The E-mail Banking News
(Bank Regulatory News)
September 2014

FYI - Don't forget to follow me on LinkedIn at https://www.linkedin.com/in/yennik where I post a weekly question on IT security/audit.

September 30, 2014 - NCUA Issues Prohibition Orders - The National Credit Union Administration has issued three orders in September prohibiting the following individuals from participating in the affairs of any federally insured financial institution:   www.ncua.gov/News/Pages/NW20140930ProhibitionOrders.aspx

September 30, 2014 - Republic Hose Employees Federal Credit Union Closes - The National Credit Union Administration today liquidated Republic Hose Employees Federal Credit Union of Youngstown, Ohio.  www.ncua.gov/News/Pages/NW20140930Liquidation.aspx

September 30, 2014 - Loan Growth Accelerates Among Southern District Community Banks and Thrifts, OCC Reports - The Office of the Comptroller of the Currency today reported improving conditions among national banks and federal savings associations in the nine states that make up the OCC’s Southern District. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-130.html

September 30, 2014 - Discount Window Lending- Background-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.  www.federalreserve.gov/newsevents/reform_discount_window.htm

September 30, 2014 - Governor Jerome H. Powell - Remarks on "Government Debt Management at the Zero Lower Bound" - At the Panel Discussion on "Debt Management in an Era of Quantitative Easing: What Should the Treasury and the Fed Do?", Washington, D.C. www.federalreserve.gov/newsevents/speech/powell20140930a.htm

September 30, 2014 - Federal Reserve Board approves application by Chemical Financial Corporation - The Federal Reserve Board on Tuesday announced its approval of the notice under section 4 of the Bank Holding Company Act by Chemical Financial Corporation, Midland, Michigan, to acquire Northwestern Bancorp, Inc., and its wholly owned subsidiary, Northwestern Bank, a state savings bank that has elected to be treated as a savings association for purposes of section 10(l) of the Home Owners' Loan Act, both of Traverse City, Michigan. www.federalreserve.gov/newsevents/press/orders/orders20140930a1.pdf

September 30, 2014 - Federal Reserve Board announces it will begin a quantitative impact study to evaluate potential effects of its revised regulatory capital framework on insurance holding companies.  www.federalreserve.gov/newsevents/press/bcreg/20140930a.htm

September 29, 2014 - McWatters Statement on New Comment Period for Revised Risk-Based Capital Rule - National Credit Union Administration Board Member J. Mark McWatters today commented on the decision of Chairman Debbie Matz to open a new comment period on a revised risk-based capital proposed rule. McWatters’ comments follow: www.ncua.gov/News/Pages/NW20140929McWatters.aspx

September 29, 2014 - Metsger Supports Separating Interest Rate and Credit Risk in Risk-Based Capital Rule - National Credit Union Administration Board Vice Chairman Rick Metsger today praised Chairman Debbie Matz for her leadership and willingness to consider structural changes in the risk-based capital proposed rule, even if these structural changes resulted in an additional comment period. Metsger’s comments follow
www.ncua.gov/News/Pages/NW20140929Metsger.aspx

September 29, 2014 - NCUA to Propose Revised Risk-Based Capital Rule for New Comment Period - National Credit Union Administration Board Chairman Debbie Matz today announced that she intends to request that a revised proposed risk-based capital rule be issued with a new comment period as a result of significant structural changes being considered. www.ncua.gov/News/Pages/NW20140929RevisedRBC.aspx

September 29, 2014 - NCUA Fall Webinar Series Will Cover Product Pricing, Loan Portfolios and Internal Controls - The National Credit Union Administration will host webinars this fall for credit unions interested in learning more about product pricing, building loan portfolios and improving internal controls. www.ncua.gov/News/Pages/NW20140929FallWebinarSeries.aspx

September 29, 2014 - Technology Alert: GNU Bourne-Again Shell Vulnerability - The FDIC, as a member of the Federal Financial Institutions Examination Council, is issuing the attached alert advising financial institutions of a material security vulnerability with Linux and Unix operating systems that could allow an attacker to gain control of a bank's servers remotely. The vulnerability is commonly known as the GNU Bourne-Again Shell or "Shellshock" vulnerability. www.fdic.gov/news/news/financial/2014/fil14049.html

September 29, 2014 - FDIC Announces Settlement With Merrick Bank, South Jordan, Utah, for Unfair and Deceptive Practices - The Federal Deposit Insurance Corporation today announced a settlement with Merrick Bank, South Jordan, Utah, for unfair and deceptive practices related to marketing and servicing of credit card "add-on products," in violation of Section 5 of the Federal Trade Commission Act. www.fdic.gov/news/news/press/2014/pr14080.html

September 26, 2014 - Proposed Defense Department Lending Rule Could Affect Credit Unions, Members - NCUA Supports Protecting Members of the Military from Predatory Lending - Credit unions serving members of the military or their families could be affected by a proposed Defense Department rule that may reduce their ability to offer certain kinds of credit, including payday alternative loans, the National Credit Union Administration said today. www.ncua.gov/News/Pages/NW20140926DoDProposedRule.aspx

September 26, 2014 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Michigan Affected by Severe Storms and Flooding - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Michigan affected by severe storms and flooding. www.fdic.gov/news/news/financial/2014/fil14048.pdf

September 26, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

September 26, 2014 - An Industrial Organization Approach to International Portfolio Diversification: Evidence from the U.S. Mutual Fund Families - Although the lack of international portfolio diversification has long interested the financial economics literature, the role of financial intermediaries in the market for diversified portfolios has rarely been studied.  www.federalreserve.gov/econresdata/feds/2014/files/201478pap.pdf

September 26, 2014 - Federal Reserve Board announces approval of application by Regions Bank.   www.federalreserve.gov/newsevents/press/orders/20140926a.htm

September 26, 2014 - FDIC Makes Public August Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. No administrative hearings are scheduled for October 2014. www.fdic.gov/news/news/press/2014/pr14079.html

September 26, 2014 - St. Louis Fed President James Bullard Will Speak at Memphis Branch Event in Tupelo.  www.stlouisfed.org/newsroom/displayNews.cfm?article=2324

September 26, 2014 - St. Louis Fed Names Nikki R. Jackson as New Regional Executive in Louisville - The Federal Reserve Bank of St. Louis has named Nikki R. Jackson as regional executive of its Louisville Branch. Jackson will join the Bank on Oct. 14 and will succeed Maria Hampton, who has led the branch as regional executive since 2005 and earlier this year announced her retirement effective Dec. 31. www.stlouisfed.org/newsroom/displayNews.cfm?article=2323

September 25, 2014 - OCC Assesses Penalty Against U.S. Bank National Association; Orders Restitution for Unfair Billing Practices - The Office of the Comptroller of the Currency (OCC) today assessed a $4 million civil money penalty against U.S. Bank National Association, Cincinnati, Ohio, and ordered restitution of $47.9 million to more than 420,000 consumer accounts. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-128.html

September 25, 2014 - Mortgage Performance Improvement Continues, OCC Reports - The performance of first-lien mortgages serviced by large national and federal savings banks experienced seasonal decline during the second quarter of 2014, but improved from a year earlier, according to a report released today by the Office of the Comptroller of the Currency www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-129.html

September 25, 2014 - Federal Reserve Board announces termination of enforcement action with West Pointe Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20140925a.htm
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September 26, 2014 - FDIC Makes Public August Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. No administrative hearings are scheduled for October 2014. https://www.fdic.gov/news/news/press/2014/pr14079.html

September 24, 2014 - Fed’s Evans Addresses Conference on Labor Market Slack - Federal Reserve Bank of Chicago President Charles Evans spoke on September 24 to members of the Peterson Institute for International Economics in Washington, D.C. - Patience Is a Virtue When Normalizing Monetary Policy.  www.chicagofed.org/webpages/publications/speeches/2014/09-24-14-charles-evans-patience-monetary-policy-peterson-institute.cfm

September 24, 2014 - Mid-year Export Trends - In a recent blog posting, Federal Reserve Bank of Chicago's William Testa looks at export trends through mid-year in the Midwest. http://midwest.chicagofedblogs.org/archives/2014/09/export_blog.html 

September 24, 2014 - Bank Profitability and Debit Card Interchange Regulation: Bank Responses to the Durbin Amendment - Benjamin S. Kay, Mark D. Manuszak, and Cindy M. Vojtech - The Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 alters the competitive structure of the debit card payment processing industry and caps debit card interchange fees for banks with over $10 billion in assets.  www.federalreserve.gov/econresdata/feds/2014/files/201477pap.pdf 

September 24, 2014 - Signaling Status: The Impact of Relative Income on Household Consumption and Financial Decisions - Jesse Bricker, Rodney Ramcharan, and Jacob Krimmel - This paper investigates the importance of status in household consumption and financial decisions using household data from the Survey of Consumer Finances linked to neighborhood data in the American Community Survey.  www.federalreserve.gov/econresdata/feds/2014/files/201476pap.pdf

September 23, 2014 - NCUA Donates 92,950 Pounds for Feds Feed Families - ​Matz: Nationwide Effort Quadruples Donations and Provides 62,000 Meals - In the coming months, thousands of people nationwide will be able to prepare healthy meals with food donated by National Credit Union Administration employees during the federal government’s annual Feds Feed Families food drive. www.ncua.gov/News/Pages/NW20140923FedsDonate.aspx

September 23, 2014 - NCUA - Matz’s Regulatory Modernization Initiative Marks Third Anniversary - NCUA Has Provided Regulatory Relief and Streamlined Key Rules; Credit Unions Still Encouraged to Share Ideas - Three years after National Credit Union Administration Board Chairman Debbie Matz announced her Regulatory Modernization Initiative, the agency has provided credit unions with greater flexibility, reduced regulatory burdens and expanded powers, without compromising safety and soundness or consumer protection. www.ncua.gov/News/Pages/NW20140923RegulatoryModernization.aspx

September 23, 2014 - Memphis Burgundy Book: Rising Manufacturing Employment Helps Boost Job Growth - In an August survey, slightly less than half of the business contacts from the Memphis Zone of the Federal Reserve Bank of St. Louis expected economic conditions to improve over the second half of 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2315

September 23, 2014 - Louisville Burgundy Book: Manufacturing Sector Continues to Grow - In an August survey, a slight majority of the business contacts in the Louisville Zone of the Federal Reserve Bank of St. Louis expected economic conditions to improve over the second half of 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2317

September 23, 2014 - St. Louis Burgundy Book: Surge in Manufactured Exports Bolsters Economy - In the latest survey by the Federal Reserve Bank of St. Louis on economic conditions in its St. Louis Zone, nearly half of the business contacts in August expected local economic conditions to improve over the second half of 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2318

September 23, 2014 - Little Rock Burgundy Book: Unemployment Rate Falls to Lowest Level Since 2008 - Unemployment in the Little Rock Zone of the Federal Reserve Bank of St. Louis has fallen to its lowest level since the Great Recession, but the near-term outlook among business contacts remains one of cautious optimism. www.stlouisfed.org/newsroom/displayNews.cfm?article=2316

September 23, 2014 - Advisory Councils - Record of the Meeting of the Federal Advisory Council and the Board of Governors - The Federal Advisory Council, which is composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction.  www.federalreserve.gov/aboutthefed/fac.htm

September 23, 2014 - Regulatory Reform - Communications with the public through September 23, 2014 - 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

September 23, 2014 - Governor Jerome H. Powell - Introductory Remarks - At the Federal Reserve/Conference of State Bank Supervisors Community Banking Research Conference, St. Louis, Missouri.  www.federalreserve.gov/newsevents/speech/powell20140923a.htm

September 22, 2014 - Economic Growth Decelerated in August - The Chicago Fed National Activity Index was –0.21 in August, down from +0.26 in July. www.chicagofed.org/digital_assets/publications/cfnai/2014/cfnai_september2014.pdf

September 22, 2014 - Measuring Fiscal Impetus: The Great Recession in Context - Economic Perspectives article finds that fiscal policy was more expansionary than average during the 2007 recession and has been significantly more contractionary than average during the recovery; it is forecasted to remain depressed well into the future. www.chicagofed.org/digital_assets/publications/economic_perspectives/2014/3Q2014_part1_mcgranahan_berman.pdf

September 22, 2014 - 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 August 1, 2014 through August 31, 2014. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-127.html

September 22, 2014 - The Federal Financial Institutions Examination Council today announced the availability of data on mortgage lending transactions at 7,190 U.S. financial institutions covered by the Home Mortgage Disclosure Act - The Federal Financial Institutions Examination Council today announced the availability of data on mortgage lending transactions at 7,190 U.S. financial institutions covered by the Home Mortgage Disclosure Act.
Press Release: www.ffiec.gov/press/pr092214.htm
Press Release: www.ncua.gov/News/Pages/NW20140918FFIECMortgageLending.aspx

September 22, 2014 - Statistical Release - Finance Companies - G.20.  www.federalreserve.gov/releases/g20/current/g20.htm

September 22, 2014 - The 2013 Home Mortgage Disclosure Act Data (Draft) - Neil Bhutta and Daniel R. Ringo - The main objective of this article is to provide an overview of the 2013 data reported under the Home Mortgage Disclosure Act of 1975 and to help document mortgage market activity over time and lending patterns across different demographic groups and lender types. www.federalreserve.gov/pubs/bulletin/default.htm 

September 19, 2014 - Office of the Comptroller of the Currency Hosts Workshops in Kansas City - The Office of the Comptroller of the Currency will host two workshops in Kansas City, Mo., at the Westin Kansas City at Crown Center, Nov. 5-6, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-126.html

September 19, 2014 - OCC Enforcement Actions- The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-125.html

September 19, 2014 - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency – published a press release today announcing the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA." www.ffiec.gov/press/pr081914.htm

September 19, 2014 - Offshoring, Mismatch, and Labor Market Outcomes - David M. Arseneau and Brendan Epstein - We study the role of labor market mismatch in the adjustment to a trade liberalization that results in the offshoring of high-tech production.  www.federalreserve.gov/econresdata/ifdp/2014/files/ifdp1118.pdf

September 19, 2014 - Robust Dynamic Optimal Taxation and Environmental Externalities - Xin Li, Borghan N. Narajabad, and Ted Temzelides - We study a dynamic stochastic general equilibrium model in which agents are concerned about model uncertainty regarding climate change.  www.federalreserve.gov/econresdata/feds/2014/files/201475pap.pdf

September 19, 2014 - Survey Incentives, Survey Effort, and Survey Costs - Jesse Bricker - This paper uses the 2007 and 2010 waves of the Survey of Consumer Finances to investigate how monetary incentives affect the time and effort that interviewers expend during the survey field period, and how these incentives affect effort expended by the survey respondent. www.federalreserve.gov/econresdata/feds/2014/files/201474pap.pdf

September 19, 2014 - Long-Term Vacancy in the United States - Raven Molloy - Because housing is durable, the housing supply is slow to adapt to declines in demand. This paper uses long-term vacancy--defined as nonseasonal housing units that have been vacant for an unusually long period of time--to quantify the extent of excess supply in the housing market. www.federalreserve.gov/econresdata/feds/2014/files/201473pap.pdf 

September 19, 2014 - Why Do Innovative Firms Hold So Much Cash? Evidence from Changes in State R&D Tax Credits - Antonio Falato and Jae Sim - This paper uses the staggered changes of R&D tax credits across U.S. states and over time as a quasi-natural experiment to examine the impact of innovation on corporate liquidity.  www.federalreserve.gov/econresdata/feds/2014/files/201472pap.pdf

September 19, 2014 - Solving asset pricing models with stochastic volatility - Oliver de Groot This paper provides a closed-form solution for the price-dividend ratio in a standard asset pricing model with stochastic volatility. The solution is useful in allowing comparisons among numerical methods used to approximate the non-trivial closed-form. www.federalreserve.gov/econresdata/feds/2014/files/201471pap.pdf

September 19, 2014 - Tying loan interest rates to borrowers' CDS spreads - Ivan T. Ivanov, Joao A. C. Santos, and Thu Vo - We investigate how the introduction of market-based pricing, the practice of tying loan interest rates to credit default swaps, has affected borrowing costs.   www.federalreserve.gov/econresdata/feds/2014/files/201470pap.pdf

September 19, 2014 - Simon Gilchrist, Jae W. Sim, and Egon Zakrajsek - Micro- and macro-level evidence indicates that fluctuations in idiosyncratic uncertainty have a large effect on investment; the impact of uncertainty on investment occurs primarily through changes in credit spreads; and innovations in credit spreads have a strong effect on investment, irrespective of the level of uncertainty. www.federalreserve.gov/econresdata/feds/2014/files/201469pap.pdf

September 19, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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September 18, 2014 - NCUA - Board Designates Metsger as Vice Chairman - The National Credit Union Administration Board unanimously voted today to designate Board Member Rick Metsger as Vice Chairman of NCUA, effective immediately, pursuant to the requirements of NCUA’s rules. www.ncua.gov/News/Pages/NW20140918Metsger.aspx

September 18, 2014 - NCUA - September 2014 Board Meeting: Stabilization Fund Posts Positive Net Position - First Service Charter Expansion Opens Door to 1.8 Million Potential Members - The National Credit Union Administration Board convened its eighth scheduled open meeting of 2014 at the agency’s headquarters here today. www.ncua.gov/about/Pages/Board%20Actions/BAB20140918.aspx

September 18, 2014 - Financial Market Stress Reaches Highest Level in 25 Weeks - The St. Louis Fed Financial Stress Index rose modestly for the second consecutive week. For the week ending Sept. 12, 2014, the STLFSI measured -1.222, up from the previous week’s revised value of -1.289, reaching its highest level since the week ending March 21, 2014. www.stlouisfed.org/newsroom/displayNews.cfm?article=2311

September 18, 2014 - Statistical Release - Financial Accounts of the United States - Z.1.  www.federalreserve.gov/releases/z1/Current/

September 18, 2014 - Chair Janet L. Yellen - The Importance of Asset Building for Low and Middle Income Households - At the 2014 Assets Learning Conference of the Corporation for Enterprise Development, Washington, D.C. www.federalreserve.gov/newsevents/speech/yellen20140918a.htm

September 18, 2014 - Federal Reserve Board issues enforcement action with Santander Holdings USA - The Federal Reserve Board on Thursday announced the execution of the following enforcement action: www.federalreserve.gov/newsevents/press/enforcement/20140918a.htm

September 18, 2014 - Federal Reserve Board publishes report containing summary information on debit card transactions in 2013 - The Federal Reserve Board on Thursday published a report containing summary information on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses related to debit card transactions in 2013.  www.federalreserve.gov/newsevents/press/bcreg/20140918a.htm

September 17, 2014 - NCUA - September NCUA Report Now Available - The National Credit Union Administration announced today the September 2014 issue of The NCUA Report is now available online.  www.ncuareport.org/ncuareport/september_2014#pg1

September 17, 2014 - Fed/CSBS 2014 Community Banking Research Conference To Be Webcast Live Sept. 23-24 - Bankers, academics, regulators and policymakers will gather in St. Louis next week to discuss the latest in community banking research, as well as the issues facing the community banking sector, at the second annual community banking research and policy conference hosted by the Federal Reserve System and the Conference of State Bank Supervisors www.stlouisfed.org/newsroom/displayNews.cfm?article=2306

September 17, 2014 - Notice of a Meeting under Expedited Procedures - Was held at 11:00 AM on Wednesday, September 17, 2014. Matter considered: Discussion of Medium-Term Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20140916exp.htm

September 17, 2014 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. On balance, labor market conditions improved somewhat further; however, the unemployment rate is little changed and a range of labor market indicators suggests that there remains significant underutilization of labor resources.   www.federalreserve.gov/newsevents/press/monetary/20140917a.htm

September 17, 2014 - Federal Reserve issues FOMC statement on policy normalization principles and plans - During its recent meetings, the Federal Open Market Committee discussed ways to normalize the stance of monetary policy and the Federal Reserve's securities holdings. The discussions were part of prudent planning and do not imply that normalization will necessarily begin soon.  www.federalreserve.gov/newsevents/press/monetary/20140917c.htm

September 17, 2014 - Federal Reserve Board and Federal Open Market Committee release economic projections from the September 16-17 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the September 16-17 meeting of the Federal Open Market Committee. www.federalreserve.gov/newsevents/press/monetary/20140917b.htm

September 16, 2014 - NCUA Easing Small Credit Union Burdens - Fazio Testifies on Agency’s Efforts to Provide Regulatory Relief, Streamline Examinations and Offer Assistance - The challenges faced by small credit unions require the National Credit Union Administration to continually examine options for providing regulatory relief, the agency told members of the Senate Banking Committee today. www.ncua.gov/News/Pages/NW20140916FazioTestimony.aspx

September 16, 2014 - Senior Deputy Comptroller Testifies on Community Bank Supervision - Senior Deputy Comptroller for Midsize and Community Bank Supervision Toney Bland discussed the supervision of community national banks and federal savings associations and efforts to relieve unnecessary regulatory burden during testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
Oral Statement www.occ.gov/news-issuances/congressional-testimony/2014/pub-test-2014-124-oral.pdf
Written Testimony www.occ.gov/news-issuances/congressional-testimony/2014/pub-test-2014-124-written.pdf

September 16, 2014 - Maryann Hunter, Deputy Director, Division of Banking Supervision and Regulation - Community Banking - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/hunter20140916a.htm

September 15, 2014 - New Survey-Based Activity Indexes - In a recent blog posting, Federal Reserve Bank of Chicago's Rebecca Friedman discusses a new Chicago Fed business conditions survey conducted in conjunction with the Beige Book. http://midwest.chicagofedblogs.org/archives/2014/09/new_surveybased.html

September 15, 2014 - NCUA Offers New Guide on Starting a Federal Credit Union - Thinking of starting a federal credit union? The National Credit Union Administration now has a new resource to help groups which would like to apply for a federal credit union charter.
www.ncua.gov/News/Pages/NW20140915NewFCUGuide.aspx

September 15, 2014 - NCUA Releases Videos on Protecting Seniors from Financial Abuse - Because millions of American seniors are targeted each year by scam artists or fall victim to other forms of financial abuse, the National Credit Union Administration has created two new videos aimed at helping consumers and credit union staff recognize and prevent fraud. www.ncua.gov/News/Pages/NW20140915SeniorAbuse.aspx

September 15, 2014 - Notice of a Meeting under Expedited Procedures - Was held at 11:45 AM on Wednesday, September 15, 2014. 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/20140915exp.htm 

September 15, 2014 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - The index of industrial production edged down 0.1 percent in August, and the index for manufacturing output decreased 0.4 percent; the declines were the first for each since January.   www.federalreserve.gov/releases/g17/Current/default.htm

September 12, 2014 - NCUA - Reminder: Still Time to Register for Final NCUA Leadership Boot Camps of 2014 - Credit union managers and directors looking to improve their leadership skills still have time to register for Leadership Boot Camps in Chicago and Philadelphia on Sept. 20, 2014, that will be hosted by the National Credit Union Administration’s Office of Small Credit Union Initiatives. www.ncua.gov/News/Pages/NW20140912OSCUIBootcamp.aspx

September 12, 2014 - OCC Hosts Cleveland Workshops on Risk Assessment and Credit Risk - The Office of the Comptroller of the Currency will host two workshops in Cleveland at the Hyatt Regency Cleveland at The Arcade, Oct. 28-29, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-123.html

September 12, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update.   www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

September 12, 2014 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System at 11:00 AM on Tuesday, September 16, 2014, will be held under expedited procedures. Matter(s) considered: Discussion of Medium-Term Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20140916advexp.htm

September 11, 2014 - Federal Reserve Board announces approval of applications by ANB Bank - The Federal Reserve Board on Thursday announced its approval of the applications under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by ANB Bank, Denver, Colorado, to merge with Capital West Bank, Laramie, Wyoming, and to establish branches at the locations of Capital West Bank. www.federalreserve.gov/newsevents/press/orders/orders20140911a1.pdf
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September 11, 2014 - New book explores history of Fed's role in the U.S. payments system - For the past century, the Federal Reserve has led the nation’s payments system as a regulator and a participant, helping to move trillions of dollars. www.kc.frb.org/publicat/newsroom/2014pdf/Press.Release.09.11.14.pdf

September 11, 2014 - Financial Market Stress Increases for First Time in Four Weeks - The St. Louis Fed Financial Stress Index rose modestly over the past week, more than offsetting the previous week’s decline. www.stlouisfed.org/newsroom/displayNews.cfm?article=2301

September 11, 2014 - Advance Notice of a Meeting Under Expedited Procedures - Will be held on September 15, 2014. 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/20140915advexp.htm

September 11, 2014 - Federal Reserve Board issues enforcement actions with Portage Community Bank and Settlers Bank.   www.federalreserve.gov/newsevents/press/enforcement/20140911a.htm

September 11, 2014 - NCUA, AARP Will Work Together to Promote Financial Literacy and Consumer Education - ​NCUA and AARP sign Memorandum of Understanding - The National Credit Union Administration will team up with AARP to work on a series of initiatives aimed at promoting financial education and outreach, helping consumers achieve financial security and increasing access to responsible and affordable financial services. www.ncua.gov/News/Pages/NW20140911AARPMOU.aspx

September 11, 2014 - NCUA - Agenda for the 9/18/2014 NCUA Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20140918.aspx

September 10, 2014 - Frequently Asked Questions - Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act - Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act added a new section 13 to the Bank Holding Company Act of 1956, commonly referred to as the Volcker rule, that generally prohibits insured depository institutions and any company affiliated with an insured depository institution from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund.  www.federalreserve.gov/bankinforeg/volcker-rule/faq.htm

September 9, 2014 - NCUA: State Data Show Median Growth Rate for Loans Increases in Second Quarter - A new analysis of state-level data by the National Credit Union Administration shows an increased median rate of loan growth at federally insured credit unions in the year ending June 30, 2014. www.ncua.gov/News/Pages/NW20140909StateMapsRelease.aspx

September 9, 2014 - Comptroller of the Currency Testifies on Dodd-Frank Act Implementation - Comptroller of the Currency Thomas J. Curry today discussed implementation of the Dodd-Frank Consumer Protection and Wall Street Reform Act to improve the safety and soundness of national banks and federal savings associations and enhance consumer protection. www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-122.html

September 9, 2014 - Regulatory Capital Rules: Regulatory Capital, Revisions to the Supplementary Leverage Ratio - The federal banking agencies have issued the attached joint final rule that revises the denominator of the supplementary leverage ratio under the revised regulatory capital rule adopted by the agencies in July 2013 www.fdic.gov/news/news/financial/2014/fil14045.html

September 9, 2014 - Liquidity Coverage Ratio: - Final Rule - The Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System are issuing a final rule that implements a quantitative liquidity requirement consistent with the liquidity coverage ratio established by the Basel Committee on Banking Supervision.  www.fdic.gov/news/news/financial/2014/fil14046.pdf

September 9, 2014 - Agencies announce increases in dollar thresholds in Regulations Z and M for exempt consumer credit and lease transactions - The Federal Reserve Board and the Consumer Financial Protection Bureau today announced increases in the dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140909a.htm
Press Release: www.fdic.gov/news/news/financial/2014/fil14047.html

September 9 2014 - Federal Reserve Board issues enforcement action with Fulton Financial Corporation and Lafayette Ambassador Bank.   www.federalreserve.gov/newsevents/press/enforcement/20140909a.htm

September 8, 2014 - Statistical Release - Consumer Credit - G.19 - In July, consumer credit increased at a seasonally adjusted annual rate of 9-3/4 percent. Revolving credit increased at an annual rate of 7-1/2 percent, while nonrevolving credit increased at an annual rate of 10-1/2 percent. www.federalreserve.gov/releases/g19/current/default.htm

September 8, 2014 - Agencies request comment on proposed questions and answers regarding community reinvestment - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today requested comment on proposed revisions to the "Interagency Questions and Answers Regarding Community Reinvestment."
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140908a.htm
Press Release: www.fdic.gov/news/news/press/2014/pr14078.html
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-121.html

September 8, 2014 - Governor Daniel K. Tarullo - Dodd-Frank Implementation - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/tarullo20140909a.htm

September 8, 2014 - Using the Federal Reserve’s Beige Book to Track Economic Activity - Scott Brave, Thomas Walstrum - This article provides the public a first look at a new set of indexes constructed from the Chicago Fed’s Beige Book survey, and describes their ability to track economic activity. http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2014/cflnovember2014_328.pdf

September 5, 2014 - NCUA - Louden Depot Community Credit Union Closes; Shares Assumed by Community 1st - The Iowa Credit Union Division today was granted authority by the District Court to place Louden Depot Community Credit Union of Fairfield, Iowa, into receivership and then tendered the receivership to the National Credit Union Administration. www.ncua.gov/News/Pages/NW20140905Liquidation.aspx

September 5, 2014 - State Mandated Financial Education and the Credit Behavior of Young Adults - Alexandra Brown, J. Michael Collins, Maximilian Schmeiser, and Carly Urban - In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. www.federalreserve.gov/pubs/feds/2014/201468/201468pap.pdf

September 5, 2014 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart data update www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
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September 5, 2014 - Midwest Economic Growth Increased in July - The Midwest Economy Index was +0.62 in July, up from +0.56 in June. http://chicagofed.org/webpages/publications/mei/index.cfm

September 4, 2014 - Release schedule for the Kansas City Fed's Labor Market Conditions Indicators - The Kansas City Fed’s Labor Market Conditions Indicators are two monthly measures of labor market conditions based on 24 labor market variables.   www.kc.frb.org/publicat/newsroom/2014pdf/Press.Release.09.04.14.pdf

September 4, 2014 - Financial Market Stress Falls to a Five-Week Low - The St. Louis Fed Financial Stress Index fell to a five-week low in the latest reporting period. For the week ending Aug. 29, 2014, the STLFSI measured -1.320, down slightly from the previous week’s revised value of -1.298; this was the third consecutive weekly decline. www.stlouisfed.org/newsroom/displayNews.cfm?article=2295

September 4, 2014 - 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/2014/pr14077.html

September 4, 2014 - Financial Fire Sales: Evidence from Bank Failures - Rodney Ramcharan and Raghuram Rajan - Theory suggests the reduction in financing capacity after the failure of a financial intermediary can reduce the value of financial assets. Forced sales of the intermediary's assets could consume liquidity, depressing the liquidation value of the assets of healthy intermediaries and causing contagious runs. www.federalreserve.gov/pubs/feds/2014/201467/201467pap.pdf

September 4, 2014 - Credit Status and College Investment: Implications for Student Loan Policies - Felicia Ionescu and Nicole Simpson - The private market for student loans has become an important source of college financing in the United States.  www.federalreserve.gov/pubs/feds/2014/201466/201466pap.pdf

The Effects of Unemployment Benefits on Unemployment and Labor Force Participation: Evidence from 35 Years of Benefits Extensions - Andrew Figura and Regis Barnichon - This paper presents estimates of the effect of emergency and extended unemployment benefits on the unemployment rate and the labor force participation rate using a data set containing information on individuals likely eligible and ineligible for EEB back to the late 1970s. www.federalreserve.gov/pubs/feds/2014/201465/201465pap.pdf

September 4, 2014 - Surveys and Reports - 2013 Survey of Consumer Finances, Bulletin article, and video.   www.federalreserve.gov/econresdata/scf/scfindex.htm

Labor Force Participation: Recent Developments and Future Prospects - Stephanie Aaronson, Tomaz Cajner, Bruce Fallick, Felix Galbis-Reig, Christopher L. Smith, and William Wascher - Since 2007, the labor force participation rate has fallen from about 66 percent to about 63 percent.  www.federalreserve.gov/pubs/feds/2014/201464/201464pap.pdf

September 4, 2014 - Federal Reserve Board announces termination of enforcement action with Guaranty Development Company and American Bank.   www.federalreserve.gov/newsevents/press/enforcement/20140904a.htm

September 4, 2014 - Federal Reserve announces series of expanded TDF test operations with early withdrawal feature - As part of the continuing program of operational testing of its policy tools, the Federal Reserve plans to conduct a series of eight consecutive seven-day term deposit operations through its Term Deposit Facility beginning in October.  www.federalreserve.gov/newsevents/press/all/2014all.htm

September 3, 2014 - NCUA - Vega to Serve as Senior Policy Advisor to Board Member McWatters - National Credit Union Administration Board Member J. Mark McWatters has named Sarah Vega as his Senior Policy Advisor. www.ncua.gov/News/Pages/NW20140903Vega.aspx

September 3, 2014 - Listen to St. Louis Fed Economist Discuss the September Beige Book. 
www.stlouisfed.org/newsroom/displayNews.cfm?article=2294
www.stlouisfed.org/newsroom/displayNews.cfm?article=2293

September 3, 2014 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.   www.federalreserve.gov/monetarypolicy/beigebook/files/BeigeBook_20140903.pdf

September 3, 2014 - Risk Transfer Across Economic Sectors Using Credit Default Swaps - Sean Campbell and Josh Gallin1 - Credit default swaps play an important role in distributing risk in the global financial system. www.federalreserve.gov/econresdata/notes/feds-notes/2014/risk-transfer-across-economic-sectors-using-credit-default-swaps-20140903.html

September 3, 2014 - Federal Open Market Committee Minutes - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 29-30, 2014. www.federalreserve.gov/monetarypolicy/files/fomcminutes20140730.pdf

September 3, 2014 - FOMC press conference Leaving the Board - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the June 17-18 meeting of the Federal Open Market Committee. www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20140618.pdf

September 3, 2014 - Agencies seek comment on swap margin requirements - Five federal agencies are seeking comment on a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140903c.htm 
Press Release: www.fdic.gov/news/news/press/2014/pr14075.html
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-119.html

September 3, 2014 - Federal banking regulators finalize liquidity coverage ratio - The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule on Wednesday to strengthen the liquidity positions of large financial institutions.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140903a.htm
Press Release: www.fdic.gov/news/news/press/2014/pr14074.html
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-120.html

September 3, 2014 - Agencies adopt supplementary leverage ratio final rule - The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency on Wednesday adopted a final rule modifying the definition of the denominator of the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20140903b.htm
Press Release: https://www.fdic.gov/news/news/press/2014/pr14076.html 
Press Release: www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-118.html

September 2, 2014 - Financial Condition and Product Market Cooperation - Matthew Gustafson, Ivan T. Ivanov, and John Ritter - We provide evidence that existing studies relating financial condition to product market cooperation produce mixed results because of unique features of the industries examined. In particular, all evidence suggesting that poor financial condition decreases cooperation comes from the airline industry during periods of high idle capacity. www.federalreserve.gov/pubs/feds/2014/201463/201463pap.pdf

September 2, 2014 - What Drives the Cross-Section of Credit Spreads?: A Variance Decomposition Approach - Yoshio Nozawa - I decompose the cross-sectional variation of the credit spreads for corporate bonds into changing expected returns and changing expectation of credit losses with a model-free method.   www.federalreserve.gov/pubs/feds/2014/201462/201462pap.pdf

September 2, 2014 - NCUA: Credit Union Lending Accelerates in Second Quarter - ​Loans Grow in All Categories, Highest Year-Over-Year Growth Since 2006 - An improving economy in the second quarter of 2014 resulted in the highest year-over-year loan growth since 2006 for federally insured credit unions as lending increased in all categories, the National Credit Union Administration reported today. www.ncua.gov/News/Pages/NW20140902SecondQuarter.aspx

September 2, 2014 - NCUA Hosting Merger Best Practices Webinar - ​Learn Common Reasons for Mergers and Recommended Merger Best Practices - Mergers are a consequence of today’s competitive financial industry, so the National Credit Union Administration will host a free webinar, “Merger Best Practices,” on Wednesday, Sept. 17, 2014, at 2 p.m. Eastern. www.ncua.gov/News/Pages/NW20140902Webinar.aspx

September 2, 2014 - OCC Finalizes Its Heightened Standards for Large Financial Institutions - The Office of the Comptroller of the Currency today published final guidelines to strengthen the governance and risk management practices of large financial institutions.  www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-117.html

September 2, 2014 - Proposals for Comment - Proposed Market Risk Regulatory Report for Institutions Subject to the Market Risk Capital Rule.   www.federalreserve.gov/apps/foia/proposedregs.aspx#icp

September 2, 2014 - Legal Developments - Pending Cases Involving the Board of Governors.   www.federalreserve.gov/bankinforeg/legaldevelopmentscases.htm

September 2, 2014 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in AUGUST 2014 together with comparable figures for other months.   www.federalreserve.gov/releases/g5/current/default.htm

September 2, 2014 - Federal Reserve Board announces termination of enforcement actions with Ridgestone Financial Services, Inc., and Robertson Holding Company, L.P. www.federalreserve.gov/newsevents/press/enforcement/20140902a.htm

September 1, 2014 - The St. Louis Fed’s “Diálogo con La Fed” Coming to Little Rock on Oct. 2 - The Little Rock Branch of the Federal Reserve Bank of St. Louis will hold a special Diálogo con la Fed on Thursday, Oct. 2, hosted by Carlos Garriga, St. Louis Fed economist and research officer. www.stlouisfed.org/newsroom/displayNews.cfm?article=2290