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

The E-mail Banking News
for the week of July 30, 2017

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

July 27, 2017 - Chicago Fed National Activity Index - Index points to a pickup in economic growth in June - Led by increases in production-related indicators, the Chicago Fed National Activity Index (CFNAI) moved up to +0.13 in June from –0.30 in May. www.chicagofed.org/~/media/publications/cfnai/2017/cfnai-july2017-pdf.pdf

July 27, 2017 - Federal Reserve Board announces termination of enforcement action with M&T Bank Corporation and Manufacturers & Traders Trust Company.   www.federalreserve.gov/newsevents/pressreleases/enforcement20170727a.htm 

July 26, 2017 - The Expansion of High School Choice in Chicago Public Schools By Lisa Barrow , Lauren Sartain - Public school choice in Chicago has been in existence for more than 30 years and has noticeably expanded over the past 15 years. www.chicagofed.org/publications/economic-perspectives/2017/5

July 26, 2017 - NCUA to Host Webinar on New Learning Management Service - The National Credit Union Administration’s new Learning Management Service is up and running, and the agency is hosting a webinar to help credit unions learn about the service’s  training resources on regulatory, operational and strategic subjects. www.ncua.gov/newsroom/Pages/news-2017-july-new-learning-management-service.aspx

July 26, 2017 - FDIC Updates Affordable Mortgage Lending Guide Information on State Housing Finance Agencies - The FDIC has updated the Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies to reflect the most up-to-date information available about the mortgage programs offered through state housing finance agencies. www.fdic.gov/news/news/financial/2017/fil17030.html

July 26, 2017 - Update to the Risk Management Manual of Examination Policies - The FDIC Risk Management Manual of Examination Policies has been updated. www.fdic.gov/news/news/financial/2017/fil17031.html

July 26, 2017 - Securities and Exchange Commission Rule Amended to Shorten the Securities Transaction Settlement Cycle - The Federal Deposit Insurance Corporation is issuing this announcement to highlight actions that banks should take to prepare for the change in the Securities Exchange Commission's rule governing the securities settlement cycle for securities transactions conducted by most broker-dealers. www.fdic.gov/news/news/financial/2017/fil17032.html

July 26, 2017 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at 1:00 p.m. on July 25, 2017 and continued at 9:00 a.m. on July 26, 2017. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20170725closed.htm

July 26, 2017 - Federal Reserve issues FOMC statement - Information received since the Federal Open Market Committee met in June indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. www.federalreserve.gov/newsevents/pressreleases/monetary20170726a.htm 

July 25, 2017 - NCUA - Board Re-Schedules September Meetings - The National Credit Union Administration Board has re-scheduled its September open and closed meetings to Thursday, Sept. 28, beginning at 10 a.m. Eastern. www.ncua.gov/newsroom/Pages/news-2017-july-board-reschedules-september-meetings.aspx

July 25, 2017 - 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 2:00 p.m. on July 27, 2017. Matter(s) considered: Update on Consumer and Community Matters. www.federalreserve.gov/aboutthefed/boardmeetings/20170727closed.htm

July 24 2017 - Consumer Scam Alert: Fake Message Encourages Individuals to Pay Fee to Access Funds - Recently, scam emails claiming to be from the Federal Reserve Bank of St. Louis have instructed recipients to use cross-border/international wire transfers to pay a processing fee and, in return, receive pending inheritance or compensation. www.stlouisfed.org/news-releases/2017/07/24/consumer-scam-alert-fake-message-encourages-individuals-to-pay-fee-to-access-funds

July 24, 2017 - William A. Rowe Named Chief Risk Officer - The Office of the Comptroller of the Currency announced today that William A. Rowe has been named its Chief Risk Officer, effective immediately. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-85.html

July 24, 2017 - Consumer Scam Alert: Fake Message Encourages Individuals to Pay Fee to Access Funds - The housing market collapse affected millions of American families across the country, but it hit black and Latino families especially hard because so much of their wealth was tied up in housing, according to analysis in the latest edition of the St. Louis Fed’s Housing Market Perspectives report. www.stlouisfed.org/news-releases/2017/07/st-louis-fed-analysis-examines-homeowner-equity-and-the-racial-wealth-divide-over-time

July 24, 2017 - Federal Reserve Board prohibits former foreign exchange trader from participating in banking industry for practices regarding FX pricing benchmarks - Michael Weston, a former FX trader at Barclays Bank PLC, engaged in unsafe and unsound practices by using electronic chat rooms to discuss the coordination of trading around FX benchmark fixes and to disclose confidential information of Barclays and its customers to traders at other organizations. www.federalreserve.gov/newsevents/pressreleases/enforcement20170724a.htm

July 24, 2017 - Federal Reserve commends efforts as Faster Payments Task Force concludes - The Federal Reserve on Monday announced the conclusion of the Faster Payments Task Force it established in May 2015 to find ways to implement faster payments in the United States. www.federalreserve.gov/newsevents/pressreleases/other20170724a.htm 

July 21, 2017 - The Faster Payments Task Force - FINAL REPORT PART TWO: A CALL TO ACTION - The Faster Payments Task Force is a broad and inclusive group of stakeholders with representatives from organizations across the payments community, including financial institutions, nonbank payment providers, businesses (merchants and corporates), consumer groups, federal and state government agencies, regulators, standards bodies, industry trade organizations, consultants, and academics. https://fasterpaymentstaskforce.org/wp-content/uploads/faster-payments-task-force-final-report-part-two.pdf

July 21, 2017 - NCUA - Registration for Aug. 9 Stabilization Fund Closure Plan Webinar Now Open - Registration is now open for the National Credit Union Administration’s Aug. 9 webinar discussing the agency’s proposed plan to close the Temporary Corporate Credit Union Stabilization Fund. www.ncua.gov/newsroom/Pages/news-2017-july-registration-august-9-stabilization-fund-closure-plan-webinar-open.aspx

July 21, 2017 - Improve Efficiency, Meet Future Challenges - Regional Offices Will Consolidate; Staffing Will be Reorganized - Greater efficiency, responsiveness, and cost-effectiveness are goals of a long-range agency restructuring plan the National Credit Union Administration Board announced today. www.ncua.gov/newsroom/Pages/news-2017-july-ncua-plans-restructuring.aspx

July 21, 2017 - OCC Enforcement Actions and Terminations for July 2017 - The Office of the Comptroller of the Currency today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-83.html

July 21, 2017 - Advanced Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System will be held un der expedited procedures at 1:00 p.m. on July 25, 2017. Matter(s) considered: Discussion of Monetary Policy Issues. www.federalreserve.gov/aboutthefed/boardmeetings/20170725closed.htm

July 21, 2017 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update. www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

July 21, 2017 - Commercial Bank Examination Manual Presents examination objectives and procedures that Federal Reserve System examiners follow in evaluating the safety and soundness of state member banks. Intended as guidance for planning and conducting bank examinations. www.federalreserve.gov/publications/supervision_cbem.htm

July 21, 2017 - Federal regulatory agencies announce coordination of reviews for certain foreign funds under "Volcker Rule" - Five federal financial regulatory agencies today announced that they are coordinating their respective reviews of the treatment of certain foreign funds under section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, and the agencies' implementing regulations.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170721a.htm
Press release: www.fdic.gov/news/news/press/2017/pr17056.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-84.html

July 20, 2017 - A New Era of Community Banking - By Michael Austin , Marshall Eckblad , Courtney Markovich , Jacqunette Murray , Wade Perry , Nick Strok , Terri Woodford - The 11th annual Community Bankers Symposium, cosponsored by the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, was held at the Chicago Fed on November 18, 2016. This article summarizes key presentations and discussions at the event. www.chicagofed.org/publications/chicago-fed-letter/2017/383

July 20, 2017 - NCUA - Board Proposes Closing Stabilization Fund and Providing a Distribution in 2018 - Estimated Distribution $600 Million to $800 Million; Normal Operating Level of Share Insurance Fund Would Rise; Budget Review Projects $5.8 Million Savings - The National Credit Union Administration Board held its sixth open meeting of 2017 at the agency’s headquarters here today and unanimously approved three items: www.ncua.gov/newsroom/Pages/news-2017-july-board-proposes-closing-stabilization-fund-providing-distribution-2018.aspx

July 20, 2017 - Report to the Congress - Government-Administered, General-Use Prepaid Cards, July 2017 - The Board's annual report to the Congress on the use of general-use prepaid cards in federal, state, and local government-administered payment programs and on the interchange fees and cardholder fees charged with respect to the use of those cards. www.federalreserve.gov/publications/files/government-prepaid-report-201707.pdf

July 20, 2017 - Report to the Congress - Preserving Minority Depository Institutions, July 2017 - This annual report to Congress details the actions taken to fulfill requirements outlined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by the Dodd-Frank Act. www.federalreserve.gov/publications/files/preserving-minority-depository-institutions-2017.pdf

July 19, 2017 - NCUA - June 2017 NCUA Board Meeting Video Available - The video recording of the June 23, 2017, open meeting of the National Credit Union Administration Board is now available on the agency’s website. www.ncua.gov/newsroom/Pages/news-2017-july-june-ncua-board-meeting-video-available.aspx

July 19, 2017 - Acting Comptroller Discusses Responsible Innovation and Granting National Bank Charters to Financial Technology Companies - Acting Comptroller of the Currency Keith A. Noreika today discussed responsible innovation during an appearance before the Exchequer Club. www.occ.gov/news-issuances/news-releases/2017/nr-occ-2017-82.html

July 19, 2017 - Federal Reserve Board announces approval of applications by Regions Bank - The Federal Reserve Board on Wednesday announced its approval of the applications under section 9 of the Federal Reserve Act by Regions Bank, Birmingham, Alabama, to establish branches in Georgia, Indiana, Missouri, Tennessee, and Texas. www.federalreserve.gov/newsevents/pressreleases/orders20170719a.htm

July 19, 2017 - Federal banking agencies issue notice of proposed rulemaking to exempt commercial real estate transactions of $400,000 or less from appraisal requirements - Responding to concerns about the time and cost associated with completing real estate transactions, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today issued a notice of proposed rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal to $400,000.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20170719a.htm
Press Release: www.fdic.gov/news/news/press/2017/pr17055.html
Press Release: Press Release: www.fdic.gov/news/news/financial/2017/fil17029.html
Press Release: www.occ.gov/news-issuances/news-releases/2017/nr-ia-2017-81.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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Professional organizations:
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Association of Credit Union Internal Auditors
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