The E-mail Banking News
(Bank Regulatory News)
February 2017

February 28, 2017 - St. Louis Fed's Bullard Discusses the Fed's Balance Sheet and the U.S. Monetary Policy Outlook - Federal Reserve Bank of St. Louis President James Bullard discussed “The Role of the Fed’s Balance Sheet for the U.S. Monetary Policy Outlook in 2017” at the George Washington University Alumni Lecture in Economics on Tuesday. www.stlouisfed.org/news-releases/2017/02/28/bullard-discusses-feds-balance-sheet

February 28, 2017 - Recent Declines in the Fed’s Longer-Run Economic Projections By Jonas D. M. Fisher , Christopher Russo - This Chicago Fed Letter investigates the evolution of longer-run economic projections made by participants of the Federal Reserve’s monetary policy committee, the Federal Open Market Committee, in its Summary of Economic Projections, and by the private sector. www.chicagofed.org/publications/chicago-fed-letter/2017/375

February 28, 2017 - NCUA - Stabilization Fund Earns Clean 2016 Audit - The Temporary Corporate Credit Union Stabilization Fund has received a seventh consecutive clean audit opinion, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2017-feb-stabilization-fund-earns-clean-2016-audit.aspx

February 28, 2017 - NCUA Issues Prohibition Notices - The National Credit Union Administration in February issued six notices of prohibition to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution. www.ncua.gov/newsroom/Pages/news-2017-feb-ncua-issues-prohibition-notices.aspx

February 28, 2017 - NCUA - McWatters Outlines Plan for “Thoughtful Loosening” of Regulation - NCUA Acting Chairman Discusses Possible Stabilization Fund Closure in 2017 - In his first address since his designation as Acting NCUA Board Chairman, J. Mark McWatters informed credit unions they can anticipate a “thoughtful loosening” of regulations, a streamlined agency budget, and the possible closure of the Temporary Corporate Credit Union Stabilization Fund in 2017. www.ncua.gov/newsroom/Pages/news-2017-feb-mcwatters-outlines-plans.aspx

February 28, 2017 - NCUA - Metsger Marks a “Very Productive and Rewarding Nine Months” as Chairman - “Cooperative Spirit,” Board Member says, “Truly Makes America Great” - Modernized rules and a more efficient and responsive agency have been part of a “very productive and rewarding” turn at the helm of the National Credit Union Administration, NCUA Board Member and former Chairman Rick Metsger said today. www.ncua.gov/newsroom/Pages/news-2017-feb-metsger-gac-remarks.aspx

February 28, 2017 - FDIC Issues Second Quarter 2017 CRA Examination Schedule - The Federal Deposit Insurance Corporation has issued the public list of institutions that it has scheduled for a Community Reinvestment Act (CRA) examination during the second quarter of 2017. www.fdic.gov/news/news/press/2017/pr17017.html

February 28, 2017 - FDIC-Insured Institutions Earn $43.7 Billion in Fourth Quarter 2016 - Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $43.7 billion in the fourth quarter of 2016, up $3.1 billion (7.7 percent) from a year earlier. www.fdic.gov/news/news/press/2017/pr17016.html

February 28, 2017 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 9:30 AM on March 2, 2017. Matter to be considered: Periodic Supervisory Update. www.federalreserve.gov/aboutthefed/boardmeetings/20170302advexp.htm

February 28, 2017 - Minutes of the Board's discount rate meetings from January 23 and February 1, 2017.  www.federalreserve.gov/newsevents/press/monetary/20170228a.htm

February 28, 2017 - Federal Reserve Board announces termination of enforcement action with Bank of Montreal, BMO Financial Corporation, and Bank of Montreal Chicago Branch.   www.federalreserve.gov/newsevents/press/enforcement/20170228a.htm

February 27, 2017 - OCC Assesses Penalty Against Merchants Bank of California, N.A. - The Office of the Comptroller of the Currency today announced a $1 million civil money penalty against Merchants Bank of California, N.A. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-23.html

February 27, 2017 - OCC Supports America Saves Week - Comptroller of the Currency Thomas J. Curry today released the following statement in recognition of America Saves Week, February 27 – March 4, 2017: www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-22.html

February 27, 2017 - The Cleared Bilateral Repo Market and Proposed Repo Benchmark Rates - David Bowman, Joshua Louria, Matthew McCormick, and Mary-Frances Styczynski - As described in a recent statement and blog post , the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research, is considering the publication of several new benchmark rates for overnight Treasury general collateral repurchase agreement transactions in order to enhance market transparency and efficiency by improving the quality and breadth of repo market information available to the public. www.federalreserve.gov/econresdata/notes/feds-notes/2017/cleared-bilateral-repo-market-and-proposed-repo-benchmark-rates-20170227.html

February 27, 2017 - Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small? - Wayne Passmore and Alexander H. von Hafften - The Basel Committee on Banking Supervision, the Basel Committee, or Basel has developed a methodology for identifying global systemically important banks and standards for requiring G-SIBs to hold more common equity. www.federalreserve.gov/econresdata/notes/feds-notes/2017/are-basels-capital-surcharges-for-global-systemically-important-banks-too-small-20170223.html

February 27, 2017 - Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small? - Wayne Passmore and Alexander H. von Hafften - The Basel Committee promulgates bank regulatory standards that many major economies enact to a significant extent. www.federalreserve.gov/econresdata/feds/2017/files/2017021pap.pdf

February 27, 2017 - Gauging the Uncertainty of the Economic Outlook Using Historical Forecasting Errors: The Federal Reserve's Approach -David Reifschneider and Peter Tulip -Since November 2007, the Federal Open Market Committee of the U.S. Federal Reserve has regularly published participants' qualitative assessments of the uncertainty attending their individual forecasts of real activity and inflation, expressed relative to that seen on average in the past. www.federalreserve.gov/econresdata/feds/2017/files/2017020pap.pdf

February 24, 2017 - NCUA Offers Online Resources for Saving - ?America Saves and Military Saves Weeks a Reminder to Put Something Aside - Credit unions and their members can get valuable information on saving and improving their financial security from the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2017-feb-ncua-offers-online-resources.aspx

February 24, 2017 - The NCUA Report to be Published Quarterly - February 2017 Issue Now Available Online - The National Credit Union Administration’s NCUA Report newsletter is moving to a quarterly publication schedule, the agency announced today. www.ncua.gov/newsroom/Pages/news-2017-feb-ncua-report-published-quarterly.aspx

February 24, 2017 - FDIC Makes Public January Enforcement Actions; No Administrative Hearings Scheduled for February 2017 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in January. www.fdic.gov/news/news/press/2017/pr17014.html

February 24 2017 - Federal Reserve Board announces approval of applications by PlainsCapital Bank - The Federal Reserve Board on Friday announced its approval of the applications under section 9 of the Federal Reserve Act by PlainsCapital Bank, Dallas, Texas, to establish branches at One Cowboys Way and 6635 Cowboys Way, both of Frisco, Texas. www.federalreserve.gov/newsevents/press/orders/20170224b.htm

February 24, 2017 - Federal Reserve Board announces approval of application by F.N.B. Corporation - The Federal Reserve Board on Friday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by F.N.B. Corporation, Pittsburgh, Pennsylvania, to merge with Yadkin Financial Corporation, Raleigh, and thereby indirectly acquire its wholly owned subsidiary, Yadkin Bank, Statesville, both of North Carolina. www.federalreserve.gov/newsevents/press/orders/20170224a.htm

February 24, 2017 - Legal Interpretations - Bank Holding Company Act, February 15, 2017.  www.federalreserve.gov/bankinforeg/LegalInterpretations/bhc_changeincontrol2017.htm

February 24, 2017 - FDIC Encourages Consumers to Save Automatically to Achieve Financial Goals - The Federal Deposit Insurance Corporation encourages consumers to commemorate America Saves Week by taking advantage of automatic savings to achieve financial goals. Over time, small automatic deposits into a retirement or savings account can add up with compounded interest, helping consumers cover unexpected expenses and build wealth. www.fdic.gov/news/news/press/2017/pr17015.html

February 24, 2017 - 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. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 23, 2017 - Disaster Risk and Asset Returns: An International Perspective - Karen K. Lewis and Edith X. Liu - Recent studies have shown that disaster risk can generate asset return moments similar to those observed in the U.S. data. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1199.pdf

February 23, 2017 - Federal Reserve announces results of offering of seven-day term deposits on February 23 - On February 23, 2017, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. www.federalreserve.gov/newsevents/press/monetary/20170223a.htm
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February 24, 2017 - FDIC Makes Public January Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. https://www.fdic.gov/news/news/press/2017/pr17014.html

February 23, 2017 - Chicago Fed National Activity Index - Index shows economic growth decreased in January - Led by declines in production-related indicators, the Chicago Fed National Activity Index decreased to –0.05 in January from +0.18 in December. www.chicagofed.org/~/media/publications/cfnai/2017/cfnai-february2017-pdf.pdf

February 23, 2017 - The Effect of Foreign Lending on Domestic Loans: an Analysis of U.S. Global Banks - Edith X. Liu and Jonathan Pogach - This paper examines the effect of foreign lending on the domestic lending for US global banks. We show that greater foreign loan growth complements, rather than detracts from, domestic commercial lending. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1198.pdf

February 23, 2017 - "Low-For-Long" Interest Rates and Banks' Interest Margins and Profitability: Cross-Country Evidence - Stijn Claessens, Nicholas Coleman, and Michael Donnelly - Abstract: Interest rates in many advanced economies have been low for almost a decade now and are often expected to remain so. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1197.pdf

February 23, 2017 - Federal Reserve Board announces termination of enforcement action with Commerce Bancshares, Inc. www.federalreserve.gov/newsevents/press/enforcement/20170223a.htm

February 23, 2017 - Agencies release swap margin guidance - The Federal Reserve Board and the Office of the Comptroller of the Currency on Thursday issued guidance explaining how supervisors should examine for compliance with the swap margin rule, which established margin requirements for swaps not cleared through a clearinghouse.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20170223a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17013.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-21.html

February 23, 2017 - NCUA - Corporate System Resolution Costs Show Continued Improvement - Updated Questions and Answers about the Corporate Resolution program costs and projected future Temporary Corporate Credit Union Stabilization Fund assessments are now available online, the National Credit Union Administration said today. www.ncua.gov/newsroom/Pages/news-2017-feb-corporate-system-resolution-costs-show-continued-improvement.aspx

February 23, 2017 - NCUA - Board Extends 18 Percent Interest Rate Cap - Share Insurance Fund Remains in Stable Position - The National Credit Union Administration Board held its second open meeting of 2017 at the agency’s headquarters here today and unanimously approved one item: A staff recommendation to maintain until Sept. 10, 2018, the current 18-percent maximum loan interest rate for most loans made by federal credit unions. https://www.ncua.gov/newsroom/Pages/news-2017-board-extends-18-percent-interest-rate-cap.aspx

February 22, 2017 - Jerome H. Powell,  Governor - The Economic Outlook and Monetary Policy - At the Forecasters Club of New York Luncheon, New York, New York. www.federalreserve.gov/newsevents/speech/powell20170222a.pdf

February 22, 2017 - Minutes of the Federal Open Market Committee, January 31-February 1, 2017 - The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 31-February 1, 2017. www.federalreserve.gov/newsevents/press/monetary/20170222a.htm

February 22, 2017 - Federal Reserve Board announces annual adjustment to the asset-size threshold in Regulation I - The Federal Reserve Board on Wednesday announced the annual adjustment to the asset-size threshold in Regulation I that determines the dividend rate that certain member banks earn on their Federal Reserve Bank stock. www.federalreserve.gov/newsevents/press/bcreg/20170222a.htm

February 22, 2017 - Uncertainty, Currency Excess Returns, and Risk Reversals - Lucas Husted, John Rogers, and Bo Sun - In this paper we provide strong evidence that heightened uncertainty in the U.S. real economy or financial markets significantly raises excess returns to the currency carry trade. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1196.pdf

February 22, 2017 - Incentive Contracting Under Ambiguity Aversion - Qi Liu, Lei Lu, and Bo Sun - This paper studies a principal-agent model in which the information on future firm performance is ambiguous and the agent is averse to ambiguity. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1195.pdf

February 21, 2017 - Unconventional Monetary and Exchange Rate Policies - Joseph E. Gagnon, Tamim Bayoumi, Juan M. Londono, Christian Saborowski, and Horacio Sapriza - This paper explores the direct effects and spillovers of unconventional monetary and exchange rate policies. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1194.pdf

February 21, 2017 - Learning, Prices, and Firm Dynamics - Paulo Bastos, Daniel A. Dias, and Olga A. Timoshenko - We document new facts about the evolution of firm performance and prices in international markets, and propose a theory of firm dynamics emphasizing the interaction between learning about demand and quality choice to explain the observed patterns. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1193.pdf

February 21, 2017 - NCUA - Equal Credit Opportunity Act Added to Feb. 28 Consumer Compliance Webinar - Discussion on Prepaid Account Rules Moved to Future Webinar - Credit unions will have the opportunity to learn more about the Equal Credit Opportunity Act and its implementing Regulation B during the National Credit Union Administration’s Feb. 28 consumer compliance webinar. www.ncua.gov/newsroom/Pages/news-2017-feb-equal-credit-opportunity-act-feb-28-consumer-compliance-webinar.aspx

February 21, 2017 - Declining Dynamism, Allocative Efficiency, and the Productivity Slowdown - Ryan A. Decker, John Haltiwanger, Ron S. Jarmin, and Javier Miranda - A large literature documents declining measures of business dynamism including high-growth young firm activity and job reallocation. www.federalreserve.gov/econresdata/feds/2017/files/2017019pap.pdf

February 21, 2017 - Statistical Release - Charge Off and Delinquency Rates on Loans and Leases at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/

February 17, 2017 - OCC Enforcement Actions and Terminations for February 2017 - 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/2017/nr-occ-2017-20.html

February 17, 2017 - Statistical Release - Minority-Owned Depository Institutions - Historically, the Federal Reserve Board compiled quarterly data on depository institutions that participate in the Treasury’s Minority Bank Deposit Program. www.federalreserve.gov/releases/mob/current/default.htm

February 17, 2017 - Statistical Release - Large Commercial Banks - The Federal Reserve Board compiles quarterly data on domestically chartered insured commercial banks that have consolidated assets of $300 million or more and releases the data about twelve weeks after the end of each quarter. www.federalreserve.gov/releases/lbr/current/default.htm

February 17, 2017 - Macroeconomic Forecasting in Times of Crises - Pablo Guerrón-Quintana and Molin Zhong - We propose a parsimonious semiparametric method for macroeconomic forecasting during episodes of sudden changes. www.federalreserve.gov/econresdata/feds/2017/files/2017018pap.pdf

February 17, 2017 - Lining Up: Survey and Administrative Data Estimates of Wealth Concentration - Arthur B. Kennickell - The Survey of Consumer Finances has a dual-frame sample design that supplements a standard area-probability frame with a sample of observations drawn from statistical records derived from tax returns. www.federalreserve.gov/econresdata/feds/2017/files/2017017pap.pdf

February 17, 2017 - Federal Advisory Council - Records of the meeting, February 10, 2017 - 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

February 16, 2017 - NCUA’s Four Permanent Funds Earn Clean Audit Opinions for 2016 - Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF - The National Credit Union Administration’s four permanent funds have again received unmodified, or “clean,” audit opinions for 2016, according to audited financial statements released today by the Office of the Inspector General. www.ncua.gov/newsroom/Pages/news-2017-feb-ncua-four-permanent-funds-earn-clean-audit-opinions-2016.aspx
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February 17, 2017 - OCC Enforcement Actions and Terminations for February 2017 - 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. https://www.occ.treas.gov/news-issuances/news-releases/2017/nr-occ-2017-20.html

February 15, 2017 - Financial Audit: Federal Deposit Insurance Corporation Funds' 2016 and 2015 Financial Statements. http://www.gao.gov/products/GAO-17-299R 

February 16, 2017 - ICT Asset Prices: Marshaling Evidence into New Measures - David Byrne and Carol Corrado - This paper is a companion to our recent paper, "ICT Prices and ICT Services: What do they tell us about Productivity and Technology?" www.federalreserve.gov/econresdata/feds/2017/files/2017016pap.pdf

February 16, 2017 - Inter-firm Relationships and Asset Prices - Carlos Ramírez - This paper proposes a novel link between the propagation of shocks within production networks and asset prices. www.federalreserve.gov/econresdata/feds/2017/files/2017014pap.pdf

February 16, 2017 - ICT Prices and ICT Services: What do they tell us about Productivity and Technology? - David Byrne and Carol Corrado - This paper reassesses the link between ICT prices, technology, and productivity. www.federalreserve.gov/econresdata/feds/2017/files/2017015pap.pdf

February 16, 2017 - Complex-Task Biased Technological Change and the Labor Market - Colin Caines, Florian Hoffman, and Gueorgui Kambourov - In this paper we study the relationship between task complexity and the occupational wage- and employment structure. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1192.pdf

February 16, 2017 - The Anatomy of Financial Vulnerabilities and Crises - Seung Jung Lee, Kelly E. Posenau, and Viktors Stebunovs - We extend the framework used in Aikman, Kiley, Lee, Palumbo, and Warusawitharana (2015) that maps vulnerabilities in the U.S. financial system to a broader set of advanced and emerging economies. www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1191.pdf

February 16, 2017 - Federal Reserve Board announces termination of enforcement action with West Tennessee Bancshares and Bank of Bartlett www.federalreserve.gov/newsevents/press/enforcement/20170216a.htm

February 16, 2017 - Federal Reserve to offer seven-day term deposits on February 23 - The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility with one operation in February. www.federalreserve.gov/newsevents/press/monetary/20170216a.htm

February 15, 2017 - Kansas City Fed Appoints Morhaus, Robbins to New Roles - Kansas City Fed President Esther George recently announced the following officer promotions, effective Feb. 1 www.kansascityfed.org/~/media/files/publicat/newsroom/2017/pressrelease021517.pdf

February 15, 2017 - Statement Before House Committee on Agriculture By Nathan Kauffman Assistant Vice President, Economist, and Omaha Branch Executive Federal Reserve Bank of Kansas City Before the House Committee on Agriculture www.kansascityfed.org/~/media/files/publicat/speeches/2017/2017-kauffman-houseagcommittee-02-15.pdf

February 15, 2017 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production decreased 0.3 percent in January following a 0.6 percent increase in December. In January, manufacturing output moved up 0.2 percent, and mining output jumped 2.8 percent. www.federalreserve.gov/releases/g17/Current/default.htm
 
February 14, 2017 - The FDIC Makes Joining the Money Smart Alliance Program Easier - The FDIC's Money Smart Alliance program is a network of financial institutions, nonprofits, and governmental organizations that use the FDIC's financial education curriculum to provide training to consumers, small businesses, and others. www.fdic.gov/news/news/financial/2017/fil17008.html
 
February 14, 2017 - Regulatory Relief - Guidance to Help Financial Institutions and to Facilitate Recovery in Areas of Louisiana Affected by Severe Storms, Tornadoes, and Straight-line Winds - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Louisiana affected by severe weather. www.fdic.gov/news/news/financial/2017/fil17009.pdf

February 14, 2017 - Reports to the Congress - Monetary Policy Report - The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future. www.federalreserve.gov/monetarypolicy/mpr_default.htm

February 14, 2017 - Janet L. Yellen,  Chair - Semiannual Monetary Policy Report to the Congress - Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. www.federalreserve.gov/newsevents/testimony/yellen20170214a.pdf

February 13, 2017 - Recent Declines in the Fed’s Longer-Run Economic Projections By Jonas D. M. Fisher , Christopher Russo - This Chicago Fed Letter investigates the evolution of longer-run economic projections made by participants of the Federal Reserve’s monetary policy committee, the Federal Open Market Committee, in its Summary of Economic Projections, and by the private sector. www.chicagofed.org/publications/chicago-fed-letter/2017/375

February 13, 2017 - NCUA - First CDFI Certification Round Now Open - NCUA’s Streamlined Application Process Aims to Certify More Credit Unions - Federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by the National Credit Union Administration and the Community Development Financial Institutions Fund. www.ncua.gov/newsroom/Pages/news-2017-feb-first-cdfi-certification-round-open.aspx
 
February 13, 2017 - Kansas City Fed Appoints Community Depository Institutions 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/2017/pressrelease21317cdiac.pdf

February 13, 2017 - Proposal for Comment - Proposal to approve under OMB delegated authority the extension for three years, without revision, of the following reports: FR 1378, FR 3073, FR 2226, and FR 3054 (a, b, c, & d) www.federalreserve.gov/apps/foia/proposedregs.aspx#icp

February 13, 2017 - Legal Developments - Section 19 Letters, September 15, October 4 (3 letters), October 13 (2 letters), and November 14, 2016.  www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2016.htm

February 13, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 11:00 AM on February 13, 2017. 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/20170213exp.htm

February 11, 2017 - Stanley Fischer,  Vice Chairman - "I'd Rather Have Bob Solow Than an Econometric Model, But ..." At the Warwick Economics Summit, Coventry, United Kingdom www.federalreserve.gov/newsevents/speech/fischer20170211a.pdf

February 10, 2017 - AgLetter : February 2017 By David Oppedahl - Agricultural land values in the Seventh Federal Reserve District suffered a third consecutive annual decrease, yet the 1 percent decrease for 2016 was smaller than the 3 percent declines for the previous two years. “Good” farmland values in the fourth quarter of 2016 were down 1 percent from the third quarter, according to 192 survey respondents from District banks. www.chicagofed.org/publications/agletter/2015-2019/february-2017

February 10, 2017 - NCUA - Melrose Credit Union Conserved - Member Deposits Remain Protected to $250,000; Member Services Uninterrupted - The New York State Department of Financial Services today took possession of Melrose Credit Union, located in Briarwood, New York, and appointed the National Credit Union Administration as conservator. www.ncua.gov/newsroom/Pages/news-2017-feb-melrose-credit-union-conserved.aspx 

February 10, 2017 - Revised Scenarios Released for Stress Tests - The Office of the Comptroller of the Currency today released revised economic scenarios for use by certain financial institutions with total consolidated assets of more than $10 billion for the 2017 stress tests. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-19.html

February 10, 2017 - Hopkinsville, Ky., Banker Appointed Chair of St. Louis Fed Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/hopkinsville-banker-appointed-chair-of-st-louis-fed-advisory-council

February 10, 2017 - St. Louis Fed Appoints Members of Banking Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/st-louis-fed-appoints-members-of-banking-advisory-council

February 10, 2017 - Bartlett, Tenn., Banker Appointed to St. Louis Fed Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/bartlett-banker-appointed-to-st-louis-fed-advisory-council 

February 10, 2017 - Effingham, Ill., Banker Appointed to St. Louis Fed Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/effingham-banker-appointed-to-st-louis-fed-advisory-council

February 10, 2017 - St. Louis Banker Appointed to St. Louis Fed Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/st-louis-banker-appointed-to-st-louis-fed-advisory-council

February 10, 2017 - Clarksdale, Miss., Banker Appointed to St. Louis Fed Advisory Council.  www.stlouisfed.org/news-releases/2017/02/10/clarksdale-banker-appointed-to-st-louis-fed-advisory-council

February 10, 2017 - FDIC Issues Revised Economic Scenarios for 2017 Stress Testing - The Federal Deposit Insurance Corporation today released revised economic scenarios for use by certain financial institutions with total consolidated assets of more than $10 billion for the 2017 stress tests. www.fdic.gov/news/news/press/2017/pr17012.html

February 10, 2017 - To Build or to Buy? The Role of Local Information in Credit Market Development - Teng Wang - Exploiting the heterogeneity in legal constraints on local bank employees’ mobility, I show that access to local information influences banks’ modes of expansion. Banks entering a new market typically establish new branches directly when interbank labor mobility is less restrictive but acquire incumbent branches otherwise. www.federalreserve.gov/econresdata/feds/2017/files/2017013pap.pdf

February 10, 2017 - Federal Reserve Board issues revised macroeconomic scenarios for its 2017 stress testing program to correct a data series error.  www.federalreserve.gov/newsevents/press/bcreg/20170210a.htm

February 10, 2017 - Daniel K. Tarullo submits resignation as a member of the Board of Governors, effective on or around April 5, 2017.  www.federalreserve.gov/newsevents/press/other/20170210a.htm 

February 9, 2017 - OCC Allows National Banks and Federal Savings Associations Affected by Severe Winter Weather in the Northeastern United States to Close. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-18.html
______________February 9, 2017 - OCC Hosts Oklahoma Workshop for Bank Directors - The Office of the Comptroller of the Currency will host a workshop in Tulsa, Okla., at the Renaissance Tulsa Hotel & Convention Center, March 27-29, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-17.html

February 9, 2017 - St. Louis Fed Ag Survey: Farm Income, Land Values Decline in Fourth Quarter 2016 - Midwest and Midsouth farm income and expenditures fell during the fourth quarter of 2016, according to the latest Agricultural Finance Monitor published by the Federal Reserve Bank of St. Louis. www.stlouisfed.org/news-releases/2017/02/09/st-louis-ag-survey-shows-decline-in-farm-income-in-fourth-quarter-2016

February 9, 2017 - St. Louis Fed's Bullard Discusses the Outlook for U.S. Monetary Policy in 2017 - Federal Reserve Bank of St. Louis President James Bullard discussed “The 2017 Outlook for U.S. Monetary Policy” at the St. Louis Financial Forum on Thursday. www.stlouisfed.org/news-releases/2017/02/09/bullard-discusses-outlook

February 9, 2017 - Does Knowledge Protection Benefit Shareholders? Evidence from Stock Market Reaction and Firm Investment in Knowledge Assets - Buhui Qiu and Teng Wang - This paper studies whether knowledge protection affects shareholder value and firms’ investment in knowledge assets using the staggered adoptions and rejections of the inevitable disclosure doctrine by U.S. state courts as exogenous changes in the level of knowledge protection. www.federalreserve.gov/econresdata/feds/2017/files/2017012pap.pdf

February 9, 2017 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 11:30 AM on February 13, 2017. Matter to be considered: Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks. www.federalreserve.gov/aboutthefed/boardmeetings/20170213advexp.htm

February 9, 2017 - Federal Reserve Board announces approval of application by Anchor Bancshares, Inc. - The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act by Anchor Bancshares, Inc., Houston, Texas, to acquire First Bancshares of Texas, Inc., McGregor, Texas, and thereby indirectly acquire Security Bank of Crawford, Crawford, Texas. www.federalreserve.gov/newsevents/press/orders/20170209a.htm

February 9, 2017 - Federal Reserve Board announces termination of enforcement action with Raton Capital Corporation.  www.federalreserve.gov/newsevents/press/enforcement/20170209a.htm

February 8, 2017 - Recent Declines in the Fed’s Longer-Run Economic Projections - By Jonas D. M. Fisher , Christopher Russo - This Chicago Fed Letter investigates the evolution of longer-run economic projections made by participants of the Federal Reserve’s monetary policy committee, the Federal Open Market Committee, in its Summary of Economic Projections, and by the private sector. www.chicagofed.org/publications/chicago-fed-letter/2017/375

February 8, 2017 - NCUA - 26 Credit Unions Agree to Late-Filing Penalties for Third Quarter of 2016 - Twenty-six federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the third quarter of 2016 have consented to penalties totaling $17,485, the National Credit Union Administration announced today. www.ncua.gov/newsroom/Pages/news-2017-feb-26-credit-unions-agree-late-filing-penalties-third-quarter-2016.aspx

February 8, 2017 - Models and Tools - FRB/US model packages 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

February 8, 2017 - Federal Reserve Board announces approval of application by Central Bancompany, Inc. - The Federal Reserve Board on Wednesday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by Central Bancompany, Inc., Jefferson City, Missouri, to acquire Bank Star One, Fulton, Missouri. www.federalreserve.gov/newsevents/press/orders/20170208a.htm

February 8, 2017 - Federal Reserve Board announces retirement of Scott G. Alvarez, general counsel - Scott G. Alvarez, General Counsel, will retire later this year after nearly 36 years of service to the Federal Reserve Board, including more than 12 years as head of the Legal Division. www.federalreserve.gov/newsevents/press/other/20170208a.htm

February 7, 2017 - NCUA - Valley State Continues Financial Services While Addressing Challenges - Member Accounts Remain Protected by the Share Insurance Fund - In the three months since the National Credit Union Administration was appointed conservator of Valley State Credit Union of Saginaw, Michigan, the credit union has addressed financial and management issues affecting the safety and soundness of its operations. www.ncua.gov/newsroom/Pages/news-2017-feb-valley-state-continues-financial-services-addressing-challenges.aspx

February 7, 2017 - Statistical Release - Consumer Credit - G.19 - Consumer credit increased at a seasonally adjusted annual rate of 6 percent during the fourth quarter. Revolving credit increased at an annual rate of 6-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent. In December, consumer credit increased at an annual rate of 4-1/2 percent. https://www.federalreserve.gov/releases/g19/current/default.htm

February 7, 2017 - The (Unintended?) Consequences of the Largest Liquidity Injection Ever - Matteo Crosignani, Miguel Faria-e-Castro, and Luís Fonseca - We study the design of lender of last resort interventions and show that the provision of long-term liquidity incentivizes purchases of high-yield short-term securities by banks. www.federalreserve.gov/econresdata/feds/2017/files/2017011pap.pdf

February 6, 2017 - Risk Management in a Lower Interest Rate Environment - A speech delivered on February 3, 2017, before the Prairie State College Economic Breakfast in Olympia Fields, IL. www.chicagofed.org/publications/speeches/2017/02-03-risk-managment-lower-interest-rate-environment-prairie-state

February 6, 2017 - FDIC Releases Economic Scenarios for 2017 Stress Testing - The Federal Deposit Insurance Corporation today released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.fdic.gov/news/news/press/2017/pr17011.html

February 6, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held under expedited procedures at 2:00 PM on February 6, 2017. Matter considered: Proposed Semiannual Monetary Policy Report and Statement to the Congress. - Proposed Semiannual Monetary Policy Report and Statement to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20170206exp.htm

February 6, 2017 - Surveys and Reports - Senior Loan Officer Opinion Survey on Bank Lending Practices - Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. www.federalreserve.gov/boarddocs/SnLoanSurvey/201702/default.htm

February 3, 2017 - OCC Releases Dodd-Frank Act Stress Test Scenarios for 2017 - The Office of the Comptroller of the Currency released economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions with more than $10 billion in assets. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-16.html

February 3, 2017 - Fed’s Evans Talks about Risk Management in Lower Interest Rate Environment - A speech delivered on February 3, 2017, before the Prairie State College Economic Breakfast in Olympia Fields, IL. www.chicagofed.org/publications/speeches/2017/02-03-risk-managment-lower-interest-rate-environment-prairie-state

February 3, 2017 - Minimum Wages and Consumer Credit: Impacts on Access to Credit and Traditional and High-Cost Borrowing - Lisa J. Dettling and Joanne W. Hsu - Proponents of minimum wage legislation point to its potential to raise earnings and lift families out of poverty, while opponents argue that disemployment effects lead to net welfare losses. www.federalreserve.gov/econresdata/feds/2017/files/2017010pap.pdf

February 3, 2017 - Capital Misallocation and Secular Stagnation - Andrea Caggese and Ander Perez-Orive - Abstract: The widespread emergence of intangible technologies in recent decades may have significantly hurt output growth--even when these technologies replaced considerably less productive tangible technologies--because of structurally low interest rates caused by demographic forces. www.federalreserve.gov/econresdata/feds/2017/files/2017009pap.pdf

February 3, 2017 - FOIA - Chair Yellen's calendar, December 2016.  www.federalreserve.gov/foia/chairscalendar-122016.htm

February 3, 2017 - 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. Total assets of the Federal Reserve have increased significantly from $869 billion on August 8, 2007, to well over $2 trillion. https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 3, 2017 - Managing Stigma during a Financial Crisis - Sriya Anbil - How should regulators design effective emergency lending facilities to mitigate stigma during a financial crisis? www.federalreserve.gov/econresdata/feds/2017/files/2017007pap.pdf

February 3, 2017 - Credit Scores, Social Capital, and Stock Market Participation - Jesse Bricker and Geng Li - While a rapidly growing body of research underscores the influence of social capital on financial decisions and economic developments, objective data-based measurements of social capital are lacking. www.federalreserve.gov/econresdata/feds/2017/files/2017008pap.pdf

February 3, 2017 - Capital Controls and Monetary Policy Autonomy in a Small Open Economy - J. Scott Davis and Ignacio Presno - Is there a link between capital controls and monetary policy autonomy in a country with a floating currency? www.federalreserve.gov/econresdata/ifdp/2017/files/ifdp1190.pdf

February 3, 2017 - Federal Reserve Board announces approval of applications by Farmers Bank & Capital Trust Company - The Federal Reserve Board on Friday 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 Farmers Bank & Capital Trust Company, Frankfort, to merge with United Bank & Trust Company, Versailles, First Citizens Bank, Elizabethtown, and Citizens Bank of Northern Kentucky, Inc., Newport, all of Kentucky; and to establish branches at the locations of United Bank & Trust Company, First Citizens Bank, and Citizens Bank of Northern Kentucky, Inc. www.federalreserve.gov/newsevents/press/orders/20170203a.htm

February 3, 2017 - Federal Reserve Board releases scenarios for 2017 Comprehensive Capital Analysis and Review and Dodd-Frank Act stress test exercises and issues instructions to firms participating in CCAR - CCAR evaluates the capital planning processes and capital adequacy of the largest U.S.-based bank holding companies, including the firms' planned capital actions such as dividend payments and share buybacks and issuances. www.federalreserve.gov/newsevents/press/bcreg/20170203a.htm

February 2, 2017 - The Downturn in Agriculture: Implications for the Midwest and the Future of Farming By David Oppedahl - Prices for key agricultural products have fallen from their peaks in recent years, while input costs have not fallen as much. www.chicagofed.org/publications/chicago-fed-letter/2017/374
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February 2, 2017 - Advance Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 2:00 PM on February 6, 2017. Matter to be considered: Proposed Semiannual Monetary Policy Report and Statement to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20170206advexp.htm

February 2, 2017 - NCUA - January 2017 NCUA Board Meeting Video Available - The video recording of the Jan. 19, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website. Archived videos of past Board meetings may be viewed here, and each video remains on the site for one year. www.ncua.gov/newsroom/Pages/news-2017-feb-january-board-meeting-video-available.aspx

February 1, 2017 - NCUA - McWatters Names Vega as Chief of Staff - National Credit Union Administration Acting Chairman J. Mark McWatters has named Sarah Vega as his Chief of Staff. www.ncua.gov/newsroom/Pages/news-2017-feb-mcwatters-names-vega-chief-staff.aspx

February 1, 2017 - OCC Releases CRA Evaluations for 20 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 January 1, 2017 through January 31, 2017. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-15.html

February 1, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 AM on January 31, 2017 and 9:00 AM on February 1, 2017. Matter considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20170201exp.htm
 
February 1, 2017 - Statistical Release - Foreign Exchange Rates - G.5 - The table below shows the average rates of exchange in JANUARY 2017 together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York. www.federalreserve.gov/releases/g5/current/default.htm

February 1, 2017 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace. www.federalreserve.gov/newsevents/press/monetary/20170201a.htm