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

The E-mail Banking News
for the week of March 22, 2020

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

Onsite FFIEC IT Audits in
New Mexico, Oklahoma, and Texas

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 your bank in Texas, New Mexico, Colorado, and Oklahoma.  Please email R. Kinney Williams at examiner@yennik.com from your bank's domain and I will email you information and fees.

March 27, 2020 - FDIC Makes Public February Enforcement Actions - The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in February. There are no administrative hearings scheduled for April 2020. https://www.fdic.gov/news/news/press/2020/pr20042.html

March 26, 2020 - Check Up before You Check Out By Diane Alexander , Janet Currie , Molly Schnell , Lisa Camner McKay - Retail clinics offer convenient, low-cost preventive health care and treatment for minor injury and illness. When a retail clinic opens, the rate of visits to the emergency room for these low-severity conditions declines for people who live in close proximity. www.chicagofed.org/publications/chicago-fed-letter/2019/428

March 26, 2020 - Housing Markets in a Time of Crisis: A Historical Perspective By Price Fishback , Jonathan Rose , Ken Snowden - As the coronavirus public health crisis unfolds, a second crisis in the economy is developing as well. One economic concern, among many, is the debt burden of households. www.chicagofed.org/publications/chicago-fed-letter/2020/433

March 26, 2020 - Fed Chair Powell interviewed on “Today” - In the interview, Powell said the Fed has been focused on supporting the economy and ensuring credit remains available, and that the central bank will be prepared to ensure a rebound “is as vigorous as possible.” www.kansascityfed.org/newsroom/newsreleases/2020/powell%20on%20today

March 26, 2020 - Identification of Essential Critical Infrastructure Workers During the COVID-19 Response Efforts - The Cybersecurity and Infrastructure Security Agency issued guidance identifying financial services sector workers as essential critical infrastructure workers during the COVID-19 response emergency. www.fdic.gov/news/news/financial/2020/fil20025.html

March 26, 2020 - Senior Credit Officer Opinion Survey on Dealer Financing Terms, March 2020 - The Senior Credit Officer Opinion Survey on Dealer Financing Terms is a qu arterly survey providing information about the availability and terms of credit in securities financing and over-the counter derivatives markets. www.federalreserve.gov/data/scoos.htm

March 26, 2020 - Federal Reserve offers regulatory reporting relief to small financial institutions affected by the coronavirus.  www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm

March 26, 2020 - Federal agencies encourage banks, savings associations and credit unions to offer responsible small-dollar loans to consumers and small businesses affected by COVID-19.
Press Release: www.federalreserve.gov/newsevents/pressreleases/bcreg20200326a.htm
Press Release: www.fdic.gov/news/news/press/2020/pr20039.html
Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-40.html
Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-25.html
Press Release: www.ncua.gov/newsroom/press-release/2020/federal-agencies-encourage-banks-savings-associations-and-credit-unions-offer-responsible-small 

March 26, 2020 - NCUA - Streamlined CDFI Application Round Opens March 29 - Federally insured, low-income credit unions that want to become certified Community Development Financial Institutions can apply to use the National Credit Union Administration’s qualification process for streamlined CDFI certification beginning March 29. www.ncua.gov/newsroom/press-release/2020/streamlined-cdfi-application-round-opens-march-29

March 25, 2020 - Pandemic Planning : Essential Critical Infrastructure Workers in the Financial Services Sector - The Office of the Comptroller of the Currency recognizes the potential for the coronavirus to adversely affect bank1 operations, including the movement of workers responsible for the operations and maintenance of critical infrastructure. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-23.html

March 25, 2020 - Federal Reserve Bank of Kansas City to launch COVID-19 Investment Connection series - The Federal Reserve Bank of Kansas City announced a special launch of its signature community development program Investment Connection, with a focus on connecting nonprofits affected by COVID-19 to funders. www.kansascityfed.org/newsroom/newsreleases/2020/2020%20investment%20connection

March 25, 2020 - Interagency Webinar on the Statement on Loan Modifications and Reporting for Institutions Working with Customers Affected by the Coronavirus - The FDIC, the Board of Governors of the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau will jointly host a webinar for bankers to raise awareness of the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. The webinar is scheduled for Friday, March 27, 2020, at 2:00 p.m. Eastern Daylight Time. www.fdic.gov/news/news/financial/2020/fil20024.html

March 25, 2020 - Reports to Congress Pursuant to Section 13(3) of the Federal Reserve Act in response to COVID-19 - The Federal Reserve filed these reports with Congress pursuant to section 13(3) of the Federal Reserve Act concerning the lending facilities established by the Board. www.federalreserve.gov/publications/reports-to-congress-in-response-to-covid-19.htm

March 25, 2020 - Statistical Release - Household Debt Service and Financial Obligations Ratios - Household debt service payments and financial obligations as a percentage of disposable personal income; seasonally adjusted. www.federalreserve.gov/releases/housedebt/

March 24, 2020 - Federal Reserve Board announces implementation delay for changes to its Payment System Risk Policy regarding intraday credit - The Federal Reserve Board on Tuesday announced a six-month delay in the planned implementation of policy changes to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations. www.federalreserve.gov/newsevents/pressreleases/other20200324a.htm

March 23, 2020 - Chicago Fed National Activity Index - Index suggests economic growth picked up in February - The data through February were unlikely to have been affected much by the COVID-19 outbreak. Economic data for March will be incorporated in the next CFNAI released on April 20, 2020. www.chicagofed.org/~/media/publications/cfnai/2020/cfnai-march2020-pdf.pdf

March 23, 2020 - Request for 2019 Diversity Self-Assessments from FDIC-Regulated Financial Institutions - The FDIC's Office of Minority and Women Inclusion is requesting diversity self-assessments from FDIC-regulated financial institutions for 2019 in accordance with Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. www.fdic.gov/news/news/financial/2020/fil20023.html

March 23, 2020 - Federal Reserve System publishes annual financial statements - The Federal Reserve System on Monday released the 2019 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. www.federalreserve.gov/newsevents/pressreleases/other20200323a.htm

March 23, 2020 - Federal Reserve Board announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses - The interim final rule will phase in gradually, as intended, the automatic restrictions associated with a firm's "total loss absorbing capacity," or TLAC, buffer requirements, if the levels decline. www.federalreserve.gov/newsevents/pressreleases/bcreg20200323a.htm

March 23, 2020 - Federal Reserve announces extensive new measures to support the economy - The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time. www.federalreserve.gov/newsevents/pressreleases/monetary20200323b.htm

March 23, 2020 - Federal Reserve issues FOMC statement - The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals. www.federalreserve.gov/newsevents/pressreleases/monetary20200323a.htm

March 23, 2020 - NCUA: Urgent Needs Grants Available to Help Credit Unions Affected by COVID-19 - Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from the National Credit Union Administration. www.ncua.gov/newsroom/press-release/2020/ncua-urgent-needs-grants-available-help-credit-unions-affected-covid-19

March 22, 2020 - OCC Revises Short-Term Investment Fund Rule - The Office of the Comptroller of the Currency today announced an interim final rule to revise its short-term investment fund rule for national banks acting in a fiduciary capacity.

March 22, 2020 Joint Release/Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19 - The federal financial institution regulatory agencies and the state banking regulators issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.
Press Release: www.fdic.gov/news/news/press/2020/pr20038.html
Press Release: www.fdic.gov/news/news/financial/2020/fil20022.html
Press Release: www.occ.gov/news-issuances/news-releases/2020/nr-ia-2020-39.html
Press Release: www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-21.html
Press Release: www.ncua.gov/newsroom/press-release/2020/agencies-provide-additional-information-encourage-financial-institutions-work-borrowers-affected

March 20, 2020 - NCUA Releases 2019 Annual Report - The National Credit Union Administration today released its 2019 Annual Report(opens new window), highlighting the agency’s activities, policy initiatives, and accomplishments for the past year. www.ncua.gov/newsroom/press-release/2020/ncua-releases-2019-annual-report

March 20, 2020 - NCUA Announces Annual Meeting Flexibility - The National Credit Union Administration today issued Letter to Federal Credit Unions, 20-FCU-02, NCUA Actions Related to COVID-19 – Annual Meeting Flexibility, announcing greater flexibility in conducting annual meetings. www.ncua.gov/newsroom/press-release/2020/ncua-announces-annual-meeting-flexibility

March 20, 2020 - Licensing Filings : Use of Electronic Methods for Submission of Licensing Filings - The Office of the Comptroller of the Currency strongly recommends the use of electronic methods for submitting licensing filings to the OCC during the Coronavirus Disease 2019 pandemic. www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-20.html

March 20, 2020 - Legal Interpretations - Federal Reserve Act, March 17 and 18, 2020.  www.federalreserve.gov/supervisionreg/legalinterpretations/federalreserveact2020.htm

March 20, 2020 - Statistical Release - Enhanced Financial Accounts, March 2020 - These projects provide additional detail for selected areas of the Financial Accounts. www.federalreserve.gov/releases/efa/enhanced-financial-accounts.htm

March 20, 2020 - Credit and Liquidity Programs and the Balance Sheet - Recent balance sheet trends, weekly chart update.  www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm

March 20, 2020 - Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets. www.federalreserve.gov/newsevents/pressreleases/monetary20200320b.htm

March 20, 2020 - Coordinated central bank action to further enhance the provision of U.S. dollar liquidity - The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. www.federalreserve.gov/newsevents/pressreleases/monetary20200320a.htm

March 19, 2020 - Regulatory Capital Rule: Eligible Retained Income - The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency jointly issued an interim final rule that revises the definition of eligible retained income for all depository institutions, bank holding companies, and savings and loan holding companies subject to the agencies' capital rule, which becomes effective upon publication in the Federal Register. www.fdic.gov/news/news/financial/2020/fil20021.html

March 19, 2020 - Regulatory Capital Rule: Clarification on the Use of Buffers - The FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency are issuing the attached questions and answers in response to public inquiries on the agencies' Statement Regarding the Use of Capital and Liquidity Buffers, which was issued on March 17, 2010. www.fdic.gov/news/news/financial/2020/fil20020.html

March 19, 2020 - FDIC Demands Monetary Gold Cease False Advertising Campaign - The FDIC asserts that Monetary Gold of Woodland Hills, California, is engaging in a marketing campaign to sell gold products by falsely indicating that consumer insured bank deposits can be legally seized by banks. www.fdic.gov/news/news/press/2020/pr20037.html

March 19, 2020 - CRA Consideration for Activities in Response to the Coronavirus - The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have issued the attached joint statement on Community Reinvestment Act consideration for activities in response to the Coronavirus Disease. www.federalreserve.gov/supervisionreg/caletters/caltr2004.htm

March 19, 2020 - Federal Reserve Board encouraged by increase in discount window borrowing to support the flow of credit to households and businesses - The Federal Reserve Board is encouraged by the notable increase in discount window borrowing this week with banks demonstrating a willingness to use the discount window as a source of funding to support the flow of credit to households and businesses. www.federalreserve.gov/newsevents/pressreleases/monetary20200319c.htm

March 18, 2020 - Broker-Dealers - Template letter to bank temporarily exempting the bank from section 23A of the Federal Reserve Act (12 U.S.C 371c) and Regulation W (12 CFR part 223) for certain asset purchases by the bank from its affiliated broker-dealers to ease liquidity pressures around broker-dealers. See H.2 for specific actions. www.federalreserve.gov/supervisionreg/legalinterpretations/fedreserseactint20200318.pdf

March 17, 2020 - Money Market Mutual Funds - Template letter to bank temporarily exempting the bank from section 23A of the Federal Reserve Act (12 U.S.C 371c) and Regulation W (12 CFR part 223) for certain asset purchases by the bank from its affiliated money market mutual funds to ease liquidity pressures around money market mutual funds. www.federalreserve.gov/supervisionreg/legalinterpretations/fedreserseactint20200317.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.

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