The E-mail Banking News
(Bank Regulatory News)
October 2015

October 30, 2015 - Midwest Growth Below Average in September - The Midwest Economy Index was unchanged at –0.15 in September. - The Midwest Economy Index was unchanged at –0.15 in September. The relative MEI moved down to –0.29 in September from –0.27 in August.  www.chicagofed.org/publications/mei/index

October 30, 2015 - FDIC Makes Public September Enforcement Actions; - No Administrative Hearings Scheduled for November 2015 - The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled for November 2015. www.fdic.gov/news/news/press/2015/pr15085.html

October 30, 2015 - The Federal Reserve Board on Friday proposed a new rule that would strengthen the ability of the largest domestic and foreign banks operating in the United States to be resolved without extraordinary government support or taxpayer assistance. www.federalreserve.gov/newsevents/press/bcreg/20151030a.htm

October 30, 2015 - Open Board Meeting on October 30, 2015.  www.federalreserve.gov/aboutthefed/boardmeetings/20151030openmaterials.htm

October 30, 2015 - Macroeconomic News Announcements, Systemic Risk, Financial Market Volatility and Jumps - Xin Huang - This paper studies financial market volatility and jump responses to macroeconomic news announcements.  www.federalreserve.gov/econresdata/feds/2015/files/2015097pap.pdf

October 30, 2015 - Demand Shock, Liquidity Management, and Firm Growth during the Financial Crisis - Vojislav Maksimovic, Mandy Tham, and Youngsuk Yook - We examine the transmission of liquidity across the supply chain during the 2007-09 financial crisis, a period of financial market illiquidity, for a sample of unrated public firms with differential demand shocks.   www.federalreserve.gov/econresdata/feds/2015/files/2015096pap.pdf

October 30, 2015 - Term Structure of Interest Rates with Short-run and Long-run Risks - Olesya Grishchenko, Zhaogang Song, and Hao Zhou - Bond returns are time-varying and predictable. What economic forces drive this variation? To answer this long-standing question, we propose a consumption-based model with recursive preferences, long-run risks, and inflation non-neutrality. www.federalreserve.gov/econresdata/feds/2015/files/2015095pap.pdf

October 30, 2015 - Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 Tohoku Earthquake - Christoph E. Boehm, Aaron B. Flaaen, and Nitya Pandalai-Nayar - Using novel firm-level microdata and leveraging a natural experiment, this paper provides causal evidence for the role of trade and multinational firms in the cross-country transmission of shocks. Foreign multinational affiliates in the U.S. exhibit substantial intermediate input linkages with their source country. www.federalreserve.gov/econresdata/feds/2015/files/2015094pap.pdf

October 30, 2015 - FRB/US model packages - 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. The package contains the following files and subdirectories: http://www.federalreserve.gov/econresdata/frbus/us-models-package.htm

October 30, 2015 - EFA Project - Syndicated Loan Portfolios of Financial Institutions - These tables provide an overview of the distribution of risk in syndicated loan portfolios of banks and other financial institutions. A syndicated loan is a loan extended by a group of financial institutions (a loan syndicate) to a single borrower. www.federalreserve.gov/apps/fof/efa/efa-project-syndicated-loan-portfolios-of-financial-institutions.htm

October 30, 2015 - Agencies Finalize Swap Margin Rule - Five federal agencies have issued a final rule to establish capital and margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants regulated by one of the agencies, as required by the Dodd-Frank Act.
Press Release: www.federalreserve.gov/newsevents/press/bcreg/20151030b.htm 
Press Release: www.fdic.gov/news/news/press/2015/pr15086.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-ia-2015-146.html

October 29, 2015 - U.S. and Oklahoma Economic Update: Divergence in 2015 By Chad Wilkerson.  www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-wilkerson-rma-tulsa-10-29.pdf
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October 30, 3015 - FDIC Makes Public September Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in September. No administrative hearings are scheduled for November 2015. https://www.fdic.gov/news/news/press/2015/pr15085.html

October 29, 2015 - OCC Hosts Mutual Savings Association Advisory Committee Meeting on November 18 - The Office of the Comptroller of the Currency today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Wednesday, November 18, 2015, beginning at 8:30 a.m.. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-145.html

October 29, 2015 - Financial Market Stress Falls to Lowest Level in Nine Weeks - In the latest reporting week, financial market stress fell to its lowest level since the week ending Aug. 21, 2015, according to the St. Louis Fed Financial Stress Index. For the week ending Oct. 23, the index measured -0.842, down modestly from the previous week’s revised value of -0.787. This was the third consecutive weekly decline. www.stlouisfed.org/news-releases/2015/10/29/financial-market-stress-falls-to-lowest-level-in-nine-weeks

October 29, 2015 - FDIC Advisory Committee on Economic Inclusion to Meet Friday - The Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion will meet on Friday, October 30, to discuss initial findings from the FDIC's qualitative research on mobile financial services for underserved consumers.
Press Release: www.fdic.gov/news/news/press/2015/pr15083.html
Press Release: www.fdic.gov/news/news/press/2015/pr15083.html

October 29, 2015 - Currency and Coin Services - $1 Coin Quarterly Inventories, Payments, and Receipts - Quarterly Data Update www.federalreserve.gov/paymentsystems/coin_data.htm

October 29, 2015 - Consumer Research - Analyzing Racial and Ethnic Data in the Survey of Young Workers - This report, based on the Board’s 2013 Survey of Young Workers, focuses on the similarities and differences the survey data found across respondents of three racial and ethnic groups: white (non-Hispanic), black (non-Hispanic), and Hispanic. www.federalreserve.gov/econresdata/2015-racial-ethnic-data-survey-of-young-workers.pdf

October 28, 2015 - NCUA Hosting Automobile Lending Webinar - Learn Best Practices to Enhance Auto Lending While Managing Risk - Credit unions seeking to expand auto lending in a highly competitive market can get helpful information from an upcoming webinar, “Automobile Lending,” hosted by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20151028Automobile-Lending-Webinar.aspx

October 28, 2015 - A closed meeting of the Board of Governors of the Federal Reserve System was held at 10:00 AM on October 27, 2015, and continued at 9:00 AM on October 28, 2015, under expedited procedures. Matter considered: Discussion of Medium-Term Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20151028exp.htm

October 28, 2015 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in September suggests that economic activity has been expanding at a moderate pace.   www.federalreserve.gov/newsevents/press/monetary/20151028a.htm

October 27, 2015 - When Uncertainty Turns to Risk in Ag Finance - By Nathan Kauffman - Omaha Branch Executive and Economist Federal Reserve Bank of Kansas City.   www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-kauffman-aba-10-27.pdf

October 27, 2015 - NCUA - Metsger Looking Forward to Forum Dialogue - Vice Chairman: Important for Board Members to Hear Directly from Stakeholders - National Credit Union Administration Board Vice Chairman Rick Metsger today announced he looks forward to participating in the Friday, Oct. 30, Open Forum for credit union stakeholders. www.ncua.gov/News/Pages/20151027Metsger.aspx

October 27, 2015 - NCUA Board Sets 2016 Meeting Schedule - The National Credit Union Administration Board today released its monthly meeting schedule for 2016. Open Board meetings are scheduled to begin at 10 a.m. Eastern on the following dates: www.ncua.gov/News/Pages/NW20151027-Board-Meeting-Schedule.aspx

October 27, 2015 - Federal Reserve Board announces approval of application by Korea Exchange Bank.  www.federalreserve.gov/newsevents/press/orders/order20151027a1.pdf

October 26, 2015 - Statistical Release - Minority Owned Depository Institutions.  www.federalreserve.gov/releases/mob/current/default.htm

October 23, 2015 - OCC Hosts Tennessee Workshops on Risk Governance and Credit Risk - The Office of the Comptroller of the Currency will host two workshops in Knoxville, Tenn., at the Hilton Knoxville, Dec. 1-2, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-144.html

October 23, 2015 - Cybersecurity Awareness Month – Industry Teleconference - President Obama designated October as National Cybersecurity Awareness Month to raise awareness of both threats to the technologies that have become part of our everyday lives and the need to proactively defend our digital landscape.  www.fdic.gov/news/news/financial/2015/fil15048.html

October 23, 2015 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held at 10:00 AM on October 27, 2015.  http://www.federalreserve.gov/whatsnew.htm

October 23, 2015 - Open Board Meeting Notice - A open meeting of the Board of Governors of the Federal Reserve System will be held at 2:30 PM on October 30, 2015. Matters to be considered: 1) Proposed Rule establishing Total Loss-Absorbing Capacity and Buffers, Long-term Debt, and Clean Holding Company Requirements for U.S. Global Systemically Important Banking Organizations and U.S. Intermediate Holding Companies of Foreign Global Systemically Important Banking Organizations.  www.federalreserve.gov/aboutthefed/boardmeetings/20151030open.htm
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October 22, 2015 - Economic Growth Below Average in September - The Chicago Fed National Activity Index was –0.37 in September, down from –0.39 in August. - The Chicago Fed National Activity Index (CFNAI) ticked down to –0.37 in September from –0.39 in August.  www.chicagofed.org/publications/cfnai/index

October 22, 2015 - Comptroller of the Currency Statement Implementing Dodd-Frank Act Requirement to Increase Bank Reserve Ratio - Comptroller of the Currency Thomas J. Curry made the following statement at a board meeting of the Federal Deposit Insurance Corporation on his vote to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requirement to increase the FDIC bank reserve ratio from 1.15 percent to 1.35 percent. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-143.html

October 22, 2015 - Financial Market Stress Declines for Second Consecutive Week - Financial market stress has fallen for the second consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Oct. 16, the index measured -0.781, down modestly from the previous week’s revised value of -0.711.  www.stlouisfed.org/news-releases/2015/10/22/financial-market-stress-declines-for-second-consecutive-week

October 22, 2015 - FDIC Board Adopts Proposed Rule to Increase Deposit Insurance Fund To Statutorily Required Level - The Board of Directors of the Federal Deposit Insurance Corporation today adopted a proposal to increase the Deposit Insurance Fund to the statutorily required minimum level of 1.35 percent. www.fdic.gov/news/news/press/2015/pr15082.html

October 22, 2015 - FDIC Board Approves Joint Final Rule on Swap Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation today approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse.
Press Release: www.fdic.gov/news/news/press/2015/pr15081.html
Press Release: www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-142.html

October 22, 2015 - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 12:00 PM on October 26, 2015. 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/20151026advexp.htm

October 21, 2015 - Risk Perspectives: Highlights of Risk Monitoring in the Seventh District - The Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends on an ongoing basis. www.chicagofed.org/~/media/publications/risk-perspectives/2015-2019/risk-perspectives-2015-issue-3-pdf.pdf

October 21, 2015 - NCUA - 14 Credit Unions Agree to Late-Filing Penalties for Second Quarter 2015 - Fourteen federally insured credit unions subject to civil monetary penalties for filing late Call Reports have consented to penalties, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20151021Late-Filing-Penalties.aspx

October 21, 2015 - Comptroller of the Currency Discusses Credit Risk - Comptroller of the Currency Thomas J. Curry discussed increasing credit risk in the federal banking system today during a speech before the Exchequer Club. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-141.html

October 21, 2015 - Supervisory Expectations for Supervised Institutions Regarding the TILA-RESPA Integrated Disclosure Rule - This letter provides guidance on the Federal Reserve Board’s supervisory expectations in connection with early examinations of Board-supervised institutions for compliance with the TILA-RESPA Integrated Disclosure Rule, which was effective on October 3, 2015. www.federalreserve.gov/bankinforeg/caletters/ca1510.htm

October 20, 2015 - Chair Janet L. Yellen - Brief Remarks - At the Induction of Carroll D. Wright and Janet L. Norwood into the Department of Labor's Hall of Honor, U.S. Department of Labor, Washington, D.C. www.federalreserve.gov/newsevents/speech/yellen20151020a.htm

October 20, 2015 - Governor Jerome H. Powell - The Evolving Structure of U.S. Treasury Markets - At the Federal Reserve Bank of New York, New York, New York.  www.federalreserve.gov/newsevents/speech/powell20151020a.htm

October 20, 2015 - Federal Reserve Board announces civil money penalty and issues cease and desist order against Crédit Agricole S.A. - The Federal Reserve Board on Tuesday announced a $90.3 million penalty and consent cease and desist order against Crédit Agricole S.A., of Paris, France, related to violations of U.S. sanctions.   www.federalreserve.gov/newsevents/press/enforcement/20151020a.htm

October 19, 2015 - NCUA - Registration Available for Matz’s Open Forum at NCUA - Credit Union Stakeholders Invited to Participate Oct. 30 at NCUA Central Office - Registration for National Credit Union Administration Board Chairman Debbie Matz’s in-person Open Forum for credit union stakeholders is now available online here. www.ncua.gov/News/Pages/NW20151019Registration-Available-for-Matz-Open-Forum.aspx

October 19, 2015 - NCUA Legal Recoveries Reach $2.2 Billion with Wachovia Settlement - Matz: Agency Efforts are Reducing Costs of Corporate Crisis to Credit Unions - Total recoveries from litigation against banks that sold faulty residential mortgage-backed securities to corporate credit unions will reach $2.2 billion with the completion of an agreement with Wachovia, the National Credit Union Administration announced today. www.ncua.gov/News/Pages/NW20151019NCUA-Legal-Recoveries-Reach-$2-2-Billion-with-Wachovia-Settlement.aspx

October 19, 2015 - NCUA Hosting Complaint Process and Fair Lending Oversight Webinar - The National Credit Union Administration will host a webinar, “Consumer Complaint Handling and Fair Lending Oversight,” on Thursday, Oct. 29, 2015, beginning at 3 p.m. Eastern. www.ncua.gov/News/Pages/NW20151019NCUA-Hosting-Complaint-Process-and-Fair-Lending-Oversight-Webinar.aspx

October 19, 2015 - NCUA - Barclays Agrees to Pay $325 Million to Settle RMBS Lawsuits - Settlement Resolves Cases in New York and Kansas Federal Courts - The National Credit Union Administration today announced an agreement with Barclay’s Capital for $325 million to resolve claims arising from losses related to purchases of faulty residential mortgage-backed securities by corporate credit unions. www.ncua.gov/News/Pages/NW20151019Barclays-Agrees-to-Pay-$325-Million-to-Settle-RMBS-Lawsuits.aspx

October 19, 2015 - NCUA Economic Update Series Returns with New Look, Outlook - ?Video Reviews Potential for Rise in Interest Rates and Implications for Credit Unions - Despite some loss of momentum in the third quarter, forecasters expect the U.S. economy to grow moderately over the next 18 months and for the unemployment rate to continue to decline, according to a new Economic Update video released today by the National Credit Union Administration.   www.ncua.gov/News/Pages/NW20151019NCUA-Economic-Update-Series-Returns-with-New-Look-Outlook.aspx

October 19, 2015 - Comptroller of the Currency Discusses Regulatory Burden Relief - Comptroller of the Currency Thomas J. Curry discussed regulatory burden relief today at an outreach meeting conducted under the Economic Growth and Regulatory Paperwork Reduction Act. www.occ.gov/news-issuances/speeches/2015/pub-speech-2015-140.pdf

October 19, 2015 - Regime-Switching Models for Estimating Inflation Uncertainty - Jeremy J. Nalewaik - This paper constructs regime-switching models for estimating the probability of inflation returning to its relatively high levels of variability and persistence in the 1970s and 1980s.  www.federalreserve.gov/econresdata/feds/2015/files/2015093pap.pdf

October 19, 2015 - Governor Lael Brainard - Identifying Opportunities for Reducing Regulatory Burdens on Community Banks - At the Economic Growth and Regulatory Paperwork Reduction Act Outreach Meeting, Federal Reserve Bank of Chicago, Chicago, Illinois.  www.federalreserve.gov/newsevents/speech/brainard20151019a.htm

October 19, 2015 - Federal Reserve Board bars Thomas A. Neely, Jr., from participating in affairs of any insured depository institution and orders him to pay civil penalty.   www.federalreserve.gov/newsevents/press/enforcement/20151019a.htm

October 16, 2015 - NCUA - Matz Plans Open Forum at NCUA - Credit Union Stakeholders Invited to Participate Oct. 30 at NCUA Central Office - National Credit Union Administration Board Chairman Debbie Matz today announced plans to host an in-person Open Forum for credit union stakeholders at the agency’s Central Office on Oct. 30 from 10 a.m. until noon, Eastern. www.ncua.gov/News/Pages/NW20151015Matz-Plans-Open-Forum-at-NCUA.aspx

October 16, 2015 - NCUA Places Helping Other People Excel Federal Credit Union into Conservatorship - Member Deposits Insured up to $250,000; - The National Credit Union Administration today placed Helping Other People Excel Federal Credit Union of Jackson, New Jersey, into conservatorship. www.ncua.gov/News/Pages/NW20151016NCUA-Places-Helping-Other-People-Excel-Federal-Credit-Union-into-Conservatorship.aspx

October 16, 2015 - OCC Enforcement Actions and Terminations for October 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.  http://www.occ.treas.gov/news-issuances/news-releases/2015/nr-occ-2015-139.html

October 16, 2015 - In The Regional Economist: Aging and the Economy, Millennials Moving Back Home and More - A new issue of The Regional Economist, the Federal Reserve Bank of St. Louis’ quarterly review of regional, national and international economic issues of the day, has been posted online.   www.stlouisfed.org/publications/regional-economist/october-2015. 

October 16, 2015 - A Trillion Dollar Question: What Predicts Student Loan Delinquency Risk? - Alvaro Mezza and Kamila Sommer - Over the past ten years, the real amount of student debt owed by American households more than doubled, from about $450 billion to more than $1.1 trillion.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/trillion-dollar-question-what-predicts-student-loan-delinquency-risk-20151016.html

October 16, 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

October 16, 2015 - 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 October 16, 2015, under expedited procedures. Matter considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure.   www.federalreserve.gov/aboutthefed/boardmeetings/20151016exp.htm

October 16, 2015 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production decreased 0.2 percent in September after edging down 0.1 percent in August. The decline in August is smaller than previously reported. In September, manufacturing output moved down 0.1 percent for a second consecutive monthly decrease; the index for mining fell 2.0 percent, while the index for utilities rose 1.3 percent.  www.federalreserve.gov/releases/g17/Current/default.htm
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October 15, 2015 - NCUA - Matz: Use International Credit Union Day to Educate the Next Generation - New NCUA Literacy Tool Teaches Kids about Earning, Saving and Spending Money - International Credit Union Day is a perfect time for credit unions to teach a new generation of account holders to manage their finances, National Credit Union Administration Board Chairman Debbie Matz said today. www.ncua.gov/News/Pages/NW20151015Matz-Use-International-Credit-Union-Day-to-Educate-the-Next-Generation.aspx

October 14, 2015 - October Issue of The NCUA Report Now Available - The National Credit Union Administration announced today the October 2015 issue of The NCUA Report is now available online. www.ncua.gov/News/Pages/NW20151013October-Issue-of-The-NCUA-Report-Now-Available.aspx

October 14, 2015 - Banker Teleconference Series - Timely and Comprehensive Information from the FDIC - The FDIC's Division of Depositor and Consumer Protection offers a series of events for bankers, including teleconferences and webinars, to update bank management and staff on important bank regulatory and emerging issues in the compliance and consumer protection area.  www.fdic.gov/news/news/financial/2015/fil15046.html

October 14, 2015 - Bank Secrecy Act - Spanish Translation of the 2014 Bank Secrecy Act/Anti-Money Laundering Examination Manual - The Federal Financial Institutions Examination Council Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual has been translated into Spanish and is available to the public. www.fdic.gov/news/news/financial/2015/fil15047.html

October 14, 2015 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts.  www.federalreserve.gov/monetarypolicy/beigebook/default.htm

October 14, 2015 - A closed meeting of the Board of Governors of the Federal Reserve System will be held under expedited procedures at 10:00 AM on October 16, 2015. Matter to be considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20151016advexp.htm

October 14, 2015 - Federal Reserve Board announces approval of application by Synchrony Financial - The Federal Reserve Board on Wednesday announced its approval of the application under sections 10(e) and 10(c) of the Home Owners' Loan Act, as amended, by Synchrony Financial, Stamford, Connecticut. www.federalreserve.gov/newsevents/press/orders/20151014a.htm

October 13, 2015 - Economic Outlook - euven Glick, group vice president at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of October 8, 2015. www.frbsf.org/economic-research/publications/fedviews/2015/october/october-08-2015/

October 13, 2015 - Examinations of Insured Depository Institutions Prior to Membership or Merger into a State Member Bank - The Federal Reserve is issuing this letter to provide further explanation on its criteria for waivingor conducting pre-membership safety-and-soundness and consumer compliance examinations of insured depository institutions that are either (1) seeking to become state member banks; or (2) merging with another institution where a state member bank would be the surviving entity.  www.federalreserve.gov/bankinforeg/srletters/SR1511.htm

October 13, 2015 - Expansion of the Federal Reserve's Emergency Communications System - The Federal Reserve is issuing this letter to announce an expansion of its Emergency Communications System, a service which maintains a database of emergency contacts, to include contact information of employees at Federal Reserve-supervised financial institutions who are capable of receiving and acting upon cyber emergencies. www.federalreserve.gov/bankinforeg/srletters/SR1510.htm

October 13, 2015 - Minutes of the Board's discount rate meetings for August 31 and September 15, 2015.  www.federalreserve.gov/newsevents/press/monetary/20151013a.htm

October 12, 2015 - Risks Call for a Gradual Approach to Normalizing Policy - Chicago Fed President Charles Evans talked about monetary policy and the economy October 12 at the World Steel Associations 49th annual conference in Chicago. www.chicagofed.org/publications/speeches/2015/risks-call-for-gradual-approach-normalizing-monetary-policy-chicago

October 12, 2015 - Why So Slow? A Gradual Return for Interest Rates - Vasco Cúrdia - Short-term interest rates in the United States have been very low since the financial crisis. Projections of the natural rate of interest indicate that a gradual return of short-term interest rates to normal over the next five years is consistent with promoting maximum employment and stable inflation.   www.frbsf.org/economic-research/publications/economic-letter/2015/october/gradual-return-to-normal-natural-rate-of-interest/

October 12, 2015 - Governor Lael Brainard - Economic Outlook and Monetary Policy - At the "North America's Place in a Changing World Economy," 57th National Association for Business Economics Annual Meeting, Washington, D.C. www.federalreserve.gov/newsevents/speech/brainard20151012a.htm

October 11, 2015 - Vice Chairman Stanley Fischer - U.S. Economy and Monetary Policy - At the Group of Thirty International Banking Seminar, Lima, Peru.   www.federalreserve.gov/newsevents/speech/fischer20151011a.htm

October 9, 2015 - Fed Evans Addresses Wisconsin Investment Management Professionals - Chicago Fed President Charles Evans talked about monetary policy and the economy October 9 at the CFA Society in Milwaukee. www.chicagofed.org/~/media/publications/speeches/2015/10-09-2015-cfa-milwaukee-charles-evans-print-pdf.pdf

October 9, 2015 - September NCUA Board Video Now Available - The video recording of the September 2015 open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/News/Pages/NW20151009September-NCUA-Board-Video-Now-Available.aspx

October 9, 2015 - NCUA - Federal Regulators Offering Flood Insurance Webinar - The National Credit Union Administration will join with other federal regulators for a webinar covering recent updates to the flood insurance regulations. www.ncua.gov/News/Pages/NW20151009Federal-Regulators-Offering-Flood-Insurance-Webinar.aspx

October 9, 2015 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of South Carolina Affected by Severe - The FDIC announced a series of steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of South Carolina affected by severe storms and flooding. www.fdic.gov/news/news/financial/2015/fil15045.pdf

October 9, 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. 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
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October 8, 2015 - OCC Hosts Compliance and Credit Risk Workshops in St. Louis - The Office of the Comptroller of the Currency will host two workshops in St. Louis at the Hilton St. Louis at the Ballpark, November 17-18, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-138.html

October 8, 2015 - Financial Market Stress Rises for Second Consecutive Week - Financial market stress rose for the second consecutive week, according to the St. Louis Fed Financial Stress Index. For the week ending Oct. 2, the index measured -0.552, up appreciably from the previous week’s revised value of -0.689.  www.stlouisfed.org/news-releases/2015/10/08/financial-market-stress-rises-for-second-consecutive-week

October 8, 2015 - FDIC Announces Appointment of Lawrence Gross, Jr., to Chief Information Officer - The Federal Deposit Insurance Corporation announced the appointment of Lawrence Gross, Jr., as the agency's Chief Information Officer. The CIO advises FDIC senior leaders on a range of strategic issues relating to information technology, including governance, investment, program management, strategic planning, and security. www.fdic.gov/news/news/press/2015/pr15080.html

October 8, 2015 - U.S. Net Wealth in the Financial Accounts of the United States - Elizabeth Holmquist and Susan McIntosh - This note describes the measurement of U.S. net wealth in the Federal Reserve's Financial Accounts of the United States.   www.federalreserve.gov/econresdata/notes/feds-notes/2015/us-net-wealth-in-the-financial-accounts-of-the-united-states-20151008.html

October 8, 2015 - Federal Debt in the Financial Accounts of the United States - Marco Cagetti, Matthew Hoops, Susan McIntosh, Rick Ogden - This note explains the concept of federal debt in the Financial Accounts of the United States, how it has recently changed, and how it differs from other commonly cited measures of federal debt.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/federal-debt-in-the-financial-accounts-of-the-united-states-20151008.html

October 8, 2015 - Minutes of the Federal Open Market Committee, September 16-17, 2015 - The Federal Reserve Board and the Federal Open Market Committee on Thursday released the attached minutes of the Committee meeting held on September 16-17, 2015.  www.federalreserve.gov/newsevents/press/monetary/20151008a.htm

October 8, 2015 - NCUA - Agenda for the October 15, 2015 Board Meeting is Available.  www.ncua.gov/about/Pages/Agendas/AG20151015.aspx

October 7, 2015 - NCUA - Matz: Asking the Important Questions is Key to Credit Unions’ Futures - Chairman Discusses Demographics, Interest-Rate Risk and Cybersecurity - Credit unions face many challenges ahead, and board members need to query their managers to make sure they are ready to face those challenges, National Credit Union Administration Board Chairman Debbie Matz said Tuesday. www.ncua.gov/News/Pages/NW20151017MatzCreditUnionFutures.aspx

October 7, 2015 - OCC Hosts New Orleans Workshop for Bank Directors - The Office of the Comptroller of the Currency will host a workshop in New Orleans at the Hampton Inn and Suites New Orleans, November 16-18, for directors of national community banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-137.html

October 7, 2015 - FDIC Updates its Money Smart Financial Education Program for Consumers/Individuals with Visual Disabilities - The Federal Deposit Insurance Corporation (FDIC) today announced two new resources tailored to meet the financial education needs of individuals with visual disabilities.  www.fdic.gov/news/news/press/2015/pr15079.html

October 7, 2015 - Consumer Credit - G.19 - In August, consumer credit increased at a seasonally adjusted annual rate of 5-1/2 percent. Revolving credit increased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent. www.federalreserve.gov/releases/g19/current/default.htm

October 7, 2015 - Will Household Expectations Follow Professional Forecasters'?- Ekaterina Peneva, Daeus Jorento, Emily Massaro - In January 2012 the FOMC announced an explicit 2 percent objective for inflation as measured by the price index for Personal Consumption Expenditures.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/will-household-expectations-follow-professional-forecasters-20151007.html

October 6, 2015 - Improving Through Collaboration: The Federal Reserve’s Perspective By Esther George.  www.kansascityfed.org/~/media/files/publicat/speeches/2015/2015-george-chicago-10-06.pdf

October 6, 2015 - Consolidated Reports of Condition and Income - The Consolidated Reports of Condition and Income for the September 30, 2015, report date must be received by Friday, October 30, 2015. Certain institutions with foreign offices have an additional five calendar days to submit their reports. www.fdic.gov/news/news/financial/2015/fil15044.html

October 6, 2015 - The Equity Premium, Long-Run Risk, & Optimal Monetary Policy - Anthony M. Diercks - In this study I examine the welfare implications of monetary policy by constructing a novel New Keynesian model that properly accounts for asset pricing facts.  www.federalreserve.gov/econresdata/feds/2015/files/2015087pap.pdf

October 6, 2015 - Misallocation and Productivity in the Lead Up to the Eurozone Crisis - Daniel A. Dias, Carlos Robalo Marques, Christine Richmond - We use Portuguese firm-level data to investigate whether changes in resource misallocation may have contributed to the poor economic performance of some southern and peripheral European countries leading up to the Eurozone crisis.  www.federalreserve.gov/econresdata/ifdp/2015/files/ifdp1146.pdf

October 6, 2015 - Why Are Net Interest Margins of Large Banks So Compressed? - Francisco B. Covas, Marcelo Rezende, and Cindy M. Vojtech1 - This note analyzes recent trends in net interest margins at domestic bank holding companies (hereafter, banks).2 Understanding the empirical behavior of NIMs has important implications for assessing the monetary transmission mechanism, particularly during the upcoming period of monetary policy normalization. www.federalreserve.gov/econresdata/notes/feds-notes/2015/why-are-net-interest-margins-of-large-banks-so-compressed-20151005.html

October 5, 2015 - NCUA Ready to Assist South Carolina Credit Unions Affected by Flooding - Agency Monitoring Situation; Grants to Low-Income Credit Unions Available - The National Credit Union Administration is closely monitoring conditions in South Carolina counties hit by flooding and is prepared to assist credit unions in those areas. www.ncua.gov/News/Pages/NW20151005NCUA-Ready-to-Assist-South-Carolina-Credit-Unions-Affected-by-Flooding.aspx

October 5, 2015 - FDIC Updates its Money Smart Financial Education Program for Consumers/Individuals with Visual Disabilities - The Federal Deposit Insurance Corporation today announced two new resources tailored to meet the financial education needs of individuals with visual disabilities.  www.fdic.gov/news/news/press/2015/pr15079.html

October 5, 2015 - CA Letter 15-7 - Revised Interagency Examination Procedures for Regulation P.  www.federalreserve.gov/bankinforeg/caletters/caltr1507.htm

October 5, 2015 - Regulatory Reform - Communications with the public - The Federal Reserve Board will be involved in many rulemakings to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  www.federalreserve.gov/newsevents/reform_meetings.htm 

October 5, 2015 - Statistical Release - Household Debt Service and Financial Obligations Ratios.  www.federalreserve.gov/releases/housedebt/default.htm

October 5, 2015 - How Did Young Firms Fare During the Great Recession? Evidence from the Kauffman Firm Survey - Rebecca E. Zarutskie and Tiantian Yang = We examine the evolution of several key firm economic and financial variables in the years surrounding and during the Great Recession using the Kauffman Firm Survey, a large panel of young firms founded in 2004 and surveyed for eight consecutive years. www.federalreserve.gov/econresdata/feds/2015/files/2015085pap.pdf

October 5, 2015 - Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances - Lisa J. Dettling, Sebastian J. Devlin-Foltz, Jacob Krimmel, Sarah J. Pack, and Jeffrey P. Thompson - Household income, spending, and net worth are key inputs in macroeconomic forecasting and economic research.  www.federalreserve.gov/econresdata/feds/2015/files/2015086pap.pdf

October 5, 2015 - Large-Scale Buy-to-Rent Investors in the Single-Family Housing Market: The Emergence of a New Asset Class? = James Mills, Raven S. Molloy, and Rebecca E. Zarutskie - In 2012, several large firms began purchasing single-family homes with the stated intention of creating large portfolios of rental property.   www.federalreserve.gov/econresdata/feds/2015/files/2015084pap.pdf

October 5, 2015 - Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say "Usually Not" - Andrew C. Chang and Phillip Li - We attempt to replicate 67 papers published in 13 well-regarded economics journals using author-provided replication files that include both data and code.  http://www.federalreserve.gov/econresdata/feds/2015/files/2015083pap.pdf

October 5, 2015 - An Empirical Test of Auction Efficiency: Evidence from MBS Auctions of the Federal Reserve - Pietro Bonaldi, Ali Hortacsu, and Zhaogang Song - Auction theory has ambiguous implications regarding the relative efficiency of three formats of multiunit auctions: uniform-price, discriminatory-price, and Vickrey auctions. We empirically evaluate the performance of these three auction formats using the bid-level data of the Federal Reserve's purchase auctions of agency mortgage-backed securities (MBS) from June 1, 2014 through November 17, 2014. www.federalreserve.gov/econresdata/feds/2015/files/2015082pap.pdf

October 5, 2015 - Federal Reserve Board announces public comment period has been extended through October 30, 2015, on application by Goldman Sachs Bank USA -The Federal Reserve Board on Monday announced that the public comment period has been extended through October 30, 2015, on the application by Goldman Sachs Bank USA, New York, New York, to assume certain liabilities and acquire certain assets of GE Capital Bank, Holladay, Utah, under section 18(c) of the Federal Deposit Insurance Act. www.federalreserve.gov/newsevents/press/orders/20151005a.htm 

October 2, 2015 - Twin City Bank, Longview, Washington, Assumes All of the Deposits of Hometown National Bank, Longview, Washington - Hometown National Bank, Longview, Washington, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Twin City Bank, Longview, Washington, to assume all of the deposits of Hometown National Bank. https://www.fdic.gov/news/news/press/2015/pr15078.html

October 2, 2015 - Fidelity Bank, Atlanta, Georgia, Assumes All of the Deposits of the Bank of Georgia, Peachtree City, Georgia - The Bank of Georgia, Peachtree City, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Fidelity Bank, Atlanta, Georgia, to assume all of the deposits of The Bank of Georgia. https://www.fdic.gov/news/news/press/2015/pr15077.html

October 2, 2015 - OCC Appoints Receiver for Hometown National Bank, Longview, Washington - The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation as receiver for Hometown National Bank, Longview, Wash. As of June 30, 2015, the institution had approximately $4.9 million in total assets. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-136.html

October 2, 2015 - Second Quarter Data Show Mortgage Performance Continuing to Improve From Prior Year - Second quarter 2015 data from eight national banks showed first-lien mortgages continued to improve from a year ago, according to the Office of the Comptroller of the Currency’s quarterly report on mortgage performance. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-135.html

October 2, 2015 - Depositiry Institution Report - The attached materials pertain to the Consolidated Reports of Condition and Income for the September 30, 2015, report date. Please plan to complete the preparation, editing, and review of your institution's Call Report data and the submission of these data to the agencies' Central Data Repository as early as possible.   www.fdic.gov/news/news/financial/2015/fil15042.html

October 2, 2015 - Supervisory Expectations for Financial Institutions Implementing the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule - The FDIC is providing guidance on its initial supervisory expectations in connection with its examinations of financial institutions for compliance with the Truth in Lending Act – Real Estate Settlement Procedures Act Integrated Disclosure Rule, which is effective October 3, 2015. www.fdic.gov/news/news/financial/2015/fil15043.html 

October 2, 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.  www.fdic.gov/news/news/press/2015/pr15076.html

October 2, 2015 - Statistical Release - Survey of Terms of Business Lending - E.2.  www.federalreserve.gov/releases/e2/current/default.htm

October 2, 2015 - FOIA - Chair Yellen's calendar, August 2015.  www.federalreserve.gov/foia/files/chair-yellen-calendar-082015.pdf

October 2, 2015 - Legal Developments - Section 19 letters, April 15 - September 2, 2015.  www.federalreserve.gov/bankinforeg/legaldevelopments/ordersother2015.htm

October 2, 2015 - Vice Chairman Stanley Fischer - Macroprudential Policy in the U.S. Economy - At the "Macroprudential Monetary Policy," 59th Economic Conference of the Federal Reserve Bank of Boston, Boston, Massachusetts www.federalreserve.gov/newsevents/speech/fischer20151002a.htm
_________________October 1, 2015 - OCC Releases CRA Evaluations for 22 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 September 1, 2015 through September 30, 2015. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-134.html

October 1, 2015 - OCC Highlights National Cybersecurity Awareness Month - Comptroller of the Currency Thomas J. Curry today issued the following statement recognizing October as National Cybersecurity Awareness Month. www.occ.gov/news-issuances/news-releases/2015/nr-occ-2015-133.html

October 1, 2015 - After Three Weeks of Decline, Financial Market Stress Inches Up - Financial market stress rose slightly in the latest reporting week, following three consecutive weeks of decline. For the week ending Sept. 25, the St. Louis Fed Financial Stress Index measured -0.685, up slightly from the previous week’s revised value of -0.719. Year-to-date, the index has averaged -1.036, appreciably higher than its average for the comparable period last year, which was -1.445. www.stlouisfed.org/news-releases/2015/10/01/after-three-weeks-of-decline-financial-market-stress-inches-up

October 1, 2015 - Federal Reserve and CSBS Release 2015 Community Banking Report- The Federal Reserve System and the Conference of State Bank Supervisors today released Community Banking in the 21st Century: Opportunities, Challenges and Perspectives, a report that details conditions facing today’s community bankers.  www.stlouisfed.org/news-releases/2015/10/01/federal-reserve-and-csbs-release-2015-community-banking-report

October 1, 2015 - Why Boomerang? Debt, Access to Credit, and Parental Co-residence among Young Adults - Lisa J. Dettling and Joanne W. Hsu - A persistent media narrative from the Great Recession is the phenomenon of "boomerang" kids, that is, the rapid increase of young adults moving back in with their baby boomer parents.   www.federalreserve.gov/econresdata/notes/feds-notes/2015/why-boomerang-debt-access-to-credit-and-parental-co-residence-among-young-adults-20151001.html

October 1, 2015 - Surveys and Reports - Senior Credit Officer Opinion Survey on Dealer Financing Terms, September 2015.  www.federalreserve.gov/econresdata/releases/scoos.htm

October 1, 2015 - Credit Scores and Committed Relationships - Jane Dokko, Geng Li, and Jessica Hayes - This paper presents novel evidence on the role of credit scores in the dynamics of committed relationships. We document substantial positive assortative matching with respect to credit scores, even when controlling for other socioeconomic and demographic characteristics. www.federalreserve.gov/econresdata/feds/2015/files/2015081pap.pdf

October 1, 2015 - Credit Scores, Trust, and Stock Market Participation - Jesse Bricker and Geng Li - Investments in stocks earn a substantially higher return than investment in safer assets in the long run, even after adjusting for risks in the stock market.  www.federalreserve.gov/econresdata/notes/feds-notes/2015/credit-scores-trust-and-stock-market-participation-20151001.html

October 1, 2015 - Report to the Congress - GPRA Strategic Plan 2016-2019.  www.federalreserve.gov/publications/gpra/default.htm

October 1, 2015 - Foreign Exchange Rates -- G.5 Monthly - The table below shows the average rates of exchange in SEPTEMBER 2015 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

October 1, 2015 - Federal Reserve Board issues termination of enforcement actions with ABCT Holdings, Inc., Countricorp, and Oxford Financial Corporation.   www.federalreserve.gov/newsevents/press/enforcement/20151001a.htm

October 1, 2015 - NCUA Hosting Data Mining Webinar - Learn How to Gather and Use Data for Successful Marketing Campaigns - Successful marketing campaigns need good data to reach and influence members, and credit unions can get helpful information on getting and using data in an upcoming webinar, “Data Mining: Golden Nuggets for Your Marketing Campaign,” hosted by the National Credit Union Administration. www.ncua.gov/News/Pages/NW20151001NCUA-Hosting-Data-Mining-Webinar.aspx

October 1, 2015 - NCUA - Cyber Security Awareness Month Reminds Consumers, Credit Unions of Threats - NCUA Offering a New Video, a Consumer Twitter Chat and Online Resources - Cybercrime and terrorism remain serious concerns, and credit unions and their members can find valuable information from the National Credit Union Administration to help them protect themselves from cyberattacks. www.ncua.gov/News/Pages/NW20151001Cyber-Security-Awareness-Month-Reminds-Consumers,-Credit-Unions-of-Threats.aspx