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

The E-mail Banking News
for the week of January 21, 2018

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



FFIEC information technology audits - As a former bank examiner with over 40 years IT audit experience, I will bring an examiner's perspective to the FFIEC information technology audit for bankers in Texas, New Mexico, Colorado, and Oklahoma.  For more information go to On-site FFIEC IT Audits.

January 18, 2018 - Tax Reform: Interagency Statement on Accounting and Reporting Implications of the New Tax Law - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today issued an interagency statement for supervised financial institutions on accounting and reporting implications of the new tax law1 and certain related matters. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-2.html

January 18, 2018 - New Tax Law: Accounting and Reporting Implications - The banking agencies are issuing the attached Interagency Statement to provide guidance to institutions on certain accounting and reporting implications of the new tax law, which was enacted on December 22, 2017. www.fdic.gov/news/news/financial/2018/fil18006.html

January 18, 2018 - Statistical Release - Minority-Owned Depository Institutions as of September 30, 2017.  www.federalreserve.gov/releases/mob/current/default.htm

January 18, 2018 - Statistical Release - Large Commercial Banks - As of September 30, 2017.  www.federalreserve.gov/releases/lbr/current/default.htm

January 18, 2018 - 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 12:00 p.m. on January 22, 2018. Matter(s) 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/20180122closed.htm

January 18, 2018 - Interagency Statement on Accounting and Reporting Implications of the New Tax Law - The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued the attached Interagency Statement on Accounting and Reporting Implications of the New Tax Law to provide supervised institutions with guidance on the accounting implications of the new tax law, which was enacted on December 22, 2017, and certain related matters. www.federalreserve.gov/supervisionreg/srletters/sr1802.htm

January 18, 2018 - Does Smooth Ambiguity Matter for Asset Pricing? - A. Ronald Gallant, Mohammad R. Jahan-Parvar, and Hening Liu - We use the Bayesian method introduced by Gallant and McCulloch (2009) to estimate consumption-based asset pricing models featuring smooth ambiguity preferences. www.federalreserve.gov/econres/ifdp/files/ifdp1221.pdf

January 17, 2018 - St. Louis Fed Accepting Applications for 2018-19 Student Board of Directors - The Federal Reserve Bank of St. Louis is seeking bright and ambitious high school seniors to serve on its student board of directors for the 2018-19 school year. www.stlouisfed.org/news-releases/2018/01/17/st-louis-fed-accepting-applications-for-2018-19-student-board-of-directors

January 17, 2018 - Using Payroll Processor Microdata to Measure Aggregate Labor Market Activity - Tomaz Cajner, Leland Crane, Ryan Decker, Adrian Hamins-Puertolas, Christopher Kurz, and Tyler Radler - We show that high-frequency private payroll microdata can help forecast labor market conditions. www.federalreserve.gov/econres/feds/files/2018005pap.pdf

January 17, 2018 - Quantitative Easing and the "New Normal" in Monetary Policy - Michael T. Kiley - Interest rates may remain low and fall to their effective lower bound often. www.federalreserve.gov/econres/feds/files/2018004pap.pdf

January 17, 2018 - Estimating Unequal Gains across U.S. Consumers with Supplier Trade Data - Colin J. Hottman and Ryan Monarch - Using supplier-level trade data, we estimate the e?ect on consumer welfare from changes in U.S. imports both in the aggregate and for di?erent household income groups from 1998 to 2014. www.federalreserve.gov/econres/ifdp/files/ifdp1220.pdf 

January 17, 2018 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beige-book-default.htm

January 17, 2018 - Notice of a Meeting under Expedited Procedures - A closed meeting of the Board of Governors of the Federal Reserve System was held at on January 17, 2018. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20180117closed.htm

January 17, 2018 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production rose 0.9 percent in December even though manufacturing output only edged up 0.1 percent. www.federalreserve.gov/releases/g17/Current/default.htm

January 16, 2018 - Civil Money Penalties: Notice Adjusting Civil Money Penalties for 2018 - On January 12, 2018, the Office of the Comptroller of the Currency published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty within its jurisdiction, pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. www.occ.treas.gov/news-issuances/bulletins/2018/bulletin-2018-1.html

January 16, 2018 - Federal Reserve Board announces approval of application by Huron Community Bank - The Federal Reserve Board on Tuesday announced its approval of the application under section 18(c) of the Federal Deposit Insurance Act by Huron Community Bank, East Tawas, Michigan, to acquire certain assets and assume certain liabilities of a branch of First Federal of Northern Michigan, Alpena, Michigan. www.federalreserve.gov/newsevents/pressreleases/orders20180116a.htm

January 12, 2018 - Economic Outlook Symposium: Summary of 2017 Results and 2018 Forecasts By William A. Strauss , Thomas Haasl - According to participants in the Chicago Fed’s annual Economic Outlook Symposium, the U.S. economy is forecasted to grow at a pace slightly above average in 2018, with inflation moving up a little and the unemployment rate remaining low. www.chicagofed.org/publications/chicago-fed-letter/2018/391

January 12, 2018 - Robert G. Sarver Reappointed to the Federal Advisory Council - The Federal Reserve Bank of San Francisco’s board of directors has reappointed Robert G. Sarver, chairman and CEO of Western Alliance Bancorporation, to represent the District on the Federal Advisory Council beginning January 1, 2018. www.frbsf.org/our-district/press/news-releases/2018/robert-g-sarver-reappointed-federal-advisory-council/

January 12, 2018 - Membership Appointments Announced for the Federal Reserve Bank of San Francisco’s Community Depository Institutions Advisory Council - The Federal Reserve Bank of San Francisco announced that Tamara Gurney, president and CEO, Mission Valley Bank, Sun Valley, CA; Gary Harding, president and CEO, Prime Alliance Bank, Woods Cross, UT; and Connie Miller, president and CEO, Icon Credit Union, Boise, ID have been appointed as the newest members of the Twelfth District’s Community Depository Institutions Advisory Council www.frbsf.org/our-district/press/news-releases/2018/announce-membership-appointments-community-depository-institutions-advisory-council/
 
January 12, 2018 - Membership Changes for Federal Reserve Bank of San Francisco’s Economic Advisory Council - The Federal Reserve Bank of San Francisco announced that Glynis A. Bryan, CFO of Insight Enterprises, Inc., Tempe, AZ; Shubhi Rao, vice president and treasurer at Alphabet, Inc., Mountain View, CA; and Lewis Lee, co-founder and partner at Lee & Hayes, PLLC, Spokane, WA, have been appointed to the Bank’s Economic Advisory Council www.frbsf.org/our-district/press/news-releases/2018/economic-advisory-council-membership-changes/

January 12, 2018 - Bertram “Bert” C. Hodge Joins St. Louis Fed’s Transportation Industry Council - Bertram C. Hodge “Bert” of Corydon, Ind., has been named to the Transportation Industry Council of the Federal Reserve Bank of St. Louis. Bert Hodge is the general manager of Heritage Ford of Indiana. www.stlouisfed.org/news-releases/2018/01/12/bertram-bert-c-hodge-joins-st-louis-fed-transportation-industry-council

January 12, 2018 - Federal Reserve Board announces it has finalized a rule adjusting the Board's maximum civil money penalties.   www.federalreserve.gov/newsevents/pressreleases/bcreg20180112a.htm

January 12, 2018 - Differences in Stock Returns of U.S. Firms with High and Low Tradability - Mary Tian - Since the beginning of 2017, the trade-weighted value of the dollar has depreciated by over 8 percent, weakening broadly against both advanced and emerging market economies' currencies. www.federalreserve.gov/econres/notes/ifdp-notes/differences-in-stock-returns-of-us-firms-with-high-and-low-tradability-20180112.htm

January 12, 2018 - From Income to Consumption Inequality? Looking through the Lens of Motor Vehicle Purchases - Wendy Dunn and Maria D. Tito - Rising income inequality in the United States over the past several decades has been well documented in the economics literature. www.federalreserve.gov/econres/notes/feds-notes/looking-through-the-lens-of-motor-vehicle-purchases-20180112.htm

January 12, 2018 - 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 January 17, 2018. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20180117closed.htm

January 12, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

January 12, 2018 - Federal Reserve Board announces it has finalized a rule adjusting the Board's maximum civil money penalties.   www.federalreserve.gov/newsevents/pressreleases/bcreg20180112a.htm

January 12, 2018 - Federal Reserve Board announces enforcement action with Goldman Sachs Bank USA.  www.federalreserve.gov/newsevents/pressreleases/enforcement20180112b.htm

January 12, 2018 - Federal Reserve Board announces termination of enforcement actions against 10 banking organizations, civil monetary penalties against five of the 10, and termination of two joint orders against service providers.  www.federalreserve.gov/newsevents/pressreleases/enforcement20180112a.htm


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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Our cybersecurity pen-test firewall audit meets the independent diagnostic test requirements The audit focuses on a hacker's perspective, which will help your IT staff identify real-world weaknesses.  There is no charge if you are not satisfied with our service.  For more information, please call R. Kinney Williams at 806-798-7119, send an email to examiner@yennik.com, or visit http://www.internetbankingaudits.com/.


Professional organizations:
Information Systems Audit and Control Association
Society of Financial Examiners
Association of Credit Union Internal Auditors
The Institute of Internal Auditors

 

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