July 31, 2019 - Midwest Economy Index Points to Slower Growth in June - The
Midwest Economy Index decreased to –0.31 in June from –0.22 in May.
Contributions to the June MEI from three of the four broad sectors of nonfarm
business activity and three of the five Seventh Federal Reserve District states
decreased from May.
July 31, 2019 - NCUA Offering Grants to Mentor Minority Depository Institutions
- The National Credit Union Administration is offering grants of up to $25,000
for a new pilot mentoring program for small low-income credit unions that are
also designated as minority depository institutions.
July 31, 2019 - NCUA Issues Prohibition Notices - The National Credit Union
Administration issued two prohibition orders and five prohibition notices in
July. These individuals are prohibited from participating in the affairs of any
federally insured financial institution.
July 31, 2019 - Community Reinvestment Act: Guidelines for Requesting
Designation as a Wholesale, Limited Purpose, or Special Purpose Bank - The
Office of the Comptroller of the Currency is issuing this bulletin to inform
national banks, federal savings associations, and federal branches of foreign
banking organizations subject to the Community Reinvestment Act about guidelines
for requesting a designation as a wholesale or limited purpose bank for CRA
purposes or requesting confirmation of its exemption as a special purpose bank
under CRA regulations.
July 31,2019 - Community Reinvestment Act: Guidelines for Requesting Approval of
a Strategic Plan - The Office of the Comptroller of the Currency is issuing this
bulletin to inform national banks, federal savings associations, and federal
branches of foreign banking organizations about current guidelines for
requesting approval to be evaluated under the Community Reinvestment Act using
the strategic plan option or to request approval to amend an approved CRA
July 31, 2019 - OCC Consolidates Supervision Support Functions, Announces New
Units - The Office of the Comptroller of the Currency today announced
realignment of approximately 150 staff members to create two new units,
consolidating bank supervision support, risk analysis, and oversight of national
trust banks and significant service providers.
July 31, 2019 - New Federal Reserve Bank of Kansas City report to help bridge
digital divide - The Federal Reserve Bank of Kansas City announced today a new
report, Disconnected: Seven Lessons on Fixing the Digital Divide, focused on
broadband access, economic impact and solutions for communities to narrow the
July 31, 2019 - Notice of a Meeting under Expedited Procedures - A closed
meeting of the Board of Governors of the Federal Reserve System was held at on
July 30, 2019 and continued at 9:00 a.m. on July 31, 2019. Matter(s) considered:
Discussion of Monetary Policy Issues.
July 31, 2019 - Federal Reserve issues FOMC statement - Information received
since the Federal Open Market Committee met in June indicates that the labor
market remains strong and that economic activity has been rising at a moderate
rate. Job gains have been solid, on average, in recent months, and the
unemployment rate has remained low.
July 30,2019 - NCUA - Registration Now Open for NCUA Liquidity and Interest-Rate
Risk Webinar - The webinar is scheduled to begin at 2 p.m. Eastern and run
approximately one hour. Participants will be able to log into the webinar and
view it on their computers or mobile devices using the registration link.
July 30, 2019 - FDIC Annual Publication Examines Potential Credit and Market
Risks - The Federal Deposit Insurance Corporation today published its 2019 Risk
Review, an annual publication highlighting emerging risks and exposures in the
July 30, 2019 - Statistical Release - Seasonal Factors for Motor Vehicle Sales -
G.17 - The Federal Reserve Board has re-estimated seasonal factors for new motor
vehicle sales, using data through April 2019. These factors are estimated once
per year using X13-ARIMA. The factors will be revised again in the summer of
July 26, 2019 - Regulatory Relief: Guidance to Help Financial Institutions and
Facilitate Recovery in Areas of Texas Affected by Severe Storms and Flooding.
July 26, 2019 - Regulatory Relief: Guidance to Help Financial Institutions and
Facilitate Recovery in Areas of Missouri Affected by Severe Storms, Tornadoes,
July 26, 2019 - FDIC Makes Public June Enforcement Actions - The FDIC issued a
total of 14 orders in June 2019, and is publishing one issued in May 2019.
July 26, 2019 - Report to the Congress on the Profitability of Credit Card
Operations of Depository Institutions, July 2019 - Analyzes the profitability
over time of depository institutions' credit card activities by examining the
performance of larger institutions that specialize in such activities and of a
sample of smaller commercial banks that offer a range of credit services. Also
reviews trends in credit card pricing, including changes in interest rates.
July 26, 2019 - Advanced Notice of a Meeting under Expedited Procedures - A
closed meeting of the Board of Governors of the Federal Reserve System will be
held under expedited procedures at 10:00 a.m. on July 30, 2019. Matter(s)
considered: Discussion of Monetary Policy Issues.
July 26,2019 - Credit and Liquidity Programs and the Balance Sheet - Recent
balance sheet trends, weekly chart update.
July 26, 2019 - Agencies complete resolution plan evaluations and extend
deadline for certain firms - The Federal Reserve Board and the Federal Deposit
Insurance Corporation today announced several resolution plan actions, including
completing their evaluations of the 2018 resolution plans for 82 foreign banks
and extending the deadline for the next resolution plans from those firms, as
well as 15 domestic banks.
July 25, 2019 - Comptroller's Handbook: Revised and Updated Booklets
and Rescissions - The Office of the Comptroller of the Currency
today issued a fully revised �Corporate and Risk Governance� booklet
of the Comptroller�s Handbook. In addition, the OCC is issuing an
updated �Internal and External Audits� booklet of the Comptroller�s
Handbook with changes that are more limited in scope.
July 25, 2019 - Federal Reserve Board announces termination of
enforcement actions with Mesaba Bancshares, Inc. and First National
Financial Services, Inc.
July 24, 2019 - Operational Risk: Fraud Risk Management Principles -
The Office of the Comptroller of the Currency is issuing this
bulletin to inform national banks, federal savings associations, and
federal branches and agencies of sound fraud risk management
July 24, 2019 - OCC Announces Executive Assignments - The Office of
the Comptroller of the Currency today announced Beverly Cole would
become the Deputy Comptroller of the Northeastern District and Beth
Dugan and Mark Richardson would become Deputy Comptrollers for Large
July 24, 2019 - Federal Reserve Bank of Kansas City Announces First
Quarter Small Business Lending Survey Results - The quarterly survey
of U.S. banks provides data on lending activity and terms for small
businesses, a critical source of employment and economic growth for
July 24,2019 - Kansas City Fed publishes new book on the history of
America's black banks - The Federal Reserve Bank of Kansas City
today announced the publication of its latest history book, Let Us
Put Our Money Together: The Founding of America�s First Black Banks.
July 24, 2019 - FDIC Announces Meeting of Advisory Committee on
Community Banking - The Federal Deposit Insurance Corporation today
announced that it will hold a meeting of the Advisory Committee on
Community Banking on Tuesday, July 30.
July 23, 2019 - Mortgage Lending: Lending Standards for Asset
Dissipation Underwriting - The Office of the Comptroller of the
Currency encourages banks1 to offer responsible residential mortgage
loans to help meet consumers� credit needs.
July 23, 2019 - High Volatility Commercial Real Estate: Notice of
Proposed Rulemaking - The Office of the Comptroller of the Currency,
the Board of Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation are issuing a notice of
proposed rulemaking to seek comment on the treatment of land
development loans for purposes of the one- to four-family
residential properties exclusion in the definition of high
volatility commercial real estate exposure in the agencies�
regulatory capital rule.
July 23, 2019 - OCC Issues Consent Order of Prohibition and $50,000
Civil Money Penalty Against Former General Counsel of Rabobank N.A.
- The consent order prohibits Mr. Weiss from participating in the
affairs of any federally insured depository institution and assesses
a $50,000 civil money penalty for violations of law and unsafe or
unsound practices alleged in the notice of charges issued on March
July 23, 2019 - Statement Regarding Insurance Policies for Directors
and Officers - The purpose of this letter is to make state member
banks, bank holding companies, and savings and loan holding
companies and Reserve Bank staff aware that insurance policies
offering indemnification for directors and officers may include
exclusionary provisions that potentially limit coverage and leave
institution affiliated parties of covered financial institutions
liable for excluded claims.
July 23,2019 - Statistical Release - Finance Companies - G.20.
July 23, 2019 - Agencies release public sections of resolution plans
for eight large banks - The Federal Reserve Board and the Federal
Deposit Insurance Corporation today released the public sections of
eight large domestic firms' resolution plans, which are required by
the Dodd-Frank Act and commonly known as living wills.
Press Release -
Press Release -
July 22, 2019 - Chicago Fed National Activity Index - Index points
to economic growth near historical trend in June - The Chicago Fed
National Activity Index ticked up to �0.02 in June from �0.03 in
July 22, 2019 - The Macroeconomic Effects of the 2018 Bipartisan
Budget Act - By Jeffrey R. Campbell , Filippo Ferroni , Jonas D. M.
Fisher , Leonardo Melosi - In the first quarter of 2018, the
Bipartisan Budget Act became law.
July 22, 2019 - Volcker Rule: Final Rule - On July 22, 2019, the
Office of the Comptroller of the Currency, the Board of Governors of
the Federal Reserve System, the U.S. Commodity Futures Trading
Commission, the Federal Deposit Insurance Corporation, and the U.S.
Securities and Exchange Commission published a final rule
implementing amendments to section 13 of the Bank Holding Company
Act, commonly known as the Volcker rule.
July 22, 2019 - St. Louis Fed Connects CRA-Eligible Projects and
Potential Funders - The Federal Reserve Bank of St. Louis is hosting
a live Investment Connection event on Wednesday, July 24, to bring
together nonprofit organizations and financial institutions
interested in lending to and investing in projects within the Little
Rock area that meet Community Reinvestment Act requirements.
July 22,2019 - Interagency Webinar - Revisions to the Framework for
Margin Requirements for Non-Centrally Cleared Derivatives - The
FDIC, the Board of Governors of the Federal Reserve System, and the
Office of the Comptroller of the Currency are jointly hosting a
webinar on revisions to the framework for margin requirements for
non-centrally cleared derivatives that have been adopted by the
Basel Committee on Banking Supervision and the International
Organization of Securities Commissions.
July 22, 2019 - Advanced Notice of a Meeting under Expedited
Procedures - A closed meeting of the Board of Governors of the
Federal Reserve System will be held under expedited procedures at
10:00 a.m. on July 24, 2019. Matter(s) considered: Periodic Briefing
and Discussion on Financial Markets, Institutions, and
July 22, 2019 - Federal bank regulatory agencies and FinCEN improve
transparency of risk-focused BSA/AML supervision - As a result of a
working group established by the U.S. Department of the Treasury's
Office of Terrorism and Financial Intelligence, the federal bank
regulatory agencies and the U.S. Department of the Treasury's
Financial Crimes Enforcement Network today issued a joint statement
as part of continuing efforts to improve transparency into their
risk-focused approach to Bank Secrecy Act/anti-money laundering
July 19, 2019 - Flooding and Finances: Hurricane Harvey�s Impact on
Consumer Credit By Daniel Hartley , Eleni Packis , Ben Weintraut -
This article examines consumers� borrowing behavior and debt levels
in the wake of Hurricane Harvey.
July 19, 2019 - St. Louis Fed's Bullard Discusses "Public and
Private Currency Competition" - Federal Reserve Bank of St. Louis
President James Bullard discussed �Public and Private Currency
Competition� on Friday at the Central Bank Research Association�s
2019 Annual Meeting.
July 19, 2019 - FEDS Notes - Who Owns U.S. CLO Securities? - Emily
Liu and Tim Schmidt-Eisenlohr - The U.S. leveraged loan market has
grown substantially in recent years with more and more loans bought
by collateralized loan obligations.
July 19,2019 - Credit and Liquidity Programs and the Balance Sheet -
Recent balance sheet trends, weekly chart update.
July 19, 2019 - FEDS Notes - Substitutability of Monetary Policy
Instruments - Cynthia Doniger, James Hebden, Luke Pettit, and
Arsenios Skaperdas - In response to the 2007-2009 global financial
crisis, the Federal Reserve and other major central banks turned to
unconventional policy measures such as asset purchase programs to
provide further accommodation after short-term policy rates reached
their effective lower bounds.
July 18, 2019 - NCUA - �It�s a Story about Expanding Opportunity� -
NCUA Board Chairman Hood Talks about Financial Literacy, Community
Service at Destinations Credit Union Event - Destinations Credit
Union, a federally insured, state-chartered credit union
headquartered in Baltimore, has been designated a low-income credit
union by the National Credit Union Administration and the Maryland
Commissioner of Financial Regulation.
July 18, 2019 - NCUA - Appraisal Rule Will Help Boost Economic
Activity, Job Creation in Communities.
July 18, 2019 - NCUA Chairman Rodney E. Hood Remarks - Grand Opening
of HOPE Inside Office at Destinations Credit Union, Parkville, MD.
July 18, 2019 - Measuring the Liquidity Profile of Mutual Funds -
Sirio Aramonte, Chiara Scotti, and Ilknur Zer - We measure the
liquidity profile of open-end mutual funds using the sensitivity of
their daily returns to aggregate liquidity.
U.S. mayors resolve to no longer pay ransomware attackers - The
United States Conference of Mayors issued a resolution at its 87th
annual meeting to stand united against paying ransoms when their
municipality is hit with a ransomware attack.
FEC: Campaigns Can Use Discounted Cybersecurity Services - The U.S.
Federal Election Commission (FEC) said today political campaigns can
accept discounted cybersecurity services from companies without
running afoul of existing campaign finance laws, provided those
companies already do the same for other non-political entities.
Facebook to pony up $5 billion in FTC settlement - Facebook said in
the spring it expected to pay a $5 billion fine to the Federal Trade
Commission (FTC) in the wake of the Cambridge Analytica scandal and
it now looks like the company will do just that in after the
commission approved settlement with the social media giant for
violating a 2011 consent decree.
Premera Blue Cross to cough up $10 million to 30 states over data
breach - Premera Blue Cross has consented to pay $10 million as
compensation for a nearly year-long data breach that impacted more
than 10.4 million health patients, the Washington state�s Attorney
General Bob Ferguson announced yesterday.
How to operationalize threat intelligence - Security practitioners
face so many trials and tribulations as they protect and defend
their organizations. In order to seek the best possible protection,
they need to have an understanding of the threats which pose the
greatest risk and how to address them proactively.
CISOs vs. the board - For Fortune 1000 CISOs and CSOs, reporting to
their boards of directors is, at best, a complicated and disquieting
situation. CISOs must be specific and technical, but not too
specific nor technical. They must be honest and comprehensive, but
they also need to know which truths are best left unsaid.
Computer password inventor Fernando Corbat� dies at 93 - Pioneering
computer scientist Fernando �Corby� Corbat�, regarded as the
inventor of the computer password and a key contributor in the
development of time-sharing computer systems, died last Friday, July
12, in Newburyport, Massachusetts at the age of 93.
Lucky break: Cracked windshield helps hacker find bug in Tesla -
Hackers typically crack software, but web application security
researcher Sam Curry quite literally cracked his Tesla Model 3 and
discovered a vulnerability that earned him a hefty reward from the
car maker�s bug bounty program.
ATTACKS, INTRUSIONS, DATA THEFT & LOSS
- Magecart group compromises 17,000 domains by overwriting Amazon S3
buckets - One of the �Magecart� cybercriminal groups has infected
card-skimming code by developing an automated process for finding
and compromising misconfigured Amazon S3 buckets, researchers have
Agent Smith Android malware infiltrates 25 million devices - A new
variant of mobile malware dubbed �Agent Smith� has already infected
25 million devices, 15 million of which are in India.
L.A. County Health Services Department contractor breach leaks
patient data - A data breach at a Los Angeles County Department of
Health Services contractor resulted in the compromise of data from
Triple cyberattacks hit New Bedford, Gila and Syracuse schools - The
cyber onslaught against municipalities continued last week with New
Bedford, Mass., Gila County, Ariz., and the Syracuse, N.Y., school
district all being subjected to attacks.
A City Paid a Hefty Ransom to Hackers. But Its Pains Are Far From
Over. - Audrey Sikes, city clerk of Lake City, Fla., has a thing for
documents: She does not like losing them.
Malware attack on county computers - LP County website, government
email servers out of operation - All La Porte County government
emails, and the county website, remained out of commission late
Tuesday following a malware virus attack that affected the system on
Sprint customer data breached via Samsung website flaw - Threat
actors gained unauthorized access to an undisclosed number of Sprint
customer accounts via a compromised Samsung website.
2.2 million Clinical Pathology Laboratories patients exposed in AMCA
breach - The list of companies impacted by the American Medical
Collection Agency (AMCA) data breach has grown, with Clinical
Pathology Laboratories (CPL) now reporting that the PHI of about 2.2
million customers may have been affected.
Data dump suggests that Evite data breach affected 100M accounts - A
new addition to the data breach reference website �Have I Been Pwned?�
seemingly reveals that more than 100 million accounts were
compromised in this year�s data breach of the event-planning service
Return to the top
of the newsletter
WEB SITE COMPLIANCE -
We continue covering some of the
issues discussed in the "Risk Management Principles for Electronic
Banking" published by the Basel Committee on Bank Supervision.
Board and Management Oversight
- Principle 14:
Banks should develop appropriate incident response plans to manage,
contain and minimize problems arising from unexpected events,
including internal and external attacks, that may hamper the
provision of e-banking systems and services.
Effective incident response mechanisms are critical to minimize
operational, legal and reputational risks arising from unexpected
events such as internal and external attacks that The current and
future capacity of critical e-banking delivery systems should be
assessed on an ongoing basis may affect the provision of e-banking
systems and services. Banks should develop appropriate incident
response plans, including communication strategies, that ensure
business continuity, control reputation risk and limit liability
associated with disruptions in their e-banking services, including
those originating from outsourced systems and operations.
To ensure effective response to unforeseen incidents, banks
1) Incident response plans to address recovery of e-banking
systems and services under various scenarios, businesses and
geographic locations. Scenario analysis should include consideration
of the likelihood of the risk occurring and its impact on the bank.
E-banking systems that are outsourced to third-party service
providers should be an integral part of these plans.
2) Mechanisms to identify an incident or crisis as soon as
it occurs, assess its materiality, and control the reputation risk
associated with any disruption in service.
3) A communication strategy to adequately address external
market and media concerns that may arise in the event of security
breaches, online attacks and/or failures of e-banking systems.
4) A clear process for alerting the appropriate regulatory
authorities in the event of material security breaches or disruptive
5) Incident response teams with the authority to act in an
emergency and sufficiently trained in analyzing incident
detection/response systems and interpreting the significance of
6) A clear chain of command, encompassing both internal as
well as outsourced operations, to ensure that prompt action is taken
appropriate for the significance of the incident. In addition,
escalation and internal communication procedures should be developed
and include notification of the Board where appropriate.
7) A process to ensure all relevant external parties,
including bank customers, counterparties and the media, are informed
in a timely and appropriate manner of material e-banking disruptions
and business resumption developments.
8) A process for collecting and preserving forensic
evidence to facilitate appropriate post-mortem reviews of any
e-banking incidents as well as to assist in the prosecution of
the top of the newsletter
FFIEC IT SECURITY -
We continue our series on the FFIEC
interagency Information Security Booklet.
SECURITY CONTROLS -
IMPLEMENTATION - PHYSICAL
The confidentiality, integrity, and availability of information
can be impaired through physical access and damage or destruction to
physical components. Conceptually, those physical security risks are
mitigated through zone-oriented implementations. Zones are physical
areas with differing physical security requirements. The security
requirements of each zone are a function of the sensitivity of the
data contained or accessible through the zone and the information
technology components in the zone. For instance, data centers may be
in the highest security zone, and branches may be in a much lower
security zone. Different security zones can exist within the same
structure. Routers and servers in a branch, for instance, may be
protected to a greater degree than customer service terminals.
Computers and telecommunications equipment within an operations
center will have a higher security zone than I/O operations, with
the media used in those equipment stored at yet a higher zone.
The requirements for each zone should be determined through the
risk assessment. The risk assessment should include, but is not
limited to, the following threats:
! Aircraft crashes
! Chemical effects
! Electrical supply interference
! Electromagnetic radiation
! Wireless emissions
! Any other threats applicable based on the entity's unique
geographical location, building configuration, neighboring entities,
Return to the top of
NATIONAL INSTITUTE OF STANDARDS
AND TECHNOLOGY -
the series on the National Institute of Standards and Technology
Chapter 20 -
ASSESSING AND MITIGATING THE RISKS TO A HYPOTHETICAL COMPUTER SYSTEM
Protection Against Interruption of Operations (1 of 2)
regarding continuity of operations are derived from requirements
stated in OMB Circular A-130. HGA requires various organizations
within it to develop contingency plans, test them annually, and
establish appropriate administrative and operational procedures for
supporting them. The plans must identify the facilities, equipment,
supplies, procedures, and personnel needed to ensure reasonable
continuity of operations under a broad range of adverse
Operations Group) is responsible for developing and maintaining a
contingency plan that sets forth the procedures and facilities to be
used when physical plant failures, natural disasters, or major
equipment malfunctions occur sufficient to disrupt the normal use of
HGA's PCs, LAN, server, router, printers, and other associated
The plan prioritizes
applications that rely on these resources, indicating those that
should be suspended if available automated functions or capacities
are temporarily degraded. COG personnel have identified system
software and hardware components that are compatible with those used
by two nearby agencies. HGA has signed an agreement with those
agencies, whereby they have committed to reserving spare
computational and storage capacities sufficient to support HGA's
system-based operations for a few days during an emergency.
devices or network interfaces may be connected to HGA's systems
without written approval of the COG Manager. The COG staff is
responsible for installing all known security-related software
patches in a timely manner and for maintaining spare or redundant
PCs, servers, storage devices, and LAN interfaces to ensure that at
least 100 people can simultaneously perform word processing tasks at
To protect against
accidental corruption or loss of data, COG personnel back up the LAN
server's disks onto magnetic tape every night and transport the
tapes weekly to a sister agency for storage. HGA's policies also
stipulate that all PC users are responsible for backing up weekly
any significant data stored on their PC's local hard disks. For the
past several years, COG has issued a yearly memorandum reminding PC
users of this responsibility. COG also strongly encourages them to
store significant data on the LAN server instead of on their PC's
hard disk so that such data will be backed up automatically during
COG's LAN server backups.
To prevent more limited
computer equipment malfunctions from interrupting routine business
operations; COG maintains an inventory of approximately ten fully
equipped spare PC's, a spare LAN server, and several spare disk
drives for the server. COG also keeps thousands of feet of LAN cable
on hand. If a segment of the LAN cable that runs through the
ceilings and walls of HGA's buildings fails or is accidentally
severed, COG technicians will run temporary LAN cabling along the
floors of hallways and offices, typically restoring service within a
few hours for as long as needed until the cable failure is located
To protect against PC
virus contamination, HGA authorizes only System Administrators
approved by the COG Manager to install licensed, Copyright 2015ed PC
software packages that appear on the COG-approved list. PC software
applications are generally installed only on the server. (These
stipulations are part of an HGA assurance strategy that relies on
the quality of the engineering practices of vendors to provide
software that is adequately robust and trustworthy.) Only the COG
Manager is authorized to add packages to the approved list. COG
procedures also stipulate that every month System Administrators
should run virus-detection and other security-configuration
validation utilities on the server and, on a spot-check basis, on a
number of PCs. If they find a virus, they must immediately notify
the agency team that handles computer security incidents.
COG is also responsible
for reviewing audit logs generated by the server, identifying audit
records indicative of security violations, and reporting such
indications to the Incident-Handling Team. The COG Manager assigns
these duties to specific members of the staff and ensures that they
are implemented as intended.
The COG Manager is
responsible for assessing adverse circumstances and for providing
recommendations to HGA's Director. Based on these and other sources
of input, the Director will determine whether the circumstances are
dire enough to merit activating various sets of procedures called
for in the contingency plan.
July 11, 2019 - GAO - Agricultural Lending: Information on Credit and
Outreach to Socially Disadvantaged Farmers and Ranchers Is Limited.
July 10, 2019 - FDIC Releases Initial Sections of its Applications
Procedures Manual - The manual provides direction for professional staff
assigned to review and process applications, notices, and other requests
submitted to the FDIC.
July 10, 2019 - Testimony by Chair Jerome H. Powell - Semiannual
Monetary Policy Report to the Congress - Before the Committee on
Financial Services, U.S. House of Representatives, Washington, D.C.
July 10, 2019 - Minutes of the Federal Open Market Committee, June
18-19, 2019 - A summary of economic projections made by Federal Reserve
Board members and Reserve Bank presidents for the meeting is also
included as an addendum to these minutes.
July 9, 2019 - Simplifications to the Capital Rule Pursuant to the
Economic Growth and Regulatory Paperwork Reduction Act of 1996 - The
federal banking agencies are adopting a final rule that simplifies for
non-advanced approaches banking organizations the generally applicable
capital rules and makes a number of technical corrections.
July 9, 2019 - Speech by Vice Chair for Supervision Quarles on stress
testing: a decade of continuity and change Vice Chair for Supervision
Randal K. Quarles At "Stress Testing: A Discussion and Review," a
research conference sponsored by the Federal Reserve Bank of Boston,
July 9, 2019 - Welcoming remarks by Chair Powell Chair Jerome H. Powell
At "Stress Testing: A Discussion and Review," a research conference at
the Federal Reserve Bank of Boston, Boston, Massachusetts.
July 9, 2019 - Agencies adopt final rule to exclude community banks from
the Volcker Rule - Five federal financial regulatory agencies announced
on Tuesday that they adopted a final rule to exclude community banks
from the Volcker Rule, consistent with the Economic Growth, Regulatory
Relief, and Consumer Protection Act.
July 9, 2019 - Agencies simplify regulatory capital rules - The federal
bank regulatory agencies today issued a final rule that reduces
regulatory burden by simplifying several requirements in the agencies'
regulatory capital rules.
July 9, 2019 - Federal Reserve System white paper examines the effects
of synthetic identity payments fraud - Synthetic identity payments fraud
is a fast-growing but little-understood problem that affects
individuals, financial institutions, government agencies, and private
July 8, 2019 - Statistical Release - Consumer Credit - G.19 - In May,
consumer credit increased at a seasonally adjusted annual rate of 5
percent. Revolving credit increased at an annual rate of 8-1/4 percent,
while nonrevolving credit increased at an annual rate of 4 percent.
July 8, 2019 - Credit and Liquidity Programs and the Balance Sheet -
Recent balance sheet trends, weekly chart update.
July 8, 2019 - Legal Developments - Section 19 letters, October 26, 2018
(2 letters), March 19, 2019 (4 letters), April 10, 11, 12 (3 letters),
18, and 30.
July 5, 2019 - Reduced Reporting in Call Reports for Covered Depository
Institutions - The federal banking agencies have adopted the attached
final rule to implement Section 205 of the Economic Growth, Regulatory
Relief, and Consumer Protection Act.
July 5, 2019 - Reduced Reporting in Call Reports for Covered Depository
Institutions - On June 21, 2019, the Office of the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation published the attached final rule
to implement Section 205 of the Economic Growth, Regulatory Relief, and
Consumer Protection Act.
July 5, 2019 - FOIA - Chair Powell's calendar, May 2019.
July 5, 2019 - Report 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."
July 2, 2019 - Statement from St. Louis Fed on Possible Appointment of
Christopher Waller to Board of Governors:
July 3, 2019 - FDIC Issues List of Banks Examined for CRA Compliance -
The list covers evaluation ratings that the FDIC assigned to
institutions in April 2019.
July 3, 2019 - Final Rule Revising the Board's Delegation Rules for
Certain Types of Applications, Notices, and Requests - The purpose of
this letter is to inform financial institutions and other members of the
public that the Board has expanded the types of applications, notices,
and requests for which the Federal Reserve Banks have delegated
authority to act.
July 3, 2019 - Federal Reserve Board announces it is seeking individuals
to serve on its Insurance Policy Advisory Committee - The Federal
Reserve Board on Wednesday announced that it is seeking individuals to
serve on its Insurance Policy Advisory Committee on International
Capital Standards and Other Insurance Issues.
July 2, 2019 - OCC Releases CRA Evaluations for 23 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 June 1, 2019 through
June 30, 2019.
July 2, 2019 - OCC Hosts South Dakota Workshop for Board Directors and
Bank Management - The Office of the Comptroller of the Currency will
host a workshop in Sioux Falls, South Dakota, at the Holiday Inn Sioux
Falls � City Centre, August 6-7, for directors, senior management team
members, and other key executives of national community banks and
federal savings associations supervised by the OCC.
July 1, 2019 - Covered Savings Associations Implementation: Covered
Savings Associations - On May 24, 2019, the Office of the Comptroller of
the Currency issued a final rule to allow federal savings associations
with total consolidated assets of $20 billion or less, as reported by
the association to the Comptroller on its call report as of December 31,
2017, to elect to operate as covered savings associations.
July 1, 2019 - Statistical Release - Foreign Exchange Rates - G.5 - The
table below shows the average rates of exchange in JUNE 2019 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.
July 1, 2019 - When do low-frequency measures really measure transaction
costs? - Mohammad R. Jahan-Parvar and Filip Zikes - We compare popular
measures of transaction costs based on daily data with their
high-frequency data-based counterparts.
July 1, 2019 - The Effects of Bank Capital Buffers on Bank Lending and
Firm Activity: What Can We Learn from Five Years of Stress-Test Results?
- Jose M. Berrospide and Rochelle M. Edge - Abstract: We use bank-firm
matched data from regulatory filings to study how the capital buffers
that large U.S. banks must satisfy to "pass" the quantitative component
of the Federal Reserve's CCAR stress tests impact banks' C&I lending and
firms' C&I loan volumes, overall debt, investment spending, and
July 1, 2019 - Speech by Vice Chair Clarida on the Federal Reserve's
review of its monetary policy strategy, tools, and communication
practices - Vice Chair Richard H. Clarida At "The Bank of Finland
Conference on Monetary Policy and Future of EMU [Economic and Monetary
Union]," Helsinki, Finland.