R. Kinney Williams - Yennik, Inc.®
R. Kinney Williams
Yennik, Inc.

The E-mail Banking News
for the week of February 19, 2017

Published by Yennik, Inc. the acknowledged leader in independent IT & cybersecurity audits.

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

Please don't hesitate to email me (examiner@yennik.com) if you have any questions.  Have a great week,

R. Kinney Williams, President
Certified Financial Examiner
Yennik, Inc.

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