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

The E-mail Banking News
for the week of April 14, 2019

Published by Yennik, Inc. the acknowledged leader in independent IT security audits for financial institutions.

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. 

April 12, 2019 - GAO - Priority Open Recommendations: Board of Governors of the Federal Reserve System. https://www.gao.gov/products/GAO-19-355SP

April 12, 2019 - GAO - Priority Open Recommendations: Federal Deposit Insurance Corporation. https://www.gao.gov/products/GAO-19-354SP

April 11, 2019 - OCC Hosts Risk Governance and Credit Risk Workshops in Pittsburgh - The Office of the Comptroller of the Currency will host two workshops at the Hotel Indigo Pittsburgh East Liberty in Pittsburgh, May 21-22, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-38.html

April 11, 2019 - St. Louis Fed's Bullard Discusses Successful Normalization, With Challenges Ahead - Federal Reserve Bank of St. Louis President James Bullard discussed “A Successful Normalization, With Challenges Ahead” on Thursday in a presentation at the Community Development Foundation of Tupelo. www.stlouisfed.org/news-releases/2019/04/11/bullard-normalization-challenges-ahead

April 11, 2019 - Interagency Examination Procedures for Regulation X - This CA Letter republishes interagency examination procedures for Regulation X – Real Estate Settlement Procedures Act for procedural reasons, without any change. Specifically: www.federalreserve.gov/supervisionreg/caletters/caltr1908.htm

April 11, 2019 - Revised Interagency Examination Procedures for Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation Z – Truth in Lending.These revised examination procedures supersede the Regulation Z examination procedures transmitted with CA Letter 18-3.1 www.federalreserve.gov/supervisionreg/caletters/caltr1907.htm

April 11, 2019 - Revised Interagency Examination Procedures for Regulation E - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation E – Electronic Fund Transfers. These revised examination procedures supersede the Regulation E examination procedures transmitted with CA Letter 13-17. www.federalreserve.gov/supervisionreg/caletters/caltr1906.htm

April 11, 2019 - Speech by Vice Chair Clarida on the U.S. economic outlook and monetary policy At the Washington Policy Summit sponsored by Institute of International Finance, Washington, D.C. www.federalreserve.gov/newsevents/speech/clarida20190411a.htm

April 10, 2019 - Home Mortgage Disclosure Act: Revised Interagency Examination Procedures - The examination procedures were developed by members of the Federal Financial Institutions Examination Council. www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-19.html

April 10, 2019 - Remarks by Vice Chair for Supervision Quarles on progress on the transition to risk-free rates Vice Chair for Supervision and Chair of the Financial Stability Board At the Financial Stability Board Roundtable on Reforming Major Interest Rate Benchmarks, Washington, D.C. www.federalreserve.gov/newsevents/speech/quarles20190410a.htm

April 10, 2019 - Minutes of the Federal Open Market Committee, March 19-20, 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. www.federalreserve.gov/newsevents/pressreleases/monetary20190410a.htm

April 10, 2019 - NCUA - Board Re-Schedules May Meetings - Both meetings are now scheduled for Thursday, May 23. www.ncua.gov/newsroom/press-release/2019/board-re-schedules-may-meetings

April 9, 2019 - Jay Gallagher and Gary Kuhlmann Named Senior National Bank Examiners - The Senior National Bank Examiner designation recognizes examiners who have distinguished themselves through high-quality performance and service as field examiners, subject matter experts, and advisers on highly complex and technical bank supervision issues. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-37.html

April 9, 2019 - Federal Reserve Bank of Kansas City to launch ninth annual Investment Connection series - The initiative facilitates connections between nonprofits and financial institutions, foundations and government agencies to foster economic and community development. www.kansascityfed.org/~/media/files/publicat/newsroom/2019/newsreleaseforinvestment_connection2019_final.pdf 

April 9, 2019 - U.S., European Banking Union, and UK Officials Meet for Planned Coordination Exercise on Cross-Border Resolution Planning - Senior officials representing resolution, regulatory and supervisory authorities, central banks, and finance ministries in the United States, the United Kingdom, and the European Banking Union will hold a meeting on Saturday, April 13, as part of a series of planned exercises to enhance understanding of one another's resolution regimes for global systemically important banks and strengthen coordination on cross-border resolution. www.fdic.gov/news/news/press/2019/pr19033.html
April 9, 2019 - Estimating System Demand for Reserve Balances Using the 2018 Senior Financial Officer Survey - Thomas Keating, Francis Martinez, Luke Pettit, Marcelo Rezende, Mary-Frances Styczynski, and Alex Thorp - Private sector analysts and researchers have produced a wide range of estimates of the banking system's demand for reserve balances post-crisis, but one feature common to all estimates is a level of reserve demand significantly above pre-crisis levels and below holdings observed over the last five years. www.federalreserve.gov/econres/notes/feds-notes/estimating-system-demand-for-reserve-balances-using-the-2018-senior-financial-officer-survey-20190409.htm

April 9, 2019 - Federal Reserve Board fines Standard Chartered $164 million for firm's unsafe and unsound practices relating to inadequate sanctions controls and failure to disclose sanctions risks to the Federal Reserve.  www.federalreserve.gov/newsevents/pressreleases/enforcement20190409a.htm

April 8, 2019 - NCUA - President Trump Designates Rodney E. Hood as Chairman of the NCUA Board - Today, as his last official action as Chairman of the Board, J. Mark McWatters administered the oath of office to Mr. Hood, at the NCUA headquarters. www.ncua.gov/newsroom/press-release/2019/president-trump-designates-rodney-e-hood-chairman-ncua-board

April 8, 2019 - NCUA - Harper Sworn in as NCUA Board Member - The Honorable Todd M. Harper took the oath of office today and joined the National Credit Union Administration as its 23rd Board member. www.ncua.gov/newsroom/press-release/2019/harper-sworn-ncua-board-member

April 8, 2019 - Regulatory Capital Rule: 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 that would be applicable to advanced approaches banking organizations. www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-18.html

April 8, 2019 - How does the strength of monetary policy transmission depend on real economic activity? -Horacio Sapriza and Judit Temesvary - Abstract: We study the relationship between the strength of the bank credit channel of monetary policy and real GDP growth in the United States using quarterly commercial bank level data between 1986 and 2008. www.federalreserve.gov/econres/feds/files/2019023pap.pdf

April 8, 2019 - Federal Reserve Board invites public comment on regulatory framework that would more closely match rules for foreign banks with the risks they pose to U.S. financial system. The changes would maintain the most stringent requirements for firms with the most risk, while reducing compliance requirements for firms with less risk. www.federalreserve.gov/newsevents/pressreleases/bcreg20190408a.htm 

April 8, 2019 - Federal Reserve Board accepting applications for its Community Advisory Council - The CAC was formed in 2015. It advises the Board on issues affecting consumers and communities and complements two of the Board's other advisory councils whose members represent depository institutions--the Federal Advisory Council and the Community Depository Institutions Advisory Council. www.federalreserve.gov/newsevents/pressreleases/other20190408a.htm

April 5, 2019 - NCUA Marks National Financial Capability Month - The National Credit Union Administration will promote consumer financial preparedness during the Financial Literacy and Education Commission’s National Financial Capability Month campaign. www.ncua.gov/newsroom/press-release/2019/ncua-marks-national-financial-capability-month

April 5, 2019 - FDIC Issues List of Banks Examined for CRA Compliance - The list covers evaluation ratings that the FDIC assigned to institutions in January 2019.  www.fdic.gov/news/news/press/2019/pr19032.html

April 5, 2019 - Statistical Release - Consumer Credit - G.19 - In February, consumer credit increased at a seasonally adjusted annual rate of 4-1/2 percent. Revolving credit increased at an annual rate of 3-1/4 percent, while nonrevolving credit increased at an annual rate of 5 percent. www.federalreserve.gov/releases/g19/current/default.htm

April 5, 2019 - FOIA - Chair Powell's calendar, February 2019.  www.federalreserve.gov/foia/chairman-powell-calendar-022019.htm

April 5, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 4, 2019 - FDIC Podcasts Chronicle Causes, Responses to Financial Crisis - The FDIC today released a series of podcasts featuring discussions about Crisis and Response: An FDIC History, 2008–2013, the agency's study of the banking and financial crisis.  www.fdic.gov/news/news/press/2019/pr19031.html

April 4, 2019 - Legal Interpretations - Bank Holding Company Act, February 26, 2019.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2019.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.

Independent Pen-test Audits
Our pen-test firewall audit  meets the independent diagnostic test requirements of FDIC, OCC, FRB, and NCUA, which provides compliance with Gramm-Leach Bliley Act 501(b) The audit focuses on a hacker's perspective, which will help your IT staff identify real-world weaknesses.  For more information, please call R. Kinney Williams at Office 806-798-7119, send an email to examiner@yennik.com, or visit http://www.internetbankingaudits.com/.


You may also receive this newsletter by email.  Go to https://yennik.com/newletter.htm for more information.  The various category comments may be excerpts from regulatory press releases, which can be found at the respective regulatory web site.  Our privacy statement can be found at http://www.yennik.com/privacy_statement.htm.

Copyright Yennik, Inc.
Our logo above is registered with the United States Patent and Trademark Office