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

The E-mail Banking News
for the week of April 22, 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.

April 19, 2018 - OCC Enforcement Actions and Terminations for April 2018 - 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/2018/nr-occ-2018-40.html

April 19, 2018 - NCUA - Board Member Metsger Releases Prepared Remarks on the Final Capital Planning and Stress Testing Rule - In April 2014, the NCUA Board approved an initial capital planning and stress testing rule for the nation’s largest credit unions. I supported that rule, and I support this revised rule today because it builds on what we have learned over the past four years. www.ncua.gov/newsroom/Pages/speech-2018-april-metsger-remarks-final-capital-planning-stress-testing-rule.aspx

April 19, 2018 - NCUA - Stress-Testing Rule Reduces Burdens, Allows Credit Unions to Conduct Tests - Advertising Rule Gives Credit Unions New Options on Advertising - The National Credit Union Administration Board held its fourth open meeting of 2018 at the agency’s headquarters today and unanimously approved two items: www.ncua.gov/newsroom/Pages/news-2018-april-stress-testing-rule-reduces-burdens-allows-credit-unions-conduct-tests.aspx

April 19, 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 April 23, 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/20180423closed.htm

April 19, 2018 - Revised Interagency Examination Procedures for Regulation X and Regulation Z - The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed the attached interagency examination procedures for Regulation X – Real Estate Settlement Procedures Act and Regulation Z – Truth in Lending. www.federalreserve.gov/supervisionreg/caletters/caltr1803.htm

April 19, 2018 - Measuring Monetary Policy Spillovers between U.S. and German Bond Yields - Stephanie E. Curcuru, Michiel De Pooter, and George Eckerd - In this paper we estimate the magnitude of spillovers between bond markets in the U.S. and Germany following monetary policy communications by the FOMC and the ECB. www.federalreserve.gov/econres/ifdp/files/ifdp1226.pdf

April 19, 2018 - Speech by Governor Brainard on safeguarding financial resilience through the cycle - Governor Lael Brainard.  www.federalreserve.gov/newsevents/speech/brainard20180419a.htm

April 18, 2018 - Money Smart Week 2018 is taking place April 21-28. Our partners are hosting hundreds of free events across the country on topics ranging from teaching your kids about money, to saving for retirement. www.moneysmartweek.org/events

April 18, 2018 - Chicago Fed Survey of Business Conditions - Survey shows growth slowed some in late February and March - The Chicago Fed Survey of Business Conditions Activity Index moved down to +6 from +20, suggesting that growth in economic activity remained at a moderate pace in late February and March. www.chicagofed.org/~/media/publications/cfsbc/2018/cfsbc-april2018-pdf.pdf

April 18, 2018 - Legal Interpretations - Bank Holding Company Act, April 5, 2018.  www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2018.htm

April 18, 2018 - Beige Book - Informal review by the Federal Reserve Banks of current economic conditions in their Districts. www.federalreserve.gov/monetarypolicy/beigebook201804.htm

April 18, 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 April 18, 2018. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. www.federalreserve.gov/aboutthefed/boardmeetings/20180418closed.htm

April 17, 2018 - The opening of a new Innovation Center is one of many Federal Reserve Bank of Chicago accomplishments featured in the 2017 annual report. www.chicagofed.org/publications/annual-report/2017-annual-report

April 17, 2018 - Overheating and Monetary Policy: How Does Low Inflation Affect the Policy Narrative? A speech delivered on April 17, 2018, before the Chicago Rotary Club Luncheon in Chicago. www.chicagofed.org/publications/speeches/2018/04-17-2018-overheating-and-monetary-policy-how-does-low-inflation-affect-the-policy-narrative

April 17, 2018 - Report on Disaster-Affected Small Firms Provides Critical Insight for Understanding Regional Economic Recovery The Federal Reserve Banks of San Francisco, New York, Dallas, and Richmond today issued the 2017 Small Business Credit Survey: Report on Disaster-Affected Firms www.frbsf.org/our-district/press/news-releases/2018/small-business-credit-survey-report-on-disaster-small-firms/

April 17, 2018 - Electronic Fingerprinting for Background Checks Related to Applications - The FDIC is moving to electronic fingerprinting to facilitate background checks performed in connection with applications and notices submitted to the FDIC, including: applications for federal deposit insurance, notices of acquisition of control, requests for participation in the banking industry by individuals with certain criminal convictions, and notices to replace board members or senior management in certain institutions. www.fdic.gov/news/news/financial/2018/fil18021.html

April 17, 2018 - Testimony by Vice Chairman for Supervision Randal K. Quarles - Semiannual Supervision and Regulation Testimony Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. www.federalreserve.gov/newsevents/testimony/quarles20180417a.htm

April 17, 2018 - The Regulatory and Monetary Policy Nexus in the Repo Market - Sriya Anbil and Zeynep Senyuz - We examine the interaction of regulatory reforms and changes in monetary policy in the U.S. repo market. www.federalreserve.gov/econres/feds/files/2018027pap.pdf

April 17, 2018 - Statistical Release - Industrial Production and Capacity Utilization - G.17 - Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index advanced 4.5 percent at an annual rate for the first quarter as a whole. www.federalreserve.gov/releases/g17/Current/default.htm

April 17, 2018 - Speech by Governor Brainard on community development in Baltimore and a few observations on Community Reinvestment Act modernization - Governor Lael Brainard At the Federal Reserve Bank of Richmond Baltimore Community Development Gathering, Baltimore, Maryland www.federalreserve.gov/newsevents/speech/brainard20180417a.htm

April 17, 2018 - Minutes of the Board's discount rate meetings from February 26 through March 21, 2018.  www.federalreserve.gov/newsevents/pressreleases/monetary20180417a.htm

April 17, 2018 - Agencies propose transition of new Current Expected Credit Losses accounting standard into regulatory capital framework - The federal banking agencies today proposed a revision to their regulatory capital rules to address and provide an option to phase in the regulatory capital effects of the new accounting standard for credit losses, known as the "Current Expected Credit Losses" methodology.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20180417a.htm 
Press Release: www.fdic.gov/news/news/press/2018/pr18026.html
Press Release: www.fdic.gov/news/news/financial/2018/fil18020.html
Press Release: www.occ.gov/news-issuances/news-releases/2018/nr-ia-2018-39.html

April 16, 2018 - Regulatory Relief - Guidance to Help Financial Institutions and Facilitate Recovery in Areas of American Samoa Affected by Tropical Storm Gita - The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of American Samoa affected by Tropical Storm Gita. www.fdic.gov/news/news/financial/2018/fil18019.html

April 16, 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 April 18, 2018. Matter(s) considered: Periodic Briefing and Discussion on Financial Markets, Institutions, and Infrastructure. https://www.federalreserve.gov/aboutthefed/boardmeetings/20180418closed.htm 

April 16, 2018 - The Fed's Asymmetric Forecast Errors - Andrew C. Chang - I show that the probability that the Board of Governors of the Federal Reserve System staff's forecasts overpredicted quarterly real gross domestic product growth depends on both the forecast horizon and also whether the forecasted quarter was above or below trend real GDP growth. www.federalreserve.gov/econres/feds/2018.htm#2018026

April 16, 2018 - Federal Reserve Board announces approval of application by JN Bank Limited - The Federal Reserve Board on Monday announced its approval of the application by JN Bank Limited, Kingston, Jamaica, to establish a representative office in Tamarac, Florida. www.federalreserve.gov/newsevents/pressreleases/orders20180416a.htm 

April 16, 2018 - 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/other20180416a.htm

April 13, 2018 - OCC Hosts Risk Governance and Compliance Risk Workshops in Omaha - The Office of the Comptroller of the Currency will host two workshops in Omaha, Neb., at the Hilton Omaha, May 22 and 23, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-38.html

April 13, 2018 - St. Louis Fed's Bullard Discusses Living Standards across U.S. Metro Areas - Federal Reserve Bank of St. Louis President James Bullard discussed “Living Standards across U.S. Metropolitan Statistical Areas” on Friday at a Calhoun Lecture Series event at Washington University in St. Louis. www.stlouisfed.org/news-releases/2018/04/13/bullard-discusses-metro-areas

April 13, 2018 - A Day Late and a Dollar Short: Liquidity and Household Formation among Student Borrowers - Sarena Goodman, Adam Isen, and Constantine Yannelis - The federal government encourages human capital investment through lending and grant programs, but resources from these programs may also finance non-education activities for students whose liquidity is otherwise restricted. www.federalreserve.gov/econres/feds/files/2018025pap.pdf

April 13, 2018 - How much has wealth concentration grown in the United States? A re-examination of data from 2001-2013 - Jesse Bricker, Alice Henriques, and Peter Hansen - Well known research based on capitalized income tax data shows robust growth in wealth concentration in the late 2000s. www.federalreserve.gov/econres/feds/files/2018024pap.pdf 

April 13, 2018 - New Perspectives on the Decline of U.S. Manufacturing Employment - Teresa C. Fort, Justin R. Pierce, and Peter K. Schott - We use relatively unexplored dimensions of US microdata to examine how US manufacturing employment has evolved across industries, firms, establishments, and regions from 1977 to 2012. www.federalreserve.gov/econres/feds/files/2018023pap.pdf

April 13, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

April 13, 2018 - Legal Interpretations - Bank Holding Company/Savings and Loan Holding Companies/Change in Control - March 7 and March 20, 2018 Letters.   www.federalreserve.gov/supervisionreg/legalinterpretations/bhc_changeincontrol2018.htm

April 13, 2018 - Federal Reserve Board approves proposal to revise regulatory capital rules to address and provide an option to phase in the effects of the new accounting standard for credit losses - The Federal Reserve Board on Friday announced it had approved a proposal to revise its regulatory capital rules to address and provide an option to phase in the regulatory capital effects of the new accounting standard for credit losses, known as the "Current Expected Credit Losses" methodology. www.federalreserve.gov/newsevents/pressreleases/bcreg20180413a.htm

April 12, 2018 - Office of the Comptroller of the Currency Recognizes National Financial Capability Month at Capitol Hill Event - The Office of the Comptroller of the Currency recognized National Financial Capability Month by participating in the annual Jump$tart Coalition Financial Literacy Day on Capitol Hill event today. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-37.html

April 12, 2018 - Federal Reserve Board announces termination of enforcement action with Porter Bancorp, Inc. www.federalreserve.gov/newsevents/pressreleases/enforcement20180412a.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 Cybersecurity Pen-test Audits
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Professional organizations:
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