effectively. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-36.html

October 4, 2018 - OCC to Host Innovation Office Hours in Dallas - The Office of the Comptroller of the Currency today announced it will hold Innovation Office Hours, November 14-15, 2018, in Dallas, Texas, to promote responsible innovation in the federal banking system. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-108.html

October 4, 2018 - Reasoning Behind Metro Areas Housing Markets - What Makes Them Cheap or Steep? - Contrary to popular belief, when looking at a local housing market, it�s not simply whether average home prices are below or above the national average.  www.stlouisfed.org/news-releases/2018/10/04/reasoning-behind-metro-areas-housing-markets-what-makes-them-cheap-or-steep 

October 4, 2018 - Speech by Vice Chairman for Supervision Quarles on trends in urban and rural community banks Speech by Vice Chairman for Supervision Quarles on trends in urban and rural community banks.  www.federalreserve.gov/newsevents/speech/quarles20181004a.htm

October 3, 2018 - Monetary Policy 2.0? - A speech presented on October 3, 2018, before the OMFIF City Lecture on the U.S. Economic Outlook in London, UK. www.chicagofed.org/publications/speeches/2018/10-03-2018-monetary-policy-2-0-omfif-london

October 3, 2018 - Federal Reserve and CSBS Release Findings from 2018 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 as part of the sixth annual Community Banking in the 21st Century research and policy conference, taking place today and tomorrow at the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2018/10/04/federal-reserve-and-csbs-release-findings-from-2018-national-survey-of-community-banks

October 3, 2018 - FDIC Chairman McWilliams Announces Transparency and Accountability Initiative - Federal Deposit Insurance Corporation Chairman Jelena McWilliams today announced a new, agency-wide "Trust through Transparency" initiative in a speech at the 2018 Community Banking in the 21st Century Research and Policy Conference in St. Louis, Missouri. www.fdic.gov/news/news/press/2018/pr18069.html

October 3, 2018 - Interagency Statement on Sharing Bank Secrecy Act Resources - The Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the U.S. Department of Treasury's Financial Crimes Enforcement Network are issuing the attached interagency statement to address instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act/Anti-Money Laundering obligations more efficiently and effectively. www.federalreserve.gov/supervisionreg/srletters/sr1808.htm

October 3, 2018 - The Effect of Common Ownership on Profits: Evidence From the U.S. Banking Industry - Jacob Gramlich and Serafin Grundl - Theory predicts that "common ownership" can be anticompetitive because it reduces the weight firms place on their own profits and shifts weight toward rival firms held by common shareholders. www.federalreserve.gov/econres/feds/files/2018069pap.pdf 

October 3, 2018 - Updates to the Expanded Examination Cycle for Certain State Member Banks and U.S. Branches and Agencies of Foreign Banking Organizations - The Federal Reserve is issuing this letter to provide an update on recent changes to the criteria for state member banks and U.S. branches and agencies of foreign banks to be eligible for an expanded examination cycle of 18 months (as opposed to 12 months). www.federalreserve.gov/supervisionreg/srletters/sr1807.htm

October 3, 2018 - Speech by Governor Brainard on supporting fast payments for all At the Fed Payments Improvement Community Forum, Sponsored by the Federal Reserve Bank of Chicago, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/brainard20181003a.htm

October 3, 2018 - Federal agencies issue a joint statement on banks and credit unions sharing resources to improve efficiency and effectiveness of Bank Secrecy Act compliance -The federal depository institutions regulators and the U.S. Department of the Treasury's Financial Crimes Enforcement Network today issued a statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act and anti-money laundering obligations more efficiently and effectively.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20181003a.htm
Press Release: www.fdic.gov/news/news/press/2018/pr18068.html
Press Release: www.fdic.gov/news/news/financial/2018/fil18055.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-107.html
Press Release: www.ncua.gov/newsroom/Pages/news-2018-oct-joint-interagency-statement-sharing-bank-secrecy-act-resources.aspx

October 3, 2018 - Federal Reserve Board seeks public comment on potential actions to facilitate real-time interbank settlement of faster payments - The Federal Reserve Board on Wednesday invited public comment on actions the Federal Reserve could take to support faster payments in the United States. www.federalreserve.gov/newsevents/pressreleases/other20181003a.htm

October 2, 2018 - NCUA - McWatters: Congress Should Improve Credit Union Consumer Access, Cybersecurity - Congress could bolster consumer access and better protect credit unions and members by making legislative changes proposed today by NCUA Board Chairman J. Mark McWatters. www.ncua.gov/newsroom/Pages/news-2018-oct-mcwatters-congress-should-improve-credit-union-consumer-access.aspx

October 2, 2018 - Comptroller of the Currency Discusses Implementation of the Economic Growth Act - Comptroller of the Currency Joseph M. Otting today discussed the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 during testimony before the Senate Committee on Banking, Housing, and Urban Affairs. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-105.html

October 2, 2018 - OCC Releases CRA Evaluations for 30 National Banks and Federal Savings Associations.  www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-106.html

October 2, 2018 - St. Louis Fed Study: The Bigger They Are, The Harder They Fall: The Decline of the White Working Class - A new study released by the Center for Household Financial Stability looks at the decline of the white working class, as measured by a broad set of indicators. www.stlouisfed.org/news-releases/2018/10/02/st-louis-fed-study-the-bigger-they-are-the-harder-they-fall-the-decline-of-the-white-working-class

October 2, 2018 - Proposed Revisions to the Consolidated Reports of Condition and Income and Other Regulatory Reports - In response to changes in the accounting for credit losses under the Financial Accounting Standards Board's Accounting Standards Update 2016-13, the banking agencies, under the auspices of the Federal Financial Institutions Examination Council, are requesting comment on proposed revisions to the Consolidated Reports of Condition and Income and certain other FFIEC reports. www.fdic.gov/news/news/financial/2018/fil18054.html

October 2, 2018 - Testimony by Vice Chairman for Supervision Randal K. Quarles - Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act.   www.federalreserve.gov/newsevents/testimony/quarles20181002a.htm

October 2, 2018 - Speech by Chairman Powell on monetary policy and risk management at a time of low inflation and low unemployment At the "Revolution or Evolution? Reexamining Economic Paradigms" 60th Annual Meeting of the National Association for Business Economics, Boston, Massachusetts.  www.federalreserve.gov/newsevents/speech/powell20181002a.htm

October 1, 2018 - LOMTO Federal Credit Union Closes; Teachers Federal Credit Union Assumes Members, Most Shares, and Some Loans - The National Credit Union Administration on Sept. 30 liquidated LOMTO Federal Credit Union of Woodside, New York. www.ncua.gov/newsroom/Pages/news-2018-oct-lomto-fcu-closes-teachers-fcu-assumes-members.aspx

October 1, 2018 - Small business lending conditions are stable with some tightening of credit terms - The Federal Reserve Bank of Kansas City today released the results from the Second Quarter 2018 national Small Business Lending Survey. www.kansascityfed.org/~/media/files/publicat/newsroom/2018/q2smallbusinessfinaldocx.pdf

October 1, 2018 - Sylvain Leduc Appointed Executive Vice President and Director of Research at the Federal Reserve Bank of San Francisco - In this capacity, Leduc will oversee all research and analysis functions that support the development of monetary policy and that help further understanding of the economy nationally and globally. www.frbsf.org/our-district/press/news-releases/2018/sylvain-leduc-appointed-executive-vice-president-and-director-of-research/

October 1, 2018 - Request for Information on FDIC Communication and Transparency - On October 1, 2018, the Federal Deposit Insurance Corporation issued a Request for Information seeking comments and information from interested parties on the FDIC's communication methods and related initiatives. www.fdic.gov/news/news/financial/2018/fil18053.html

October 1, 2018 - FDIC Requests Information on Improving Communication with Banks and Other Stakeholders - The Federal Deposit Insurance Corporation today announced that it is seeking comments on how the agency can maximize efficiency and minimize burden when communicating information to insured depository institutions, consumers, and others, about laws, rules, and related matters. www.fdic.gov/news/news/press/2018/pr18067.html

October 1, 2018 - FDIC Releases Report on Small Business Lending Survey - The Federal Deposit Insurance Corporation today published a report on the findings of its Small Business Lending Survey, which collected data on how banks conduct their lending to small businesses.  www.fdic.gov/news/news/press/2018/pr18066.html

October 1, 2018 - Testimony by Vice Chairman for Supervision Randal K. Quarles - Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20181002a.htm

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

October 1, 2018 - Federal Reserve Board announces approval of application by Abanca Corporaci�n Bancaria, S.A. www.federalreserve.gov/newsevents/pressreleases/orders20181001a.htm

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