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

The E-mail Banking News
for the week of February 25, 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.

February 22, 2018 - Government Performance and Results Act - Annual Performance Plan 2018 - The Government Performance and Results Act of 1993 requires federal agencies to prepare a strategic plan covering a multiyear period and requires each agency to submit an annual performance plan and an annual performance report. www.federalreserve.gov/publications/gpra.htm

February 22, 2018 - Speech by Vice Chairman Quarles on the U.S. economy after the global financial crisis - At "10 Years after the Global Financial Crisis: How Has the World Economy Changed and Where Will It Go?" 26th International Financial Symposium sponsored by the Institute for International Monetary Affairs, Tokyo, Japan.   www.federalreserve.gov/newsevents/speech/quarles20180222a.htm

February 22, 2018 - Federal Reserve Board announces approval of proposal by First Financial Bancorp and approval of applications by First Financial Bank.   www.federalreserve.gov/newsevents/pressreleases/orders20180222a.htm

February 22, 2018 - NCUA Releases New Savings Infographic for America and Military Saves Week - New Resource Outlines the Benefits of Saving at an Early Age - Young people can get valuable information about starting good personal finance habits and building long-term wealth from a new infographic released today by the National Credit Union Administration. www.ncua.gov/newsroom/Pages/news-2018-feb-ncua-releases-new-savings-infographic-america-military-saves-week.aspx 

February 22, 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 11:30 a.m. on February 26, 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/20180226closed.htm

February 21, 2018 - The Winds of Change for Community Banking - By Romel Bonilla , Jenna Cooper , Adam Emmerich , Theresa Hembd , Pamela Kennedy , Blake Marquart , Joseph Nashar - The 12th 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 17, 2017. www.chicagofed.org/publications/chicago-fed-letter/2018/394

February 21, 2018 - OCC Hosts Credit Risk and Operational Risk Workshops in Minneapolis - The Office of the Comptroller of the Currency will host two workshops at the Crowne Plaza Minneapolis Northstar Downtown, Minneapolis, Minn., March 27-28, for directors of national community banks and federal savings associations supervised by the OCC. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-19.html

February 21, 2018 - Federal Reserve Bank of Kansas City Appoints Senior Vice President of Research - Luke Woodward has been named senior vice president and head of the Bank’s Research Division. www.kansascityfed.org/~/media/files/publicat/newsroom/2018/pressrelease022118research.pdf

February 21, 2018 - Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.  www.federalreserve.gov/releases/chargeoff/

February 21, 2018 - Student Loan Debt and Aggregate Consumption Growth - Laura Feiveson, Alvaro Mezza, and Kamila Sommer - Between 2001 and 2016, the real amount of student debt owed by American households more than tripled, from about $340 billion to more than $1.3 trillion. www.federalreserve.gov/econres/notes/feds-notes/student-loan-debt-and-aggregate-consumption-growth-20180221.htm

February 21, 2018 - Minutes of the Federal Open Market Committee, January 30-31, 2018.  www.federalreserve.gov/newsevents/pressreleases/monetary20180221a.htm

February 21, 2018 - Federal Reserve Board announces approval of application by IBERIABANK - The Federal Reserve Board on Wednesday announced its approval of the application under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by IBERIABANK, Lafayette, Louisiana, to acquire Gibraltar Private Bank & Trust Company, Coral Gables, Florida, and to establish branches at the locations of the main office and branches of Gibraltar. www.federalreserve.gov/newsevents/pressreleases/orders20180221a.htm

February 16, 2018 - OCC Enforcement Actions and Terminations for February 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-2018-18.html

February 16, 2018 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

February 16, 2018 - Federal Reserve Board seeking to impose a $487,500 fine on former Barclays Bank PLC employee and permanently bar him from the banking industry - The Federal Reserve Board on Friday announced that it is seeking to permanently bar Peter Little, the former head of the foreign exchange (FX) spot desk at Barclays Bank PLC in New York, from employment in the banking industry and to impose a $487,500 fine on him. www.federalreserve.gov/newsevents/pressreleases/enforcement20180216a.htm

February 15, 2018 - Reinvesting After the Crisis: Changes in the Fixed-Income Portfolios of Life Insurers By Andy Polacek - The years following the Great Recession presented a unique set of challenges for life insurers even as the U.S. economic recovery began to gain momentum. www.chicagofed.org/publications/chicago-fed-letter/2018/390

February 15, 2018 - AgLetter : February 2018 By David Oppedahl- Farmland values in the Seventh Federal Reserve District had an annual increase of 1 percent for 2017, following three consecutive yearly declines. Values for “good” agricultural land in the fourth quarter of 2017 were overall unchanged from the third quarter, according to 185 survey respondents representing agricultural banks across the District. www.chicagofed.org/publications/agletter/2015-2019/february-2018

February 15, 2018 - Final Rule to Remove References to Credit Ratings from the FDIC's International Banking Regulations - On February 14, 2018, the FDIC Board of Directors adopted the attached final rule amending the FDIC's international banking regulations related to permissible investment activities and the pledging of assets. www.fdic.gov/news/news/financial/2018/fil18009.html

February 15, 2018 - NCUA’s Four Permanent Funds Receive Clean Audit Opinions for 2017 - Reports Cover Share Insurance Fund, Operating Fund, CLF and CDRLF - The National Credit Union Administration’s four permanent funds have again earned unmodified, or “clean,” audit opinions for 2017, according to audited financial statements released today by the agency’s Office of the Inspector General. www.ncua.gov/newsroom/Pages/news-2018-feb-ncua-four-permanent-funds-receive-clean-audit-opinions-2017.aspx

February 15, 2018 - NCUA Board Approves $736 Million Share Insurance Distribution in Q3 2018 - Share Insurance Fund Maintains Provisions for Potential Losses - The National Credit Union Administration Board held its second open meeting of 2018 at the agency’s headquarters here today and unanimously approved two items: www.ncua.gov/newsroom/Pages/news-2018-feb-ncua-board-approves-736-million-share-insurance-distribution.aspx

February 15, 2018 - OCC Assesses $75 Million Civil Money Penalty Against U.S. Bank National Association - The Office of the Comptroller of the Currency today announced a $75 million civil money penalty against U.S. Bank National Association of Cincinnati, Ohio, for deficiencies in the bank’s Bank Secrecy Act and anti-money laundering compliance program. www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-17.html 

February 15, 2018 - US Monetary Policy and International Bond Markets - Simon Gilchrist, Vivian Yue, and Egon Zakrajsek - This paper uses high-frequency data to analyze the effects of US monetary policy--during the conventional and unconventional policy regimes--on foreign government bonds markets in advanced and emerging market economies.   www.federalreserve.gov/econres/feds/2018.htm#2018014

February 15, 2018 - Statistical Releases - Industrial Production and Capacity Utilization - G.17 - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January.  www.federalreserve.gov/releases/g17/Current/

February 15, 2018 - Federal Reserve Board issues enforcement action with Clear Mountain Bank.  www.federalreserve.gov/newsevents/pressreleases/enforcement20180215b.htm 

February 15, 2018 - Federal Reserve Board fines US Bancorp $15 million and orders it to improve risk management and oversight - The Federal Reserve Board on Thursday ordered Minneapolis-based US Bancorp to improve risk management and oversight of its banking subsidiaries' compliance with U.S. economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements. www.federalreserve.gov/newsevents/pressreleases/enforcement20180215a.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
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


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.