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

The E-mail Banking News
for the week of February 17, 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. 

February 15, 2019 - OCC Enforcement Actions and Terminations for February 2019 - 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/2019/nr-occ-2019-18.html

February 14, 2019 - GAO found (1) the financial statements of the Deposit Insurance Fund (DIF) and of the Federal Savings and Loan Insurance Corporation (FSLIC) Resolution Fund (FRF) as of and for the years ended December 31, 2018, and 2017, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; https://www.gao.gov/products/GAO-19-295R

February 14, 2019 - NCUA - Supervisory Committee Audit Rule Changes Proposed - The National Credit Union Administration Board held its second open meeting of 2019 at the agency’s headquarters today and unanimously approved one item: www.ncua.gov/newsroom/press-release/2019/supervisory-committee-audit-rule-changes-proposed

February 14, 2019 - 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 February 19, 2019. Matter(s) considered: Proposed Semiannual Monetary Policy Report and Statement to the Congress. www.federalreserve.gov/aboutthefed/boardmeetings/20190219closed.htm

February 13, 2019 - Amendments to the Stress Testing Rules for National Banks and Federal Savings Associations: Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency published a notice of proposed rulemaking in the Federal Register on February 13, 2019, that would amend the OCC’s stress testing rule at 12 CFR 46. www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-7.html

February 13, 2019 - Issuance of Final Rule on Loans in Areas Having Special Flood Hazards—Private Flood Insurance - The Biggert-Waters Flood Insurance Reform Act of 2012 amended Federal flood insurance legislation to require the FDIC, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Farm Credit Administration to issue a final rule that directs insured depository institutions to accept private flood insurance as defined by the Biggert-Waters Act. www.fdic.gov/news/news/financial/2019/fil19008.html

February 13, 2019 - Stress Testing Household Debt - Neil Bhutta, Jesse Bricker, Lisa J. Dettling, Jimmy Kelliher, and Steven M. Laufer - We estimate a county-level model of household delinquency and use it to conduct "stress tests" of household debt. www.federalreserve.gov/econres/feds/files/2019008pap.pdf

February 13, 2019 - Monetary Policy Strategies for a Low-Rate Environment - Ben S. Bernanke, Michael T. Kiley, and John M. Roberts - In low-rate environments, policy strategies that involve holding rates “lower for longer” may mitigate the effects of the effective lower bound. www.federalreserve.gov/econres/feds/files/2019009pap.pdf

February 13, 2019 - Federal Reserve Board begins 2019 Survey of Consumer Finances - The Federal Reserve Board in March will begin its Survey of Consumer Finances, a statistical study of household finances that will provide policymakers with important insight into the economic condition of a broad cross section of American families. www.federalreserve.gov/newsevents/pressreleases/other20190213a.htm 

February 12, 2019 - OCC Hosts Compliance and Operational Risk Workshops in Milwaukee - The Office of the Comptroller of the Currency will host two workshops in Milwaukee, Wisconsin, at the Hilton Garden Inn Milwaukee Downtown, March 26 and 27, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-16.html

February 12, 2019 - Emerging Trends in the U.S. and Colorado Economies - By Alison Felix Economist and Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-felix-energyfinancediscussiongroup-02-12.pdf

February 12, 2019 - FDIC Extends Comment Period Related to its Request for Information on the Deposit Insurance Application Process - The Federal Deposit Insurance Corporation has extended the comment period related to the Request for Information on the Deposit Insurance Application Process until March 31. The RFI is part of the FDIC's ongoing efforts to enhance transparency, efficiency, and accountability. www.fdic.gov/news/news/press/2019/pr19007.html

February 12, 2019 - Gender Diversity on Bank Board of Directors and Performance - Ann L. Owen and Judit Temesvary.  www.federalreserve.gov/econres/notes/feds-notes/gender-diversity-on-bank-board-of-directors-and-performance-20190212.htm

February 12, 2019 - Speech by Chairman Powell on encouraging economic development in high-poverty rural communities At “Rural Places, Rural Spaces: Closing Financial Services Gaps in Persistent Poverty America,” a policy forum sponsored by Hope Enterprise Corporation, Mississippi Valley State University, Itta Bena, Mississippi www.federalreserve.gov/newsevents/speech/powell20190212a.htm

February 12, 2019 - Interagency final rule implements flood insurance reform provisions - Five federal regulatory agencies issued a joint final rule to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 requiring regulated institutions to accept certain private flood insurance policies in addition to National Flood Insurance Program policies.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20190212a.htm
Press Release: www.fdic.gov/news/news/press/2019/pr19006.html
Press Release: www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-15.html
Press Release: www.ncua.gov/newsroom/press-release/2019/new-rule-covers-private-flood-insurance

February 11, 2019 - Comptroller of the Currency Supports CFPB Proposed Rule on Short-Term Small-Dollar Lending - Comptroller of the Currency Joseph Otting today issued the following statement supporting Director Kathy Kraninger and the Consumer Financial Protection Bureau’s proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans. www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-14.html

February 11, 2019 - Emerging Trends in the U.S. and Colorado Economies By Alison Felix Economist and Branch Executive Federal Reserve Bank of Kansas City Denver Branch.   www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-felix-airforce-02-11.pdf

February 11, 2019 - A Conversation on Community Banking by Governor Michelle W. Bowman At the Conference for Community Bankers, sponsored by the American Bankers Association, San Diego, California www.federalreserve.gov/newsevents/speech/bowman20190211a.htm

February 10, 2019 - Speech by Vice Chairman for Supervision Randal K. Quarles - Ideas of Order: Charting a Course for the Financial Stability Board At Bank for International Settlements Special Governors Meeting, Hong Kong.  www.federalreserve.gov/newsevents/speech/quarles20190210a.htm

February 8, 2019 - NCUA Review Finds No Bank Secrecy Act Data Breach - Upon learning of the recent spear phishing campaign targeting Bank Secrecy Act officers at credit unions, the NCUA conducted a comprehensive review of its security logs and alerts. www.ncua.gov/newsroom/press-release/2019/ncua-review-finds-no-bank-secrecy-act-data-breach

February 8, 2019 - Technology’s Impact on Farming and the Rural Midwest - By David Oppedahl - On November 27, 2018, the Federal Reserve Bank of Chicago held a conference to explore the opportunities and challenges presented by new technologies to farms and rural areas in the Midwest and other parts of the U.S. Experts from academia, industry, and policy institutions gathered to discuss how technological advances have reshaped the rural economy and how they may affect its future. www.chicagofed.org/publications/chicago-fed-letter/2019/411

February 8, 2019 - Community Bank Leverage Ratio: 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 provide a simplified measure of capital adequacy for qualifying community banking organizations consistent with section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. www.occ.treas.gov/news-issuances/bulletins/2019/bulletin-2019-6.html

February 8, 2019 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 7, 2019 - Federal Reserve Bank of St. Louis President James Bullard discussed “Three Themes for Monetary Policy in 2019” at St. Cloud State University’s 57th Winter Institute on Thursday. www.stlouisfed.org/news-releases/2019/02/07/bullard-three-themes-monetary-policy-2019

February 7, 2019 - Statistical Release - Consumer Credit - G.19 - In 2018, consumer credit increased 5 percent, with revolving and nonrevolving credit increasing 2-3/4 percent and 5-1/2 percent, respectively. Consumer credit increased at a seasonally adjusted annual rate of 6-1/2 percent in the fourth quarter and at a rate of 5 percent in December. www.federalreserve.gov/releases/g19/current/default.htm

February 7, 2019 - Robust Inference in First-Price Auctions: Experimental Findings as Identifying Restrictions - Serafin J. Grundl and Yu Zhu - In laboratory experiments bidding in first-price auctions is more aggressive than predicted by the risk-neutral Bayesian Nash Equilibrium - a finding known as the overbidding puzzle. www.federalreserve.gov/econres/feds/files/2019006pap.pdf

February 7, 2019 - Banks as Regulated Traders - Antonio Falato, Diana Iercosan, and Filip Zikes - This paper uses detailed high-frequency regulatory data to evaluate whether trading increases or decreases systemic risk in the U.S. banking sector. www.federalreserve.gov/econres/feds/files/2019005pap.pdf


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