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

The E-mail Banking News
for the week of November 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 financial institutions in Texas, New Mexico, Colorado, and Oklahoma. 

FYI - The FFIEC members revised and renamed the Business Continuity Planning booklet to Business Continuity Management (BCM) to reflect updated information technology risk practices and frameworks and the increased focus on ongoing, enterprise-wide business continuity and resilience. The new Handbook can be found at: https://ithandbook.ffiec.gov/it-booklets/business-continuity-management.aspx  (A side note - the word test is used more than 90 times.)

FYI - The Growth and Challenges of Cyber Insurance - Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. https://www.chicagofed.org/publications/chicago-fed-letter/2019/426

FYI - Google will offer checking accounts next year, report says - The tech giant is reportedly partnering with Citigroup and a credit union at Stanford University. Google reportedly plans to start offering checking accounts to consumers next year. The accounts will be run by Citigroup and a credit union at Stanford University, according to a report Wednesday from The Wall Street Journal. https://www.msn.com/en-us/news/technology/google-will-offer-checking-accounts-next-year-report-says/ar-BBWHe5n

November 14, 2019 - Midwest Farmland Values Down Slightly in the Second Quarter - According to the most recent AgLetter, Seventh District farmland values in the second quarter of 2019 were 1 percent lower than a year ago. Values for “good” agricultural land in the second quarter of 2019 were largely the same as in the first quarter. www.chicagofed.org/publications/agletter/index

November 14, 2019 - Innovation on the Fringe and at the Core of Financial Services - A speech presented on November 14, 2019, at the Third Annual Fintech Conference in Philadelphia, PA. www.chicagofed.org/publications/speeches/2019/innovation-on-the-fringe-and-at-the-core

November 14, 2019 - St. Louis Fed’s Bullard Discusses the FOMC’s Substantial Turn during 2019 - Federal Reserve Bank of St. Louis President James Bullard presented “The FOMC’s Substantial Turn during 2019” at the Rotary Club of Louisville on Thursday. www.stlouisfed.org/news-releases/2019/11/14/bullard-discusses-the-fomcs-substantial-turn

November 14, 2019 - Speech by Vice Chair Clarida on the Federal Reserve’s review of its monetary policy strategy, tools, and communication practices At "Fed Policy: A Shadow Review" Cato Institute’s 37th Annual Monetary Conference, Washington, D.C. www.federalreserve.gov/newsevents/speech/clarida20191114a.htm

November 14, 2019 - Brief remarks by Vice Chair for Supervision Quarles via pre-recorded video At "Supervision in a Digital Era," the 26th Annual Conference of the International Association of Insurance Supervisors, Abu Dhabi, the United Arab Emirates www.federalreserve.gov/newsevents/speech/quarles20191114a.htm 

November 13, 2019 - Regulatory Capital Rule: Capital Simplification for Qualifying Community Banking Organizations : Final Rule - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule in the Federal Register on November 13, 2019, that will provide a simplified measure of capital adequacy for qualifying community banking organizations. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-55.html

November 13, 2019 - Learning and Misperception: Implications for Price-Level Targeting - Martin Bodenstein, James Hebden, and Fabian Winkler - Abstract: Monetary policy strategies that target the price level have been advocated as a more effective way to provide economic stimulus in a deep recession when conventional monetary policy is limited by the zero lower bound on nominal interest rates. www.federalreserve.gov/econres/feds/files/2019078pap.pdf

November 13, 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 4:30 p.m. on November 15, 2019. Matter(s) considered: Federal Reserve Supervision and Regulation Report.  www.federalreserve.gov/aboutthefed/boardmeetings/20191115closed.htm 

November 13, 2019 - Testimony by Chair Jerome H. Powell - The Economic Outlook Before the Joint Economic Committee, U.S. Congress, Washington, D.C.  www.federalreserve.gov/newsevents/testimony/powell20191113a.htm

November 13, 2019 - NCUA Chairman Rodney E. Hood Remarks - National Association of State Credit Union Supervisors, Connecticut Executive Forum.   www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-national-association-state-credit-union-supervisors-connecticut

November 12, 2019 - Understanding Recent Fluctuations in Short-Term Interest Rates - By Sam Schulhofer-Wohl - In mid-September 2019, there were sudden, large fluctuations in short-term interest rates. Why did these fluctuations happen, and what do they tell us about the Federal Reserve’s monetary policy toolkit? www.chicagofed.org/publications/chicago-fed-letter/2019/423

November 12, 2019 - The Growth and Challenges of Cyber Insurance By Andrew Granato, Andy Polacek - Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. www.chicagofed.org/publications/chicago-fed-letter/2019/426

November 12, 2019 - U.S. & New Mexico Economic Update By Alison Felix Economist & Branch Executive Federal Reserve Bank of Kansas City Denver Branch. 

November 12, 2019 - Speech by Vice Chair Clarida on monetary policy, price stability, and equilibrium bond yields: success and consequences At the High-Level Conference on Global Risk, Uncertainty, And Volatility, co-sponsored by the Bank for International Settlements, the Board of Governors of the Federal Reserve System, and the Swiss National Bank, Zurich, Switzerland www.federalreserve.gov/newsevents/speech/clarida20191112a.htm

November 8, 2019 - NCUA’s Hood: “Fresh Thinking” can Help Credit Unions Support Small Business, Communities - Chairman Joins Roundtable on Building Sustainable Local Economies - Credit unions should be allowed to make the most of their resources to help small businesses and local economies grow and thrive, National Credit Union Administration Chairman Rodney E. Hood said today. www.ncua.gov/newsroom/press-release/2019/ncuas-hood-fresh-thinking-can-help-credit-unions-support-small-business-communities

November 8, 2019 - NCUA Chairman Rodney E. Hood Remarks - Reid Temple A.M.E. Church, Small Business Symposium.  www.ncua.gov/newsroom/speech/2019/ncua-chairman-rodney-e-hood-remarks-reid-temple-ame-church-small-business-symposium

November 8, 2019 - Margin and Capital Requirements for Covered Swap Entities : Notice of Proposed Rulemaking - The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency seek comment on a proposed rule that would amend their regulations regarding the minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants. www.occ.gov/news-issuances/bulletins/2019/bulletin-2019-53.html

November 8, 2019 - U.S. and Oklahoma Economic Outlook By Chad Wilkerson Vice President and Oklahoma City Branch Executive.   www.kansascityfed.org/~/media/files/publicat/speeches/2019/2019-wilkerson-tulsa-rma-11-8-19.pdf

November 8, 2019 - Kansas City Fed announces winners of annual Code-A-Thon - The Federal Reserve Bank of Kansas City announced a team from Pittsburg State University won first place in the fourth annual Kansas City Fed Code-AThon. www.kansascityfed.org/~/media/files/publicat/newsroom/2019/codeathonwinnersannouncedfinal11819.pdf

November 8, 2019 - Banker Webinar: Community Bank Leverage Ratio Framework - The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System will host an interagency webinar on November 21, 2019, from 2:00 p.m. to 3:30 p.m. Eastern Time to discuss the community bank leverage ratio. www.fdic.gov/news/news/financial/2019/fil19070.html

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

November 8, 2019 - Speech by Governor Brainard on why climate change matters for monetary policy and financial stability At "The Economics of Climate Change" a research conference sponsored by the Federal Reserve Bank of San Francisco, San Francisco, California.  www.federalreserve.gov/newsevents/speech/brainard20191108a.htm

November 8, 2019 - Federal Reserve Board invites public comment on proposal to extend by 18 months initial compliance dates for foreign banks subject to its single-counterparty credit limit rule.  www.federalreserve.gov/newsevents/pressreleases/bcreg20191108a.htm

November 7, 2019 - NCUA: Diversity Self-Assessment Offers Many Benefits to Credit Unions - Federally insured credit unions could enjoy many benefits—and no risks—by participating in the Voluntary Credit Union Diversity Self-Assessment available from the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2019/ncua-diversity-self-assessment-offers-many-benefits-credit-unions

November 7, 2019 - San Francisco Fed Hosting Economics of Climate Change Research Conference - Researchers from around the globe will convene at the San Francisco Fed tomorrow for the Federal Reserve System’s first research conference on the economic impacts of climate change. www.frbsf.org/our-district/press/news-releases/2019/san-francisco-fed-hosting-economics-of-climate-change-research-conference/

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/Cell 806-535-8300, send an email to examiner@yennik.com, or visit http://www.internetbankingaudits.com/.


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