December 31, 2015 - After Significant Increase, Financial Market Stress Falls Moderately - Financial market stress fell modestly in the latest reporting week. After rising to its highest level in nearly four years in the previous week, the St. Louis Fed Financial Stress Index (STLFSI) measured -0.596 for the week ending Dec. 25, down 0.035 from the previous week. In 2015, the index averaged -1.008, up markedly from the 2014 average of -1.417. www.stlouisfed.org/news-releases/2015/12/31/after-significant-increase-financial-market-stress-falls-moderately

December 31, 2015 - Federal Reserve System Financial Reports - Financial Accounting Manual for Federal Reserve Banks, January 2016 update - The Board of Governors and the Federal Reserve Banks annually prepare and release audited financial statements reflecting balances and income and expenses for the year then ended.  www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm

December 31, 2015 - Regulatory Reform - Discount Window Lending, Fourth Quarter 2013 - 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. Much of the statutory framework that governs lending to depository institutions is contained in section 10B of the Federal Reserve Act. www.federalreserve.gov/newsevents/reform_discount_window.htm

December 31, 2015 - Federal Reserve Board announces approval of application by Taiwan Business Bank.  www.federalreserve.gov/newsevents/press/orders/20151231a.htm

December 31, 2015 - NCUA Issues Prohibition Order - The National Credit Union Administration has issued one order in December prohibiting the following individual from participating in the affairs of any federally insured financial institution: www.ncua.gov/newsroom/Pages/news-2015-dec-prohibition-order.aspx

December 30, 2015 - Midwest Growth Decreased Slightly in November - The Midwest Economy Index was –0.17 in November, down from –0.14 in October. www.chicagofed.org/~/media/publications/mei/2015/mei-november2015-pdf.pdf?la=en

December 30, 2015 - OCC Encourages National Banks and Federal Savings Associations to Work with Customers Affected by Recent Extreme Weather; Allows Banks to Close - The Office of the Comptroller of the Currency reminds national banks and federal savings associations of guidance to assist financial institutions and customers affected by extreme weather, such as the recent flooding along the Mississippi River. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-167.html

December 30, 2015 - IFDP Notes - The Slowdown in Global Trade - Jane Haltmaier - The ratio of real global trade to GDP has leveled off since its recovery after a sharp decline during the global financial crisis. Relative to industrial production, trade has continued to edge up, but the increase in this ratio is also much slower than before the crisis. www.federalreserve.gov/econresdata/notes/ifdp-notes/2015/slowdown-in-global-trade-20151230.html

December 30, 2015 - Models and Tools - FRB/US model packages December update - 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

December 30, 2015 - Un-Fortunate Sons: Effects of the Vietnam Draft Lottery on the Next Generation's Labor Market - Sarena F. Goodman and Adam M. Isen - We study how randomized variation from the Vietnam draft lottery affects the next generation’s labor market.  www.federalreserve.gov/econresdata/feds/2015/files/2015119pap.pdf

December 30, 2015 - The Federal Reserve Board on Wednesday announced its approval of the application filed by Chemical Bank, Midland, Michigan, to establish a mobile branch in several counties in Michigan. www.federalreserve.gov/newsevents/press/orders/20151230a.htm

December 29, 2015 - Finance Companies - G.20 - Owned and Managed Receivables Outstanding - Seasonally adjusted. Billions of dollars except as noted. www.federalreserve.gov/releases/g20/Current/

December 29, 2015 - Do long-haul truckers undervalue future fuel savings? - Jacob Adenbaum, Adam Copeland, and John J. Stevens - The U.S. federal government enacted fuel efficiency standards for medium and heavy trucks for the first time in September 2011. Rationales for using this policy tool typically depend upon frictions existing in the marketplace or consumers being myopic, such that vehicle purchasers undervalue the future fuel savings from increased fuel efficiency. www.federalreserve.gov/econresdata/feds/2015/files/2015118pap.pdf

December 29, 2015 - Effects of the Ability to Repay and Qualified Mortgage Rules on the Mortgage Market - Neil Bhutta and Daniel Ringo - Following the recent housing and financial crisis, Congress passed one of the most comprehensive financial reform laws in U.S. history, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.federalreserve.gov/econresdata/notes/feds-notes/2015/effects-of-the-ability-to-repay-and-qualified-mortgage-rules-on-the-mortgage-market-20151229.html

December 29, 2015 - NCUA - First Hawaiian Homes Closes with Molokai Community Assuming Assets and Shares - Member Deposits Protected up to $250,000 by Share Insurance Fund - The National Credit Union Administration today liquidated First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii. www.ncua.gov/newsroom/Pages/news-2015-dec-First-Hawaiian-Homes.aspx

December 28, 2015 - FDIC Makes Public November Enforcement Actions; - No Administrative Hearings Scheduled for January 2016 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in November.  www.fdic.gov/news/news/press/2015/pr15104.html

December 28, 2015 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm 

December 28, 2015 - Statistical Release - Household Debt Service and Financial Obligations Ratios - Household debt service payments and financial obligations as a percentage of disposable personal income; seasonally adjusted.  www.federalreserve.gov/releases/housedebt/default.htm

December 28, 2015 - Taxing Capital? The Importance of How Human Capital is Accumulated - William B. Peterman - This paper considers the impact of how human capital is accumulated on optimal capital tax policy in a life cycle model.  www.federalreserve.gov/econresdata/feds/2015/files/2015117pap.pdf
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December 24, 2015 - Federal Reserve Board announces approval of application by BB&T Corporation - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by BB&T Corporation, Winston-Salem, North Carolina, to acquire National Penn Bancshares, Inc., and thereby indirectly acquire its wholly owned subsidiary, National Penn Bank, both of Allentown, Pennsylvania. www.federalreserve.gov/newsevents/press/orders/20151224a.htm

December 23, 2015 - NCUA Chief Economist: “We’ve Entered a New Interest Rate Environment” - New Economic Video Reviews How Recent Developments May Affect Credit Unions - The strengthening economy is good for credit unions, according to National Credit Union Administration Chief Economist Ralph Monaco, but there is still uncertainty about the economic outlook and future path of interest rates. www.ncua.gov/newsroom/Pages/news-2015-dec-economic-update.aspx

December 23, 2015 - FDIC Announces Settlement with The Bancorp Bank, Wilmington, Del., for Unfair and Deceptive Practices - Harmed consumers to receive approximately $1.3 million in restitution - The Federal Deposit Insurance Corporation announced a settlement with The Bancorp Bank, Wilmington, Del., for unfair and deceptive practices in violation of Section 5 of the Federal Trade Commission Act www.fdic.gov/news/news/press/2015/pr15103.html

December 23, 2015 - FDIC Announces Settlement with WEX Bank and Higher One for Deceptive Practices Related to Debit Cards for College Students - Harmed consumers to receive approximately $31 million in restitution - The Federal Deposit Insurance Corporation today announced settlements with WEX Bank, Midvale, Utah, and Higher One, Inc., New Haven, Conn., an institution-affiliated party of WEX Bank, for deceptive practices in violation of Section 5 of the Federal Trade Commission Act. www.fdic.gov/news/news/press/2015/pr15102.html

December 23, 2015 - Federal Reserve Board announces public comment period has been extended through January 31, 2016, on application by KeyCorp - The Federal Reserve Board on Wednesday announced that the public comment period has been extended through January 31, 2016, for the application by KeyCorp, Cleveland, Ohio, to acquire First Niagara Financial Group, Inc., and thereby acquire control of its subsidiary bank, First Niagara Bank, National Association, both of Buffalo, New York, pursuant to section 3 of the Bank Holding Company Act of 1956, as amended. www.federalreserve.gov/newsevents/press/orders/20151223a.htm

December 23, 2015 - Federal Reserve Board announces civil money penalty and issues cease and desist order against Higher One, Inc. - The Federal Reserve Board on Wednesday assessed a civil money penalty and issued a consent order to cease and desist against Higher One, Inc. of New Haven, Connecticut. The order addresses deceptive practices by Higher One that misled students who obtained financial aid disbursements from institutions of higher education through Higher One.   www.federalreserve.gov/newsevents/press/enforcement/20151223a.htm

December 22, 2015 - St. Louis Fed Discusses Growing Importance of Wealth in U.S. - The Center for Household Financial Stability at the Federal Reserve Bank of St. Louis has released the latest issue of its publication In the Balance. The issue takes a look at the growing importance of wealth – and how wealth concentration itself continues to grow. www.stlouisfed.org/news-releases/2015/12/22/st-louis-fed-discusses-growing-importance-of-wealth-in-us

December 22, 2015 - Federal Reserve Board issues enforcement action with Calumet County Bank.  www.federalreserve.gov/newsevents/press/enforcement/enf20151222a1.pdf

December 22, 2015 - Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions - The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act regulations.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20151222a.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15101.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-166.html

December 21, 2015 - Economic Growth Slowed in November - The Chicago Fed National Activity Index (CFNAI) was –0.30 in November, down from –0.17 in October. www.chicagofed.org/~/media/publications/cfnai/2015/cfnai-december2015-pdf.pdf?la=en

December 21, 2015 - OCC Reports Third Quarter Trading Revenue of $5.3 Billion - Insured U.S. commercial banks and savings associations reported trading revenue of $5.3 billion in the third quarter of 2015, a drop of 4 percent or $200 million from the previous second quarter, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities.  www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-165.html

December 21, 2015 - St. Louis Fed Adds 60 Interviews with Influential Economists to Digital Library - Interviews with influential economists just made available by the Federal Reserve Bank of St. Louis help tell the inside story of how past monetary policy emerged. www.stlouisfed.org/news-releases/2015/12/21/st-louis-fed-adds-60-interviews-with-influential-economists-to-digital-library/st-louis-fed-adds-60-interviews-with-influential-economists-to-digital-library

December 21, 2015 - Dynamics of Overnight Money Markets: What Has Changed at the Zero Lower Bound? - Elizabeth Klee, Zeynep Senyuz, and Emre Yoldas - The primary instrument of monetary policy in the U.S. has been the interest rate at which depository institutions lend balances to each other overnight, the federal funds rate (FFR). Prior to the 2007-2009 financial crisis, daily open market operations had been conducted to keep the equilibrium FFR near the target rate determined by the Federal Open Market Committee. www.federalreserve.gov/econresdata/notes/feds-notes/2015/dynamics-of-overnight-money-markets-what-has-changed-at-the-zero-lower-bound-151221.html

December 21, 2015 - Federal Reserve Board seeks public comment on proposed policy statement detailing the framework the Board would follow in setting the Countercyclical Capital Buffer.  www.federalreserve.gov/newsevents/press/bcreg/20151221b.htm

December 21, 2015 - Federal Reserve Board releases guidance to its examiners and banking institutions that consolidates capital planning expectations for all large financial institutions - The Federal Reserve Board on Monday released guidance to its examiners and banking institutions that consolidates the capital planning expectations for all large financial institutions and clarifies differences in those expectations based on firm size and complexity. www.federalreserve.gov/newsevents/press/bcreg/20151221a.htm

December 18, 2015 - Wage Growth, Inflation and the Labor Share - Lisa Barrow , Jason Faberman - The recent pattern of nominal wage growth has been a puzzle to economists, researchers and policymakers because it lies well below the trend wage growth predicted by inflation and productivity growth. We show that the difference can be reconciled by accounting for the labor share of output, which has been on a declining trend for the past 15 years. www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl349-pdf.pdf

December 18, 2015 - NCUA - Bethex Federal Credit Union Closes; USAlliance Assumes Loans, Assets, Shares - Member Deposits Remain Protected up to $250,000 by the Share Insurance Fund - The National Credit Union Administration today liquidated Bethex Federal Credit Union of Bronx, New York.
www.ncua.gov/newsroom/Pages/news-2015-dec-bethex-closes.aspx

December 18, 2015 - NCUA Returns Control of A.E.A. Federal Credit Union to Members - A.E.A. Federal Credit Union of Yuma, Arizona, is once again under the control of its members, the National Credit Union Administration announced today.
www.ncua.gov/newsroom/Pages/news-2015-dec-aea.aspx

December 18, 2015 - OCC Enforcement Actions and Terminations for December 2015 - 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/2015/nr-occ-2015-164.html

December 18, 2015 - Economic Outlook - 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 December 10, 2015. www.frbsf.org/economic-research/publications/fedviews/2015/december/december-10-2015/ 

December 18, 2015 - Ronald J. Kruszewski Reappointed to Federal Advisory Council - The board of directors of the Federal Reserve Bank of St. Louis has reappointed Ronald J. Kruszewski, chairman and CEO of Stifel Financial Corp. and chairman of Stifel, Nicolaus & Co. Inc. in St. Louis, to serve on the Federal Advisory Council for a one-year term that ends on Dec. 31, 2016. www.stlouisfed.org/news-releases/2015/12/18/ronald-j-kruszewski-reappointed-to-federal-advisory-council

December 18, 2015 - St. Louis Fed Memphis Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis has announced the following changes to its Memphis Branch board of directors, effective Jan. 1.  www.stlouisfed.org/news-releases/2015/12/18/st-louis-fed-memphis-branch-announces-changes-to-board-of-directors

December 18, 2015 - St. Louis Fed Little Rock Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis has announced the following changes to its Little Rock Branch board of directors, effective Jan1. www.stlouisfed.org/news-releases/2015/12/18/st-louis-fed-little-rock-branch-announces-changes-to-board-of-directors

December 18, 2015 - St. Louis Fed Louisville Branch Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its Louisville Branch board of directors, effective Jan. 1.  www.stlouisfed.org/news-releases/2015/12/18/st-louis-fed-louisville-branch-announces-changes-to-board-of-directors

December 18, 2015 - St. Louis Fed Announces Changes to Board of Directors - The Federal Reserve Bank of St. Louis announced the following changes to its board of directors, effective Jan. 1.  www.stlouisfed.org/news-releases/2015/12/18/st-louis-fed-announces-changes-to-board-of-directors

December 18, 2015 - Estimating (Markov-Switching) VAR Models without Gibbs Sampling: A Sequential Monte Carlo Approach - Mark Bognanni and Edward P. Herbst - Vector autoregressions with Markov-switching parameters (MS-VARs) fit the data better than do their constant-parameter predecessors.  www.federalreserve.gov/econresdata/feds/2015/files/2015116pap.pdf

December 18, 2015 - Does Realized Volatility Help Bond Yield Density Prediction? - Minchul Shin and Molin Zhong - We suggest using "realized volatility" as a volatility proxy to aid in model-based multivariate bond yield density forecasting.  www.federalreserve.gov/econresdata/feds/2015/files/2015115pap.pdf

December 18, 2015 - The Dynamics of Adjustable-Rate Subprime Mortgage Default: A Structural Estimation - Hanming Fang, You Suk Kim, and Wenli Li - We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions taking into account possible consequences of different degrees of delinquency from their lenders.  www.federalreserve.gov/econresdata/feds/2015/files/2015114pap.pdf

December 18, 2015 - Does Exporting Improve Matching? Evidence from French Employer-Employee Data - Matilde Bombardini, Gianluca Orefice, and Maria D. Tito - Does opening a market to international trade affect the pattern of matching between firms and workers?  www.federalreserve.gov/econresdata/feds/2015/files/2015113pap.pdf

December 18, 2015 - Credit Risk, Liquidity and Lies - Thomas B. King and Kurt F. Lewis - We reexamine the relative effects of credit risk and liquidity in the interbank market using bank-level panel data on Libor submissions and CDS spreads.  www.federalreserve.gov/econresdata/feds/2015/files/2015112pap.pdf

December 18, 2015 - Old-Fashioned Deposit Runs - Jonathan D. Rose - This paper characterizes the deposit runs that occurred in the commercial banking system during 2008 and compares them with deposit runs during the 1930s.  www.federalreserve.gov/econresdata/feds/2015/files/2015111pap.pdf

December 18, 2015 - Introducing Section 529 Plans into the U.S. Financial Accounts and Enhanced Financial Accounts - Madeline McCullers and Irina Stefanescu - Section 529 plans are tax-qualified college saving or prepaid tuition programs generally offered and administered by the states.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/introducing-section-529-plans-into-the-us-financial-accounts-and-enhanced-financial-accounts-20151218.html

December 18, 2015 - Interagency Statement on Prudent Risk Management for Commercial Real Estate Lending - The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are issuing the attached Statement on Prudent Risk Management for Commercial Real Estate Lending to remind financial institutions of existing regulatory guidance on prudent risk management practices for commercial real estate lending activity through economic cycles. www.federalreserve.gov/bankinforeg/srletters/sr1517.htm

December 18, 2015 - Have Global Value Chains Contributed to Global Imbalances? - Jane Haltmaier - Global value chains have grown rapidly over the past several decades. Over the same period, the aggregate value of current account imbalances has risen substantially. This paper looks at whether these developments are related. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1154.pdf

December 18, 2015 - Domestic Debt and Sovereign Defaults - This paper examines how domestic holdings of government debt affect sovereign default risk and government debt management. I develop a dynamic stochastic general equilibrium model with both external and domestic debt that endogenously generates output contraction upon default. www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1153.pdf

December 18, 2015 - Federal Advisory Council - 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

December 18, 2015 - Agencies issue statement on prudent risk management for commercial real estate lending - The federal banking agencies today issued a statement to reinforce prudent risk-management practices related to commercial real estate lending. 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20151218a.htm 
Press Release: www.fdic.gov/news/news/press/2015/pr15100.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-163.html
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December 18, 2015 - OCC Enforcement Actions and Terminations for December 2015 - The Office of the Comptroller of the Currency (OCC) 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. http://www.occ.treas.gov/news-issuances/news-releases/2015/nr-occ-2015-164.html

December 17, 2015 - Last Week, Financial Stress Index Posted Largest Increase since August - Financial market stress rose sharply in the latest reporting week. For the week ending Dec. 11, the St. Louis Fed Financial Stress Index measured -0.691, up from the prior week’s revised value of -0.835. Last week’s increase was the fifth in the past six weeks and the largest since the week ending Aug. 28, 2015. www.stlouisfed.org/news-releases/2015/12/17/last-week-financial-stress-index-posted-largest-increase-since-august

December 17, 2015 - FDIC Consumer Newsletter Features Shopping Tips for Loans and Credit Cards - Other Topics Include Banking Strategies for Small Businesses - Many people searching for a new loan or credit card may not be in the best position to get the right product for their needs and at the lowest possible cost.  www.fdic.gov/news/news/press/2015/pr15099.html

December 17, 2015 - Federal Banking Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden - The federal banking agencies approved a notice requesting comment on the fourth and final set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.
Press Release: www.fdic.gov/news/news/press/2015/pr15098.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-162.html

December 17, 2015 - 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

December 17, 2015 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of Minneapolis - The Federal Reserve Board has approved action on Thursday by the Board of Directors of the Federal Reserve Bank of Minneapolis, increasing the discount rate at the Bank from 3/4 percent to 1 percent, effective immediately. www.federalreserve.gov/newsevents/press/monetary/20151217a.htm

December 17, 2015 - Federal Banking Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden - The federal banking agencies approved a notice requesting comment on the fourth and final set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.  www.federalreserve.gov/newsevents/press/bcreg/20151217a.htm

December 17, 2015 - Federal Reserve Board issues enforcement action with Habib Bank Limited.  www.federalreserve.gov/newsevents/press/enforcement/enf20151217a1.pdf

December 16, 2015 - NCUA - November NCUA Board Video Available - The video recording of the November 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website.  www.ncua.gov/newsroom/Pages/news-2015-dec-board-video.aspx

December 16, 2015 - OCC Report Highlights Top Risks Facing National Banks and Federal Savings Associations - Strategic, underwriting, cybersecurity, compliance, and interest rate risks lead the Office of the Comptroller of the Currency’s supervisory concerns in its Semiannual Risk Perspective for Fall 2015, released today. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-161.html

December 16, 2015 - Margin and Capital Requirements for Covered Swap Entities - The FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, and the Federal Housing Finance Agency have adopted a final rule to implement Sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act www.fdic.gov/news/news/financial/2015/fil15061.html

December 16, 2015 - Final Rule Amending the Filing Requirements and Processing Procedures for Changes in Control - The final rule amending the FDIC's filing requirements and processing procedures for notices filed under the Change in Bank Control Act consolidates and conforms the regulations of state nonmember banks, state savings associations, and certain parent companies, and makes existing FDIC practices more transparent.  www.fdic.gov/news/news/financial/2015/fil15060.html

December 16, 2015 - FOMC press conference - December 16, 2015 - Opening Statement.  www.federalreserve.gov/mediacenter/files/FOMCpresconf20151216.pdf 

December 16, 2015 - Federal Reserve Board approves action by the Board of Directors of the Federal Reserve Bank of New York - The Federal Reserve Board on Wednesday approved action by the Board of Directors of the Federal Reserve Bank of New York, increasing the discount rate at the Bank from 3/4 percent to 1 percent, effective December 17, 2015. www.federalreserve.gov/newsevents/press/monetary/20151216c.htm

December 16, 2015 - Federal Reserve Board and Federal Open Market Committee release economic projections from the December 15-16 FOMC meeting - The attached table and charts released on Wednesday summarize the economic projections and the target federal funds rate projections made by Federal Open Market Committee participants for the December 15-16 meeting. www.federalreserve.gov/newsevents/press/monetary/20151216b.htm

December 16, 2015 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in October suggests that economic activity has been expanding at a moderate pace. Household spending and business fixed investment have been increasing at solid rates in recent months, and the housing sector has improved further; however, net exports have been soft. www.federalreserve.gov/newsevents/press/monetary/20151216a.htm

December 15, 2015 - NCUA - December's NCUA Report Now Available - The National Credit Union Administration announced today the December 2015 issue of The NCUA Report is now available online. - This latest issue includes columns from NCUA Board Chairman Debbie Matz, Vice Chairman Rick Metsger and Board Member J. Mark McWatters.  www.ncua.gov/newsroom/Pages/news-2015-dec-ncuareport.aspx

December 15, 2015 - FDIC Board Approves 2016 Operating Budget - The Board of Directors of the Federal Deposit Insurance Corporation today approved a $2.21 billion operating budget for 2016, down 4.7 percent from 2015. The Board also approved an authorized staffing level of 6,569 positions for 2016, a net reduction of 317 positions authorized for 2015. www.fdic.gov/news/news/press/2015/pr15097.html

December 15, 2015 - Federal Reserve Board announces termination of the enforcement action with Mid State Banks Inc. www.federalreserve.gov/newsevents/press/enforcement/20151215a.htm

December 14, 2015 - Mortgage Performance Continues to Improve Through Third Quarter of 2015, OCC Reports - Performance of first-lien mortgages continued to improve during the third quarter of 2015, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-160.html

December 14, 2015 - Sam Fiorello Rejoins St. Louis Fed’s Agribusiness Industry Council - Sam Fiorello, chief operating officer and senior vice president of the Donald Danforth Plant Science Center, has rejoined the Agribusiness Industry Council of the Federal Reserve Bank of St. Louis.  www.stlouisfed.org/news-releases/2015/12/14/sam-fiorello-rejoins-st-louis-fed-agribusiness-industry-council

December 14, 2015 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:45 AM on December 14, 2015. 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/20151214exp.htm

December 11, 2015 - CCP Conference Calls for Resolution “Fire Drills” - Chicago Fed Letter discusses central counterparty resolution proceedings and the need to test existing operational and legal frameworks for CCP resolution. www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl348-pdf.pdf

December 11, 2015 - NCUA: All States Show Positive Loan Growth in the Year Ending Sept. 30 - Median Asset and Deposits Growth Up, Median Delinquency Rates Down - Median loan growth in federally insured credit unions was 4.1 percent during the year ending Sept. 30, 2015, and all states reported positive growth, according to state-level data compiled by the National Credit Union Administration and released today. www.ncua.gov/newsroom/Pages/news-2015-dec-state-maps.aspx

December 11, 2015 - OCC Will Hold Hearing on Charges Against James E. Plack; Agency Seeks Removal and Prohibition Order and Civil Money Penalty - The Office of the Comptroller of the Currency today announced a public hearing before an Administrative Law Judge beginning Tuesday, December 15, 2015, where the OCC will litigate enforcement actions against James E. Plack, President, Chief Executive Officer, and Director of American Bank, Rockville, Maryland. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-159.html

December 11, 2015 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held at 1:00 PM on December 15, 2015. Matters to be considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20151215advexp.htm 

December 10, 2015 - Statistical Release - Mortgage Debt Outstanding. www.federalreserve.gov/econresdata/releases/mortoutstand/current.htm ___________________

December 10, 2015 - How Do We Measure Inflation? - Chicago Fed Letter explains how and why the Fed uses the personal consumption expenditures deflator as its index of prices. - François Velde - One goal of monetary policy is price stability, which requires a measure of prices over time. The gold standard maintained the stability of one price, that of gold.  www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl347-pdf.pdf

December 10, 2015 - NCUA - Morgan Stanley Agrees to Pay $225 Million to Settle NCUA’s Claims - Most Recent Settlement Resolves Cases in New York and Kansas Federal Courts – The National Credit Union Administration today announced a settlement with Morgan Stanley for $225 million to resolve claims arising from losses related to corporate credit unions’ purchases of faulty residential mortgage-backed securities. www.ncua.gov/newsroom/Pages/news-2015-dec-settlement.aspx

December 10, 2015 - Kansas City Fed appoints Community Depository Institution Advisory Council Members - The Federal Reserve Bank of Kansas City recently announced the following appointments to its Community Depository Institutions Advisory Council. The council, which was established in 2011, provides input to the Bank and its senior management on the economy, lending conditions and other issues. www.kansascityfed.org/~/media/files/publicat/newsroom/2015pdf/pressrelease121015.pdf

December 10, 2015 - Financial Market Stress Rises Modestly - Financial market stress rose modestly in the latest reporting week. For the week ending Dec. 4, the St. Louis Fed Financial Stress Index measured -0.832, up from the prior week’s revised value of -0.864.  www.stlouisfed.org/news-releases/2015/12/10/financial-market-stress-rises-modestly

December 10, 2015 - Statistical Release - Large Commercial Bank Report - 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/current/default.htm

December 10, 2015 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held at 12:00 PM on December 14, 2015. www.federalreserve.gov/aboutthefed/boardmeetings/20151214advexp.htm

December 10, 2015 - Statistical Release - Financial Accounts of the United States - Z.1. www.federalreserve.gov/Releases/Z1/Current/

December 10, 2015 - Banking agencies' statement regarding the Basel Committee's second consultative paper, "Revisions to the Standardized Approach for Credit Risk" - The Basel Committee on Banking Supervision (BCBS) today published a consultative paper, "Revisions to the Standardized Approach for credit risk," which is the committee's second consultative paper on the topic. 
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20151210b.htm
Press Release: www.fdic.gov/news/news/press/2015/pr15096.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-158.html

December 10, 2015 - Federal Reserve Board announces that it has not objected to the resubmitted capital plan from the Bank of America Corporation - The Board in March required Bank of America to resubmit its capital plan to address certain deficiencies in its capital planning processes, following the review of the firm's capital plan in the Board's Comprehensive Capital Analysis and Review. www.federalreserve.gov/newsevents/press/bcreg/20151210a.htm

December 9, 2015 - NCUA - “Best Places to Work” Report Reflects NCUA’s Commitment to Employees - Agency Sees Increases in Overall Satisfaction, Leadership, Veterans, Diversity - The National Credit Union Administration showed improvement in several key areas of employee satisfaction in the Partnership for Public Service’s 2015 “Best Places to Work” report.
www.ncua.gov/newsroom/Pages/news-2015-dec-best-places-to-work.aspx

December 9, 2015 - Underwriting Standards Continue to Ease, OCC Survey Shows - Underwriting among national banks and federal savings associations eased for the third consecutive year, according to a report released today by the Office of the Comptroller of the Currency. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-157.html

December 9, 2015 - Reports to the Congress - Preserving Minority Depository Institutions, December 2015.  www.federalreserve.gov/publications/other-reports/default.htm

December 8, 2015 - NCUA - Matz: “Mutually Beneficial” NCUA-FSOC Relationship Helps Protect Credit Unions - National Credit Union Administration Board Chairman Debbie Matz today told lawmakers the “mutually beneficial” relationship with the Financial Stability Oversight Council helps NCUA better protect credit unions and their members.
www.ncua.gov/newsroom/Pages/news-2015-dec-matz-testimony.aspx

December 8, 2015 - Comptroller Discusses Financial Stability Oversight Council Before the House Financial Services Committee - Comptroller of the Currency Thomas J. Curry today discussed the functions and operations of the Financial Stability Oversight Council in testimony before Congress. He noted information about the specific mandates Congress has given the FSOC and discussed some of the important actions the Council has undertaken. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-156.html

December 7, 2015 - Chicago Fed Symposium Forecasts Growth to Be Slightly Above Average in 2016 - U.S. economy to grow at pace slightly higher than historical average, with inflation increasing and unemployment rate edging down, according to Economic Outlook Symposium participants. www.chicagofed.org/~/media/others/events/2015/economic-outlook-symposium/eos-press-release-pdf.pdf
 
December 7, 2015 - St. Louis Fed's Bullard Discusses FOMC Forecasts and Implications for Monetary Policy - Federal Reserve Bank of St. Louis President James Bullard reflected on Federal Open Market Committee forecasts running up to 2015 and their implications for monetary policy. He delivered his remarks during the 20th Annual Indiana Economic Outlook Luncheon at Ball State University on Monday. www.stlouisfed.org/news-releases/2015/12/07/st-louis-feds-bullard-discusses-fomc-forecasts-and-implications-for-monetary-policy

December 7, 2015 - Consumer Credit - G.19 - In October, consumer credit increased at a seasonally adjusted annual rate of 5-1/2 percent. Revolving credit increased at an annual rate of 1/4 percent, while nonrevolving credit increased at an annual rate of 7-1/2 percent. www.federalreserve.gov/releases/g19/current/

December 7, 2015 - The Ins and Outs of Mortgage Debt: An Update - Real household mortgage debt has been flat over the past two years. However, as described in more detail below, new data on credit flows reveal that mortgage inflows have picked up for the first time since before the financial crisis, including to individuals with lower credit scores.   www.federalreserve.gov/econresdata/notes/feds-notes/2015/the-ins-and-outs-of-mortgage-debt-an-update-20151207.html

December 7, 2015 - NCUA - Strong Loan Growth Marks Third-Quarter Credit Union System Performance - America’s federally insured credit unions continued to expand lending and reduce longer-term investments in the third quarter of 2015, the National Credit Union Administration reported today. www.ncua.gov/newsroom/Pages/news-2015-dec-third-quarter-data.aspx

December 4, 2015 - St. Louis Fed's Bullard Discusses Zero Interest Rate Policy - Federal Reserve Bank of St. Louis President James Bullard discussed “Permazero as a Possible Medium-term Outcome for the U.S. and the G-7,” at the Philadelphia Fed Policy Forum on Friday. www.stlouisfed.org/news-releases/2015/12/04/st-louis-feds-bullard-discusses-zero-interest-rate-policy

December 4, 2015 - Proposed Revisions to the Consolidated Reports of Condition and Income and Banker Teleconference Scheduled for December 8 - Revisions to the Consolidated Reports of Condition and Income that had been proposed to take effect December 31, 2015, have been deferred until no earlier than March 31, 2016.  www.fdic.gov/news/news/financial/2015/fil15058.html

December 4, 2015 - Compliance Examination Manual - The FDIC has revised the Compliance Examination Manual to reflect recent supervisory guidance. The manual provides guidance to FDIC examination staff for evaluating financial institutions for compliance with the federal consumer protection laws and regulations.  www.fdic.gov/news/news/financial/2015/fil15059.html

December 4, 2015 - FOIA - Chair Yellen's calendar, October 2015.  www.federalreserve.gov/foia/files/chair-yellen-calendar-102015.pdf 

December 4, 2015 - 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

December 4, 2015 - The Federal Reserve Board on Friday announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2016. www.federalreserve.gov/newsevents/press/other/20151204a.htm

December 4, 2015 - Federal Reserve Board issues final rule providing information on Board's revised capital rules for non-traditional stock corporations.   www.federalreserve.gov/newsevents/press/bcreg/20151204a.htm
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December 3, 2015 - The Chicago Fed Survey of Business Conditions: Quantifying the Seventh District’s Beige Book Report - Scott Brave , Thomas Walstrum , Jacob Berman -
In this article, the authors describe a new survey methodology used by the Federal Reserve Bank of Chicago in constructing the Seventh District’s Beige Book report called the Chicago Fed Survey of Business Conditions.  www.chicagofed.org/~/media/publications/economic-perspectives/2015/3q2015-part2-brave-walstrum-berman-pdf.pdf

December 3, 2015 - Financial Market Stress Declines for the First Time in Four Weeks - Financial market stress fell modestly in the latest reporting week. For the week ending Nov. 27, the St. Louis Fed Financial Stress Index measured -0.860, down from the prior week’s revised value of -0.826.  www.stlouisfed.org/news-releases/2015/12/03/financial-market-stress-declines-for-the-first-time-in-four-weeks

December 3, 2015 - DEPOSITORY INSTITUTION REPORTS - Proposed Revisions to the Consolidated Reports of Condition and Income and Banker Teleconference Scheduled for December 8 - On September 18, 2015, the federal banking agencies requested comment on proposed revisions to the Consolidated Reports of Condition and Income.  www.fdic.gov/news/news/financial/2015/fil15057.html

December 3, 2015 - FDIC Issues List of Banks Examined for CRA Compliance - The Federal Deposit Insurance Corporation today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in September 2015.  www.fdic.gov/news/news/press/2015/pr15095.html

December 3, 2015 - Supervisory Concerns Related to Shareholder Protection Arrangements - The Federal Reserve is issuing this guidance to explain supervisory concerns related to arrangements structured by bank and savings and loan holding companies to protect the financial investments made by shareholders. www.federalreserve.gov/bankinforeg/srletters/sr1515.htm

December 3, 2015 - FEDS Notes - Credit-to-GDP Trends and Gaps by Lender- and Credit-type - William Bassett, Ainsley Daigle, Rochelle Edge, and Gazi Kara - The one-sided credit-to-GDP gap -- measured as the difference between the level of private nonfinancial sector credit-to-GDP and its one-sided Hodrick-Prescott filtered trend.....  www.federalreserve.gov/econresdata/notes/feds-notes/2015/credit-to-gdp-trends-and-gaps-by-lender-and-credit-type-20151203.html

December 3, 2015 - Stanley Fischer, Vice Chairman - Financial Stability and Shadow Banks: What We Don't Know Could Hurt Us - At the "Financial Stability: Policy Analysis and Data Needs" 2015 Financial Stability Conference sponsored by the Federal Reserve Bank of Cleveland and the Office of Financial Research, Washington, D.C. www.federalreserve.gov/newsevents/speech/fischer20151203a.pdf

December 3, 2015 - Janet L. Yellen, Chair - Economic Outlook - Before the Joint Economic Committee, U.S. Congress, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20151203a.pdf

December 3, 2015 - Federal Reserve announces results of offering of seven-day term deposits on December 3 - On December 3, 2015, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility.  www.federalreserve.gov/newsevents/press/monetary/20151203a.htm

December 3, 2015 - Federal Reserve Board issues termination of enforcement action with Columbus Junction State Bank.  www.federalreserve.gov/newsevents/press/enforcement/20151203a.htm

December 3, 2015 - NCUA - Chairman Matz’s Open Forum Video Now Available Online - The video recording of National Credit Union Administration Board Chairman Debbie Matz’s Oct. 30 Open Forum is now available on the agency’s website.  www.ncua.gov/newsroom/Pages/news-2015-dec-matz-open-forum-video.aspx

December 2, 2015 - Midwest Growth Still Slightly Below Average in October -The Midwest Economy Index (MEI) was –0.14 in October, up from –0.17 in September. - The Midwest Economy Index moved up to –0.14 in October from –0.17 in September. The relative MEI increased to –0.23 in October from –0.34 in September.  www.chicagofed.org/publications/mei/index

December 2, 2015 - Comptroller of the Currency Discusses Efforts To Reduce Regulatory Burden - Comptroller of the Currency Thomas J. Curry discussed efforts to reduce regulatory burden during an interagency outreach meeting conducted under the Economic Growth and Regulatory Paperwork Reduction Act. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-155.html

December 2, 2015 - RELEASE SCHEDULE FOR THE KANSAS CITY FED’S LABOR MARKET CONDITIONS INDICATORS - The Kansas City Fed’s Labor Market Conditions Indicators (LMCI) are two monthly measures of labor market conditions based on 24 labor market variables. One indicator measures the level of activity in labor markets and the other indicator measures momentum in labor markets. www.kansascityfed.org/~/media/files/publicat/newsroom/2015pdf/pressrelease120215lmci.pdf

December 2, 2015 - KANSAS CITY FED NAMES FEDERAL ADVISORY COUNCIL APPOINTMENT - The Federal Reserve Bank of Kansas City has appointed Leslie R. Andersen, president and chief executive officer of Bank of Bennington, Bennington, Neb., as its representative to the Federal Advisory Council, representing the Tenth Federal Reserve District.  www.kansascityfed.org/~/media/files/publicat/newsroom/2015pdf/pressrelease120215.pdf

December 2, 2015 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts - Summary of Commentary on Current Economic Conditions by Federal Reserve District.  www.federalreserve.gov/monetarypolicy/beigebook/files/Beigebook_20151202.pdf

December 2, 2015 - Supervision Manuals - Commercial Bank Examination Manual, October 2015 update.  www.federalreserve.gov/boarddocs/supmanual/cbem/cbem.pdf

December 2, 2015 - Chair Janet L. Yellen - The Economic Outlook and Monetary Policy - At the Economic Club of Washington, Washington, D.C.   www.federalreserve.gov/newsevents/speech/yellen20151202a.htm

December 2, 2015 - Daniel K. Tarullo, Governor - Opening Remarks - At the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting, Arlington, Virginia.   www.federalreserve.gov/newsevents/speech/tarullo20151202a.htm 

December 2, 2015 - Federal Reserve offers seven-day term deposits through its Term Deposit Facility - On December 3, 2015, the Federal Reserve will conduct a floating-rate offering of term deposits with an early withdrawal feature through its Term Deposit Facility. www.federalreserve.gov/newsevents/press/monetary/20151202a.htm

December 2, 2015 - Federal Reserve announces College Fed Challenge winners - Pace University won the 12th annual national College Fed Challenge on Wednesday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. www.federalreserve.gov/newsevents/press/other/20151202a.htm

December 1, 2015 - Lael Brainard, Governor - Normalizing Monetary Policy When the Neutral Interest Rate Is Low - At the Stanford Institute for Economic Policy Research, Stanford, California.   www.federalreserve.gov/newsevents/speech/brainard20151201a.htm

December 1, 2015 - Evans Addresses Michigan Business Leaders - Chicago Fed President Charles Evans talked about monetary policy and the economy December 1 during the Lansing Regional Chamber of Commerce economic luncheon in Lansing, MI. www.chicagofed.org/publications/speeches/2015/12-01-case-for-slow-return-to-monetary-policy-normalization

December 1, 2015 - NCUA - Greater Abyssinia Federal Credit Union Closes - Member Deposits Protected up to $250,000 by Share Insurance Fund - The National Credit Union Administration today liquidated Greater Abyssinia Federal Credit Union of Cleveland, Ohio. http://www.ncua.gov/newsroom/Pages/news-2015-dec-abyssinia-liquidation.aspx

December 1, 2015 - OCC Releases CRA Evaluations for 25 National Banks and Federal Savings Associations - The Office of the Comptroller of the Currency today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of November 1, 2015 through November 30, 2015. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-154.html

December 1, 2015 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of Texas Affected by Severe Storms, Tornadoes, Straight-Line Winds, 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 Texas affected by severe storms, tornadoes, straight-line winds, and flooding. www.fdic.gov/news/news/financial/2015/fil15056.pdf

December 1, 2015 - Welfare Evaluation in a Heterogeneous Agent Model: How Representative is the CES Representative Consumer? - Maria D. Tito - The present paper investigates the impact of asymmetric price changes on welfare in a model with heterogeneous consumers.  www.federalreserve.gov/econresdata/feds/2015/files/2015109pap.pdf